# EDGAR Filing Document

**Accession Number:** 0002035713
**File Stem:** 0001628280-25-049005
**Filing Date:** 2025-11
**Character Count:** 1889405
**Document Hash:** 7214fd58718d19bd204711f106d8f5f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-049005.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001628280-25-049005

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

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crestline Lending Solutions, LLC
- **CENTRAL INDEX KEY:** 0002035713

**ORGANIZATION NAME:**
- **EIN:** 993640580
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56777
- **FILM NUMBER:** 251452190

**BUSINESS ADDRESS:**
- **STREET 1:** 201 MAIN STREET
- **STREET 2:** SUITE 2100
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 817.339.7600

**MAIL ADDRESS:**
- **STREET 1:** 201 MAIN STREET
- **STREET 2:** SUITE 2100
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102

**As filed with the Securities and Exchange Commission on November 4, 2025**

**File No. 000-56777**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 1** 

**to**

**FORM 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES**

**PURSUANT TO SECTION 12(b) OR 12(g) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**Crestline Lending Solutions, LLC**

**(Exact Name of Registrant as Specified in its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **99-3640580** |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **201 Main Street, Suite 2100, Fort Worth, TX** | **76102** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(817) 339-7600**

**(Registrant's telephone number, including area code)**

**with copies to:**

---

| | |
|:---|:---|
| **Jesus Payán, Esq.**<br>**General Counsel**<br>**Crestline Investors, Inc.**<br>**201 Main Street, Suite 2100**<br>**Fort Worth, TX 76102** | **Steven B. Boehm, Esq.**<br>**Payam Siadatpour, Esq.**<br>**Eversheds Sutherland (US) LLP**<br>**700 6th Street NW, Suite 700**<br>**Washington, D.C. 20001** |

---

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

**None**

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

**Units of Limited Liability Company Interests**

**(Title of class)**

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

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

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| <u>[Explanatory Note](#icca2f16d251b4dc19abd3c55798405e7_284)</u> | <u>[1](#icca2f16d251b4dc19abd3c55798405e7_284)</u> |
| <u>[Forward-Looking Statements](#icca2f16d251b4dc19abd3c55798405e7_301)</u> | <u>[3](#icca2f16d251b4dc19abd3c55798405e7_301)</u> |
| <u>[Item 1. Business](#icca2f16d251b4dc19abd3c55798405e7_318)</u> | <u>[5](#icca2f16d251b4dc19abd3c55798405e7_318)</u> |
| <u>[Item 1A. Risk Factors](#icca2f16d251b4dc19abd3c55798405e7_335)</u> | <u>[44](#icca2f16d251b4dc19abd3c55798405e7_335)</u> |
| <u>[Item 2. Financial Information](#icca2f16d251b4dc19abd3c55798405e7_352)</u> | <u>[69](#icca2f16d251b4dc19abd3c55798405e7_352)</u> |
| <u>[Item 3. Properties](#icca2f16d251b4dc19abd3c55798405e7_251)</u> | <u>[75](#icca2f16d251b4dc19abd3c55798405e7_251)</u> |
| <u>[Item 4. Security Ownership of Certain Beneficial Owners and Management](#icca2f16d251b4dc19abd3c55798405e7_235)</u> | <u>[75](#icca2f16d251b4dc19abd3c55798405e7_235)</u> |
| <u>[Item 5. Directors and Executive Officers](#icca2f16d251b4dc19abd3c55798405e7_219)</u> | <u>[76](#icca2f16d251b4dc19abd3c55798405e7_219)</u> |
| <u>[Item 6. Executive Compensation](#icca2f16d251b4dc19abd3c55798405e7_203)</u> | <u>[81](#icca2f16d251b4dc19abd3c55798405e7_203)</u> |
| <u>[Item 7. Certain Relationships and Related Transactions, and Director Independence](#icca2f16d251b4dc19abd3c55798405e7_187)</u> | <u>[82](#icca2f16d251b4dc19abd3c55798405e7_187)</u> |
| <u>[Item 8. Legal Proceedings](#icca2f16d251b4dc19abd3c55798405e7_171)</u> | <u>[85](#icca2f16d251b4dc19abd3c55798405e7_171)</u> |
| <u>[Item 9. Market Price of and Dividends on the Registrant's Shares and Related Shareholder Matters](#icca2f16d251b4dc19abd3c55798405e7_155)</u> | <u>[86](#icca2f16d251b4dc19abd3c55798405e7_155)</u> |
| <u>[Item 10. Recent Sales of Unregistered Securities](#icca2f16d251b4dc19abd3c55798405e7_139)</u> | <u>[88](#icca2f16d251b4dc19abd3c55798405e7_139)</u> |
| <u>[Item 11. Description of Registrant's Securities to be Registered](#icca2f16d251b4dc19abd3c55798405e7_123)</u> | <u>[88](#icca2f16d251b4dc19abd3c55798405e7_123)</u> |
| <u>[Item 12. Indemnification of Directors and Officers](#icca2f16d251b4dc19abd3c55798405e7_107)</u> | <u>[90](#icca2f16d251b4dc19abd3c55798405e7_107)</u> |
| <u>[Item 13. Financial Statements and Supplementary Data](#icca2f16d251b4dc19abd3c55798405e7_91)</u> | <u>[91](#icca2f16d251b4dc19abd3c55798405e7_91)</u> |
| <u>[Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#icca2f16d251b4dc19abd3c55798405e7_75)</u> | <u>[125](#icca2f16d251b4dc19abd3c55798405e7_75)</u> |
| <u>[Item 15. Financial Statements and Exhibits](#icca2f16d251b4dc19abd3c55798405e7_59)</u> | <u>[125](#icca2f16d251b4dc19abd3c55798405e7_59)</u> |

---

i

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**EXPLANATORY NOTE**

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

In this Registration Statement, except where the context suggests otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms "we," "us," "our," and the "Company" refer to Crestline Lending Solutions, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term the "Adviser" refers to Crestline Management, L.P., a Delaware limited partnership that was formed in 1997 and has been registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") with the SEC since 2002, which serves as our investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Crestline" refers collectively to the Adviser and Crestline Investors, Inc., the general partner of the Adviser, and their affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Administrator" refers to Crestline Management, L.P. in its capacity as our administrator.

The Company is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As a result, the Company is eligible to take advantage of certain reduced disclosure and other requirements that are otherwise applicable to public companies including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. See *Item 1(c). Description of Business—Emerging Growth Company.*

**This Registration Statement registers the Company's units of limited liability company interests (the "Shares" and each a "Share") under the Exchange Act. Investing in our Shares may be considered speculative and involves a high degree of risk, including the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• An investment in our Shares is not suitable for you if you might need access to the money you invest in the short-term, or within any specific timeframe.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• You should not expect to be able to sell your Shares regardless of how we perform.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• If you are unable to sell your Shares, you will be unable to reduce your exposure on any market downturn.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• We intend to invest primarily in smaller privately-held companies for which very little public information exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• We may use leverage, which will magnify the potential for loss on amounts invested in us and may increase the risk of investing in us.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• The Shares may not be transferred without the written consent of the Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• The Shares are not currently listed on an exchange and the intent is for them never to be listed on an exchange in the future. Consequently, it is highly unlikely a secondary market for the Shares will ever develop.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• We intend to implement a share repurchase program, but only a limited number of Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.**

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

Upon the effective date of this Registration Statement, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Upon the effective date of this Registration Statement, we will also be subject to the proxy rules in Section 14 of the Exchange Act, and our directors, officers and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act. We will also be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. The SEC maintains a website (www.sec.gov) that contains the reports mentioned in this section.

On September 2, 2025, we filed an election to be regulated as a BDC under the 1940 Act. Upon the filing of such election, we became subject to the 1940 Act requirements applicable to BDCs. In addition, we intend to elect to be treated, and expect to qualify annually thereafter, as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

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**FORWARD-LOOKING STATEMENTS**

Statements contained in this Registration Statement (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, the Adviser and/or Crestline. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Registration Statement may constitute "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk associated with possible disruptions in our operations or the economy generally, including as a result of fluctuating interest rates and levels of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment that would impact the income received on our investments as well as the borrowing rate on debt that we incur;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty associated with the imposition of tariffs and/or trade barriers and changes in trade policy and the potential impact of such changes on the portfolio companies in which we may invest and the global economy;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with our Adviser and its affiliates;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of changes in tax laws and regulations and interpretations thereof; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks, uncertainties and other factors we identify under *Item 1A. Risk Factors* and elsewhere in this Registration Statement.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Registration Statement should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled *Item 1A. Risk Factors* and elsewhere in this Registration Statement. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Registration Statement. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Registration Statement because we are an investment company.

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**Item 1. Business**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General Development of Business</u>

We are a Delaware limited liability company initially formed as Crestline Lending Solutions Ramp, LLC (the "Ramp Vehicle"). On September 2, 2025, we elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") (the "BDC Election Date"). The initial shareholders of the Ramp Vehicle approved, among other things, the Company's election to be regulated as a BDC under the 1940 Act, the investment advisory agreement (the "Investment Management Agreement") between the Company and the Adviser, the persons elected to the Board of Directors of the Company (the "Board") and an asset coverage ratio of 150%. In addition, we intend to elect to be treated as a RIC under subchapter M of the Code. Until our election to be treated as a RIC, the Ramp Vehicle was taxed as a partnership for U.S. federal income tax purposes. Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that we believe have favorable risk-adjusted returns and the ability to generate price appreciation. We will invest in senior secured debt, while also taking advantage of investments in other parts of the capital structure, including second-lien loans, mezzanine or more junior loans, as well as equity investments, including equity co-investments. See *Item 1A. Risk Factors—Risks Relating to Our Investments*.

We are a non-exchange traded, perpetual-life BDC, which is a BDC whose units of limited liability company interests (the "Shares") are not listed for trading on a stock exchange or other securities market. Prior to the BDC Election Date, the Ramp Vehicle operated as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the 1940 Act. During our operations as the Ramp Vehicle, we purchased assets with initial subscription proceeds from our initial shareholders. Prior to the BDC Election Date, we sold 17,146,374.16 Shares to the shareholders of the Ramp Vehicle for a total of $342,927,487.20, and received $354,675,000.00 in Capital Commitments (as defined below) from 46 investors. Of the $354,675,000.00 in total Capital Commitments, we called $336,551,949.00 prior to the BDC Election Date in order to make investments and support the operations of the Ramp Vehicle. As of November 4, 2025, we have $49,473,051.00 in total Capital Commitments from 59 investors and have not called capital since the BDC Election Date.

We expect to enter into separate Subscription Agreements (as defined below) with one or more "accredited investors" (as defined in Rule 501(a) of Regulation D promulgated under the Securities Act) providing for the private placement of Shares in reliance on exemptions from the registration requirements of the Securities Act and may enter into additional subscription agreements from time to time. Each investor will make a Capital Commitment to purchase Shares pursuant to a subscription agreement. See *Item 1(c). Description of Business—The Private Offering*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>[Reserved]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Description of Business</u>

**The Company**

The Company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that we believe have favorable risk-adjusted returns and the ability to generate price appreciation.

Our principal business involves a direct lending strategy, including through the origination of loans. We will invest in senior secured debt, while also taking advantage of investments in other parts of the capital structure, including second-lien loans, mezzanine or more junior loans, as well as equity investments, including equity co-investments. We intend to seek attractive risk-adjusted returns to investors by investing primarily in lower and core middle market companies located in the United States, with between $10 million and $75 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). While we will seek to achieve the targets described above, the composition of our investment portfolio may vary from time to time due to various factors, such as market conditions and the availability of attractive investment opportunities. Our investments are subject to a number of risks. See *Item 1A. Risk Factors—Risks Relating to Our Investments*.

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***The Adviser***

We are externally managed by the Adviser. Subject to the overall supervision of our Board, the Adviser manages our day-to-day operations and provides us with investment advisory services pursuant to the Investment Management Agreement. The Administrator will provide the administrative services necessary for us to operate, either directly pursuant to an administration agreement (the "Administration Agreement"), or pursuant to a sub-administration agreement with a third-party.

The Adviser was formed in 1997 and has been registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") with the SEC since 2002. The Adviser has provided a capital commitment in connection with our formation, and we will be required to obtain shareholder consent to divest of such commitment. Crestline Investors, Inc. ("Crestline") is the general partner of Crestline Management, L.P. Crestline's formative team members have been investing together for approximately 15 years. Crestline and its affiliates specialize in credit and opportunistic investments, seeking to provide risk-adjusted returns using Crestline's credit expertise and experience to pursue value creation. Crestline's experience across the credit spectrum provides the Company with the ability to pursue what it believes to be attractive opportunities regardless of the market cycle. As of June 30, 2025, Crestline and its affiliates manage approximately $19.9 billion across multiple funds and accounts, including over $17.9 billion in alternative credit strategies.

***Ownership of the Adviser***

On September 5, 2025, the Adviser entered into a Purchase and Sale Agreement (the "Purchase Agreement") with Rithm Capital Corporation and certain of its affiliates ("Rithm"), pursuant to which Rithm will acquire the Adviser and certain of its affiliated entities (the "Transaction"). Following the closing of the Transaction, the Adviser will be owned by Rithm, subject to certain profit sharing and earnout arrangements with the Adviser's senior employees. Although the ownership of the Adviser will change as a result of the Transaction, there are expected to be no changes to the investment advisory services performed by the Adviser for the Company as a result of the Transaction. The Adviser's current management team is expected to continue to determine the investment strategies and policies of the Adviser following the consummation of the Transaction. In addition, the Company's investment objective, investment strategies, and investment portfolio are not expected to change as a result of the Transaction.

Pursuant to Section 15 of the 1940 Act, the Transaction will be deemed to result in a change of control of the Adviser, resulting in the termination of the Investment Management Agreement in accordance with its terms. In anticipation of the automatic termination of the Investment Management Agreement upon the closing of the Transaction, the Board, including a majority of the Independent Directors, at a meeting held on October 22, 2025, voted to approve a new investment advisory agreement by and between the Company and the Adviser (the "New Investment Management Agreement"), subject to shareholder approval. The New Investment Management Agreement is identical to the current Investment Management Agreement, including with respect to the advisory fees payable by the Company to the Adviser, except that the initial term will begin upon the execution of the New Investment Management Agreement. Subject to approval by the Company's shareholders, the New Investment Management Agreement will take effect upon the closing of the Transaction, which is expected to close in the fourth quarter of 2025. The closing of the Transaction is subject to the satisfaction or waiver of various conditions, as set forth in the Purchase Agreement, including obtaining specified regulatory approvals and attaining certain advisory client consent thresholds.

***The Investment Team***

The Adviser's opportunistic and direct lending team (the "Investment Team") is responsible for identifying investment opportunities, conducting research and due diligence on prospective investments, structuring our investments and monitoring and servicing our investments. As of June 30, 2025, the Investment Team was comprised of 72 investment professionals, who are responsible for sourcing, screening and asset managing the investments for the Adviser's direct lending and opportunistic strategy. The Company also expects to benefit from dedicated accounting professionals and support personnel of the Adviser, including individuals with expertise in risk management, tax, information technology and compliance. Although these individuals may have additional

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responsibilities other than those relating to the Company, these employees generally allocate the majority of their time in support of the Adviser's business and the Company's investment objective as a whole.

Members of the Investment Team are aligned into specific sub-teams, or "pods." Each pod focuses on industries with two primary characteristics: (i) high levels of recurring revenue and/or (ii) multiple independent pools of value. These pods support critical phases of the investment process such as sourcing and due diligence. Each pod is led by a senior member of the team, and is typically comprised of multiple investment professionals. Team members may be a part of more than one pod to prevent silos and enhance communication. However, the number of pods one person belongs to is controlled to retain industry expertise. Over time, Crestline will continue to expand staffing and the number of pods as additional sectors with these characteristics are identified.

The Adviser has an investment committee (the "Investment Committee") that is responsible for approving all of our investments. The extensive experience of the investment professionals serving on our Investment Committee includes expertise in direct lending, growth capital, asset backed, private equity, distressed, and liquid credit. This broad situational expertise and industry specialization provides a range of perspectives in the evaluation of each investment opportunity. The Investment Committee consists of five members: Douglas Bratton, Keith Williams, Chris Semple, Michael Guy, and Jonathan Cochran.

***Board of Directors***

Our business and affairs are managed under the direction of our Board. Our Board consists of four members, three of whom are not "interested persons" of the Company as defined in Section 2(a)(19) of the 1940 Act. We refer to these individuals as our "Independent Directors." The Independent Directors comprise a majority of our Board. Our Board elects our officers, who serve at the discretion of the Board. The responsibilities of the Board include quarterly determinations of fair value of our assets, corporate governance activities, oversight of our financing arrangements and oversight of our investment activities.

**The Private Offering**

We offer our Shares on a continuous basis (the "Private Offering") pursuant to the terms set forth in subscription agreements that we will enter into with investors in connection with the Private Offering (each, a "Subscription Agreement") and in the private placement memorandum that will be distributed to them. Investors are required to enter into capital commitment arrangements (each, a "Capital Commitment") with us to purchase Shares, pursuant to which the investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments each time we deliver a drawdown notice, which will be delivered at least 10 days prior to any subsequent funding date. The issuance of our Shares will be at an initial price per Share of $20, and thereafter at a price that is not below our then-current net asset value per Share.

***Shares***

We currently offer one class of Shares. Our Board may authorize us to issue Shares in one or more classes or series, without shareholder approval, to the extent permitted by the 1940 Act. Such classes of Shares may be offered to investors with varying sales loads and asset-based service and/or distribution fees if we receive exemptive relief from the SEC granting an exemption from the applicable provisions of the 1940 Act to allow such sales. The Board will have the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of Shares. The Private Offering currently does not include the sale of Shares of varying classes and as of the date hereof, we have not filed an application for exemptive relief to offer varying classes of Shares. Even if such an application is filed in the future, the exemptive relief to offer varying classes of Shares may not be granted. In the event we intend to issue such Shares, we will apply for any necessary exemptive relief and will make any required disclosure to shareholders in connection with such sales.

***Closings***

The initial closing of a funding made pursuant to a drawdown notice (the "Initial Closing") is expected to occur shortly after the filing of the Company's election to be regulated as a BDC under the 1940 Act. Additional closings

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of the Private Offering are expected to occur quarterly, or from time to time as determined by the Company. The Company reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering.

***Capital Calls***

Investors are required to make capital contributions to purchase Shares at a specified time (subject to applicable cure periods) each time we deliver a drawdown notice (a "Capital Call"), which will be issued based on our anticipated investment activities and capital needs, in an aggregate amount not to exceed each investor's respective Capital Commitment to purchase Shares pursuant to a Subscription Agreement entered into with us. The drawdown notice will be delivered to investors at least 10 business days prior to the close of business on the date on which the investor's portion of its Capital Commitment must be wired to the Company's account for the Capital Call.

With respect to any Capital Call, holders of Capital Commitments who entered into a Subscription Agreement with the Company earliest will be first required to purchase our Shares. All Capital Commitments from the earliest investor(s) must be called in totality before Capital Commitments from later subscribing investors is called. For purposes of determining which investors' Capital Commitments will be subject to a Capital Call, all investors who entered into Subscription Agreements during a given quarter will be treated as if such investors subscribed at the same time, and will be considered as part of the same "tranche." Investors must submit a Subscription Agreement within 15 days prior to the end of the applicable quarter to fall within that quarter's tranche for purposes of any of Capital Calls, unless such deadline is waived. All Capital Commitments from the same quarterly tranche must be called before capital is called from investors in the following quarterly tranche. When calling capital from investors within the same quarterly tranche, capital will be called on a pro-rata basis.

The purchase price of the Shares for each Capital Call will be set at a per-share price that is at least equal to the net asset value ("NAV") per share for the quarter in which capital is called, subject to the limitations under Section 23 of the 1940 Act. The Board may set the per-share price above the NAV per share based on a variety of factors, including, without limitation, the total amount of the Company's organizational and other expenses.

In addition to all legal remedies available to the Company, failure by an investor to purchase additional Shares pursuant to a Capital Call made by the Company will (following a cure period of ten business days) result in that investor being subject to certain default provisions set forth in that investor's Subscription Agreement. Defaulting investors may also forfeit their right to participate in purchasing additional Shares on any future drawdown date or otherwise participate in any future investments in the Company, and may be required to sell their Shares to the Company.

The Shares have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), the securities laws of any other state or the securities laws of any other jurisdiction. Our Shares will be offered and sold (i) in the United States under the exemption provided by Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, and (ii) outside of the United States in accordance with Regulation S of the 1933 Act. Shares described herein will constitute "restricted securities" under the 1933 Act and as such will be subject to certain restrictions on transferability. Shares may not be transferred or sold unless the Shares have been registered under the 1933 Act or an exemption from registration is available. There is no assurance that our Shares will be registered for sale under the 1933 Act or under securities laws of any other jurisdiction.

**Term**

The term of the Company will commence on the date of the Initial Closing and is expected to be perpetual.

Capital Commitments will be binding for two years after the date on which an investor enters into a Subscription Agreement (in each case, the "Commitment Period"). After two years, each investor will have the option to maintain all or a partial amount of their Capital Commitment, and as a result would maintain their earlier position in the Capital Call structure such that their commitments would be drawn earlier than later subscribing investors.

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Following each investor's Commitment Period, the investor in the Private Offering will be released from any further obligation to purchase additional Shares, except to the extent necessary to (a) pay Company expenses, including management fees, any amounts that may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Commitment Period, (b) complete transactions that, at the end of the Commitment Period, are committed or otherwise with respect to which the Adviser has made an affirmative determination that the Company should participate, subject to completion of "due diligence" procedures and negotiation of acceptable price and other terms (and which, for the avoidance of doubt, includes funding any revolving credit facility or delayed draw-term facility that has not been fully drawn at the end of the Commitment Period), (c) satisfy any outstanding obligations pursuant to any credit facility or other lending arrangement, guaranty or other similar obligation, (d) fund follow-on investments made in existing portfolio companies (and not new investments except for investments in additional securities of existing portfolio companies) that, in the aggregate, do not exceed 10% of total commitments, (e) fund obligations under any Company guarantee or indemnity made during the Commitment Period, (f) hedge currency, interest rate, market or other risk with respect to existing investments and/or (g) fund any defaulted commitments. Under normal market conditions, given the anticipated high volume of potential investments, including potential co-investment transactions under any future exemptive relief, the Company expects that all or substantially all capital will be drawn during the Commitment Period.

**Key Person Event**

A "Key Person Event" means that, within three (3) years of the Company's election to be regulated as a BDC, one or more of Keith Williams, Chris Semple, and Doug Bratton (each, a "Key Person" and collectively, the "Key Persons") has ceased to devote substantially all of their business time to the affairs of the Adviser and its affiliates, including the Company. If the Key Person Event involves one Key Person, the Adviser will provide notice within ten (10) days of the Key Person Event to the Company's shareholders and will propose a replacement Key Person (the "Replacement"). The Replacement will serve as a Key Person unless greater than 50% of the Company's outstanding shares reject the Replacement. If the Replacement is rejected by greater than 50% of the Company's outstanding shares, the Company will continue its operations with the two remaining Key Persons.

If a Key Person Event involves two Key Persons, or one Key Person in the event that a Replacement was rejected by shareholders, the Adviser will provide notice within ten (10) days of the Key Person Event to the Company's shareholders and will propose one or more Replacements, as applicable. If greater than 50% of the Company's outstanding shares reject such Replacement(s), such that the Company would continue its operations with only one remaining Key Person, the Company will take commercially reasonable efforts to wind-down its operations. For the avoidance of any doubt, any such Key Person Event shall not be deemed, in and of itself, to cause an assignment of the Investment Management Agreement for purposes of the 1940 Act.

**Share Repurchase Program**

We intend to commence a share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our outstanding Shares as of the close of the previous calendar quarter, generally using a purchase price equal to our NAV per share as of a recent date. However, we are not obligated to repurchase any Shares. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter, shareholders may not be able to sell their Shares promptly or at a desired price, and an investment in our Shares is not suitable if you require short-term liquidity with respect to your investment in us.

If we were to engage in a repurchase offer, shareholders would be able to tender their Shares at a price equal to our NAV per share as of a recent date. Any repurchase offer presented to our shareholders will remain open for a minimum of 20 business days following the commencement of the repurchase offer. In the materials that we send to our shareholders regarding a repurchase offer, we will include the date on which the repurchase offer will expire. All tenders for repurchase requests must be received prior to the expiration of the repurchase offer in order to be valid.

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Additionally, Shares that have not been outstanding for at least one year will be repurchased at 98% of the NAV per share as of the last calendar day of the applicable quarter, meaning that such Shares will be repurchased at a 2% discount to the amount otherwise payable by the Company for such repurchased Shares.

We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act and subject to compliance with applicable covenants and restrictions under any financing arrangements. All Shares purchased by us pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued Shares. See *Item 9. Market Price of and Dividends on the Registrant's Shares and Related Shareholder Matters—Share Repurchase Program.* 

**Investment Objective**

The Company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that we believe have favorable risk-adjusted returns and the ability to generate price appreciation. We will seek to meet this investment objective by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employing a longstanding investment approach focused on long-term credit performance and downside protection, generally investing in loans with asset coverage ratios and interest coverage ratios that our investment adviser believes provide substantial credit protection, and also seeking favorable financial protections, including, where our investment adviser believes necessary, one or more financial maintenance covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• focusing on illiquid credit of U.S. companies, and to a lesser extent on liquid credit of U.S. companies and illiquid credit non-U.S. companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• focusing on investments largely in the lower and core middle market, which the Company defines as companies between $10 million and $75 million in EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining rigorous portfolio monitoring to anticipate and pre-empt negative credit events in the portfolio.

***Investment Strategy***

To meet our investment objective, the Company will leverage Crestline's direct lending and opportunistic lending strategies. Crestline's direct lending strategy is driven by investments in senior secured, first-lien lending to lower and middle market companies in the United States (the "Direct Lending Strategy"). Returns within this strategy are almost exclusively driven by current income, with some benefit also coming from lender prepayment penalties. The majority of companies that Crestline currently lends to are each backed by a private equity sponsor, although Crestline also lends to non-sponsor backed borrowers.

Crestline's opportunistic lending strategy focuses on lower and middle market companies in the United States and emphasizes capital preservation (the "Opportunistic Strategy"). The Opportunistic Strategy has many similarities with the Direct Lending Strategy. However, these investments will often be structured to include elements of current income, deferred interest and equity upside most often in the form of equity participation. Additionally, unlike the Direct Lending Strategy, the Opportunistic Strategy primarily lends to companies that are not backed by a private equity sponsor. As a result, the risk and return profile of these investments is typically higher than direct lending. To mitigate these risks, the Company's investments will consist principally of directly originated transactions that are the most senior position within a borrower's capital structure. These investments will likely be in the form of a first-lien loan or a preferred investment, where there is no debt with a higher priority. The Company's investments will also be primarily structured to have a high element of contractual return from either current income, deferred payment-in-kind ("PIK") interest, and repayment premiums. In addition, many investments within the Opportunistic Strategy will also be directly or indirectly backed by physical assets. While the majority of our investments are senior or "first dollar out" risk, we may from time to time also structure investments as mezzanine or subordinated positions when there is compelling relative value.

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Importantly, both strategies are supported by the same investment team. This structure creates a better-aligned team with the ability to generate a wider sourcing funnel, and ensures the investment team has a holistic view regarding relative value on risk and related return across the private credit spectrum.

We will also capitalize on Crestline's scale and reputation in the market as an attractive capital solution provider to meet our investment objective. We also expect to benefit from Crestline's ability to transact with speed and certainty, and its long-standing and extensive relationships with financial sponsors that require financing for their transactions.

We will invest a majority of our assets directly or indirectly in private credit investments (loans, preferred securities, bonds and other credit instruments that are issued in private offerings or issued by private companies) of varying maturities.

Most of our investments will be in private U.S. companies (we generally have to invest at least 70% of our total assets in "qualifying assets," including privately-offered loans, equity and debt securities issued by private U.S. companies or certain public companies). We also expect to invest to some extent in non-U.S. companies, but we do not expect to invest in emerging markets. We believe that our syndicated market investments will serve two purposes. First, investing in syndicated markets enables us to utilize our credit underwriting capabilities to identify and invest in mis-priced assets, such mis-pricing being the result of other investors' needing liquidity or underestimating the earnings power of the business. Second, to a lesser extent, such investments will help maintain liquidity to satisfy any share repurchases, to the extent such repurchases are offered, and as well as manage cash.

We intend to invest principally in a portfolio of directly originated loans, secured floating and fixed rate syndicated loans, corporate bonds and other types of credit instruments. The direct originated loans will be primarily senior in the capital structure and will be structured as loans but may also take the form of preferred debt. For purposes of the above investment strategy, "credit instruments" may include commercial real estate loans or mortgages, securitized products, notes, bills, debentures, bank loans, convertible preferred securities, and government securities. The Company may also make limited investments in non-U.S. companies and illiquid and restricted securities. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution.

Most of the debt investments we intend to make in are unrated or rated below investment grade, which is often an indication of size, credit worthiness and speculative nature relative to the capacity of the borrower to pay interest and principal. Generally, if our unrated investments were rated, they would be rated below investment grade. These investments, which are often referred to as "junk" or "high yield", have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and are illiquid.

The level of our investment activity will depend on many factors, including the amount of debt and equity capital available to prospective portfolio companies, the level of merger, acquisition and refinancing activity for such companies, the availability of credit to finance transactions, the general economic environment, and the competitive environment for the types of investments we make.

Within our private investments, we intend to focus on investments in companies that we consider to be in the lower and core part of the middle market. These are generally defined as companies that have between $10 million and $75 million of EBITDA. Within the lower and core middle market, we will likely face less competition from other lenders, which we anticipate will allow us to structure investments to obtain stronger pricing, covenants, and other protections.

To a lesser extent, we intend to source private investments within the upper middle market when there is compelling relative value and we are able to identify opportunities that have the same or similar characteristics as previously described. We may from time to time also invest in companies with less than $10 million of EBITDA. However, on an aggregate basis, such investments will likely not comprise a meaningful percentage of the Company's portfolio.

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The Company intends to focus investments within a broad base of industry and sectors that contain companies with high levels of recurring revenue and/or multiple independent pools of value. We believe that companies which offer a mission-critical service, or have multiple pools of value, have the ability to diversify risk by maintaining independent cash flow streams, which protects value for our investors. Companies with these attributes tend to have lower fixed costs and higher pricing power, which allows them to be more resilient in challenging economic environments.

We believe our focus on the lower and core middle market will enhance our ability to make investments with considerable covenant protection. We anticipate that our loans' covenants will typically include both maintenance and incurrence tests to ensure that we have the contractual rights to impose value preservation remedies in situations where limits are breached. We may invest in, or obtain exposure to, obligations that may be "covenant-lite," which means such obligations lack certain financial maintenance covenants. See *Item 1A. Risk Factors*—*Risks Relating to Our Investments*—*Our investments are very risky and highly speculative.*

**Use of Derivatives and Borrowing**

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we do not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to the Fund's business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

We intend to borrow funds to make additional investments. We will use this practice, which is known as "leverage," to attempt to increase returns to our shareholders, but it involves significant risks. A BDC generally will be permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to its common stock if its asset coverage, as defined in the 1940 Act, would at least be equal to 200% immediately after each such issuance. Additionally, certain provisions of the 1940 Act allow a BDC to increase the maximum amount of leverage it may incur by reducing the asset coverage ratio of 200% to an asset coverage ratio of 150% if certain requirements are met. The reduced asset coverage requirement permits a BDC to borrow up to two dollars for every dollar it has in assets less all liabilities and indebtedness not represented by senior securities issued by it. We may also use leverage in the form of the issuance of preferred Shares, but that is not currently our general intent. The initial shareholders of the Ramp Vehicle have approved a proposal to reduce our asset coverage ratio to 150%.

In normal course, we intend to manage the portfolio with at least a 200% asset coverage ratio. However, we may reduce our asset coverage ratio to 167.5% which would allow us to borrow one and a half dollars for every dollar it has in assets less all liabilities and indebtedness not represented by senior securities issued by the company. This additional flexibility will allow us to make investments intra-quarter that are to be funded by investor commitments that sit in our "entry queue." This will benefit existing investors as we will be able to efficiently make new investments without deviating from our investment strategy by temporarily holding excess liquid credit investments that could introduce additional volatility into the portfolio or holding excess cash, that could dilute investor returns. The additional flexibility will also benefit subscribing investors as it will allow us to call capital from the "entry queue" more quickly. The amount of leverage that we employ at any particular time will depend on the Adviser and our Board's assessments of market and other factors at the time of any proposed borrowing. See *—Regulation as a Business Development Company* in this section and *Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We will borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing with us.*

**Distributions** 

We currently intend to pay regular quarterly distributions commencing with the first full calendar quarter after the BDC Election Date. However, any distributions we make will be at the sole discretion of our Board, who will consider factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

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**Investment Process**

***Sourcing and Origination***

Our origination strategy focuses on identifying all potential sources of deal flow within the lower and core middle markets in the United States. The Company's financing is expected to be utilized for a variety of purposes, including to fund organic growth, acquisitions, recapitalizations, management buyouts and leveraged buyouts. Our origination approach is consistent across both the Direct Lending and Opportunistic Strategies. Having a single, cohesive team managing both strategies offers significant sourcing advantages by providing a comprehensive view across the risk and return spectrum. This ultimately leads to a wider sourcing funnel as borrowers, or their representatives, recognize that we can provide multiple forms of capital. For example, we often source opportunities for both the Direct Lending and Opportunistic Strategy from the same origination source, such as a boutique investment bank. We believe this gives us access to less competitive opportunities that are not highly marketed.

The Company believes that well-performing assets tend to be sourced from industry specialists who identify companies within their areas of focus that have the investment attributes we seek, high levels of recurring revenue and/or multiple independent pools of value. As a result, members of the Investment Team are aligned into industry specific sub-teams or "pods". These pods support critical phases of the investment process including sourcing and due diligence. Team members may be a part of more than one pod to prevent silos and enhance communication. However, the number of pods one person belongs to is controlled to retain industry expertise. Over time, Crestline will continue to expand staffing and the number of pods as additional sectors with these characteristics are identified.

The Company believes that this specialization of these industry-oriented pods make Crestline an attractive source of financing for middle market borrowers, as Crestline is able to efficiently screen through opportunities and, if justified, move them to the screening and due diligence phase of the investment process. This structure has also allowed Crestline to develop strong relationships with multiple sourcing channels, including private equity sponsors, boutique investment banks, brokers and portfolio companies. Crestline intends to continue direct engagement with portfolio companies through direct calling efforts, increasing the frequency of opportunities where Crestline can serve as a repeat lender.

In addition, Crestline has dedicated geographical sourcing team members, as well as regional sponsor and investment banking coverage. Crestline's industry-specific direct sourcing efforts tend to generate a meaningful number of overall investment opportunities received and actual investment opportunities pursued. However, in addition to this industry-specific approach, having the option of more general investment banking coverage also provides the ability to focus on new industries.

We believe the combination of Crestline's industry-specific model, generalist bank coverage and Crestline's growing intrinsic base of existing portfolio companies create an effective and scalable sourcing platform for the Company.

***Screening and Due Diligence***

Across all strategies, the Adviser will adhere to a systematic, consistent, and rigorous investment screening and selection process with an emphasis on detailed fundamental analysis and due diligence. The process is designed to focus on identifying business, collateral and structural risks which could create investment impairment. The investment process will generally be segmented into (i) Quick Look, (ii) Preliminary Report, and (iii) Final Research Report stages:

The **Quick Look** serves as a brief description of the opportunity, the deal dynamic, and expected returns. At this early stage, we will determine whether the opportunity warrants further due diligence, thus moving the opportunity to the Preliminary Report stage.

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When the opportunity reaches the **Preliminary Report** stage, the Adviser will complete multiple elements of additional research and diligence, which may include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review investment materials (company information, historical financials, and models)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify key risk factors, loan/investment repayment drivers and core areas of diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utilize traditional valuation methodologies to start to triangulate value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management and company calls or meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• formulation of core investment thesis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify potential exit alternatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify downside protection drivers.

After reaching the **Final Research Report** stage where we execute a term sheet/letter of intent, we pursue completion of due diligence and structuring, which may include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• style underwriting, including analysis of unit level economics, cost and growth drivers, customer and supplier dynamics, company position and competitive dynamics, cash flow profile and drivers, balance sheet strength, site visits and appropriate third-party diligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asset level underwriting, including analysis of supply and demand, macro and micro market drivers, historical price fluctuations and causes, regulatory implications and exit alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comprehensive focus on downside protection and preservation of capital in all scenarios by identifying and quantifying sources of repayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare downside asset recovery and/or liquidation analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leverage industry contacts and pursue "channel" checks to fully vet the investment opportunity and learn the hidden risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thoroughly assess and scrutinize management, including adequacy of financial controls and background checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• verify the adequacy of the investment structure, tenor, call protection, and amortization/ability to de-risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• focus structure and covenants to protect downside and mitigate key risks identified in diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong documentation resulting in the ability to exert leverage and prevent downside outcomes if something goes wrong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and tax analysis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review for any potential inter-creditor or counter-party structural issues.

Research reports will be presented to our credit strategies Investment Committee to review the proposed investment(s). The Investment Committee has ultimate decision-making authority and accountability. Upon approval, the deal team has the authority to legally commit capital to the opportunity.

***Asset Management & Surveillance***

Post investment closing, Crestline takes a continuous and methodical approach to monitoring and portfolio management. This may include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing financial information, key performance indicator analysis and management discussions

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tracking actual performance to forecast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance meetings with management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• staying abreast of industry trends and dynamics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing open dialogue with other lenders / investors to understand varying perspectives

Through analyzing the information and discussions, we will conduct investment updates and portfolio reviews to monitor performance, current yield dynamics, exit opportunity and downside protection. Crestline will also monitor the investments to identify any situations where there may be deteriorating fundamentals or in the case of liquid investments, exit options.

Underperforming investments will be managed using a hands-on approach. Crestline's team has extensive experience restructuring companies, replacing management teams, and evaluating and implementing strategies to improve company performance.

This robust sourcing, screening and due diligence process is designed to produce a highly selective portfolio. To illustrate, over the last five years the team has screened thousands of opportunities across numerous sourcing relationships and closed on <2% of those transactions, representing an expansive network but also tremendous underwriting discipline.

***Types of Investments***

Our investments are typically expected to have expected maturities between two and six years, however the actual maturity for each investment can be either shorter or longer depending on market conditions including but not limited to economic growth, merger and acquisition activity, the level and expected direction of interest rates and specific borrower dynamics. As previously stated, our investment strategy will heavily focus on investments that are senior in the capital structure, these may take multiple forms including but not limited to:

*First-Lien Senior Secured Loans.* The Company intends to obtain collateral from portfolio companies in support of the repayment of first lien senior secured loans. This collateral takes the form of first-priority liens on substantially all of the borrower's assets, including the equity interests of its domestic subsidiaries. The Company's first-lien senior secured loans may provide for loan amortization in the early years of a loan, with the majority of the amortization deferred until loan maturity, with the expectation, and often a contractual requirement, that the borrower will often pre-pay the loan from cash flows in excess of the scheduled amortization, which is known as an excess cash flow sweep. First-lien senior secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.

*Unitranche Loans.* The Company intends to obtain security interests in substantially all of the assets of these portfolio companies that will serve as collateral in support of the repayment of unitranche loans. This collateral takes the form of first-priority liens on substantially all of the borrower's assets, including the equity interests of its domestic subsidiaries. Unitranche loans typically provide for loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity, with a contractual requirement for excess cash flow sweeps that reduce the average life of the loan. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. The Company's investments in unitranche senior loans may be in participations across the entire loan or through an agreement among lenders in participations in first-out term loans.

In addition to making senior loan investments, the Company may invest opportunistically in second-lien loans, unsecured debt, subordinated loans, "last-out" positions of unitranche loans (including fixed- and floating-rate instruments and instruments with PIK income) and equity-related securities made to middle market companies in which the Company may or may not also hold a corresponding senior loan investment. Below is a further description of such investments.

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*Second-Lien Loans.* It is anticipated that, in connection with the Company's investments in second-lien loans, the Company will obtain security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of such loans. This collateral may take the form of second priority liens on the assets of the portfolio company. The Company also considers a last-out position in a unitranche loan to be similar to a second-lien loan regarding the priority of payment of last-out positions.

*Subordinated Loans.* It is anticipated that, in connection with the Company's investments in subordinated loans, the Company will structure unsecured subordinated loans that provide for high fixed interest rates with substantial current interest income and potentially equity participation or warrants that materially enhance the overall return of the security. The subordinated loans would typically have terms of 6 to 8 years. In some cases, subordinated debt may be collateralized by a subordinated lien on some or all of the assets of the borrower and may provide for some of the interest payable to be PIK.

*Preferred Investments.* The Company may make preferred investments in portfolio companies. These investments will be made if we believe there is attractive downside protection relative to the opportunity to achieve higher rates of return. Returns may come in the form of a fixed or floating of rate of interest that is either cash pay, PIK or a combination of the two. These investments may also offer capital appreciation through a conversion feature or via an equity participation.

*Equity Interests.* The Company may from time to time acquire smaller non-control interests in select companies. These investments may, but may not always, be made in portfolio companies where the Company has also made a new or existing debt or preferred investments. Such an equity investment may be in the form of common units, preferred interests, or holding company common or preferred equity interests. In addition, equity interests could be received in connection with an out-of-court restructuring of a portfolio company or a bankruptcy proceeding related thereto.

*European Investments.* Although the Company's investment strategy primarily focuses on portfolio companies in the United States, the Company may also invest in companies in Europe. Crestline has a dedicated team based in London that is responsible for sourcing and due diligence. The Investment Team has developed a strong network from which they source unique opportunities, specifically within the Opportunistic Strategy. The Company generally intends to limit these investments to no more than 10% of our overall investment portfolio.

*Real Estate Investments.* The Company may make investments in private debt backed by commercial real estate, including investing in mortgage-related or asset-backed securities. The Company generally intends to limit these investments to no more than 10% of our overall investment portfolio.

*Liquid Credit Investments.* The Company may invest in liquid credit instruments, which may include liquid fixed-income securities (such as broadly syndicated loans), high-yield debt, and collateralized loan obligations. The Company generally intends to limit such investments to no more than 10% of our overall investment portfolio. The Company intends to use these investments to maintain liquidity for the share repurchase program and manage cash, while also seeking attractive investment returns.

Additionally, pending investment in the types of assets described above, the Company may invest in other liquid investments, such as, but not limited to, U.S. Treasury bills, commercial paper and short-term investment grade corporate bonds.

For investment types that the Company intends to limit to a certain percentage of its portfolio, there may be some circumstances in which such investments exceed anticipated thresholds. For example, this may occur if the value of a particular investment increases, or in circumstances where the Company has only partially funded an investment that subsequently is fully funded, or a follow-on investment is completed in such a company. In addition, the Company may be in-line with these limitations at the time it commits to an investment but be outside of these limitations at the time an investment is closed. In these and other unforeseen circumstances, the Company intends to retain flexibility to maintain or improve the investment while operating at or around anticipated thresholds.

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**Allocation of Investments**

The Adviser currently manages a number of private investment funds and managed accounts with investment strategies similar to that of the Company. In addition, Crestline or an affiliate serves (and may in the future serve) as general partner or investment adviser for a number of collective investment vehicles and separate accounts, offering investment management services in a diverse range of investment strategies, including some funds and accounts that include investments of the type contemplated herein as part of their investment programs.

To the extent that a particular investment opportunity is suitable for both the Company and other investment accounts of the Adviser, such investment opportunity will typically be allocated among the Company and the other accounts in a manner that the Adviser considers fair, reasonable and equitable under the circumstances taking into consideration such factors as legal, regulatory and tax considerations, availability of capital for investment by the account, liquidity concerns and such other factors as the Adviser deems under the particular circumstances to be relevant in making its investment allocation determination.

When the Adviser determines that it would be appropriate for the Company and one or more other investment accounts to participate in an investment opportunity, they will generally seek to have all accounts participate on an equitable basis. Situations may occur where the Company could be disadvantaged because of the investment activities conducted by the Adviser and its affiliates for other investment accounts due, among other things, to the limited availability of an opportunity or the market impact of investments on behalf of multiple accounts.

Additionally, we and the Adviser have applied for an exemptive order from the SEC that permits us and certain of our affiliates, subject to certain terms and conditions, to co-invest with other funds managed by the Adviser and its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors (the "Application"). There is no assurance that such an exemptive order can be obtained. The SEC issued a notice of the Application on September 5, 2025, and the notice period expired on September 30, 2025, after which the Company was eligible to receive the co-investment exemptive relief order (the "Order"). Additionally, if the Adviser forms other funds in the future, we may co-invest on a concurrent basis with such other funds, subject to compliance with any exemptive relief, applicable regulations and regulatory guidance, and applicable allocation procedures.

**Investment Management Agreement**

Our investment activities are managed by the Adviser, which will be responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. The Adviser's services under the Investment Management Agreement, and the Adviser and/or other entities affiliated with the Adviser may furnish similar services to other entities.

Pursuant to the Investment Management Agreement, we pay the Adviser a base management fee and an incentive fee for its services. The cost of both the base management fee and the incentive fee will ultimately be borne by our shareholders. The base management fee is calculated at a rate based on the value of our net assets at our most recently published net asset value. For the initial period of our operations from the BDC Election Date through the end of the fiscal quarter ending September 30, 2025, the base management fee will be calculated based on the net asset value of the Ramp Vehicle as of the BDC Election Date. See *Item 1A. Risk Factors*—*Risks Relating to our Business and Structure*—*Our management and incentive fees may induce the Adviser to incur additional leverage.*

Certain of our debt investments may contain provisions providing for the payment of PIK interest. Such PIK interest would increase the amount of our assets under management and cause such investment to accrue interest on a higher loan balance, increasing the amount of the base management fee and incentive fee based on income payable to the Adviser. See *Item 1A. Risk Factors*—*Risks Relating to Our Business and Structure—PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of base management fees and incentive fees payable to our Adviser.*

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The base management fee is calculated as shown below:

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| | |
|:---|:---|
| **Base Management Fee** | **Net Assets as of Most Recently Completed Quarter** |
| 0.1125% (1.35% annualized) | Less than or equal to $150.0 million |
| 0.0917% (1.10% annualized) | Greater than $150.0 million but less than or equal to $300.0 million |
| 0.0823% (0.9875% annualized) | Greater than $300.0 million but less than or equal to $500.0 million |
| 0.071% (0.85% annualized) | Greater than $500.0 million |

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The base management fee is payable quarterly in arrears. Base management fees for any partial month or quarter will be appropriately pro-rated.

The incentive fee consists of two parts—an incentive fee based on income and an incentive fee based on capital gains—which are described in more detail below.

***Incentive Fee Based on Income***

The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals 12.5% of the Company's Pre-Incentive Fee Net Investment Income (as defined below) for each calendar quarter, subject to a 5.0% annualized hurdle rate, with a catch-up.

The second part, the capital gains fee, is calculated and payable at the end of each calendar year in arrears as 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the "Cumulative Capital Gains").

Pre-Incentive Fee Net Investment Income means interest income, distribution income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during each calendar quarter, minus our operating expenses for such quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and distributions paid on any issued and outstanding debt or 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 market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that we have not yet received in cash. The Adviser is not under any obligation to reimburse us for any part of the income based fees it receives that are based on accrued income that we never actually receive. 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 will be compared to a "Hurdle Amount" equal to the product of (i) the "hurdle rate" of 1.25% per quarter (5% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter.

We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment

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Income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

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| | | |
|:---|:---|:---|
| 0% | 1.25% | 1.43% |
| ←0%→ | ←100%→ | ←12.5%→ |

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These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases by the Company during the relevant quarter. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to the Adviser with respect to Pre-Incentive Fee Net Investment Income. Because of the structure of the incentive fee, it is possible that we may pay an incentive fee in a calendar quarter in which we incur an overall loss taking into account capital account losses. For example, if we receive Pre-Incentive Fee Net Investment Income in excess of the quarterly hurdle rate, we will pay the applicable incentive fee even if we have incurred a loss in that calendar quarter due to realized and unrealized capital losses.

***Incentive Fee Based on Capital Gains***

The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears in at the end of each fiscal year, and equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

***Indemnity***

Under the Investment Management Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. It is not responsible for any action of our Board in following or declining to follow the Adviser's advice or recommendations. Under the Investment Management Agreement, the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, and any person controlling or controlled by the Adviser is not liable to us, any subsidiary of ours, our directors, our shareholders or any subsidiary's shareholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Management Agreement, except those resulting from acts constituting material breaches of the Investment Management Agreement, violations of applicable federal and state securities laws, and acts constituting fraud, gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to us under the Investment Management Agreement.

In addition, as part of the Investment Management Agreement, we have agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Management Agreement, except where attributable to material breaches of the Investment Management Agreement, violations of applicable federal and state securities laws, fraud, gross negligence, willful misfeasance, bad faith or reckless disregard of such person's duties under the Investment Management Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. United States federal and state securities laws may impose liability under certain circumstances on persons who act in good faith. Nothing in the

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Investment Management Agreement constitutes a waiver or limitation of any rights that the Company may have under any applicable federal or state securities laws.

**Administration Agreement**

We also have entered into an administration agreement (the "Administration Agreement") with the Administrator, pursuant to which the Administrator provides the administrative services necessary for us to operate, and we utilize the Administrator's office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. We will reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and is subject to oversight by the Board. See *Fees and Expenses*.

The Administrator will waive its right to be reimbursed in the event that any such reimbursements would cause any distributions to our shareholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and we will reimburse the expenses of these parties incurred and paid by the Adviser on our behalf.

On August 19, 2025, both the Investment Management Agreement and the Administration Agreement were approved by our Board. Unless earlier terminated as described below, both the Investment Management Agreement and the Administration Agreement will remain in effect for a period of two years from their effective date on September 2, 2025 and will remain in effect from year to year thereafter if approved annually by (i) the vote of our Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our Independent Directors. The Investment Management Agreement and the Administration Agreement will automatically terminate in the event of their assignment. Both the Investment Management Agreement and the Administration Agreement may be terminated by either party without penalty upon not less than 60 days' written notice to the other.

**Investment Valuation** 

We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we will consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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The fair value of any investments that are transferred between levels will be measured as of the beginning of the quarter in which the reclassification of the investment occurred. In addition to using the above inputs in investment valuations, we will apply the valuation policy approved by the Board, which is consistent with ASC 820. Under our valuation policy, we will evaluate the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), we will subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

**Determination of Net Asset Value** 

On August 19, 2025, our Board designated the Adviser as our Valuation Designee pursuant to Rule 2a-5 under the 1940 Act. The Valuation Designee, subject to the oversight of our Board, will determine our NAV per share quarterly. The NAV per share is equal to the value of total assets minus liabilities divided by the total number of Shares outstanding at the date as of which the determination is made.

Investment transactions are recorded on the trade date. Realized gains or losses will be computed using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

As part of the valuation process, the Adviser, as our Valuation Designee, will take into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board, the Valuation Designee will consider whether the pricing indicated by the external event corroborates its valuation.

Each quarter, the Valuation Designee will undertake a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are not readily available, our quarterly valuation process begins with each portfolio company or investment being initially valued by the respective Crestline team. Separately, an independent valuation firm engaged by the Valuation Designee will provide third party valuation consulting services with respect to our investments at least twice annually for all investments held in the portfolio for at least six months; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to Rule 2a-5, the Valuation Designee's valuation conclusions will be documented, finalized, then presented to the Board along with any reports required under Rule 2a-5.

***Determinations in Connection with a Drawdown or Subsequent Closing***

In connection with a drawdown or a subsequent closing, as applicable, subject to the oversight of our Board, the Valuation Designee, no later than 48 hours (excluding Sundays and holidays) prior to the drawdown date, will make the determination that we are not selling Shares at a price per share that is below its then-current NAV. The Valuation Designee will consider the following factors, among others, in making such determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The NAV per share disclosed in the most recent periodic report we filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management's assessment of whether any material change in the NAV per share has occurred (including through the realization of net gains on the sale of portfolio investments), or any material change in the fair value of portfolio investments has occurred, in each case, from the period beginning on the date of the most recently completed calendar quarter to the period ending 48 hours (excluding Sundays and holidays) prior to the drawdown date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The magnitude of the difference between (i) a value that the Valuation Designee has determined reflects the current (as of a time within 48 hours, excluding Sundays and holidays) NAV of the Shares, which is based upon the NAV of the Shares disclosed in the most recent periodic report we filed with the SEC, as adjusted to reflect our management's assessment of any material change in the NAV of the Shares since the date of the most recently disclosed NAV, and (ii) the offering price of the Shares in the proposed offering.

These processes and procedures are part of our compliance policies and procedures. Records will be made contemporaneously with all determinations described in this section and these records will be maintained with other records that we are required to maintain under the 1940 Act.

**Fees and Expenses**

The table below provides information about the Company's estimated annual operating expenses during the following twelve months, expressed as a percentage of average net assets attributable to our Shares. The percentages indicated in the table below are estimates and may vary.

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| | |
|:---|:---|
| Management Fee<sup>(1)</sup>  | 0.92% |
| Incentive Fee<sup>(2)</sup>  | 1.37% |
| Interest Payments on Borrowed Funds<sup>(3)</sup>  | 5.23% |
| Other Expenses<sup>(4)</sup>  | 1.13% |
| Acquired Fund Fees and Expenses  | —% |
| Total Annual Expenses<sup>(5)</sup> | 8.65% |

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(1)Amount assumes we have average net assets of $376.2 million during the following twelve months.

(2)Incentive fees payable under the Investment Management Agreement reflects estimated amounts that we expect to pay during the next twelve months. Under the Investment Management Agreement, the incentive fees consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on our Pre-Incentive Fee Net Investment Income (as defined above) and a portion is based on our capital gains. The table reflects incentive fee on income calculated at a rate of 12.5% based on estimated Pre-Incentive Fee Net Investment Income over the annualized hurdle rate of 5% and assumes no incentive fee on capital gains.

(3)We may borrow funds to make investments. To the extent that we determine it is appropriate to borrow funds to make investments, the costs associated with such borrowing will be indirectly borne by our shareholders. The figure in the table assumes we borrow for investment purposes an amount equal to 110% of our average net assets (including such borrowed funds) during the following twelve months and that the annual interest rate on the amount borrowed is the Secured Overnight Financing Rate ("SOFR") +1.95%. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so.

(4)"Other Expenses" include our estimated overhead expenses during the next twelve months, including expenses reimbursable under the Investment Management Agreement and the Administration Agreement based on our allocable portion of overhead and other expenses incurred by the Administrator (see "Administration Agreement").

(5)"Total Annual Expenses" as a percentage of average net assets attributable to our units of limited liability company interests are higher than the total annual expenses percentage would be for a fund that is not leveraged. We borrow money to leverage our net assets, which increases

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our total assets. The SEC requires that the "total annual expenses" percentage be calculated as a percentage of net assets (defined as total assets less indebtedness), rather than the total assets, including assets that have been funded with borrowed monies.

***Example:*** We have provided an example of the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical $1,000 investment in our Shares. In calculating the following expense amounts, we have assumed that our annual estimated operating expenses and offering expenses remain at the levels set forth in the table above and the annual return before fees and expenses is 5.0%. The foregoing table is to assist investors in understanding the various costs and expenses that an investor in our Shares will bear directly or indirectly. While the example assumes a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Return Assumption** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income: | $73 | $213 | $348 | $658 |
| You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return solely from net realized capital gains: | $79 | $230 | $373 | $695 |

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(1)Assumes we do not incur any incentive compensation payable to the Adviser under the Investment Management Agreement in this scenario, as the Pre-Incentive Fee Net Investment Income is subject to an annualized hurdle rate of 5%; assumes no capital gain incentive compensation.

(2)Assumes a 5% annual return resulting entirely from net realized capital gains and not otherwise deferrable under the terms of the Investment Management Agreement and therefore subject to the incentive fee based on capital gains.

The foregoing table is to assist you in understanding the various costs and expenses that a shareholder will bear directly or indirectly. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. If we were to achieve sufficient returns on our investments, including through the realization of capital gains, to trigger income based incentive fees or capital gains incentive fees of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the example assumes reinvestment of all distributions at NAV, if our Board authorizes, and we declare, cash distributions, shareholders who have not opted out of our dividend reinvestment plan will receive a number of Shares determined by dividing the total dollar amount of the dividend payable to such shareholder by our most recently published NAV per Share.

**This example and the expenses in the table above should not be considered a representation of our future expenses, as actual expenses that we may incur in the future may be greater or less than those shown.**

Our primary operating expenses include the payment of fees to the Adviser under the Investment Management Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below.

Subject to the Expense Support and Reimbursement Agreement (as defined below), we are responsible for all costs and expenses incurred in connection with the operations of the Company and locating, structuring, evaluating, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in valuing our assets and computing our NAV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and expenses of due diligence of potential investments, monitoring performance of our investments, serving as directors and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing our rights in respect of its investments and disposing of investments and expenses related to unsuccessful portfolio acquisition efforts ("Portfolio Investment Costs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred by our Administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial, legal, regulatory, and compliance affairs for us and in monitoring our

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investments and performing due diligence on our prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest payable on debt, if any, incurred to finance our investments and other fees and expenses related to our borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offerings of our Shares and other securities (including underwriting fees, other similar fees and commissions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• base management fees and incentive fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third party investor hosting and similar platforms and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing and filing reports or other documents required by the SEC or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investor hosting and similar platforms and service providers, and outside legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses incurred by us, the Adviser or the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent, office equipment, utilities and the allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs.

For the avoidance of doubt, except as explicitly set forth above, the Adviser is responsible for any compensation paid to its investment professionals for any investment advisory services provided to us under the Investment Management Agreement.

***Expense Support and Reimbursement Agreement***

We have entered into an expense support and reimbursement agreement (the "Expense Support and Reimbursement Agreement") with the Adviser. Pursuant to the Expense Support and Reimbursement Agreement, the Adviser has agreed to pay certain expenses on our behalf, including our organizational and offering costs (each, an "Expense Payment"). The Adviser is eligible to be reimbursed by us for such Expense Payments (a "Reimbursement Payment") as described below.

The amount of any Expense Payment by the Adviser, and our obligation to make a Reimbursement Payment, is determined by whether we exceed an annual expense cap equal to a percentage of our NAV (the "Annual Expense Cap"). For example, if the Annual Expense Cap in place was 1.35%, and we incurred expenses equivalent to 1.35% plus 25 basis points of our NAV during a given quarter, the Adviser would make an Expense Payment equivalent to the 25 basis points. In addition, if we incur expenses equivalent of 1.35% less 25 basis points in a given quarter, we

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would have the obligation to reimburse the Adviser up to 25 basis points of our NAV to the extent it does not exceed the total amount of reimbursable expenses due to the Adviser. The calculation of the Annual Expense Cap will be appropriately pro rated for our initial period of operations.

The Annual Expense Cap rates applicable based on our NAV are set forth below:

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| | |
|:---|:---|
| **Expense Cap** | **NAV** |
| 0.5% (2.00% annualized) | Less than or equal to $150.0 million |
| 0.4375% (1.75% annualized) | Greater than $150.0 million but less than or equal to $200.0 million |
| 0.375% (1.50% annualized) | Greater than $200.0 million but less than or equal to $250.0 million |
| 0.3375% (1.35% annualized) | Greater than $250.0 million but less than or equal to $300.0 million |
| 0.3125% (1.25% annualized) | Greater than $300.0 million but less than or equal to $350.0 million |
| 0.2875% (1.15% annualized) | Greater than $350.0 million but less than or equal to $400.0 million |
| 0.25% (1.00% annualized) | Greater than $400.0 million |

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The Annual Expense Cap and the obligation for the Adviser to make an Expense Payment, or the Company to make a Reimbursement Payment, does not include certain expenses, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any cost of debt, including fees and expenses incurred in connection with any credit facility obtained by the Company or any of its subsidiaries, such as expenses for acquiring ratings related to such credit facilities and upfront or placement fees charged in connection with such credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)management and incentive fees payable by the Company to the Adviser pursuant to the Investment Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any distribution and shareholder servicing fees should the Company elect to offer multiple classes of shares, and any fees or expenses incurred in connection with the regulatory review of such fee arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)taxes paid by the Company or any of its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)extraordinary expenses resulting from events or transactions outside the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses incurred in connection with holding and/or soliciting proxies for any meetings of the Company's shareholders.

We shall make such Reimbursement Payments, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued.

In addition to the foregoing, the Adviser may elect to exclude other expenses from the Annual Expense Cap reasonably at its discretion in good faith. In the event that the Company's shareholders elect to wind-down the Company's operations, the Expense Cap will be waived, unless the wind-down is the result of an uncured Key Person Event (as defined above), an act by the Adviser that constitutes a material breach of the Investment Management Agreement, an act of common law fraud, gross negligence (as defined under the laws of the State of Delaware), or a violation of applicable securities laws, which breach, act, or violation has a material adverse effect on the business of the Company or the ability of the Adviser to perform its duties under the Investment Management Agreement, or the criminal conviction of the Adviser of a violation of any antifraud provisions of laws relating to the financial services industry or of any other statute, regulation, or law involving intentional fraud, misappropriation, or embezzlement. In the event of a wind-down initiated by the Adviser, the Expense Cap will be waived once our NAV reaches less than $150.0 million.

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***Placement Agent***

We or the Adviser may engage one or more placement agents to assist with the placement of the Shares. The Adviser and/or investors referred by a placement agent shall pay all compensation to the placement agent. Any placement fees borne by an investor shall be fully disclosed to such investor. We do not currently intend to pay compensation to any placement agents in connection with the Private Offering. The prospect of receiving placement fees or other compensation may provide placement agents and/or their salespersons with an incentive to favor sales of the Shares over the sale of interests of other investments with respect to which the placement agent does not receive such additional compensation, or receives lower levels of additional compensation.

**Capital Resources and Borrowings**

We anticipate cash to be generated from the Private Offering and other future offerings of securities, and cash flows from operations, including interest earned from the temporary investment of cash in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. Additionally, we will be permitted, under specified conditions, to issue multiple classes of indebtedness and one class of securities senior to our Shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Furthermore, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or Shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. In connection with any borrowings, our lenders may require us to pledge assets, investor commitments to fund capital calls and/or the proceeds of those capital calls. In addition, the lenders may ask us to comply with positive or negative covenants that could have an effect on our operations.

We intend to employ leverage within the limitations of the applicable laws and regulations for BDCs, although we do not currently have any borrowing arrangements in place. Any decision on our part to use leverage will depend upon our assessment of the attractiveness of available investment opportunities in relation to the costs and perceived risks of such leverage. We may, directly or indirectly through one or more subsidiaries, obtain one or more credit facilities to meet our capital needs (each, a "Credit Facility") and such Credit Facilities may be secured by a pledge by us or our subsidiaries of all or some of our assets. The amount of borrowings and leverage will depend on market conditions and investment opportunities, as well as the types of investments held by us and the liquidity and value of the investments. We may obtain a credit facility to meet our capital needs (a "Subscription Facility"). Such Subscription Facility may be secured by a pledge of the investors' unfunded capital commitments. Investors may be required to confirm the terms of their capital commitments to the lender, to honor capital calls made by the lender, to provide financial information to the lender and to execute other documents in connection with obtaining such Subscription Facility.

***Deutsche Bank Credit Facility***

On September 19, 2025, we entered into a Loan Financing and Servicing Agreement with CL LSF SPV I, LLC ("CL SPV"), our wholly owned subsidiary, as borrower, the Company, as equityholder and servicer, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and collateral custodian, and the lenders from time to time party thereto (the "Loan Agreement"). Under the Loan Agreement, the lenders have agreed to extend credit to CL SPV in an aggregate principal amount of up to $150.0 million (the "DB Credit Facility"). The DB Credit Facility is secured by all of the assets held by CL SPV, and we can transfer from time to time certain loans and debt securities that we have originated or acquired to CL SPV through a sale and contribution agreement. The period during which CL SPV may request drawdowns under the DB Credit Facility (the "Revolving Period") commenced on September 19, 2025 and will continue through September 19, 2028 unless there is an earlier termination or event of default. The DB Credit Facility will mature on September 19, 2030, or earlier if CL SPV ceases to exist or an event of default occurs.

During the Revolving Period, borrowings under the DB Credit Facility will bear interest at the applicable interest rate plus 1.95% per annum during the Revolving Period, and 2.10% per annum after the Revolving Period, subject to certain conditions. The applicable interest rate under the DB Credit Facility is (i) the 3-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars; (ii) the 3-month term CORRA plus an

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adjustment with respect to any advances denominated in Canadian dollars; (iii) the 3-month Euro Interbank Offered Rate with respect to any advances denominated in Euros; (iv) the daily simple Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling plus an adjustment; and (v) the three-month term SOFR with respect to any other advances denominated in U.S. dollars.

**Dividend Reinvestment Plan**

We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our shareholders, unless a shareholder elects to receive cash as provided below. As a result of adopting such a plan, if our Board authorizes, and we declare, a cash dividend or distribution, our shareholders who have not opted out of our dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. For the avoidance of doubt, a shareholder's distribution will either be paid by reinvesting such distribution in additional Shares pursuant to the dividend reinvestment plan, or in cash, depending on such shareholder's election under the dividend reinvestment plan.

No action will be required on the part of a shareholder to have his or her cash dividends and distributions reinvested in our Shares. A shareholder could instead elect to receive a dividend or distribution in cash by notifying the Adviser in writing, so that such notice is received by the Adviser no later than 10 days prior to the record date for distributions to the shareholders. The Adviser will set up an account for Shares acquired through the plan for each shareholder who does not elect to receive dividends and distributions in cash and hold such Shares in non-certificated form. Shareholders that have elected to receive their distributions in cash that hold their Shares through a brokerage account and transfer such Shares to another broker should notify the Adviser of the transfer and ensure that the broker permits receipt of distributions in cash.

The number of Shares to be issued to a shareholder under the dividend reinvestment plan will be determined by dividing the total dollar amount of the distribution payable to such shareholder by our most recently published NAV per Share. We intend to use newly issued Shares to implement the plan.

The plan will be terminable by us upon notice in writing mailed to each shareholder of record at least 30 days prior to any record date for the payment of any distribution by us. For more information about the dividend reinvestment plan, a shareholder or prospective investor may contact the Adviser.

**Administration**

We do not currently have any employees. Each officer of the Company is also an employee of the Adviser or its affiliates. See *Item 5. Directors and Executive Officers.*

Our day-to-day investment operations are managed by the Adviser. The Adviser may hire additional investment professionals to provide services to us, based upon its needs. See *Item 1(c). Description of Business—General—Investment Management Agreement.*

**Non-Exchange Traded, Perpetual-Life BDC**

We are a non-exchange traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose Shares are intended to be sold on a continuous quarterly basis at a price equal to the BDC's NAV per share as determined as of the end of each calendar quarter. In our perpetual-life structure, we may offer investors an opportunity to sell their Shares on a quarterly basis at NAV, but we are not obligated to offer to repurchase any Shares in any particular quarter at our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. We currently do not intend to undertake a liquidity event, and we are not obligated by our Limited Liability Company Agreement or otherwise to effect a liquidity event at any time.

**Regulation as a Business Development Company**

We have elected to be regulated as a BDC under the 1940 Act. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial

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assistance available to them. A BDC may use capital provided by public shareholders and from other sources to make long-term, private investments in businesses. We do not intend to list our Shares on a stock exchange and will not be publicly traded.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our directors must be persons who are not "interested persons" of the Company, as that term is defined in Section 2(a)(19) of the 1940 Act. Additionally, we will be required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we will be prohibited from protecting any director or officer against any liability to us or our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

As a BDC, we are generally required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, prior approval by the SEC. As a BDC, we will generally be limited in our ability to invest in any portfolio company in which our Adviser or any of its affiliates currently has an investment or to make any co-investments with our Adviser or its affiliates without an exemptive order from the SEC, subject to certain exceptions.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject our shareholders to additional expenses. Our investment portfolio is also subject to diversification requirements by virtue of our intention to qualify as a RIC for U.S. federal income tax purposes.

We generally are not able to issue and sell our Shares at a price below NAV per share. We may, however, sell our Shares, at a price below the then-current NAV of our Shares if our Board determines that such sale is in our best interests and the best interests of our shareholders, and our shareholders approve such sale. In addition, we may generally issue new Shares at a price below NAV in rights offerings to existing shareholders, in payment of dividends and in certain other limited circumstances.

We expect that we and the Adviser will be periodically examined by the SEC for compliance with applicable federal securities laws.

As a BDC, we are subject to certain risks and uncertainties. See *Item 1A. Risk Factors*.

***Qualifying Assets***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person

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who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.is a small and solvent company having total assets of not more than $4.0 million and capital and surplus of not less than $2.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Securities of any eligible portfolio company which we control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

As a BDC, we may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

***Managerial Assistance to Portfolio Companies***

A BDC must have been organized under the laws of, and have its principal place of business in, any state or states within the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or officers, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

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***Temporary Investments***

We generally expect to call capital for investment purposes only at the time we identify an investment opportunity. Notwithstanding the foregoing, we expect to deploy all proceeds from each capital call for investment purposes within two years of calling such capital. Until such time as we invest the proceeds of such capital calls in portfolio companies and while new investments are pending, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as "temporary investments," so that 70% of our assets are qualifying assets. See *Item 1(c). Description of Business—Regulation as a Business Development Company.* Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our gross assets constitute repurchase agreements from a single counterparty, we may not meet the diversification tests in order to qualify as a RIC. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

***Senior Securities***

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of securities senior to our Shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. See *Item 1A. Risk Factors—Risks Relating to Our Business and Structure.*

The 1940 Act imposes limitations on a BDC's issuance of preferred shares, which are considered "senior securities" and thus are subject to the 150% asset coverage requirement described above. In addition, (i) preferred shares must have the same voting rights as the common shareholders (one share, one vote); and (ii) preferred shareholders must have the right, as a class, to appoint directors to the board of directors.

***Code of Ethics***

Prior to acceptance of any subscriptions in this offering for Shares of the Company, we and the Adviser each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by our personnel. Our codes of ethics generally do not permit investments by our and the Adviser's personnel in securities that may be purchased or sold by us.

***Compliance Policies and Procedures***

Prior to acceptance of any subscriptions in this offering for Shares of the Company, we and our Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and we are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the policies and procedures. Michelle Marcano-Johnson serves as our Chief Compliance Officer pursuant to an agreement between us and PINE Advisor Solutions.

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***Sarbanes-Oxley Act of 2002***

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 of the Exchange Act, our management must prepare an annual report regarding its assessment of our internal control over financial reporting and (once we cease to be an emerging growth company under the JOBS Act or, if later, for the year following our first annual report required to be filed with the SEC) must obtain an audit of the effectiveness of internal control over financial reporting performed by our independent registered public accounting firm should we become an accelerated filer; and

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

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

***Proxy Voting Policies and Procedures***

For any applicable investments in our equity portfolio, we will delegate our proxy voting responsibility to our Adviser. As a fiduciary, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interest of the Company and not to subrogate Company interests to its own interests. To meet its fiduciary obligations, the Adviser seeks to ensure that it votes proxies in the best interest of the Company, and addresses how the Adviser will resolve any conflict of interest that may arise when voting proxies. The Adviser's proxy voting policy attempts to generalize a complex subject and the Adviser may, from time to time, determine that it is in the best interests of the Company to depart from specific policies described therein.

***Privacy Principles***

The Company looks to protect non-public personal data and provides a copy of its privacy policy to shareholders regardless of whether they are natural persons. The Company's privacy policy summarized below is intended to be compliant with the federal and state regulations as applied to the Company.

From time to time non-public personal information of our shareholders may be collected as required for legitimate business purposes. The following are sources of information collected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Subscription Agreements, investor questionnaires and other forms, which may include a shareholder's name, address, social security number and personally identifiable financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Account History, including information about a shareholder's shares, such as capital contributions, share purchases and sales and distributions from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Transactions with the Company, including information the Company receives and maintains relating to securities transactions with and through the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Correspondence, written, telephonic or electronic, between shareholders and the Company, the Adviser, any of the Adviser's affiliates or any of the Company's service providers.

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In addition to the sources listed above, the Company and the Adviser and its affiliates may also collect this information from their respective internet web sites, if applicable.

The Company may share all of the information that we collect, as described above, with our Adviser and its affiliates in order to service shareholder accounts or provide shareholders with information about other products and services offered by the Company or the Adviser or its affiliates that may be of interest to them.

In addition, the Company may disclose all of the information that it collects about shareholders to certain third parties who are not affiliated with the Company or the Adviser or its affiliates under one or more of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.As Authorized—if a shareholder requests or authorizes disclosure of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.As Required by Law—for example, to cooperate with regulators or law enforcement authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.As Permitted by Law—for example, sharing information with companies that maintain, process or service Company or shareholder accounts or financial products and services or who effect, administer or enforce Company or shareholder transactions is permitted. Among other activities, the Company and its Adviser and its affiliates may share information with persons acting in a representative or fiduciary capacity on the Company's or a shareholder's behalf. The Company believes that sharing of information for these purposes is essential to providing shareholders with necessary or useful services with respect to their accounts.

The Company and the Adviser and its affiliates restrict access to non-public personal information about shareholders internally to those of their respective employees and agents who need to know the information to enable them to provide services to the shareholders. The Company and the Adviser and its affiliates maintain physical, electronic and procedural safeguards to guard shareholder's non-public personal information.

**Emerging Growth Company**

We are an emerging growth company as defined in the JOBS Act and we are eligible to take advantage of certain specified reduced disclosure and other requirements that are otherwise generally applicable to public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act. We expect to remain an emerging growth company for up to five years measured from the date of the first sale of common equity securities pursuant to an effective registration statement or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues equal or exceed $1.235 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act which would occur if the market value of our Shares that are held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period. In addition, we will take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

**Reporting Obligations**

We will furnish our shareholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. Such reports will include a breakdown of expenses incurred for the applicable period. We are filing this Registration Statement with the SEC voluntarily in order to establish the Company as a reporting company under the Exchange Act. Upon the effectiveness of our Form 10 under the Exchange Act, we are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

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

The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to us and an investment in our Shares. The discussion is based upon the Code, the regulations of the U.S. Department of Treasury promulgated thereunder, which we refer to as the "Treasury regulations," the legislative

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history of the Code, current administrative interpretations and practices of the Internal Revenue Service, which we refer to as the "IRS" (including administrative interpretations and practices of the IRS expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers that requested and received those rulings) and judicial decisions, each as of the date of this Registration Statement and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought, and will not seek, any ruling from the IRS regarding any matter discussed in this summary, and this summary is not binding on the IRS. Accordingly, there can be no assurance that the IRS will not assert, and a court will not sustain, a position contrary to any of the tax consequences discussed below.

Investors should note that this summary does not purport to be a complete description of all the tax aspects affecting us or the beneficial owners of our Shares, which we refer to as "shareholders." For example, this summary does not describe all of the U.S. federal income tax consequences that may be relevant to certain types of shareholders subject to special treatment under the U.S. federal income tax laws, including shareholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, partnerships or other pass-through entities and their owners, certain former citizens and long-term residents of the United States, RICs, real estate investment trusts, personal holding companies, persons who acquire Shares in connection with the performance of services, U.S. shareholders (as defined below) whose functional currency is not the U.S. dollar, persons holding our Shares in connection with a hedging, straddle, conversion or other integrated transaction, dealers in securities, traders in securities that elect to use a market-to-market method of accounting for securities holdings, pension plans and trusts, and financial institutions. Such persons should consult with their own tax advisors as to the U.S. federal income tax consequences of an investment in the Shares, which may differ substantially from those described herein. This summary assumes that our shareholders hold our Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This summary does not discuss any aspects of U.S. estate or gift taxation, U.S. state or local taxation or non-U.S. taxation. It does not discuss the special treatment under U.S. federal income tax laws that could result if we invest in tax-exempt securities or certain other investment assets.

For purposes of this discussion, a "U.S. shareholder" is a beneficial owner of our Shares that is, for U.S. federal income tax purposes:

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

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

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

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

For purposes of this discussion, a "Non-U.S. shareholder" is a beneficial owner of our Shares that is neither a U.S. shareholder nor a partnership (or an entity or arrangement treated as a partnership) for U.S. federal income tax purposes.

If a partnership, or other entity or arrangement treated as a partnership for U.S. federal income tax purposes, holds our Shares, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. A shareholder that is a partnership holding our Shares, and each partner in such a partnership, should consult his, her or its own tax adviser with respect to the tax consequences of the purchase, ownership and disposition of our Shares.

Tax matters are very complicated and the tax consequences to each shareholder of the ownership and disposition of our Shares will depend on the facts of his, her or its particular situation. You should consult your own tax adviser regarding the specific tax consequences of the ownership and disposition of our Shares to you, including tax reporting requirements, the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws, eligibility for the benefits of any applicable income tax treaty and the effect of any possible changes in the tax laws.

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***Conversion from a Partnership to Corporation***

We intend to file an election to be treated as a corporation for U.S. federal income tax purposes. As a result, we will be treated as if we (1) had transferred all of our assets, subject to our liabilities, to a newly formed corporation, in return for stock of such corporation, and (2) then distributed such stock to our partners in liquidation of their membership interests. This deemed contribution and liquidation is expected to be tax-free to our partners so long as we do not have liabilities in excess of our tax basis in our assets. Further, if we are deemed to contribute an investment with accrued market discount as part of our conversion to a corporation, we will recognize ordinary income to the extent of such accrued market discount. To the extent that any beneficial owner of Shares on the effective date of such conversion is a C corporation as defined in Section 1361(a) of the Code (a "corporate partner"), we will be subject to U.S. federal income tax imposed at corporate rates on the net amount of any such built-in gains attributable to the corporate partners that we recognize during the five-year period beginning on such effective date. Alternatively, we may make a special election to cause the gain to be recognized immediately prior to the deemed contribution discussed above. In that event, the existing partnership would be required to recognize such built-in gain as if a proportionate share of the assets deemed to be contributed to the new corporation were sold at the time of the time of such deemed contribution. We intend to make this election. To the extent that we do not make the election, any corporate-level built-in gain tax is payable at the time the built-in gains are recognized (which generally will be the years in which the built-in gain assets are sold by us in a taxable transaction). The amount of this tax will vary depending on the assets that are actually sold by us in the five-year period, the actual amount of net built-in gain or loss present in those assets as of the acquisition date and effective tax rates. The payment of any such corporate-level tax on built-in gains will be our expense and will reduce the amount available for distribution to shareholders.

Under the Code, a transfer of property by a partner to a partnership followed by a related transfer by the partnership of money or other property to the partner may be treated as a disguised sale if (i) the second transfer would not have occurred but for the first transfer and (ii) the second transfer is not dependent on the entrepreneurial risks of the partnership's operations. In a disguised sale, the partner is treated as if he or she sold the contributed property to the partnership as of the date the property was contributed to the partnership. Transfers of money or other property between a partnership and a partner that are made within two years of each other, including redemptions of ownership interests made within two years of a partner's contribution of property to a partnership, may be reportable to the IRS and are presumed to be a disguised sale unless the facts and circumstances clearly establish that the transfers do not constitute a sale. On the other hand, if more than two years have passed between the time when a partner contributed property to a partnership and the time when the partnership transferred money or other consideration to the partner, the transactions will be presumed not to be a sale unless the facts and circumstances clearly establish that the transfers constitute a sale. The IRS has not issued any guidance addressing whether the deemed exchange of a investor's ownership interests for our Shares as part of our election to be treated as a corporation and a recent contribution by a partner to us clearly establish that the transfers do or do not constitute a sale. Investors who had recently contributed property to us while we were treated as a partnership for U.S. federal income tax purposes may be subject to disguised sale treatment. Investors should consult their tax advisors regarding the potential application of the disguised sale provisions of the Code.

***Election to be Taxed as a RIC***

Following our conversion to a corporation, we intend to elect to be treated, and intend to qualify annually, as a RIC under subchapter M of the Code. In order to qualify as a RIC for U.S. federal income tax purposes, we generally must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualify and have in effect an election to be treated as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale or other taxable disposition of shares securities, or foreign currencies, net income derived from an interest in a "qualified publicly traded partnership" (as defined in the Code), or other income derived with respect to our business of investing in such stock or securities (the "90% Income Test"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute as dividends to our shareholders at least the sum of (i) 90% of our investment company taxable income (determined without regard to the dividends paid deduction), which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, if any, for each taxable year, and (ii) our tax exempt interest income (the "Annual Distribution Requirement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of our assets consists of cash, cash items, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

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

***Taxation as a RIC***

If we qualify as a RIC and satisfy the Annual Distribution Requirement, then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain (generally, net long-term capital gain in excess of net short-term capital loss) that we timely distribute (or are deemed to timely distribute) as dividends to our shareholders. We will be subject to U.S. federal income tax imposed at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to our shareholders.

In addition, we generally will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year unless we distribute dividends in a timely manner to our shareholders of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) generally for the one-year period ending October 31 in such calendar year and (3) any income and gains recognized, but not distributed, in preceding years on which we paid no U.S. federal income tax (the "Excise Tax Distribution Requirement").

We may incur the 4% nondeductible U.S. federal excise tax in the future on a portion of our income and capital gains. While we intend to distribute income and capital gains to minimize exposure to 4% nondeductible U.S. federal excise tax, we may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we generally will be liable for 4% nondeductible U.S. federal excise tax only on the amount by which we do not meet the Excise Tax Distribution Requirement. We generally will endeavor in each taxable year to avoid any material U.S. federal excise tax on our earnings.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our expenses in a given taxable year exceed our investment company taxable income, we may experience a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, over the course of one or more taxable years, we may for U.S. federal income tax purposes have aggregate taxable income that we are required to distribute and that is taxable to our shareholders even if such taxable income is greater than the net income we actually earn during those taxable years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, a shareholder may receive a larger capital gain distribution than we would have received in the absence of such transactions.

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For U.S. federal income tax purposes, we will include in our taxable income certain amounts that we have not yet received in cash. For example, if we hold debt obligations that are treated under applicable U.S. federal income tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), we must include in our taxable income in each taxable year a portion of the OID that accrues over the life of the obligation, regardless of whether we receive cash representing such income in the same taxable year. We may also have to include in our taxable income other amounts that we have not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, we may elect to amortize market discount on debt investments and currently include such amounts in our taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit our ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued will be included in our investment company taxable income for the taxable year of accrual, we may be required to make distributions to our shareholders in order to satisfy the Annual Distribution Requirement and/or the Excise Tax Distribution Requirement, even though we will have not received any corresponding cash payments. Accordingly, to enable us to make distributions to our shareholders that will be sufficient to enable us to satisfy the Annual Distribution Requirement, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous, we may need to raise additional equity or debt capital or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business). If we are unable to obtain cash from other sources to enable us to satisfy the Annual Distribution Requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

Because we expect to use debt financing, we may be prevented by financial covenants contained in our debt financing agreements from making distributions to our shareholders in certain circumstances. In addition, under the 1940 Act, we are generally not permitted to make distributions to our shareholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Limits on our distributions to our shareholders may prevent us from satisfying the Annual Distribution Requirement and, therefore, may jeopardize our qualification for taxation as a RIC, or may cause us to be subject to the 4% nondeductible U.S. federal excise tax.

Although we do not presently expect to do so, we may borrow funds and sell assets in order to make distributions to our shareholders that are sufficient for us to satisfy the Annual Distribution Requirement. However, our ability to dispose of assets may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Distribution Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. Alternatively, although we currently do not intend to do so, to satisfy the Annual Distribution Requirement, we may declare a taxable dividend payable in our Shares or cash at the election of each shareholder. In such case, for U.S. federal income tax purposes, the amount of the dividend paid in our Shares will generally be equal to the amount of cash that could have been received instead of our Shares. See —*Taxation of Shareholders* below for a discussion of the tax consequences to shareholders upon receipt of such dividends.

Distributions we make to our shareholders may be made from our cash assets or by liquidation of our investments, if necessary. We may recognize gains or losses from such liquidations. In the event we recognize net capital gains from such transactions, you may receive a larger capital gain distribution than you would have received in the absence of such transactions.

***Failure to Qualify as a RIC***

If we failed to qualify as a RIC and certain relief provisions are not satisfied, we would be subject to U.S. federal income tax on all of our taxable income imposed at regular corporate U.S. federal income tax rates (and we also would be subject to any applicable state and local taxes), regardless of whether we make any distributions to our shareholders. We would not be able to deduct distributions to our shareholders, nor would distributions to our shareholders be required to be made for U.S. federal income tax purposes. Any distributions we make generally would be taxable to our U.S. shareholders as ordinary dividend income to the extent of our current or accumulated

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earnings and profits. Subject to certain limitations under the Code, U.S. shareholders that are corporations for U.S. federal income tax purposes generally would be eligible for the dividends-received deduction, and non-corporate shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to a reduced rate of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain.

If we fail to requalify as a RIC for a period greater than two taxable years, and subsequently requalify as a RIC, we could be subject to U.S. federal income tax on any net built-in gains in the assets held by us during the period in which we failed to qualify as a RIC that are recognized during the five-taxable year period after our requalification as a RIC, unless we made a special election to pay corporate-level U.S. federal income tax on such net built-in gains at the time of our requalification as a RIC. We may decide to be taxed as a regular corporation even if we would otherwise qualify as a RIC if we determine that treatment as a corporation for a particular taxable year would be in our best interests.

***Our Investments — General***

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (2) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (3) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (4) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (5) cause us to recognize income or gain without receipt of a corresponding cash payment, (6) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (7) adversely alter the characterization of certain complex financial transactions and (8) produce income that will not be qualifying income for purposes of the 90% Income Test. We intend to monitor our transactions and may make certain tax elections to mitigate the potential adverse effect of these provisions, but there can be no assurance that we will be eligible for any such tax elections or that any adverse effects of these provisions will be mitigated.

We may invest a portion of our net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. We intend to address these and other issues to the extent necessary in order to seek to ensure that we distribute sufficient income to avoid any material U.S. federal income tax or the 4% nondeductible U.S. federal excise tax.

A portfolio company in which we invest may face financial difficulties that require us to work-out, modify or otherwise restructure our investment in the portfolio company. Any such transaction could, depending upon the specific terms of the transaction, result in unusable capital losses and future non-cash income. Any such transaction could also result in our receiving assets that give rise to non-qualifying income for purposes of the 90% Income Test or otherwise would not count toward satisfying the Diversification Tests. Furthermore, some of the income that we might otherwise earn, such as fees for providing managerial assistance, certain fees earned with respect to our investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, may not satisfy the 90% Income Test.

To manage the risk that such income might disqualify us as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be subject to U.S. federal income tax imposed at corporate rates on their earnings, which ultimately will reduce the yield to our shareholders on such fees and income. Such wholly owned subsidiaries will be controlled by the Company. Therefore, the Company's principal investment strategies and risks will constitute the principal investment strategies and risks of the subsidiary. We expect to consolidate any such wholly owned subsidiary for purposes of our financial statements

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and compliance with the 1940 Act, including the provisions governing capital structure and leverage, such that we will treat any such wholly owned subsidiary's debt as our own.

Gain or loss recognized by us from warrants or other securities acquired by us, as well as any loss attributable to the lapse of such warrants, generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term depending on how long we held a particular warrant or security.

Our investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, our yield on those securities would be decreased. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty may be 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of, or exemption from, withholding tax on investment income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of our assets to be invested within various countries is not now known. Shareholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by us.

If we acquire shares in a passive foreign investment company ("PFIC"), we may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares. Additional charges in the nature of interest generally will be imposed on us in respect of deferred taxes arising from any such excess distribution or gain. This additional tax and interest may apply even if we make a distribution in an amount equal to any "excess distribution" or gain from the disposition of such shares as a taxable dividend to our shareholders. Provided that the PFIC agrees to provide us with adequate information regarding its annual results and other aspects of its operations, we can elect to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"). If we make a QEF election in lieu of the foregoing requirements, we will be required to include in income each year our proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, we may be able to elect to mark our shares in a PFIC at the end of each taxable year to market; in this case, we will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases in such value included in our income. Under either election, we may be required to recognize in a taxable year income in excess of any distributions we receive from PFICs and any proceeds from dispositions of PFIC stock during that taxable year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether we satisfy the Excise Tax Distribution Requirement. See —*Taxation as a RIC* above.

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

Income inclusions from a PFIC or CFC will be "good income" for purposes of the 90% Gross Income Test provided that they are derived in connection with our business of investing in stocks and securities or the PFIC or CFC, as applicable, distributes such income to us in the same taxable year to which the income is included in our income.

Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time we accrue income, expenses or other liabilities denominated in a foreign currency and the time we actually collect such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency-denominated forward, futures and option contracts, as well as certain other financial

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instruments, and the disposition of debt obligations denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

Some of the income that we might otherwise earn, such as fees for providing managerial assistance, certain fees earned with respect to our investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, may not satisfy the 90% Income Test. To manage the risk that such income might disqualify us as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be required to pay U.S. federal income tax on their earnings, which ultimately will reduce the yield to our shareholders on such fees and income.

The remainder of this discussion assumes that we qualify as a RIC for each taxable year.

***Taxation of U.S. Shareholders***

The following discussion only applies to U.S. shareholders. Prospective shareholders that are not U.S. shareholders should refer to —*Taxation of Non-U.S. Shareholders* below.

***Distributions***

Distributions by us (including distributions where shareholders can elect to receive cash or Shares) generally are taxable to U.S. shareholders as ordinary income or capital gains. Distributions of our investment company taxable income will be taxable as ordinary income to U.S. shareholders to the extent of our current or accumulated earnings and profits, whether paid in cash or Shares. To the extent that such distributions paid by us to non-corporate U.S. shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("Qualifying Dividends") may be eligible for reduced rates of U.S. federal income tax. In this regard, it is anticipated that our distributions generally will not be attributable to dividends received by us and, therefore, generally will not qualify for the reduced rates applicable to Qualifying Dividends.

Distributions of our net capital gain (which is generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly designated by us as "capital gain dividends" will be taxable to U.S. shareholders as long-term capital gains (currently taxable at a maximum U.S. federal income tax rate of 20% in the case of non-corporate U.S. shareholders (including individuals)), regardless of the U.S. shareholder's holding period for his, her or its Shares and regardless of whether paid in cash or Shares. Distributions in excess of our earnings and profits first will reduce a U.S. shareholder's adjusted tax basis in such shareholder's Shares and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. shareholder.

We may decide to retain some or all of our net capital gain for reinvestment, but designate the retained net capital gain as a "deemed distribution." In that case, among other consequences, (i) we will pay tax on the retained amount, (ii) each U.S. shareholder will be required to include his, her or its share of the deemed distribution in income as if it had been actually distributed to the U.S. shareholder, and (iii) the U.S. shareholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by us. Because we expect to pay tax on any retained net capital gains at the regular corporate U.S. federal income tax rate, and because that rate is in excess of the maximum U.S. federal income tax rate currently payable by individuals (and other non-corporate U.S. shareholders) on long-term capital gains, the amount of tax that individuals (and other non-corporate U.S. shareholders) will be treated as having paid will exceed the tax they owe on the capital gain distribution. Such excess generally may be claimed as a credit against the U.S. shareholder's other federal income tax obligations or may be refunded to the extent it exceeds the U.S. shareholder's U.S. federal income tax liability. The amount of the deemed distribution net of such tax will be added to the U.S. shareholder's tax basis for his, her or its Shares. In order to utilize the deemed distribution approach, we must provide written notice to our shareholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution."

For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, under certain circumstances, we may elect to treat a

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dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, U.S. shareholders will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by us in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been received by our U.S. shareholders on December 31 of the calendar year in which the dividend was declared. If a shareholder purchases Shares shortly before the record date of a declared distribution, the price of the Shares will include the value of the distribution and the shareholder will be subject to U.S. federal income tax on the distribution even though it represents a return of its investment.

If we are a "publicly offered regulated investment company" (defined below), although we currently do not intend to do so, we will have the ability to declare a large portion of our dividend payable in our Shares. As long as at least 20% of such dividend is paid in cash and certain requirements are met, the entire distribution will generally be treated as a dividend for U.S. federal income tax purposes. For U.S. federal income tax purposes, the amount of the dividend paid in our Shares will generally be equal to the amount of cash that could have been received instead of our Shares. This may result in our U.S. shareholders having to pay tax on such dividends, even if no cash is received.

We will be treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) if either (i) our Shares and our preferred Shares collectively are held by at least 500 persons at all times during a taxable year, (ii) our Shares are treated as regularly traded on an established securities market or (iii) our Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act). We cannot assure you that we will be treated as a publicly offered regulated investment company for all taxable years. If we are not treated as a publicly offered regulated investment company for any calendar year, for purposes of computing the taxable income of U.S. shareholders that are individuals, trusts or estates, (i) our earnings will be computed without taking into account such U.S. shareholders' allocable shares of the management and incentive fees paid to our Adviser and certain of our other expenses, (ii) each such U.S. shareholder will be treated as having received or accrued a dividend from us in the amount of such U.S. shareholder's allocable share of these fees and expenses for the calendar year, (iii) each such U.S. shareholder will be treated as having paid or incurred such U.S. shareholder's allocable share of these fees and expenses for the calendar year, and (iv) each such U.S. shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. shareholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

Our U.S. shareholders will receive, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible in such U.S. shareholder's taxable income for such calendar year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax status of each calendar year's distributions from us generally will be reported to the IRS (including the amount of any dividends that are Qualifying Dividends eligible for the reduced rates of U.S. federal income tax). Dividends paid by us generally will not be eligible for the dividends-received deduction or the preferential tax rate applicable to Qualifying Dividends because our income generally will not consist of dividends. Distributions may also be subject to additional state, local and non-U.S. taxes depending on a U.S. shareholder's particular situation.

***Dispositions***

A U.S. shareholder generally will recognize taxable gain or loss if the U.S. shareholder sells or otherwise disposes of his, her or its Shares. The amount of gain or loss will be measured by the difference between such shareholder's adjusted tax basis in the Shares sold and the amount of the proceeds received in exchange. Any gain or loss arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. shareholder has held his, her or its Shares for more than one year; otherwise, any such gain or loss will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of our Shares held

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for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such Shares. In addition, all or a portion of any loss recognized upon a disposition of our Shares may be disallowed if other Shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

In general, non-corporate U.S. shareholders (including individuals) currently are subject to a maximum U.S. federal income tax rate of 20% on their net capital gain (i.e., the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in our Shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. shareholders (including individuals) incurring net capital losses (i.e., capital losses in excess of capital gains) for a taxable year generally may deduct up to $3,000 of such losses against their ordinary income each taxable year; any net capital losses of a non-corporate U.S. shareholder (including an individual) in excess of $3,000 generally may be carried forward and used in subsequent taxable years as provided in the Code. Corporate U.S. shareholders generally may not deduct any net capital losses for a taxable year, but may carry back such capital losses for three taxable years or carry forward such capital losses for five taxable years.

***Medicare Tax on Net Investment Income***

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from us and net gains from redemptions or other taxable dispositions of our Shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

***Tax Shelter Reporting Regulations***

Under applicable Treasury regulations, if a U.S. shareholder recognizes a loss with respect to our Shares of $2 million or more for a non-corporate U.S. shareholder or $10 million or more for a corporate U.S. shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. shareholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. shareholders should consult their own tax advisers to determine the applicability of these Treasury regulations in light of their individual circumstances.

***Backup Withholding***

The relevant withholding agent may be required to withhold U.S. federal income tax ("backup withholding"), at a current rate of 24%, from any taxable distribution to a U.S. shareholder (other than a "C" corporation, a financial institution, or a shareholder that otherwise qualifies for an exemption) (1) that fails to provide a correct taxpayer identification number or a certificate that such shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies the withholding agent that such shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number generally is his or her social security number. Backup withholding is not an additional tax, and any amount withheld under the backup withholding rules is allowed as a credit against the U.S. shareholder's U.S. federal income tax liability, provided that proper information is timely provided to the IRS.

***Taxation of Non-U.S. Shareholders***

The following discussion applies only to Non-U.S. shareholders. Whether an investment in our Shares is appropriate for a Non-U.S. shareholder will depend upon that shareholder's particular circumstances. An investment

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in our Shares by a Non-U.S. shareholder may have adverse tax consequences to such Non-U.S. shareholder. Non-U.S. shareholders should consult their own tax advisers before investing in our Shares.

***Distributions; Dispositions***

Subject to the discussion below, distributions of our investment company taxable income to a Non-U.S. shareholder will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of our current or accumulated earnings and profits unless an exception applies.

Certain properly designated dividends are generally exempt from withholding of U.S. federal income tax where paid in respect of a RIC if (i) the distributions are properly reported to our shareholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. Nevertheless, no assurance can be given as to whether any of our distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be designated as such by us. Furthermore, in the case of our Shares held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we designated the payment as an interest-related dividend or short-term capital gain dividend. Since our Shares will be subject to significant transfer restrictions, and an investment in our Shares will generally be illiquid, non-U.S. shareholders whose distributions on our Shares are subject to withholding of U.S. federal income tax may not be able to transfer their Shares easily or quickly or at all.

Distributions of our investment company taxable income to a Non-U.S. shareholder that are effectively connected with the Non-U.S. shareholder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the Non-U.S. shareholder), generally will not be subject to withholding of U.S. federal income tax if the Non-U.S. shareholder complies with applicable certification and disclosure requirements, although the distributions (to the extent of our current or accumulated earnings and profits) will be subject to U.S. federal income tax on a net basis at the rates and in the manner applicable to U.S. shareholders generally.

Actual or deemed distributions of our net capital gains to a Non-U.S. shareholder if properly reported by us as capital gain dividends, and gains realized by a Non-U.S. shareholder upon the sale, exchange or other taxable disposition of our Shares, will not be subject to U.S. federal income tax or any withholding of such tax, unless (a) the distributions or gains, as the case may be, are effectively connected with the Non-U.S. shareholder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the Non-U.S. shareholder), in which case the distributions or gains will be subject to U.S. federal income tax on a net basis at the rates and in the manner applicable to U.S. shareholders generally or (b) the Non-U.S. shareholder is an individual who has been present in the United States for 183 days or more during the taxable year and satisfies certain other conditions, in which case, except as otherwise provided by an applicable income tax treaty, the distributions or gains, which may be offset by certain U.S.-source capital losses, generally will be subject to a flat 30% U.S. federal income tax, even though the Non-U.S. shareholder is not considered a resident alien under the Code.

If we distribute our net capital gains in the form of deemed rather than actual distributions, a Non-U.S. shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return, even if the Non-U.S. shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For a corporate Non-U.S. shareholder, the after-tax amount of distributions (both actual or deemed) and gains realized upon the sale, exchange or other taxable disposition of our Shares that are effectively connected with the Non-U.S. shareholder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the Non-U.S. shareholder) may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty).

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***Information Reporting and Backup Withholding***

The amount of dividends that we pay to any documented Non-U.S. shareholder will be reported to the Non-U.S. shareholder and to the IRS annually on an IRS Form 1042-S, regardless of whether any tax was actually withheld. Copies of these information returns also may be made available under the provisions of a specific income tax treaty or agreement to the tax authorities of the country in which the Non-U.S. shareholder resides. However, a Non-U.S. shareholder generally will not be subject to backup withholding and certain other information reporting with respect to payments that we make to the Non-U.S. shareholder, provided that we do not have actual knowledge or reason to know that such Non-U.S. shareholder is a "United States person," within the meaning of the Code, and the Non-U.S. shareholder has furnished to us or the dividend paying agent an IRS Form W-8BEN-E or IRS Form W-8BEN (or an acceptable substitute form) establishing that it is a Non-U.S. shareholder or otherwise established an exemption from backup withholding. A Non-U.S. shareholder generally will be entitled to credit any amounts withheld under the backup withholding rules against the Non-U.S. shareholder's U.S. federal income tax liability or may claim a refund provided that the required information is furnished to the IRS in a timely manner.

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

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either: (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and certain financial information associated with the holder's account. In addition, subject to certain exceptions, FATCA also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless such foreign entities certify that they do not have a greater than 10% owner that is a specified U.S. person or provide the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a Non-U.S. shareholder and the status of the intermediaries through which it holds its Shares, Non-U.S. shareholders could be subject to this 30% withholding tax with respect to distributions on their Shares. Under certain circumstances, a Non-U.S. shareholder might be eligible for refunds or credits of such taxes.

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**Item 1A. Risk Factors**

*Investing in our Shares involves a number of significant risks. Before an investor invests in our Shares, the investor should be aware of various risks, including those described below. The investor should carefully consider these risk factors, together with all of the other information included in this Registration Statement, before the investor decides whether to make an investment in our Shares. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the net asset value ("NAV") of our Shares could decline, and an investor may lose all or part of his or her investment.*

**Summary Risk Factors**

***Risks Relating to our Business and Structure***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are recently formed and have a limited operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, including any of the members of the Investment Committee, our ability to achieve our investment objective could be significantly harmed.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most of our portfolio investments will be recorded at fair value as determined in good faith by the Adviser as our Valuation Designee, subject to the oversight of our Board, and, as a result, there may be uncertainty as to the value of our portfolio investments.

***Risks Relating to our Operations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we intend to distribute substantially all of our income to shareholders to obtain and maintain our status as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow may be impaired.

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

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

***Risks Related to Economic Conditions***

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

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

***Risks Related to our Investments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments are very risky and highly speculative.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to enter into transactions with our affiliates is restricted.

***Risks Relating to our Shares***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk that our shareholders may not receive distributions or that our distributions may not grow over time and a portion of its distributions may be a return of capital.

**Risks Relating to our Business and Structure**

***We are recently formed and have a limited operating history.***

We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC. We are also a new company and have conducted relatively limited business activities prior to the filing of this Registration Statement and have operated as a BDC for only a limited time. As a result, we have limited financial information upon which prospective shareholders can evaluate an investment in us or our prior performance. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of our shareholders' investment could decline substantially or become worthless. While we believe that the past professional experiences of the Adviser's investment team, including the investment and financial experience of the Adviser's senior management, will increase the likelihood that the Adviser will be able to manage our operations successfully, there can be no assurance that this will be the case.

***We are dependent upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, including any of the members of the Investment Committee, our ability to achieve our investment objective could be significantly harmed.***

We depend on the diligence, skill and network of business contacts of the senior investment professionals of the Adviser to achieve our investment objective. The Adviser's team of investment professionals evaluates, negotiates, structures, closes, and monitors our investments in accordance with the terms of the Investment Management Agreement. We can offer no assurance, however, that the Adviser's investment professionals will continue to provide investment advice to us.

The services of the Adviser will be provided to the Company under the terms of the Investment Management Agreement. The loss of any of the Adviser's employees who are responsible for managing our investments, or the loss of any of the members of the Investment Committee responsible for overseeing our investments, may limit our ability to achieve our investment objective and operate our business. This could have a material adverse effect on our financial condition, results of operations, and cash flows.

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

We depend upon the employees of the Adviser to maintain their relationships with private equity sponsors, placement agents, investment banks, management groups, and other financial institutions, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser fails

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to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the employee of the Adviser have relationships are not obligated to provide them with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future. The failure of any of these relationships to generate investment opportunities for us could hamper our ability to achieve our investment objective, resulting in a material adverse effect on our financial condition, results of operations, and cash flows.

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

Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the Adviser's ability to identify, invest in, and monitor portfolio companies that meet our investment criteria. The achievement of our investment objective on a cost-effective basis will depend upon the Adviser's execution of its investment process, its ability to provide competent, attentive and efficient services to us, and, to a lesser extent, our access to financing on acceptable terms. Employees of the Adviser may have substantial responsibilities in connection with their management of other investment funds, accounts, and investment vehicles. In addition, in connection with our responsibility to offer significant managerial assistance to certain of our portfolio companies as a BDC under the 1940 Act, the Adviser may be called upon to provide managerial assistance to our portfolio companies. These activities may distract the Adviser from sourcing new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

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

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

In addition, there may be times when the Adviser, the members of its Investment Committee, or its other investment professionals have interests that differ from those of our shareholders, giving rise to a conflict of interest. Although the Adviser will endeavor to handle these investment and other decisions in a fair and equitable manner, we and our shareholders could be adversely affected by these decisions. Moreover, given the subjective nature of the investment and other decisions made by the Adviser on our behalf, we may be unable to effectively monitor these potential conflicts of interest; however, the Board, including the Independent Directors, will review conflicts of interest in connection with its review of the performance of the Adviser. As a BDC, we may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates, including our officers, directors, investment adviser, principal underwriters, and certain of their affiliates, without the prior approval of the Independent Directors and, in some cases, prior approval by the SEC through an exemptive order (other than pursuant to current regulatory guidance).

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

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

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***Our management and incentive fees may induce the Adviser to incur additional leverage.***

Generally, the management and incentive fees payable to the Adviser may create an incentive for the Adviser to use additional available leverage. For example, the fact that the base management fee that we will pay to the Adviser is payable based upon our net assets (which includes any borrowings for investment purposes) may encourage the Adviser to use leverage to make additional investments. Such a practice could result in us investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of additional leverage may increase the likelihood of us defaulting on our borrowings, which would negatively impact our shareholders.

In addition, because the incentive fee on net investment income is calculated as a percentage of our net assets subject to a hurdle, having additional leverage available may encourage the Adviser to use leverage to increase the leveraged return on our investment portfolio. To the extent additional leverage is available at favorable rates, the Adviser could use leverage to increase the size of our investment portfolio to generate additional income, which may make it easier to meet the incentive fee hurdle.

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

***Our incentive fee may induce the Adviser to make speculative investments.***

We will pay the Adviser an incentive fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fee based on income, there is no hurdle rate applicable to the portion of the incentive fee based on net capital gains. Additionally, under the incentive fee structure, the Adviser may benefit when capital gains are recognized and, because the Adviser will determine when to sell a holding, the Adviser will control the timing of the recognition of such capital gains. As a result, the Adviser may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Similarly, the incentive fee based on income is assessed on Pre-Incentive Fee Net Investment Income, which includes, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that we have not yet received in cash. These features of the incentive fees payable to the Adviser could result in us investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

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

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

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With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that are lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not match our competitors' pricing, terms, and structure. However, if we match our competitors' pricing, terms, and structure, we may experience decreased net interest income, lower yields, and increased risk of credit loss. We may also compete for investment opportunities with investment funds, accounts, and investment vehicles managed by the Adviser or its affiliates. Although the Adviser will allocate opportunities in accordance with its policies and procedures, allocations to such investment funds, accounts, and investment vehicles will reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and our shareholders.

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

To qualify and thereafter maintain our tax treatment as a RIC under subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC generally is satisfied if we distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders on an annual basis. Because we expect to incur debt, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to maintain our tax treatment as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our tax treatment as a RIC and, thus, may be subject to U.S. federal income tax. To maintain our tax treatment as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our tax treatment as a RIC. Because most of our investments will be in private or thinly traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. No certainty can be provided that we will satisfy the asset diversification requirements or the other requirements necessary to maintain our tax treatment as a RIC. If we fail to maintain our tax treatment as a RIC for any reason and become subject to U.S. federal income tax, the resulting taxes could substantially reduce our net assets, the amount of income available for distributions to our shareholders and the amount of funds available for new investments.

***Legislative or regulatory tax changes could have an adverse impact on us and our shareholders.***

Legislative or other actions relating to taxes could have a negative effect on us. Matters pertaining to U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The Trump Administration has proposed significant changes to the Code and existing U.S. federal income tax regulations, and recent legislation passed in Congress similarly modifies the Code. Any new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could impact the U.S. federal income tax consequences applicable to us and our investors. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our Shares.

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

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

Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the Annual Distribution Requirement to qualify and thereafter maintain our tax treatment as a RIC. In such a case, we may have to sell some of our investments at times we would not consider

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advantageous, or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify and/or thereafter maintain our tax treatment as a RIC, and thus be subject to U.S. federal income tax.

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

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

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

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

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

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

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

We are generally required to meet an asset coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred Shares that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt until we are able to comply

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with the 150% asset coverage ratio applicable to us under the 1940 Act. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Adviser's and the Board's assessment of market and other factors at the time of any proposed borrowing. We cannot assure investors that we will be able to obtain credit at all or on terms acceptable to us.

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

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

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

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

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

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

Any future borrowing facility may be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a guarantee and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

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

Additionally, under any future borrowing facility, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment

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

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

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

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

In past economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, for example in future situations similar to the COVID-19 pandemic, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all.

If we are unable to consummate credit facilities on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us and could materially damage our business. Moreover, we may be unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business.

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

Most of our portfolio investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by the Adviser, including to reflect significant events affecting the value of its investments. Most, if not all, of our investments (other than cash and cash equivalents) will likely be classified as Level 3 under FASB Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the

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determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We have retained the services of independent service providers to review the valuation of our loans and securities. The types of factors that we may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our NAV could be adversely affected if the determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities.

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

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

We and our portfolio companies are subject to regulation at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, are likely to change from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies' business practices, negatively impact our or our portfolio companies' operations, cash flows or financial condition, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. The legal, tax and regulatory environment for BDCs, investment advisers and the instruments that they utilize (including derivative instruments) is continuously evolving, and we may not be able to respond to such changes without a negative impact on our operations.

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

**Risks Related to our Operations**

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

We will need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to qualify and thereafter maintain our qualification as a RIC. As a result, these earnings will not be available to fund

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new investments. An inability on our part to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully, and could decrease our earnings, if any.

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

***The time and resources that personnel of the Adviser devote to us may be diverted, and we may face additional competition due to the fact that the Adviser is not prohibited from raising money for, or managing, another entity that makes the same types of investments that we target.***

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

***The Adviser's liability is limited under the Investment Management Agreement, and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

Under the Investment Management Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. It will not be responsible for any action of the Board in following or declining to follow the Adviser's advice or recommendations. Under the Investment Management Agreement, the Adviser, its officers, members, and personnel, and any person controlling or controlled by the Adviser will not be liable to us, any of our subsidiaries, our directors, shareholders, or partners for acts or omissions performed in accordance with and pursuant to the Investment Management Agreement, except those resulting from acts constituting material breaches of the Investment Management Agreement, violations of applicable federal and state securities laws, and acts constituting fraud, gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to us under the Investment Management Agreement. In addition, as part of the Investment Management Agreement, we have agreed to indemnify the Adviser and each of its officers, directors, members, managers, and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of, or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Management Agreement, except where attributable to material breaches of the Investment Management Agreement, violations of applicable federal and state securities laws, fraud, gross negligence, willful misfeasance, bad faith, or reckless disregard of such person's duties under the Investment Management Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

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

The Adviser has the right under the Investment Management Agreement to resign as our investment adviser at any time upon 60 days' written notice, whether we have found a replacement or not. Similarly, the Administrator has the right under the Administration Agreement to resign at any time upon 60 days' written notice, whether we have found a replacement or not. If the Adviser and/or the Administrator were to resign, we may not be able to find a new investment adviser or administrator, respectively, or hire internal management with similar expertise and the ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do

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so quickly, our operations are likely to experience a disruption, and our financial condition, business, and results of operations, as well as our ability to pay distributions to our shareholders, are likely to be adversely affected. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations, and cash flows.

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

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

***The Board may change our investment objective, operating policies, and strategies without prior notice or approval from our shareholders.***

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

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

Our business is highly dependent on the communications and information systems of the Adviser. In addition, certain of these systems are provided to the Adviser and/or by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and negatively affect us.

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

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

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

Third parties with which we do business may also be sources of cybersecurity or other technological risks. We outsource certain functions, and these relationships allow for the storage and processing of our information, as well as customer, counterparty, employee, and borrower information. Cybersecurity failures or breaches by the Adviser

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and other service providers (including, but not limited to, accountants, custodians, transfer agents, and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our NAV, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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

***Our Adviser and our portfolio companies may be subject to risks associated with "phishing" and other cyberattacks.***

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

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

**Risks Related to Economic Conditions**

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

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

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perceived creditworthiness, as well as potential government shutdowns, could adversely affect the U.S. and global financial markets and economic conditions.

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

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

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

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

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

**Risks Related to our Investments**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*Non-U.S*. *Securities*. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to shareholders located outside the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations.

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

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

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

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

*"Covenant-lite" Obligations*. We may invest in, or obtain exposure to, obligations that may be "covenant-lite," which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been

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satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay our ability to seek to recover its investment.

*Restructurings*. Investments in companies operating in workout or bankruptcy modes present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action.

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

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

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

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

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

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

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

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

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

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assess an investment in a portfolio company based on the Adviser's estimate of the portfolio company's earnings and enterprise value, among other factors, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If we are unable to determine all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

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

Investments are valued at the end of each fiscal quarter. Substantially all of our investments are expected to be in loans that do not have readily ascertainable market prices. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board. In connection with that determination, investment professionals from the Adviser will prepare portfolio company valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of the Adviser in our valuation process could result in a conflict of interest, since the management fee is based in part on our gross assets.

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

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

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

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

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

Our portfolio is currently invested in a limited number of portfolio companies and industries and may continue to be in the near future. Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. For example, although we classify

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the industries of our portfolio companies by end-market (such as healthcare, and business services) and not by the products or services (such as software) directed to those end-markets, many of our portfolio companies principally provide software products or services, which exposes us to downturns in that sector. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns.

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

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

If we were to create a CLO or other securitization vehicle, we would depend on distributions from the vehicle to pay dividends to our shareholders. The ability of a CLO or other securitization vehicle to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict our ability, as holder of a CLO or other securitization vehicle equity interest, to receive cash flow from these investments. We cannot assure investors that any such performance tests would be satisfied. Also, a CLO or other securitization vehicle may take actions that delay distributions to preserve ratings and to keep the cost of present and future financings lower or the financing vehicle may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of its debt. As a result, there may be a lag, which could be significant, between the repayment or other realization on a loan or other assets in, and the distribution of cash out of, a CLO or other securitization vehicle, or cash flow may be completely restricted for the life of the CLO or other securitization vehicle.

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

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

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

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

The majority of our debt investments will likely be based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate, or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our Shares and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on

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our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations.

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

A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase in the amount of the Incentive Fee payable to the Adviser.

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

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

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

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

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

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. We cannot assure investors that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

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

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, those instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio

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companies from paying interest on or repaying our investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically would be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying those holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

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

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

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

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

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could become subject to a lender liability claim (alleging that we misused our influence on the borrower for the benefit of its lenders), if, among other things, the borrower requests significant managerial assistance from us and we provide that assistance.

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

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

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

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

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

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

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

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

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

The decision by our Adviser or its affiliates to allocate an opportunity to another entity could cause us to forgo an investment opportunity that we otherwise would have made. Absent an exemptive order from the SEC, we also generally will be unable to invest in any issuer in which a fund managed by our Adviser, or in which its other affiliates, has previously invested or in which they are making an investment. Any such co-investment order is not guaranteed and may not be granted by the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions may limit the scope of investment opportunities that would otherwise be available to us.

Although as a general matter Section 17 of the 1940 Act restricts the ability of registered investment companies and BDCs to engage in transactions with "affiliated persons," investment companies and BDCs may rely on historical interpretations of the 1940 Act or regulations promulgated under Section 17 to engage in such transactions in certain limited circumstances, or alternatively may apply to the SEC for an individualized exemptive order that permits a broader range of affiliated transactions (commonly known as a "co-investment order"), subject to a variety of conditions and requirements to be found in each such co-investment order.

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

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

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

Our investment strategy may include potential investments in non-U.S. companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, U.S. trade policy, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers

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and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. In addition, interest income derived from loans to foreign companies is not eligible to be distributed to our non-U.S. shareholders free from withholding taxes.

Although most of our investments will be U.S. dollar-denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital gains and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure investors that such strategies will be effective or without risk to us.

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

We may enter into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counterparty credit risk. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.

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

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

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

Rule 18f-4 constrains our ability to use swaps and other derivatives. Among other requirements, the rule would force us to reduce our use of derivatives, unless we were to qualify as a limited derivatives user under the rule, if the value-at-risk of our investment portfolio including our swap or derivative positions, exceeds 200 percent of a "designated reference portfolio," which is a designated index that is unleveraged and reflects the market or asset classes in which we invest or our securities portfolio. If we could not identify a suitable reference portfolio, our value-at-risk would not be permitted to exceed 20% of our net assets. In addition, we are required under the final rule to establish a risk management program for our use of swaps or other derivative positions. Based on our anticipated use of derivatives primarily for interest rate hedging purposes, we expect to qualify as a limited

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derivatives user under the rule. However, we cannot assure investors that we will be treated as a limited derivatives user or that our approach to our use of derivatives will not change.

***The market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter ("OTC") derivatives for hedging purposes.***

The Dodd-Frank Act enacted, and the Commodity Futures Trading Commission, or CFTC, and SEC have issued or proposed rules to implement, both broad new regulatory requirements and broad new structural requirements applicable to OTC derivatives markets and, to a lesser extent, listed commodity futures (and futures options) markets. Similar changes are in the process of being implemented in other major financial markets.

Recent and anticipated regulatory changes require that certain types of OTC derivatives, including those that we may use for hedging activities such as interest rate and credit default swaps, be cleared and traded on regulated platforms, and these regulatory changes are expected to apply to foreign exchange transactions in the future. Our cleared OTC derivatives, if any, will be subject to margin requirements established by regulated clearinghouses, including daily exchanges of cash variation (or mark-to-market) margin and an upfront posting of cash or securities initial margin to cover the clearinghouse's potential future exposure to the default of a party to a particular OTC derivatives transaction. U.S. regulators have also adopted rules imposing margin requirements for OTC derivatives executed with registered swap dealers or security-based swap dealers that are not cleared. The margin requirements for cleared and uncleared OTC derivatives may require that our Adviser, in order to maintain its exclusion from commodity pool operator ("CPO") registration under CFTC Rule 4.5, limit our ability to enter into hedging transactions or to obtain synthetic investment exposures, in either case adversely affecting our ability to mitigate risk. Furthermore, any failure by us to fulfill any collateral requirement (e.g., a so-called "margin call") may result in a default and could have a material adverse impact on our business, financial condition and results of operations.

The Dodd-Frank Act and the rules adopted by the CFTC and SEC thereunder also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.

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

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

***There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.***

Original issue discount, or OID, may arise if we hold securities issued at a discount, receive warrants in connection with the making of a loan, or in certain other circumstances. OID creates the risk that Incentive Fees will

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be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse us for these fees.

The higher interest rates of OID instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID instruments generally represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID income may also create uncertainty about the source of our cash dividends. In addition, market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash

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

Payment-in-kind, or PIK, interest has the effect of generating investment income at a compounding rate, thereby further increasing the Incentive Fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK interest also increases the loan-to-value ratio at a compounding rate.

**Risks Relating to Our Shares**

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

We intend to make distributions on a quarterly basis to our shareholders out of assets legally available for distribution. We cannot assure investors that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be made at the discretion of the Board and will depend on our earnings, financial condition, maintenance of RIC status, compliance with BDC regulations and such other factors as the Board may deem relative from time to time. We cannot make assurances that we will make distributions to our shareholders in the future.

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

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

***Investing in our Shares may involve an above average degree of risk.***

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

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**General Risk Factors**

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

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

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

Although it is impossible to predict the precise nature and consequences of these events, any political or policy decisions and regulatory changes occasioned by emerging events may impact us, our portfolio companies and our investments as a result of market uncertainty.

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

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

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**Item 2. Financial Information**

**Discussion of the Company's Expected Operating Plan**

*The information in this section contains forward-looking statements that involve risks and uncertainties. See* "*Item 1A. Risk Factors*" *and* "*Forward-Looking Statements*" *for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the financial statements and related notes as of December 31, 2024 and June 30, 2025 appearing elsewhere in this Registration Statement.*

**Overview**

We are a Delaware limited liability company initially formed as Crestline Lending Solutions Ramp, LLC. We have elected to be regulated as a BDC under the 1940 Act. In addition, we intend to elect to be treated as a RIC under subchapter M of the Code. Prior to our election to be treated as a RIC, the Ramp Vehicle was taxed as a partnership for U.S. federal income tax purposes. Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that we believe have favorable risk-adjusted returns and the ability to generate price appreciation. We will invest in senior secured debt, while also taking advantage of investments in other parts of the capital structure, including second-lien loans, mezzanine or more junior loans, as well as equity investments, including equity co-investments. See *Item 1A. Risk Factors—Risks Relating to Our Investments*.

Prior to the BDC Election Date, the Ramp Vehicle operated as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the 1940 Act. The initial shareholders of the Ramp Vehicle have approved, among other things, the Company's election to be regulated as a BDC under the 1940 Act, the Investment Management Agreement, the persons elected to the Board, and an asset coverage ratio of 150%. During our operations as the Ramp Vehicle, we purchased assets with initial subscription proceeds from our initial shareholders. We are a non-exchange traded, perpetual-life BDC, which is a BDC whose Shares are not listed for trading on a stock exchange or other securities market. Prior to the BDC Election Date, we sold 17,146,374.16 Shares to the shareholders of the Ramp Vehicle for a total of $342,927,487.20, and received $354,675,000.00 in Capital Commitments from 46 investors. Of the $354,675,000.00 in total Capital Commitments, we called $336,551,949.00 prior to the BDC Election Date in order to make investments and support the operations of the Ramp Vehicle. As of November 4, 2025, we have $49,473,051.00 in total Capital Commitments from 59 investors and have not called capital since the BDC Election Date.

**Revenues**

We expect to generate revenue primarily through receipt of interest income from the investments we hold. In addition, we may generate income from various loan origination and other fees and dividends on direct equity investments.

Our debt investments will generally bear interest at a floating rate usually determined on the basis of a benchmark, such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we will receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity dates. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also may reflect the proceeds of sales of securities. In addition, we may generate revenue in the form of commitment, origination, structuring, diligence, consulting or prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to portfolio companies and other investment related income.

Our primary uses of cash will be for (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings or other financing arrangements, and (iv) cash distributions to the holders of our Shares.

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**Expenses**

Our primary operating expenses will include the payment of fees to the Adviser under the Investment Management Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below.

We will be responsible for all costs and expenses incurred in connection with the operations of the Company and locating, structuring, evaluating, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred in valuing our assets and computing our NAV per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and expenses of due diligence of potential investments, monitoring performance of our investments, serving as directors and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing our rights in respect of its investments and disposing of investments and expenses related to unsuccessful portfolio acquisition efforts ("Portfolio Investment Costs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred by our Administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial, legal, regulatory, and compliance affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest payable on debt, if any, incurred to finance our investments and other fees and expenses related to our borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses related to unsuccessful portfolio acquisition efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offerings of our Shares and other securities (including underwriting fees, other similar fees and commissions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• base management fees and incentive fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third party investor hosting and similar platforms and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing and filing reports or other documents required by the SEC or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investor hosting and similar platforms and service providers, and outside legal costs; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses incurred by us, the Adviser or the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent, office equipment, utilities and the allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs.

For the avoidance of doubt, except as explicitly set forth above, the Adviser will be responsible for any compensation paid to its investment professionals for any investment advisory services provided to us under the Investment Management Agreement.

Pursuant to the Expense Support and Reimbursement Agreement, the Adviser has agreed to pay certain expenses on our behalf, including our organizational and offering costs. The Adviser is eligible to be reimbursed by us for such payments as set forth in the Expense Support and Reimbursement Agreement. In the event receipt of a formal commitment of external capital does not occur, all organization and offering costs will be borne by the Adviser.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. We will reimburse the Administrator or such affiliates thereof for any such amounts paid on our behalf.

We may also enter into a credit facility or other debt arrangements to partially fund our operations, and could incur costs and expenses including commitment, origination, or structuring fees and the related interest costs associated with any amounts borrowed.

**Hedging**

The Company may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

**Financial Condition, Liquidity and Capital Resources**

We expect to generate cash from (1) future offerings of our common or preferred Shares, (2) cash flows from operations and (3) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure investors we will be able to do so.

Our primary use of cash will be for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying the Adviser), (3) debt service of any borrowings and (4) cash distributions to the holders of our Shares.

**Contractual Obligations**

We have entered into the Investment Management Agreement with the Adviser to provide us with investment advisory services, and the Administration Agreement with the Administrator to provide us with administrative services. Payments for investment advisory services under the Investment Management Agreement and reimbursements under the Administration Agreement are described in *Item 1(c). Description of Business —Investment Management Agreement; Administration Agreement.*

We may establish one or more credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities would bear interest at floating rates at to-be-determined spreads, such as SOFR. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

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**Off-Balance Sheet Arrangements**

We expect to become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

**Critical Accounting Policies**

The preparation of our financial statements in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") will require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

***Investment Valuation***

We will apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we will consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The fair value of any investments that are transferred between levels will be measured as of the beginning of the quarter in which the reclassification of the investment occurred. In addition to using the above inputs in investment valuations, we will apply the valuation policy approved by the Board, which is consistent with ASC 820. Under our valuation policy, we will evaluate the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), we will subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other

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restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

On August 19, 2025, our Board designated the Adviser as our valuation designee (the "Valuation Designee") pursuant to Rule 2a-5 under the 1940 Act to determine the fair value of our investments that do not have readily available market quotations. Pursuant to the valuation policy approved by our Board, a valuation committee comprised of employees of the Adviser will be responsible for determining the fair value of our assets for which market quotations are not readily available, subject to the oversight of our Board. The Valuation Designee, subject to the oversight of our Board, will determine our NAV per share quarterly. The NAV per share is equal to the value of total assets minus liabilities divided by the total number of Shares outstanding at the date as of which the determination is made.

Investment transactions are recorded on the trade date. Realized gains or losses will be computed using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

As part of the valuation process, the Valuation Designee, subject to the oversight of the Board, will take into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider whether the pricing indicated by the external event corroborates its valuation.

Each quarter, the Valuation Designee will undertake a multi-step valuation process, subject to the oversight of our Board, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are not readily available, our quarterly valuation process begins with each portfolio company or investment being initially valued by the respective Crestline team. Separately, an independent valuation firm engaged by the Valuation Designee will provide third party valuation consulting services with respect to our investments at least twice annually for all investments held in the portfolio for at least six months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to Rule 2a-5, the Valuation Designee's valuation conclusions will be documented, finalized, then presented to the Board along with any reports required under Rule 2a-5.

***Revenue Recognition***

We record interest income on an accrual basis to the extent such interest is deemed collectible. Loan origination fees, OID, and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. We record prepayment premiums on loans and debt securities as other income.

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*PIK Income.* We may have loans in our portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company's status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

*Dividend Income.* Dividend income on any preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*Other Income.* Other income may include various fees in the ordinary course of business such as structuring, consent, waiver, amendment, or syndication fees as well as fees for managerial assistance rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-Accrual Income.* Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal if deemed to be collectible. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and are deemed likely to remain current.

**Quantitative and Qualitative Disclosures about Market Risk**

Uncertainty with respect to, among other things, the rising interest rates, inflationary pressures, risks relating to a failure to increase the U.S. debt ceiling, and the failure of major financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below

***Valuation Risk***

We intend to invest primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, in accordance with our valuation policy and, based on, among other things, the input of the independent third-party valuation firms engaged at the direction of the Valuation Designee. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

***Interest Rate Risk***

We will be subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we may fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Our net investment income also will be affected by fluctuations in various interest rates to the extent our debt investments include floating interest rates. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve held interest rates steady in the first and second quarters of 2025, following consecutive rate reductions in the third and fourth quarters of 2024. The Federal Reserve has indicated that there may be

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additional rate cuts in the future; however, future reductions to benchmark rates are not certain. Additionally, there can be no assurance that the Federal Reserve will not make upward adjustments to the federal funds rate in the future. In a high interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Conversely, a prolonged reduction in interest rates would reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR or other alternate rates, are not offset by corresponding increases in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with our borrowings.

**Related Parties**

See *Item 7. Certain Relationships and Related Transactions, and Director Independence* for a description of certain transactions and relationships with related parties.

**Item 3. Properties**

We maintain our principal executive office at 201 Main Street, Suite 2100, Fort Worth, Texas 76102. We do not own any real estate. We believe that our present facilities are adequate to meet our current needs. If new or additional space is required, we believe that adequate facilities are available at competitive prices in the same area.

**Item 4. Security Ownership of Certain Beneficial Owners and Management.**

The following table sets forth, as of November 4, 2025, certain ownership information with respect to our Shares for those persons who directly or indirectly own, control or hold with the power to vote 5.0% or more of our outstanding Shares, each of our directors and officers, and all of our directors and officers as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Percentage of beneficial ownership is based on 17,146,374.16 Shares outstanding as of November 4, 2025.

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The address for each director and officer listed below is c/o Crestline Lending Solutions, LLC, 201 Main Street, Suite 2100, Fort Worth, Texas 76102.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Type of Security** | **Type of Ownership** | **Number of Shares Beneficially Owned** | **Percent Ownership** |
| **Interested Directors** | | | | |
| Chris Semple<sup>(1)</sup> | Units of LLC Interests | N/A |  | —% |
| **Independent Directors** |  |  |  |  |
| Bowen Diehl<sup>(1)</sup> | Units of LLC Interests | N/A |  | —% |
| Shawn Hessing | Units of LLC Interests | N/A |  | —% |
| Eric Smith<sup>(1)</sup> | Units of LLC Interests | N/A |  | —% |
| **Executive Officers** |  |  |  |  |
| Jonathan Cochran<sup>(1)</sup> | Units of LLC Interests | N/A |  | —% |
| Camille Sassman | Units of LLC Interests | N/A |  | —% |
| Jesus Payán | Units of LLC Interests | N/A |  | —% |
| Michelle Marcano-Johnson | Units of LLC Interests | N/A |  | —% |
| Cheri Crum | Units of LLC Interests | N/A |  | —% |
| Tom Bavin<sup>(1)</sup> | Units of LLC Interests | N/A |  | —% |
| *All directors and executive officers as a group (10 persons)* | Units of LLC Interests | N/A |  | —% |
| **5% Holders** |  |  |  |  |
| Mellifera L.P.<sup>(2)</sup>  | Units of LLC Interests | Direct | 2423315.58 | 14.13% |
| Partners Capital Phoenix Fund II Ltd - Diversified Income Fund<sup>(3)</sup> | Units of LLC Interests | Direct | 4800000.00 | 28.00% |
| Syracuse University<sup>(4)</sup>  | Units of LLC Interests | Direct | 1938652.35 | 11.31% |

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_______________

(1)These directors and officers have subscribed for a commitment to invest in the Company. The Company has not yet called capital for those commitments, and as a result, as of the date hereof, such directors and officers do not own any Shares of the Company.

(2)The address of Mellifera L.P. is c/o Maples Corporate Services Limited is P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands KY1-1104.

(3)The address of Partners Capital Phoenix Fund II Ltd. - Diversified Income Fund is c/o Ogier Global (Cayman) Limited is 89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands KY1-9009.

(4)The address of Syracuse University is 621 Skytop Road, Suite 120, Syracuse, NY 13244.

**Item 5. Directors and Executive Officers.**

Our business and affairs are managed under the direction of our Board. Our Board consists of four members, three of whom are Independent Directors. The responsibilities of the Board include, among other things, overseeing our investment activities, actively overseeing the Adviser's quarterly valuation process, and overseeing our financing arrangements and corporate governance activities. The Board has appointed our executive officers, who serve at the discretion of the Board.

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**Board of Directors** 

Information regarding the Board is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Director Since** |
| **Interested Directors** | | | |
| Chris Semple | 46 | Director, Chief Executive Officer, and Chairman | August 2025 |
| **Independent Directors** |  |  |  |
| Bowen Diehl | 56 | Director | August 2025 |
| Shawn Hessing | 67 | Director | August 2025 |
| Eric Smith | 63 | Director | August 2025 |

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The address for each director is c/o Crestline Lending Solutions, LLC, 201 Main Street, Suite 2100, Fort Worth, Texas 76102.

**Executive Officers who are not Directors**

Information regarding our executive officers who are not directors is as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Jonathan Cochran | 60 | Chief Operating Officer  |
| Camille Sassman | 55 | Chief Financial Officer |
| Jesus Payán | 47 | Corporate Secretary |
| Michelle Marcano-Johnson | 57 | Chief Compliance Officer |
| Cheri Crum | 51 | Controller |
| Tom Bavin | 47 | Chief Development Officer |

---

The address for each officer is c/o Crestline Lending Solutions, LLC, 201 Main Street, Suite 2100, Fort Worth, Texas 76102.

**Biographical Information**

The following is information concerning the business experience of our Board and executive officers. Our directors have been divided into two groups—interested directors and Independent Directors. An interested director is an "interested person" of the Company as defined in Section 2(a)(19) of the 1940 Act.

***Interested Directors***

**Chris Semple, Chief Executive Officer and Chairman** 

Mr. Semple has served as our Chief Executive Officer and Chair of the Board since August 2025. Mr. Semple joined Crestline in 2011 and is responsible for Crestline's Opportunistic and Private Credit Strategies as Partner and Co-Head of U.S. Corporate Credit. He is a member of the Management Committee, the ESG Committee and various investment committees at the Adviser, including the Direct Lending, North American and European Opportunistic, Insurance and Liquid investment committees. As a co-founder of Crestline's credit business, Mr. Semple has played a pivotal role in its development, contributing to strategic initiatives, investment philosophy and process, portfolio management, asset management and human capital management. Prior to joining Crestline, Mr. Semple was Vice President in the Special Situations Group for Goldman Sachs where he was responsible for originating, underwriting, executing and managing middle market debt and equity investment opportunities. Prior to joining Goldman Sachs, Mr. Semple worked as a credit analyst within the Special Opportunities Group for TQA Investors. Mr. Semple has a BA in Economics from the University of Texas at Austin. He currently or has previously served on the Board of Directors of Urgent Team Holdings, Inc., Carepayment Technologies, Inc., Leading Pharma, LLC, Clinipace, Inc. and is a member of YPO and the Exchange Club of Fort Worth.

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***Independent Directors***

**Bowen Diehl, Director** 

Mr. Diehl has served as a director of the Company since August 2025. He previously served as President and Chief Executive Officer and as a member of the Board of Directors of Capital Southwest Corporation (NASDAQ: CSWC), a business development company founded in 1961, from October 2015 through February 2025. Prior to being named President/CEO, Mr. Diehl served as Capital Southwest's Chief Investment Officer from March 2014 through September 2015. Prior to joining Capital Southwest, Mr. Diehl was employed by American Capital, Ltd., a publicly traded BDC and global asset manager. From 2007 to 2014, he served as Co-Head of American Capital's Sponsor Finance Group, the group responsible for the majority of American Capital's middle market lending activities. From 2001 to 2007, Mr. Diehl served as a senior investment professional in the Dallas Office of American Capital. Mr. Diehl sourced, structured and managed investments that included senior and subordinated debt, as well as preferred and common equity in both control and non-control structures. Prior to American Capital, Mr. Diehl spent time as an investment banker with Merrill Lynch and Chase Securities, in New York, NY and Houston, TX where he focused on companies in the exploration and production, oilfield services, natural gas pipeline, natural gas gathering and processing, homebuilding and semiconductor sectors. Mr. Diehl earned a Bachelor of Engineering degree, with majors in Civil Engineering and Economics, from Vanderbilt University and a Masters of Business Administration from the University of Texas at Austin. Mr. Diehl's community involvement includes serving on the boards of West Dallas Community School (former Chairman), West Dallas Community School Foundation, Youthworld (an after-school program for under privileged children in South Dallas).

**Shawn Hessing, Director** 

Mr. Hessing has served as a director of the Company since August 2025. He spent over 32 years at KPMG, the last 3.5 years as National Managing Partner of Private Equity in the United States, splitting time between KPMG's New York and Fort Worth offices. Prior to his tenure as National Managing Partner, he held multiple roles, including the Audit Partner-in-Charge (U.S.) of Private Equity, Managing Partner in the firm's Fort Worth, Texas office, and Lead Partner-Real Estate in the Southwest Region of the United States. After retiring from KPMG in 2011, Mr. Hessing served as the Chief Financial Officer of Oak Hill Capital Partners before retiring in December 2015. Mr. Hessing also served as a strategic advisor at Blue River Partners, LLC, (now IQEQ) a premier service provider to the alternative asset industry. Mr. Hessing earned a Bachelor of Business Administration degree in Accounting from Midwestern State University, where he served on the Board of Regents for 14 years and is past Chairman.

**Eric Smith, Director** 

Mr. Smith has served as a director of the Company since August 2025. He previously served as Chief Financial Officer of the Americas, New York for Deutsche Bank, where he led a regional team covering legal entity and business controllers throughout North and South America. During his time at Deutsche Bank, he also served as an Executive Board Member of Deutsche Bank Trust Corporation, a bank holding company, and Deutsche Bank Trust Company Americas, a depository institution, from April 2011 through August 2024. Prior to Deutsche Bank, Mr. Smith served as the Head of Group Financial Accounting, New York and Zurich, Switzerland at Credit Suisse from July 2008 through March 2011. Prior to this role, he served as the Global Go-Head of Accounting Policy and Assurance, New York, at Credit Suisse from June 2005 through June 2008. From 1999 to 2003, Mr. Smith served in various roles at Citigroup, Inc., including in the Corporate Accounting Policy, New York and Corporate Treasury Regulatory Planning and Forecasting, New York groups. Mr. Smith began his career at KPMG LLP in the Fort Worth, Texas office. Mr. Smith earned a Bachelor of Arts degree in Communications and a Masters of Professional Accounting from the University of Texas at Arlington. Mr. Smith is a Certified Public Accountant.

***Executive Officers who are not Directors***

**Jonathan Cochran, Chief Operating Officer** 

Mr. Cochran has served as our Chief Operating Officer since August 2025. Mr. Cochran joined Crestline in 1998 and serves as the Chief Operating Officer of Crestline. He is a member of the Management Committee, the

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Investment Committee and the ESG Committee. While at Crestline, he has also held the titles of CFO and CCO at various points in his career. Mr. Cochran has 29 years of experience in various segments of the investment industry including private equity, venture capital and hedge funds. Prior to joining Crestline in October 1998, he spent 10 years with KPMG. During his tenure at KPMG, a majority of his time was spent working with various hedge funds, investment companies, private equity firms, venture capital groups and broker dealers performing both audit and financial due diligence services. Mr. Cochran received a B.B.A. in Accounting from Texas Christian University in 1987.

**Camille Sassman, Chief Financial Officer** 

Ms. Sassman has served as our Chief Financial Officer since August 2025. Ms. Sassman joined Crestline in 2000 and manages the financial reporting and back office operations for the firm. Prior to 2012, Ms. Sassman served as Controller, responsible for financial reporting, treasury oversight and compliance matters. From 2002 through 2006, she also served as Chief Compliance Officer, overseeing and managing compliance and regulatory affairs for the firm. During her tenure at Crestline, Ms. Sassman has worked with fund of funds, private equity, lending, hedge fund, secondary and opportunistic strategies. Prior to joining Crestline, Ms. Sassman was a Senior Manager in KPMG's audit practice with both public and private clients primarily in the investment industry. Ms. Sassman earned her B.B.A. in Accounting with honors from Tarleton State University.

**Jesus Payán, Corporate Secretary** 

Mr. Payán has served as our Corporate Secretary since August 2025. He joined Crestline in 2006 and heads Crestline's Legal and Compliance team. Mr. Payán is responsible for overseeing a broad variety of legal, compliance and operational matters on behalf of the firm, including launching new products, serving as legal department touchpoint for investor and counterparty relationships, attending to strategic growth and expansion opportunities and internal firm matters while also overseeing the compliance department. In addition, he is a member of the the Management Committee, a participant in Credit Investment Committee meetings, serves as secretary for Crestline's Board of Directors, sits on the firm's reinsurance company Board of Directors, and is integrally involved in the structuring, legal diligence and closing of investment opportunities. Prior to Crestline, Mr. Payán worked at Akin Gump Strauss Hauer & Feld LLP as an Investment Fund/Corporate attorney where he was responsible for advising and structuring hedge funds, private equity funds, fund of funds and a closed-end registered investment company in a variety of jurisdictions, including the United States, Cayman Islands, BVI, Bermuda and the United Kingdom. Additionally, he has experience with the creation, implementation, and review of regulatory compliance programs. Mr. Payán has a J.D., a B.A. in History, and a B.A. in Ethnic Studies from the University of Texas. Mr. Payán chaired the Legislative Committee for the City of Fort Worth Employees' Retirement Fund and serves on the Board of Directors of Capital for Kids.

**Michelle Marcano-Johnson, Chief Compliance Officer** 

Ms. Marcano-Johnson has served as our Chief Compliance Officer since August 2025. She is a Director at PINE Advisor Solutions and serves as the Fund Chief Compliance Officer for PINE's clients, overseeing comprehensive regulatory compliance programs. Her expertise includes fund accounting, internal audit, regulatory examinations, and compliance management. She has been directly responsible for developing and overseeing compliance programs for registered investment advisers, mutual funds, exchange traded funds, and a retirement plan recordkeeper. Before joining PINE in 2025, Ms. Marcano-Johnson held senior leadership roles as Head of Corporate Compliance at Janus Henderson Investors and Vice President of Corporate Compliance at Empower. Earlier in her career, she served as an examiner with the U.S. Securities and Exchange Commission. She holds the Certified Securities Compliance Professional (CSCP®) designation and is an alumna of the University of Northern Colorado.

**Cheri Crum, Controller** 

Ms. Crum has served as our Controller since August 2025. Before joining Crestline, Ms. Crum was a Vice President for BDC Accounting at Sixth Street Partners from 2000 through 2025. At Sixth Street, she was responsible for the preparation and review of all SEC filings, tax compliance reporting, and quarterly accounting closing procedures. Ms. Crum also served as an Accounting Manager, Private Equity at TPG Capital during her time at Sixth Street (prior to TPG Capital's divestment of its stake in Sixth Street in 2020). In this role, she oversaw the

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audit process with external auditors, managed investment pipelines and deal closings, and participated with outside legal counsel and tax professionals in the planning and formation of different fund structures. From 1998 to 2000, Ms. Crum was an Accounting Associate with Trademark Acquisition & Development, Inc., where she assisted with financial statements and tax returns. Ms. Crum began her career at Houston General Insurance, where she served as an Accounting Processor and Loss Control Processor from 1993 to 1998. Ms. Crum received her Bachelor of Business Administration degree, with a minor in accounting, from Tarleton State University.

**Tom Bavin, Chief Development Officer** 

Mr. Bavin has served as our Chief Development Officer since August 2025. Mr. Bavin joined Crestline in 2023 and is Senior Managing Director and Co-Head of Crestline's Client Partnership Group. In this role, Mr. Bavin has direct oversight of the Product Specialist, Marketing, Distribution Operations, and Investor Relations teams at Crestline. Prior to Crestline, Mr. Bavins previously worked at Barings, where he was responsible for multiple functions over his tenure, including corporate strategy, client portfolio management, product management, and client service, Prior to these leadership roles, he was a Client Portfolio Manager for Barings' Structured Credit and Investment Grade Debt platforms. Before Barings, Mr. Bavin worked at Standish Asset Management as a Corporate Bond and Securitized Product trader. Mr. Bavin holds the Chartered Financial Analyst designation. He was also an instructor for the Boston Security Analyst Society's CFA review program where he taught Level I and II Fixed Income and Derivatives review classes. Mr. Bavin earned a Bachelor of Arts degree in Managerial Economics from Stonehill College.

**Board Leadership and Structure**

Our Board has established an Audit Committee and Nominating and Corporate Governance Committee, and may establish additional committees in the future. All directors are expected to attend at least 75% of the aggregate number of meetings of our Board and of the respective committees on which they serve. We require each director to make a diligent effort to attend all Board and committee meetings as well as any meetings of our shareholders.

**Board's Role in Risk Oversight**

The Board performs its risk oversight function primarily through (i) its standing committees, which report to the entire Board and are comprised solely of Independent Directors, and (ii) active monitoring of our compliance policies and procedures. Oversight of other risks will be delegated to the committees.

Oversight of our investment activities will extend to oversight of the risk management processes employed by the Adviser as part of its day-to-day management of our investment activities. The Board anticipates reviewing risk management processes at both regular and special board meetings throughout the year, consulting with appropriate representatives of the Adviser as necessary and periodically requesting the production of risk management reports or presentations.

**Committees of the Board**

The Board has two standing committees: an Audit Committee and a Nominating and Corporate Governance Committee. We do not have a Compensation Committee because our executive officers do not receive any direct compensation from us.

***Audit Committee***

The Audit Committee is comprised of Messrs. Diehl, Hessing, and Smith, each of whom is not considered an "interested person" of the Company as that term is defined in Section 2(a)(19) of the 1940 Act (each, an "Independent Director"). Mr. Hessing serves as the chair of the Audit Committee. Our Board has determined that Messrs. Hessing and Smith are each an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K, as promulgated under the Exchange Act. Messrs. Diehl, Hessing and Smith meet the current independence and experience requirements of Rule 10A-3 under the Exchange Act.

The Audit Committee operates pursuant to a charter approved by our Board, which sets forth the responsibilities of the Audit Committee. The Audit Committee's responsibilities include establishing guidelines and making

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recommendations to our Board regarding the valuation of our loans and investments, selecting our independent registered public accounting firm, reviewing with such independent registered public accounting firm the planning, scope and results of their audit of our financial statements, pre-approving the fees for services performed, reviewing with the independent registered public accounting firm the adequacy of internal control systems, reviewing our annual financial statements, overseeing internal audit staff and periodic filings and receiving our audit reports and financial statements.

***Nominating and Corporate Governance Committee***

The Nominating and Corporate Governance Committee is comprised of Messrs. Diehl, Hessing, and Smith, each of whom is an Independent Director. Mr. Diehl serves as the chair of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for selecting, researching and nominating directors for election by our shareholders, selecting nominees to fill vacancies on the board or a committee of the Board, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and our management.

The Nominating and Corporate Governance Committee operates pursuant to a charter approved by our Board, which sets forth the responsibilities of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will recommend to the Board persons to be nominated by the Board for election on an annual basis and in the event any vacancy on the Board may arise. The Nominating Committee will seek candidates who possess the background, skills and expertise to make a significant contribution to our Board, the Company and our shareholders. In considering possible candidates for election as a director, the Nominating and Corporate Governance Committee will take into account, in addition to such other factors as it deems relevant, the desirability of selecting directors who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are of high character and integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are accomplished in their respective fields, with superior credentials and recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have relevant expertise and experience upon which to be able to offer advice and guidance to management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have sufficient time available to devote to our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are able to work with the other members of our Board and contribute to our success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can represent the long-term interests of our shareholders as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are selected such that our Board represents a range of backgrounds and experience.

The Nominating and Corporate Governance Committee has not adopted a formal policy with regard to the consideration of diversity in identifying director nominees. In determining whether to recommend a director nominee, the Nominating and Corporate Governance Committee will consider and discuss diversity, among other factors, with a view toward the needs of our Board as a whole. We expect that the Nominating and Corporate Governance Committee generally will conceptualize diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to our Board when identifying and recommending director nominees.

**Item 6. Executive Compensation.**

**Compensation of Officers**

We do not currently have any employees. None of our officers receive direct compensation from us. We have agreed to reimburse the Administrator for our allocable portion of the compensation paid to or compensatory distributions received by our Chief Financial Officer and Chief Compliance Officer, and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any. In addition, to the extent that the Administrator outsources any of its functions, we will pay the fees associated with such functions at cost. As discussed under *Item 7. Certain Relationships and Related Transactions, and Director Independence*, we

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have agreed to reimburse the Administrator for our allocable portion of the compensation of any personnel that it provides for our use.

**Compensation of Directors** 

No compensation is expected to be paid to directors who are "interested persons" with respect to us, as such term is defined in Section 2(a)(19) of the 1940 Act. We pay each Independent Director an annual retainer fee of $75,000. We also pay the reasonable out-of-pocket expenses of each Independent Director incurred in connection with the fulfillment of their duties as an Independent Director.

**Item 7. Certain Relationships and Related Transactions, and Director Independence.**

**Investment Management Agreement**

We have entered into the Investment Management Agreement with the Adviser, which was approved by our Board, including all of the Independent Directors, on August 19, 2025. Unless earlier terminated, the Investment Management Agreement will remain in effect for a period of two years from the date it first becomes effective on September 2, 2025, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board, including a majority of our Independent Directors, or by the holders of a majority of our outstanding voting securities.

**Administration Agreement**

We have entered into the Administration Agreement with the Administrator, pursuant to which the Administrator is responsible for providing us with clerical, bookkeeping, recordkeeping and other administrative services. We pay the Administrator our allocable portion of overhead and other expenses incurred by it in performing its obligations under our Administration Agreement, including our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs.

**License Agreement**

We have entered into the License Agreement with Crestline. Under the License Agreement, we have a non-exclusive, royalty-free license to use the name "Crestline" for as long as the Adviser, or any other Crestline entity, serves as our investment adviser

**Expense Support and Reimbursement Agreement**

We have entered into an expense support and reimbursement agreement (the "Expense Support and Reimbursement Agreement") with the Adviser. Pursuant to the Expense Support and Reimbursement Agreement, the Adviser has elected to pay certain expenses on our behalf, including our organizational and offering costs (each, an "Expense Payment"). The Adviser is eligible to be reimbursed by us for Expense Payments (a "Reimbursement Payment").

The amount of any Expense Payment by the Adviser, and our obligation to make a Reimbursement Payment, is determined by whether we exceed an expense cap equal to a percentage of our NAV (the "Annual Expense Cap"). For example, if the Expense Cap in place was 1.35%, and we incurred expenses equivalent to 1.35% plus 25 basis points of our NAV during a given quarter, the Adviser would make an Expense Payment equivalent to the 25 basis points. In addition, if we incur expenses equivalent to 1.35% less 25 basis points of our NAV in a given quarter, we would have the obligation to reimburse the Adviser up to 25 basis points of our NAV to the extent it does not exceed the total amount of reimbursable expenses due to the Adviser. The calculation of the Annual Expense Cap will be appropriately pro rated for our initial period of operations.

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The Annual Expense Cap rates applicable depending on our NAV are set forth below:

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| | |
|:---|:---|
| **Expense Cap** | **NAV** |
| 0.5% (2.00% annualized) | Less than or equal to $150.0 million |
| 0.4375% (1.75% annualized) | Greater than $150.0 million but less than or equal to $200.0 million |
| 0.375% (1.50% annualized) | Greater than $200.0 million but less than or equal to $250.0 million |
| 0.3375% (1.35% annualized) | Greater than $250.0 million but less than or equal to $300.0 million |
| 0.3125% (1.25% annualized) | Greater than $300.0 million but less than or equal to $350.0 million |
| 0.2875% (1.15% annualized) | Greater than $350.0 million but less than or equal to $400.0 million |
| 0.25% (1.00% annualized) | Greater than $400.0 million |

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The Annual Expense Cap and the obligation for the Adviser to make an Expense Payment, or the Company to make a Reimbursement Payment, does not include certain expenses, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any cost of debt, including fees and expenses incurred in connection with any credit facility obtained by the Company or any of its subsidiaries, such as expenses for acquiring ratings related to such credit facilities and upfront or placement fees charged in connection with such credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)management and incentive fees payable by us to the Adviser pursuant to the Investment Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any distribution and shareholder servicing fees should we elect to offer multiple classes of Shares, and any fees or expenses incurred in connection with the regulatory review of such fee arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)taxes paid by us or any of our subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)extraordinary expenses resulting from events or transactions outside the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses incurred in connection with holding and/or soliciting proxies for any meetings of our shareholders.

In addition to the foregoing, the Adviser may elect to exclude other expenses from the Annual Expense Cap in reasonably at its discretion in good faith. We shall make such Reimbursement Payments, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to us within three (3) years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued.

In the event that the Company's shareholders elect to wind-down the Company's operations, the Expense Cap will be waived, unless the wind-down is the result of an uncured Key Person Event (as defined above), an act by the Adviser that constitutes a material breach of the Investment Management Agreement, an act of common law fraud, gross negligence (as defined under the laws of the State of Delaware), or a violation of applicable securities laws, which breach, act, or violation has a material adverse effect on the business of the Company or the ability of the Adviser to perform its duties under the Investment Management Agreement, or the criminal conviction of the Adviser of a violation of any antifraud provisions of laws relating to the financial services industry or of any other statute, regulation, or law involving intentional fraud, misappropriation, or embezzlement. In the event of a wind-down initiated by the Adviser, the Expense Cap will be waived once our NAV reaches less than $150.0 million.

**Restricted Ability to Enter Into Transactions with Affiliates**

The Adviser is subject to a variety of conflicts of interest in making investments on behalf of the Company. The 1940 Act prohibits or restricts the Company's ability to engage in certain principal transactions and joint transactions with certain "close affiliates" and "remote affiliates." For example, the Company is prohibited from buying or selling any security from or to any person who owns more than 25% of its voting securities or certain of that person's affiliates (each is a "close affiliate"), or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. The Company considers the Adviser and its affiliates to be "close affiliates" for such purposes. The Company is prohibited under the 1940 Act from participating in certain principal transactions

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and joint transactions with a "remote affiliate" without the prior approval of the Independent Directors. Any person that owns, directly or indirectly, 5% or more of the Company's outstanding voting securities will be a "remote affiliate" for purposes of the 1940 Act, and the Company is generally prohibited from buying or selling any security from or to such affiliate without the prior approval of the Independent Directors.

The Company may, however, invest alongside the Adviser's investment funds, accounts and investment vehicles in certain circumstances where doing so is consistent with the Company's investment strategy as well as applicable law and SEC staff interpretations. For example, the Company may invest alongside such investment funds, accounts and investment vehicles consistent with guidance promulgated by the SEC staff to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that the Adviser, acting on the Company's behalf and on behalf of such investment funds, accounts and investment vehicles, negotiates no term other than price. The Company may also invest alongside the Adviser's investment funds, accounts and investment vehicles as otherwise permissible under regulatory guidance, applicable regulations and the Adviser's allocation policy.

The Company and the Adviser have applied for an exemptive order from the SEC permitting greater flexibility beyond what is otherwise permitted by the 1940 Act (the "Application"). This SEC exemptive order permits the Company to co-invest the Adviser's investment funds, accounts and investment vehicles in the Adviser's originated loan transactions under certain enumerated conditions if the Board determines that it would be advantageous for the Company to co-invest with investment funds, accounts and investment vehicles managed by the Adviser in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. There is no assurance that such an exemptive order can be obtained. The SEC issued a notice of the Application on September 5, 2025, and the notice period expired on September 30, 2025, after which the Company was eligible to receive the co-investment exemptive relief order (the "Order").

The Company's allocation policy provides that allocations among the Company and investment funds, accounts and investment vehicles managed by the Adviser and its affiliates will generally be made in a manner deemed to be fair and equitable over time which does not favor one client or group of clients, taking into consideration such factors as legal, regulatory and tax considerations, availability of capital for investment by the account, liquidity concerns and such other factors as deemed under the particular circumstances to be relevant in making the investment allocation determination as determined, in the Company's case, by the Adviser as well as the terms of the Company's governing documents and those of such investment funds, accounts and investment vehicles. It is the Company's policy to base its determinations on such factors as: the amount of cash on-hand, existing commitments and reserves, if any, the Company's targeted leverage level, the Company's targeted asset mix and diversification requirements and other investment policies and restrictions set by the Board or imposed by applicable laws, rules, regulations or interpretations. The Company expects that these allocation determinations will be made similarly for investment funds, accounts and investment vehicles managed by the Adviser. However, the Company can offer no assurance that investment opportunities will be allocated to the Company fairly or equitably in the short-term or over time.

In situations where co-investment with investment funds, accounts and investment vehicles managed by the Adviser is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer or where the different investments could be expected to result in a conflict between the Company's interests and those of the Adviser's clients, subject to the limitations described in the preceding paragraph, the Adviser will need to decide which client will proceed with the investment. Moreover, except in certain limited circumstances as permitted by the 1940 Act, such as when the only term being negotiated is price, the Company will be unable to invest in any issuer in which an investment fund, account or investment vehicle managed by the Adviser has previously invested. Similar restrictions limit the Company's ability to transact business with its officers or directors or their affiliates. These restrictions will limit the scope of investment opportunities that would otherwise be available to the Company. If the Company is prohibited by applicable law from investing alongside the Adviser's investment funds, accounts and investment vehicles with respect to an investment opportunity, the Company will not participate in such investment opportunity.

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**Director Independence**

For more information regarding the independence of our directors, see *Item 5. Directors and Executive Officers.*

**Certain Business Relationships** 

Certain of our executive officers have ownership and financial interests in the Adviser and Crestline. Certain of our executive officers also serve as principals of other investment managers affiliated with the Adviser and Crestline that may in the future manage investment funds with investment objectives similar to ours. However, the Adviser and its affiliates intend to allocate investment opportunities in a fair and equitable manner consistent with our investment objective and strategies so that we are not disadvantaged in relation to any other client. We may invest, to the extent permitted by law, on a concurrent basis with affiliates of Crestline, subject to compliance with applicable regulations, our allocation procedures and our pending co-investment exemptive relief order. Fees and expenses generated in connection with potential portfolio investments that are not consummated will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Adviser and the Investment Management Agreement.

**Potential Conflicts of Interest**

The Adviser may furnish investment management and advisory services to others which may include, without limitation, serving as investment manager or sponsor of other collective investment vehicles or managed accounts that acquire interests in, provide financing to or otherwise deal in securities or other investments that would be suitable investments for the Company. The Adviser and its affiliates may furnish investment management or advisory services to other persons with investment policies similar or different to those of the Company. Such persons may own securities or other instruments of the same class or type or which may be senior to those held by the Company, and they have incentives, financial or otherwise, to favor certain accounts or vehicles over others. There is no assurance that accounts with similar strategies or investment objectives will hold the same investments or perform in a similar manner. This and other future activities of the Adviser and its affiliates may give rise to additional conflicts of interest.

Except as required by the terms of any future exemptive relief, the Adviser is not under any obligation to offer investment opportunities of which it becomes aware to the Company or to account to the Company or share with the Company or inform the Company of any investments before offering investments to other funds or accounts that the Adviser or its affiliates may advise. Situations may occur where the Company could be disadvantaged because of the investment activities conducted by the Adviser for other investment accounts. The Adviser may face conflicts of interest in managing the underlying investments, to the extent that an investment decision that benefits one of the Adviser's accounts (including the Company) may disadvantage another. For example, it may be in the best interest of a co-investing fund or account to sell an investment while being in the best interest of the Company to continue to hold it (and vice versa). In addition, investments by the Company alongside other funds managed by the Adviser may result in the incurrence of additional investment expense and delays as a result of the greater structural complexity faced by the Adviser in seeking to address the needs of multiple funds and/or accounts, which may have investment objectives and/or sensitivities that conflict or are otherwise at odds with one another.

**Item 8. Legal Proceedings**

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or the Adviser. From time to time, we or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

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**Item 9. Market Price of and Dividends on the Registrant's Shares and Related Shareholder Matters**

**Market Information**

We do not intend to list our Shares on a national securities exchange, nor do we expect to complete a liquidity event within any specific time period, if at all.

Our Shares will be offered and sold in transactions exempt from registration under Section 4(a)(2) of the 1933 Act and Regulation D and Regulation S thereunder. See *Item 10. Recent Sales of Unregistered Securities* for more information. Each purchaser will be required to represent that it is (i) either an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Shares sold outside the United States, is not a "U.S. person" in accordance with Regulation S of the Securities Act and (ii) is acquiring the Shares purchased by it for investment and not with a view to resale or distribution. There is currently no market for our Shares, and we can offer no assurances that a market for our Shares will develop in the future.

**Transfer and Resale Restrictions**

Because Shares are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our Shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) our consent is granted, and (ii) the Shares are registered under applicable securities laws or specifically exempted from registration (in which case the shareholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Shares until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Shares may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Shares and to execute such other instruments or certifications as are reasonably required by us.

**Holders**

Please see *Item 4. Security Ownership of Certain Beneficial Owners and Management* for disclosure regarding the holders of our Shares.

**Distributions**

To the extent that we have income legally available for distribution, we intend to distribute quarterly dividends to our shareholders. Our quarterly dividends, if any, will be determined by our Board. Any dividends to our shareholders will be declared out of assets legally available for distribution.

We intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under the Code. To obtain and maintain RIC tax treatment, among other things, we generally must distribute dividends to our shareholders in respect of each taxable year of an amount at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses ("investment company taxable income"), determined without regard to any deduction for dividends paid. In order to avoid certain excise taxes imposed on RICs, we currently intend to distribute dividends to our shareholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses), generally for the one-year period ending on October 31 of such calendar year; and (3) any net ordinary income and capital gain net income for preceding years that were not distributed during such years and on which we previously paid no U.S. federal income tax.

We currently intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to you. If this happens, you will be treated for U.S. federal income tax purposes as if you had received an actual distribution of the capital gains that we retain and reinvested

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the net after tax proceeds in us. In this situation, you would be eligible to claim a tax credit equal to your allocable share of the tax we paid on the capital gains deemed distributed to you. We cannot assure you that we will achieve results that will permit us to pay any cash distributions, and if we issue senior securities, we will be prohibited from making distributions if doing so would cause us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if such distributions are limited by the terms of any of our borrowings.

We have adopted a dividend reinvestment plan, pursuant to which shareholders will have their cash dividends and distributions automatically reinvested in additional Shares, rather than receiving cash dividends and distributions. Although distributions paid in the form of additional Shares will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, investors participating in a dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes. For the avoidance of doubt, a shareholder's distribution will either be paid by reinvesting such distribution in additional Shares, or in cash, depending on such shareholder's election under the dividend reinvestment plan. See *Item 1(c). Description of Business—Dividend Reinvestment Plan.*

**Share Repurchase Program** 

We intend to commence a share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our outstanding Shares as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act and subject to compliance with applicable covenants and restrictions under any financing arrangements. All Shares purchased by us pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued Shares.

Under our share repurchase program, to the extent we offer to repurchase Shares in any particular quarter, we expect to repurchase Shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter.

In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We will have no obligation to repurchase Shares, including if the repurchase would violate the restrictions on distributions under federal or state law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter.

We will offer to repurchase Shares on such terms as may be determined by the Board. There is no assurance that the Board will exercise its discretion to offer to repurchase Shares or that there will be sufficient funds available to accommodate all of our shareholders' requests for repurchase. As a result, we may repurchase less than the full amount of Shares that a shareholder requests to have repurchased. If we do not repurchase the full amount of Shares that a shareholder has requested to be repurchased, or we determine not to make repurchases of our Shares, such shareholder will likely not be able to dispose of its Shares, even if we under-perform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act. Shareholders will not pay a fee to us in connection with our repurchase of Shares under the share repurchase program.

The Company will repurchase Shares from shareholders pursuant to written tenders on terms and conditions that the Board determines to be fair to the Company and to all shareholders. When the Board determines that the Company will repurchase Shares, notice will be provided to shareholders describing the terms of the offer, containing information shareholders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate. Shareholders deciding whether to tender their Shares during the period that a repurchase offer is open may obtain the Company's most recent NAV per share by viewing the documents we file with the SEC. However, our repurchase offers will generally use the NAV on or around the last business day of a calendar quarter, which will not be available until after the expiration of the applicable tender

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offer, so shareholders will likely not know the exact price of Shares in the tender offer when they make their decision whether to tender their Shares.

Repurchases of Shares by the Company will be paid in cash promptly after the determination of the relevant NAV per share is finalized. Repurchases will be effective after receipt and acceptance by the Company of eligible written tenders of Shares from shareholders by the applicable repurchase offer deadline. Shares that have not been outstanding for at least one year will be repurchased at 98% of the NAV per share as of the last calendar day of the applicable quarter, meaning that such Shares will be repurchased at a 2% discount to the amount otherwise payable by the Company for such repurchased Shares.

**Reports to Shareholders**

We will furnish our shareholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. Such reports will include a breakdown of expenses incurred for the applicable period. Upon the effectiveness of our Form 10 under the Exchange Act, we will be required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

**Item 10. Recent Sales of Unregistered Securities**

Prior to the BDC Election Date, we sold 17,146,374.16 Shares to the shareholders of the Ramp Vehicle for a total of $342,927,487.20, and received $354,675,000.00 in Capital Commitments from 46 investors. Of the $354,675,000.00 in total Capital Commitments, we called $336,551,949.00 prior to the BDC Election Date in order to make investments and support the operations of the Ramp Vehicle. As of November 4, 2025, we have $49,473,051.00 in total Capital Commitments from 59 investors and have not called capital since the BDC Election Date.

These Shares were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

**Item 11. Description of Registrant's Securities to be Registered**

The following description is based on relevant portions of the Delaware Limited Liability Company Act and on our Limited Liability Company Agreement. This summary is not necessarily complete, and we refer you to the Limited Liability Company Agreement for a more detailed description of the provisions summarized below.

**Description of Our Shares**

Interests in the Company will be held in the form of units of limited liability company interests. The Company will issue Shares (as defined in the Limited Liability Company Agreement) to investors from time to time at an initial price of $20 per Share, and thereafter at a price that is not below the Company's then-current net asset value per Share. Such Shares will be issued through drawdowns in connection with each Capital Call, with shareholders required to contribute all or a portion of their remaining Capital Commitments in exchange for Shares as set forth in the Limited Liability Company Agreement. In addition, shareholders are entitled to one vote for each Share held on all matters submitted to a vote of shareholders and do not have cumulative voting rights. Shareholders are entitled to receive proportionately any distributions declared by the Board, subject to any preferential distribution rights of any outstanding preferred Shares. Upon the Company's dissolution and winding up, shareholders will be entitled to receive ratably its net assets available after the payment or the making of reasonable provision for payment of all debts and other liabilities and the establishment of reasonable reserves by the Board in amounts determined by it to be necessary for the payment of the Company's expenses, liabilities and other obligations, and will be subject to the prior rights of any outstanding preferred Shares.

Shareholders have no redemption or preemptive rights. The rights, preferences and privileges of shareholders are subject to the rights of the holders of preferred Shares that the Company may designate and issue in the future.

Without the consent of any shareholder, the Board may cause the Company to issue one class of preferred Shares, which class of preferred Shares may have rights senior to those of the common Shares, and such other

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characteristics as the Board may determine, subject to the requirements of the 1940 Act. The Board may amend and supplement the Limited Liability Company Agreement to provide for the terms of such preferred Shares.

**Delaware Law and Certain Limited Liability Company Agreement Provisions**

***Agreement to be Bound by the Limited Liability Agreement; Power of Attorney***

By executing the Subscription Agreement or a counterpart thereof, each investor accepted by the Company is agreeing to be admitted as a member of the Company and bound by the terms of the Limited Liability Company Agreement. Pursuant to the Limited Liability Company Agreement, each shareholder and each person who acquires Shares from a shareholder grants to certain of the Company's officers (and, if appointed, a liquidator) a power of attorney to, among other things, execute and file documents required for the Company's qualification, continuance or termination. The power of attorney also grants the Board the authority to make certain amendments to, and in accordance with, the Limited Liability Company Agreement.

***Drawdowns***

From time to time in its discretion, the Company may issue drawdowns on all or any portion of the shareholders' remaining Capital Commitments in accordance with the terms of the Limited Liability Company Agreement and the Subscription Agreement.

Capital Commitments will be binding for two years after the date on which an investor enters into a Subscription Agreement. After each investor's Commitment Period, the investor will have the option to maintain all or a partial amount of their Capital Commitment, and as a result would maintain their earlier position in the Capital Call structure such that their commitments would be drawn earlier than later subscribing investors.

Following each investor's Commitment Period, the investor in the Private Offering will be released from any further obligation to purchase additional Shares, except to the extent necessary to (a) pay Company expenses, including management fees, any amounts that may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Commitment Period, (b) complete transactions that, at the end of the Commitment Period, are committed or otherwise with respect to which the Adviser has made an affirmative determination that the Company should participate, subject to completion of "due diligence" procedures and negotiation of acceptable price and other terms (and which, for the avoidance of doubt, includes funding any revolving credit facility or delayed draw-term facility that has not been fully drawn at the end of the Commitment Period), (c) satisfy any outstanding obligations pursuant to any credit facility or other lending arrangement, guaranty or other similar obligation, (d) fund follow-on investments made in existing portfolio companies (and not new investments except for investments in additional securities of existing portfolio companies) that, in the aggregate, do not exceed 10% of total commitments, (e) fund obligations under any Company guarantee or indemnity made during the Commitment Period, (f) hedge currency, interest rate, market or other risk with respect to existing investments and/or (g) fund any defaulted commitments. Under normal market conditions, given the anticipated high volume of potential investments, including potential co-investment transactions under any future exemptive relief, the Company expects that all or substantially all capital will be drawn during the Commitment Period.

***Resignation and Removal of Directors; Procedures for Vacancies***

Any or all of the directors may be removed only for cause and only by the affirmative vote of at least 66 2/3% in voting power of all the then-outstanding Shares of the Company entitled to vote thereon, voting together as a single class.

Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board that results from an increase in the number of directors, and any vacancy occurring in the Board that results from the death, resignation, disqualification or removal of a director or other cause, shall be filled exclusively by the affirmative vote of a majority of the remaining directors in office, although less than a quorum (with a quorum being a majority of the total number of directors), or by a sole remaining director. Any director elected to fill a vacancy or

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newly created directorship shall hold office until his or her death, resignation, retirement, disqualification or removal.

***Action by Shareholders***

Under the Limited Liability Company Agreement, shareholder action can be taken only at a meeting of shareholders or by written consent in lieu of a meeting by shareholders representing at least the number of Shares required to approve the matter in question.

Only the Board, the Chair of the Board, the Company's Chief Executive Officer or the holders of a majority of the Shares may call a meeting of shareholders. Only business specified in the Company's notice of meeting (or supplement thereto) may be conducted at a meeting of shareholders.

***Conflict with the 1940 Act***

Our Limited Liability Company Agreement provides that, if and to the extent that any provision of Delaware law or any provision of our limited liability company agreement conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

**Item 12. Indemnification of Directors and Officers**

The Limited Liability Company Agreement provides that, to the fullest extent permitted by applicable law, no Covered Person (as defined in the Limited Liability Company Agreement) will be liable to the Company or to any shareholder for any act or omission performed or omitted by any such Covered Person (including any acts or omissions of or by another Covered Person), in the absence of Disabling Conduct. Notwithstanding the foregoing, the definition of "Disabling Conduct" will mean fraud, bad faith or willful misconduct.

The Company will, to the fullest extent permitted by law, indemnify each Covered Person for any loss or damage incurred by it in connection with any matter arising out of, or in connection with, the Company, including the operations of the Company and the offering of Shares, except for losses incurred by a Covered Person arising solely from the Covered Person's own Disabling Conduct.

Under the indemnification provision of the Limited Liability Company Agreement, expenses (including reasonable attorneys' fees) incurred by each Covered Person in defending any action, suit or proceeding for which they may be entitled to indemnification shall be paid in advance of the final disposition of the action, suit or proceeding. However, any such indemnification or payment or reimbursement of expenses will be subject to the applicable requirements of the 1940 Act.

So long as the Company is regulated under the 1940 Act, the above indemnification and limitation of liability is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct. In addition, the Company has obtained liability insurance for its officers and directors.

Under the Investment Management Agreement and the Administration Agreement, we may, to the extent permitted by applicable law, in the discretion of our Board, indemnify the Adviser, the Administrator and certain of their affiliates.

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**Item 13. Financial Statements and Supplementary Data**

Set forth below is an index of the Ramp Vehicle's financial statements included in this Registration Statement.

---

| | |
|:---|:---|
| | **Page** |
| **Index to Unaudited Financial Statements** | |
| <u>[Balance Sheets](#icca2f16d251b4dc19abd3c55798405e7_842)[as of June 30, 2025](#icca2f16d251b4dc19abd3c55798405e7_842)[and December 31, 202](#icca2f16d251b4dc19abd3c55798405e7_842)[4](#icca2f16d251b4dc19abd3c55798405e7_842)</u> | <u>[92](#icca2f16d251b4dc19abd3c55798405e7_842)</u> |
| <u>[Statement of Operations](#icca2f16d251b4dc19abd3c55798405e7_822)[for the](#icca2f16d251b4dc19abd3c55798405e7_822)[Sixth Months Ended June 30, 2025](#icca2f16d251b4dc19abd3c55798405e7_822)</u> | <u>[93](#icca2f16d251b4dc19abd3c55798405e7_822)</u> |
| <u>[Schedule of Investments as of](#icca2f16d251b4dc19abd3c55798405e7_802)[June 30](#icca2f16d251b4dc19abd3c55798405e7_802)[, 2025](#icca2f16d251b4dc19abd3c55798405e7_802)</u> | <u>[94](#icca2f16d251b4dc19abd3c55798405e7_802)</u> |
| <u>[Schedule of Investments as of December 31, 2024](#icca2f16d251b4dc19abd3c55798405e7_782)</u> | <u>[97](#icca2f16d251b4dc19abd3c55798405e7_782)</u> |
| <u>[Statement of Changes in Net Assets](#icca2f16d251b4dc19abd3c55798405e7_762)[for the Sixth Months Ended June 30, 2025](#icca2f16d251b4dc19abd3c55798405e7_762)</u> | <u>[99](#icca2f16d251b4dc19abd3c55798405e7_762)</u> |
| <u>[Statement of Cash Flow](#icca2f16d251b4dc19abd3c55798405e7_742)[f](#icca2f16d251b4dc19abd3c55798405e7_742)[or the Sixth Months Ended June 30, 2025](#icca2f16d251b4dc19abd3c55798405e7_742)</u> | <u>[100](#icca2f16d251b4dc19abd3c55798405e7_742)</u> |
| <u>[N](#icca2f16d251b4dc19abd3c55798405e7_900)[otes to](#icca2f16d251b4dc19abd3c55798405e7_900)[Financial Statements](#icca2f16d251b4dc19abd3c55798405e7_900)[(Unaudited)](#icca2f16d251b4dc19abd3c55798405e7_900)</u> | <u>[101](#icca2f16d251b4dc19abd3c55798405e7_900)</u> |
| **Index to Audited Financial Statements** |  |
| <u>[R](#icca2f16d251b4dc19abd3c55798405e7_1441)[eport of Independent Registered Public Accounting Firm](#icca2f16d251b4dc19abd3c55798405e7_1441)</u> | <u>[110](#icca2f16d251b4dc19abd3c55798405e7_1441)</u> |
| <u>[Balance Sheet](#icca2f16d251b4dc19abd3c55798405e7_1060)[as of December 31, 2024](#icca2f16d251b4dc19abd3c55798405e7_1060)</u> | <u>[111](#icca2f16d251b4dc19abd3c55798405e7_1060)</u> |
| <u>[Statement of Operations](#icca2f16d251b4dc19abd3c55798405e7_1238)[for the period from August 1](#icca2f16d251b4dc19abd3c55798405e7_1238)[5](#icca2f16d251b4dc19abd3c55798405e7_1238)[, 2024 (inception) through December 31, 2024](#icca2f16d251b4dc19abd3c55798405e7_1238)</u> | <u>[112](#icca2f16d251b4dc19abd3c55798405e7_1238)</u> |
| <u>[Schedule of Investments as of December 31, 2024](#icca2f16d251b4dc19abd3c55798405e7_1226)</u> | <u>[113](#icca2f16d251b4dc19abd3c55798405e7_1226)</u> |
| <u>[Statement of Changes in Net Assets](#icca2f16d251b4dc19abd3c55798405e7_1214)[for the period from August 1](#icca2f16d251b4dc19abd3c55798405e7_1214)[5, 2024 (inception) through December 31, 2024](#icca2f16d251b4dc19abd3c55798405e7_1214)</u> | <u>[115](#icca2f16d251b4dc19abd3c55798405e7_1214)</u> |
| <u>[Statement of Cash Flows](#icca2f16d251b4dc19abd3c55798405e7_1202)[for the period from](#icca2f16d251b4dc19abd3c55798405e7_1202)[August 1](#icca2f16d251b4dc19abd3c55798405e7_1202)[5, 2024 (inception) through December 31, 2024](#icca2f16d251b4dc19abd3c55798405e7_1202)</u> | <u>[116](#icca2f16d251b4dc19abd3c55798405e7_1202)</u> |
| <u>[Notes to Financial Statements](#icca2f16d251b4dc19abd3c55798405e7_1190)</u> | <u>[117](#icca2f16d251b4dc19abd3c55798405e7_1190)</u> |

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**Crestline Lending Solutions, LLC**

**Balance Sheets**

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| | | |
|:---|:---|:---|
| | **June 30, 2025**<br>**(Unaudited)** | **December 31, 2024** |
| **Assets** | | |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $240,272,561 and $103,310,153, respectively) | $241171367 | $103947024 |
| Cash and cash equivalents  | 17679675 | 49084307 |
| Interest receivable | 1576935 | 775239 |
| Prepaid expenses and other assets |  | 50940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets**  | $**260427977** | $**153857510** |
| **Liabilities** |  |  |
| Other payables to affiliate | $19471 | $— |
| Investment payable | 18991759 | 10689450 |
| Other liabilities | 378452 | 912158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities**  | **19389682** | **11601608** |
| Commitments and contingencies (Note 5) |  |  |
| **Net Assets** |  |  |
| Members' Capital | 241038295 | 142255902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets**  | **241038295** | **142255902** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets**  | $**260427977** | $**153857510** |

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The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions, LLC**

**Statement of Operations**

**(Unaudited)**

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| | |
|:---|:---|
| | **Six Months Ended June 30, 2025** |
| **Income** | |
| Investment income from non-controlled, non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | $7812371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest income | 605738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 130410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from cash and cash equivalents | 687237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income**  | **9235756** |
| **Expenses** |  |
| Professional fees | 264588 |
| Other general and administrative | 45709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses**  | **310297** |
| **Net Investment Income (Loss)**  | **8925459** |
| **Net Change in Unrealized Gains (Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 261934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Change in Unrealized Gains (Losses)**  | **261934** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | $**9187393** |

---

The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions, LLC**

**Schedule of Investments as of June 30, 2025**

**(Unaudited)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Maturity Date** | **Reference Rate and Spread** | **Interest Rate** | **Par / Units**  | **Amortized Cost** <sup>(2)</sup> | **Fair Value** <sup>(5)</sup> | **Percentage of Net Assets** |
| **Communications** | | | | | | | | | |
| TickPick Intermediate Holdings, LLC<sup>(3)</sup> | First-lien loan | 9/6/2024 | 4/1/2030 | SOFR + 5.25% | 9.30% | $3069000 | $3012146 | $3099690 | 1.3% |
| Gas Media Holdings, LLC<sup>(3)</sup> | First-lien loan | 4/17/2025 | 4/17/2031 | SOFR + 5.00% | 9.28% | 8275556 | 8134638 | 8151422 | 3.4% |
|  |  |  |  |  |  |  | 11146784 | 11251112 | 4.7% |
| **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |
| AMC Entertainment Holdings, Inc.<sup>(3)(6)</sup> | First-lien loan | 8/20/2024 | 1/4/2029 | SOFR + 7.00% | 11.32% | 9225623 | 9142575 | 9319255 | 3.9% |
| CL MIYAGI, LP<sup>(7)</sup> | LP Interest | 4/22/2025 |  |  |  |  |  | 6410 | —% |
| FleetPride, Inc.<sup>(3)(6)</sup> | First-lien loan | 1/30/2025 | 9/29/2028 | SOFR + 4.50% | 8.80% | 4295657 | 4004547 | 3906363 | 1.6% |
| Mountainside Fitness Acquisitions, LLC <sup>(3)</sup> | First-lien loan | 10/9/2024 | 10/9/2029 | SOFR + 5.00% | 9.31% | 2228415 | 2186467 | 2215045 | 0.9% |
| Soapy Joe's Midco OC Holdings, LLC<sup>(3)</sup> | First-lien loan | 4/22/2025 | 4/22/2030 | SOFR + 4.75% | 10.93% (incl 1.85% PIK) | 6817087 | 6750946 | 6748916 | 2.8% |
| Trugreen Limited Partnership<sup>(3)(6)</sup> | First-lien loan | 6/11/2025 | 10/29/2027 | SOFR + 4.00% | 8.46% | 10971279 | 10430197 | 10436484 | 4.3% |
|  |  |  |  |  |  |  | 32514732 | 32632473 | 13.5% |
| **Consumer Staples** |  |  |  |  |  |  |  |  |  |
| BCPE North Star US Holdco 2<sup>(3)(6)</sup> | Second-lien loan | 2/27/2025 | 3/15/2030 | SOFR + 7.25% | 11.69% | 6416667 | 6198833 | 6271289 | 2.6% |
| Heritage Grocers Group, LLC<sup>(3)(6)</sup> | First-lien loan | 12/20/2024 | 8/1/2029 | SOFR + 6.75% | 11.15% | 10146240 | 9496598 | 9366952 | 3.9% |
|  |  |  |  |  |  |  | 15695431 | 15638241 | 6.5% |
| **Financials** |  |  |  |  |  |  |  |  |  |
| Afore Insurance Services, LLC<sup>(3)</sup> | First-lien loan | 9/6/2024 | 9/6/2029 | SOFR + 6.00% | 10.32% | 1606826 | 1574124 | 1605219 | 0.7% |
| CX Institutional, LLC<sup>(3)</sup> | First-lien loan | 9/6/2024 | 6/18/2029 | SOFR + 5.75% | 10.06% | 1755429 | 1714654 | 1755429 | 0.7% |
| Farrell & Fuller, LLC | First-lien loan | 3/31/2025 | 3/31/2028 | 12.50% | 11.50% | 7998331 | 8001298 | 7998331 | 3.3% |
| Garden Owner, LLC<sup>(3)</sup> | First-lien loan | 12/30/2024 | 6/27/2026 | SOFR + 2.75% | 14.08% (incl 7% PIK) | 3632933 | 3632933 | 3623690 | 1.5% |
| Likewize Corp.<sup>(3)(6)</sup> | First-lien loan | 8/16/2024 | 8/15/2029 | SOFR + 5.75% | 10.03% | 5275260 | 5152472 | 5117002 | 2.1% |
| OPLTD Glenwillow LLC | First-lien loan | 9/16/2024 | 7/1/2026 | 12.20% | 12.20% | 3681130 | 3682569 | 3681130 | 1.5% |
| Univista Intermediate Holdco, LLC<sup>(3)(4)</sup> | First-lien loan | 1/10/2025 | 1/30/2030 | SOFR + 5.25% | 10.85% | 3307454 | 3239475 | 3294224 | 1.4% |
| Willow Breeze, LLC<sup>(3)</sup> | First-lien loan | 11/19/2024 | 11/19/2026 | SOFR + 6.25% | 10.75% | 6089797 | 6087724 | 6059348 | 2.5% |
|  |  |  |  |  |  |  | 33085249 | 33134373 | 13.7% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Maturity Date** | **Reference Rate and Spread** | **Interest Rate** | **Par / Units**  | **Amortized Cost** <sup>(2)</sup> | **Fair Value** <sup>(5)</sup> | **Percentage of Net Assets** |
| **Healthcare** | | | | | | | | | |
| Align ENTA Management Services, LLC <sup>(3)</sup> | First-lien loan | 9/13/2024 | 6/30/2028 | SOFR + 5.00% | 9.33% | 1519167 | 1497356 | 1507013 | 0.6% |
| Anasazi Medical Payment Solutions, Inc. | First-lien loan | 3/17/2025 | 6/8/2029 | 16.00% | 16.00% (incl 10% PIK) | 3132053 | 3043587 | 3044356 | 1.3% |
| Attigo Health, LLC<sup>(3)</sup> | First-lien loan | 6/27/2025 | 6/27/2030 | SOFR + 5.25% | 9.57% | 5143000 | 5057510 | 5065855 | 2.1% |
| Mist Holding Co.<sup>(3)</sup> | First-lien loan | 12/23/2024 | 12/23/2030 | SOFR + 5.25% | 9.55% | 4501948 | 4444687 | 4546967 | 1.9% |
|  | First-lien revolving loan | 12/23/2024 | 12/23/2030 | SOFR + 5.25% | 9.57% | 280758 | 270501 | 283565 | 0.1% |
| SDG Mgmt Company, LLC<sup>(3)</sup> | First-lien loan | 12/6/2024 | 7/1/2028 | SOFR + 5.50% | 10.17% | 4525436 | 4427291 | 4525436 | 1.9% |
| Team Health Holdings, Inc.<sup>(3)(6)</sup> | First-lien loan | 5/20/2025 | 3/2/2027 | SOFR + 5.25% | 9.53% | 11466734 | 11424530 | 11435860 | 4.7% |
| Top Rx, LLC<sup>(3)</sup> | First-lien loan | 12/18/2024 | 12/18/2029 | SOFR + 5.25% | 9.56% | 9480582 | 9308994 | 9309932 | 3.9% |
|  | First-lien revolving loan | 12/18/2024 | 12/18/2029 | SOFR + 5.25% | 9.58% | 194610 | 174744 | 191107 | 0.1% |
|  |  |  |  |  |  |  | 39649200 | 39910091 | 16.6% |
| **Industrials** |  |  |  |  |  |  |  |  |  |
| A&J Holdco, LLC <sup>(3)</sup> | First-lien loan | 6/13/2025 | 6/13/2031 | SOFR + 4.75% | 9.07% | 5546051 | 5439065 | 5476725 | 2.3% |
| Best Practice Associates, LLC<sup>(3)</sup> | First-lien loan | 11/8/2024 | 11/8/2029 | SOFR + 6.75% | 11.05% | 7843004 | 7657882 | 7741045 | 3.2% |
| Cleanova Midco Limited<sup>(3)</sup> | First-lien loan | 5/22/2025 | 6/14/2032 | SOFR + 4.75% | 9.07% | 10640000 | 10268446 | 10267600 | 4.3% |
| Crete PA Holdco, LLC<sup>(3)</sup> | First-lien loan | 11/26/2024 | 11/26/2030 | SOFR + 5.00% | 9.33% | 1652046 | 1617476 | 1627266 | 0.7% |
| JFL-Atomic AcquisitionCo, Inc.<sup>(3)</sup> | First-lien loan | 2/20/2025 | 2/20/2031 | SOFR + 4.75% | 9.07% | 4225731 | 4155408 | 4162345 | 1.7% |
|  | First-lien revolving loan | 2/20/2025 | 2/20/2031 | SOFR + 4.75% | 9.06% | 33414 | 25560 | 32913 | —% |
| Kelso Industries, LLC<sup>(3)(6)</sup> | First-lien loan | 12/30/2024 | 12/30/2029 | SOFR + 5.75% | 10.08% | 8190717 | 8049979 | 8160002 | 3.4% |
| Meritum Energy Holdings, LP<sup>(3)</sup> | First-lien loan | 12/6/2024 | 12/6/2028 | SOFR + 7.50% | 11.91% | 4177010 | 4104257 | 4172833 | 1.7% |
| PT&C Group, LLC<sup>(3)</sup> | First-lien loan | 12/24/2024 | 12/24/2029 | SOFR + 5.50% | 9.71% | 4438534 | 4351854 | 4394148 | 1.8% |
|  | First-lien loan | 12/24/2024 | 12/24/2029 | SOFR + 5.50% | 9.71% | 329942 | 322484 | 326642 | 0.1% |
| Tank Holding Corp.<sup>(3)(6)</sup> | First-lien loan | 11/14/2024 | 3/31/2028 | SOFR + 5.75% | 10.18% | 4113669 | 4054042 | 3931768 | 1.6% |
| The Nordam Group, Inc.<sup>(3)</sup> | First-lien loan | 5/16/2025 | 5/16/2031 | SOFR + 5.75% | 10.18% | 10640000 | 10429763 | 10427200 | 4.3% |
| TMC Buyer Inc <sup>(3)(6)</sup> | First-lien loan | 10/25/2024 | 10/25/2030 | SOFR + 4.75% | 9.03% | 4617605 | 4572471 | 4641270 | 1.9% |
| WHI Global, Inc.<sup>(3)</sup> | First-lien loan | 4/17/2025 | 4/17/2029 | SOFR + 8.75% | 13.14% | 2602478 | 2577642 | 2576453 | 1.1% |
|  | First-lien revolving loan | 4/17/2025 | 4/17/2029 | SOFR + 8.75% | 13.14% | 166260 | 161621 | 164597 | 0.1% |
|  |  |  |  |  |  |  | 67787950 | 68102807 | 28.2% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Maturity Date** | **Reference Rate and Spread** | **Interest Rate** | **Par / Units**  | **Amortized Cost** <sup>(2)</sup> | **Fair Value** <sup>(5)</sup> | **Percentage of Net Assets** |
| **Materials** |  |  |  |  |  |  |  |  |  |
| Alcrete, LLC<sup>(3)</sup> | First-lien loan | 6/10/2025 | 6/10/2030 | SOFR + 6.75% | 11.06% | 4571000 | 4471245 | 4491008 | 1.9% |
|  | First-lien revolving loan | 6/10/2025 | 6/10/2030 | SOFR + 6.75% | 11.06% | 152250 | 138203 | 149586 | 0.1% |
|  |  |  |  |  |  |  | 4609448 | 4640594 | 2.0% |
| **Technology** |  |  |  |  |  |  |  |  |  |
| Ark Data Centers, LLC<sup>(3)</sup> | First-lien loan | 11/27/2024 | 11/27/2030 | SOFR + 4.75% | 9.04% | 4164606 | 4070049 | 4023010 | 1.7% |
|  | First-lien revolving loan | 11/27/2024 | 11/27/2030 | SOFR + 4.75% | 11.25% | 23397 | 10743 | 22601 | —% |
| Chirisa Volo, LLC<sup>(3)</sup> | First-lien loan | 10/9/2024 | 12/4/2027 | SOFR + 6.25% | 10.56% | 6067588 | 6012082 | 6012980 | 2.5% |
| Govos Intermediate Holdings, LLC<sup>(3)</sup> | First-lien loan | 9/6/2024 | 7/25/2029 | SOFR + 4.00% | 10.28% (incl 2% PIK) | 3682936 | 3618603 | 3719765 | 1.5% |
| IXOPay, Inc.<sup>(3)</sup> | First-lien loan | 2/24/2025 | 2/24/2031 | SOFR + 5.25% | 9.53% | 6235000 | 6159454 | 6172650 | 2.6% |
| Jitterbit, Inc.<sup>(3)</sup> | First-lien loan | 9/6/2024 | 3/3/2028 | SOFR + 6.00% | 15.95% (incl 2% PIK) | 1457529 | 1423860 | 1399228 | 0.6% |
|  | First-lien revolving loan | 9/6/2024 | 3/3/2028 | SOFR + 6.00% | 15.91% (incl 2% PIK) | 150742 | 146145 | 144712 | 0.1% |
| Payrange LLC<sup>(3)</sup> | First-lien loan | 11/26/2024 | 10/31/2030 | SOFR + 5.25% | 9.58% | 2301750 | 2275647 | 2287940 | 0.9% |
| Sensei Holdco, LLC<sup>(3)</sup> | First-lien loan | 5/30/2025 | 5/30/2031 | SOFR + 5.50% | 9.83% | 7237000 | 7147378 | 7164630 | 3.0% |
| US Signal Company, LLC<sup>(3)</sup> | First-lien loan | 9/3/2024 | 9/3/2029 | SOFR + 5.50% | 9.92% | 2489000 | 2461659 | 2454154 | 1.0% |
|  | First-lien revolving loan | 9/3/2024 | 9/3/2029 | SOFR + 5.50% | 9.90% | 95750 | 92551 | 94410 | —% |
| Vision Solutions, Inc.<sup>(3)(6)</sup> | Second-lien loan | 6/13/2025 | 4/23/2029 | SOFR + 7.25% | 11.79% | 2613918 | 2365596 | 2365596 | 1.0% |
|  |  |  |  |  |  |  | 35783767 | 35861676 | 14.9% |
| **Total Investments**  |  |  |  |  |  |  | $**240272561** | $**241171367** | **100.1%** |

---

__________________

(1)Unless otherwise indicated, the Company's portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the "1940 Act"), the Company would "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of June 30, 2025, the Company does not "control" any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an "Affiliated Person" of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of June 30, 2025, the Company does not identify any of its portfolio companies as affiliates.

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

(3)Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to Term Secured Overnight Financing Rate ("SOFR"), which may also contain a credit spread adjustment depending on the tenor election, selected at the borrower's option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at June 30, 2025.

(4)In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the "last out" tranche.

(5)In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements ("ASC Topic 820"), unless otherwise indicated, the fair values of all investments were determined using unobservable inputs and are considered Level 3 investments. See Note 4 for further information related to investments at fair value.

(6)This investment is valued using observable inputs and is considered a Level 2 investment. See Note 4 for further information related to investments at fair value.

(7)This investment is non-income producing.

The accompanying notes are an integral part of these financial statements.

------

**Crestline Lending Solutions, LLC**

**Schedule of Investments as of December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Maturity Date** | **Reference**<br>**Rate and**<br>**Spread** | **Interest Rate** | **Par / Units** | **Amortized**<br>**Cost** <sup>(2)</sup> | **Fair Value** <sup>(4)</sup> | **Percentage**<br>**of Net Assets** |
| **Communications** | | | | | | | | | |
| TickPick Intermediate Holdings, LLC <sup>(3)</sup> | First-lien loan | 9/6/2024 | 4/1/2030 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.58&nbsp;&nbsp;&nbsp;&nbsp;% | $3069000 | $3006186 | $3032172 | 2.1% |
|  |  |  |  |  |  |  | 3006186 | 3032172 | 2.1% |
| **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |
| AMC Entertainment Holdings, Inc. <sup>(3)(5)</sup> | First-lien loan | 8/20/2024 | 1/4/2029 | SOFR + 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;11.36&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;6070126&nbsp;&nbsp;&nbsp;&nbsp; | 6051124 | 6183308 | 4.3% |
| Mountainside Fitness Acquisitions, LLC <sup>(3)</sup> | First-lien loan | 10/9/2024 | 10/9/2029 | SOFR + 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;9.30&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;2234000&nbsp;&nbsp;&nbsp;&nbsp; | 2187080 | 2200490 | 1.5% |
| Vacation Rental Brands, LLC <sup>(3)</sup> | First-lien loan | 10/17/2024 | 9/6/2031 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.58&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;3333899&nbsp;&nbsp;&nbsp;&nbsp; | 3304256 | 3303415 | 2.3% |
|  | First-lien revolving loan | 10/17/2024 | 9/6/2031 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.58&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;94800&nbsp;&nbsp;&nbsp;&nbsp; | 91735 | 93852 | 0.1% |
|  |  |  |  |  |  |  | 11634195 | 11781065 | 8.2% |
| **Consumer Staples** |  |  |  |  |  |  |  |  |  |
| Heritage Grocers Group, LLC <sup>(3)(5)</sup> | First-lien loan | 12/20/2024 | 8/1/2029 | SOFR + 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;11.18&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;3218095&nbsp;&nbsp;&nbsp;&nbsp; | 3073096 | 3075784 | 2.2% |
|  |  |  |  |  |  |  | 3073096 | 3075784 | 2.2% |
| **Financials** |  |  |  |  |  |  |  |  |  |
| Afore Insurance Services, LLC <sup>(3)</sup> | First-lien loan | 9/6/2024 | 9/6/2029 | SOFR + 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;10.44&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;1495000&nbsp;&nbsp;&nbsp;&nbsp; | 1448912 | 1483040 | 1.0% |
| CX Institutional, LLC <sup>(3)</sup> | First-lien loan | 9/6/2024 | 6/18/2029 | SOFR + 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;10.11&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;1339270&nbsp;&nbsp;&nbsp;&nbsp; | 1299567 | 1311145 | 0.9% |
| Garden Owner, LLC <sup>(3)</sup> | First-lien loan | 12/30/2024 | 6/27/2026 | SOFR + 4.34% | 14.09% (incl. 7% PIK) | &nbsp;&nbsp;&nbsp;&nbsp;3702821&nbsp;&nbsp;&nbsp;&nbsp; | 3702821 | 3702821 | 2.6% |
| Likewize Corp. <sup>(3)(5)</sup> | First-lien loan | 8/16/2024 | 8/15/2029 | SOFR + 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;10.05&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;5342460&nbsp;&nbsp;&nbsp;&nbsp; | 5203976 | 5235612 | 3.7% |
| NMHP Knoxville Owner <sup>(3)</sup> | First-lien A-2 Note | 9/26/2024 | 9/1/2026 | SOFR + 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.00&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;5516004&nbsp;&nbsp;&nbsp;&nbsp; | 5516004 | 5516004 | 3.9% |
| OPLTD Glenwillow, LLC | First-lien loan | 9/16/2024 | 7/1/2026 | 12.20% | &nbsp;&nbsp;&nbsp;&nbsp;12.20&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;3311987&nbsp;&nbsp;&nbsp;&nbsp; | 3311987 | 3311987 | 2.3% |
| Willow Breeze, LLC <sup>(3)</sup> | First-lien loan | 11/19/2024 | 11/19/2026 | SOFR + 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;10.75&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;5135200&nbsp;&nbsp;&nbsp;&nbsp; | 5130719 | 5119282 | 3.6% |
|  |  |  |  |  |  |  | 25613986 | 25679891 | 18.0% |
| **Healthcare** |  |  |  |  |  |  |  |  |  |
| Align ENTA Management Services, LLC <sup>(3)</sup> | First-lien loan | 9/13/2024 | 6/30/2028 | SOFR + 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;9.36&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;434048&nbsp;&nbsp;&nbsp;&nbsp; | 414420 | 429707 | 0.3% |
| Mist Holding Co. <sup>(3)</sup> | First-lien loan | 12/23/2024 | 12/23/2030 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.59&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;4501948&nbsp;&nbsp;&nbsp;&nbsp; | 4439131 | 4456929 | 3.1% |
|  | First-lien revolving loan | 12/23/2024 | 12/23/2030 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.59&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;280758&nbsp;&nbsp;&nbsp;&nbsp; | 269573 | 277950 | 0.2% |
| SDG Mgmt Company, LLC <sup>(3)</sup> | First-lien loan | 12/6/2024 | 7/1/2028 | SOFR + 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | (78440) |  | —% |
| Top Rx, LLC <sup>(3)</sup> | First-lien loan | 12/18/2024 | 12/18/2029 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.60&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;9527943&nbsp;&nbsp;&nbsp;&nbsp; | 9317044 | 9337384 | 6.6% |
|  |  |  |  |  |  |  | 14361728 | 14501970 | 10.2% |
| **Industrials** |  |  |  |  |  |  |  |  |  |
| Best Practice Associates, LLC <sup>(3)</sup> | First-lien loan | 11/8/2024 | 11/8/2029 | SOFR + 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;11.08&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;7882416&nbsp;&nbsp;&nbsp;&nbsp; | 7675958 | 7685356 | 5.4% |
| Crete PA Holdco, LLC <sup>(3)</sup> | First-lien loan | 11/26/2024 | 11/26/2030 | SOFR + 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;9.52&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;1501860&nbsp;&nbsp;&nbsp;&nbsp; | 1465108 | 1479333 | 1.0% |
| Kelso Industries, LLC <sup>(3)(5)</sup> | First-lien loan | 12/30/2024 | 12/30/2029 | SOFR + 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;10.09&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;7026500&nbsp;&nbsp;&nbsp;&nbsp; | 6885970 | 6885970 | 4.8% |
| Meritum Energy Holdings, LP <sup>(3)</sup> | First-lien loan | 12/6/2024 | 12/6/2028 | SOFR + 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;11.93&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;4198000&nbsp;&nbsp;&nbsp;&nbsp; | 4114594 | 4114040 | 2.9% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Maturity Date** | **Reference**<br>**Rate and**<br>**Spread** | **Interest Rate** | **Par / Units** | **Amortized**<br>**Cost** <sup>(2)</sup> | **Fair Value** <sup>(4)</sup> | **Percentage**<br>**of Net Assets** |
| PT&C Group, LLC <sup>(3)</sup> | First-lien loan | 12/24/2024 | 12/24/2029 | SOFR + 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.84&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;4244777&nbsp;&nbsp;&nbsp;&nbsp; | 4132023 | 4170494 | 2.9% |
| Tank Holding Corp. <sup>(3)(5)</sup> | First-lien loan | 11/14/2024 | 3/31/2028 | SOFR + 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;10.25&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;2210668&nbsp;&nbsp;&nbsp;&nbsp; | 2190508 | 2177508 | 1.5% |
| TMC Buyer Inc. <sup>(3)(5)</sup> | First-lien loan | 10/25/2024 | 10/25/2030 | SOFR + 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;9.57&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;4629178&nbsp;&nbsp;&nbsp;&nbsp; | 4579467 | 4669682 | 3.3% |
|  |  |  |  |  |  |  | 31043628 | 31182383 | 21.8% |
| **Technology** |  |  |  |  |  |  |  |  |  |
| Ark Data Centers, LLC <sup>(3)</sup> | First-lien loan | 11/27/2024 | 11/27/2030 | SOFR + 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;9.08&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;3977433&nbsp;&nbsp;&nbsp;&nbsp; | 3862514 | 3897884 | 2.7% |
| Chirisa Volo, LLC <sup>(3)</sup> | First-lien loan | 10/9/2024 | 12/4/2027 | SOFR + 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;10.55&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;1069378&nbsp;&nbsp;&nbsp;&nbsp; | 1002365 | 1058685 | 0.7% |
| Govos Intermediate Holdings, LLC <sup>(3)</sup> | First-lien loan | 9/6/2024 | 7/25/2029 | SOFR + 4.00% | 10.75% (incl. 2% PIK) | &nbsp;&nbsp;&nbsp;&nbsp;3645977&nbsp;&nbsp;&nbsp;&nbsp; | 3574197 | 3580350 | 2.5% |
| Jitterbit, Inc. <sup>(3)</sup> | First-lien loan | 9/6/2024 | 3/3/2028 | SOFR + 6.00% | 14.17% (incl. 3.50% PIK | &nbsp;&nbsp;&nbsp;&nbsp;1431890&nbsp;&nbsp;&nbsp;&nbsp; | 1387341 | 1376046 | 1.0% |
| Payrange, LLC <sup>(3)</sup> | First-lien loan | 11/26/2024 | 10/31/2030 | SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.61&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;2325000&nbsp;&nbsp;&nbsp;&nbsp; | 2295610 | 2301750 | 1.6% |
| US Signal Company, LLC <sup>(3)</sup> | First-lien loan | 9/3/2024 | 9/3/2029 | SOFR + 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;10.07&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;2489000&nbsp;&nbsp;&nbsp;&nbsp; | 2455307 | 2479044 | 1.7% |
|  |  |  |  |  |  |  | 14577334 | 14693759 | 10.2% |
| **Total Investments**  |  |  |  |  |  |  | $**103310153** | $**103947024** | **73.1%** |

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__________________

(1)Unless otherwise indicated, the Company's portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the "1940 Act"), the Company would "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company does not "control" any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an "Affiliated Person" of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2024, the Company does not identify any of its portfolio companies as affiliates. The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

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

(3)Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to Term Secured Overnight Financing Rate ("SOFR"), which may also contain a credit spread adjustment depending on the tenor election, selected at the borrower's option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(4)In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements ("ASC Topic 820"), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 4 for further information related to investments at fair value.

(5)This investment is valued using observable inputs and is considered a Level 2 investment. See Note 4 for further information related to investments at fair value.

The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions, LLC**

**Statement of Changes in Net Assets**

**(Unaudited)**

---

| | |
|:---|:---|
| | **Six Months Ended<br>June 30, 2025** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $8925459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) | 261934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 9187393 |
| **Capital transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contributions | 89595000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital transactions | 89595000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, beginning of period | 142255902 |
| **Balance at June 30, 2025**  | $**241038295** |

---

The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions, LLC**

**Statement of Cash Flows**

**(Unaudited)**

---

| | |
|:---|:---|
| | **Six Months Ended**<br>**June 30, 2025** |
| **Cash Flows from Operating Activities** | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $9187393 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gains) losses | (261934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of discount on investments | (371071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases and originations of investments, net | (143098545) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments, net | 1294418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on investments | 14158522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | (643424) |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (801696) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 50940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other payables to affiliates | 19471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (533706) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by (Used in) Operating Activities**  | **(120999632)** |
| **Cash Flows from Financing Activities**  |  |
| Capital Contributions | 89595000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by (Used in) Financing Activities**  | **89595000** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Cash and Cash Equivalents**  | **(31404632)** |
| Cash and cash equivalents, beginning of period | 49084307 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash and Cash Equivalents, End of Period**  | $**17679675** |

---

The accompanying notes are an integral part of these financial statements.

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**1. Organization and Basis of Presentation**

***Organization***

Crestline Lending Solutions, LLC (formerly known as Crestline Lending Solutions Ramp, LLC) (the "Company") was organized as a Delaware limited liability company on June 18, 2024, and commenced operations on August 15, 2024. The purpose of the Company is to invest and make loans and other investments consistent with its investment guidelines. Capitalized terms herein not otherwise defined have the meaning given in the Company agreements.

Crestline Management, L.P., a Delaware limited partnership, acts as the Company's investment manager (the "Investment Manager"). The Investment Manager is a registered investment advisor with the Securities and Exchange commission.

Effective April 17, 2025, the Company changed its name from Crestline Lending Solutions Ramp, LLC to Crestline Lending Solutions, LLC.

***Basis of Presentation***

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and on the same basis as our audited financial statements as of December 31, 2024. The balance sheet as of June 30, 2025 and the statements of operations and cash flows for the periods presented herein are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair statement of results for the periods shown. Certain information and note disclosures normally included in annual financial statements have been omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Because the interim financial statements do not include all of the information and notes required by US GAAP for a complete set of financial statements, they should be read in conjunction with the audited financial statements referred to above. The results and trends in these interim financial statements may not be indicative of results for the full year.

***Fiscal Year End***

The Company's fiscal year ends on December 31.

**2. Significant Accounting Policies**

***Use of Estimates***

The company made estimates and assumptions in preparing these accompanying financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates and those differences could be material.

***Cash and Cash Equivalents***

Cash and cash equivalents are held at major financial institutions, which at times may exceed U.S. federally insured limits. Cash and cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of thee months or less. As of June 30, 2025 cash equivalents held were $17,678,712. As of December 31, 2024 cash equivalents held were $48,868,293.

***Investments at Fair Value***

The Company's investments are recorded at fair value, as defined by U.S. GAAP, specifically FASB ASC 820, Fair Value Measurement ("Topic 820"), and determined by the Investment Manager. Topic 820 establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or

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liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Topic 820 are below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. This level of fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs include: (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Inputs that are unobservable for the asset or liability. These inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company's own data. The Company's own data used to develop unobservable inputs is adjusted if information indicates that market participants would use different assumptions.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the financial instrument. Fair value estimates for financial instruments for which no or limited observable market data is available are based on judgments regarding current economic conditions, liquidity, currency, credit and interest rate risks, loss experience and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique, including discount rates, liquidity risks, and estimates of future cash flows, could significantly affect these fair value estimates. Because of the inherent uncertainty of valuation, including Level 3 input risks, this estimated value may differ from the value that would have been used had a ready market for these investments existed, and the differences could be material.

***Organization and Offering Costs***

Organizational costs consist of costs incurred to establish the entity as a Delaware limited liability company and subsequent conversion to a business development company ("BDC"). Organizational costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of interests in the Company and subsequently the BDC. Offering costs are capitalized as a deferred charge and will be amortized to expense on a straight-line basis over twelve months. Additional offering costs may be incurred subsequent to June 30, 2025.

***Interest Income Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal.

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***Other Income***

Other income may include various fees in the ordinary course of business such as structuring, consent, waiver, amendment, or syndication fees as well as fees for managerial assistance rendered by the Company to its portfolio companies. Such fees are recognized as income when earned.

***Income Taxes***

Due to the nature of the Company's activities and its organization as a limited liability company and its treatment as a partnership for federal income tax purposes, it is generally not subject to federal, state or local income taxes. Income taxes are payable by the Members based on their share of the income or loss of the Company and have not been reflected in the accompanying financial statements.

The Company evaluates the uncertainty in tax positions taken or expected to be taken in the course of preparing the Company's financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions with respect to tax at the Company level deemed not to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company has concluded that there is no impact on the operations of the Company as of June 30, 2025, and that no provision for income tax is required in the Company's financial statements. However, the Company's conclusions regarding this evaluation are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions as of June 30, 2025. The Company's 2024 tax year returns remain subject to examination by the relevant federal, state, and local tax authorities.

***Members' Capital and Allocation of Income/(Loss)***

A separate capital account (a "Capital Account") is established for each Member in accordance with the Limited Liability Company Agreement (the "LLC Agreement"). A Capital Account will be credited with capital contributions, distributive share of Net Income and any items of income or gain and debited with Net Losses and items of loss or deduction allocated to such Member. In the event all or a portion of a Company Interest is transferred in accordance with the terms of this agreement, the transferee will succeed to the Capital Account of the transferor, to the extent that it relates to the transferred Company Interest. No Member will be required to pay to the Company or to any other Member the amount of any negative balance that may exit from time to time in such Member's Capital Account.

Net Income and Net Loss will be allocated among the Members in a manner that, is equal (proportionately) to a distribution that would be made to such Member with respect to the Company if the Company's affairs were to be wound up, its assets were sold for cash equal to their Gross Asset Value, all liabilities of the Company were satisfied, and the net assets of the Company distributed to the Members promptly after making such allocation, minus such Member's share of any Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets.

***Management Fees***

Under the terms of the investment management agreement made by and between the Company and the Investment Manager, the Investment Manager (i) is responsible for the management, operations, and control of the assets and liabilities of the Company relating to its business and (ii) has full investment discretionary authority to make investments for and on behalf of the Company. The Management Fee will begin to accrue only upon the expiration of the Investment Period which is twelve (12) months after the Final Closing Date of November 15, 2024. The Investment Manager is not entitled to compensation from the Company at June 30, 2025.

***Administrative Agreement***

The Company has entered into an Administration Agreement with U.S. Bancorp Fund Services, LLC ("US Bank"). US Bank is responsible, among other things, for maintaining corporate and financial books and records of

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the Company, and performing all other accounting and clerical services necessary in connection with the administration of the Company.

***Segment Reporting***

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

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The Company's chief operating decision maker (the "CODM"), comprised of the Company's investment committee (chief executive officer, chief investment officer, chief operating officer, and deputy investment officers) and the chief financial officer, assesses the performance and makes operating decisions of the Company primarily based on the Company's net increase in equity resulting from operations (net income). As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying balance sheet as "total assets" and the significant segment expenses are listed on the accompanying statement of operations.

***Recent Accounting Standards and Regulatory Updates***

In December 2024, the FASB issued ASU No. 2024-04, "Debt with Conversion and Other Options (Subtopic 470): Induced Conversions of Convertible Debt Instruments", which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company's financial statements.

***Related Party Transactions***

Certain expenses of the Company may initially be invoiced to the Investment Manager. Subsequently, those amounts are charged to the Company in accordance with governing management agreements. For the six months ended June 30, 2025, such expenses amounted to $19,471 in other general and administrative expenses and are included in the accompanying statement of operations.

**3. Investments at Fair Value**

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying Financial Statements, including the schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at June 30, 2025 and December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Amortized Cost** <sup>(1)</sup> | **Fair Value** | **Net Unrealized**<br>**Gain (Loss)** |
| First-lien debt investments | $231708133 | $232528072 | $819939 |
| Second-lien debt investments | 8564428 | 8636885 | 72457 |
| Equity and other investments |  | 6410 | 6410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments**  | $**240272561** | $**241171367** | $**898806** |

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** <sup>(1)</sup> | **Fair Value** | **Net Unrealized**<br>**Gain (Loss)** |
| First-lien debt investments | $103310153 | $103947024 | $636871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments**  | $**103310153** | $**103947024** | $**636871** |

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___________________

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

The industry composition of investments at fair value at June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Communications | 4.7% | 2.9% |
| Consumer discretionary | 13.5% | 11.3% |
| Consumer staples | 6.5% | 3.0% |
| Financials | 13.7% | 24.7% |
| Healthcare | 16.5% | 14.0% |
| Industrials | 28.3% | 30.0% |
| Materials | 1.9% | —% |
| Technology | 14.9% | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | **100.0%** | **100.0%** |

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The geographic composition of investments at fair value at June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| United States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | 20.9% | 19.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 13.7% | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;South | 44.4% | 38.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 17.7% | 23.7% |
| Puerto Rico | 3.3% | —% |
| Cayman<sup>(1)</sup> | 0.0% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | **100.0%** | **100.0%** |

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___________________

(1)Value rounds to less than 0.1%

**4. Fair Value of Financial Instruments**

***Investments***

The following tables present fair value measurements of investments as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy at June 30, 2025** | **Fair Value Hierarchy at June 30, 2025** | **Fair Value Hierarchy at June 30, 2025** | **Fair Value Hierarchy at June 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien debt investments | $— | $66314956 | $166213116 | $232528072 |
| Second-lien debt investments |  | 8636885 |  | 8636885 |
| Equity and other investments |  |  | 6410 | 6410 |
| **Total investments at fair value**  | $**—** | $**74951841** | $**166219526** | $**241171367** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy at December 31, 2024** | **Fair Value Hierarchy at December 31, 2024** | **Fair Value Hierarchy at December 31, 2024** | **Fair Value Hierarchy at December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien debt investments | $— | $28227864 | $75719160 | $103947024 |
| **Total investments at fair value**  | $**—** | $**28227864** | $**75719160** | $**103947024** |

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Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

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

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| | | | |
|:---|:---|:---|:---|
| | **As of and for the Six Months Ended**<br>**June 30, 2025** | **As of and for the Six Months Ended**<br>**June 30, 2025** | **As of and for the Six Months Ended**<br>**June 30, 2025** |
| | **First-lien**<br>**debt**<br>**investments** | **Equity**<br>**and other**<br>**investments** | **Total** |
| Balance, beginning of period | $75719160 | $— | $75719160 |
| Purchases or originations | 104249730 |  | 104249730 |
| Repayments / redemptions | (13804312) |  | (13804312) |
| Sales proceeds | (1294418) |  | (1294418) |
| Paid-in-kind interest | 643424 |  | 643424 |
| Net change in unrealized gains (losses) | 439245 | 6410 | 445655 |
| Net amortization of discount on securities | 260287 |  | 260287 |
| Transfers within Level 3 |  |  |  |
| Transfers into (out of) Level 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance, End of Period**  | $**166213116** | $**6410** | $**166219526** |

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The following tables present information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at June 30, 2025:

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| | |
|:---|:---|
| | **Net Change in Unrealized**<br>**Gains or (Losses)**<br>**For the Six Months Ended** <br>**June 30, 2025 on** <br>**Investments Held at** <br>**June 30, 2025** |
| First-lien debt investments | $440521 |
| Equity and other investments | 6410 |
| **Total**  | $**446931** |

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The following tables present the fair value of Level 3 Investments at fair value and the unobservable inputs used in the valuations as of June 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead capture the unobservable inputs relevant to the Company's determination of fair values.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | **Range (Weighted**<br>**Average)** |
| First-lien debt investments | $166213116 | Discounted Cash Flow - Yield Analysis | Discount Rate | 8.64% to 18.14% |
|  |  | Precedent Transaction | N/A | N/A |
| Equity and other investments | 6410 | Precedent Transaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $**166219526** |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | **Range (Weighted**<br>**Average)** |
| First-lien debt investments | $75719160 | Discounted Cash Flow - Yield Analysis  | Discount Rate | 9.71% - 16.32% |
|  |  | Precedent Transaction | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $**75719160** |  |  |  |

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The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company's capital structure.

Unobservable quantitative inputs typically considered in the fair value measurement of the Company's Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company's Level 3 equity investments, multiples of similar companies' revenues, earnings before income taxes, depreciation and amortization ("EBITDA") or some combination thereof and comparable market transactions are typically used.

**5. Commitments and Contingencies**

***Portfolio Company Commitments***

From time to time, the Company may enter into commitments to fund investments; such commitments are incorporated into the Company's assessment of its liquidity position. The Company's senior secured revolving loan commitments are generally available on a borrower's demand and may remain outstanding until the maturity date of the applicable loan. The Company's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

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As of June 30, 2025 and December 31, 2024, the Company had the following commitments to fund investments in current portfolio companies:

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| | | |
|:---|:---|:---|
| | **June 30,** <br>**2025** | **December 31, 2024** |
| A&J Holdco, LLC - Delayed Draw & Revolver | $5093949 | $— |
| Afore Insurance Services, LLC - Delayed Draw & Revolver | 1749150 | 3289000 |
| Alcrete, LLC - Delayed Draw & Revolver | 2995750 |  |
| Align ENTA Management Services, LLC - Delayed Draw & Revolver | 2126833 | 3211952 |
| Ark Data Centers, LLC - Delayed Draw & Revolver | 2830997 | 3041566 |
| Attigo Health, LLC - Revolver | 571000 |  |
| Best Practice Associates, LLC - Revolver | 588240 | 588240 |
| Chirisa Volo Tranche, LLC - Delayed Draw | 1126412 | 6124622 |
| Crete PA Holdco, LLC - Delayed Draw & Revolver | 1576953 | 1727140 |
| CX Institutional, LLC - Delayed Draw | 269111 | 692000 |
| Farrell & Fuller, LLC - Delayed Draw |  |  |
| Garden Owner, LLC- Delayed Draw | 64179 | 64179 |
| Gas Media Holdings, LLC - Delayed Draw & Revolver | 2364444 |  |
| Govos Intermediate Holdings, LLC - Revolver | 181000 | 181000 |
| IXOPay, Inc. - Delayed Draw & Revolver | 3537000 |  |
| JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver | 2200855 |  |
| Jitterbit, Inc. - Revolver | 50000 | 200000 |
| Kelso Industries, LLC - Delayed Draw | 1437730 | 2702500 |
| Likewize Corp. - Delayed Draw |  |  |
| Mist Holding Co. - Delayed Draw & Revolver | 4482295 | 4482293 |
| Mountainside Fitness Acquisitions, LLC- Delayed Draw & Revolver | 1564000 | 1564000 |
| OPLTD Glenwillow, LLC - Delayed Draw | 950870 | 1320014 |
| Payrange, LLC - Revolver | 620000 | 620000 |
| PT&C Group, LLC - Delayed Draw & Revolver | 1611690 | 2236223 |
| SDG Mgmt Company, LLC - Delayed Draw & Revolver | 5514938 | 10050000 |
| Sensei Holdco, LLC - Delayed Draw & Revolver | 2895000 |  |
| Soapy Joe's Midco OC Holdings, LLC - Delayed Draw | 3847000 |  |
| TickPick Intermediate Holdings, LLC - Revolver | 200000 | 200000 |
| TMC Buyer, Inc. - Delayed Draw | 420834 | 420834 |
| Top Rx, LLC - Revolver | 917447 | 1112057 |
| US Signal Company, LLC - Delayed Draw & Revolver | 1053250 | 1149000 |
| Vacation Rental Brands, LLC - Delayed Draw & Revolver |  | 4012500 |
| WHI Global, Inc. - Revolver | 322740 |  |
| Willow Breeze, LLC - Delayed Draw | 568203 | 1522800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio Company Commitments**<sup>(1)(2)</sup>  | $53731870 | $50511920 |

---

___________________

(1)Represents the full amount of the Company's commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

(2)The Company's estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

------

***Other Commitments and Contingencies***

As of June 30, 2025 and December 31, 2024, the Company had no unfunded commitments to new borrowers that are not current portfolio companies.

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

**6. Net Assets**

***Capital Commitments and Contributions***

As of June 30, 2025, the Company has $354,675,000 in capital commitments, $125,080,000 remained unfunded, representing 35.27% of total capital commitments.

**7. Financial Highlights**

Internal Rate of Return ("IRR") from August 15, 2024 (commencement of operations) through June 30, 2025 and December 31, 2024, are as follows.

---

| | |
|:---|:---|
| | **Members** |
| IRR - 2025 | 10.46% |
| IRR - 2024 | 9.43% |

---

The IRR is computed based on the actual dates of cash inflows (capital contributions), outflows (capital distributions), and the Members' capital. Such IRR is not necessarily indicative of future performance.

---

| | |
|:---|:---|
| | **Members** |
| Ratio to average Members' capital for the period through June 30, 2025: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income(loss) | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 0.17% |

---

Ratios are calculated by dividing each class share of net investment income (loss) and total expenses by average Members' capital. Average Members' capital is calculated by averaging the quarterly Members' capital balances. Ratios to average Members' capital have not been annualized. An individual Member's return may vary depending on the timing of capital transactions

**8. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of the financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

------

**Report of Independent Registered Public Accounting Firm**

To The Members

Crestline Lending Solutions Ramp, LLC:

*Opinion on the Financial Statements*

We have audited the accompanying balance sheet of Crestline Lending Solutions Ramp, LLC (the Company), including the schedule of investments, as of December 31, 2024 and the related statements of operations, changes in net assets, and cash flows for the period from August 15, 2024 (commencement of operations) through December 31, 2024, and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the period from August 15, 2024 (commencement of operations) through December 31, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2024.

Fort Worth, Texas

August 29, 2025

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**Crestline Lending Solutions Ramp, LLC**

**Balance Sheet**

---

| | |
|:---|:---|
| | **December 31, 2024** |
| **Assets** | |
| Investments at fair value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $103,310,153) | $103947024 |
| Cash and cash equivalents  | 49084307 |
| Interest receivable | 775239 |
| Prepaid expenses and other assets | 50940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets**  | $153857510 |
| **Liabilities** |  |
| Investment payable | $10689450 |
| Other liabilities | 912158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities**  | 11601608 |
| Commitments and contingencies (Note 5) |  |
| **Net Assets** |  |
| Members' capital | 142255902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets**  | 142255902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets**  | $153857510 |

---

The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions Ramp, LLC**

**Statement of Operations**

---

| | |
|:---|:---|
| | **For the period from**<br>**August 15, 2024**<br>**(commencement of**<br>**operations) through**<br>**December 31, 2024** |
| **Income** | |
| Investment income from non-controlled, non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | $2238207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 19182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income**  | 2257389 |
| **Expenses** |  |
| Organizational costs | 279593 |
| Professional fees | 114885 |
| Other general and administrative | 243880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses**  | 638358 |
| **Net Investment Income (Loss)**  | 1619031 |
| **Net Change in Unrealized Gains (Losses)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 636871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Change in Unrealized Gains (Losses)**  | 636871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | $2255902 |

---

The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions Ramp, LLC**

**Schedule of Investments as of December 31, 2024**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Maturity Date** | **Reference**<br>**Rate and**<br>**Spread** | **Interest Rate** | **Par / Units** | **Amortized**<br>**Cost** <sup>(2)</sup> | **Fair Value** <sup>(4)</sup> | **Percentage**<br>**of Net Assets** |
| **Communications** | | | | | | | | | |
| TickPick Intermediate Holdings, LLC <sup>(3)</sup> | First-lien loan | 09/6/2024 | 04/1/2030 | SOFR + 5.25% | 9.58% | $3069000 | $3006186 | $3032172 | 2.1% |
|  |  |  |  |  |  |  | 3006186 | 3032172 | 2.1% |
| **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |
| AMC Entertainment Holdings, Inc. <sup>(3)(5)</sup> | First-lien loan | 08/20/2024 | 01/4/2029 | SOFR + 7.00% | 11.36% | 6070126 | 6051124 | 6183308 | 4.4% |
| Mountainside Fitness Acquisitions, LLC <sup>(3)</sup> | First-lien loan | 10/9/2024 | 10/9/2029 | SOFR + 5.00% | 9.30% | 2234000 | 2187080 | 2200490 | 1.6% |
| Vacation Rental Brands, LLC <sup>(3)</sup> | First-lien loan | 10/17/2024 | 09/6/2031 | SOFR + 5.25% | 9.58% | 3333899 | 3304256 | 3303415 | 2.3% |
|  | First-lien revolving loan | 10/17/2024 | 09/6/2031 | SOFR + 5.25% | 9.58% | 94800 | 91735 | 93852 | 0.1% |
|  |  |  |  |  |  |  | 11634195 | 11781065 | 8.3% |
| **Consumer Staples** |  |  |  |  |  |  |  |  |  |
| Heritage Grocers Group, LLC <sup>(3)(5)</sup> | First-lien loan  | 12/20/2024 | 08/1/2029 | SOFR + 6.75% | 11.18% | 3218095 | 3073096 | 3075784 | 2.2% |
|  |  |  |  |  |  |  | 3073096 | 3075784 | 2.2% |
| **Financials** |  |  |  |  |  |  |  |  |  |
| Afore Insurance Services, LLC <sup>(3)</sup> | First-lien loan | 09/6/2024 | 09/6/2029 | SOFR + 6.00% | 10.44% | 1495000 | 1448912 | 1483040 | 1.0% |
| CX Institutional, LLC <sup>(3)</sup> | First-lien loan | 09/6/2024 | 06/18/2029 | SOFR + 5.75% | 10.11% | 1339270 | 1299567 | 1311145 | 0.9% |
| Garden Owner, LLC <sup>(3)</sup> | First-lien loan | 12/30/2024 | 06/27/2026 | SOFR + 2.75% | 14.09% (incl. 7% PIK) | 3702821 | 3702821 | 3702821 | 2.6% |
| Likewize Corp. <sup>(3)(5)</sup> | First-lien loan  | 08/16/2024 | 08/15/2029 | SOFR + 5.75% | 10.05% | 5342460 | 5203976 | 5235612 | 3.7% |
| NMHP Knoxville Owner <sup>(3)</sup> | First-lien A-2 Note | 09/26/2024 | 09/1/2026 | SOFR + 5.50% | 9.00% | 5516004 | 5516004 | 5516004 | 3.9% |
| OPLTD Glenwillow, LLC | First-lien loan | 09/16/2024 | 07/1/2026 | 12.20% | 12.20% | 3311987 | 3311987 | 3311987 | 2.3% |
| Willow Breeze, LLC <sup>(3)</sup> | First-lien loan | 11/19/2024 | 11/19/2026 | SOFR + 6.25% | 10.75% | 5135200 | 5130719 | 5119282 | 3.6% |
|  |  |  |  |  |  |  | 25613986 | 25679891 | 18.1% |
| **Healthcare** |  |  |  |  |  |  |  |  |  |
| Align ENTA Management Services, LLC <sup>(3)</sup> | First-lien loan | 09/13/2024 | 06/30/2028 | SOFR + 5.00% | 9.36% | 434048 | 414420 | 429707 | 0.3% |
| Mist Holding Co. <sup>(3)</sup> | First-lien loan | 12/23/2024 | 12/23/2030 | SOFR + 5.25% | 9.59% | 4501948 | 4439131 | 4456929 | 3.1% |
|  | First-lien revolving loan | 12/23/2024 | 12/23/2030 | SOFR + 5.25% | 9.59% | 280758 | 269573 | 277950 | 0.2% |
| SDG Mgmt Company, LLC <sup>(3)</sup> | First-lien loan | 12/6/2024 | 07/1/2028 | SOFR + 5.50% | —% |  | (78440) |  | —% |
| Top Rx, LLC <sup>(3)</sup> | First-lien loan | 12/18/2024 | 12/18/2029 | SOFR + 5.25% | 9.60% | 9527943 | 9317044 | 9337384 | 6.6% |
|  |  |  |  |  |  |  | 14361728 | 14501970 | 10.2% |
| **Industrials** |  |  |  |  |  |  |  |  |  |
| Best Practice Associates, LLC <sup>(3)</sup> | First-lien loan | 11/8/2024 | 11/8/2029 | SOFR + 6.75% | 11.08% | 7882416 | 7675958 | 7685356 | 5.4% |
| Crete PA Holdco, LLC <sup>(3)</sup> | First-lien loan  | 11/26/2024 | 11/26/2030 | SOFR + 5.00% | 9.52% | 1501860 | 1465108 | 1479333 | 1.0% |
| Kelso Industries LLC <sup>(3)(5)</sup> | First-lien loan  | 12/30/2024 | 12/30/2029 | SOFR + 5.75% | 10.09% | 7026500 | 6885970 | 6885970 | 4.8% |
| Meritum Energy Holdings, LP <sup>(3)</sup> | First-lien loan | 12/6/2024 | 12/6/2028 | SOFR + 7.50% | 11.93% | 4198000 | 4114594 | 4114040 | 2.9% |
| PT&C Group, LLC <sup>(3)</sup> | First-lien loan | 12/24/2024 | 12/24/2029 | SOFR + 5.50% | 9.84% | 4244777 | 4132023 | 4170494 | 2.9% |
| Tank Holding Corp. <sup>(3)(5)</sup> | First-lien loan | 11/14/2024 | 03/31/2028 | SOFR + 5.75% | 10.25% | 2210668 | 2190508 | 2177508 | 1.5% |
| TMC Buyer Inc. <sup>(3)(5)</sup> | First-lien loan  | 10/25/2024 | 10/25/2030 | SOFR + 5.00% | 9.57% | 4629178 | 4579467 | 4669682 | 3.3% |
|  |  |  |  |  |  |  | 31043628 | 31182383 | 21.9% |
| **Technology** |  |  |  |  |  |  |  |  |  |
| Ark Data Centers, LLC <sup>(3)</sup> | First-lien loan | 11/27/2024 | 11/27/2030 | SOFR + 4.75% | 9.08% | 3977433 | 3862514 | 3897884 | 2.7% |
| Chirisa Volo, LLC <sup>(3)</sup> | First-lien loan | 10/9/2024 | 12/4/2027 | SOFR + 6.25% | 10.55% | 1069378 | 1002365 | 1058685 | 0.7% |
| Govos Intermediate Holdings, LLC <sup>(3)</sup> | First-lien loan  | 09/6/2024 | 07/25/2029 | SOFR + 4.00% | 10.75% (incl. 2% PIK) | 3645977 | 3574197 | 3580350 | 2.5% |
| Jitterbit, Inc. <sup>(3)</sup> | First-lien loan | 09/6/2024 | 03/3/2028 | SOFR + 6.00% | 14.45% (incl. 3.50% PIK | 1431890 | 1387341 | 1376046 | 1.0% |
| Payrange, LLC <sup>(3)</sup> | First-lien loan | 11/26/2024 | 10/31/2030 | SOFR + 5.25% | 9.61% | 2325000 | 2295610 | 2301750 | 1.6% |
| US Signal Company, LLC <sup>(3)</sup> | First-lien loan | 09/3/2024 | 09/3/2029 | SOFR + 5.50% | 10.07% | 2489000 | 2455307 | 2479044 | 1.7% |
|  |  |  |  |  |  |  | 14577334 | 14693759 | 10.3% |
| **Total Investments**  |  |  |  |  |  |  | $**103310153** | $**103947024** | **73.1%** |

---

------

__________________

(1)Unless otherwise indicated, the Company's portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the "1940 Act"), the Company would "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company does not "control" any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an "Affiliated Person" of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2024, the Company does not identify any of its portfolio companies as affiliates.

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

(3)Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to Term Secured Overnight Financing Rate ("SOFR"), which may also contain a credit spread adjustment depending on the tenor election, selected at the borrower's option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(4)In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements ("ASC Topic 820"), unless otherwise indicated, the fair values of all investments were determined using unobservable inputs and are considered Level 3 investments. See Note 4 for further information related to investments at fair value.

(5)This investment is valued using observable inputs and is considered a Level 2 investment. See Note 4 for further information related to investments at fair value.

The accompanying notes are an integral part of these financial statements.

------

**Crestline Lending Solutions Ramp, LLC**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
| | **For the period from**<br>**August 15, 2024**<br>**(commencement of**<br>**operations) through**<br>**December 31, 2024** |
| **Net Increase (Decrease) in Net Assets Resulting from operations:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1619031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses)  | 636871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in from operations | 2255902 |
| **Capital transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contributions | 140000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, beginning of period |  |
| **Net Assets, end of period**  | $**142255902** |

---

The accompanying notes are an integral part of these financial statements.

------

**Crestline Lending Solutions Ramp, LLC**

**Statement of Cash Flows**

---

| | |
|:---|:---|
| | **For the period from**<br>**August 15, 2024**<br>**(commencement of**<br>**operations) through**<br>**December 31, 2024** |
| **Cash Flows from Operating Activities:** | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $2255902 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gains) losses  | (636871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases and originations of investments, net | (93276977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on investments | 656274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (775239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (50940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 912158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by (Used in) Operating Activities**  | (90915693) |
| **Cash Flows from Financing Activities** |  |
| Proceeds from capital contributions | 140000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by (Used in) Financing Activities**  | 140000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Cash, Cash Equivalents**  | 49084307 |
| Cash; and cash equivalents, beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash; and Cash Equivalents, End of Period**  | $49084307 |

---

The accompanying notes are an integral part of these financial statements.

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**Crestline Lending Solutions Ramp, LLC**

**Notes to Financial Statements**

**1. Organization and Basis of Presentation**

***Organization***

Crestline Lending Solutions Ramp, LLC (the "Company") was organized as a Delaware limited liability company on June 18, 2024, and commenced operations on August 15, 2024. The purpose of the Company is to invest and make loans and other investments consistent with its investment guidelines. Capitalized terms herein not otherwise defined have the meaning given in the Company agreements.

Crestline Management, L.P., a Delaware limited partnership, acts as the Company's investment manager (the "Investment Manager"). The Investment Manager is a registered investment advisor with the Securities and Exchange commission.

***Basis of Presentation***

The accompanying financial statements reflect the accounts of the Company and have been presented on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (U.S. GAAP). The Company is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services - Investment Companies. Changes in unrealized gains or losses resulting from recording investments at fair value are included in the accompanying statement of operations. Realized gains and losses on investment transactions, as applicable, are determined on a specific identification basis. The Company records investment transactions on the trade date. Interest income is recognized on an accrual basis.

***Fiscal Year End***

The Company's fiscal year ends on December 31.

**2. Significant Accounting Policies**

***Use of Estimates***

The company made estimates and assumptions in preparing these accompanying financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates and those differences could be material.

***Cash and Cash Equivalents***

Cash and cash equivalents are held at major financial institutions, which at times may exceed U.S. federally insured limits. Cash and cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of thee months or less. As of December 31, 2024 the amount of cash equivalents held were $48,868,293.

***Investments Receivables/Payables***

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled as of the reporting date. As of December 31, 2024, the Company had no receivables for investments sold and $10,689,450 of payables for investments purchased.

***Investments at Fair Value***

The Company's investments are recorded at fair value, as defined by U.S. GAAP, specifically FASB ASC 820, Fair Value Measurement ("Topic 820"), and determined by the Investment Manager. Topic 820 establishes a fair

------

value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Topic 820 are below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. This level of fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs include: (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Inputs that are unobservable for the asset or liability. These inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company's own data. The Company's own data used to develop unobservable inputs is adjusted if information indicates that market participants would use different assumptions.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the financial instrument. Fair value estimates for financial instruments for which no or limited observable market data is available are based on judgments regarding current economic conditions, liquidity, currency, credit and interest rate risks, loss experience and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique, including discount rates, liquidity risks, and estimates of future cash flows, could significantly affect these fair value estimates. Because of the inherent uncertainty of valuation, including Level 3 input risks, this estimated value may differ from the value that would have been used had a ready market for these investments existed, and the differences could be material.

***Organization and Offering Costs***

Organizational costs consist of costs incurred to establish the entity as a Delaware limited liability company and subsequent conversion to a business development company ("BDC"). Organizational costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of interests in the partnership and subsequently the BDC. Offering costs are capitalized as a deferred charge and will be amortized to expense on a straight-line basis over twelve months. Additional organizational costs and offering costs may be incurred subsequent to December 31, 2024.

***Interest Income Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest, if any.

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***Other Income***

Other income may include various fees in the ordinary course of business such as structuring, consent, waiver, amendment, or syndication fees as well as fees for managerial assistance rendered by the Company to its portfolio companies. Such fees are recognized as income when earned.

***Income Taxes***

Due to the nature of the Company's activities and its organization as a limited liability company and its treatment as a partnership for federal income tax purposes, it is generally not subject to federal, state or local income taxes. Income taxes are payable by the Members based on their share of the income or loss of the Company and have not been reflected in the accompanying financial statements.

The Company evaluates the uncertainty in tax positions taken or expected to be taken in the course of preparing the Company's financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions with respect to tax at the Company level deemed not to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company has concluded that there is no impact on the operations of the Company for the period from August 15, 2024 (commencement of operations) through December 31, 2024, and that no provision for income tax is required in the Company's financial statements. However, the Company's conclusions regarding this evaluation are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. The Company's 2024 tax year returns remain subject to examination by the relevant federal, state, and local tax authorities.

***Members' Capital and Allocation of Income/(Loss)***

A separate capital account (a "Capital Account") is established for each Member in accordance with the Limited Liability Company Agreement (the "LLC Agreement"). A Capital Account will be credited with capital contributions, distributive share of Net Income and any items of income or gain and debited with Net Losses and items of loss or deduction allocated to such Member. In the event all or a portion of a Company Interest is transferred in accordance with the terms of this agreement, the transferee will succeed to the Capital Account of the transferor, to the extent that it relates to the transferred Company Interest. No Member will be required to pay to the Company or to any other Member the amount of any negative balance that may exit from time to time in such Member's Capital Account.

Net Income and Net Loss will be allocated among the Members in a manner that, is equal (proportionately) to a distribution that would be made to such Member with respect to the Company if the Company's affairs were to be wound up, its assets were sold for cash equal to their Gross Asset Value, all liabilities of the Company were satisfied, and the net assets of the Company distributed to the Members promptly after making such allocation, minus such Member's share of any Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets.

***Management Fees***

Under the terms of the investment management agreement made by and between the Company and the Investment Manager, the Investment Manager (i) is responsible for the management, operations, and control of the assets and liabilities of the Company relating to its business and (ii) has full investment discretionary authority to make investments for and on behalf of the Company. The Management Fee will begin to accrue only upon the expiration of the Investment Period which is twelve (12) months after the Final Closing Date of November 15, 2024. The Investment Manager is not entitled to compensation from the Company at December 31, 2024.

***Administrative Agreement***

The Company has entered into an Administration Agreement with U.S. Bancorp Fund Services, LLC ("US Bank"). US Bank is responsible, among other things, for maintaining corporate and financial books and records of

------

the Company, and performing all other accounting and clerical services necessary in connection with the administration of the Company.

***Segment Reporting***

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

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The Company's chief operating decision maker (the "CODM"), comprised of the Company's investment committee (chief executive officer, chief investment officer, chief operating officer, and deputy investment officers) and the chief financial officer, assesses the performance and makes operating decisions of the Company primarily based on the Company's net increase in equity resulting from operations (net income). As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying balance sheet as "total assets" and the significant segment expenses are listed on the accompanying statement of operations.

***Recent Accounting Standards and Regulatory Updates***

In December 2024, the FASB issued ASU No. 2024-04, "Debt with Conversion and Other Options (Subtopic 470): Induced Conversions of Convertible Debt Instruments", which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company's financial statements.

***Related Party Transactions***

Certain expenses of the Company may initially be invoiced to the Investment Manager. Subsequently, those amounts are charged to the Company in accordance with governing management agreements. For the period from August 15, 2024 (commencement of operations) through December 31, 2024, such expenses amounted to $14,739 in other general and administrative expenses and are included in the accompanying statement of operations.

**3. Investments at Fair Value**

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying Financial Statements, including the schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** <sup>(1)</sup> | **Fair Value** | **Net Unrealized**<br>**Gain (Loss)** |
| First-lien debt investments | $103310153 | $103947024 | $636871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments**  | $103310153 | $103947024 | $636871 |

---

__________________

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

------

The industry composition of investments at fair value at December 31, 2024:

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| | |
|:---|:---|
| | **December 31, 2024** |
| Communications | 2.9% |
| Consumer discretionary | 11.3% |
| Consumer staples | 3.0% |
| Financials | 24.7% |
| Healthcare | 14.0% |
| Industrials | 30.0% |
| Technology | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | 100.0% |

---

The geographic composition of investments at fair value at December 31, 2024:

---

| | |
|:---|:---|
| | **December 31, 2024** |
| United States |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | 19.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;South | 38.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 23.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | 100.0% |

---

**4. Fair Value of Financial Instruments**

***Investments***

The following tables present fair value measurements of investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy at December 31, 2024** | **Fair Value Hierarchy at December 31, 2024** | **Fair Value Hierarchy at December 31, 2024** | **Fair Value Hierarchy at December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien debt investments | $— | $28227864 | $75719160 | $103947024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments at Fair Value**  | $— | $28227864 | $75719160 | $103947024 |

---

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

------

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the period from August 15, 2024 (commencement of operations) through December 31, 2024:

---

| | |
|:---|:---|
| | **For the period from August 15, 2024 (commencement of operations) through December 31, 2024** |
| | **First-lien debt**<br>**investments** |
| Balance, beginning of period | $— |
| Purchases or originations | 75347043 |
| Repayments / redemptions | (127004) |
| Paid-in-kind interest | 47199 |
| Net change in unrealized gains (losses) | 393149 |
| Net amortization of discount on securities | 58773 |
| Transfers within Level 3 |  |
| Transfers into (out of) Level 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, End of Period  | $75719160 |

---

The following tables present information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at December 31, 2004:

---

| | |
|:---|:---|
| | **Net Change in Unrealized**<br>**Gains or (Losses)**<br>**For the period from August 15, 2024 (commencement of operations) through December 31, 2024** |
| First-lien debt investments | $393149 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $393149 |

---

The following table presents the fair value of Level 3 Investments at fair value and the unobservable inputs used in the valuations as of December 31, 2024. The table is not intended to be all-inclusive, but instead capture the unobservable inputs relevant to the Company's determination of fair values.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | **Range (Weighted**<br>**Average)** |
| First-lien debt investments | $75719160 | Discounted Cash Flow - <br>Yield Analysis <br>Precendent Transaction | Discount Rate<br>N/A | 9.71% - 16.32%<br>N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $75719160 |  |  |  |

---

Level 3 investments that are considered material private investments are valued on a quarterly basis, taking into consideration any changes in key inputs such as loan structure, company performance, comparable market

------

transactions, discount rates, cash flow projections, and/or liquidity, credit and market risk factors. The relevant valuation models are updated to reflect these changes. The valuation methodology underlying the investment is reviewed and approved quarterly by a valuation committee. In certain circumstances, the Investment Manager may use a third-party valuation firm to corroborate certain values determined by management.

**5. Commitments and Contingencies**

***Portfolio Company Commitments***

From time to time, the Company may enter into commitments to fund investments; such commitments are incorporated into the Company's assessment of its liquidity position. The Company's senior secured revolving loan commitments are generally available on a borrower's demand and may remain outstanding until the maturity date of the applicable loan. The Company's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

As of December 31, 2024, the Company had the following commitments to fund investments in current portfolio companies:

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| | |
|:---|:---|
| | **December 31, 2024** |
| Afore Insurance Services, LLC - Delayed Draw & Revolver | $3289000 |
| Align ENTA Management Services, LLC - Delayed Draw & Revolver | 3211952 |
| Ark Data Centers, LLC - Delayed Draw & Revolver | 3041566 |
| Best Practice Associates, LLC - Revolver | 588240 |
| Chirisa Volo Tranche, LLC - Delayed Draw | 6124622 |
| Crete PA Holdco, LLC - Delayed Draw & Revolver | 1727140 |
| CX Institutional, LLC - Delayed Draw | 692000 |
| Garden Owner, LLC - Delayed Draw | 64179 |
| Govos Intermediate Holdings, LLC - Revolver | 181000 |
| Jitterbit, Inc. - Revolver | 200000 |
| Kelso Industries, LLC - Delayed Draw | 2702500 |
| Mist Holding Co. - Delayed Draw & Revolver | 4482293 |
| Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver | 1564000 |
| OPLTD Glenwillow, LLC - Delayed Draw | 1320014 |
| Payrange, LLC - Revolver | 620000 |
| PT&C Group, LLC - Delayed Draw & Revolver | 2236223 |
| SDG Mgmt Company, LLC - Delayed Draw & Revolver | 10050000 |
| TickPick Intermediate Holdings, LLC - Revolver | 200000 |
| TMC Buyer, Inc. - Delayed Draw | 420834 |
| Top Rx, LLC - Revolver | 1112057 |
| US Signal Company, LLC - Delayed Draw & Revolver | 1149000 |
| Vacation Rental Brands, LLC - Delayed Draw & Revolver | 4012500 |
| Willow Breeze, LLC - Delayed Draw | 1522800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio Company Commitments**<sup>(1)(2)</sup>  | $50511920 |

---

__________________

(1)Represents the full amount of the Company's commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

(2)The Company's estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

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*Other Commitments and Contingencies*

As of December 31, 2024, the Company had no unfunded commitments to new borrowers that are not current portfolio companies.

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

**6. Net Assets**

***Capital Commitments and Contributions***

As of December 31, 2024, the Company has $354,675,000 in capital commitments, of which $214,675,000 remained unfunded, representing 60.53% of total capital commitments.

**7. Financial Highlights**

Internal Rate of Return ("IRR") from August 15, 2024 (commencement of operations) through December 31, 2024, is as follows.

---

| | |
|:---|:---|
| | **Members** |
| **IRR - 2024**  | 9.43% |

---

The IRR is computed based on the actual dates of cash inflows (capital contributions), outflows (capital distributions), and the Members' capital. Such IRR is not necessarily indicative of future performance.

---

| | |
|:---|:---|
| | **Members** |
| Ratio to average Members' capital for the period from August 15, 2024 (commencement of operations) through December 31, 2024: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Members Net investment income(loss) | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | (0.66)% |

---

Ratios are calculated by dividing each class share of net investment income(loss) and total expenses by average Members' capital. Average Members' capital is calculated by averaging the quarterly Members' capital balances. Ratios to average Members' capital have not been annualized. An individual Member's return may vary depending on the timing of capital transactions.

**8. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of the financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

------

**Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

There are not and have not been any disagreements between the Company and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 15. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)List separately all financial statements filed

The financial statements included in this Registration Statement are listed in *Item 13. Financial Statements and Supplementary Data*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Exhibits

---

| | |
|:---|:---|
| **Number** | **Exhibit** |
| 3.1 | <u>[Certificate of](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[Amendment t](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[o the Certificate of](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[Formation](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[,](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[dated](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[as of](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[April](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)[14, 2025](https://www.sec.gov/Archives/edgar/data/2035713/000162828025041414/exhibit31-form10.htm)</u><sup>(1)</sup> |
| 3.2 | <u>[Amended and Restated](exhibit32-form10x12ga.htm)[Limited Liability Company Agreement](exhibit32-form10x12ga.htm)[, dated](exhibit32-form10x12ga.htm)[as of September 2, 2025](exhibit32-form10x12ga.htm)[\*](exhibit32-form10x12ga.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement](exhibit41-form10x12ga.htm)[\*](exhibit41-form10x12ga.htm)</u> |
| 4.2 | <u>[Dividend](exhibit42-form10x12ga.htm)[Reinvestment Plan\*](exhibit42-form10x12ga.htm)</u> |
| 10.1 | <u>[Investment](exhibit101-form10x12ga.htm)[Advisory and](exhibit101-form10x12ga.htm)[Management Agreement](exhibit101-form10x12ga.htm)[, dated as of September 2, 2025,](exhibit101-form10x12ga.htm)[by and between](exhibit101-form10x12ga.htm)[Crestline Lending Solutions](exhibit101-form10x12ga.htm)[, LLC](exhibit101-form10x12ga.htm)[and](exhibit101-form10x12ga.htm)[Crestline Management, L.P.\*](exhibit101-form10x12ga.htm)</u> |
| 10.2 | <u>[Administration Agreement](exhibit102-form10x12ga.htm)[, dated as of September 2, 2025,](exhibit102-form10x12ga.htm)[by and between](exhibit102-form10x12ga.htm)[Crestline Lending Solutions, LLC](exhibit102-form10x12ga.htm)[and](exhibit102-form10x12ga.htm)[Crestline Management, L.P.\*](exhibit102-form10x12ga.htm)</u> |
| 10.3 | <u>[E](exhibit103-form10x12ga.htm)[xpense Support and](exhibit103-form10x12ga.htm)[Reim](exhibit103-form10x12ga.htm)[bursement Agreement](exhibit103-form10x12ga.htm)[, dated as of September 2, 2025,](exhibit103-form10x12ga.htm)[by and between](exhibit103-form10x12ga.htm)[Crestline Lending Solutions, LLC](exhibit103-form10x12ga.htm)[and Crestline Management, L.P.\*](exhibit103-form10x12ga.htm)</u> |
| 10.4 | <u>[Trade](exhibit104-form10x12ga.htm)[mark](exhibit104-form10x12ga.htm)[License Agreement](exhibit104-form10x12ga.htm)[, dated as of September 2, 2025,](exhibit104-form10x12ga.htm)[by and between](exhibit104-form10x12ga.htm)[Crestline Lending Solutions, LLC a](exhibit104-form10x12ga.htm)[nd Crestline](exhibit104-form10x12ga.htm)[Management, L.P.](exhibit104-form10x12ga.htm)[\*](exhibit104-form10x12ga.htm)</u> |
| 10.5 | <u>[Amended and Restated](exhibit105-form10x12ga.htm)[Custody Agreement](exhibit105-form10x12ga.htm)[, dated as of September 1](exhibit105-form10x12ga.htm)[8](exhibit105-form10x12ga.htm)[, 2025,](exhibit105-form10x12ga.htm)[by and between the Company and](exhibit105-form10x12ga.htm)[State Street Bank and Trust Company](exhibit105-form10x12ga.htm)[\*](exhibit105-form10x12ga.htm)</u> |
| 10.6 | <u>[Transfer Agency and](exhibit106-form10x12ga.htm)[Service](exhibit106-form10x12ga.htm)[Agreement](exhibit106-form10x12ga.htm)[,](exhibit106-form10x12ga.htm)[dated as of](exhibit106-form10x12ga.htm)[July 31](exhibit106-form10x12ga.htm)[,](exhibit106-form10x12ga.htm)[by and between](exhibit106-form10x12ga.htm)[Crestline Lendin](exhibit106-form10x12ga.htm)[g Solutions, LLC](exhibit106-form10x12ga.htm)[and](exhibit106-form10x12ga.htm)[State Street Bank and Trust Company](exhibit106-form10x12ga.htm)[\*](exhibit106-form10x12ga.htm)</u> |
| 10.7 | <u>[L](exhibit107-form10x12ga.htm)[oan Financing and Servicing Agreement, dated a](exhibit107-form10x12ga.htm)[s of September 19, 2025, by and among CL](exhibit107-form10x12ga.htm)[LSF SPV I, LLC, as borrower, Crestline Lending Solutions, LLC](exhibit107-form10x12ga.htm)[, as equity](exhibit107-form10x12ga.htm)[holder and servi](exhibit107-form10x12ga.htm)[cer, Deutsche Bank AG](exhibit107-form10x12ga.htm)[, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and col](exhibit107-form10x12ga.htm)[lateral custodian, and the lenders from time to time party there](exhibit107-form10x12ga.htm)[to\*](exhibit107-form10x12ga.htm)</u> |
| 10.8 | <u>[S](exhibit108-form10x12ga.htm)[ale and Contribution](exhibit108-form10x12ga.htm)[Agreement, dated as of September 19, 2025, by and among Crestline Lending Solutions, LLC, as](exhibit108-form10x12ga.htm)[seller, and CL LSF SPV I, LLC, as borrower\*](exhibit108-form10x12ga.htm)</u> |
| 21.1 | <u>[List of Subsidiaries\*](exhibit211-form10x12ga.htm)</u> |

---

__________________

\*Filed herewith.

(1)Previously filed as an exhibit to the Company's Registration Statement on Form 10 (File No. 000-56777) filed on August 29, 2025.

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**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Crestline Lending Solutions, LLC** | **Crestline Lending Solutions, LLC** |
| | By: | /s/ Chris Semple |
| | | Name: Chris Semple |
| | | Title: Chief Executive Officer |
| Date: November 4, 2025 |  |  |

---

## Exhibit 3.2

**Exhibit 3.2**

**Execution Version**

**CRESTLINE LENDING SOLUTIONS, LLC**

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

Dated as of September 2, 2025

THE UNITS OF LIMITED LIABILITY COMPANY INTERESTS ("SHARES") OF CRESTLINE LENDING SOLUTIONS, LLC HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SHARES MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT, ANY APPLICABLE U.S. STATE SECURITIES LAWS AND ANY OTHER APPLICABLE SECURITIES LAWS AND THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT. THE SHARES MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED LIABILITY COMPANY AGREEMENT. THEREFORE, PURCHASERS OF SHARES WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | **Article I** | <u>Page</u> |
| | DEFINITIONS | 1 |
| 1.1 | Definitions |  |
|  | **Article II** |  |
|  | ORGANIZATION; POWERS |  |
| 2.1 | Name and Office | 4 |
| 2.2 | Purpose; Powers | 4 |
| 2.3 | Fiscal Year | 4 |
| 2.4 | Status of the Fund | 4 |
|  | **Article III** |  |
|  | MANAGEMENT; BOARD OF DIRECTORS |  |
| 3.1 | Management | 6 |
| 3.2 | Number of Directors and Manner of Acting | 6 |
| 3.3 | Newly Created Directorships and Vacancies | 6 |
| 3.4 | Removal of Directors | 6 |
| 3.5 | Meetings of the Board | 6 |
| 3.6 | Committees | 6 |
| 3.7 | Officers | 6 |
|  | **Article IV** |  |
|  | THE MEMBERS |  |
| 4.1 | Admission of New Members; Commitments | 7 |
| 4.2 | No Participation in Management, etc. | 7 |
| 4.3 | Limitation of Liability | 7 |
| 4.4 | Meetings of Members | 7 |
| 4.5 | Quorum | 7 |
| 4.6 | Member Voting and Consents | 7 |
| 4.7 | Bankruptcy, Dissolution, or Withdrawal of a Member | 7 |
|  | **Article V** |  |
|  | INVESTMENTS; INDEBTEDNESS |  |
| 5.1 | Investment Objectives | 8 |
| 5.2 | Fund Indebtedness; Borrowings | 8 |
|  | **Article VI** |  |
|  | SHARES; REPURCHASES; DISTRIBUTIONS |  |
| 6.1 | Classes of Shares | 9 |
| 6.2 | Fractional Shares | 9 |
| 6.3 | Share Repurchases | 9 |
| 6.4 | Distributions | 9 |
| 6.5 | Withholding Taxes | 9 |

---

------

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| | | |
|:---|:---|:---|
| | **Article VII** | |
| | CLOSINGS; CAPITAL COMMITMENTS; DRAWDOWNS | |
| 7.1 | Closings | 10 |
| 7.2 | Capital Commitments | 10 |
| 7.3 | Drawdowns | 10 |
| 7.4 | Defaulting Investors | 10 |
|  | **Article VIII** |  |
|  | THE ADVISER; INVESTMENT MANAGEMENT AGREEMENT |  |
| 8.1 | Appointment of the Adviser | 11 |
|  | **Article IX** |  |
| THE ADMINISTRATOR; ADMINISTRATION AGREEMENT; BOOKS AND RECORDS;<br>REPORTS | THE ADMINISTRATOR; ADMINISTRATION AGREEMENT; BOOKS AND RECORDS;<br>REPORTS | THE ADMINISTRATOR; ADMINISTRATION AGREEMENT; BOOKS AND RECORDS;<br>REPORTS |
| 9.1 | Administrator | 11 |
| 9.2 | Maintenance of Books and Records | 11 |
| 9.3 | Reports | 11 |
| 9.4 | Closing Documents | 11 |
| 9.5 | Tax Documents | 11 |
| 9.6 | Valuation | 11 |
|  | **Article X** |  |
|  | INDEMNIFICATION |  |
| 10.1 | Limitation of Liability | 12 |
| 10.2 | Indemnification | 12 |
| 10.3 | Expenses | 12 |
| 10.4 | Indemnification Not Exclusive | 12 |
| 10.5 | Insurance | 12 |
|  | **Article XI** |  |
|  | TRANSFERS |  |
| 11.1 | Transfers by Shareholders | 12 |
|  | **Article XII** |  |
|  | DURATION OF THE FUND |  |
| 12.1 | Duration | 13 |
| 12.2 | Sale or Merger | 13 |
| 12.3 | Winding Up | 13 |
| 12.4 | Time of Liquidation, etc. | 14 |
| 12.5 | Cancellation | 14 |
| 12.6 | Liability | 14 |
|  | **Article XIII** |  |
|  | AMENDMENTS; VOTING; POWER OF ATTORNEY |  |
| 13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments By Consent | 14 |
| 13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments Without Consent | 14 |
| 13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent to Amend Special Provisions | 15 |
| 13.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney | 15 |

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| | | |
|:---|:---|:---|
| | **Article XIV** | |
| | AMENDMENTS; VOTING; POWER OF ATTORNEY | |
| 14.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices | 16 |
| 14.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts and Execution | 16 |
| 14.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** and Headings | 17 |
| 14.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability | 17 |
| 14.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further Actions | 17 |
| 14.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation | 17 |
| 14.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Waiver | 17 |
| 14.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable Law | 17 |
| 14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality | 18 |
| 14.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival of Certain Provisions | 20 |
| 14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Partition | 20 |
| 14.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement | 20 |
| 14.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Counsel | 20 |
| 14.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Anti-Money Laundering Requirements | 21 |
| 14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA Members | 21 |
| 14.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Cooperation | 21 |
| 14.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Member | 21 |

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**CRESTLINE LENDING SOLUTIONS, LLC**

THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Crestline Lending Solutions, LLC (f/k/a Crestline Lending Solutions Ramp, LLC (the "<u>Ramp Vehicle</u>"), a Delaware limited liability company (the "<u>Fund</u>"), is made and entered into as of September 2, 2025, by and among the Persons listed in the books and records of the Fund as Members of the Fund and by the Adviser (as defined herein). Capitalized terms used herein without definition have the meanings specified in Section 1.1.

<u>R E C I T A L S</u>:

WHEREAS, the Ramp Vehicle was formed under the Delaware Limited Liability Company Act (6 Del. C. §18-101, et seq.) (as amended from time to time, the "<u>Delaware Act</u>") pursuant to a Certificate of Formation filed with the Secretary of State of the State of Delaware on June 18, 2024 and from its formation was governed by the Limited Liability Company Agreement of the Fund, dated as of June 18, 2024 (the "<u>Original Agreement</u>"); and

WHEREAS, the Ramp Vehicle filed an amendment (the "<u>Amendment</u>") to the Certificate of Formation filed with the Secretary of State of the State of Delaware on April 14, 2025 to change its name to Crestline Lending Solutions, LLC (as amended by the Amendment, the "<u>Certificate of Formation</u>"); and

WHEREAS, the Members of the Fund wish to amend and restate the Original Agreement in its entirety and enter into this Agreement.

NOW, THEREFORE, the parties hereto hereby agree to continue the Fund and hereby amend and restate the Original Agreement, which is replaced and superseded in its entirety by this Agreement, as follows:

**ARTICLE I**

**DEFINITIONS**

1.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. As used herein the following terms have the meanings set forth below:

"<u>Administration Agreement</u>" shall have the meaning set forth in Section 9.1.

"<u>Administrator</u>" shall mean Crestline Management, L.P., a Delaware limited partnership, in its capacity as the Fund's administrator, and any successor thereto.

"<u>Adverse Consequence</u>" shall mean (*a*) a violation of a statute, rule, regulation or governmental administrative policy applicable to a Member of a U.S. federal or state or non-U.S. governmental authority that is reasonably likely to have a material adverse effect on a Portfolio Company or any Affiliate thereof or on the Fund, the Adviser or any of their respective Affiliates or on any Member or any Affiliate of any such Member or (*b*) an occurrence that is reasonably likely to subject a Portfolio Company, the Fund, the Adviser any Member or any of their respective Affiliates to any material regulatory requirement or burdensome filing requirement to which it would not otherwise be subject, or that is reasonably likely to materially increase any such regulatory requirement beyond what it would otherwise have been.

"<u>Adviser</u>" shall mean Crestline Management, L.P., a Delaware limited partnership, in its capacity as the Fund's investment adviser, and any successor thereto.

"<u>Advisers Act</u>" shall mean the U.S. Investment Advisers Act of 1940, as amended from time to time.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, (*a*) a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the Person specified, (*b*) a Person with respect to which such Person acts as a discretionary investment adviser and (*c*) any relative or spouse of such Person who has the same home as such Person; *provided* that Portfolio Companies shall be deemed not to be "Affiliates" of the Adviser or the Fund.

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"<u>Aggregate Committed Capital</u>" shall mean the aggregate Capital Commitments (whether funded or unfunded) of all Shareholders.

"<u>Agreement</u>" shall mean this Limited Liability Company Agreement, as amended, supplemented or restated from time to time.

"<u>Board</u>" or "<u>Board of Directors</u>" shall mean the Fund's board of directors. Each director is hereby designated as a "manager" of the Fund within the meaning of Section 18-101(12) of the Delaware Act.

"<u>Business Day</u>" shall mean any day other than (*a*) Saturday and Sunday and (*b*) any other day on which banks located in New York City are required or authorized by law to remain closed.

"<u>Capital Commitment</u>" shall mean, with respect to any Shareholder, the amount of capital committed to purchase Shares as set forth as such in such Shareholder's accepted Subscription Agreement and reflected in the books and records of the Fund, as amended from time to time pursuant to this Agreement.

"<u>Closing</u>" shall mean the Initial Closing Date and any date as of which the Adviser shall admit one or more further Shareholders to the Fund pursuant to this Agreement and one or more Subscription Agreements.

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

"<u>Confidential Information</u>" shall have the meaning set forth in Section 14.10(a).

"<u>Covered Person</u>" shall mean any person who has served as a director, officer or employee of the Fund, the Adviser, and each of their respective Affiliates; each of the current and former shareholders, officers, directors, employees, partners, members, and managers of any of the Adviser and each of its Affiliates and any other person who serves at the request of the Board or on behalf of the Fund as a shareholder, officer, director, employee, partner, member, manager or senior adviser of any other entity.

"<u>Crestline</u>" shall mean the Adviser and its Affiliates.

"<u>Defaulting Investor</u>" shall have the meaning set forth in Section 7.4.

"<u>Delaware Act</u>" shall have the meaning set forth in the preamble hereto.

"<u>Disabling Conduct</u>" shall have the meaning set forth in Section 10.1.

"<u>Drawdown Date</u>" shall have the meaning set forth in Section 7.3(a).

"<u>Drawdown Notice</u>" shall have the meaning set forth in Section 7.3(a).

"<u>Drawdown Purchase Price</u>" shall have the meaning set forth in Section 7.2.

"<u>Drawdown Purchases</u>" shall mean the capital contributions made to the Fund to purchase Shares pursuant to Section 7.2 from time to time by the Shareholders pursuant to a Drawdown Notice.

"<u>Drawdown Amount</u>" shall have the meaning set forth in Section 7.2.

"<u>Electronic Signature</u>" shall have the meaning set forth in Section 13.2.

"<u>ERISA</u>" shall mean the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time.

"<u>Event of Dissolution</u>" shall have the meaning set forth in Section 12.1.

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"<u>Exchange Act</u>" shall mean the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

"<u>Fiscal Year</u>" shall mean the fiscal year of the Fund, as determined pursuant to Section 2.3.

"<u>Fund</u>" shall have the meaning set forth in the preamble hereto.

"<u>Fund Counsel</u>" shall have the meaning set forth in Section 14.14.

"<u>Fund Indebtedness</u>" shall mean any borrowings of, guarantees by, repurchase arrangements or other credit or leverage obligations of the Fund.

"<u>Fund Information</u>" shall have the meaning set forth in Section 14.10(b).

"<u>Independent Directors</u>" shall have the meaning set forth in Section 3.2.

"<u>Initial Closing Date</u>" shall mean the date on which Capital Commitments are first accepted by the Fund.

"<u>Initial Drawdown Date</u>" shall mean the date of the initial Drawdown Purchase from Shareholders.

"<u>Investment Company Act</u>" shall mean the Investment Company Act of 1940, as amended from time to time, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

"<u>Investment Management Agreement</u>" shall have the meaning set forth in Section 8.1.

"<u>Investment Objectives</u>" shall have the meaning set forth in Section 5.1.

"<u>Legal Requirements</u>" shall have the meaning set forth in Section 14.10(a).

"<u>Members</u>" shall mean, collectively, the Shareholders, holders of any other class of Shares or any other member of the Fund, in their capacity as such.

"<u>Member Recipients</u>" shall have the meaning set forth in Section 14.10(a).

"<u>Per Share NAV</u>" shall have the meaning set forth in Section 7.2.

"<u>Person</u>" shall mean any individual or entity, including a corporation, partnership, association, limited liability company, limited liability partnership, joint-stock company, trust, unincorporated association, government or governmental agency or authority.

"<u>Plan Asset Regulations</u>" shall mean the regulations issued by the Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, as modified by Section 3(42) of ERISA, as amended from time to time.

"<u>Portfolio Company</u>" shall mean an entity in which a Portfolio Investment is made by the Fund.

"<u>Portfolio Company Roles</u>" shall mean serving on Portfolio Company boards of directors, serving in executive management roles at Portfolio Companies or performing the functional equivalent of such roles.

"<u>Portfolio Investments</u>" shall mean debt or equity investments made by the Fund.

"<u>Securities Act</u>" shall mean the U.S. Securities Act of 1933, as amended from time to time, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

"<u>Shareholder</u>" shall mean any Person who holds Shares and/or a Capital Commitment to purchase Shares, each in its capacity as a member of the Fund.

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"<u>Shares</u>" shall mean common units of limited liability company interests in the Fund.

"<u>Similar Law</u>" shall mean any U.S. or non-U.S. federal, state, local, or other law or regulation that is similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

"<u>Subscription Agreements</u>" shall mean the Subscription Agreements entered into by the Shareholders in connection with their purchases of Shares of the Fund.

"<u>Transfer</u>" shall have the meaning set forth in Section 11.1.

**ARTICLE II**

**ORGANIZATION; POWERS**

2.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Name and Office</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Name</u>. The name of the Fund is Crestline Lending Solutions, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Office</u>. The Fund shall have its principal place of business at c/o Crestline Management, L.P., 201 Main Street, Suite 2100, Fort Worth, Texas 76102 or such other place as the Fund may determine from time to time. The registered office of the Fund in the State of Delaware is located at c/o Cogency Global Inc., 850 New Burton Road, Suite 201, Dover, Delaware 19904. At any time, the Fund may designate another registered agent and/or registered office.

2.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Purposes; Powers</u>. The Fund may engage in any lawful act or activity for which limited liability companies may be formed under the laws of the State of Delaware and shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware.

2.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Fiscal Year</u>. The Fiscal Year of the Fund shall end on the 31<sup>st</sup> day of December in each year. The taxable year of the Fund shall be the calendar year or such other taxable year as is required under the Code.

2.4 &nbsp;&nbsp;&nbsp;&nbsp;<u>Tax and Regulatory Status of the Fund</u>. The Fund intends to make an election to be classified as a corporation for U.S. federal income tax purposes (a "<u>Corporation</u>") and to be regulated as a business development company and intends to elect to be treated and is authorized to take any such action as it determines necessary to qualify annually (including investing in a Portfolio Company through a Corporation), as a regulated investment company within the meaning of Section 851 of the Code.

**ARTICLE III**

**MANAGEMENT; BOARD OF DIRECTORS**

3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Management</u>. The business and affairs of the Fund shall be managed by or under the direction of the Board of Directors. The Board of Directors may exercise all such authority and powers of the Fund and do all such lawful acts and things as are not by statute or this Agreement directed or required to be exercised or done solely by the Members. Subject to the Investment Company Act and applicable law, the Board may delegate its rights and powers to third parties, including the Adviser, as it may determine.

Notwithstanding any other provision of this Agreement, subject to obtaining any required approvals by the Board of Directors, the Fund, and any duly authorized officer on behalf of the Fund, may execute, deliver and perform the Administration Agreement, the Investment Management Agreement, the Subscription Agreements and any similar agreements, other documents necessary for the formation of the Fund, any amendments to such agreements and all agreements contemplated thereby and related thereto, all without any further act, approval or vote of any Member or other Person.

3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors and Manner of Acting</u>. The number of directors on the Board shall be fixed from time to time exclusively by the Board of Directors pursuant to a resolution adopted by a majority of the Whole

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Board; *provided, however*, that the number of directors on the Board shall not be less than three (3). A majority of the directors will at all times consist of directors who are not "interested persons" of the Fund (as defined in Section 2(a)(19) of the Investment Company Act) (the "<u>Independent Directors</u>").

The term "Whole Board" at any time shall mean the total number of authorized directors fixed at the time whether or not there exist any vacancies in previously-authorized directorships. A majority of the Whole Board shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, and, except as otherwise expressly required by law or by this Agreement, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors.

Any action permitted to be taken by the Board of Directors, or a committee thereof, at a meeting may be taken at any time upon the written consent of the directors representing at least the requisite vote of the Board of Directors that would be necessary to authorize or take such action at a meeting of the Board of Directors, or a committee thereof, at which a quorum was present, provided that notice thereof is given in the manner provided for herein to all directors (which may be by delivery of a copy of the request for written consent). Such written consent shall be treated for all purposes as a vote taken at a meeting of the Board of Directors or a committee thereof, as the case may be, and shall be filed with the records of the meetings of the Board of Directors or the applicable committee thereof, as the case may be.

3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Newly Created Directorships and Vacancies</u>. Subject to the applicable requirements of the Investment Company Act, including Section 16(b) thereunder, newly created directorships resulting from any increase in the authorized number of directors or any vacancies on the Board of Directors resulting from death, resignation, disqualification, removal from office or any other cause shall, unless otherwise required by law or provided by resolution of the Board of Directors, be filled only by majority vote of the directors then in office, even if less than a quorum is then in office, or by the sole remaining director, and shall not be filled by Members. Directors so chosen to fill a newly created directorship or other vacancies shall serve until such director's successor has been duly elected and qualified or until his or her earlier death, resignation or removal as provided in this Agreement.

3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal of Directors</u>. Any director or the entire Board of Directors may be removed from office at any time, at a meeting called for that purpose, but only for cause and only by the affirmative vote of the holders of at least 66 2/3% of the voting power of the issued and outstanding Shares of the Fund entitled to vote thereon, voting together as a single class.

3.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Meetings of the Board</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Place of Meetings</u>. Meetings of the Board of Directors shall be held at such place or places, within or without the State of Delaware, as the Board of Directors may from time to time determine or as shall be specified in the notice of any such meeting, including by telephone, videoconference or similar form of communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Regular Meetings</u>. Regular meetings of the Board of Directors shall be held at such time and place as the Board of Directors may fix. If any day fixed for a regular meeting shall be a legal holiday at the place where the meeting is to be held, then the meeting which would otherwise be held on that day shall be held at the same hour on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings</u>. Special meetings of the Board of Directors may be called by the Chair of the Board of Directors, if one shall have been elected, or by a majority of the Whole Board or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Communications</u>. Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in meetings of the Board of Directors, or any committee thereof, by means of telephone conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. If all the participants are participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Fund.

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3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees</u>. The Board of Directors may designate one or more committees, including an executive committee, each committee to consist of one or more of the directors of the Fund. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Except to the extent restricted by statute or this Agreement, each such committee, to the extent provided in the resolution creating it, shall have and may exercise all the powers and authority of the Board of Directors (including, without limitation, the right to delegate authority to one or more subcommittees thereof). Each such committee shall serve at the pleasure of the Board of Directors and have such name as may be determined from time to time by resolution adopted by the Board of Directors.

3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>. The officers of the Fund shall be elected by the Board of Directors and shall include a principal executive officer, principal accounting officer, Chief Compliance Officer and Corporate Secretary. In its discretion, the Board of Directors may also elect any other officers as may be necessary or desirable for the business of the Fund. At the time of the election of officers, the Directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, and no officer need be a Director. In its discretion, the Board of Directors may choose not to fill any office for any period as it may deem advisable. Officers designated by the Board of Directors, to the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board of Directors not inconsistent with this Agreement, are agents of the Fund for the purpose of the Fund's business, and the actions of such officers taken in accordance with such powers shall bind the Fund.

For the avoidance of doubt, the election of any officers of the Fund shall not prevent such officer from engaging in other business activities in connection with his or her position with Crestline, irrespective of whether any such business activity is similar to, or identical with, the business of the Fund, or otherwise involves an investment by accounts managed by Crestline in securities, directly or through investment partnerships, "funds of one," managed accounts and other pooled investment vehicles, including securities, investment partnerships, "funds of one," managed accounts or other pooled investment vehicles in which the Fund has invested.

**ARTICLE IV**

**THE MEMBERS**

4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Admission of New Members; Commitments</u>. Each Person acquiring Shares will enter into a Subscription Agreement pursuant to which such Person will agree to purchase Shares for an aggregate purchase price equal to its aggregate Capital Commitment. Each such Person shall be admitted as a member of the Fund at the time that such Subscription Agreement or a counterpart thereof is executed by or on behalf of such Person and accepted by the Fund.

4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>No Participation in Management, etc.</u> Except as expressly provided in this Agreement, no Member shall have the right or power to participate in the management or control of the Fund's investment or other activities, transact any business in the Fund's name or have the power to sign documents for or otherwise bind the Fund.

4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>. Except as may otherwise be provided by the Delaware Act or as expressly provided for herein, the liability of each Member is limited to its Capital Commitment, and no Member shall be obligated to make a capital contribution at any time exceeding its then-remaining Capital Commitment. Except as otherwise expressly provided by the Delaware Act, the debts, obligations and liabilities of the Fund, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Fund, and a Member shall not be obligated personally for any such debt, obligation or liability of the Fund solely by reason of being a Member.

4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Meetings of Members</u>. All meetings of the Members for any purpose shall be at any such place as shall be designated from time to time by the Board and stated in the notice of meeting or in a duly executed waiver of notice thereof. Meetings of Members may be called by the Board, the Chair of the Board, the Chief Executive Officer or holders of a majority of the Shares. The Board of Directors may postpone, adjourn, reschedule or cancel any meeting of Members previously scheduled by the Board of Directors, the Chair of

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the Board or the Chief Executive Officer. For each meeting, only business specified in the Fund's notice of meeting (or any supplement thereto) may be conducted at such meeting.

4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>. Unless otherwise required by law, Members holding a majority of the Shares entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings; *provided* that where a separate vote of Shares and any other class of Shares is required, the holders of a majority of all issued and outstanding Shares and such other class of Shares, as applicable, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to such matter. Abstentions will be treated as Shares that are present and entitled to vote for purposes of determining the number present and entitled to vote with respect to any particular proposal, but will not be counted as a vote in favor of such proposal.

If such quorum shall not be present or represented by proxy at any meeting, then either the Chair or Members entitled to vote thereat (present in person or represented by proxy) shall have the power to adjourn a vote from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented by proxy. At such adjourned meeting at which a quorum shall be present or represented by proxy, any business may be transacted which might have been transacted at the meeting as originally called. If the adjournment is for more than thirty (30) days, or, if after adjournment a new record date is set, then a notice of the adjourned meeting shall be given to each Member entitled to vote at the meeting.

4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Member Voting and Consents</u>. Whenever action is required by applicable law or this Agreement to be taken by a specified percentage in interest of the Members (or any class or group of Members), such action shall be deemed to be valid if taken upon the written vote or written consent of those Members (or those Members included in such class or group) whose Shares represent the specified percentage of the aggregate outstanding Shares of all Members (or all Members included in such class or group) at the time. Each Member shall be entitled to one vote for each Share held on all matters submitted to a vote of the Members. For these purposes, a "majority-in-interest" shall mean a percentage in interest in excess of 50%.

4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Bankruptcy, Dissolution or Withdrawal of a Member</u>. The bankruptcy, dissolution or resignation of a Member shall not in and of itself dissolve or terminate the Fund. Upon the death, incompetence, bankruptcy, insolvency, liquidation or dissolution of a Member, the rights and obligations of such Member under this Agreement, to the maximum extent permitted by law, shall inure to the benefit of, and shall be binding upon, such Member's successor(s), estate or legal representative. No Member shall resign from the Fund prior to the dissolution of the Fund except pursuant to Section 12.1.

**ARTICLE V**

**INVESTMENTS; INDEBTEDNESS**

5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments Objectives</u>. The Fund's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that the Fund believes have favorable risk-adjusted returns and the ability to generate price appreciation (the "<u>Investment Objectives</u>"). The Fund will invest in senior secured debt, while also taking advantage of investments in other parts of the capital structure, including second-lien loans, mezzanine or more junior loans, as well as equity investments, including equity co-investments.

5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Fund Indebtedness; Borrowings</u>. The Fund may, either directly or through one or more subsidiaries, incur Fund Indebtedness to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by pledging, hypothecating, mortgaging, assigning, transferring, or granting security interests in the assets of the Fund, including the Members' Subscription Agreements and the Members' obligations to make capital contributions thereunder and hereunder subject to the terms hereof, and any other assets, rights or remedies of the Fund hereunder or under the Subscription Agreements, including without limitation, the right to issue Drawdowns and to exercise remedies upon a default by a Member in the payment of its capital contributions and the right to receive capital contributions and other payments.

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In furtherance of the foregoing, but notwithstanding any other provision in this Agreement, (i) the Fund may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Adviser, in its sole discretion, determines is fair and reasonable to the Fund, and (ii) in connection with any borrowing, indebtedness or guarantee by the Fund, all capital contributions shall be payable to the account designated by the Adviser or any lender or other credit party of the Fund. All rights granted to a lender pursuant to this Section 5.2 shall apply to its agents and its successors and assigns.

**ARTICLE VI**

**SHARES; REPURCHASES; DISTRIBUTIONS**

6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Classes of Shares</u>. The Shares of the Fund that are outstanding and/or available for issuance will consist of Shares, the preferences (if any), limitations and relative rights with respect to which will be as provided in this Agreement. The Shares are membership interests in the Fund. The Board may create additional classes of Shares having such relative rights, powers and duties as may from time to time be established by the Board.

6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Fractional Shares</u>. The Fund shall have the authority to issue fractional Shares. Any fractional Shares shall carry proportionately all of the rights of a whole Share, including, without limitation, the right to vote and the right to receive dividends and other distributions.

6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Share Repurchases</u>. Shareholders shall not be entitled to require the Fund to repurchase or redeem Shares of the Fund.

6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributions</u>. The Fund generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, as determined by the Fund's Board in its discretion. Any distributions received by a Shareholder shall have no effect on the amount of the Shareholder's remaining Capital Commitment. Notwithstanding anything to the contrary contained in this Agreement, the Fund, and the Board on behalf of the Fund, will not make a distribution to any Member if such distribution would violate any provision of the Delaware Act or any other applicable law, rule, regulation or administrative requirement. For the avoidance of doubt, a Shareholder's distribution will either be paid by reinvesting such dividend in additional Shares of the Fund, or in cash, depending on such Shareholder's election under any dividend reinvestment plan adopted by the Fund.

6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</u>. Anything herein to the contrary notwithstanding, the Fund shall be entitled to deduct and withhold (or cause to be deducted or withheld) from any amount distributed or otherwise payable to any Member such amounts as are required to be deducted or withheld therefrom under any applicable law ("<u>Withholding Taxes</u>"), and amounts so deducted or withheld shall be treated as having been distributed or otherwise paid to the Member in respect of which such deduction and withholding was made. If requested by the Fund, each Member will deliver to the Fund: (i) an affidavit in form satisfactory to the Adviser that the applicable Member (or its direct or indirect partners, members, shareholders or beneficial owners, as the case may be) is not subject to (or subject to a reduced rate of) withholding under the provisions of any U.S. federal, state, local, or non-U.S. law; (ii) any certificate or other document that the Fund may reasonably request with respect to any such laws (including the eligibility of such Member (or its direct or indirect partners, members, shareholders, or beneficial owners) to the benefits of a comprehensive income tax treaty to which the United States is a party); or (iii) any other form or instrument reasonably requested by the Fund relating to any Member's (or its direct or indirect partners', members', shareholders' or beneficial owners') status under law. Neither the Fund nor the Adviser will be liable for any excess Withholding Taxes or other amounts withheld (directly or indirectly) pursuant to this Section 6.5 with respect to any Member, and, in the event of over-withholding, a Member's sole recourse will be to apply for a refund from the appropriate governmental authority. Without limiting any other provision of this Agreement (including Section 10.2 herein), each Member hereby agrees to indemnify and hold harmless the Fund and the Adviser for any loss or liability with respect to Withholding Taxes or other amounts withheld (including, without limitation, any liability for taxes, penalties, additions to tax or interest) with respect to distributions or other payments made to such Member. The foregoing indemnity obligation of each Member shall survive dissolution and termination of the Fund and shall survive the withdrawal of any Member from the Fund or any Transfer of Shares.

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**ARTICLE VII**

**CLOSINGS; CAPITAL COMMITMENTS; DRAWDOWNS**

7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Closings</u>. The admission of Members will take place on such date as determined by the Adviser (each such date, a "<u>Closing Date</u>," and the date upon which the first admission of Members occurs being referred to herein as the "<u>Initial Closing Date</u>"). Shares will be offered on a continuous basis (the "<u>Private Offering</u>") pursuant to the terms set forth in the Subscription Agreements, pursuant to which Members will agree to purchase Shares for an aggregate purchase price equal to the portion of such Member's Capital Commitment, subject to the terms of this Agreement and the Subscription Agreement. The Fund reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering.

7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Capital Commitments</u>. The minimum Capital Commitment for each Shareholder is $100,000. The Fund reserves the right to accept Capital Commitments of a lesser amount. Except as otherwise provided herein, each Member shall make draw down purchases in an aggregate amount not to exceed its Capital Commitment, as set forth in such Shareholder's Subscription Agreement ("<u>Drawdown Purchases</u>"). Each Shareholder agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable at such times and in such amounts as required by the Fund (a "<u>Capital Call</u>"), under the terms and subject to the conditions set forth herein.

On each Drawdown Date (as defined in Section 7.3(a)), each Shareholder whose Shares are subject to a Capital Call as set forth in Section 7.3 agrees to purchase from the Fund, and the Fund agrees to issue to the Shareholder, a number of Shares (the "<u>Drawdown Amount</u>") at a per Share price that is at least equal to the Per Share NAV (the "<u>Drawdown Purchase Price</u>"). "<u>Per Share NAV</u>" shall mean the net asset value per Share as of the end of the most recent calendar quarter, determined in accordance with the procedures set forth in Section 7.3(c) in a manner consistent with the limitations of the Investment Company Act.

7.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Drawdowns</u>. Shareholders will be required to make Drawdown Purchases for any permitted Fund purpose in the manner set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Drawdown Notices; Use of Drawdowns</u>. The Adviser shall provide each Shareholder with a notice of each drawdown of Capital Commitments (a "<u>Drawdown Notice</u>") at least ten (10) Business Days prior to the date on which such Drawdown Purchase is due and payable (the "<u>Drawdown Date</u>"). The delivery of a Drawdown Notice to the Shareholder shall be the sole and exclusive condition to the Shareholder's obligation to pay the Drawdown Purchase Price identified in each Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Contents of Drawdown Notices</u>. Each Drawdown Notice should set forth (i) the Drawdown Date, (ii) the aggregate number of Shares to be sold to all Shareholders on the Drawdown Date and the aggregate purchase price for such Shares, (iii) the applicable Drawdown Amount, Drawdown Purchase Price and Per Share Price and (iv) the account to which the Drawdown Purchase Price should be wired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Calculation of Each Member's Share of a Drawdown</u>. Shareholders' Capital Commitments will be subject to Capital Calls depending on the time at which such Shareholder entered into a Subscription Agreement with the Fund. Shareholders who entered into a Subscription Agreement with the Fund earliest will be first required to make Drawdown Purchases. All Capital Commitments from the earliest Shareholders will be called in totality before Capital Commitments from later subscribing Shareholders will called. For purposes of determining which Shareholders' Capital Commitments will be subject to a Capital Call, all Shareholders who entered into Subscription Agreements during a given quarter will be treated as if such Shareholders subscribed at the same time, and will be considered as part of the same "tranche." Shareholders must submit a Subscription Agreement within fifteen (15) days of the end of the applicable quarter to fall within that quarter's tranche for purposes of any of Capital Calls, unless such deadline is waived. All Capital Commitments from the same quarterly tranche must be called before capital is called from Shareholders in the following quarterly tranche. When calling capital from Shareholders within the same quarterly tranche, capital will be called on a pro-rata basis.

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7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Investors</u>. In the event that a Shareholder fails to pay all or any portion of the purchase price due from such Shareholder on any Drawdown Date and such default remains uncured for a period of ten (10) Business Days after written notice of such failure is given by the Fund to the Shareholder (the "<u>Defaulted Amount</u>"), the Fund shall be permitted to declare such Shareholder to be in default of its obligations under this Agreement (any such Shareholder, a "<u>Defaulting Investor</u>") and shall be permitted to pursue one or any combination of the following remedies, in addition to any remedies set forth in each Shareholder's Subscription Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Fund may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date or otherwise participating in any future investments in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Fund may pursue a lawsuit or other action to collect the Defaulted Amount due to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Shareholder may be required to sell its Shares to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Fund may cause the Defaulting Investor to forfeit up to one hundred percent (100%) of its Shares without payment or other consideration therefor and offer such forfeited portion of the Defaulting Investor's Shares to the Fund's other Shareholders (other than any Defaulting Investors and subject to any restrictions on Transfers set forth in this Agreement). The forfeited Defaulted Amount shall be allocated to the other Shareholders pro rata according to their respective Unfunded Commitments with any adjustment thereto that the Adviser may determine to be equitable. The Fund will provide a notice to each Shareholder (other than Defaulting Investors) setting forth the amount of the forfeited portion of the Defaulting Investor's Shares offered to such Shareholder. No Shares shall be transferred to any other Shareholder pursuant to this Section 7.4(d) in the event that the Transfer would violate any federal or state laws applicable to the Fund.

In the event that any Shareholder does not elect to accept its pro rata share of the forfeited portion of a Defaulting Investor's Shares, such forfeited portion not accepted may be offered again by the Adviser in its sole discretion according to the provisions of this Section 7.4(d) as if such forfeited portion had not previously been offered. To the extent a Defaulting Investor's Shares forfeited pursuant to this Section 7.4(d) is not reallocated to Shareholders, the Adviser may, in its sole discretion, offer all or any portion of such Shares to third parties, each of which will, as a condition of purchasing such Shares, become a party to this Agreement. The sole consideration to the Defaulting Investor for each portion of such Defaulting Investor's Shares reallocated to another Shareholder or purchased by a third party pursuant to this Section 7.4(d) will be the assumption by such Shareholder or third party, as applicable, of the Defaulting Investor's obligation to make both defaulted and future capital contributions pursuant to its Commitment that are commensurate with the portion of the Defaulting Investor's Shares being reallocated to such Shareholder or purchased by such third party. No Shares shall be transferred to any other Shareholder pursuant to this Section 7.4(d) in the event that the Transfer would violate any federal or state laws applicable to the Fund.

The Defaulting Investor acknowledges that it will not receive any payment for any Shares reallocated to Shareholders or purchased by a third party or parties pursuant to this Section 7.4(d) including for any funded portion of its Commitment related thereto or such Defaulting Investor's share of any profits not yet distributed, even though the purchased Shares may have positive value at the time of such reallocation or purchase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Fund may pursue any other remedies against the Defaulting Investor available to the Fund, subject to applicable law. By signing a Subscription Agreement, each Shareholder agrees that this Section 7.4 is for the benefit of the Fund and shall be interpreted by the Fund against a Defaulting Investor in the discretion of the Fund. Each Shareholder further agrees that such Shareholders cannot and will not seek to enforce this Section 7.4 against the Fund or any other Member in the Fund.

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**ARTICLE VII**I

**THE ADVISER; INVESTMENT MANAGEMENT AGREEMENT**

8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of the Adviser</u>. Subject to the requirements of the Investment Company Act, the Fund shall be party to an investment management agreement (the "<u>Investment Management Agreement</u>") with the Adviser for purposes of engaging the Adviser to manage the Fund's investments.

**ARTICLE IX**

**THE ADMINISTRATOR; ADMINISTRATION AGREEMENT; BOOKS AND RECORDS; REPORTS**

9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrator</u>. The Fund shall be party to an administration agreement (the "<u>Administration Agreement</u>") with the Administrator for purposes of engaging the Administrator to provide administrative services to the Fund. The Administrator may hire a third-party sub-administrator to assist with the provision of administrative services.

9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Books and Records</u>. The Fund shall keep or cause to be kept at the address of the Administrator (or at such other place as the Fund or the Administrator shall determine and shall advise the Members in writing) full and accurate accounts of the transactions of the Fund in proper books and records of account, which books and records shall set forth full and accurate information regarding the Fund in all material respects. Such books and records shall be maintained in accordance with U.S. generally accepted accounting principles, which shall be the basis for the preparation of the Fund's financial reports prepared pursuant to this Article IX. Such books and records shall be available, upon five (5) Business Days' notice to the Fund, for inspection and copying at reasonable times during business hours by a Member (other than any Defaulting Investor) or its duly authorized agents or representatives for any purpose reasonably related to such Member's interest as a member in the Fund. For the avoidance of any doubt, the Fund acknowledges and agrees that, notwithstanding anything contained in this Agreement to the contrary, any Member acting in compliance with this Agreement and the requirements of applicable law shall be entitled to receive a list of names, addresses and Capital Commitments of the Members within five (5) Business Days after making a request therefor.

9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Reports</u>. The Fund will maintain a registration under the Exchange Act and shall prepare and make available to each Member the reports it is required to file under the Exchange Act, including any required audited and unaudited financial statements.

9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing Documents</u>. The Fund shall provide to each Member an electronic copy of a set of executed documents relating to such Member's subscription for Shares within thirty (30) calendar days of such Member's admission to the Fund.

9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Documents</u>. The Fund will comply with U.S. federal and state and local information reporting requirements, including, after the end of each calendar year, promptly furnishing tax statements to each Person who was a Member at any time during such calendar year.

9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Valuation</u>. The fair value of the Fund's assets will be determined pursuant to a valuation policy approved by the Board.

**ARTICLE X**

**INDEMNIFICATION**

10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>. To the fullest extent permitted by applicable law, no Covered Person will be liable to the Fund or to any Member for any act or omission performed or omitted by any such Covered Person (including any acts or omissions of or by another Covered Person), in the absence of (i) a breach of this Agreement by such Covered Person; (ii) willful misfeasance, bad faith, fraud or gross negligence on the part of such Covered Person in the performance of its duties or by reason of the reckless disregard of its duties and obligations; or (iii) a violation of any law by such Covered Person, including, but not limited to, violation of any federal or state securities law, that has a material adverse effect on the Fund (collectively, "<u>Disabling Conduct</u>").

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For the avoidance of doubt, nothing in this Section 10.1 shall constitute a waiver of any Covered Person's non-waivable federal fiduciary duties to the Fund under the Investment Company Act.

10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. The Fund shall, to the fullest extent permitted by law, indemnify, hold harmless, protect and defend each Covered Person for any losses, claims, damages, judgments, settlements, costs, fees, and related expenses or liabilities, including, without limitation, reasonable legal fees or other expenses incurred in investing or defending against any such losses, claims, damages, judgments, settlements, costs, fees, and related expenses or liabilities, and any amounts expended in settlement of any claims ("<u>Damages</u>"), to which any Covered Person may become subject by reason of (i) any act or omission or alleged act or omission performed or omitted to be performed in connection with the activities of the Fund; (ii) the fact that the Covered Person is or was acting in connection with the activities of the Fund in any capacity or that it is or was serving at the request of the Fund as a partner, member, shareholder, director, officer, employee or agent of the Fund; or (iii) any other act or omission or alleged act or omission arising out of or in connection with the activities of the Fund, unless such Damages result directly or indirectly from (i) the Covered Person's own Disabling Conduct, as defined in Section 10.1, or (ii) a claim between or among Covered Persons.

For the avoidance of doubt, nothing in this Section 10.2 shall provide for indemnification that would be in violation of the Investment Company Act.

10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. In addition to the right to indemnification conferred in Section 10.2, a Covered Person shall also have the right to be paid by the Fund the expenses (including reasonable attorney's fees) incurred in appearing at, participating in or defending any such proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this Article X; *provided, however*, that, if applicable laws require or in the case of an advance made in a proceeding brought to establish or enforce a right to indemnification or advancement, an advancement of expenses incurred by a Covered Person in his or her capacity as a director, officer, or employee shall be made solely upon delivery to the Fund of an undertaking, by or on behalf of such Covered Person, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such Covered Person is not entitled to be indemnified or entitled to advancement of expenses under Section 10.2 and this Section 10.3 or otherwise.

10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Not Exclusive</u>. The rights accruing to any Covered Person under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Agreement, any statute, agreement, or any other right to which he or she may be lawfully entitled.

10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. The Fund may maintain insurance, at its expense, to protect itself and any director, officer or employee of the Fund against any expense, liability or loss, whether or not the Fund would have the power to indemnify such person against such expense, liability or loss under applicable law.

**ARTICLE XI**

**TRANSFERS**

11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers by Shareholders</u>. Shareholders may not sell, offer for sale, assign, transfer, pledge, hypothecate or otherwise dispose of (a "<u>Transfer</u>") any Shares unless (i) the Adviser consents; and (ii) the Transfer is made in accordance with all applicable securities laws. The Adviser shall have the ability to deny a Transfer in its sole discretion.

No Transfer will be effectuated except by registration of the Transfer on the Fund's books. Each transferee will be required to execute an instrument agreeing to be bound by this Agreement and the other restrictions imposed on the Shares and to execute such other instruments or certifications as are reasonably required by the Adviser. For the avoidance of doubt, the Adviser's reasonable doubt as to whether a transferee can accurately make the representations and warranties and fulfill the obligations set forth in this Agreement or the Subscription Agreement of a transferor will be reasonable grounds to withhold consent to a Transfer.

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The transferee shall be admitted to the Fund as a Member of the Fund upon (i) the approval of the Fund, and (ii) its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If a Member transfers all of its Shares pursuant to this Section 11.1, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Fund.

No Transfer will be permitted that would require the Fund to register the Shares under the Securities Act, under any U.S. state securities laws or under the laws of any other jurisdiction. No Shares shall be transferred in the event that such Transfer would (A) violate the Securities Act, the Investment Company Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Fund, (B) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Code, (C) be reasonably likely to cause all or any portion of the assets of the Fund to constitute plan assets for purposes of ERISA, Section 4975 of the Code, or applicable Similar Law, or (D) cause the Fund or the Adviser to be considered a fiduciary of any Member for purposes of Title I of ERISA, Section 4975 of the Code or any applicable Similar Law.

The Fund has no intention to register the Shares under the Securities Act or under any state securities laws and, unless the Fund otherwise agrees in writing, is under no obligation to assist any Member in obtaining or complying with any exemption from registration. The Fund may require that a proposed transferee meet appropriate financial and other suitability standards and that the Member furnish a legal opinion satisfactory to the Fund and its counsel that the proposed Transfer complies with any applicable federal, state and any other securities laws.

Any Member who requests or otherwise seeks to effect a Transfer of all or a portion of its Shares hereby agrees to reimburse the Fund, at its request, for any expenses reasonably incurred by the Fund in connection with such Transfer, including the costs of seeking and obtaining the legal opinion and any other legal, accounting and miscellaneous expenses, whether or not such Transfer is consummated.

**ARTICLE XII**

**DURATION OF THE FUND**

12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration</u>. The Fund will have an infinite life, and the term of the Fund shall continue until the dissolution of the Fund in accordance with this Section 12.1, or by operation of law. The Fund shall be dissolved (an "<u>Event of Dissolution</u>"): (i) at any time upon the affirmative vote of a majority of the full Board of Directors, (ii) if there are no Members of the Fund, unless the business of the Fund is continued in accordance with this Agreement or the Delaware Act, (iii) upon a vote of Shareholders holding 75% of the Fund's outstanding Shares or (iv) upon the entry of a decree of judicial dissolution under the Delaware Act.

12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale</u> <u>or</u> <u>Merger</u>. Subject to any restrictions of the Investment Company Act and applicable law, the Board shall be entitled, without the approval of any Members, to cause the Fund to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Fund's assets, merge, convert, consolidate, or conduct a share exchange of the Fund or any series or class of Shares with or into any other person or company (including, without limitation, a partnership, corporation, joint venture, statutory or business trust, common law trust or any other business organization), in each case in a single transaction or series of transactions, or approve on behalf of the Fund, any of the foregoing transactions. The Board may also cause the sale of all or substantially all of the Fund's assets under foreclosure or other realization without the consent of any Members.

12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Winding Up</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation of Assets</u>. Following an Event of Dissolution, the Fund's affairs shall be wound up in an orderly manner. The Board shall act as, or shall appoint a person (including the Adviser) to act as, the liquidating trustee (the "<u>liquidator</u>") to wind up the affairs of the Fund pursuant to this Agreement. The liquidator shall cause the Fund to pay or provide for the satisfaction of the Fund's liabilities and obligations to creditors in accordance with the Delaware Act. In performing its duties, the liquidator is authorized to sell, exchange or otherwise dispose of the assets of the Fund in such reasonable manner as the liquidator, subject

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to the Board's oversight (if the Board is not acting as the liquidator), shall determine to be in the best interest of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidating Distributions; Priority</u>. Subject to Section 18-804 of the Delaware Act, the assets of the Fund shall be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>First</u>, to creditors in satisfaction of the debts and liabilities of the Fund, to the extent otherwise permitted by law, whether by payment thereof or the making of reasonable provision for payment thereof and to the expenses of liquidation, whether by payment thereof or the making of reasonable provision for payment thereof, and to the establishment of any reasonable reserves (which may be funded by a liquidating trust) to be established by the Board (or liquidating trustee or other representative) in amounts determined by it to be necessary for the payment of the Fund's expenses, liabilities and other obligations (whether fixed or contingent); 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Thereafter</u>, among Shareholders equally on a per Share basis.

12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Time for Liquidation, etc.</u> A reasonable time period shall be allowed for the orderly winding up and liquidation of the assets of the Fund and the discharge of liabilities to creditors so as to enable the liquidator to seek to minimize potential losses upon such liquidation. The provisions of this Agreement shall remain in full force and effect during the period of winding up and until the filing of a certificate of cancellation of the Certificate of Formation of the Fund with the Secretary of State of the State of Delaware.

12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Cancellation</u>. Upon completion of the foregoing provisions of this Article XII, the Board shall authorize an officer, or other person on behalf of the Fund as an "authorized person" within the meaning of the Delaware Act, to execute, acknowledge and cause to be filed a certificate of cancellation of the Certificate of Formation of the Fund with the Secretary of State of the State of Delaware.

12.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability</u>. None of the liquidator, the directors, the officers, the Adviser and their respective partners, members, stockholders, officers, directors, managers, employees, agents and Affiliates shall be personally liable to any Member for the capital contributions of any Member.

**ARTICLE XII**I

**AMENDMENTS; VOTING; POWER OF ATTORNEY**

13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments By Consent</u>. Except as otherwise provided in this Agreement, the terms and provisions of this Agreement may be amended with the consent of the Board (which term includes any waiver, modification, or deletion of this Agreement), together with the prior written consent of a majority-in-interest of the Shareholders. Notwithstanding the provisions of this Section 13.1, no amendment without the consent of the affected Member shall increase the liability or obligations or increase the Capital Commitment of such Members.

13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments Without Consent</u>. Notwithstanding the provisions of Section 13.1, or any other provision of this Agreement to the contrary, the following amendments may be made with the consent of the Board and without the need to obtain the consent of any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to add to the duties or obligations of the Board or surrender any right granted to the Board herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity or correct or supplement any provision herein which may be inconsistent with any other provision herein or to correct any printing, stenographic or clerical errors or omissions in order that this Agreement shall accurately reflect the agreement among the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to make such changes as the Board in good faith deems necessary to comply with any requirements applicable to the Fund or its affiliates under the Investment Company Act or any similar state or federal law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to make changes negotiated with additional Shareholders so long as the changes do not materially adversely affect the rights and obligations of any existing Shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to create any new series or classes of Shares and to establish the terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;to change the name of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;to make changes that this Agreement specifically provides may be made by the Board without the consent of any Member,

provided, however, that no amendment shall may be made pursuant to clauses (a) through (e) above if such amendment would (1) subject any Member to any adverse economic consequences without such Member's consent, (2) diminish the rights or protections of one or more Members (including, for the avoidance of doubt, provisions intended to protect one or more Members from suffering certain adverse tax consequences), or (3) diminish or waive in any material respect the duties and obligations of the Board to the Fund or the Members.

13.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent to Amend Special Provisions</u>. Notwithstanding the provisions of Section 13.1, subject to any requirements of applicable law, any provision in this Agreement that requires the consent, action or approval of a specified percentage in interest of the Members may not be amended without the consent of such specified percentage in interest of Members.

13.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Power of Attorney</u>. Each Member by executing a Subscription Agreement does hereby irrevocably constitute and appoint each of the Fund, the Adviser and each director or any duly authorized representative of the Fund as its true and lawful representative and its attorney-in-fact, and agent of such Member, to execute, acknowledge, verify, swear to, deliver, record and file, in its or its assignee's name, place and stead, all instruments, documents and certificates that may from time to time be required by the laws of the United States, the State of Delaware, the State of New York, any other jurisdiction in which the Fund conducts or plans to conduct business, or any political subdivision or agency thereof, to effectuate, implement and continue the valid existence and investment and other activities of the Fund, including the power and authority to execute, verify, swear to, acknowledge, deliver, record and file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all certificates and other instruments, including any amendments to this Agreement or to the Certificate of Formation of the Fund, that any duly authorized representative of the Fund determines to be appropriate to (*i*) form, qualify or continue the Fund as a limited liability company in the State of Delaware and all other jurisdictions in which the Fund conducts or plans to conduct business and (*ii*) admit such Member as a Member in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all instruments that the Board determines to be appropriate to reflect any amendment to this Agreement or the Certificate of Formation of the Fund (*i*) to satisfy any requirements, conditions, guidelines or opinions contained in any opinion, no-action letter, directive, order, ruling or regulation of the Securities and Exchange Commission, the Internal Revenue Service, or any other U.S. federal or state or non-U.S. governmental agency, or in any U.S. federal or state or non-U.S. statute, compliance with which the Board deems to be in or not opposed to the best interests of the Fund, (*ii*) to change the name of the Fund or (*iii*) to cure any ambiguity or correct or supplement any provision hereof that may be incomplete or inconsistent with any other provision herein contained so long as such amendment under this clause (iii) does not adversely affect the interests of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all agreements and instruments necessary or advisable to consummate, hold or dispose of any Portfolio Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all conveyances and other instruments that the Board determines to be appropriate to reflect and effect the dissolution, winding up and liquidation of the Fund in accordance with the terms of this Agreement, including the filing of a certificate of cancellation as provided for in Article XII;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all instruments relating to (*i*) Transfers of Shares, (*ii*) the treatment of a Defaulting Investor or (*iii*) any change in the Capital Commitment of any Shareholder, all in accordance with the terms of this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all amendments to this Agreement duly approved and adopted in accordance with Section 13.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;certificates of assumed name and such other certificates and instruments as may be necessary under the fictitious or assumed name statutes from time to time in effect in all jurisdictions in which the Fund conducts or plans to conduct business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all instruments relating to litigation, other claims or arbitration on behalf of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any other instruments determined by the Board to be necessary or appropriate in connection with the proper conduct of the business of the Fund and that do not adversely affect the interest of any Member.

Such attorney-in-fact and agent shall not, however, have the right, power or authority to amend or modify this Agreement, when acting in such capacities, except to the extent authorized herein. This power of attorney shall not be affected by the subsequent disability, incapacity or incompetence of the principal. To the fullest extent permitted by law, this power of attorney shall be deemed to be coupled with an interest, shall be irrevocable, shall survive and not be affected by the dissolution, bankruptcy or legal disability of any Member and shall extend to such Member's successors and assigns. This power of attorney may be exercised by such attorney-in-fact and agent for all Members (or any of them) by a single signature of any duly authorized representative of the Fund acting as attorney-in-fact with or without listing all of the Members executing an instrument. Any Person dealing with the Fund may conclusively presume and rely upon the fact that any instrument referred to above, executed by such attorney-in-fact and agent, is authorized and binding, without further inquiry. If required, each Member shall execute and deliver to the Fund, within five (5) Business Days after receipt of a request therefor, such further designations, powers of attorney or other instruments as the Board shall determine to be necessary for the purposes hereof consistent with the provisions of this Agreement. The foregoing power of attorney shall survive the delivery of an assignment by a Member of the whole of its interests in the Fund except that the power of attorney shall survive for the sole purpose of enabling any duly authorized representative of the Fund to execute, swear to, acknowledge and file any instrument necessary or appropriate to effect such assignment.

**ARTICLE XIV**

**MISCELLANEOUS**

14.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All notices, reports, requests, demands, consents and other communications hereunder or relating to this Agreement shall be in writing and shall be deemed to have been duly given if (*i*) mailed, registered mail, first-class postage paid, (*ii*) sent by overnight mail or courier, (*iii*) transmitted via telegram, telex or facsimile, (*iv*) posted on the Fund's intranet website in accordance with Section 14.1(b) or (*v*) delivered by hand, if to any Member, at such Member's address, or to such Member's facsimile number, as set forth in such Member's Subscription Agreement, and if to the Fund or to the Adviser, to the Adviser at its address set forth in the first sentence of Section 2.1(b), or to such other Person or address as any Member shall have last designated by notice to the Fund, and in the case of a change in address by the Fund or the Adviser, by notice to the Members. Any notice, report, request, demand, consent and other communication will be deemed received (*i*) if sent by registered mail, when actually received, (*ii*) if sent by overnight mail or courier, when actually received, (*iii*) if sent by telegram, telex or facsimile transmission, on the date sent, (*iv*) if posted on the Fund's intranet website in accordance with Section 14.1(b), on the day an e-mail is sent to the Member instructing it that a notice has been posted (*provided* that if such e-mail is sent after 6:00 pm Eastern Standard Time or on a day that is not a Business Day, such notice shall be deemed received on the next succeeding Business Day) and (*v*) if delivered by hand, on the date of receipt. Within five (5) Business Days of the date of each Member's admission to the Fund, the Fund shall furnish each Member with the address of the Fund's intranet website and a password permitting access thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fund may, in its discretion, provide any notice, report, request, demand, consent or other communication to a Member by posting such notice on the Fund's intranet website and sending an e-mail to such Member notifying it of such posting.

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14.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts and Execution</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single agreement. For the avoidance of doubt, a Person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "<u>Electronic Signature</u>"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and shall bind such Person to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any Person executing and delivering this Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by the Fund.

14.3&nbsp;&nbsp;&nbsp;&nbsp;<u>**Table of Contents** and Headings</u>. The table of contents and the headings of the articles, sections and subsections of this Agreement are inserted for convenience of reference only and shall not be deemed to constitute a part hereof or affect the interpretation hereof.

14.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. This Agreement shall inure to the benefit of the Members and the Covered Persons, and shall be binding upon the parties, and, subject to Section 11.1, their respective successors, permitted assigns and, in the case of individual Covered Persons, heirs and legal representatives.

14.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Every term and provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such term or provision will be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement.

14.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Actions</u>. Each Member shall execute and deliver such other certificates, agreements and documents, and take such other actions, as may reasonably be requested by the Board or the Adviser in connection with the formation of the Fund and the achievement of its purposes and are not inconsistent with the terms and provisions of this Agreement, including any documents that the Board or the Adviser determines to be necessary or appropriate to form, qualify or continue the Fund as a limited liability company in all jurisdictions in which the Fund conducts or plans to conduct its investment and other activities and all such agreements, certificates, tax statements and other documents as may be required to be filed by or on behalf of the Fund.

14.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, to the fullest extent permitted by applicable law, (*i*) whenever in this Agreement a Person is permitted or required to make a decision (*a*) in its "sole discretion," "sole and absolute discretion" or "discretion," the Person shall be entitled to consider any interests and factors as it desires, including its own interests (subject to fiduciary duties required by applicable law) or (*b*) in its "good faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standards and (*ii*) as used herein the term "good faith" shall mean subjective good faith under Delaware law. Whenever in this Agreement a Person is permitted or required to provide its written consent in respect of a matter, such written consent may, in the Board's or the Adviser's discretion, be evidenced by electronic mail.

14.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Waiver</u>. No provision of this Agreement shall be deemed to have been waived except if the giving of such waiver is contained in a writing, and no such waiver shall be deemed to be a waiver of any other or further obligation or liability of the party or parties in whose favor the waiver was given.

14.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Law</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY WITHIN THAT JURISDICTION WITHOUT REGARD TO CHOICE OF LAW PRINCIPLES. Unless the Fund otherwise agrees in writing, any legal action or proceeding with respect to this Agreement may be brought in the courts of the State of Delaware, and, by execution and delivery of this Agreement, each Member hereby irrevocably accepts for him or herself and in respect of his or her property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. Such

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Member hereby further irrevocably waives any claim that any such courts lack personal jurisdiction over such Member, and agrees not to plead or claim, in any legal action proceeding with respect to this Agreement in any of the aforementioned courts, that such courts lack personal jurisdiction over such Member. To the fullest extent permitted by applicable law, unless the Fund otherwise agrees in writing, any legal action or proceeding with respect to this Agreement by a Member seeking any relief whatsoever against the Fund shall be brought only in the Chancery Court of the State of Delaware (or other appropriate state court in the State of Delaware), and not in any other court in the United States of America, or any court in any other country. Such Member hereby irrevocably waives any objection that such Member may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the aforesaid courts and hereby further irrevocably, to the extent permitted by applicable law, waives his or her rights to plead or claim and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. UNLESS THE FUND OTHERWISE AGREES IN WRITING, THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT.

If and to the extent that any provision of the laws of the state of Delaware or any provision of this Agreement conflicts with any provision of the Investment Company Act, the applicable provision of the Investment Company Act will control.

14.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the exceptions in this Section 14.10, each Member shall not disclose, share or provide to any Person, without the prior written consent of the Board or the Adviser (other than to such Member's affiliates, including such Member's and its affiliates' respective employees, directors, officers, agents, auditors, professional advisers or counsel who are under an agreement or understanding of confidentiality (the "<u>Member Recipients</u>")) any information with respect to the Adviser, the Fund, any Portfolio Investment, any Portfolio Company or their respective Affiliates ("<u>Confidential Information</u>"); provided that a Member may disclose any such information (i) as has become generally available to the public other than as a result of the breach of this Section 14.10 by any Member or its Member Recipients or (ii) subject to Section 14.10(c), as may be required by any (A) audit, report, statement, submission or testimony required by any authorized municipal, state or national taxing or regulatory body, (B) subpoena, document request or other legal process in any legal action or proceeding or (C) law (including the Freedom of Information Act, 5 U.S.C. 552), order, regulation or ruling (the requirements in subsections (A)-(C) collectively, "<u>Legal Requirements</u>"). Without limitation of the foregoing, each Member acknowledges that notices and reports to Members (to the extent not publicly filed with the Securities and Exchange Commission) may contain material non-public information concerning, among other things, Portfolio Companies and agrees not to use such information other than in connection with monitoring its investment in the Fund and agrees in that regard not to trade in securities or instruments on the basis of any such information. For the avoidance of doubt, no Member shall be in breach of Section 14.10(a) by virtue of such Member's confidential discussion with other Members regarding the Adviser, the Fund and Portfolio Investments in connection with such Member's evaluation, monitoring or exercising such Member's rights pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Board or the Adviser believes in good faith that a Member may disclose Confidential Information in violation of this Agreement, the Fund may (i) provide to a Member all non-public information that is provided to such Member, including, but not limited to, quarterly, annual and other reports and information provided at any Fund informational meetings (collectively, "<u>Fund Information</u>") to such Member solely by means of access on the Fund's website in password protected, non-downloadable, non-printable format, (ii) require such Member to return any copies of any of the foregoing information provided to it by the Adviser or the Fund, (iii) provide to such Member access to any of the Fund Information only at the Fund's (or its counsel's) office or (iv) withhold all or any part of the Fund Information otherwise to be provided to such Member other than the fund-level, aggregate performance information specified in Section 14.10(c)(iii) below; provided that the Fund shall not withhold any information pursuant to this clause (iv) if a Member confirms in writing to the Fund that compliance with the procedures provided for in clauses (i),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) or (iii) above or other means mutually agreeable to the Fund or the Adviser and the relevant Member would be legally sufficient to prevent such potential disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any Legal Requirements require a Member or any of its Affiliates to disclose Confidential Information, to the fullest extent permitted by law, such Member hereby agrees to notify the Fund promptly in writing of any such potential disclosure and to take commercially reasonable steps to oppose and prevent the requested disclosure unless (i) a court order to disclose such information has been issued by a court of competent jurisdiction, (ii) the Fund does not object in writing to such disclosure within ten (10) calendar days (or any lesser time period as provided in the applicable Legal Requirement) of such notice or (iii) such disclosure relates solely to fund-level, aggregate performance information (i.e., aggregate cash flows, overall "IRRs," the year of formation of the Fund, and such Member's own Capital Commitment and remaining Capital Commitment) and does not include (A) any information relating to individual Portfolio Companies, or (B) any other information not referred to in clause (iii) above. In any event, the Member will disclose no more information than is required under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section 14.10(a) above, the Adviser and the Fund agree that each Member may disclose Confidential Information with its own existing and prospective investors (each, an "<u>Underlying Investor</u>"), provided that such Underlying Investor is subject to confidentiality obligations substantially similar to those set forth in this Agreement. Notwithstanding the foregoing, to the fullest extent permitted by applicable law, in no event may any such Member disclose any other Confidential Information regarding the Fund, the Adviser or any of their Affiliates or any information regarding the Fund's pending acquisition or pending disposition of a Portfolio Investment or proposed Portfolio Investment without the prior written consent of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, except as reasonably necessary to comply with applicable securities laws, each Member (and such Member's employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the offering and ownership of the Shares (including the tax treatment and tax structure of any Fund transactions) and all materials of any kind (including opinions and other tax analyses) that are provided to such Member relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Section 14.10(a) apply to any information that a Member has already obtained or accessed. For clarity, the Adviser and the Fund shall have the right to keep confidential from the Members (i) any trade secrets of the Adviser, the Fund, any Portfolio Company or their respective Affiliates and (ii) other information (A) the disclosure of which to the Members the Adviser in good faith believes is not in the best interests of the Fund or could damage the Fund or its investments or (B) that the Fund is required by Legal Requirements or by agreement with any Person to keep confidential from the Members. A Member may by giving written notice to the Adviser or the Fund elect not to receive copies of any document, report or other information that such Member would otherwise receive and is not required by applicable law to be delivered. The Adviser agrees that it shall make any such documents available to such Member at the Adviser's offices (or, at the request of such Member, the offices of Fund Counsel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Any obligation of a Member pursuant to this Section 14.10 may be waived by the Fund or the Adviser in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Fund, the Adviser nor any of its Affiliates shall include the name of a Member that has requested in writing in connection with its admission to the Fund that the Fund and the Adviser not do so in materials disseminated to third parties or otherwise disclose, either orally or in writing, any relationship with such Member using the Member's name, without prior written permission from such Member; *provided* that this Section 14.10(h) shall not apply if such Member has publicly disclosed a relationship with the Fund. Notwithstanding the foregoing, the Fund, the Adviser and its Affiliates shall be permitted to disclose, and each Member consents to the disclosure of, the Member's name and the Member's investment in the Fund (i) as required by law, regulation or legal process (including requests from regulatory or self-regulatory authorities), (ii) if the Adviser determines in good faith that such disclosure is in the best interests of the Fund in connection with a Portfolio Investment, (iii) to the other Members in the ordinary course of the

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Fund's business, (iv) to the Fund's lenders or other counterparties or service providers in the ordinary course of the Fund's business or (v) to the Members and prospective Members and prospective investors in other investment funds or pooled investment vehicles managed by the Adviser or clients under any managed account agreement with the Adviser that in the course of their due diligence request disclosure of the identity of the existing Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, nothing herein shall prohibit any Member from reporting possible violations of federal or state laws or regulations to any federal or state governmental agency, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, Congress and any agency Inspector General, or from making other disclosures that are protected under the whistleblower provisions of federal or state laws or regulations, nor shall anything herein require such Member to notify the Fund that it has made such reports or disclosures.

14.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival of Certain Provisions</u>. The obligations of each Member pursuant to Article VII shall survive the termination or expiration of this Agreement, the dissolution, winding up and termination of the Fund and the resignation of any Member from the Fund or any Transfer of a Member's Shares.

14.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Partition</u>. Except as may otherwise be provided by law in connection with the dissolution, winding up and termination of the Fund, each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Fund's property.

14.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the Subscription Agreements constitute the entire agreement among the Members and the Fund with respect to the subject matter hereof, and supersede any prior agreement or understanding among them with respect to such subject matter. The representations and warranties of the Fund, the Adviser and the Members in and the other provisions of the Subscription Agreements shall survive the execution and delivery of this Agreement. Notwithstanding the provisions of this Agreement or of any Subscription Agreement, it is hereby acknowledged and agreed that the Adviser on behalf of the Fund, without any further act, approval or vote of any Member, may enter into a side letter or similar agreement to or with a Member (or an investor in a Member that is a collective investment vehicle (including investors in its limited partners or other investors that are collective investment vehicles)) which has the effect of establishing rights under, or altering or supplementing the terms hereof or of any Subscription Agreement. The parties hereto agree that any rights established, or any terms of this Agreement or any Subscription Agreement altered or supplemented in a side letter or similar agreement to or with such Person shall govern with respect to such Person (but not with respect to any of such Person's assignees or transferees unless so specified in such side letter or similar agreement), if applicable, notwithstanding the provisions of this Agreement or of any Subscription Agreement, and, for the avoidance of any doubt, matters arising under any such side letter or similar agreement are considered matters contemplated in this Agreement and the provisions of Article VII shall apply equally to any such side letter or similar agreement; *provided* that unless otherwise agreed by the Fund, any such rights shall cease to apply with respect to any Member that becomes a Defaulting Investor.

14.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Fund Counsel</u>. Counsel to the Fund may also be counsel to the Adviser and its respective Affiliates. The Fund has initially selected Eversheds Sutherland (US) LLP (collectively, with any future counsel to the Fund, the "<u>Fund Counsel</u>") as legal counsel to the Fund. Each Member acknowledges that the Fund Counsel does not represent any Member in connection with such Member's or any other Member's investment in the Fund, any matters that may arise out of the organization of the Fund, the offering of interests in the Fund, the management, operation and investment activities of the Fund and any other Fund matters (in the absence of a clear and explicit agreement to such effect between the Member and the Fund Counsel and only to the extent specifically set forth in that agreement), and that in the absence of any such agreement the Fund Counsel shall owe no duties directly to a Member. In the event any dispute or controversy arises between any Member and the Fund, or between any Member or the Fund, on the one hand, and the Adviser (or an Affiliate thereof) that the Fund Counsel represents, on the other hand, then each Member agrees that the Fund Counsel may represent either the Fund or the Adviser (or its Affiliate), or both, in any such dispute or controversy to the extent permitted by the Washington D.C. Rules of Professional Conduct or similar rules in any other jurisdiction, and each Member hereby consents to such representation and waives any conflicts arising out of such representation, claims of attorney-client privilege or other basis for opposing Fund Counsel's playing this role or seeking to disqualify Fund Counsel to the maximum extent permitted by the

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Washington D.C. Rules of Professional Conduct or similar rules in any other jurisdiction. Each Member further acknowledges that, whether or not the Fund Counsel has in the past represented such Member with respect to other matters, the Fund Counsel has not represented the interests of any Member in the preparation and negotiation of this Agreement.

14.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Anti-Money Laundering Requirements</u>. Notwithstanding any other provision of this Agreement to the contrary, the Adviser, in its own name and on behalf of the Fund, shall be authorized without the consent of any Person, including any Member, to take such action (including requiring any Member to provide it with such information) as it determines in its sole discretion to be necessary or advisable to comply with any anti-money laundering or anti-terrorist laws, rules, regulations, directives or special measures, including the actions contemplated by the Subscription Agreements.

14.16&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA Members</u>. The Adviser will use reasonable efforts to avoid having the assets of the Fund constitute "plan assets" of any "benefit plan investor" within the meaning of the Plan Asset Regulations that is subject to Title I of ERISA or Section 4975 of the Code.

14.17 &nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Cooperation</u>. Each Member shall provide such cooperation and assistance, including but not limited to executing and filing forms or other statements, as is reasonably requested by the Fund to enable the Fund or any entity in which the Fund owns a direct or indirect interest to satisfy any applicable tax reporting or compliance requirements or to qualify for an exception from or reduced rate of tax or other tax benefit or be relieved of liability for any tax regardless of whether such requirement, tax benefit or tax liability existed on the Initial Closing Date. Each Member shall indemnify the Fund for any additional expenses incurred as a result of the failure of such Member in complying with the foregoing requirements of this Section 14.17.

14.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Member</u>. Upon the admission of one of more Members to the Fund as of the date hereof, the initial Member of the Fund shall (a) receive a return of any capital contribution made by the initial Member to the Fund, (b) withdraw as the initial Member of the Fund, and (c) have no further right, interest or obligation of any kind whatsoever as a Member in the Fund.

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IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **FUND:** | **FUND:** | **FUND:** |
| **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** |
| By: | /s/ Chris Semple | /s/ Chris Semple |
|  | Name: | Chris Semple |
|  | Title: | Chief Executive Officer |
| **MEMBERS:** | **MEMBERS:** | **MEMBERS:** |
| Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Shares in the Fund, to be admitted to the Fund as a Member and to be bound by the terms of the Agreement, pursuant to the power of attorney granted hereby and in the Subscription Agreements | Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Shares in the Fund, to be admitted to the Fund as a Member and to be bound by the terms of the Agreement, pursuant to the power of attorney granted hereby and in the Subscription Agreements | Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Shares in the Fund, to be admitted to the Fund as a Member and to be bound by the terms of the Agreement, pursuant to the power of attorney granted hereby and in the Subscription Agreements |
| By: | /s/ John S. Cochran | /s/ John S. Cochran |
|  | Name: | John S. Cochran |
|  | Title: | John S. Cochran, as attorney-in-fact for each of the Shareholders |
| **CURRENT MEMBER:** | **CURRENT MEMBER:** | **CURRENT MEMBER:** |
| **CRESTLINE INVESTORS, INC.** | **CRESTLINE INVESTORS, INC.** | **CRESTLINE INVESTORS, INC.** |
| By: | /s/ John S. Cochran | /s/ John S. Cochran |
|  | Name: | John S. Cochran |
|  | Title: | Vice President |
| **ADVISER:** | **ADVISER:** | **ADVISER:** |
| **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** |
| By: | /s/ John S. Cochran | /s/ John S. Cochran |
|  | Name: | John S. Cochran |
|  | Title: | Chief Operating Officer |

---

*[Crestline – Second Amended and Restated LLC Agreement (September 2025)]*

## Exhibit 4.1

**Exhibit 4.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CRESTLINE LENDING SOLUTIONS, LLC**<br>A Delaware Limited Liability Company<br>**Units of Limited Liability Company Interests**<br>**SUBSCRIPTION BOOKLET**<br>This Subscription Booklet is for the exclusive use of:<br>**IN THE EVENT THAT YOU DECIDE NOT TO PURCHASE SHARES PURSUANT TO THIS OFFERING, PLEASE DESTROY ANY PHYSICAL COPIES AND DELETE ANY ELECTRONIC COPIES OF THE PRIVATE PLACEMENT MEMORANDUM (TOGETHER WITH ALL AMENDMENTS THEREOF AND SUPPLEMENTS THERETO) AND THIS SUBSCRIPTION BOOKLET.**<br>

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**CRESTLINE LENDING SOLUTIONS, LLC**

**INSTRUCTION SHEET**

All subscribers ("**Subscribers**") for units of limited liability company interests ("**Shares**") of Crestline Lending Solutions, LLC, a Delaware limited liability company (the "**Company**"), pursuant to the private placement memorandum of the Company (as amended and supplemented from time to time, the "**Memorandum**"), must complete the subscription documents in this booklet. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;***<u>Completion of Subscription Booklet</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;1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Understandings, Covenants, Representations and Warranties</u>**. Please carefully read pages 1 to 24 and check the appropriate box in Sections 12 and 15.3.

&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Signature Page for the Subscription Agreement</u>**. Complete and sign page 25.

&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit A – Purchaser Questionnaire</u>**. All Subscribers to review and complete pages A-1 to A-22. Please note that any supporting documents must be provided in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>General Information</u>**. Pages A-3 to A-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Familiarity with Investment Funds</u>**. Page A-8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Confirmation of Accredited Investor Status</u>**. Pages A-8 to A-12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Confirmation of Status as Benefit Plan Investor</u>**. Pages A-12 to A-14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Confirmation of Investment Company/Private Fund Status</u>**. Pages A-14 to A-15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Other Information</u>**. Pages A-15 to A-16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Registration Information</u>**. Pages A-17 to A-22.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit B – Client Privacy Notice</u>**. Subscribers should carefully read our Client Privacy Notice attached as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit C – Sample Bank Letter</u>**. To be completed by the financial institution remitting the subscription monies on behalf of the Subscriber.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit D – Form of Certificate of Incumbency</u>**. To be completed by entities that do not already have an incumbency certificate available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit E – Tax Information</u>**.

**<u>IRS Tax Forms W-8 and W-9</u>**. Please execute and return the appropriate IRS Tax Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit F – Transfer Restrictions</u>.** Subscribers should carefully read our Transfer Restrictions attached as <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit G – Election Notice Under Dividend Reinvestment Plan</u>.** Please execute and return the election notice if you would prefer to receive distributions in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit H – Anti-Money Laundering Documentation</u>.** Please provide the applicable additional information listed on <u>Exhibit H</u>, which will be provided to our transfer agent in connection with its anti-money laundering policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;***<u>Evidence of Authorization</u>***.

If the Subscriber is a partnership, corporation or other entity, please provide a copy of the filed certificate of incorporation, certificate of formation or certificate of limited partnership, as applicable, along with the relevant organizational documents of the Subscriber. Entities may be requested to furnish other or additional documentation evidencing the authority to invest in the Company. For your convenience, we have included a form of incumbency certificate attached as <u>Exhibit D</u> hereto in the event that your organization does not already have an incumbency certificate available. Please provide a copy of the passport or other government issued identification document for the individual executing this subscription agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;***<u>Submission of Subscription Documents</u>***.

Preliminary draft agreements (unexecuted) and other documents should be sent electronically for review to clsf-ir@crestlineinc.com.

After your submitted documents have been approved, please sign the final documents and electronically send all documents to clsf-ir@crestlineinc.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;***<u>Payment of Capital Commitment Amount</u>***.

The Company will notify you at least ten (10) Business Days prior to the close of business on the date on which you must wire all or any portion of your capital commitment amount to the Company's account. This notice will contain all relevant wiring information and instructions. In order to comply with the anti-money laundering regulations applicable to the Company, the sample bank letter attached hereto as <u>Exhibit C</u> MUST be completed by the financial institution which will be remitting the subscription monies on behalf of the Subscriber. "**Business Day**" means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing days in foreign exchange and foreign currency and deposits) in New York City.

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**CRESTLINE LENDING SOLUTIONS, LLC**

**SUBSCRIPTION AGREEMENT**

Crestline Lending Solutions, LLC, a Delaware limited liability company (the "**Company**")

AND

___________________________ (the "**Subscriber**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Information</u>.

The Company is a Delaware limited liability company initially formed as Crestline Lending Solutions Ramp, LLC. The Company has elected to be regulated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"). Crestline Management, L.P. (the "**Adviser**") will serve as the Company's investment adviser pursuant to an investment advisory and management agreement (the "**Investment Management Agreement**"). Crestline Management, L.P. (in such capacity, the "**Administrator**") will serve as the Company's administrator pursuant to an administration agreement (the "**Administration Agreement**"). The Administrator has engaged State Street Bank and Trust Company (the "**Sub-Administrator**") to serve as the Company's sub-administrator pursuant to a sub-administration agreement.

The Adviser has entered into an agreement with Rithm Capital Corporation ("**Rithm**") whereby Rithm will acquire the Adviser and certain of its affiliated entities (the "**Transaction**"), subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances and investor approvals. The Transaction is expected to close in the last quarter of 2025.

As the Transaction will result in a deemed "assignment" and corresponding termination of the Investment Management Agreement under the Investment Company Act of 1940, as amended (the "**1940 Act**"), the Company will file a proxy statement with the Securities and Exchange Commission (the "**SEC**") seeking the approval of the Company's investors of a new investment advisory and management agreement by and between the Company and the Adviser (the "**New Investment Management Agreement**"). The terms of the New Investment Management Agreement will be identical to the existing Investment Management Agreement, including with respect to the services to be provided to the Company and the fees payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Receipt of Operative Documents</u>.

The undersigned Subscriber hereby acknowledges receipt of one copy of the Company's private placement memorandum (the "**Memorandum**") and the Company's amended and restated limited liability company agreement dated as of September 2, 2025 (the "**LLC Agreement**" and, together with the Investment Management Agreement, the Administration Agreement, and the Memorandum, the "**Operative Documents**"). All of the terms and provisions of the Operative Documents are incorporated herein by reference and the Subscriber

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confirms that it has read the same. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Memorandum. Unless the context requires otherwise, any reference to the Company or the Adviser, shall mean the Adviser acting for and on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Subscription for Shares, Delivery of the Subscription Agreement and Other</u> <u>Subscription Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber hereby subscribes for and agrees to purchase the Company's units of limited liability company interests (the "**Shares**") and to make a capital commitment ("**Commitment**") to the Company in the amount set forth on the accompanying signature page completed and signed by the Subscriber. In addition, the Subscriber hereby irrevocably offers to tender this Subscription Agreement (this "**Agreement**"), and the other applicable investor documents included in the Subscription Booklet. The Company expects to enter into separate subscription agreements (the "**Other Subscription Agreements**") with other investors (the "**Other Shareholders**," and together with the Subscriber, the "**Shareholders**"), providing for the sale of Shares to the Other Shareholders. This Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Shareholders are to be separate sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;Each Subscriber agrees to purchase Shares for an aggregate price equal to its Commitment ("**Drawdown Purchases**"), payable at such times and in such amounts as required by the Company (a "**Capital Call**"). On each Drawdown Date (as defined in Section 6.3) pursuant to a Capital Call, each Subscriber agrees to purchase from the Company, and the Company agrees to issue to the Subscriber, a number of Shares determined pursuant to the Subscriber's position in quarterly tranches (as described in Section 6.3) at an aggregate price equal to the Drawdown Purchase Price (as defined in Section 6.3); provided, however, that in no circumstance will a Subscriber be required to purchase Shares for an amount in excess of its Unused Capital Commitment (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of Company to Accept or Reject</u>.

It is understood and agreed that the Company, in its discretion and for any reason whatsoever, shall have the right to accept or reject this subscription, only in whole, and that the same shall be deemed to be accepted by the Company only when it is signed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing</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;5.1&nbsp;&nbsp;&nbsp;&nbsp;The closing of the Subscriber's acquisition of Shares, and the Subscriber's admission as a Shareholder (the "**Closing**"), shall take place on such date and at such time as the Company shall designate (such date being the "**Closing Date**," and the date upon which the first closing of any Subscription Agreement occurs being referred to herein as the "**Initial Closing Date**" and the date of the last Closing prior to the date on which the Adviser determines, in its sole discretion, to stop accepting Commitments, the "**Final Closing Date**"). At the Closing, the Company shall list the Subscriber as a Shareholder of the Company by registering the Subscriber's details in the register of Shares of the Company maintained by or at the direction of

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the Company, and shall deliver to the Subscriber the Subscription Agreement executed by the Company and any other instruments necessary to reflect the Subscriber's admission as a Shareholder with a Commitment as set forth on the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;The Company may enter into Other Subscription Agreements with Other Shareholders after the Closing 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;5.3&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Shareholder is permitted by the Company to make an additional Commitment to purchase Shares on a date after its initial subscription has been accepted, such Shareholder will be required to enter into a separate subscription agreement with the Company and such other documents as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Drawdowns</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;6.1&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber hereby agrees to make contributions to the capital of the Company ("**Capital Contributions**") at the request of the Company in an amount up to and including the total amount of the Subscriber's Commitment as provided in this Agreement and any failure to do so may result in the Company deeming the Subscriber to be in default and subject to the remedies set forth in this Agreement. The Subscriber acknowledges the remedies in such circumstances as the same are expected to be provided for in 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;6.2&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 6.7, purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a "**Drawdown Date**") and shall be made in accordance with the provisions of Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;Each Subscriber agrees that its Commitment will be subject to Capital Calls depending on the time at which such Subscriber entered into a Subscription Agreement with the Company. Subscribers who entered into a Subscription Agreement with the Company earliest will be first required to make Drawdown Purchases. All Commitments from the earliest Subscribers will be called in totality before Commitments from later subscribing Subscribers will called. For purposes of determining which Subscribers' Commitments will be subject to a Capital Call, all Subscribers who entered into Subscription Agreements during a given quarter will be treated as if such Subscribers subscribed at the same time, and will be considered as part of the same "tranche." Subscribers must submit a Subscription Agreement within fifteen (15) days prior to the end of the applicable quarter to fall within that quarter's tranche for purposes of any of Capital Calls, unless such deadline is waived. All Commitments from the same quarterly tranche must be called before capital is called from Shareholders in the following quarterly tranche. When calling capital from Subscribers within the same quarterly tranche, capital will be called on a pro-rata basis.

"**Drawdown Purchase Price**" shall mean, on a per Share basis, a price that is at least equal to the Per Share NAV (as defined below).

"**Per Share NAV**" shall mean, for any date, the net asset value per Share determined in accordance with the procedures set forth in the "Determination of Net Asset Value" in the Memorandum (as those procedures may be changed from time to time in a manner consistent

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with the limitations of the Investment Company Act) as of the last day of the Company's fiscal quarter immediately preceding such date.

"**Unused Capital Commitment**" shall mean, with respect to a Subscriber, the amount of such Subscriber's Commitment as of any date reduced by the aggregate amount of contributions made by that Subscriber at all previous Drawdown Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;Prior to each Drawdown Date, the Company shall deliver to the Subscriber a notice (each, a "**Drawdown Notice**") setting forth (i) the Drawdown Date, (ii) the aggregate number of Shares to be sold to all Shareholders on the Drawdown Date and the aggregate purchase price for such Shares, (iii) the applicable Drawdown Amount, Drawdown Purchase Price and Per Share Price and (iv) the account to which the Drawdown Purchase Price should be wired. The Company shall deliver each Drawdown Notice to the Subscriber at least ten (10) Business Days prior to the Drawdown Date. For the purposes of this Agreement, the term "**Business Day**" means any day, other than Saturday, Sunday or a federal holiday, and shall consist of the time period from 12:01 a.m. through 12:00 midnight Eastern 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;6.5&nbsp;&nbsp;&nbsp;&nbsp;The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber's obligation to pay the Drawdown Purchase Price identified in each Drawdown Notice. On each Drawdown Date, the Subscriber shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;At the end of the Commitment Period (as defined below), any Unused Capital Commitment (other than any Defaulted Commitment) shall automatically be reduced to zero; provided, however, the Subscriber will remain obligated to (a) pay Company expenses, including management fees, any amounts that may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Commitment Period, (b) complete transactions that, at the end of the Commitment Period, are committed or otherwise with respect to which the Adviser has made an affirmative determination that the Company should participate, subject to completion of "due diligence" procedures and negotiation of acceptable price and other terms (and which, for the avoidance of doubt, includes funding any revolving credit facility or delayed draw-term facility that has not been fully drawn at the end of the Commitment Period), (c) satisfy any outstanding obligations pursuant to any credit facility or other lending arrangement, guaranty or other similar obligation, (d) fund follow-on investments made in existing portfolio companies (and not new investments) that, in the aggregate, do not exceed 10% of total commitments, (e) fund obligations under any Company guarantee or indemnity made during the Commitment Period, (f) hedge currency, interest rate, market or other risk with respect to existing investments and/or (g) fund any defaulted commitments. Under normal market conditions, given the anticipated high volume of potential investments, including potential co-investment transactions under any future exemptive relief, the Company expects that all or substantially all capital will be drawn during the Commitment Period.

"**Commitment Period**" shall mean the period beginning upon the execution of this Subscription Agreement and continuing through the end of the two-year anniversary of the execution of this

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Subscription Agreement. After the Commitment Period, Subscribers may maintain all or a partial amount of their Commitment, and as a result, would maintain their earlier position in the Capital Call structure as described in Section 6.3, such that their Commitments would be drawn earlier than later Subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the Company shall have the right (a "**Limited Exclusion Right**") to exclude any Shareholder (such Shareholder, an "**Excluded Shareholder**") from purchasing Shares from the Company on any Drawdown Date if, in the reasonable discretion of the Company, there is a substantial likelihood that such Shareholder's purchase of Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such Shareholder, the Company, the Adviser, any Other Shareholder or a portfolio company would be subject or (ii) cause the investments of "**Benefit Plan Investors**" (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("**ERISA**") and certain Department of Labor regulations) to be significant and any assets of the Company to be considered "plan assets" under ERISA or Section 4975 of the Code. In the event that any Limited Exclusion Rights is exercised, the Company shall be authorized to issue an additional Drawdown Notice to the non-Excluded Shareholders to make up any applicable shortfall caused by such Limited Exclusion Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends; Dividend Reinvestment Plan</u>

As described more fully in the Operative Documents, the Company generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, as determined by the Board in its discretion. If the Board authorizes, and the Company declares, a dividend or distribution, each Shareholder's distribution will automatically be reinvested in additional Shares, unless a Shareholder elects to have its dividends or distributions paid in cash (the "**Dividend Reinvestment Plan**"). The Shareholder may "opt out" of the Dividend Reinvestment Plan by completing the Election Notice in <u>Exhibit G</u> attached hereto or by notifying the Adviser in writing no later than ten (10) calendar days prior to the record date fixed by the Board for distributions to the Shareholder. For the avoidance of doubt, a Shareholder's distribution will either be paid by reinvesting such distribution in additional Shares of the Company pursuant to the Dividend Reinvestment Plan, or in cash, depending on such Shareholder's election under the Dividend Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies Upon Subscriber Default</u>. In the event that a Subscriber fails to pay all or any portion of the Drawdown Purchase Price due from such Subscriber on any Drawdown Date (such amount, together with the full amount of such Subscriber's remaining Commitment, a "**Defaulted Commitment**") and such default remains uncured for a period of 10 Business Days, the Company shall be permitted to declare such Subscriber to be in default of its obligations under this Agreement (any such Subscriber, a "**Defaulting Subscriber**") and shall be permitted to pursue one or any combination of the following remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;The Company may prohibit the Defaulting Subscriber from purchasing additional Shares on any future Drawdown Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;The Company may pursue a lawsuit or other action to collect the Defaulted Commitment due to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;The Company may cause the Defaulting Subscriber to forfeit up to one hundred percent (100%) of its Shares without payment or other consideration therefor and offer such forfeited portion of the Defaulting Subscriber's Shares to the Company's other Shareholders (other than any Defaulting Subscribers and subject to any restrictions on Transfers set forth in the LLC Agreement). The forfeited Defaulted Commitment shall be allocated to the other Shareholders pro rata according to their respective Unused Capital Commitments with any adjustment thereto that the Adviser may determine to be equitable. The Company will provide a notice to each Shareholder (other than Defaulting Subscribers) setting forth the amount of the forfeited portion of the Defaulting Subscriber's Shares offered to such Shareholder. No Shares shall be transferred to any other Shareholder pursuant to this Section 8.3 in the event that the Transfer would violate any federal or state laws applicable to the Company. In the event that any Shareholder does not elect to accept its pro rata share of the forfeited portion of a Defaulting Subscriber's Shares, such forfeited portion not accepted may be offered again by the Adviser in its sole discretion according to the provisions of this Section 8.3 as if such forfeited portion had not previously been offered. To the extent a Defaulting Subscriber's Shares forfeited pursuant to this Section 8.3 is not reallocated to Shareholders, the Adviser may, in its sole discretion, offer all or any portion of such Shares to third parties, each of which will, as a condition of purchasing such Shares, become a party to the LLC Agreement. The sole consideration to the Defaulting Subscriber for each portion of such Defaulting Subscriber's Shares reallocated to another Shareholder or purchased by a third party pursuant to this Section 8.3 will be the assumption by such Shareholder or third party, as applicable, of the Defaulting Subscriber's obligation to make both defaulted and future capital contributions pursuant to its Commitment that are commensurate with the portion of the Defaulting Subscriber's Shares being reallocated to such Shareholder or purchased by such third party. No Shares shall be transferred to any other Shareholder pursuant to this Section 8.3 in the event that the Transfer would violate any federal or state laws applicable to the Company. The Defaulting Subscriber acknowledges that it will not receive any payment for any Shares reallocated to Shareholders or purchased by a third party or parties pursuant to this Section 8.3 including for any funded portion of its Commitment related thereto or such Defaulting Subscriber's share of any profits not yet distributed, even though the purchased Shares may have positive value at the time of such reallocation or purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;The Company may pursue any other remedies against the Defaulting Subscriber available to the Company, subject to applicable law. The Subscriber agrees that this Section 8.4 is solely for the benefit of the Company and shall be interpreted by the Company against a Defaulting Subscriber in the discretion of the Company. The Subscriber further agrees that the Subscriber cannot and shall not seek to enforce this Section 8 against the Company or any Shareholder; 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;8.5&nbsp;&nbsp;&nbsp;&nbsp;The Company shall be authorized to issue additional Drawdown Notices to non-Defaulting Subscribers to make up for any short-fall caused by a Defaulting Subscriber's failure to fund any Drawdown Notice, provided that no Subscriber shall be obligated to fund more than its then Unused Capital Commitment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations, Warranties and Covenants of the Subscriber</u>.

The Subscriber hereby represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber has received and carefully read a copy of the Memorandum outlining, among other things, the organization and investment objective and policies of, and the risks and expenses of an investment in, the Company. The Subscriber acknowledges that in making a decision to subscribe for Shares, the Subscriber has relied solely upon the Memorandum and independent investigations made by the Subscriber or its representatives in making its decision to purchase the Shares for which it hereby subscribes. The Subscriber is satisfied that it has received information with respect to all matters that it considers material to its decision to make this investment. The Subscriber understands the investment objective and policies of and the investment strategies that may be pursued by the Company. The Subscriber's investment in the Company is consistent with the investment purpose and objective and cash flow requirements of the Subscriber and will not adversely affect the Subscriber's overall need for diversification and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is aware that the fundamental risks and possible financial hazards of purchasing the Shares hereby subscribed for are described in the "Risk Factors" and "Certain Relationships and Related Transactions," and "Director Independence" sections set forth in the Company's Registration Statement on Form 10, and the Subscriber has carefully considered all of them. The Subscriber is further aware that such list of risk factors is not meant to be an exhaustive listing of all potential risks associated with an investment in the Company and are encouraged to review subsequent filings with the Securities and Exchange Commission (the "**SEC**"), including the "Risk Factors" sections therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber fully understands the nature of the risks involved in purchasing Shares and is qualified by its own experience to evaluate investments of this type, or has relied upon the advice of someone so qualified. The Subscriber has relied upon the advice as to tax matters relating to an investment in the Company of someone appropriately qualified whom the Subscriber has retained to advise it as to such matters in light of its personal situation. The Subscriber is aware of the fundamental risks relating to the tax structure of the Company and the Subscriber has carefully considered all of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;THE SUBSCRIBER UNDERSTANDS AND ACKNOWLEDGES THAT UNDER THE TERMS OF THE OPERATIVE DOCUMENTS, THE ADVISER HAS THE EXCLUSIVE RIGHT TO ALLOCATE THE COMPANY'S ASSETS WITHOUT PRIOR NOTICE TO, OR THE CONSENT OF, ANY SHAREHOLDER. THE SUBSCRIBER UNDERSTANDS THAT SUBSCRIBER MUST BE WILLING TO ENTRUST ALL ASPECTS OF THE COMPANY'S MANAGEMENT TO THE ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;THE SUBSCRIBER IS AWARE THAT THE UNDERWRITING OF AND INVESTING IN LOANS INVOLVES CONSIDERABLE RISK. THE PROFITABILITY OF A SIGNIFICANT PORTION OF THE COMPANY'S INVESTMENT PROGRAM DEPENDS TO A GREAT EXTENT UPON THE ABILITY OF THE ADVISER TO SUCCESSFULLY UNDERWRITE OR EVALUATE LOANS, AS WELL AS OTHER

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FACTORS THAT IMPACT THE VALUE OF THE INVESTMENTS. THERE CAN BE NO ASSURANCE THAT THE ADVISER WILL BE ABLE TO ACCURATELY UNDERWRITE OR EVALUATE LOANS OR ACCURATELY ANTICIPATE FUTURE EVENTS WHICH MAY AFFECT PRICE MOVEMENTS OR THE VALUE OF 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;9.6&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges and understands the desirability of diversifying its investments by not placing a disproportionate portion of its assets in any one investment. The Subscriber represents that the portion of its assets which it proposes to invest in the Company is appropriate in light of its need for liquidity, its investment goals and other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is aware of its inability to readily liquidate its investment in the case of an emergency. In view of such facts, the Subscriber acknowledges that it has adequate means of providing for its current needs, anticipated future needs and possible contingencies. The Subscriber acknowledges and understands that the Shares being purchased by it have not been registered under the Securities Act, and that the offering and sale of the Shares is exempt from such registration by virtue of the provisions of Section 4(a)(2) thereof and/or Regulation D promulgated thereunder. Furthermore, the Subscriber understands that all offerings and sales made outside the United States will be made pursuant to Regulation S under the Securities Act. The Subscriber also understands that the Shares being purchased by it have not been registered under applicable state securities or "Blue Sky" laws. The Subscriber understands that there is no resale market for the Shares, and the Company is not required and does not intend to register the Shares under the Securities Act or applicable state securities laws. The Subscriber also understands that it may not assign its Shares without the consent of the Company or the Adviser, which consent may be given or withheld in the Company's or the Adviser's discretion, and that any Shares acquired by the Subscriber may not be sold, offered for sale, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a "**Transfer**") in any manner that would require the Company to register the Shares under the Securities Act, any U.S. state securities laws or under the laws of any non-U.S. jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber may not Transfer any of its Shares or its Commitment unless (x) the Adviser provides prior written consent and (y) the Transfer is made in accordance with applicable securities laws. No Transfer will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and the terms of the Operative Documents and all other obligations as a Shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Notwithstanding any other provision of this Agreement, the Subscriber covenants that it will not transfer all or any part of the Shares or its Commitment (or purport to do so) if such Transfer would cause (A) the Company or the Adviser to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the "**USA PATRIOT Act**"), or any similar U.S. federal, state or non-U.S. law or regulation (collectively, "**Anti-Money Laundering Laws**"); or (B) the Shares to be held by a country, territory, entity or individual currently subject

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to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") or any entity or individual that resides or has a place of business in, or is organized under the laws of, a country or territory that is subject to any sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands that the Company, in its discretion and at any time, may require the Subscriber to withdraw its Commitment to the Company, in whole or in part (as described in the Operative Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands that no state or other governmental authority has made any finding or determination relating to the fairness of an investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of this investment, or it, together with the purchaser representative appointed by the Subscriber (who is acting as its purchaser representative and whom it has so designated in writing and which writing it has delivered to the Company), have such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of this 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;9.12&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants that the Subscriber: (a) has sufficient financial standing to satisfy the obligations of a Shareholder under this Agreement; (b) is not domiciled in a country subject to trade embargoes imposed by the United Nations or the European Union; and (c) has not been (nor any of its directors or senior officers have been) formally charged or convicted of committing any act involving fraud, willful misconduct or misappropriation of funds during the five (5) years prior to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands that the Company will only offer Shares to prospective investors who are "accredited investors" as that term is defined in Rule 501(a) of the Securities Act and the Subscriber represents and warrants that it is an accredited investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants that neither the Subscriber nor any person who through the Subscriber (including anyone who has investment discretion on the Subscriber's behalf) will beneficially own the Shares has been subject to any "disqualifying event" (as defined in Rule 506(d)(1) under the Securities Act) at any time on or prior to the Subscriber's investment in the Company. The representations and warranties set forth in this paragraph 9.14 shall be deemed repeated and reaffirmed by the Subscriber to the Company as of each Closing Date. Furthermore, the Subscriber agrees to provide the Company with (1) prompt written notice of the occurrence of any event specified above with respect to the Subscriber or any such beneficial owner and (2) any information, documentation or certifications (including, if requested, a "bad actor" disqualification questionnaire) required by the Company, in its sole discretion, to permit the Company to comply with its obligations pursuant to Rule 506(d) under the Securities 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;9.15&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants that either: (i) the Subscriber is not required to register in any capacity with the U.S. Commodity Futures Trading Commission ("**CFTC**") under the U.S. Commodity Exchange Act ("**CEA**"), or the rules and regulations of

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the CFTC thereunder; or (ii) the Subscriber is registered with the CFTC in each capacity in which it is required to be registered with the CFTC under the CEA, or the rules and regulations thereunder, Subscriber is a member of the U.S. National Futures Association ("**NFA**") and Subscriber's membership in NFA is not currently under suspension. The Subscriber agrees to promptly notify the Adviser in writing in the event the foregoing representation ceases to be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber: (i) is not registered as an investment company under the Investment Company Act; (ii) has not elected to be regulated as a business development company under the Investment Company Act; and (iii) either (A) is not relying on the exception from the definition of "investment company" under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17&nbsp;&nbsp;&nbsp;&nbsp;During the course of the offering of the Shares, both the Subscriber and its advisors have had the opportunity to ask questions of and receive answers from representatives of the Company or persons acting on its behalf concerning the terms and conditions of a proposed investment in the Company and the Subscriber's advisors and have also had the opportunity to obtain additional information necessary to verify the accuracy of information previously furnished about the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants to the Company 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;If it is a corporation or other entity, the Subscriber acknowledges and agrees that (i) it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and was not formed for the specific purpose of acquiring Shares of the Company; (ii) it has full power and authority to enter into and perform this Agreement; (iii) this Agreement constitutes a valid and binding obligation on the Subscriber's part, enforceable against the Subscriber in accordance with its terms; and (iv) the execution, delivery and performance of this Agreement by the Subscriber has been authorized by all necessary corporate or other action on the Subscriber's part, and will not violate any contract, restriction or commitment of or applicable to the Subscriber or any of its affiliates, or to the best of the Subscriber's knowledge, any applicable law or government regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;All legal and tax advice, registrations, declarations or filings with, or licenses, approvals or authorizations of, any legislative body, governmental department or other governmental authority, necessary or appropriate in connection with its investment in the Company have been obtained or complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands (i) the investment objective and policies of the Company, (ii) the manner in which profits and losses will be allocated, and (iii) the method of compensating the Adviser, and the various risks associated therewith, including the risk of creating incentives to make investments that are more risky and speculative than would be the case in the absence of such compensation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges or, if the Subscriber is acting as agent, representative, or nominee for a beneficial owner, has advised the beneficial owner that the Company reserves the right, without notice, to offer Shares through one or more affiliated selling agents or brokers on an exclusive or non-exclusive basis and to pay referral fees and commissions out of the fees and allocations payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands that the Company (i) intends to file an election to be regulated as a BDC under the Investment Company Act and (ii) intends to elect to be treated as a regulated investment company within the meaning of Section 851 of the Code for U.S. federal income tax purposes; pursuant to those elections, the Subscriber will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Company, the Subscriber understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation § 1.852-7. The Subscribers should rely exclusively on information contained in the Operative Documents in making their investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber (i) acknowledges that a BDC may increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met; (ii) acknowledges that the Company's initial Shareholder has approved a proposal that allows the Company to reduce its asset coverage to 150%; and (iii) agrees that the Company's asset coverage ratio is 150% as permitted under the Investment Company 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;9.22&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that it has consulted, to the extent deemed appropriate by the Subscriber, with the Subscriber's own advisors as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in the Shares and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in the Shares, and believes that an investment in the Shares is suitable and appropriate for the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.23&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents that the information contained in <u>Exhibit A</u> attached hereto is complete and accurate as of the date hereof and may be relied upon by the Company. The Subscriber further represents that it will notify the Company immediately in writing of any material change in any of such information that may occur at any time following the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands that the Company is subject to know-your-customer and anti-money laundering rules, regulations and procedures and, as a result, it may require other documentation in addition to this Agreement or at any time change the minimum subscription requirements. Further, the Subscriber understands that the Company reserves the right to request such documentation or impose such minimums prior to deciding whether or not to accept this subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges receipt of Part 1 and Part 2, as applicable, of the Form ADV (the "**Form ADV**") of the Adviser. For so long as the Subscriber is a

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Shareholder of the Company, the Adviser shall provide the Subscriber with each annual update to the Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.26&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that it is aware and understands that Eversheds Sutherland (US) LLP acts as U.S. counsel to the Company. The Subscriber also acknowledges that it is aware and understands that, in connection with this offering of Shares and subsequent advice to the Company, Eversheds Sutherland (US) LLP will not be representing Shareholders of the Company, including the Subscriber, and no independent counsel has been retained by the Company to represent Shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.27&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that the Company may enter into a subscription facility for short-term borrowing (the "**Borrowing Facility**"). In connection with any such Borrowing Facility, the Subscriber hereby acknowledges to the Company pursuant to the Borrowing Facility that it is and shall remain absolutely and unconditionally obligated to fund its Unused Capital Commitment (including, without limitation, any Capital Contributions required during any suspension of, or after the termination of, the Commitment Period). The Subscriber further agrees to cooperate with the Company and provide financial information and other documentation reasonably and customarily required to obtain the Borrowing Facility, and to not amend, modify, supplement, cancel, terminate, reduce or suspend any of its obligations under this Agreement.

Without limiting the generality of the foregoing, the Subscriber specifically agrees and consents that the Company may, at any time, and without further notice to or consent from the Subscriber (except to the extent otherwise provided in this Subscription Agreement), grant security over (and, in connection therewith), Transfer (as defined in Section 9.7) its right to draw down capital from the Subscriber pursuant to Section 6.3, and the Company's right to receive the Drawdown Share Purchase Price (and any related rights of the Company), to lenders or other creditors of the Company, in connection with any Borrowing Facility or other indebtedness, guarantee or surety of the Company; provided that, for the avoidance of doubt, any such grantee's right to draw down capital shall be subject to the limitations on the Company's right to draw down capital pursuant to Section 6.3. In connection with any Borrowing Facility, the Subscriber specifically agrees, for the benefit of the Company and such lenders, to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may incur indebtedness for Company purposes pursuant to a Borrowing Facility and secure the Borrowing Facility by (i) the Unused Capital Commitments, (ii) the Company's rights to issue Drawdown Notices, (iii) the Company's right to exercise remedies against the Subscribers and the Other Subscribers for failure to pay for such Shares as required by the Drawdown Notices, (iv) the deposit account into which the payments for such Shares will be wired on the applicable Drawdown Dates, and (v) any related collateral and proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber acknowledges to the Company that it understands that the lender (or agent for the lenders) under a Borrowing Facility is relying on each Subscriber's Unused Capital Commitment as its primary source of repayment and may issue future Drawdown Notices and

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may exercise all remedies of the Company with respect thereto as part of such lenders' remedies under the Borrowing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a failure by any Subscriber to pay for such Shares, the Company and such lender is entitled to pursue any and all remedies available to it, including, in the case of the Company, issuing additional Drawdown Notices to non-Defaulting Subscribers in order to make up any deficiency caused by the default of the Subscriber, whose ownership in the Company would be diluted as a result;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber agrees that its obligation to fund Drawdown Notices pursuant to Section 6.3 is irrevocable, and shall be without setoff, counterclaim or defense of any kind, including any defense pursuant to Section 365 of the U.S. Bankruptcy Code (other than any defenses provided hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Subscriber has received full and adequate consideration on the date hereof for its Shares notwithstanding that they are to be paid and issued in subsequent installments, and any defense of non-consideration or similar defenses for its subscription are hereby waived by the Subscriber, whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or inability of the Company to issue Shares or for any such Shares to have positive value on the date of a Drawdown Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company may use the proceeds of any Share issuance for repaying outstanding loans under the Borrowing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber agrees that the Company may reveal the Subscriber's identity on a confidential basis to the lenders under a Borrowing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) upon the reasonable request of the Company, the Subscriber will provide the Company with copies of its financial statements to the extent such financial statements are not otherwise publicly available and information about the Subscriber's beneficial owners to enable the Company to comply with underwriting requests from any lender under a Borrowing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any claim the Subscriber may have against the Company or another Subscriber in the Company shall be subordinate to any claim a lender under the Borrowing Facility may have against the Company or such Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber acknowledges and confirms that the terms of the applicable Borrowing Facility and each agreement executed in connection therewith can be modified (including, without limitation, increases, decreases or renewals of credit extended, or the release of any guarantee or security) without further notice to such Subscriber and without its consent; provided, however, that in no event shall any such modification of any such document alter a Subscriber's rights or obligations hereunder without such Subscriber's written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) each Subscriber acknowledges that the making and performance of its obligations hereunder constitute private and commercial acts rather than governmental or public acts, and that neither it nor any of its properties or revenues has any right of immunity from suit, court

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jurisdiction, execution of a judgment or from any other legal process with respect to its obligations hereunder, and to the extent that it may hereafter be entitled to claim any such immunity, or to the extent that there may be attributed to it such an immunity (whether or not claimed), unless otherwise agreed in writing by the Company, it hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) upon the withdrawal or transfer of the Subscriber's interest in the Company in accordance with the terms hereof, such Subscriber acknowledges that it may be required at the time of such withdrawal or transfer to fund a Drawdown Notice to repay amounts outstanding under the Borrowing Facility equal to its share thereof; provided that such Subscriber shall not be required to fund a Drawdown Notice in excess of its Unused Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.28&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that the Company may compel the Subscriber to withdraw, in whole or in part, from the Company (a "**Compulsory Withdrawal**"), at any time without notice, if the Company reasonably and in good faith believes that the Subscriber's continued participation in the Company would cause the assets of the Company to be deemed to be "plan assets" for purposes of ERISA or Section 4975 of the Code. No such Compulsory Withdrawal shall give rise to any claim or cause of action by the Subscriber. Distributions made in connection with a Compulsory Withdrawal: (i) may be made in either cash or other assets, including the issuance of a promissory note by the Company on such terms as may be reasonably determined by the Company; and (ii) shall be in an amount equal to what the Subscriber would have received in respect of its withdrawn Shares had the Company been dissolved and its assets sold at their fair value as of the withdrawal date. In the case of illiquid or restricted securities, the Subscriber's share of such assets may be distributed to a special purpose vehicle that will be managed by the Adviser, with distributions made to the Subscriber as cash becomes available.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Subscriber Information</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;10.1&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber has duly completed the tax information in <u>Exhibit E</u> (U.S. Internal Revenue Service ("**U.S. IRS**") on Tax Forms W-8 or W-9 and confirms that the information provided is true and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act ("**FATCA**") and other applicable automatic exchange of information regimes (including, but not limited to, the Common Reporting Standard developed by the Organisation for Economic Co-operation and Development) ("**AEOI**") and avoid the imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation from the Subscriber and, if and to the extent required under FATCA or an applicable AEOI, the Subscriber's direct and indirect beneficial owners (if any), relating to or establishing any such owner's identity, residence (or jurisdiction of formation), income tax status, and other required information and may provide or disclose such information and documentation to the U.S. IRS or other relevant government authority. The Subscriber agrees that it shall provide such information and documentation concerning itself and its beneficial owners, if any, as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA or an applicable AEOI. The Subscriber

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acknowledges that, if the Subscriber does not provide the requested information and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption requests by the Subscriber and/or deduct from such Subscriber's account and retain amounts sufficient to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on account of the Subscriber's not providing all requested information and documentation in a timely manner, and to ensure that such withholding taxes, interest, penalties and other losses or liabilities are economically borne by the Subscriber. The Subscriber shall have no claim against the Company, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions in the absence of willful misconduct and/or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that a failure to deliver, upon request, any documents or relevant information to the Company, may result in the Subscriber being charged with any taxes, penalties, fines or any other charges imposed on the Company and attributable to such failure to provide the relevant documentation or information, and the Company may, in its sole discretion, redeem the Shares of such Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber has duly completed the requested forms in <u>Exhibit E</u> and confirms that the information provided is true and complete. The Subscriber agrees to provide new or additional forms upon the request of the Company or upon a change of facts upon which such forms were prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Attorney-in-Fact</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;11.1&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber hereby designates, constitutes and appoints the Adviser as its true and lawful attorney-in-fact for the Subscriber, and in the name, place and stead of the Subscriber from time to time to make, execute, verify, sign, acknowledge, record, deliver, swear to, file and/or publish such certificates, instruments and documents as may be required by, or may be appropriate under, the laws of any state or other jurisdiction in which the Company is doing or intends to do business, in connection with qualification to do business and with the use of the name of the Company by the Company and the dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;The foregoing grant of authority: (i) is a special power of attorney given to secure a proprietary interest of the Adviser or the performance of an obligation owed to the Adviser is irrevocable and shall survive the disability, death, incapacity, bankruptcy, termination or dissolution of the Subscriber; and (ii) shall survive the delivery of an assignment by a Shareholder of all or any portion of its Shares, except that where the assignee thereof has been approved by the Company for admission to the Company as a substitute Shareholder, the power of attorney shall survive the delivery of such assignment for the sole purpose of enabling such attorneys-in-fact to execute, acknowledge and file any instrument necessary to effect such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney shall be valid and in full force and effect for a limited period equal to the duration of the Subscriber's Commitment (unless earlier terminated pursuant to the provisions of this Agreement). The Subscriber hereby agrees that such duration is

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in the interest and for the benefit of all partners and is reasonable given the nature and duration of the investments made by the partners in the Company; provided, however, that, notwithstanding anything to the contrary in this Agreement, if any such power of attorney is determined to be invalid or voidable under applicable law due to the potential duration thereof, it is the intent of the Subscriber that the duration of such power of attorney be reduced to the maximum duration possible without rendering such power of attorney invalid or voidable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber hereby agrees to execute and deliver to its attorney-in-fact (*mandataire*) above appointed, within five (5) Business Days after receipt of such attorney's request therefor, such other and further powers of attorney or other instruments as such attorney deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Nominee</u>.

In the event that the undersigned is acting as an agent, representative or nominee for an individual or entity who will be the beneficial owner of the Shares, please check here: ☐.

The Subscriber understands and acknowledges that the representations, warranties and agreements made in this Agreement are made by the Subscriber with respect to the beneficial owner of the Shares subscribed for hereby. The Subscriber represents and warrants that the Subscriber has all requisite power and authority from said beneficial owner to execute and perform the obligations under this Agreement and agrees to indemnify and hold harmless the Company and the affiliates, associates, advisors, partners, employees and agents of the Company from and against any and all loss, liability, claim, damage, cost and expense whatsoever (including, but not limited to, legal fees and expenses and any and all other costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of, or resulting from, or based upon, any misrepresentation or breach of warranty by the Subscriber under this Agreement or in any other document furnished by the Subscriber to the Company in connection with the offer or sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.

The Subscriber agrees to indemnify and hold harmless the Company, the Adviser, the Administrator, their affiliates and each other person, if any, who controls or is controlled by any thereof, within the meaning of Section 15 of the Securities Act (collectively, the "**Company Parties**"), against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing, or defending against any litigation commenced or threatened or any claim whatsoever) (collectively, "**Losses**") arising out of or based upon any false representation or warranty or breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber herein, in this Agreement or in any other document furnished by the Subscriber to any of the foregoing in connection with this transaction ("**Subscriber Breach**"); provided that the Subscriber shall not be required to indemnify the Company Parties (i) for any amount in excess

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of its Commitment to the Company or (ii) in circumstances where the Subscriber Breach does not result in Losses or adversely affect the Company Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefit Plan Investor</u>.

Each Subscriber agrees, represents and warrants that, unless indicated on Section (E) of the attached Purchaser Questionnaire it is not, nor is acting on behalf of, (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) a "plan" that is subject to Section 4975 of the Code, (iii) a plan or arrangement subject to federal, state, local or non-U.S. laws that are substantially similar to the foregoing laws ("**Similar Law**"), or an entity that is deemed to hold the assets of any such plan or arrangement described in (i), (ii), or (iii) above (collectively, a "**Plan**"). Each Subscriber who indicates on Section (E) of the Purchaser Questionnaire that it is, or is acting on behalf of, a Plan agrees, represents and warrants, to the extent applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1&nbsp;&nbsp;&nbsp;&nbsp;The representations made in Section (E) of the Purchaser Questionnaire are true, accurate and complete, including, without limitation, the maximum percentage of the Subscriber's assets which might constitute the assets of Benefit Plan Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2&nbsp;&nbsp;&nbsp;&nbsp;The decision to acquire Shares was made by a "named fiduciary" (within the meaning of Section 402(a) of ERISA) or a fiduciary under Similar Law with respect to the Plan (the "**Fiduciary**"), and, if the Fiduciary is not the Subscriber, the Subscriber has been duly authorized by the Fiduciary to enter into the Subscription Agreement and the Fiduciary has consulted with counsel to the extent deemed necessary with respect to such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3&nbsp;&nbsp;&nbsp;&nbsp;The Fiduciary has read and understands the risks of an investment in the Company and the Company's fee structure, and has concluded that the proposed investment in the Company and the purchase and holding of Shares contemplated thereby (i) are consistent with its fiduciary responsibilities under ERISA, including, without limitation, the diversification and prudence requirements under ERISA, or Similar Law (ii) are in accordance with all requirements applicable to the Plan under its governing instruments and funding policy under ERISA or Similar Law and (iii) will not constitute, result in or otherwise involve a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or the violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4&nbsp;&nbsp;&nbsp;&nbsp;None of the assets of the Plan to be invested in the Company are assets with respect to which the Adviser or any affiliates thereof, or any placement agent, (i) is a fiduciary within the meaning of Section 3(21) of ERISA (as a result of providing investment advice or otherwise) or Similar Law, or (ii) has discretionary authority or control or renders investment advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber and, if different, the Fiduciary, are independent of the Adviser and any affiliates 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;14.6&nbsp;&nbsp;&nbsp;&nbsp;The Fiduciary has the authority and the discretion to make the investment decision to purchase Shares on behalf of the Plan and assumes full responsibility for making such

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investment decision, and in making this decision has not relied, and is not relying on, the investment advice of the Adviser or any affiliates 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;14.7 &nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants that the purchase and the holding of the Shares will not constitute a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation under any applicable similar laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Money Laundering</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;15.1&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants to comply with applicable anti-money laundering laws and regulations of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2&nbsp;&nbsp;&nbsp;&nbsp;The Company requires each prospective Shareholder to provide proof of its identity. For individuals, a passport or similar identification must be provided. An entity must provide a certified copy of its organizational documents (articles of incorporation, certificate of formation, or similar documents). The Subscriber represents that all evidence of identity provided is genuine and all related information furnished is accurate and agrees to provide any information deemed necessary by the Company in its discretion, to comply with its anti-money laundering and anti-terrorist financing program and related responsibilities. The Subscriber acknowledges that in the event of delay or failure by the undersigned to produce any information required for verification purposes, the Company may refuse to accept the subscription and the subscription monies relating thereto, or may refuse to allow a withdrawal until proper information has been provided. The Subscriber represents that all evidence of identity provided is genuine and all related information furnished is accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is either *(check one 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;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiring Shares for its own account, risk and beneficial interest, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;is not acting as agent, representative, intermediary/nominee or in any similar capacity for any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;no other person will have a beneficial or economic interest in the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;does not have any intention or obligation to sell, distribute, assign or transfer all or a portion of the Shares to any other person;

**<u>OR</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investor intermediary investing in its own name on behalf of other investors, which, for these purposes, may

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include, without limitation, an introducing firm, an asset aggregator, a nominee or a fund of funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;is subscribing for Shares as a record owner in its capacity as an agent, representative or nominee on behalf of one or more beneficial owners, and agrees that the representations, warranties and covenants made in this Agreement are made by it on behalf of itself and the beneficial owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;the Subscriber (i) has all requisite power and authority from the beneficial owners to execute and perform the obligations under this Agreement; (ii) has carried out investor identification procedures with regard to all beneficial owners to the extent it is required to do so by applicable law, and (iii) has established the identity of all beneficial owners, holds evidence of such identities to the extent it is required to do so by applicable law, and will make such information available to the Company upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants that, to the best of its knowledge, none of: (A) the Subscriber; (B) any person controlling or controlled by the Subscriber; (C) if the Subscriber is a privately held entity, any person having a beneficial interest in the Subscriber; or (D) any person for whom the Subscriber is acting as agent or nominee in connection with this investment is a senior foreign political figure,<sup>1</sup> any immediate family member<sup>2</sup> or close associate<sup>3</sup> of a senior foreign political figure as such terms are defined in the footnotes below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber understands that the Company prohibits any investment in the Company by or on behalf of the following persons (each, a "**Prohibited Investor**") and that the Subscriber confirms that the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not a person or entity whose name appears on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control; or

<sup>1</sup> A "senior foreign political figure" is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a corporation owned by a non-U.S. government. In addition, a "senior foreign political figure: includes any corporation, business, or other entity that has been formed by or for the benefit of a senior foreign political figure.

<sup>2</sup> "Immediate family" of a senior foreign political figure typically includes the figure's parents, siblings, spouse, children and in-laws.

<sup>3</sup> A "close associate" of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the senior foreign political figure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not a person with whom a transaction is prohibited by applicable provisions of Executive Order 13224, the USA PATRIOT Act, the Trading with the Enemy Act or the foreign asset control regulations of the United States Treasury Department, in each case as amended 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not controlled by any person described in paragraphs 1 and 2 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has not made or received payments to or from any persons in violation of the U.S. Foreign Corrupt Practices Act (as amended from time to time) and the regulations promulgated thereunder; 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;• is not a foreign shell bank (a bank without a physical presence in any country).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants that the Subscriber has not engaged in any conduct that would violate the USA PATRIOT Act, the Trading with the Enemy Act (50 U.S.C. § 1, et seq., as amended), the substantive prohibitions of the anti-boycott laws of the United States, any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), and any enabling legislation or executive order relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7&nbsp;&nbsp;&nbsp;&nbsp;If the Subscriber is a non-U.S. banking institution (a "**Foreign Bank**") or if the Subscriber receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, it represents and warrants to the Company 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Foreign Bank employs one or more individuals on a full-time basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Foreign Bank maintains operating records related to its banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities; 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is <u>not</u> resident in, or organized or chartered under the laws of a jurisdiction that has been designated by the Secretary of the U.S. Treasury under Sections

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311 and 312 of the USA PATRIOT Act as warranting special measures due to primary money laundering concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and warrants to the Company that the Subscriber understands and agrees that any withdrawal of Shares will be paid to the same account from which the Subscriber's investment in the Company was originally remitted, unless the Company in its discretion, agrees otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents and covenants that neither the beneficial owner, nor any person controlling, controlled by, or under common control with it, nor any person having a beneficial interest in it, is a Prohibited Investor. The Subscriber agrees to promptly notify the Company of any change in information affecting this representation and covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber acknowledges that if the beneficial owner is, or the Company reasonably believes that the beneficial owner is, a Prohibited Investor, the Company may be obligated to freeze its investment, either by prohibiting additional investments, declining any withdrawal requests and/or segregating the assets constituting the investment in accordance with applicable regulations, or its investment may be immediately withdrawn by the Company, and it shall have no claim against the Company, the Adviser, the Administrator, or any of their affiliates for any form of damages as a result of any of the aforementioned actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber represents that the amounts contributed by the Subscriber to the Company were not and are not directly or indirectly derived from activities that may contravene applicable laws and regulations, including anti-money laundering laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Swaps</u>.

The Subscriber represents and warrants that the Subscriber will not enter into a swap, structured note or other derivative instrument, the return from which is based in whole or in part, directly or indirectly, on the return with respect to the Company or its Shares (a "**Swap**") with a counterparty or counterparties (each, a "**Counterparty**"), such that the Counterparty would be deemed to be: (i) a beneficial owner of Shares of the Company for purposes of the Investment Company Act; (ii) the beneficial owner of Shares of the Company for purposes of the CEA or the rules of the CFTC; (iii) an offeree or purchaser of Shares for purposes of the Securities Act; (iv) a client of the Adviser for purposes of the United States Investment Advisers Act of 1940, as amended (the "**Advisers Act**"); (iv) a purchaser of Shares for purposes of the Exchange Act (including, without limitation the anti-fraud rules thereunder); or (v) a holder of Shares who is an investor in a Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns.</u> 

This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns; provided that neither party shall be entitled to make any assignment of its rights hereunder without the prior consent of the other party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Winding Up.</u> 

The Subscriber hereby agrees that it shall not take any action to present a petition or commence any case, proceeding, proposal or other action under any existing or future law of any jurisdiction, U.S. or non-U.S., relating to bankruptcy, insolvency, reorganization, arrangement in the nature of insolvency proceedings, adjustment, winding-up, liquidation, dissolution, composition or analogous relief with respect to the Company or the debts of the Company unless and until an undisputed debt is immediately due and payable by the Company to the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Rights.</u> 

A person who is not a party to this Agreement and who is granted rights pursuant to Section 11 of this Agreement (each, a "**Beneficiary**") may, in their own right enforce their rights subject to and in accordance with the provisions of this Agreement. Notwithstanding any other term of this Agreement, the consent of any person who is not a party to this Agreement (including, without limitation, any Beneficiary) is not required for any amendment to, or variation, release, rescission or termination of this Agreement. In addition, the Subscriber agrees that any agent acting on behalf of the Company under any Borrowing Facility shall hereby be a third party beneficiary of the Agreement and shall, in accordance with the terms of the Borrowing Facility, have the right to enforce the obligations of the Subscriber to make Capital Contributions under the terms of this Agreement and to seek all available remedies against the Subscriber if the Subscriber fails to make such Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law.</u> 

This Agreement shall be governed by and construed according to the laws of the state of New York, without giving effect to conflicts of laws principles and in accordance with the applicable provisions of the Investment Company Act. To the extent the applicable laws of the state of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. The parties agree that any action or proceeding arising, directly, indirectly or otherwise in connection, out of, related to or from this Agreement, any breach hereof, or any transaction covered hereby, may be resolved, whether by arbitration or otherwise, within the state of Delaware. Accordingly, the parties consent and submit to the jurisdiction of the courts of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances.</u> 

The parties agree that they shall execute and deliver any and all additional writings, instruments, and other documents contemplated hereby or referred to herein and shall take such further action as shall be reasonably required in order to effectuate the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Article Headings.</u> 

The article headings contained in this Agreement are for reference purposes and shall not affect the meaning or interpretation of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance on Information.</u> 

The Subscriber understands and acknowledges that the Company will be relying on the accuracy and completeness of its responses to the questions contained herein. The Subscriber represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the responses of the Subscriber are complete and correct and may be relied upon by the Company in determining whether the offering of Shares is exempt from registration under the Securities Act, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Subscriber will notify the Company immediately in writing of any material change in any response made herein after the date of this Agreement.

In addition, Subscriber agrees to provide the Company with such additional tax information as the Company or the Administrator may from time to time request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceptance of Subscription.</u> 

The Subscriber understands that the Company or its agent will inform the Subscriber whether this subscription has been accepted. The Subscriber acknowledges that the Company reserves the right to reject in its discretion this and any other subscription only in whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rejection of Subscription and Return of Subscription Amount</u>.

If this subscription is not accepted, the Company shall as soon as practicable return any funds transferred by the Subscriber, without interest, at the expense and risk of the Subscriber, and this Agreement and any other documents delivered by the Subscriber may be destroyed by the Company.

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**SIGNATURE PAGE**

The Subscriber and the Company have executed and delivered this Subscription Agreement this ______ day of__________________, _____.

Commitment Amount:______________________________

Executed by:

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| | |
|:---|:---|
| Name of Corporation, Trust, or Partnership | Name of Corporation, Trust, or Partnership |
| Subscriber *(please type or print)* | Subscriber *(please type or print)* |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| **Crestline Lending Solutions, LLC** | **Crestline Lending Solutions, LLC** |
| By: |  |
|  | Name: John S. Cochran |
|  | Title: Chief Operating Officer |

---

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**For Internal Use Only**

**Do not write below this point**

Accepted Commitment Amount &nbsp;&nbsp;&nbsp;&nbsp;$___________

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| |
|:---|
| Special Commission Instructions |
| ______________________________________________________________________ |
| ______________________________________________________________________ |
| ______________________________________________________________________ |
| ______________________________________________________________________ |
| ______________________________________________________________________ |
| ______________________________________________________________________ |

---

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**<u>EXHIBIT A</u>**

**PURCHASER QUESTIONNAIRE**

**CRESTLINE LENDING SOLUTIONS, LLC**

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**PURCHASER QUESTIONNAIRE**

You are being asked to answer the questions that follow in connection with your subscription to purchase Shares of the Company. The Shares are being offered to a limited number of accredited investors without registration under the Securities Act in reliance on the private offering exemption contained in Regulation D promulgated thereunder. The availability of the exemption depends, in part, on a determination that each purchaser is able to adequately protect itself in the transaction and does not require the protections afforded by registration.

I represent and warrant that the information stated herein is true, accurate and complete to the best of my knowledge and belief; and I agree to notify the Company in writing and supply corrective information promptly if, prior to the consummation of my purchase of Shares or after the purchase of Shares, any of such information becomes inaccurate or incomplete.

THE SUBSCRIBER HEREBY GIVES EXPRESS WRITTEN CONSENT TO THE COMPANY TO REQUEST ADDITIONAL INFORMATION, OBTAIN CONSUMER REPORTS ON THE SUBSCRIBER OR THEIR BUSINESS, AND TO CONTACT THE BANKS AND PROVIDERS OF SERVICES LISTED IN THIS PURCHASER QUESTIONNAIRE TO VERIFY AND/OR CLARIFY THE INFORMATION CONTAINED HEREIN.

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**(A)&nbsp;&nbsp;&nbsp;&nbsp;General Information**

1.&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber(s) is (are) (check one):

☐&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Individual;

☐&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Joint tenants with right of survivorship;

☐&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Tenants in common;

☐&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Trust;

☐&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Partnership (including an LP or LLP), formed in _______________;

☐&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Limited Liability Company, formed in _______________________;

☐&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Corporation incorporated in _______________________;

☐&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Employee benefit plan;

☐&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;IRA or Keogh plan;

☐&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Tax exempt organization (including, endowment or foundation), formed in ___________________; Please describe whether it is: a Corporation ☐, Trust ☐, or Other Entity ☐; or

☐&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Other (please describe) _______________________________________.

2.&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal Income Tax Certifications

The Subscriber certifies 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;(a) it ☐ (i) is or ☐ (ii) is not a U.S. Taxpayer (as defined below) **(check either Item (i) or (ii) above);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Subscriber checked Item (a)(i) above, the Subscriber has properly executed and furnished herewith an IRS Form W-9 certifying as to the Subscriber's U.S. status of U.S. federal tax purposes; if the Subscriber checked Item (ii) above, the Subscriber has properly executed and furnished herewith an appropriate IRS Form W-8 certifying as to the Subscriber's non-U.S. status for U.S. federal tax purposes (the relevant IRS Forms W-8 and W-9 are attached hereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taxable year provided herein is correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) it ☐ is or ☐ is not tax-exempt under Section 501(a) of the U.S. Internal Revenue Code of 1986, as amended (the "Code") **(check the appropriate box above;** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it is not a partnership, grantor trust or S corporation (a "flow-through entity") or, if it is a flow-through entity, substantially all of the value of each beneficial owner's interest in the Subscriber is not attributable to the Subscriber's Shares of the Company and the Subscriber was not formed for a principal purpose of investing in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber agrees to furnish to the Company such additional tax-related documentation as the Company may from time to time request, and acknowledges that failure to furnish requested information may subject the Subscriber to U.S. withholding taxes and mandatory withdrawal from 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it agrees to notify the Company immediately of any change in the information provided in this Section 2.

As used herein, the term "U.S. Taxpayer" includes a U.S. citizen or resident alien of the United States (as defined for United States federal income tax purposes); any entity treated as a partnership or corporation for U.S. tax purposes that is created or organized in, or under the laws of, the United States or any state thereof or the District of Columbia; any other partnership that is treated as a U.S. person under U.S. Treasury Department regulations; any estate, the income of which is subject to U.S. income taxation regardless of source; and any trust over whose administration a court within the United States has primary supervision and all substantial decisions of which are under the control of one or more U.S. fiduciaries. Persons who have lost their U.S. citizenship and who live outside the United States may nonetheless in some circumstances be treated as U.S. Taxpayers.

3.**&nbsp;&nbsp;&nbsp;&nbsp;**Beneficial Owner of the Shares for Purposes of Rule 506(d)

Please respond to each question below with respect to the beneficial owner of the Shares. For purposes of items (a) through (i) below, the term "beneficial owner" is interpreted in the same manner as under Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, under Rule 13d-3 thereof has or shares, or is deemed to have or share (a) voting power, which includes the power to vote, or to direct the voting of, the Shares; and/or (b) investment power, which includes the power to dispose of, or to direct the disposition of, the Shares. Beneficial ownership includes both direct and indirect interests, determined as under Rule 13d-3 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Has the beneficial owner, within the last ten (10) years, been convicted of a felony or misdemeanor (a) in connection with the purchase or sale of any security, (b) involving the making of any false filing with the SEC or (c) arising out of the conduct of the business of an underwriter, broker, dealer,

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municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;**Is the beneficial owner subject to any order, judgment or decree of any court of competent jurisdiction, entered in the last five (5) years, that restrains or enjoins the beneficial owner from engaging in or continuing to engage in any conduct or practice (a) in connection with the purchase or sale of any security, (b) involving the making of a false filing with the SEC or (c) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;**Is the beneficial owner subject to a Final Order<sup>1</sup> of a state securities commission (or an agency or officer of a state performing like functions), a state authority that supervises or examines banks, savings associations, or credit unions, a state insurance commission (or an agency or officer of a state performing like functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading Commission, or the National Credit Union Administration, 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;(a) bars the beneficial owner from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) association with an entity regulated by such commission, authority, agency, or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) engaging in the business of securities, insurance, or banking; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engaging in savings association or credit union activities; 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;(b) constitutes a Final Order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct within the last ten (10) years?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Is the beneficial owner subject to an order of the SEC pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Advisers Act that (a) suspends or revokes the beneficial owner's registration as a broker, dealer, municipal securities dealer or investment

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The term "Final Order" means a written directive or declaratory statement issued by a federal or state agency described in (iii) above pursuant to applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

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adviser, (b) places limitations on the beneficial owner's activities, functions or operations, or (c) bars the beneficial owner from being associated with any entity or from participating in the offering of any penny stock?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Is the beneficial owner subject to any order of the SEC, entered in the last five (5) years, that orders the beneficial owner to cease and desist from committing or causing a violation or future violation of (a) any scienter-based anti-fraud provision of the federal securities laws (including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder) or (b) Section 5 of the Securities Act?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Is the beneficial owner suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Has the beneficial owner filed as a registrant or issuer, or has the beneficial owner been named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five (5) years, (a) was the subject of a refusal order, stop order, or order suspending the Regulation A exemption or (b) is currently the subject of an investigation or a proceeding to determine whether such a stop order or suspension order should be issued?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Is the beneficial owner subject to (a) a United States Postal Service false representation order entered into within the last five (5) years, or (b) a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the answer is "yes" to any of questions (a) through (h) above, has the beneficial owner obtained a waiver from disqualification under Rule

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506(d)(2) either (a) from the SEC or (b) from the court or regulatory authority that entered the relevant order, judgment or decree?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

If the answer is "Yes" to any of questions (a) through (h) above, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

The Subscriber hereby confirms that the foregoing statements are true, accurate and complete. The Subscriber further acknowledges, represents, warrants and agrees that (a) the Company is relying on these responses in order to satisfy certain obligations the Company has under federal securities laws, including in connection with SEC filings made by or with respect to the Company, (b) the Subscriber has acted with reasonable care in conducting due diligence (including, in light of the circumstances, making factual inquiry into the existence of any disqualification) to confirm the veracity of its responses, and (c) for so long as the Subscriber holds any Shares of the Company, the Subscriber will notify the Company in writing as soon as reasonably practicable if there is any change in any of the responses set forth herein or if the beneficial owner becomes aware of any pending or threatened proceeding, judgment, order, or other action or circumstance that is reasonably likely to result in any change in the responses set forth herein.

4.**&nbsp;&nbsp;&nbsp;&nbsp;**Beneficial Owner of the Shares for Anti-Money Laundering Purposes

Does the prospective Subscriber have any beneficial owners that directly, or indirectly through intermediaries, beneficially own 25% or more of any voting or non-voting class of equity interests of the prospective Subscriber?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

If "Yes", please list the name physical address, date of birth (for individuals) or date of formation (for entities), and tax identification number of each such beneficial owner, and to the extent such beneficial owner is an entity, list the names of its directors, general partners, or members, as applicable. Please attach additional pages as necessary.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**DOB/Date of Formation** | &nbsp;&nbsp;**Tax Identification Number** |

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**(B)&nbsp;&nbsp;&nbsp;&nbsp;Familiarity with Investment Funds**

If the Subscriber is an employee benefit plan, an endowment, a foundation, a corporation, partnership, trust or other legal entity; it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Organized under the laws of:

________________________________________________

(List state, province or similar political subdivision and country)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• and has its principal place of business in:

________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please provide a copy of the organizational documents.

*Please provide the following information regarding the person making the investment decision on behalf of the Subscriber-entity:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;A true and correct copy of a driver's license or photo page of a passport.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Documentation authorizing the person to make investment decisions on behalf of the Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Employment Information:

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| |
|:---|
| Name and address of employer: |
| Telephone number of employer: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Describe the person's occupation and any other business connections reflecting knowledge and experience of financial matters (service on boards of directors, professional licenses, etc.):

_______________________________________________________________________________________________________________________________________________________________________________________

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Does such person have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks associated with investing in the Company?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

**(C)&nbsp;&nbsp;&nbsp;&nbsp;Confirmation of Accredited Investor Status**

*In order to subscribe for Shares of the Company, you must confirm that you are an "accredited investor" as that term is defined in Rule 501(a) of the Securities Act. Please check all appropriate boxes on the following pages indicating the basis upon which the Subscriber qualifies as an accredited investor under Rule 501(a) of the Securities Act.*

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a natural person whose individual net worth as of the date hereof (or combined net worth with the Subscriber's spouse or spousal equivalent if the Subscriber is married) exceeds $1,000,000. For purposes of determining the Subscriber's net worth, the Subscriber must exclude the value of his or her primary residence and any indebtedness secured by the primary residence up to its estimated fair market value (*i.e.*, any indebtedness secured by the residence that is in excess of the value of the home should be considered a liability and deducted from the Subscriber's net worth). The Subscriber must also subtract from his or her net worth any indebtedness secured by his or her primary residence that was obtained within sixty (60) days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence (in which case, the rule set forth in the preceding sentence would govern the application of such indebtedness when calculating the Subscriber's net worth).

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a natural person who had an individual "income" exceeding $200,000 during both of the two most recently completed calendar years (or a joint income with the Subscriber's spouse or spousal equivalent in excess of $300,000 in each of those years) and who has a reasonable expectation of reaching the same income level in the current calendar year. For purposes of this document, the term "income" means adjusted gross income reported or to be reported on a federal income tax return, increased by (i) any deductions for long-term capital gains (under Section 1202 of the Code); (ii) any deductions for depletion (pursuant to Section 601 et seq. of the Code); (iii) any exclusions of interest (pursuant to Section 103 of the Code); (iv) any losses of a partnership allocated to the Undersigned as an individual limited partner (as reported on Schedule E of Form 1040); (v) amounts contributed to an Individual Retirement Account or Keogh retirement plan; (vi) alimony paid; and (vii) elective contributions to a cash or deferred arrangement under Section 401(k) of the Code.

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☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a natural person who holds in good standing (a) one or more professional certifications or designations identified by the SEC and arising out of an exam or series of exams administered by a self-regulatory organization or accredited educational institution to demonstrate the Subscriber's comprehension and sophistication in respect of securities and investments or (b) credentials from an accredited educational institution that the SEC has identified as qualifying a natural person as an "accredited investor."<sup>2</sup>

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a (i) bank, as defined in Section 3(a)(2) of the Securities Act; (ii) "savings and loan association," "building and loan association," "cooperative bank," or "homestead association," as such terms are defined in Section 3(a)(5)(A) of the Securities Act; (iii) an insurance company, as defined in Section 2(a)(13) of the Securities Act; (iv) broker or dealer registered under the Exchange Act; (v) investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"); or (vi) an investment adviser registered under the Advisers Act, or relying on an exemption from registration with the SEC under Section 203(l) or (m) of the Advisers Act, or an investment adviser registered under the laws of a U.S. state.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a business development company as defined in Section 2(a)(48) of the Investment Company Act.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is (a) a "Family Office"<sup>3</sup> that (i) has in excess of $5,000,000 in assets under management, (ii) was not formed for the purpose of investing in the Company and (iii) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the

<sup>2</sup> As of the date hereof, the SEC has identified the Series 7, Series 65 and Series 82 licenses administered by FINRA as professional certifications, designations or credentials that will qualify a natural person as an "accredited investor."

<sup>3</sup> "Family Office" means a company that (i) has no clients other than Family Clients; (ii) is wholly owned by Family Clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (iii) does not hold itself out to the public as an investment adviser.

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Company; or (b) a "Family Client"<sup>4</sup> whose investment in the Company is directed by such a Family Office.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a trust with total assets in excess of $5,000,000, which was not formed for the specific purpose of acquiring the securities offered and the investment decisions for which are made by a sophisticated person capable of evaluating the merits and risks of the proposed investment.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a revocable trust that may be amended or revoked at any time by the grantors thereof, and all of the grantors are accredited investors.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a Small Business Investment Company licensed by the United States Small Business Administration under Section 301(c) or Section 301(d) of the Small Business Investment Act of 1958, as amended.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a private business development company as defined in Section 202(a)(22) of the Advisers Act.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a "rural business investment company" as defined in Section 384A of the U.S. Consolidated Farm and Rural Development Act.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a non-profit organization of the type described in Section 501(c)(3) of the Code, a corporation, a Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.

<sup>4</sup> "Family Client" means (i) a current or former family member (as defined below) or current or former key employee (as defined below); (ii) any non-profit organization, charitable trust (including charitable lead trusts and charitable remainder trusts whose only current beneficiaries are other Family Clients and charitable or non-profit organizations), or other charitable organization, in each case exclusively funded by one or more other Family Clients; (iii) any estate planning vehicle of a current or former family member or key employee; (iv) any irrevocable trust in which the sole beneficiaries or the sole grantors are other Family Clients; (v) any trust in which each trustee is a key employee and each grantor is a key employee and/or such key employee's current or former spouse or spousal equivalent; and (vi) any company wholly-owned (directly or indirectly) by, or operated for the sole benefit of, one or more other Family Clients.

As used herein, a "family member" means all lineal descendants (including by adoption, stepchildren, foster children, and individuals that were a minor when another family member became a legal guardian of that individual) of a common ancestor (who may be living or deceased), and such lineal descendants' spouses or spousal equivalents; provided that the common ancestor is no more than ten (10) generations removed from the youngest generation of family members.

As used herein, a "key employee" means an executive officer, director, trustee, general partner, or person serving in a similar capacity at the Family Office or any employee (other than an employee performing solely clerical, secretarial, or administrative functions) who, in connection with his or her regular functions or duties, participates in the investment activities of the Family Office, provided that such employee has been performing such functions and duties for or on behalf of the Family Office, or substantially similar functions or duties for or on behalf of another company, for at least twelve (12) months.

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☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is an "employee benefit plan" (within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) and either (i) the decision to invest in the Company was made by a plan fiduciary that is a bank, savings and loan association, insurance company or registered investment adviser; or (ii) the plan has total assets exceeding $5,000,000; or (iii) if a self-directed plan, the investment decisions are made solely by persons who, if executing this document, would be able to check one or more of the boxes above.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is a plan established and maintained by a State, its political subdivisions, or an agency or instrumentality of a State or its political subdivisions, for the benefit of its employees and such plan has assets in excess of $5,000,000.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is an entity, other than any entity described above, but including an Indian tribe, governmental body, investment fund or non-U.S. entity, that (a) was not formed for the purpose of investing in the Company and (b) owns Investments<sup>5</sup> with a value, net of Acquisition Indebtedness,<sup>6</sup> of at least $5,000,000.

☐&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is an entity. Each of the Subscriber's equity investors (whether direct or indirect), if executing this document, would be able to qualify under one or more of the items above.

<sup>5</sup> "Investments" means the following types of assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities*. All securities, including stocks, bonds, notes, limited partnership interests, etc., but excluding securities of any company which the Subscriber controls, is controlled by, or is under common control with, unless that company is a registered investment company; privately-offered investment fund; broker-dealer, bank, insurance company, finance company, commodity pool; company that files periodic reports with the SEC; company listed on a "designated offshore securities market" (within the meaning of Regulation S); or company with shareholders' equity of at least $50,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Real Estate*. Real estate held for investment purposes, i.e., not used by the Subscriber or any Related Person of the Subscriber for personal purposes (e.g., as a personal residence), as a place of business, or in connection with the conduct of a business of the Subscriber or any "related person" of the Subscriber. Residential real estate is not used for personal purposes if deductions as to it are allowable under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodity Interests*. Commodity interests (futures contracts, options on futures contracts, options on physical commodities traded on or subject to contract market regulation, "swaps" and other financial contracts), and Physical Commodities held for investment purposes. The value of a Commodity Interest is the value of the initial margin or option premium deposited in connection with the Commodity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash and Cash Equivalents*. Cash and cash equivalents (including certificates of deposit, bankers acceptances and similar instruments, and the cash surrender value of insurance policies) held for investment purposes. This excludes cash used by the Subscriber to meet its day-to-day expenses or for working capital.

<sup>6</sup> "Acquisition Indebtedness" means outstanding indebtedness incurred by the Subscriber to acquire any of the investments described above. If the Subscriber is a Family Company, include indebtedness incurred by owners of the Subscriber to acquire the Subscriber's investments.

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**(D)&nbsp;&nbsp;&nbsp;&nbsp;Confirmation of Status as Benefit Plan Investor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Overview**

A Benefit Plan Investor means a "benefit plan investor" as defined in U.S. Department of Labor Regulation codified at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, which includes:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any employee benefit plan that is subject to the fiduciary responsibility provisions of Title I of ERISA;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any plan to which Section 4975 of the Code applies (which includes a trust described in Section 401(a) of the Code that is exempt from U.S. federal income tax under Section 501(a) of the Code, a plan described in Section 403(a) of the Code, an individual retirement account or annuity described in Sections 408 or 408A of the Code, a medical savings account described in Section 220(d) of the Code, a health savings account described in Section 223(d) of the Code and an education savings account described in Section 530 of the Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any entity whose underlying assets include plan assets by reason of a plan's investment in the entity (generally because 25 percent or more of a class of equity interests in the entity is owned by plans). An entity will be considered to hold plan assets only to the extent of the percentage of the equity interests in the entity held by Benefit Plan Investors. Benefit Plan Investors also include that portion of any insurance company's general account assets that are considered "plan assets" and (except to the extent the entity is an investment company registered under the Investment Company Act) the assets of insurance company separate account or bank common or collective trust in which plans invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Status as Benefit Plan Investor** *(Please Check Each as Applicable)*

Is the Subscriber acquiring Shares on behalf of itself or another entity which is a "Benefit Plan Investor" as such term is defined in Section F(a) above (including an Individual Retirement Account ("IRA") Subscriber)?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

*Subscribers answering "yes" please check each box that accurately describes the Subscriber:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is, or is acquiring the Shares on behalf of, a plan that is subject to the fiduciary responsibility provisions of Title I of ERISA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber is, or is acquiring the Shares on behalf of, a plan to which Section 4975 of the Code applies (but that is not subject to the fiduciary responsibility provisions of Title I of ERISA).

*Please notify the Company immediately if you checked the box (2) above and the Subscriber becomes subject to the fiduciary responsibility provisions of Title I of ERISA.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Is the Subscriber an insurance company general account?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

If the Subscriber answered the above question "yes," please indicate the maximum percentage (if any) of the Subscriber's assets that it is anticipated might constitute the assets of Benefit Plan Investors during the period of its investment in the Company (if none, please indicate "0"):

_________ %

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Is the Subscriber an entity (other than an insurance company general account) whose underlying assets include plan assets by reason of a plan's investment in the entity?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

If the Subscriber answered the above question "yes," please indicate the maximum percentage of the investor's assets that it is anticipated might constitute the assets of Benefit Plan Investors during the period of its investment in the Company:

_________ %

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;Is the undersigned a person who has discretionary authority or control over the assets of the Company or renders investment advice for a fee (direct or indirect) with respect to such assets, or an "affiliate" thereof? For purposes of this representation, an "affiliate" is any person directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with such person, and control with respect to a person other than an individual means the power to exercise a controlling influence over the management or policies of such person.

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;Is the Subscriber a participant-directed plan?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

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*(If the answer to item (6) above is yes, please contact the Administrator.)*

I understand that the Company will be relying on the accuracy and completeness of my responses to the foregoing questions. I represent and warrant to the Company as follows: (i) the answers to the above questions are complete and correct and may be relied upon by the Company in determining whether the offering of Shares is exempt from registration under the Securities Act, and (ii) I will notify the Company immediately of any material change in any statement made herein occurring prior to the closing of any purchase by me of Shares.

I will also provide upon request of the Company a copy of a personal financial statement reflecting my assets, liabilities, and net worth or recent tax return to reflect my income.

**(E)&nbsp;&nbsp;&nbsp;&nbsp;Confirmation of Investment Company/Private Fund Status**

1.&nbsp;&nbsp;&nbsp;&nbsp;Is the Subscriber an investment company or a private fund? A "private fund" means an issuer that would be an "investment company" (as defined in Section 3 of the 1940 Act) but for Section 3(c)(1) or 3(c)(7) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

2. &nbsp;&nbsp;&nbsp;&nbsp;If the answer is "Yes," would the amount of the Subscriber's subscription to the Company, combined with the Subscriber's investments in other securities, exceed 40% of the value of the Subscriber's total assets?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

3.&nbsp;&nbsp;&nbsp;&nbsp;Was the Subscriber organized for the specific purpose of acquiring an interest in the Company?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

4.&nbsp;&nbsp;&nbsp;&nbsp;Have shareholders, partners or other holders of equity or beneficial interests in the Subscriber been provided the opportunity to decide individually whether or not to participate, or the extent of their participation, in the Subscriber's investment in the Company (i.e., have investors in the Subscriber been permitted to determine whether their capital will form part of the specific capital invested by the Subscriber in the Company)?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No

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**(F)&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

<u>Bank Holding Company Status</u>

Is the Subscriber a BHC Investor?<sup>7</sup>

☐&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;No

"<u>Pay to Play</u>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Subscriber ☐ (is) ☐ (is not) ***(please check one)*** a government entity.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Subscriber is acting as trustee, custodian or nominee for a beneficial owner that is a government entity, please provide the name of the government entity:

__________________________________________________________________

__________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If the Subscriber is an entity substantially owned by a government entity (*e.g.*, a single investor vehicle) and the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity:

__________________________________________________________________

Please note that, if the Subscriber enters the name of a government entity in this Item (c), the Company will treat the Subscriber as if it were the government entity for purposes of Rule 206(4)-5 (the "**Pay to Play Rule**") promulgated under the Advisers Act**.**

<sup>7</sup> &nbsp;&nbsp;&nbsp;&nbsp;A "BHC Investor" is, or is an affiliate of, a bank holding company, as defined in the U.S. Bank Holding Company Act of 1956, as amended (the "**BHCA**"), or is a non-bank subsidiary of such bank holding company, or is otherwise subject to the BHCA. .

<sup>8</sup> &nbsp;&nbsp;&nbsp;&nbsp;For these purposes, "government entity" means any U.S. state (including any U.S. state, the District of Columbia, Puerto Rico, the U.S. Virgin Islands or any other possession of the United States) or political subdivision of a state, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;any agency, authority, or instrumentality of the state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;a pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan," as defined in Section 414(j) of the Code, or a state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a plan or program of a government entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity. (Note that any such officers, agents, or employees will not be considered a government entity if they are making an investment in the Company not in their official capacity.)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If the Subscriber is (i) a government entity, (ii) acting as trustee, custodian or nominee for a beneficial owner that is a government entity, or (iii) an entity described in Item (c), the Subscriber hereby certifies (by checking the below box) that:

☐&nbsp;&nbsp;&nbsp;&nbsp;other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on the Company, the Adviser or their affiliates in connection with the Subscriber's subscription.

*If the Subscriber cannot make such certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, the Adviser or their affiliates, employees or third-party placement agents would be subject to in connection with the Subscriber's subscription:*

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

<u>Placement Agent</u>

Was the Subscriber referred to the Company by a placement agent?

☐&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;No

If yes, please provide the name, address, and telephone number of the placement agent:

__________________________________________________________________

__________________________________________________________________

<u>Purchase of Shares Using Financing</u> 

Is the Subscriber subscribing for an interest in the Company using the financing of a third party, such as the proceeds of a loan?

☐&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;No

<u>Description of Subscriber – Form PF</u>

Each Subscriber must check <u>one</u> box below that most accurately describes the Subscriber and its beneficial owners. All capitalized terms used below are defined as set forth in under "Definitions" below.

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| | | |
|:---|:---|:---|
| ☐ An individual that is a United States Person (including his/her trusts) | ☐ A non-United States person or entity (including their trusts)  | ☐ A broker-dealer |
| ☐ An insurance company | ☐ An investment company registered with the Securities and Exchange Commission | ☐ An external private fund |
| ⬜ An internal private fund | ⬜ A non-profit | ⬜ A pension plan (excluding a governmental pension plan) |
| ⬜ A banking or thrift institution | ⬜ A state or municipal Government Entity (excluding a governmental pension plan) | ⬜ A state or municipal governmental pension plan |
| ⬜ A sovereign wealth fund and foreign official institution (excluding pension plans) | ☐ Investors that are not United States persons and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the beneficial interest is held through a chain involving one or more third-party intermediaries | ☐ Investors that are not United States persons and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the beneficial interest is held through a chain involving one or more third-party intermediaries |

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<u>Definitions</u>

"**Government Entity**" means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision, (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof, and (iii) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity.

"**Private Fund**" means any issuer that would be an investment company as defined in Section 3 of the U.S. Investment Company Act of 1940, as amended (the "**Investment Company Act**"), but for Section 3(c)(1) or 3(c)(7) of the Investment Company Act.

"**United States Person**" has the meaning set forth in Regulation S promulgated under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), except that a discretionary account managed by a non-U.S. related person of the Adviser for the benefit of a United States Person is also a United States Person.

<u>Public Disclosure Laws</u>

Is the Subscriber subject to the Freedom of Information Act, 5 U.S.C § 552 (*"***FOIA***"*), any state public records access laws, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any similar statutory or legal right that might result in the disclosure of confidential information relating to the Company (together with FOIA, *"***Public Disclosure Laws***"*).

☐&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;No

*If the Subscriber is subject to Public Disclosure Laws, please indicate the relevant laws to which the Subscriber is subject.*

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

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| | | |
|:---|:---|:---|
| **(G)** | **Registration Information** | **Registration Information** |
| **A.&nbsp;&nbsp;&nbsp;&nbsp;General Information** | **A.&nbsp;&nbsp;&nbsp;&nbsp;General Information** | |
| 1.&nbsp;&nbsp;&nbsp;&nbsp;Full Name of Subscriber(s): | 1.&nbsp;&nbsp;&nbsp;&nbsp;Full Name of Subscriber(s): | ______________________________________<br>______________________________________ |

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| | | |
|:---|:---|:---|
| 2.&nbsp;&nbsp;&nbsp;&nbsp;Address for Notices (*Individuals must provide a residential address and entities must provide a physical place of business address. PO Boxes are not sufficient.)* :<sup>9</sup> | ______________________________________<br>_______________________________________ | ______________________________________<br>_______________________________________ |
| 3.&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number: | ______________________________________ | ______________________________________ |
| 4.&nbsp;&nbsp;&nbsp;&nbsp;Facsimile Number: | ______________________________________ | ______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Address of Main Office:<br>(if different from above) | ______________________________________<br>______________________________________ | ______________________________________<br>______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Address of Registered Office:<br>(if different from above) | ______________________________________<br>______________________________________ | ______________________________________<br>______________________________________ |
| 7.&nbsp;&nbsp;&nbsp;&nbsp;IRS Taxpayer ID or Social Security Number: | ______________________________________ | ______________________________________ |
| 8.&nbsp;&nbsp;&nbsp;&nbsp;Date of Birth *(for individual investors)* or Date of Formation *(for entity investors)*:<br>9.&nbsp;&nbsp;&nbsp;&nbsp;Taxable Year End: | ______________________________________ | ______________________________________ |
| 10.&nbsp;&nbsp;&nbsp;&nbsp;E-mail Address: | ______________________________________ | ______________________________________ |
| **B.&nbsp;&nbsp;&nbsp;&nbsp;Distributions**  | **B.&nbsp;&nbsp;&nbsp;&nbsp;Distributions**  | **B.&nbsp;&nbsp;&nbsp;&nbsp;Distributions**  |
| Subscriber hereby requests that the Company pay any distributions elected to be paid in cash to the following account, except as Subscriber otherwise notifies the Company in writing: | Subscriber hereby requests that the Company pay any distributions elected to be paid in cash to the following account, except as Subscriber otherwise notifies the Company in writing: | Subscriber hereby requests that the Company pay any distributions elected to be paid in cash to the following account, except as Subscriber otherwise notifies the Company in writing: |
| 1.&nbsp;&nbsp;&nbsp;&nbsp;Name of Bank: | 1.&nbsp;&nbsp;&nbsp;&nbsp;Name of Bank: | _____________________________________ |
| 2.&nbsp;&nbsp;&nbsp;&nbsp;Name of Banking Officer: | 2.&nbsp;&nbsp;&nbsp;&nbsp;Name of Banking Officer: | _____________________________________ |
| 3.&nbsp;&nbsp;&nbsp;&nbsp;ABA Number: | 3.&nbsp;&nbsp;&nbsp;&nbsp;ABA Number: | _____________________________________ |
| 4.&nbsp;&nbsp;&nbsp;&nbsp;Account Number: | 4.&nbsp;&nbsp;&nbsp;&nbsp;Account Number: | _____________________________________ |
| 5.&nbsp;&nbsp;&nbsp;&nbsp;Account Name: | 5.&nbsp;&nbsp;&nbsp;&nbsp;Account Name: | _____________________________________ |
| 6.&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number of Bank: | 6.&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number of Bank: | _____________________________________ |

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<sup>9</sup> Please note that non-U.S. Subscribers must also provide proof of residence (i.e. a utility bill, bank letter or other verification).

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| | |
|:---|:---|
| 7.&nbsp;&nbsp;&nbsp;&nbsp;Facsimile Number of Bank: | _____________________________________ |
| 8.&nbsp;&nbsp;&nbsp;&nbsp;City and State of Bank: | _____________________________________ |
| **C.&nbsp;&nbsp;&nbsp;&nbsp;Subscriber Contact Information** |  |
| ***Primary Contact:*** |  |
| 1.&nbsp;&nbsp;&nbsp;&nbsp;Name: | _____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Address:<br>(if different from above) | _____________________________________<br>_____________________________________ |
| 3.&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number: | _____________________________________ |
| 4.&nbsp;&nbsp;&nbsp;&nbsp;Mobile Number: | _____________________________________ |
| 5.&nbsp;&nbsp;&nbsp;&nbsp;E-mail: | _____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section D ("Consent to Electronic Delivery"), Subscriber hereby authorizes the Company to provide Company-related communications and documents electronically via a secure website. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section D ("Consent to Electronic Delivery"), Subscriber hereby authorizes the Company to provide Company-related communications and documents electronically via a secure website. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Subscriber, including any authorized third party recipients, hereby acknowledges that electronic delivery of Company-related communications and documents may include features such as hyperlinks embedded in an email alert, which may not require the Subscriber to enter login credentials in order to access such documents. The Subscriber acknowledges that standard terms of use will apply to any such features, and none of the Company, the Adviser, the Administrator or any of their respective affiliates are responsible for any use or misuse of such electronic delivery features.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Subscriber, including any authorized third party recipients, hereby acknowledges that electronic delivery of Company-related communications and documents may include features such as hyperlinks embedded in an email alert, which may not require the Subscriber to enter login credentials in order to access such documents. The Subscriber acknowledges that standard terms of use will apply to any such features, and none of the Company, the Adviser, the Administrator or any of their respective affiliates are responsible for any use or misuse of such electronic delivery features.  |
| ***Secondary Contact (if any):*** |  |
| 6.&nbsp;&nbsp;&nbsp;&nbsp;Name: | _____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Address:<br>(if different from above) | _____________________________________<br>_____________________________________ |
| 8.&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number: | _____________________________________ |
| 9.&nbsp;&nbsp;&nbsp;&nbsp;Mobile Number: | _____________________________________ |

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10.&nbsp;&nbsp;&nbsp;&nbsp;E-mail: _____________________________________ <br> 11.&nbsp;&nbsp;&nbsp;&nbsp;Documentation (check as many as apply): <br>

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| |
|:---|
| ***Consultant (if any):*** |
| 1.Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Address:<br>(if different from above) |
| 3.Telephone Number: |
| 4.Mobile Number: |
| 5.E-mail: |
| ***Custodian (if any):*** |
| 1.Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Address:<br>(if different from above) |
| 3.Telephone Number: |
| 4.Mobile Number: |
| 5.E-mail: |

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| |
|:---|
| **D.Consent to Electronic Delivery**  |
| As a Subscriber for Shares of the Company you will receive, from time to time, certain communications from the Company, the Adviser, and the Administrator that are related to the Company or which are required under the Investment Company Act or the Advisers Act. The Company, the Adviser, and the Administrator reserve the right to provide, and you consent to receive, these communications electronically through e-mail, posting to a private website or other electronic medium. These communications include, for example (and without limitation), annual reports, quarterly reports, tax related documents, Company-related documentation, amendments to such Company documentation, the Form ADV Part 2, if any, of the Adviser and related updates and supplements, privacy notices, and any other communications required under the Investment Company Act or the Advisers Act.<br>By subscribing for Shares of the Company you hereby agree that all communications provided to you via electronic delivery will be deemed to constitute good and effective delivery to you when sent or posted by the Company, the Adviser, or the Administrator. The Company, the Adviser, or the Administrator will send all e-mails to the e-mail address you provide to us. If an e-mail notification is undeliverable, we will provide the delivery to your postal mail address of record. This consent will continue until you notify the Company in writing that your consent is revoked.<br>You hereby acknowledge (i) that electronic communications are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient; (ii) the Company, the Adviser, and the Administrator have made no warranties in relation to these matters and (iii) the Administrator, the Company, and the Adviser reserve the right to intercept, monitor and retain electronic communications to and from its systems as permitted by applicable law. <br>If you have any doubts about the authenticity of an electronic message purportedly sent by the Company, the Adviser, or the Administrator you are required to contact the purported sender immediately.<br>You acknowledge that you must have an e-mail account, access to an Internet browser and Adobe Acrobat Reader® (Acrobat® software is available for download free of charge at www.adobe.com). |

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**<u>EXHIBIT B</u>**

**CLIENT PRIVACY NOTICE**

Pursuant to the Gramm-Leach-Bliley Act, Public Law No. 106-102, and the rules issued thereunder regarding the Privacy of Consumer Financial Information and Safeguarding Personal Information, institutions that provide certain financial products or services to individuals to be used for personal, family, or household purposes are required to provide written notices to their customers regarding disclosure of nonpublic personal information. This Client Privacy Notice ("***Privacy Notice***") is being provided to you on behalf of the Adviser ("***we***" "***our***," or "***us***") to comply with this requirement. This Privacy Notice applies to current and former investors.

If you are a California resident, please review our **California-Specific Privacy Policy** for additional disclosures, our **Notice at Collection**, and a description of your rights under the California Consumer Privacy Act.

We will provide notice of our Privacy Notice annually, as long as you maintain an investment with us. As we update this Privacy Notice, we will notify you about significant changes as required by law.

**Why and How We Collect Personal Information**

In order to accurately and efficiently conduct our investment program, we must collect and maintain information about you from a variety of sources, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;an account application, subscription agreement, investor questionnaires, correspondence or similar forms for data, such as your name, address, social security number or taxpayer identification number, citizenship, date of birth, marital status, occupation, employment information, amount of investments, or salary and net worth information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;your transactions, experience or conversations with us, our affiliates and outside representatives regarding your participation in each of our funds, your capital account balance, contributions and distributions, and, in the case of an investor that is an individual retirement account, information with regard to such account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;your transactions with non-affiliated third party service providers and financial institutions that we engage in the course of our everyday business necessary to effect, administer or enforce on our clients' behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;information we may receive from a consumer reporting agency.

**How We Protect Your Information**

We do not disclose any non-public personal information about you to anyone, except as permitted or required by law and regulation.

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We seek to carefully safeguard your private information and, to that end, restrict access to non-public personal information about you and only our employees and service providers that have a "need to know" your information to perform their jobs, such as to conduct our business, and who have agreed to the proper handling of such information and who have agreed to keep the information confidential are authorized to have access to your personal information. It may be necessary, under anti-money laundering and similar laws, to disclose information about the Company's investors in order to accept subscriptions from them. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information. In addition, we will continue to assess new technology for protecting information with regard to our investors.

**Sharing Information With Our Affiliates**

We may share your information (as described above) with our affiliates as permitted by applicable law, such as to provide you with services that you have requested. Our affiliates are entities controlled or owned by us, or entities that control us or are under common control with us.

**Disclosure to Nonaffiliated Third Parties**

We may share your information (as described above) with firms that we hire to perform services for us, such as our attorneys, accountants, auditors, brokers, bankers, and entities that assist us with fundraising for our funds (such efforts may include communications with prospective future investors).

We share information with nonaffiliated service providers and financial institutions only if they agree to protect the confidentiality of your non-public personal information and to use the information only for purposes for which it is disclosed to them.

In addition, with your consent, we may share your personal information with entities other than our affiliates and service providers described herein. Also, we may disclose information to others, including nonaffiliated companies, as required or permitted by applicable law. We will also release information about you if you direct us to do so, if compelled to do so by law, or in connection with any government or regulatory organization request or investigation. We maintain physical, electronic and procedural safeguards that comply with federal standards to safeguard your non-public personal information and which we believe are adequate to prevent unauthorized disclosure of such information.

We do not otherwise provide information about current, former, and prospective individual Subscribers to outside firms, organizations or individuals except at the Subscriber's request or to attorneys, accountants and auditors of any current, former and prospective individual Subscriber.

**CALIFORNIA -SPECIFIC PRIVACY POLICY**

The California Consumer Privacy Act, California Civil Code § 1798.100 *et seq.*, (with any implementing regulations and as may be amended from time to time, "***CCPA***") imposes certain obligations on Crestline Management, L.P., or Crestline, and its affiliates (together, "***we***," "***our***"

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or "***us***") and grants certain rights to California residents ("***California Resident***," "***you***" or "***your***") with regard to "personal information." If you are a California Resident, please review this California-Specific Privacy Policy ("***California Privacy Policy***") for information about how and why we collect, use, and disclose your personal information, our Notice at Collection, and your potential rights with regard to your personal information under the CCPA. The rights described herein are subject to exemptions under the CCPA and other limitations under applicable law.

Terms used herein have the meaning ascribed to them in the CCPA. We are a "business."

The CCPA does not restrict our ability to do certain things like comply with other laws or comply with regulatory investigations. In addition, the CCPA does not apply to certain information like personal information collected, processed, sold or disclosed pursuant to the federal Gramm-Leach-Bliley Act and its implementing regulations.

<u>Notice at Collection and Use of Personal Information</u>

*Personal Information We Collect*

Depending on how you interact with us, we may collect the following categories of personal information from or about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifiers such as, your name, address, date of birth, email address, social security number, driver's license number, passport number, or other similar identifiers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional information subject to Cal. Civ. Code Section 1798.80(e), including, your education, credit card number, state identification card number, signature or bank account or other financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Characteristics of protected classifications under federal or certain state law, including, your gender, national origin, or marital status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial information, including records of products or services purchased, obtained, or considered, or other purchasing histories or tendencies. For example, funds invested, investments considered, or sources of wealth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internet or other electronic network activity information, including, for example, information regarding your interaction with our website or use of certain online tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional or employment-related information, including occupation, compensation, employer and title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inferences drawn from any of the information identified above to create a profile reflecting your preferences or similar information, including your potential interest in investing in new funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sensitive personal information under the CCPA such as your passport number, driver's license, and state identification card.

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*Purposes for Collecting and Using Personal Information* 

We may collect and use your personal information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performing services on behalf of the fund, including, for example, maintaining or servicing accounts, providing investor relation services, processing subscriptions and withdrawals, verifying information, processing payments, or providing similar services on behalf of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating with you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performing our contractual obligations to a California Resident as a subscriber to the fund, including, processing initial subscriptions and providing updates on the fund's performance, providing tax reporting and other operational matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detecting security incidents and protecting against malicious, deceptive, fraudulent, or illegal activity, including, preventing fraud and conducting "Know Your Client," anti-money laundering, terrorist financing, and conflict checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enabling or effecting commercial transactions, including, using your bank account details to remit funds and process distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where permitted by applicable law, providing you with marketing or promotional materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administering and improving our website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal operations, including troubleshooting, data analysis, testing, research, statistical and survey purposes.

*How Long We Keep Information* 

How long we keep your personal information will vary depending on the type of personal information and our reasons for collecting it. The retention period will be determined by various criteria, including the purposes for which we are using it (as it will need to be kept for as long as is necessary for any of those purposes) and our legal obligations (as laws or regulations may set a minimum period for which we have to keep your personal information). In general, we will retain your personal information for as long as we require it to perform our contractual rights and obligations or for periods required by our legal and regulatory obligations.

*Sale or Sharing of Personal Information* 

We do not sell or share your personal information (as such terms are defined under the CCPA).

For more information about our privacy practices, please review our **Privacy Notice** which is also located on the first page of this <u>Exhibit B</u> and our entire **California Privacy Policy**.

<u>Our Collection, Use and Disclosure of Personal Information and Sensitive Personal Information</u>

*Information We Have Collected and Our Purpose for Collecting It*

In the preceding 12 months, and depending on how you interact with us, we may have collected the categories of personal information listed above in **Personal Information We Collect**. We

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may have collected all or a few of these categories of personal information for the business or commercial purposes identified in **Purpose for Collecting and Using Personal Information***.* 

*Sources of Personal Information*

We may collect personal information about you directly from you and/or your intermediaries through sources such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account applications, subscription agreements and other forms or related documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Written, electronic, or verbal correspondence with us or our service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investor transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investor's brokerage or financial advisory firm, financial advisor, or consultant; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From information captured on applicable websites.

In addition, we may collect personal information from different sources, such as: (i) our affiliates, our service providers, or our affiliates' service providers; (ii) public websites or other publicly accessible directories and sources, including bankruptcy registers, tax authorities, governmental agencies and departments, and regulatory authorities; and/or (iii) credit reporting agencies, sanctions screening databases, or from sources designed to detect and prevent fraud.

*Disclosure of Personal Information* 

We do not sell or share your personal information (as those terms are defined under the CCPA). We do not knowingly sell or share the personal information of California residents under 16 years old. In the preceding 12 months, we may have disclosed for a business purpose the following categories of personal information to the following categories of third parties, as described in the following chart:

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| | |
|:---|:---|
| **Category of Personal Information** | **Category of Third Party** |
| Identifiers (for example your name, address, DOB, SSN, driver's license, passport number and online identifiers) | • Counterparties and intermediaries (e.g., broker-dealers) in connection with investments and transactions or for operational purposes. <br>• Third parties as needed to complete a transaction, including financial institutions or advisors, entities that assist with fraud prevention, custodians or lenders to or creditors of a fund.<br>• Professional services organizations, such as auditors.<br>• Businesses that we are evaluating in connection with a potential investment or business opportunity.<br>• Advertising and marketing partners<br>• Analytics providers<br>• Providers or partners that support our business operations (such as payment services providers; shipping companies; etc.) |
| Additional information subject to Cal. Civ. Code § 1798.80(e) (for example, a signature, state identification card number, financial information, or bank account information) | • Counterparties and intermediaries (e.g., broker-dealers) in connection with investments and transactions or for operational purposes. <br>• Third parties as needed to complete a transaction, including financial institutions or advisors, entities that assist with fraud prevention, custodians or lenders to or creditors of a fund.<br>• Professional services organizations, such as auditors.<br>• Businesses that we are evaluating in connection with a potential investment or business opportunity.<br>• Advertising and marketing partners<br>• Analytics providers<br>• Providers or partners that support our business operations (such as payment services providers; shipping companies; etc.) |

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| | |
|:---|:---|
| Characteristics of protected classifications under certain federal or state laws (for example gender, age, national origin, citizenship or marital status) | • Counterparties and intermediaries (e.g., broker-dealers) in connection with investments and transactions or for operational purposes. <br>• Third parties as needed to complete a transaction, including financial institutions or advisors, entities that assist with fraud prevention, custodians or lenders to or creditors of a fund.<br>• Professional services organizations, such as auditors.  |
| Commercial Information (for example records of products or services purchased, obtained or considered or purchasing histories or tendencies including funds in which you are invested, investments considered or sources of wealth) | • Counterparties and intermediaries (e.g., broker-dealers) in connection with investments and transactions or for operational purposes. <br>• Third parties as needed to complete a transaction, including financial institutions or advisors, entities that assist with fraud prevention, custodians or lenders to or creditors of a fund.<br>• Professional services organizations, such as auditors.  |
| Geolocation Data (as information about your location or the location of your device) | • Advertising and marketing partners<br>• Analytics providers |
| Internet or Electronic Network Activity Information, including interactions with our website or use of certain online tools | • Advertising and marketing partners<br>• Analytics providers |
| Professional or Employment Related Information, including occupation, compensation, employer and title | • Counterparties and intermediaries (e.g., broker-dealers) in connection with investments and transactions or for operational purposes. <br>• Third parties as needed to complete a transaction, including financial institutions or advisors, entities that assist with fraud prevention, custodians or lenders to or creditors of a fund.<br>• Professional services organizations, such as auditors. |

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In addition, we may disclose and, in the preceding 12 months, we may have disclosed all of the categories of personal information identified in **Personal Information We Collect** to the following categories of third parties: (i) judicial courts, regulators, or other government agents purporting to have jurisdiction over us, our subsidiaries or our affiliates, or opposing counsel and parties to litigation; and (ii) other third parties as may otherwise be permitted by law. We may also transfer to another entity or its affiliates or service providers some or all information about you in connection with, or during negotiations of, any merger, acquisition, sale of assets or any

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line of business, change in ownership control, or financing transaction. We may disclose personal information to all of the third parties listed above to comply with our legal obligations or for the business or commercial purposes identified above in **Purposes for Collecting and Using Personal Information**. Additionally, we may disclose your personal information to third parties upon your request, at your direction or with your consent.

We may also share your personal information with our service providers such as our IT providers or CRM provider, other entities that have agreed to limitations on the use of your personal information, or entities that fit within other exemptions or exceptions in. or as otherwise permitted by, the CCPA.

*Use and Disclosure of Sensitive Personal Information*

As noted above in **Personal Information We Collect**, under the CCPA, certain personal information we collect and process may be considered "sensitive personal information." The CCPA requires that we provide you with a right to limit our use or disclosure of such sensitive personal information in certain circumstances. Currently, we are not using your sensitive personal information for purposes that would require that we provide you with a right to limit.

<u>California Residents' Rights Under the CCPA</u> 

If your personal information is subject to the CCPA, you may have certain rights concerning your personal information, subject to applicable exemptions and limitations, including the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; (ii) not be discriminated against because you exercise any of your rights under the CCPA; (iii) request that we delete any personal information about you that we collected or maintained, subject to certain exceptions ("***Request to Delete***"); (iv) opt-out of the "sale" (as the term is defined in the CCPA) of your personal information if a business sells your personal information (we do not); (v) opt-out of the "sharing" (as that term is defined in the CCPA) of your personal information if a business shares your personal information with third parties (we do not); (vi) limit the use and disclosure of sensitive personal information where required by the CCPA ("***Right to Limit***") (please note that we are not using your sensitive personal information for purposes that would require that we provide you with a Right to Limit); (vii) correct inaccurate personal information ("***Request to Correct***"); and (viii) request that we, as a business that collects personal information about you and that discloses your personal information for a business purpose, disclose to you ("***Request to Know***"): (a) the categories of personal information we have collected about you; (b) the categories of sources from which we have collected the personal information; (c) the business or commercial purpose for collecting or selling the personal information; (d) the categories of third parties with which we disclosed personal information about you for a business purpose; and (e) the specific pieces of personal information we have collected about you.

The CCPA does not restrict our ability to do certain things like comply with other laws or comply with regulatory investigations. In addition, the CCPA does not apply to certain

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information like personal information collected, processed, sold or disclosed pursuant to the federal Gramm-Leach-Bliley Act and its implementing regulations. We also reserve the right to retain, and not to delete, certain personal information after receipt of a request to delete from you where permitted by the CCPA or another law or regulation.

<u>How to Submit a Request Under the CCPA</u> 

You may submit a Requests to Know, Request to Correct, or Request to Delete ("***Consumer Rights Request***"), as described above, through the following telephone number 817-339-7600, through our website at the following link www.crestlineinvestors.com, or by emailing us at privacy@crestlineinc.com.

We are only required to respond to verifiable Consumer Rights Requests made by you or your legally authorized agent. When you submit a Consumer Rights Request, we may ask that you provide clarifying or identifying information to verify your request. Such information may include, at a minimum, depending on the sensitivity of the information you are requesting and the type of request you are making, your name, email address, account login credentials or other account information, answers to security questions, name, government identification number, date of birth, contact information, or other personal information. Any information gathered as part of the verification process will be used for verification purposes only.

You are permitted to designate an authorized agent to submit a Consumer Rights Request on your behalf and have that authorized agent submit the request through the provided methods. We may deny requests from authorized agents who do not submit proof that they have been authorized by you to act on your behalf. We may also require that you directly verify your own identity with us and directly confirm with us that you provided the authorized agent permission to submit the request.

<u>Contact for More Information</u>

If you have any questions or concerns about this California Privacy Policy please email us at privacy@crestlineinc.com.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

Should you have any questions regarding our policies or about this notice, please contact our Chief Compliance Officer at (817) 339-7600.

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**<u>EXHIBIT C</u>**

**SAMPLE BANK LETTER**

[Sample letter to be placed on letterhead of the Regulated Institution remitting payment]

Date

Via mail and e-mail

[___________________]

Dear Sir/Madam:

Re: Crestline Lending Solutions, LLC

Name of Remitting Institution:

Address of Remitting Institution:

Name of Subscriber:

Address of Subscriber:

Name of Subscriber Account Being Debited:

Account Number Being Debited:

[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]

Amount of Funds Transferred:

Date of Funds Transferred

The above information is given in strictest confidence for your own use only and without any guarantee, responsibility or liability on the part of the institution or its officials.

Yours sincerely,

Full Name:

Position:

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**<u>EXHIBIT D</u>**

**FORM OF INCUMBENCY CERTIFICATE**

The undersigned, the _________________ (*insert title*) of ______________ (*insert name of subscriber*) (the "<u>Subscriber</u>"), does hereby certify on behalf of the Subscriber as follows:

Each of the following persons is a duly elected, qualified and acting officer of the Subscriber holding the office set forth opposite his or her name and is fully empowered and authorized to enter into, execute, deliver and perform any document, instrument or agreement on behalf of the Subscriber and to otherwise bind the Subscriber (in each case including, without limitation, with respect to the Subscriber's investment in Crestline Lending Solutions, LLC (the "<u>Company</u>") and the signature set forth opposite her name is the true and genuine signature of such signatory:

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| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Office</u> | <u>Signature</u> |

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In addition, the undersigned hereby certifies that the Subscriber is fully authorized, permitted and able to invest in the Company in the amount(s) set forth in the Agreement(s) of the Subscriber (as may be amended or supplemented from time to time) and to become a member thereof. The Company and Crestline Management, L.P., as the investment adviser of the Company, are each entitled to rely on this Incumbency Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Incumbency Certificate as of

__________________, _____.

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| |
|:---|
| Name: |
| Title: |

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<u>Notary Public:</u> 

This document has been duly sworn

before me on this ______ day of __________________, _____.

 <br> Signature

Affix Stamp or Seal here:

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**<u>EXHIBIT E</u>**

**IRS FORM W-8 OR W-9, AS APPLICABLE**

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**<u>EXHIBIT F</u>**

**TRANSFER RESTRICTIONS**

No Transfer of the Subscriber's Commitment or all or any fraction of the Subscriber's Shares may be made without (i) registration of the Transfer on the Company books and (ii) the prior written consent of the Adviser. In any event, the consent of the Company or the Adviser may be withheld if the creditworthiness of the proposed transferee, as determined by the Company or the Adviser in each of their sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement. Consent of the Company or the Adviser may also be withheld if, in the opinion of counsel (who may be counsel for the Company or the Subscriber) satisfactory in form and substance to the Company or the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or the Shares to be Transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer would not be a "prohibited transaction" under ERISA or the Code or the regulations promulgated thereunder or cause all or any portion of the assets of the Company to constitute "plan assets" under ERISA, certain Department of Labor regulations or Section 4975 of the Code.

The Subscriber agrees that it will pay all reasonable expenses, including attorneys' fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares, prior to the consummation of such Transfer.

Any person that acquires all or any fraction of the Shares of the Subscriber in a Transfer permitted under this Exhibit F shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Commitment committed to be made by its predecessor in interest. The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company, it will remain liable for its Commitment and for all payments of any Drawdown Purchase Price required to be made by it (without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction thereof, becomes a holder of such Shares.

The Company shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company or the Adviser shall have given prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance with this Agreement, the provisions of the Memorandum, and all applicable laws and regulations applicable to the transferee and the transferor.

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**<u>EXHIBIT G</u>**

**ELECTION NOTICE UNDER DIVIDEND**

<u>Instructions</u>:

No action will be required on the part of a subscriber (each, a "**Subscriber**") to have his or her cash dividends reinvested in units of limited liability company interests of Crestline Lending Solutions, LLC (the "**Shares**"). A Subscriber may elect to receive their entire distribution (and all future distributions, until further notice) in cash by remitting this form to Crestline Management, L.P. no later than 10 days prior to the record date for the first distribution to which it relates. To elect to receive your full distributions in cash, mark the appropriate box in Part (A) below and fill out your contact information under Part (B), below.

(A)Until further notice, I would like to receive my full distributions:

☐ IN CASH

(B)Investor Information:

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| |
|:---|
| **Name** |
| **Street** |
| **City** |
| **State** |
| **Zip Code** |
| **Country** |
| **Telephone Number** |
| **Facsimile Number** |
| **Email Address** |
| **Tax Identification or Social Security Number** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _______________________________________________**<br>**Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________________________________________**<br>**Signature: _______________________________________________**<br>

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**<u>EXHIBIT H</u>**

**ANTI-MONEY LAUNDERING DOCUMENTATION** 

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| | |
|:---|:---|
| Individuals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed subscription document including the following:<br>oFull legal name(s)<br>oDate(s) of birth<br>oResidential street address(es)<br>oTax identification number(s)<br>• Unexpired government-issued photo ID |
| Outside IRA Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed subscription document including the following:<br>oFull legal name (custodian + account owner)<br>oResidential street address (custodian + account owner)<br>oDate of birth (account owner)<br>oTax identification number (custodian + account owner)<br>• Unexpired government-issued photo ID (account owner) |
| Non-Publicly Traded Corporations, Partnerships & Other Entities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed subscription document including the following:<br>oFull legal name<br>oPhysical business street address<br>oTax identification number<br>• Copy of a formation document (if not publicly available)<br>• If a partnership, a copy of the partnership agreement <br>• For <u>one</u> controlling party (executive officer/similar who executes the subscription document):<br>oFull legal name<br>oDate of birth<br>oResidential or business street address(es)<br>oUnexpired government-issued photo ID<br>• For each individual, if any, who, directly or indirectly owns 25% or more of the registered investor:<br>oFull legal name(s)<br>oDate(s) of birth<br>oResidential street address(es)<br>oUnexpired government-issued photo ID |
| Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed subscription document including the following:<br>oFull legal name<br>oPhysical business street address<br>oTax identification number<br>• Copy of governing trust document<br>• For <u>all</u> natural person trustees:<br>oFull legal name<br>oDate of birth<br>oResidential or business street address(es)<br>oUnexpired government-issued photo ID<br>• If an entity trustee, copy of formation document (if not publicly available) |

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The transfer agent may request additional information upon review of the documents set forth above.

## Exhibit 4.2

**Exhibit 4.2**

**DISTRIBUTION REINVESTMENT PLAN** 

**OF** 

**CRESTLINE LENDING SOLUTIONS, LLC**

Effective as of September 2, 2025

Crestline Lending Solutions, LLC, a Delaware limited liability company (the "***Company***"*)*, hereby adopts the following plan (this "***Plan***"*)* with respect to cash distributions declared by the Company's board of directors (the "***Board***") on shares of the Company's units of limited liability company interests (the "***Shares***") to holders of such shares (each a "***Shareholder***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Unless a Shareholder specifically elects to "opt out" automatic reinvestment of distributions pursuant to paragraph 4 below, all cash distributions hereafter declared by the Board shall be reinvested by the Company in Shares on behalf of each Shareholder, and no action shall be required on such Shareholder's part to receive such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Such cash distributions shall be payable on such date or dates (each, a "***Payment Date***") as may be fixed from time to time by the Board to Shareholders of record at the close of business on the record date(s) established by the Board for the cash distribution involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prior to any initial public offering of Shares, the Company intends to use primarily newly issued Shares to implement this Plan. The number of Shares to be issued to a Shareholder that has not elected to "opt out" of the reinvestment of such distributions in accordance with paragraph 4 below (each, a "***Participant***") shall be determined by dividing the total dollar amount of the distribution payable to such Participant by the Company's most recently published net asset value per Share (the "***Reference NAV***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A Shareholder may elect to "opt out" of automatic reinvestment and receive any portion of its distributions in cash. To exercise this option, such Shareholder must notify the Company and State Street Bank and Trust Company (the "***Plan Administrator***") in writing (using the form of notice set forth as <u>Exhibit G</u> to the Subscription Agreement signed by such Shareholder or any other form of notice as distributed to such Shareholder by the Company) so that such notice is received by the Plan Administrator no later than ten (10) business days prior to the record date fixed by the Board for the first distribution such Shareholder wishes to receive in cash. Such election shall remain in effect until the Shareholder notifies the Plan Administrator in writing of such Shareholder's desire to change its election, which such notice shall be delivered to and received by the Plan Administrator no later than ten (10) business days prior to the record date fixed by the Board for the first distribution for which such Shareholder wishes its new election to take effect, or as otherwise accepted by the Plan Administrator and the Company.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shares issued pursuant to this Plan in connection with any cash distribution shall be issued to each Participant (i) in the event that the applicable Reference NAV has been approved by the Board (or a committee thereof) prior to the Payment Date of such cash distribution, on the Payment Date or (ii) otherwise, promptly upon the date such approval has been provided by the Board. All Shares issued pursuant to this Plan shall be issued in non-certificated form and shall be credited to such Participant on the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Plan Administrator will confirm to each Participant each issuance of Shares made to such Participant pursuant to this Plan as soon as practicable following the date of such issuance.

<sup>1</sup> The Plan Administrator generally will not approve a change to a Shareholder's election with less than five (5) business days' notice prior to the record date fixed by the Board for the first distribution for which such Shareholder wishes its new election to take effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Plan Administrator's service fee, if any, and expenses for administering this Plan will be paid for by the Company. There will be no brokerage charges or other charges to Shareholders who participate in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Plan may be terminated by the Company upon notice in writing mailed to each then Participant at least thirty (30) days prior to the effectiveness of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. These terms and conditions may be amended or supplemented by the Company at any time. Any such amendment or supplement may include an appointment by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator as agreed to by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Plan Administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. These terms and conditions shall be governed by the laws of the State of New York without regard to the conflicts of law principles thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

## Exhibit 10.1

**Exhibit 10.1**

**Execution Version**

**INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT**

**BETWEEN**

**CRESTLINE LENDING SOLUTIONS, LLC**

**AND**

**CRESTLINE MANAGEMENT, L.P.**

This Agreement (this "***Agreement***") is made this 2nd day of September, 2025, by and between CRESTLINE LENDING SOLUTIONS, LLC (the "***Company***") (f/k/a CRESTLINE LENDING SOLUTIONS RAMP, LLC (the "***Ramp Vehicle***"), a Delaware limited liability company, and CRESTLINE MANAGEMENT, L.P. (the "***Adviser***"), a Delaware limited partnership.

WHEREAS, the Company is a closed-end management investment company that intends to elect to be treated as a business development company ("***BDC***") under the Investment Company Act of 1940, as amended (the "***Investment Company Act***");

WHEREAS, the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"); and

WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby employs the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the "***Board***"), for the period and upon the terms herein set forth. In the performance of its duties, the Adviser shall at all times conform to, and act in accordance with, any requirements imposed by (i) the provisions of the Investment Company 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 limited liability company agreement of the Company, as amended and/or restated from time to time (the "***LLC Agreement***"); (iv) the investment objectives, policies and restrictions applicable to the Company, as they may be amended from time to time by the Board upon written notice to the Adviser; and (v) any other policies and determinations of the Board provided in writing to the Adviser.

Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) execute, monitor and service the Company's investments; (iv) determine the securities and other assets that the Company will purchase, retain, or sell; (v) perform due diligence on prospective portfolio companies; (vi) vote, exercise consents and exercise all other rights appertaining to such securities and other assets on behalf of the Company; and (vii) 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. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company's investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing, the Adviser will arrange for such financing on the Company's behalf. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act). For the avoidance of doubt, the Adviser shall not delegate its foregoing duties or responsibilities without receiving the approval of a majority of the Company's outstanding voting securities (as defined in the Investment Company Act) of any such sub-advisory agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act with respect to the Company's portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and will surrender promptly to the Company any such records upon the Company's request, provided that the Adviser may retain a copy of such records.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Company's Responsibilities and Expenses Payable by the Company.**

All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Company, including salaries of the Adviser's employees and other expenses incurred in maintaining the Adviser's place of business.

The Company will bear all legal and other expenses costs and expenses incurred in connection with the Company's formation and organization and the offering of the units of limited liability company interests of the Company ("***Shares***"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.organizational and offering expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.expenses incurred in valuing the Company's assets and computing the Company's net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the costs and expenses of due diligence of potential investments, monitoring performance of the Company's 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 and expenses related to unsuccessful portfolio acquisition efforts ("***Portfolio Investment Costs***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.expenses incurred by the Administrator (as defined below) or payable to third parties, including agents, consultants or other advisors, in 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.interest payable on debt, if any, incurred to finance the Company's investments and other fees and expenses related to the Company's borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.offerings of the Shares and other securities (including underwriting, placement agent and similar fees and commissions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.base management fees and incentive fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.third party investor hosting and similar platforms and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.administration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x.transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi.federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii.U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii.independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv.costs of preparing and filing reports or other documents required by the SEC or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv.costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi.the costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;xvii.the Company's allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

------

&nbsp;&nbsp;&nbsp;&nbsp;xviii.direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investor hosting and similar platforms and service providers, and outside legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix.all other expenses incurred by the Company, the Adviser or the Administrator in connection with administering the Company's business, such as the allocable portion of overhead under the Administration Agreement (as defined below), including rent, office equipment, utilities and the allocable portion of the cost of the Company's Chief Financial Officer and Chief Compliance Officer and their respective staffs.

In addition to the Base Management Fee and Incentive Fee (each as defined below), except as noted above, the Company will bear all other costs, expenses and liabilities that in the good faith judgment of the Adviser are incurred by or arise out of the operation and activities of the Company, subject to the provisions of the expense limitation and reimbursement agreement by and between the Company and the Adviser, dated as of September 2, 2025.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Compensation of the Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the "***Base Management Fee***") and an incentive fee (the "***Incentive Fee***") as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or the Company may adopt a deferred compensation plan pursuant to which the Adviser may elect, to defer all or a portion of its fees hereunder for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Base Management Fee shall be calculated at a rate based on the value of the Company's net assets at its most recently published net asset value, as set forth below:

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| | |
|:---|:---|
| **Base Management Fee** | **Net Assets as of Most Recently Completed Quarter** |
| 0.1125% (1.35% annualized) | Less than or equal to $150.0 million |
| 0.0917% (1.10% annualized) | Greater than $150.0 million but less than or equal to $300.0 million |
| 0.0823% (0.9875% annualized) | Greater than $300.0 million but less than or equal to $500.0 million |
| 0.071% (0.85% annualized) | Greater than $500.0 million |

---

For the Company's initial period of operations from September 2, 2025 through the end of the fiscal quarter ending September 30, 2025, the base management fee will be calculated based on the net asset value of the Ramp Vehicle as of September 2, 2025. For services rendered under this Agreement, the Base Management Fee will be payable quarterly in arrears. Base Management Fees for any partial month or quarter will be appropriately pro-rated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Incentive Fee shall 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;One part of the Incentive Fee (the "***Income Incentive Fee***") will be calculated and payable quarterly in arrears based on the Company's Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, "***Pre-Incentive Fee Net Investment Income***" interest income, distribution income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus the Company's operating expenses for such quarter (including the base management fee, expenses payable under the administration agreement (the "***Administration Agreement***") by and between the Company and Crestline Management, L.P. (in its capacity as the Company's administrator, the "***Administrator***") and any interest expense and distributions paid on any issued and outstanding debt or 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 market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a hurdle rate" of 1.25% per quarter (5.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The Company will pay the Adviser an Incentive Fee with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no Incentive Fee in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (the "preferred return" or "hurdle"); (2) 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 1.43% in any calendar quarter (5.72% annualized); this portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 1.43%) is referred to herein as the "***catch-up***." The "catch-up" is meant to provide the Adviser with an incentive fee of 12.5% on all of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 1.43% in any calendar quarter; and (3) 12.5% of the amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.43% in any calendar quarter (5.72% annualized) payable to the Adviser once the hurdle is reached and the catch-up is achieved, (12.5% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser).

These calculations will be appropriately pro-rated for any period of less than three months and adjusted for any share issuances or repurchases by the Company during the relevant calendar quarter.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The second part of the Incentive Fee ("***Incentive Fee on Capital Gains***") will be determined and payable in arrears as of the end of each fiscal year (or upon termination of this Agreement as set forth below). The Company will pay the Adviser an Incentive Fee with respect to the Company's cumulative realized capital gains equal to 12.5% of cumulative realized capital gains from inception through the end of such fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. Generally Accepted Accounting Principles ("***GAAP***"); provided that, in no event will the Incentive Fee on Capital Gains paid to the Adviser exceed the amount permitted by Section 205(b)(3) of the Advisers Act.

**4. &nbsp;&nbsp;&nbsp;&nbsp;Covenants of the Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Excess Brokerage Commissions.**

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company's portfolio.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Limitations on the Employment of the Adviser.**

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship

------

or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company's portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and shareholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

**7. &nbsp;&nbsp;&nbsp;&nbsp;Responsibility of Dual Directors, Officers and/or Employees.**

If any person who is a manager, partner, officer, senior advisor or employee of the Adviser or the Administrator is or becomes a director, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer, senior advisor and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer, senior advisor or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability of the Adviser; Indemnification.**

The Adviser and its officers, managers, agents, employees, controlling persons, members (or their owners) and any other person or entity affiliated with it, shall not be liable to the Company for any error of judgment or mistake of law or for any action taken or omitted to be taken by the Adviser or for any loss suffered by the Company in connection with the performance of any of the 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 Investment Company 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) in the absence of Disabling Conduct (as defined below), and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) (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 this Agreement or otherwise as an investment adviser of the Company.

Notwithstanding the preceding sentence of this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of: (a) any liability or losses arising solely from a claim between or among Indemnified Parties or (b) any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of (i) breach of the LLC Agreement or this Agreement, (ii) willful misfeasance, bad faith, fraud or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder), or (iii) violation of any law, including, but not limited to, violation of any federal or state securities law, that has a material adverse effect on the Company (collectively, "***Disabling Conduct***"). For the avoidance of doubt, nothing in this Section 8 shall constitute a waiver of any Indemnified Party's non-waivable federal fiduciary duties to the Company under the Advisers Act. Additionally, nothing in this Agreement shall provide for indemnification that would be in violation of the Advisers Act.

------

The Adviser shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser in good faith, unless such action or inaction was made by reason of Disabling Conduct, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Effectiveness, Duration and Termination of Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act.

Notwithstanding the foregoing, this Agreement may be terminated (i) by the Company at any time, without the payment of any penalty, upon giving the Adviser 60 days' written notice (which notice may be waived by the Adviser), provided that such termination by the Company shall be directed or approved by the vote of a majority of the directors of the Company in office at the time or by the vote of the holders of a majority of the voting securities of the Company at the time outstanding and entitled to vote, or (ii) by the Adviser on 60 days' written notice to the Company (which notice may be waived by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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 Investment Company Act).

**10. &nbsp;&nbsp;&nbsp;&nbsp;Notices.**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Amendments.**

This Agreement may be amended by mutual written consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act.

**12.&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement; Governing Law.**

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof, except as it relates to any fee waivers or expense limitation arrangements agreed to by the Adviser that are and remain in effect as of the date of this Agreement. This Agreement shall be construed in accordance with the laws of the State of Delaware and in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

[*Remainder of Page Intentionally Left Blank*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

---

| | | |
|:---|:---|:---|
| **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** |
| By: | /s/ Chris Semple | /s/ Chris Semple |
|  | Name: | Chris Semple |
|  | Title: | Chief Executive Officer |
| **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** |
| By: | /s/ John S. Cochran | /s/ John S. Cochran |
|  | Name: | John S. Cochran |
|  | Title: | Chief Operating Officer |

---

*[Crestline – Advisory Agreement (September 2025)]*

## Exhibit 10.2

**Exhibit 10.2**

**Execution Version**

**ADMINISTRATION AGREEMENT**

**BETWEEN**

**CRESTLINE LENDING SOLUTIONS, LLC**

**AND**

**CRESTLINE MANAGEMENT, L.P.**

This Administration Agreement ("<u>Agreement</u>") is made as of September 2, 2025 by and between CRESTLINE LENDING SOLUTIONS, LLC, a Delaware limited liability company (the "<u>Company</u>"), and CRESTLINE MANAGEMENT, L.P., a Delaware limited partnership (the "<u>Administrator</u>").

WHEREAS, the Company is a closed-end management investment fund that has elected to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

**1.**&nbsp;&nbsp;&nbsp;&nbsp;**<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 provided for below. The Administrator and such third parties engaged by it to provide (directly or indirectly) the services contemplated herein 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 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 also shall, on behalf of the Company, conduct relations with 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

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business and affairs of the Company as it shall determine to be desirable; provided that, nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall assist the Company with the preparation of the financial and other records that the Company is required to maintain and shall assist the Company with the preparation, printing and dissemination of reports to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "<u>SEC</u>"). The Administrator will provide, on the Company's behalf, significant managerial assistance to the Company's portfolio companies to the extent required by the 1940 Act, and to the extent such offers for managerial assistance are accepted by the Company's portfolio companies. In addition, the Administrator will assist the Company in determining and publishing (as necessary or appropriate) the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others.

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Records</u>**

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the 1940 Act. 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 the 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.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Confidentiality</u>**

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**<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 hereunder, which shall be equal to an amount based on the Company's allocable portion (subject to review and approval of the Board) of the Administrator's overhead in performing its obligations under this Agreement, including

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allocable rent, and the allocable portion of the cost of the Company's officers, including a chief financial officer and chief compliance officer, if any, and their respective staffs. To the extent the Administrator outsources any of its functions to third parties, the Company may pay the fees associated with such functions on a direct basis to such third parties without profit to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Unless the Administrator, in its capacity as the Company's investment adviser, elects to bear or waive any of the following costs (in its sole and absolute discretion), the Company shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating 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)&nbsp;&nbsp;&nbsp;&nbsp;the organizational and offering expenses of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;expenses incurred in valuing the Company's assets and computing its net asset value;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the costs and expenses of due diligence of potential investments, monitoring performance of the Company's 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 and expenses related to unsuccessful portfolio acquisition efforts;

&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)&nbsp;&nbsp;&nbsp;&nbsp;expenses incurred by the Administrator or payable to third parties, including agents, consultants or other advisors, in 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;

&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)&nbsp;&nbsp;&nbsp;&nbsp;interest payable on debt, if any, incurred to finance the Company's investments and other fees and expenses related to the Company's borrowings;

&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)&nbsp;&nbsp;&nbsp;&nbsp;offerings of the Company's units of limited liability company interests (the "<u>Shares</u>") and other securities (including underwriting fees, other similar fees and commissions);

&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)&nbsp;&nbsp;&nbsp;&nbsp;base management fees and 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;third party investor hosting and similar platforms and service providers;

&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)&nbsp;&nbsp;&nbsp;&nbsp;administration fees payable 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;federal and state registration 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Company (the "<u>Independent Directors</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;costs of preparing and filing reports or other documents required by the SEC or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;the Company's allocable portion of its fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investor hosting and similar platforms and service providers, and outside legal costs; 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;(xviv)&nbsp;&nbsp;&nbsp;&nbsp;all other expenses incurred by the Company, the Adviser or the Administrator in connection with administering the Company's business, such as the allocable portion of overhead under this Agreement, including rent, office equipment, utilities and the allocable portion of the cost of the Company's chief financial officer and chief compliance offer and their respective staffs.

 **5.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitation of Liability of the Administrator; Indemnification</u>**

The Administrator (and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it) 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, each of whom shall be deemed a third party beneficiary hereof) (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 security holders) 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 Section 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 security holders to which the Indemnified Parties would otherwise be subject by reason of 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).

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Activities of the Administrator</u>**

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate 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 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 shareholders or otherwise.

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**7.**&nbsp;&nbsp;&nbsp;&nbsp;**<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 shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually 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;&nbsp;&nbsp;&nbsp;&nbsp;i.the vote of the Board, or by the vote of a majority of the outstanding voting securities of 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;&nbsp;&nbsp;&nbsp;&nbsp;ii.the vote of a majority of the Independent Directors, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Administrator.

&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; <u>provided</u>, <u>however</u>, that the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company 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 Company's legal form into another limited liability entity. 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.

**8.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Amendments of this Agreement</u>**

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

**9.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Governing Law</u>**

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.

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>**

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

**11.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Notices</u>**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

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

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| | | |
|:---|:---|:---|
| **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** |
| By: | /s/ Chris Semple | /s/ Chris Semple |
|  | Name: | Chris Semple |
|  | Title: | Chief Executive Officer |
| **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** |
| By: | /s/ John S. Cochran | /s/ John S. Cochran |
|  | Name: | John S. Cochran |
|  | Title: | Chief Operating Officer |

---

*[Crestline – Administration Agreement (September 2025)]*

## Exhibit 10.3

**Exhibit 10.3**

**Execution Version**

**EXPENSE SUPPORT AND** 

**REIMBURSEMENT AGREEMENT**

This Expense Support and Reimbursement Agreement (the "<u>Agreement</u>") is made this 2nd day of September, 2025, by and between Crestline Lending Solutions, LLC, a Delaware limited liability company (the "<u>Company</u>"), and Crestline Management, L.P., a Delaware limited partnership (the "<u>Adviser</u>").

WHEREAS, the Company is a non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company has retained the Adviser to furnish investment advisory services to the Company on the terms and conditions set forth in the investment advisory agreement, dated September 2, 2025 entered between the Company and the Adviser, as may be amended or restated (the "<u>Advisory Agreement</u>");

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Company that the Adviser pay certain of the Company's expenses, including the organizational costs fund all of the Organizational and Offering Expenses (as defined in Section 1 of this Agreement) incurred by the Company and that the Company will be obligated to reimburse to the Adviser at a later date as set forth herein.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Adviser Expense Payments for the Company</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Adviser, or its affiliates, will fund the organizational and offering expenses incurred by the Company (each such payment, an "<u>Expense Payment</u>") based on the calculation set forth below. The amount of any Expense Payment by the Adviser shall be determined based on whether the Company's expenses during a given fiscal quarter exceed an expense cap (the "<u>Annual Expense</u> <u>Cap</u>") determined based on the Company's net asset value. If the Company's expenses during a given fiscal quarter exceed the applicable Annual Expense Cap, the Adviser will make an Expense Payment equal to the difference between the Annual Expense Cap and the Company's incurred expenses. The Annual Expense Cap rates that shall be used for this calculation based on the Company's net asset value are set forth below:

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| | |
|:---|:---|
| **Expense Cap** | **Net Asset Value** |
| 0.5% (2.00% annualized) | Less than or equal to $150.0 million |
| 0.4375% (1.75% annualized) | Greater than $150.0 million but less than or equal to $200.0 million |
| 0.375% (1.50% annualized) | Greater than $200.0 million but less than or equal to $250.0 million |
| 0.3375% (1.35% annualized) | Greater than $250.0 million but less than or equal to $300.0 million |
| 0.3125% (1.25% annualized) | Greater than $300.0 million but less than or equal to $350.0 million |
| 0.2875% (1.15% annualized) | Greater than $350.0 million but less than or equal to $400.0 million |
| 0.25% (1.00% annualized) | Greater than $400.0 million |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Annual Expense Cap and the obligation for the Adviser to make an Expense Payment does not include certain expenses, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any cost of debt, including fees and expenses incurred in connection with any credit facility obtained by the Company or its subsidiaries, such as expenses for acquiring ratings related to such credit facilities and upfront or placement fees charged in connection with such credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)management and incentive fees payable by the Company to the Adviser pursuant to the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any distribution and shareholder servicing fees should the Company elect to offer multiple classes of its units of limited liability company interests, and any fees or expenses incurred in connection with the regulatory review of such fee arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)taxes paid by the Company or any of its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)extraordinary expenses resulting from events or transactions outside the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses incurred in connection with holding and/or soliciting proxies for any meetings of the Company's shareholders.

In addition to the foregoing, the Adviser may elect to exclude other expenses from the Annual Expense Cap reasonably at its discretion in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Reimbursement of Expense Payments by the Company</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall reimburse the Adviser, or its affiliates, as applicable, for any Expense Payments subject to the terms of Section 2(b) below. Any Reimbursement Payments required to be made by the Company pursuant to this Section 2(a) shall be calculated in the same manner as the procedures for calculating the corresponding Expense Payment as set forth in Section 1(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company shall make Reimbursement Payments pursuant to Section 2(a) to the Adviser until such time as all Expense Payments made by the Adviser within three (3) years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, for the avoidance of doubt, the Company will bear all out-of-pocket costs and expenses of its operations and transactions and will reimburse the Adviser for any costs and expenses permitted under the Advisory Agreement by and between the Company and the Adviser and the administration agreement by and between the Company and Crestline Management, L.P. in its capacity as the Company's administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company's obligation to make a Reimbursement Payment will automatically become a liability of the Company on the date on which the Company elects to be regulated as a business development company under the 1940 Act. For the avoidance of doubt, this is not conditioned on any performance threshold and is not considered a contingent liability for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Termination and Survival</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement may be terminated at any time, without the payment of any penalty, by the Company or the Adviser, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement shall automatically terminate in the event of (i) the termination by the Company of the Advisory Agreement; or (ii) the board of directors of the Company (the "<u>Board</u>") making a determination to dissolve or liquidate the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything to the contrary herein, Section 2 of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is regulated as a business development company under the 1940 Act, this Agreement shall also be construed 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. Further, nothing in this Agreement shall be deemed to require the Company to take any action contrary to the Company's Amended and Restated Limited Liability Company Agreement, or to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

*[Remainder of page intentionally left blank]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

---

| | |
|:---|:---|
| **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** |
| By: | /s/ Chris Semple |
| Name: | Chris Semple |
| Title: | Chief Executive Officer |
| **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** |
| By: | /s/ John S. Cochran |
| Name: | John S. Cochran |
| Title: | Chief Operating Officer |

---

*[Crestline – Expense Support and Reimbursement Agreement (September 2025)]*

## Exhibit 10.4

**Exhibit 10.4**

**Execution Version**

**TRADEMARK LICENSE AGREEMENT**

This TRADEMARK LICENSE AGREEMENT (this "***Agreement***") is made and effective as of September 2, 2025 (the "***Effective Date***") by and between Crestline Management, L.P., a Delaware limited partnership (the "***Licensor***"), and Crestline Lending Solutions, LLC (the "***Licensee***") (each, a "***party***" and collectively, the "***parties***").

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

WHEREAS, the Licensor the sole and exclusive owner of all right, title, and interests in and to Licensor's trademarks and trade names, including CRESTLINE and formatives thereof and ![shield1a.jpg](shield1a.jpg)(the "***Licensed Marks***");

WHEREAS, the Licensor owns registrations and applications for the Licensed Marks, including for ![shield1a.jpg](shield1a.jpg) under Registration No. 4,794,548 in the United States of America (the "***Territory***");

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

WHEREAS, pursuant to the Investment Advisory Agreement, dated as of September 2, 2025, by and between Crestline Management, L.P. (the "***Adviser***") and the Licensee (the "***Advisory Agreement***"), the Licensee has engaged the Adviser to act as the investment adviser to the Licensee;

WHEREAS, the Licensee desires to use the Licensed Marks in connection with the operation of its business, and the Licensor is willing to permit the Licensee to use the Licensed Marks, 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;1.1 <u>License</u>. Subject to the terms and conditions of this Agreement, the Licensor hereby grants to the Licensee, and the Licensee hereby accepts from the Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Marks in the Territory solely and exclusively as an element of the Licensee's own company name and 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 Marks 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 the Licensor.

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

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ARTICLE 2

<u>OWNERSHIP</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Goodwill</u>. All goodwill and reputation generated by the Licensee's use of the Licensed Marks shall inure to the benefit of the Licensor. The Licensee shall not by any act or omission use the Licensed Marks in any manner that disparages or reflects adversely on the 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 or withheld in that party's sole discretion.

ARTICLE 3

<u>COMPLIANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Quality Control</u>. To preserve the inherent value of the Licensed Marks, 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 Marks in accordance with such quality standards as may be reasonably established by the Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by the Licensor and the Licensee from time to time in writing.

&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 Marks shall comply in all material respects with all laws, rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising and promotion of the business, and shall notify the 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;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 Marks, and (ii) any infringements, imitations or illegal use or misuse of the Licensed Marks in the Territory by any third party or (iii) any claim that Licensee's use of the Licensed Marks infringes the intellectual property rights of any third party in the Territory. Licensor shall have the exclusive right, but not the obligation, to prosecute, defend and/or settle in its sole discretion, all actions, proceedings and claims involving any infringement or claim. Licensee shall cooperate with Licensor in the prosecution, defense or settlement of such actions, proceedings or claims.

ARTICLE 4

<u>REPRESENTATIONS AND WARRANTIES</u>

&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;(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;(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

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and binding obligation of such party, enforceable against such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No Representation. The licenses granted herein shall be as-is and Licensor makes no representations or warranties of any kind with respect to the Licensed Marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<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 that 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;5.1 <u>Term</u>. Unless terminated pursuant to its terms, this Agreement shall remain in effect only for so long as the Adviser, or one of its affiliates, remains the Licensee's investment adviser, provided that Licensor may terminate this Agreement for any reason upon 60 day written notice to Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Termination for Cause.</u> If the Licensee fails to cure any breach of Article 3 within thirty (30) days following written notice thereof by the Licensor, the Licensor may terminate the license granted per Section 1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <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 Marks shall cease and the Licensee shall immediately discontinue use of the Licensed Marks.

ARTICLE 6

<u>MISCELLANEOUS</u>

&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 (including by change of control or operation of law); provided, however, that the Licensor may freely assign this Agreement to an affiliate without Licensee's consent. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Independent Contractor</u>. Except as expressly provided or authorized in advance in writing, neither party shall have, or shall 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;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, electronic

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transmission (provided that a confirmation email reply is received) or by registered or certified mail (postage prepaid, return receipt requested) to the other party at its principal office as set forth below:

<u>If to the Licensor:</u>

Crestline Management, L.P.

201 Main Street, Suite 2100

Fort Worth, TX 76102

Tel. No.: (817) 339-7600

Attn: Jesus Payan, Esq.

<u>If to the Licensee:</u>

Crestline Lending Solutions, LLC

201 Main Street, Suite 2100

Fort Worth, TX 76102

Tel. No.: (817) 339-7600

Attn: Jesus Payan, Esq.

&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 regard to the conflicts of law principles or rules thereof to the extent such principles would require or permit the application 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;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;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;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;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;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

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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;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, between the parties with respect to such subject matter.

&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.

[*Signature Page Follows*]

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

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| | |
|:---|:---|
| LICENSEE: | LICENSEE: |
| **CRESTLINE LENDING SOLUTIONS, LLC** | **CRESTLINE LENDING SOLUTIONS, LLC** |
| By: | /s/ Chris Semple |
| Name: | Chris Semple |
| Title: | Chief Executive Officer |
| LICENSOR: | LICENSOR: |
| **CRESTLINE MANAGEMENT, L.P.** | **CRESTLINE MANAGEMENT, L.P.** |
| By: | /s/ John S. Cochran |
| Name: | John S. Cochran |
| Title: | Chief Operating Officer |

---

*[Crestline – Trademark License Agreement (September 2025)]*

## Exhibit 10.5

**Exhibit 10.5**

**AMENDED AND RESTATED CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of September 18, 2025 (the "Effective Date") **between**:

**(1)** Each management investment company elected to be regulated as a business development company (each, a "BDC Client") under the 1940 Act, and each wholly-owned investment vehicle of the corresponding BDC (each, an "SPV Client") identified on Appendix A, whose jurisdiction of formation is identified opposite its name (each BDC Client and each SPV Client are referred to herein as the "Client", severally and not jointly, unless otherwise specified); and

**(2)STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth of Massachusetts, U.S.A. (the "Custodian").

**1&nbsp;&nbsp;&nbsp;&nbsp;Definitions and Interpretation**

Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

**2&nbsp;&nbsp;&nbsp;&nbsp;Appointment of the Custodian**

The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services"), subject to and in accordance with the terms of this Agreement.

**3&nbsp;&nbsp;&nbsp;&nbsp;Safekeeping Securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1Holding Securities.** The Custodian will hold Securities delivered or credited to its account under this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through accounts at CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1Accounts at the Custodian.** Open and maintain on the records of the Custodian one or more segregated securities accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account") and credit Securities to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2Accounts at the Subcustodians or CSDs.** Open and maintain securities accounts at the Subcustodians or CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts: (i) may be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or separate) accounts for Securities of the Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian or the CSD. To the extent Securities are held in omnibus accounts, the Custodian's records shall identify by book entry those Securities as belonging to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3Physical Securities.** Physically segregate bearer Securities from the proprietary assets of the Custodian in designated client folders/envelopes, and require that the

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Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's proprietary assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4Registration Names.** Register certificated Securities (other than bearer securities) in the name of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5Records of Transactions; Reconciliation.** Maintain records of the Client's transactions in the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice. Subcustodians will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients against the records of the CSDs in which they are a direct participant in accordance with the Subcustodians' standard procedures and Local Market Practice.

**3.3Securities Interchangeable.** Except with respect to physical Securities (as set out in Section 3.2.3 above), Securities of the Client (whether held in separate or commingled accounts) are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

**3.4Acceptance of Securities.** Except as otherwise agreed in writing with the Client, the Custodian will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law or regulation.

**4&nbsp;&nbsp;&nbsp;&nbsp;Cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1&nbsp;&nbsp;&nbsp;&nbsp;Cash Accounts.** The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a "Cash Account") in such currencies as may be required in connection with the investment activity of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2&nbsp;&nbsp;&nbsp;&nbsp;Location of Cash Deposits.** Cash received for the Client will be deposited with the Custodian, or with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3&nbsp;&nbsp;&nbsp;&nbsp;Cash Records.** The Custodian will reflect Cash balances held in all On Book and Off Book Client deposit accounts on its books and records and report the balances to the Client.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4&nbsp;&nbsp;&nbsp;&nbsp;Banking Relationship.** As noted in Sections 4.1 and 4.3 above, the Custodian will open one or more Cash Accounts in the name of the Client and will reflect Cash balances held in all On Book and Off Book Client deposit accounts on its books and records and report the balances to the Client. The Custodian shall credit to the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Client, other than cash maintained with a Subcustodian per Section 4.2 above. In accepting deposits under this Agreement, the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash) acts as banker and (i) does not hold the money deposited on trust or segregated from its proprietary assets and (ii) does not collateralize such deposits. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5&nbsp;&nbsp;&nbsp;&nbsp;Interest and Charges.** Cash Accounts may be interest bearing or non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1&nbsp;&nbsp;&nbsp;&nbsp;**the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid or charged to the Client from time to time with respect to a Cash Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2&nbsp;&nbsp;&nbsp;&nbsp;**the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that will trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6&nbsp;&nbsp;&nbsp;&nbsp;Overdrafts.** The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest on the principal overdraft.

**5&nbsp;&nbsp;&nbsp;&nbsp;Transaction Settlement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp;Settlement**. The Custodian will settle all transactions in accordance with Local Market Practice, which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2&nbsp;&nbsp;&nbsp;&nbsp;Contractual Settlement.** In order to facilitate transaction settlement, the Custodian may provisionally credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible clients as determined and notified by the

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Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3&nbsp;&nbsp;&nbsp;&nbsp;Use of Funds.** Where Contractual Settlement applies, the Custodian will credit or debit the appropriate Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4&nbsp;&nbsp;&nbsp;&nbsp;Reversal.** The Custodian may reverse any Contractual Settlement credit at any time before actual receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5&nbsp;&nbsp;&nbsp;&nbsp;Secured Liability.** To the extent that the Custodian has not received the cash payment associated with a credit, the amount credited remains a Secured Liability under this Agreement.

**6&nbsp;&nbsp;&nbsp;&nbsp;Corporate Actions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1&nbsp;&nbsp;&nbsp;&nbsp;Transmit Information.** The Custodian will promptly transmit or make available to the Client all material written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one additional source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;Exercise.** The Custodian will process the Client's elections with respect to any voluntary Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate Actions Deadline Date"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline as promptly as practicable but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3&nbsp;&nbsp;&nbsp;&nbsp;Class Actions.** The Custodian will transmit written information received by the Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian act as a lead plaintiff in a class action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4&nbsp;&nbsp;&nbsp;&nbsp;Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with in accordance with the Client Publications.

**7&nbsp;&nbsp;&nbsp;&nbsp;Proxy Servicing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1&nbsp;&nbsp;&nbsp;&nbsp;Transmit Information.** The Custodian will forward to the Client all proxies received by the Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies and will share the Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2&nbsp;&nbsp;&nbsp;&nbsp;Voting.** The Custodian provides proxy voting services for the markets designated in the Client Publications. The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set out in the Client Publications must have been met, including where applicable receiving an executed power of attorney, in each case by the deadline specified in the Custodian's proxy notification.

**8&nbsp;&nbsp;&nbsp;&nbsp;Income Collection**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1&nbsp;&nbsp;&nbsp;&nbsp;Monitoring and Crediting.** The Custodian will use reasonable efforts to monitor and collect on a timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2&nbsp;&nbsp;&nbsp;&nbsp;Repatriation of Income.** The Client is responsible for directing the repatriation of income into the base currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 of this Agreement.

**9&nbsp;&nbsp;&nbsp;&nbsp;Statements and Reports**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1&nbsp;&nbsp;&nbsp;&nbsp;Contents.** The Custodian will make available reports to the Client regarding the Portfolio on a periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2&nbsp;&nbsp;&nbsp;&nbsp;Cash and Securities Not Held.** The Custodian may agree to incorporate information in respect of cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information. The Custodian will not perform any other Services in relation to such cash or securities.

**10&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding and Tax Relief**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1&nbsp;&nbsp;&nbsp;&nbsp;Withholding.** The Custodian will withhold (or cause to be withheld) the amount of any tax which is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's domicile and entity type in respect of

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any dividend, interest income or other distribution in relation to any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2&nbsp;&nbsp;&nbsp;&nbsp;Tax Relief.** The Custodian will apply for a reduction of withholding tax and refund of any tax paid or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client Publications*.* The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3&nbsp;&nbsp;&nbsp;&nbsp;Documentation.** In order for the Custodian to perform the services in this Section 10, the Client will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and information provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The provision of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and determining available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4&nbsp;&nbsp;&nbsp;&nbsp;Client Responsible for Taxes.** The Client will be liable for all taxes, levies or similar obligations which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5&nbsp;&nbsp;&nbsp;&nbsp;No Tax Advice.** The Client acknowledges that the Custodian is not, and will not be deemed to be, providing tax advice or tax counsel.

**11&nbsp;&nbsp;&nbsp;&nbsp;Physical Safekeeping of Investment Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1&nbsp;&nbsp;&nbsp;&nbsp;Document Safekeeping.** The Custodian may agree to provide physical safekeeping for Investment Documents delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2&nbsp;&nbsp;&nbsp;&nbsp;No Other Services.** The Custodian will not otherwise perform any other Services in relation to such Investment Documents.

**12&nbsp;&nbsp;&nbsp;&nbsp;Alternative Asset Servicing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1&nbsp;&nbsp;&nbsp;&nbsp;Alternative Assets.** The Custodian may agree to reflect the Client's Alternative Assets on its books, records or statements. Unless otherwise agreed in writing, the Custodian will not

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perform any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client's interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time.

**13&nbsp;&nbsp;&nbsp;&nbsp;Foreign Exchange** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1&nbsp;&nbsp;&nbsp;&nbsp;Role of Custodian.** The role of the Custodian with respect to foreign exchange transactions is limited to facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other than the obligation as agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2&nbsp;&nbsp;&nbsp;&nbsp;Role of Counterparties.** If the Client enters into any foreign exchange transaction with State Street Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications.

**14&nbsp;&nbsp;&nbsp;&nbsp;Subcustodians**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1&nbsp;&nbsp;&nbsp;&nbsp;Use of Subcustodians.** The Custodian is authorized to utilize Subcustodians in connection with its performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications. The Custodian shall be responsible for the acts of any such Subcustodians in accordance with Section 17.3 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2&nbsp;&nbsp;&nbsp;&nbsp;Selection and Monitoring.** The Custodian will use reasonable skill, care and diligence in the selection, monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3&nbsp;&nbsp;&nbsp;&nbsp;Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint one or more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian") for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement shall comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.&nbsp;&nbsp;&nbsp;&nbsp;Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1&nbsp;&nbsp;&nbsp;&nbsp;Delegation**. The BDC Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the BDC Client's Foreign Custody Manager and, unless the Custodian advises the BDC Client that it does not accept such delegation with respect to a country, the Custodian accepts such delegation. The Custodian acting in this capacity shall be referred to as the "Foreign Custody Manager."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2&nbsp;&nbsp;&nbsp;&nbsp;Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.3&nbsp;&nbsp;&nbsp;&nbsp;Foreign Custody Arrangements.** The Foreign Custody Manager will perform the delegated responsibilities only with respect to Covered Foreign Countries and will provide the BDC Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the BDC Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may amend the list from time to time in its sole discretion upon notice to the BDC Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4&nbsp;&nbsp;&nbsp;&nbsp;Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the BDC Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate and will act in accordance with the BDC Client's Proper Instructions with respect to the disposition of the affected Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.5&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the BDC Client an updated Schedule A at the end of the calendar quarter in which the action has occurred, and (ii) after the occurrence of any other material change in the foreign custody arrangements of the BDC Client, make a written report available to the BDC Client containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.6&nbsp;&nbsp;&nbsp;&nbsp;Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to the BDC Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5. The BDC Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the BDC Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is incurred by placing and maintaining the BDC Client's Foreign Assets in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.**&nbsp;&nbsp;&nbsp;&nbsp;**Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written notice to the BDC Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the

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Custodian will have no further responsibility in its capacity as Foreign Custody Manager to the BDC Client generally or with respect to the designated Covered Foreign Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.8.&nbsp;&nbsp;&nbsp;&nbsp;Settlement Practices.** The Custodian will provide to the BDC Client the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will result in the BDC Client being provided with substantively less information than had been previously provided on Schedule C.

**15&nbsp;&nbsp;&nbsp;&nbsp;Central Securities Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1&nbsp;&nbsp;&nbsp;&nbsp;Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications**.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2&nbsp;&nbsp;&nbsp;&nbsp;Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3&nbsp;&nbsp;&nbsp;&nbsp;Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other financial assets of the BDC Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4&nbsp;&nbsp;&nbsp;&nbsp;Provisions Relating to Rule 17f-7.** The Custodian will (i) provide the BDC Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the BDC Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above.

**16&nbsp;&nbsp;&nbsp;&nbsp;Delegation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1&nbsp;&nbsp;&nbsp;&nbsp;Use of Delegates.** The Custodian will have the right, without prior notice to or the consent of the Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee schedule, the Custodian will be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2&nbsp;&nbsp;&nbsp;&nbsp;Provision of Information Regarding Delegates.** The Custodian will provide or make available to the Client on a quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part of the Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3&nbsp;&nbsp;&nbsp;&nbsp;Third Parties.** Nothing in this Section limits or restricts the Custodian's right to use Affiliates or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement other than the provision of the Services. Where

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the Custodian has engaged any Delegates in the performance of its Custodian obligations under this Agreement, the Custodian shall be liable for the acts of any such Delegates in accordance with Section 17.5 below.

**17&nbsp;&nbsp;&nbsp;&nbsp;Standard of Care and Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1&nbsp;&nbsp;&nbsp;&nbsp;Standard of Care.** The Custodian will at all times exercise the reasonable skill, care and diligence expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2&nbsp;&nbsp;&nbsp;&nbsp;Liability for Losses.** Subject to the limitations and exclusions of liability in this Agreement, the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful misconduct, or fraud of the Custodian in the performance of its obligations under this Agreement. The parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for Subcustodians.** The Custodian will be liable to the Client for the acts and omissions of its Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.1&nbsp;&nbsp;&nbsp;&nbsp;**compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2&nbsp;&nbsp;&nbsp;&nbsp;**the Custodian will have no liability for Losses resulting from the insolvency or other financial default of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for Special Subcustodians.** Notwithstanding the provisions of Section 17.3 to the contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful misconduct or fraud of the Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5&nbsp;&nbsp;&nbsp;&nbsp; Responsibility for Delegates.** The Custodian will be liable to the Client for the acts and omissions of its Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6&nbsp;&nbsp;&nbsp;&nbsp;Force Majeure.** Neither Party will be in breach of this Agreement or liable for Losses arising by reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business continuity obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7&nbsp;&nbsp;&nbsp;&nbsp;No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses to the extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1&nbsp;&nbsp;&nbsp;&nbsp;**the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required in a particular circumstance, any other instruction, information,

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notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2&nbsp;&nbsp;&nbsp;&nbsp;**a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.3&nbsp;&nbsp;&nbsp;&nbsp;**the failure of the Client or any person authorized by it to comply with the Client's obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.4&nbsp;&nbsp;&nbsp;&nbsp;**any other acts and omissions of the Client, any person authorized by it or any third party, including any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8&nbsp;&nbsp;&nbsp;&nbsp;Mutual Exclusion of Indirect and Other Loss.** Notwithstanding any other provision of this Agreement, neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either Party.

**18&nbsp;&nbsp;&nbsp;&nbsp;Error Correction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1&nbsp;&nbsp;&nbsp;&nbsp;Error Correction**. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

**19&nbsp;&nbsp;&nbsp;&nbsp;Limits on the Scope of the Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1&nbsp;&nbsp;&nbsp;&nbsp;No Fiduciary or Implied Duties.** The Custodian is responsible only for the duties it has expressly undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2&nbsp;&nbsp;&nbsp;&nbsp;Investment and Other Risk, Client Compliance Matters.** The Client bears the risk of investing in Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3&nbsp;&nbsp;&nbsp;&nbsp;Data Accuracy.** The Custodian has no responsibility for, or duty to review, verify or otherwise perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4&nbsp;&nbsp;&nbsp;&nbsp;Title.** The Custodian is not responsible for title or entitlement to, validity or genuineness, including good deliverable form, of any asset received by the Custodian.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5&nbsp;&nbsp;&nbsp;&nbsp;Proceedings.** The Custodian is not responsible for commencing legal or administrative proceedings on behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and presentment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6&nbsp;&nbsp;&nbsp;&nbsp;Laws Applicable to the Custodian or Subcustodian.** Laws applicable to the Custodian or a Subcustodian may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7&nbsp;&nbsp;&nbsp;&nbsp;Securities on Loan.** Asset servicing is not generally performed for securities on loan unless otherwise noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services agreement.

**20&nbsp;&nbsp;&nbsp;&nbsp;Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1&nbsp;&nbsp;&nbsp;&nbsp;Indemnity by Client.** Subject to this Section 20 and the exclusions and limitations of liability elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client's Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful misconduct or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2&nbsp;&nbsp;&nbsp;&nbsp;Indemnity by Custodian.** Subject to this Section 20 and the exclusions and limitations of liability elsewhere in this Agreement, including Sections 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, wilful misconduct or fraud of the Custodian (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3&nbsp;&nbsp;&nbsp;&nbsp;Duty to Mitigate.** Each Party will use reasonable efforts to mitigate any Losses in respect of which it claims indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4&nbsp;&nbsp;&nbsp;&nbsp;Notice of Claims.** A Party seeking indemnification under this Section ("Indemnified Party") against a third-party claim ("Indemnified Claim") will promptly provide written notice of such claim to the Party obligated to indemnify ("Indemnifying Party"). The failure to notify the

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Indemnifying Party will not relieve such Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5&nbsp;&nbsp;&nbsp;&nbsp;Right to Control Third Party Claims.** The Indemnifying Party will, at its own expense, be entitled but not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6&nbsp;&nbsp;&nbsp;&nbsp;Settlement of Claims.** Neither Party may settle an Indemnified Claim without the consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1&nbsp;&nbsp;&nbsp;&nbsp;**involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2&nbsp;&nbsp;&nbsp;&nbsp;**fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount paid in settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3&nbsp;&nbsp;&nbsp;&nbsp;**does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7&nbsp;&nbsp;&nbsp;&nbsp;Cooperation.** In all cases, each Party will, as applicable, provide reasonable cooperation and assistance to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer.

**21&nbsp;&nbsp;&nbsp;&nbsp;Obligations of the Client**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1&nbsp;&nbsp;&nbsp;&nbsp;Provide Information.** The Client will provide or cause to be provided to the Custodian all data, information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely manner, in order to enable the Custodian to discharge its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2&nbsp;&nbsp;&nbsp;&nbsp;AML Compliance.** The Client will comply with all applicable anti-money laundering, sanctions or other financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3&nbsp;&nbsp;&nbsp;&nbsp;Pass Through Representations.** To the extent that the Custodian is required to give (or is deemed to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market

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Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation, warranty or undertaking to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4&nbsp;&nbsp;&nbsp;&nbsp;Operational Requirements.** The Client will adhere to the deadlines and other operational requirements set out in the Client Publications, to facilitate meeting the requirements of CSDs, Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5&nbsp;&nbsp;&nbsp;&nbsp;Client Review and Notification.** In accordance with standard market practice, the Client will employ commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's inability to access any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6&nbsp;&nbsp;&nbsp;&nbsp;Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption, withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7&nbsp;&nbsp;&nbsp;&nbsp;Client Publications.** The Client will ensure that it provides the Custodian with and regularly updates, as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

**22&nbsp;&nbsp;&nbsp;&nbsp;Proper Instructions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1&nbsp;&nbsp;&nbsp;&nbsp;Dealings in Cash and Securities.** The Custodian will effect all transactions and dealings in Cash and Securities (including releasing and delivering Securities, if applicable) under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Authorized Persons.** The Client and each Investment Manager will provide the Custodian with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the Client and has had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3&nbsp;&nbsp;&nbsp;&nbsp;Authentication Procedures.** The Custodian will implement Authentication Procedures. The Client acknowledges that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4&nbsp;&nbsp;&nbsp;&nbsp;Security Measures by Client.** The Client is responsible for ensuring that appropriate security measures are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5&nbsp;&nbsp;&nbsp;&nbsp;No Duty to Verify.** Except to the extent the Custodian is required to comply with Authentication Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly authorized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6&nbsp;&nbsp;&nbsp;&nbsp;Decline/Delay in Processing.** The Custodian reserves the right to decline to process or delay the processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1&nbsp;&nbsp;&nbsp;&nbsp;**the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2&nbsp;&nbsp;&nbsp;&nbsp;**the instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.3&nbsp;&nbsp;&nbsp;&nbsp;**the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local Market Practice or the Custodian's standard operating procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.4&nbsp;&nbsp;&nbsp;&nbsp;**the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7&nbsp;&nbsp;&nbsp;&nbsp;Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions to cancel or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1&nbsp;&nbsp;&nbsp;&nbsp;**the Custodian has not already acted on the previously issued Proper Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.2&nbsp;&nbsp;&nbsp;&nbsp;**the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time to time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8&nbsp;&nbsp;&nbsp;&nbsp;Oral Instructions.** If applicable, the Custodian may act on an oral instruction (given in accordance with an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.9&nbsp;&nbsp;&nbsp;&nbsp;Conflicting Claims.** If there is a dispute or conflicting claim with respect to Securities or Cash held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.10&nbsp;&nbsp;&nbsp;&nbsp;Matters Not Requiring Proper Instructions.** The Client authorises the Custodian in the absence of Proper Instructions to attend to all matters which may be reasonably necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates of ownership and other certificates and documents relating to Securities.

**23&nbsp;&nbsp;&nbsp;&nbsp;Creditors Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1&nbsp;&nbsp;&nbsp;&nbsp;Security.** To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby grants to the Custodian a security interest in and a right of retention, sale and set off, as

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applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2&nbsp;&nbsp;&nbsp;&nbsp;Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the Custodian's other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its right of retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3&nbsp;&nbsp;&nbsp;&nbsp;Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the Custodian receives on the interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4&nbsp;&nbsp;&nbsp;&nbsp;Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

**24&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality and Use of Data**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1&nbsp;&nbsp;&nbsp;&nbsp;No Disclosure Without Consent.** Subject to Section 24.2 and Section 24.3, Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.2&nbsp;&nbsp;&nbsp;&nbsp;No Limitations of Obligations under Agreement or at Law.** Except as expressly contemplated by this Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2&nbsp;&nbsp;&nbsp;&nbsp;Use of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.1&nbsp;&nbsp;&nbsp;&nbsp;Use of Confidential Information and Data Generally.** Subject to this Section 24.2 and Section 24.3, all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services, as applicable,

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pursuant to this Agreement or otherwise discharging 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;**24.2.2&nbsp;&nbsp;&nbsp;&nbsp;Use of Data for Indicators.** The Custodian and its Affiliates may use Data to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution to or identification of such Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.3&nbsp;&nbsp;&nbsp;&nbsp;Economic Benefit from Indicators.** The Client acknowledges that the Custodian may seek and realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.1&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information ("Representatives"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its Affiliates and Service Providers (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2&nbsp;&nbsp;&nbsp;&nbsp;Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit use (as applicable) of Confidential Information of the Client without the Client's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.1&nbsp;&nbsp;&nbsp;&nbsp;**to its Affiliates and any of its third-party agents and service providers ("Service Providers") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments; *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;**24.3.2.2&nbsp;&nbsp;&nbsp;&nbsp;**to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates, including, but not limited

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to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing.

Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3&nbsp;&nbsp;&nbsp;&nbsp;Confidential Information and Cloud Computing and Storage.** Each Party may store Confidential Information with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.4&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Confidential Information to Comply with Law.** The Receiving Party may disclose the Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the requirements of any applicable regulatory authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5&nbsp;&nbsp;&nbsp;&nbsp;Harm of Unauthorized Disclosure of Confidential Information.** Each Party acknowledges that the disclosure to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.6&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for Representatives.** Each Party will be responsible for any use or disclosure of Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.7&nbsp;&nbsp;&nbsp;&nbsp;No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data.

**25&nbsp;&nbsp;&nbsp;&nbsp;Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1&nbsp;&nbsp;&nbsp;&nbsp;Term.** This Agreement will commence on the Effective Date and will continue until terminated in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2&nbsp;&nbsp;&nbsp;&nbsp;Termination Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1&nbsp;&nbsp;&nbsp;&nbsp;Prior Notice.** The Parties agree 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;25.2.1.1&nbsp;&nbsp;&nbsp;&nbsp;the Client may terminate this Agreement by giving not less than 60 days' prior written notice to the Custodian; 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;25.2.1.2&nbsp;&nbsp;&nbsp;&nbsp;the Custodian may terminate this Agreement by giving not less than 270 days' prior written notice to the Client.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2&nbsp;&nbsp;&nbsp;&nbsp;Immediate Effect.** A Party may terminate this Agreement with immediate effect at any time by written notice to the other Party, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.1&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.2&nbsp;&nbsp;&nbsp;&nbsp;such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such breach within 60 days of receipt of notice from the Custodian requesting it to do so; 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;25.2.2.3&nbsp;&nbsp;&nbsp;&nbsp;such other Party commits a material breach of an obligation under this Agreement and has failed to cure such breach within 60 days of receipt of notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to sub-sections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3&nbsp;&nbsp;&nbsp;&nbsp;Actions on Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.1&nbsp;&nbsp;&nbsp;&nbsp;Successor Custodian.** Upon termination of the Agreement, the Custodian will deliver the Portfolio to the successor custodian designated by the Client in Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.2&nbsp;&nbsp;&nbsp;&nbsp;Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or its Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer will be for the account of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.3&nbsp;&nbsp;&nbsp;&nbsp;Payment of Fees.** Upon termination of this Agreement, Fees will become due and payable for the period to the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

**26&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1&nbsp;&nbsp;&nbsp;&nbsp;Each Party.** Each Party represents and warrants to the other that: (i) it has the power to enter into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2&nbsp;&nbsp;&nbsp;&nbsp;Client.** The Client further represents and warrants to the Custodian that: (i) it is the beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3&nbsp;&nbsp;&nbsp;&nbsp;Custodian.** The Custodian further represents and warrants to the Client that: (i) as it pertains to the BDC Client, it is qualified to act as a custodian pursuant to all sections of the 1940 Act that are necessary to lawfully perform its obligations under this Agreement; (ii) it holds such authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; and (iii) it will seek to maintain such authorisations and licenses for the term of this Agreement.

**27&nbsp;&nbsp;&nbsp;&nbsp;Record Retention and Audit Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1&nbsp;&nbsp;&nbsp;&nbsp;Records.** The Custodian will retain the records it is required to maintain under this Agreement in accordance with the Law applicable to the Custodian, including in such manner as will meet the obligations of the BDC Client under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2&nbsp;&nbsp;&nbsp;&nbsp;Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3&nbsp;&nbsp;&nbsp;&nbsp;Frequency and Scope.** For inspections requested by the Client (such request will include reasonable advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable opportunity to communicate with the Custodian's personnel regarding such technology.

**28&nbsp;&nbsp;&nbsp;&nbsp;Business Continuity, Internal Controls and Information Security**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1&nbsp;&nbsp;&nbsp;&nbsp;Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2&nbsp;&nbsp;&nbsp;&nbsp;Internal Controls Review and Repor**t. The Custodian will retain a firm of independent auditors to perform an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a copy of the report to the Client upon request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.3&nbsp;&nbsp;&nbsp;&nbsp;Information Security Systems and Controls.** The Custodian will maintain commercially reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated threats or hazards to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access to or use of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4&nbsp;&nbsp;&nbsp;&nbsp;Virus Detection.** The Custodian will at all times employ a current version of one of the leading commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

**29&nbsp;&nbsp;&nbsp;&nbsp;General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1&nbsp;&nbsp;&nbsp;&nbsp;Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1&nbsp;&nbsp;&nbsp;&nbsp;**provide a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.2&nbsp;&nbsp;&nbsp;&nbsp;**engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian, its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1&nbsp;&nbsp;&nbsp;&nbsp;**may do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.2&nbsp;&nbsp;&nbsp;&nbsp;**will seek to profit and is entitled to receive and retain profits and compensation in connection with such activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3&nbsp;&nbsp;&nbsp;&nbsp;**may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4&nbsp;&nbsp;&nbsp;&nbsp;**may act or refrain from acting based upon information derived from such activities that is not available to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.5&nbsp;&nbsp;&nbsp;&nbsp;**are not under a duty to notify or disclose to the Client any information which comes to their notice as a result of such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.6&nbsp;&nbsp;&nbsp;&nbsp;**do not have an obligation to consider, act in, or provide information to the Client in respect of, the interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3&nbsp;&nbsp;&nbsp;&nbsp;Notice.** Unless otherwise specified, all notices, requests, demands and other communications under this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1&nbsp;&nbsp;&nbsp;&nbsp;**when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.2&nbsp;&nbsp;&nbsp;&nbsp;**on the next Business Day after being sent by e-mail (unless the sender receives an automated message that the e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.3&nbsp;&nbsp;&nbsp;&nbsp;**on the next Business Day after being sent by overnight courier service for next Business Day delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.4&nbsp;&nbsp;&nbsp;&nbsp;** on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4&nbsp;&nbsp;&nbsp;&nbsp;Waiver.** No failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.5&nbsp;&nbsp;&nbsp;&nbsp;Sole Remedy.** Subject to the right to seek relief under the specific circumstances expressly permitted in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the Agreement or provision of the Services, whether before, during or after the term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would be available to such party in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.6&nbsp;&nbsp;&nbsp;&nbsp;Assignment and Successors.** The terms of this Agreement are binding on the Parties' representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event that either Party becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a bridge bank or similar entity) and the other Party irrevocably consents to such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.7&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement.** This Agreement is the complete and exclusive agreement of the Parties regarding the Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.8&nbsp;&nbsp;&nbsp;&nbsp;Amendments.** This Agreement may be amended by written agreement between the Parties. However, the Custodian may amend this Agreement by giving written notice to

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the Client of such proposed amendment and the Client will be taken to have consented to the amendment if the Client does not affirmatively object in writing within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.9&nbsp;&nbsp;&nbsp;&nbsp;Counterparts and Electronic Signatures.** This Agreement may be executed in separate counterparts, each of which will be an original, but which together will constitute one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.10&nbsp;&nbsp;&nbsp;&nbsp;Severance.** In the event that any part of this Agreement will be determined to be void or unenforceable for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable part were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.11&nbsp;&nbsp;&nbsp;&nbsp;Survival.** The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.12&nbsp;&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction.** This Agreement is governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts, except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act with respect to the BDC Client. Any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.13&nbsp;&nbsp;&nbsp;&nbsp;The Parties; Additional Clients.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.13.1&nbsp;&nbsp;&nbsp;&nbsp;** All references in this Agreement to the "Client" are to each of the entities listed on Appendix A, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the matter relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.13.2&nbsp;&nbsp;&nbsp;&nbsp;**If any entity in addition to those listed on Appendix A would like the Custodian to render Services under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide the services, Appendix A will be taken to be amended to include such entity as a Client and that entity (together with the Custodian) will be bound by all Sections of this Agreement.

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| | |
|:---|:---|
| Signed by the Parties: | Signed by the Parties: |
| CRESTLINE LENDING SOLUTIONS, LLC | CRESTLINE LENDING SOLUTIONS, LLC |
| By: | <u>/s/ Camille Sassman</u> |
| Name: | <u>Camille Sassman</u> |
| Title: | <u>CFO/VP</u> |
| Date: | <u>9/17/2025</u> |
| CL LSF SPV I, LLC | CL LSF SPV I, LLC |
| By: | <u>/s/ Camille Sassman</u> |
| Name: | <u>Camille Sassman</u> |
| Title: | <u>CFO/VP</u> |
| Date: | <u>9/17/2025</u> |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | <u>/s/ Timothy Bias</u> |
| Name: | <u>Timothy Bias</u> |
| Title: | <u>Managing Director</u> |
| Date: | <u>September 19 2025</u> |

---

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**Schedule 1**

**Definitions**

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty percent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership

**"Alternative Assets"** means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement (FTTOP).

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble.

**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

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**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2.

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian, which has been engaged by the Custodian in connection with the Services under this Agreement. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

**"Effective Date"** has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment

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systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

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"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

(i)&nbsp;&nbsp;&nbsp;&nbsp;in writing given by an Authorized Person including a facsimile transmission;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;in an electronic communication as may be agreed upon between the Custodian and the Client in writing from time to time; or

(i)&nbsp;&nbsp;&nbsp;&nbsp;by such other means as may be agreed from time to time by the Custodian and the Client .

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities (including stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or assets) and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.1.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

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"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalised terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

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**Schedule 2**

**Notices**

**(Section 29)**

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| | |
|:---|:---|
| CUSTODIAN: | STATE STREET BANK AND TRUST COMPANY |
| Attention: | Senior Vice President – Custody Operations |
| CC: | Legal Department |
| Address: | One Congress Street, Suite 1, Boston MA 02114 |
| Telephone No: | 617-662-7245 |
| Email: | fwillshire@statestreet.com |
| CLIENT: | [NAME OF CLIENT ENTITY] |
| Attention: | Camille Sassman, CFO |
| Address: | Crestline Management, L.P. |
|  | 201 Main Street, Suite 2100 |
|  | Fort Worth, TX 76102 |
| Telephone No: | (817) 339-7600 |
| Email: | csassman@crestlineinc.com |

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Information Classification: Limited Access

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**Appendix A**

**List of Funds** 

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| | | |
|:---|:---|:---|
| **Fund Name** | **Jurisdiction of Formation** | **Fund Type** |
| Crestline Lending Solutions, LLC | Delaware | BDC |
| CL LSF SPV I, LLC | Delaware | SPV |

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Information Classification: Limited Access

## Exhibit 10.6

**Exhibit 10.6**

**Execution Version**

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>

THIS AGREEMENT is made as of the 31st day of July, 2025, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114 ("State Street" or the "Transfer Agent"), and CRESTLINE LENDING SOLUTIONS, LLC, a Delaware limited liability company having its principal office and place of business at 201 Main Street, Suite 2100, Forth Worth, TX 76102 (the "Company").

WHEREAS, the Company is a closed-end management investment company 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, the Company is authorized to offer units of its limited liability company interests (the "Shares") from time to time;

WHEREAS, the Company desires to appoint the Transfer Agent as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Transfer Agent desires to accept such appointment;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>TERMS OF APPOINTMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;*Appointment*. Subject to the terms and conditions set forth in this Agreement, the Company hereby employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Company's authorized and issued Shares, dividend disbursing agent, and agent in connection with any accumulation or similar plans provided to shareholders ("Shareholders") of the Company and set out in the Company's Registration Statement on Form 10 (the "Registration Statement") or other operative documents, and each amendment thereto, including without limitation any periodic investment plan or periodic withdrawal program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;*Transfer Agency Services*. In accordance with procedures established from time to time by agreement between the Company and the Transfer Agent (the "Procedures"), the Transfer Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;establish each Shareholder's account in the Company on the Transfer Agent's recordkeeping system and maintain such account for the benefit of such Shareholder;

&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)&nbsp;&nbsp;&nbsp;&nbsp;receive orders for the purchase of Shares from the Company, and promptly deliver payment and appropriate documentation thereof to the custodian of the Company as identified by the Company (the "Custodian");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;pursuant to such purchase orders, issue the appropriate number of Shares and book such Share issuance to the appropriate Shareholder account;

&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)&nbsp;&nbsp;&nbsp;&nbsp;receive repurchase requests and repurchase directions from the Company and deliver the appropriate documentation thereof to the Custodian;

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the transactions in items (i) through (iv) above, the Transfer Agent shall process transactions received directly from broker-dealers or other intermediaries authorized by the Company who shall thereby be deemed to be acting on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any repurchase, pay over or cause to be paid over in the appropriate manner such monies as instructed by the redeeming Shareholders;

&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)&nbsp;&nbsp;&nbsp;&nbsp;process Shareholder account maintenance instructions received directly from broker-dealers or other intermediaries authorized per procedures established by mutual agreement of the Transfer Agent and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;process transfer of Shares by the registered owners thereof upon receipt of proper instruction and approval by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;process and transmit payments for any dividends and distributions declared 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;record the issuance of Shares and maintain pursuant to Rule 17Ad-10(e) a record of the total number of Shares which are authorized, based upon data provided to it by the Company, and issued and outstanding; and provide the Company on a regular basis with the total number of Shares which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;*Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Customary Services</u>. Perform certain customary services of a transfer agent and dividend disbursing agent, including, but not limited to: maintaining Shareholder accounts, preparing Shareholder meeting lists, arranging for the distribution of Shareholder reports to current Shareholders, maintaining on behalf of the Company such bank accounts as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, withholding taxes on U.S. resident and non-

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resident alien accounts, preparing and filing U.S. Treasury Department Forms 1099 and other appropriate forms required with respect to dividends and distributions by federal authorities for all Shareholders, arranging for the preparation and mailing of confirmation forms and statements of account to Shareholders for all purchases and repurchases of Shares and other confirmable transactions in Shareholder accounts, arranging for the preparation and mailing of activity statements for Shareholders, and providing Shareholder account 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>State Transaction ("Blue Sky") Reporting</u>. The Company shall be solely responsible for its "blue sky" compliance and state registration requirements.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost Shareholder Searches</u>. The Transfer Agent shall conduct lost Shareholder searches as required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "1934 Act"). If a Shareholder remains lost after the completion of the mandatory Rule 17Ad-17 search, the Company hereby authorizes and directs the Transfer Agent to escheat the assets in such lost Shareholder's account to the U.S. state or territory in the shareholder's account registration.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Escheatment Laws</u>. Notwithstanding Section 1.3(iii), the Company shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Depository Trust & Clearing Corporation ("DTCC")/National Securities</u> <u>Clearing Corporation ("NSCC")</u>. If applicable, the Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts with DTCC/NSCC, and the purchase and repurchase of Shares in such accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTCC or NSCC (acting on behalf of its members); and (b) issue instructions to the Company's banks for the settlement of transactions between the Company and DTCC or NSCC (acting on behalf of its members and bank participants).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance of Certain Services by the Company or Affiliates or Agents</u>. New procedures as to who shall provide certain of these services described in this Section 1 may be established in writing from time to time by agreement between the Company and the Transfer Agent. If agreed to in writing by the Company and the Transfer Agent, the Transfer Agent may at times perform only a portion of these services, and the Company or its agent may perform these services on the Company's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;*Authorized Persons*. The Company hereby agrees and acknowledges that the Transfer Agent may rely on the current list of authorized persons, as provided or agreed to by the Company and as may be amended from time to time, in receiving

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instructions to issue or redeem the Shares. The Company agrees and covenants for itself and each such authorized person that any order, sale or transfer of, or transaction in the Shares received by it after the close of the market shall be effectuated as required pursuant to the Company's operative documents and policies, and the Company and such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;*Anti-Money Laundering and Client Screening*. With respect to the Company's offering and sale of Shares at any time, and for all subsequent transfers of such interests, the Company or its delegate shall, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Shares and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, the Company shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;*Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or hereafter imposed on the Company, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the responsibility of the Company to notify the Transfer Agent of the obligations imposed on the Company, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>FEES AND EXPENSES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;*Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement, the Company agrees to pay the Transfer Agent the fees and expenses set forth in a written fee schedule .

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3.&nbsp;&nbsp;&nbsp;&nbsp;<u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u>

The Transfer Agent represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;It is a trust company duly organized and existing under the laws of The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;It is duly registered as a transfer agent under Section 17A(c)(2) of the 1934 Act, it will remain so registered for the duration of this Agreement, and it will promptly notify the Company in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;It is duly qualified to carry on its business in The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;It is empowered under applicable laws and by its organizational documents to enter into and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;All requisite organizational proceedings have been taken to authorize it to enter into and perform this Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</u>

The Company represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;The Company is a limited liability company duly organized, existing and in good standing under the laws of its state of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;The Company is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;All requisite proceedings have been taken to authorize the Company to enter into, perform and receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;The Company intends to elect to be regulated as a business development company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;Where information provided by the Company or the Company's investors includes information about an identifiable individual ("Personal Information"), the Company represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Company acknowledges that the Transfer Agent may perform any of the services and may use and disclose Personal Information outside of the jurisdiction in which it was

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initially collected by the Company, including the United States and that information relating to the Company, including Personal Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be without liability to the Company for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>DATA ACCESS SERVICES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals furnished to the Company by the Transfer Agent as part of the Company's ability to access certain Company-related data maintained by the Transfer Agent or another third party on databases under the control and ownership of the Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall Proprietary Information be deemed to be Shareholder information or the confidential information of the Company. The Company agrees to treat all Proprietary Information as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder. Without limiting the foregoing, the Company agrees for itself and its officers, directors and agents, 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)&nbsp;&nbsp;&nbsp;&nbsp;use such programs and databases solely on the Company's, or such agents' computers, or solely from equipment at the location(s) agreed to between the Company and the Transfer Agent, and solely in accordance with the Transfer Agent's applicable user documentation;

&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)&nbsp;&nbsp;&nbsp;&nbsp;refrain from copying or duplicating in any way the Proprietary 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance with the Transfer Agent's instructions;

&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)&nbsp;&nbsp;&nbsp;&nbsp;refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers to the Company's, or such agents' computer to be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;allow the Company or such agents to have access only to those authorized transactions agreed upon by the Company and the Transfer Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;honor all reasonable written requests made by the Transfer Agent to protect, at the Transfer Agent's expense, the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;Proprietary Information shall not include all or any portion of any of the foregoing items that (i) are or become publicly available without breach of this Agreement; (ii) that are released for general disclosure by a written release by the Transfer Agent; or (iii) that are already in the possession of the receiving party at the time of receipt without obligation of confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;If the Company notifies the Transfer Agent that any of the Data Access Services do not operate in material compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access Services are solely responsible for the contents of such data, and the Company agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;If the transactions available to the Company include the ability to originate electronic instructions to the Transfer Agent in order to (i) effect the transfer or movement of cash or Shares, or (ii) transmit Shareholder information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section. The obligations of this Section shall survive any earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>STANDARD OF CARE / LIMITATION OF LIABILITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent shall at all times act in good faith in its performance of all services performed under this Agreement but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment processing errors, unless said errors are caused by its gross negligence or willful

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misconduct or that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;In any event, the Transfer Agent's cumulative liability for the term of the Agreement for any liability or loss, regardless of the form of action or legal theory, shall be limited to the fees (excluding expenses) received by the Transfer Agent under this Agreement during the preceding 12-month period. In no event shall the Transfer Agent be liable for special, incidental, indirect, punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents (the "Indemnitees"), shall not be responsible for, and the Company shall indemnify and hold the Indemnitees harmless, from and against, any and all losses, damages, costs, charges, reasonable counsel fees (including the defense of any lawsuit in which one of the Indemnitees is a named party), payments, expenses and liability arising out of or attributable 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)&nbsp;&nbsp;&nbsp;&nbsp;all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Company's breach of any representation, warranty or covenant of the Company 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Company's lack of good faith, gross negligence or willful misconduct;

&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)&nbsp;&nbsp;&nbsp;&nbsp;reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents or subcontractors, including those received in hard copy, or by machine readable input, facsimile, data entry, electronic instructions or other similar means authorized by the Company, and which have been prepared, maintained or performed by the Company or any other person or firm on behalf of the Company, including but not limited to any broker-dealer, third party administrator or previous transfer agent; (b) any instructions or requests of the Company or its officers, or the Company's agents or subcontractors or their officers or employees; (c) any instructions or opinions of legal counsel to the Company with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Company after consultation with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the offer or sale of Shares in violation of any requirement under the federal or state securities laws or regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal or state agency with respect to the offer or sale of such Shares;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the negotiation and processing of any checks, wires and ACH transmissions, including without limitation, for deposit into, or credit to, the Company's demand deposit accounts maintained by the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;all actions relating to the transmission of Company or Shareholder data through the NSCC clearing systems, if applicable; 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;any tax obligations under the tax laws of any country or of any state or political subdivision thereof, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;At any time the Transfer Agent may apply to any officer of the Company for instructions, and may consult with legal counsel (which may be Company counsel) with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified by the Company for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf of the Company, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized by the Company, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Company. The Transfer Agent, its agents and subcontractors shall also be protected and indemnified in recognizing stock certificates which are reasonably believed to bear the proper manual or facsimile signatures of the officers of the Company, and the proper countersignature of any former transfer agent or former registrar, or of a co-transfer agent or co-registrar.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADDITIONAL COVENANTS OF THE COMPANY AND THE TRANSFER AGENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *&nbsp;&nbsp;&nbsp;&nbsp;Records*. In furtherance of the Company's compliance with the requirements of Rule 31a-3 under the 1940 Act, the Transfer Agent agrees that any records relating to the services provided hereunder shall be made available upon request and preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any

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such records are earlier surrendered as provided above. The records will be provided electronically in the format selected by the Transfer Agent, unless otherwise agreed by the parties. In the event that the Transfer Agent is requested or authorized by the Company, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Company by state or federal regulatory agencies, to produce the records of the Company or the Transfer Agent's personnel as witnesses or deponents, the Company agrees to pay the Transfer Agent for the Transfer Agent's time and expenses, as well as the fees and expenses of the Transfer Agent's counsel, incurred in such production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>CONFIDENTIALITY AND USE OF DATA</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates ("***Affiliates***")) may collect and store information regarding the Company and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Company and the Transfer Agent or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and

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operational management and reporting, risk management, legal and regulatory compliance and client service management.

&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) Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Company or the Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Company and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Company to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Company, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators

&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)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent affirms that it has and will continue to have throughout the term of this Agreement, procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>EFFECTIVE PERIOD AND TERMINATION</u>

Either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Company, the Company shall pay Transfer Agent

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its compensation due and shall reimburse Transfer Agent for its reasonable costs, expenses and disbursements as provided for in this Agreement.

In the event of: (i) the Company's termination of this Agreement with respect to the Company for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Company (or its successor), the Company shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Company) and shall reimburse the Transfer Agent for its reasonable costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Company's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Company and distribution of the Company's assets as a result of the Board's determination in its reasonable business judgment that the Company is no longer viable, (b) a merger of the Company into, or the consolidation of the Company with, another entity, or (c) the sale by the Company of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Company (or its successor) on substantially the same terms as this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>ASSIGNMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 12 below, neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Company, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Company. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent and the Company. Neither party shall make any commitments with third parties that are binding on the other party without the other party's prior written consent.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>DELEGATION; SUBCONTRACTORS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent shall have the right, without the consent or approval of the Company, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein (each, a "Delegate" and collectively, the "Delegates"). The Transfer Agent shall be responsible for the services delivered

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by, and the acts and omissions of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself. Where required, such Delegate shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent will provide the Company with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Company may reasonably request from time to time. Nothing in this Section 12 shall limit or restrict the Transfer Agent's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

13.&nbsp;&nbsp;&nbsp;&nbsp; <u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 *&nbsp;&nbsp;&nbsp;&nbsp;Amendment*. This Agreement may be amended or modified by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 *&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Law to Apply*. This Agreement shall be construed, and the provisions hereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 *&nbsp;&nbsp;&nbsp;&nbsp;Force Majeure*. In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, acts of war or terrorism, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 *&nbsp;&nbsp;&nbsp;&nbsp;Data Protection*. State Street will implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Company's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing, "personal information" shall not include information that is lawfully obtained from publicly available information, or from

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federal, state or local government records lawfully made available to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 *&nbsp;&nbsp;&nbsp;&nbsp;Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 *&nbsp;&nbsp;&nbsp;&nbsp;Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 *&nbsp;&nbsp;&nbsp;&nbsp;Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 *&nbsp;&nbsp;&nbsp;&nbsp;Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 *&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 *&nbsp;&nbsp;&nbsp;&nbsp;Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 *&nbsp;&nbsp;&nbsp;&nbsp;Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, digital or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 *&nbsp;&nbsp;&nbsp;&nbsp;Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

1776 Heritage Way

Quincy MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division

One Congress Street

Boston, MA 02114-2016

&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)&nbsp;&nbsp;&nbsp;&nbsp;If to the Company, to:

Crestline Lending Solutions, LLC

c/o Crestline Management, L.P.

201 Main Street, Suite 2100

Fort Worth, Texas 76102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13&nbsp;&nbsp;&nbsp;&nbsp;*Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer Agent and the Company may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Company's governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

*[Remainder of Page Intentionally Left Blank]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

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| | | |
|:---|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/ Timothy Bias | /s/ Timothy Bias |
|  | Name: | Timothy Bias |
|  | Title: | Managing Director  |

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| | | |
|:---|:---|:---|
| CRESTLINE LENDING SOLUTIONS, LLC | CRESTLINE LENDING SOLUTIONS, LLC | CRESTLINE LENDING SOLUTIONS, LLC |
| By: | /s/ Camille Sassman | /s/ Camille Sassman |
|  | Name: | Camille Sassman |
|  | Title: | Chief Financial Officer |

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## Exhibit 10.7

**Exhibit 10.7**

LOAN FINANCING AND SERVICING AGREEMENT

dated as of September 19, 2025

CL LSF SPV I, LLC,

as Borrower

CRESTLINE LENDING SOLUTIONS, LLC,

as Equityholder and as Servicer

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

DEUTSCHE BANK AG, NEW YORK BRANCH,

as Facility Agent

THE OTHER AGENTS PARTIES HERETO,

and

STATE STREET BANK AND TRUST COMPANY,

as Collateral Agent and as Collateral Custodian

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| ARTICLE I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS | ARTICLE I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS |  |
| Section 1.1 | Defined Terms. | 1 |
| Section 1.2 | Other Definitional Provisions. | 61 |
| ARTICLE II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE FACILITY, ADVANCE PROCEDURES AND NOTES | ARTICLE II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE FACILITY, ADVANCE PROCEDURES AND NOTES |  |
| Section 2.1 | Advances. | 63 |
| Section 2.2 | Funding of Advances. | 64 |
| Section 2.3 | Notes. | 66 |
| Section 2.4 | Repayment and Prepayments. | 67 |
| Section 2.5 | Permanent Reduction of Committed Facility Amount. | 67 |
| Section 2.6 | Extension of Revolving Period. | 68 |
| Section 2.7 | Calculation of Discount Factor. | 68 |
| Section 2.8 | Increase of Committed Facility Amount. | 69 |
| Section 2.9 | Defaulting Lenders. | 69 |
| ARTICLE III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YIELD, UNDRAWN FEE, ETC. | ARTICLE III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YIELD, UNDRAWN FEE, ETC. |  |
| Section 3.1 | Yield and Undrawn Fee. | 71 |
| Section 3.2 | Yield and Undrawn Fee Distribution Dates. | 71 |
| Section 3.3 | Yield Calculation. | 71 |
| Section 3.4 | Computation of Yield, Fees, Etc. | 72 |
| ARTICLE IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENTS; TAXES | ARTICLE IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENTS; TAXES |  |
| Section 4.1 | Making of Payments. | 72 |

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| | | |
|:---|:---|:---|
| Section 4.2 | Due Date Extension. | 72 |
| Section 4.3 | Taxes. | 72 |
| ARTICLE V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCREASED COSTS, ETC. | ARTICLE V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCREASED COSTS, ETC. |  |
| Section 5.1 | Increased Costs, Capital Adequacy. | 76 |
| ARTICLE VI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVENESS; CONDITIONS TO ADVANCES | ARTICLE VI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVENESS; CONDITIONS TO ADVANCES |  |
| Section 6.1 | Effectiveness. | 78 |
| Section 6.2 | Advances and Reinvestments. | 80 |
| Section 6.3 | Transfer of Collateral Obligations and Permitted Investments. | 83 |
| ARTICLE VII&nbsp;&nbsp;&nbsp;&nbsp; ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS | ARTICLE VII&nbsp;&nbsp;&nbsp;&nbsp; ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS |  |
| Section 7.1 | Retention and Termination of the Servicer. | 84 |
| Section 7.2 | Resignation and Removal of the Servicer; Appointment of Successor Servicer. | 84 |
| Section 7.3 | Duties of the Servicer. | 85 |
| Section 7.4 | Representations and Warranties of the Servicer. | 87 |
| Section 7.5 | Covenants of the Servicer. | 89 |
| Section 7.6 | Servicing Fees; Payment of Certain Expenses by Servicer. | 93 |
| Section 7.7 | Collateral Reporting. | 93 |
| Section 7.8 | Notices. | 94 |
| Section 7.9 | Procedural Review of Collateral Obligations; Access to Servicer and Servicer's Records. | 94 |
| Section 7.10 | Optional Sales. | 95 |
| Section 7.11 | Repurchase or Substitution of Warranty Collateral Obligations. | 97 |
| Section 7.12 | Servicing of REO Assets. | 97 |

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| | | |
|:---|:---|:---|
| ARTICLE VIII&nbsp;&nbsp;&nbsp;&nbsp; ACCOUNTS; PAYMENTS | ARTICLE VIII&nbsp;&nbsp;&nbsp;&nbsp; ACCOUNTS; PAYMENTS |  |
| Section 8.1 | Accounts. | 99 |
| Section 8.2 | Excluded Amounts. | 101 |
| Section 8.3 | Distributions, Reinvestment and Dividends. | 101 |
| Section 8.4 | Fees. | 106 |
| Section 8.5 | Monthly Report. | 106 |
| ARTICLE IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF THE BORROWER | ARTICLE IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF THE BORROWER | ARTICLE IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF THE BORROWER |
| Section 9.1 | Organization and Good Standing. | 107 |
| Section 9.2 | Due Qualification. | 107 |
| Section 9.3 | Power and Authority. | 107 |
| Section 9.4 | Binding Obligations. | 108 |
| Section 9.5 | Security Interest. | 108 |
| Section 9.6 | No Violation. | 109 |
| Section 9.7 | No Proceedings. | 109 |
| Section 9.8 | No Consents. | 109 |
| Section 9.9 | Solvency. | 110 |
| Section 9.10 | Compliance with Laws. | 110 |
| Section 9.11 | Taxes. | 110 |
| Section 9.12 | Monthly Report. | 110 |
| Section 9.13 | No Liens, Etc. | 110 |
| Section 9.14 | Information True and Correct. | 111 |
| Section 9.15 | Bulk Sales. | 111 |
| Section 9.16 | Collateral. | 111 |

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| | | |
|:---|:---|:---|
| Section 9.17 | Selection Procedures. | 111 |
| Section 9.18 | Indebtedness. | 111 |
| Section 9.19 | No Injunctions. | 111 |
| Section 9.20 | No Subsidiaries. | 111 |
| Section 9.21 | ERISA Matters. | 111 |
| Section 9.22 | Investment Company Status. | 112 |
| Section 9.23 | Set-Off, Etc. | 112 |
| Section 9.24 | Collections. | 112 |
| Section 9.25 | Value Given. | 112 |
| Section 9.26 | Use of Proceeds. | 112 |
| Section 9.27 | Separate Existence. | 112 |
| Section 9.28 | Transaction Documents. | 112 |
| Section 9.29 | EEA/UK Financial Institution. | 113 |
| Section 9.30 | Anti-Terrorism, Anti-Money Laundering. | 113 |
| Section 9.31 | Anti-Bribery and Corruption. | 114 |
| Section 9.32 | Volcker Rule. | 114 |
| Section 9.33 | AIFMD. | 114 |
| ARTICLE X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVENANTS | ARTICLE X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVENANTS |  |
| Section 10.1 | Protection of Security Interest of the Secured Parties. | 115 |
| Section 10.2 | Other Liens or Interests. | 116 |
| Section 10.3 | Costs and Expenses. | 116 |
| Section 10.4 | Reporting Requirements. | 116 |
| Section 10.5 | Separate Existence. | 117 |

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-iv-

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| | | |
|:---|:---|:---|
| Section 10.6 | Hedging Agreements. | 120 |
| Section 10.7 | Tangible Net Worth. | 122 |
| Section 10.8 | Taxes. | 122 |
| Section 10.9 | Merger, Consolidation, Etc.. | 122 |
| Section 10.10 | Deposit of Collections. | 122 |
| Section 10.11 | Indebtedness; Guarantees. | 123 |
| Section 10.12 | Limitation on Purchases from Affiliates. | 123 |
| Section 10.13 | Transaction Documents. | 123 |
| Section 10.14 | Preservation of Existence. | 123 |
| Section 10.15 | Limitation on Investments. | 123 |
| Section 10.16 | Distributions. | 123 |
| Section 10.17 | Performance of Borrower Assigned Agreements. | 124 |
| Section 10.18 | Further Assurances; Financing Statements. | 125 |
| Section 10.19 | Obligor Payment Instructions. | 125 |
| Section 10.20 | Delivery of Collateral Obligation Files. | 126 |
| Section 10.21 | ERISA. | 126 |
| Section 10.22 | Risk Retention. | 127 |
| Section 10.23 | Proceedings. | 130 |
| Section 10.24 | Officer's Certificate. | 130 |
| Section 10.25 | Policies and Procedures for Sanctions. | 130 |
| Section 10.26 | Compliance with Sanctions. | 131 |
| Section 10.27 | Compliance with Anti-Money Laundering. | 131 |
| Section 10.28 | Ineligible Collateral. | 131 |

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| | | |
|:---|:---|:---|
| Section 10.29 | Collateral Obligation Schedule. | 131 |
| ARTICLE XI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE COLLATERAL AGENT | ARTICLE XI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE COLLATERAL AGENT |  |
| Section 11.1 | Appointment of Collateral Agent. | 131 |
| Section 11.2 | Monthly Reports. | 132 |
| Section 11.3 | Collateral Administration. | 132 |
| Section 11.4 | Removal or Resignation of Collateral Agent. | 135 |
| Section 11.5 | Representations and Warranties. | 136 |
| Section 11.6 | No Adverse Interest of Collateral Agent. | 136 |
| Section 11.7 | Reliance of Collateral Agent. | 136 |
| Section 11.8 | Limitation of Liability and Collateral Agent Rights. | 137 |
| Section 11.9 | Tax Reports. | 139 |
| Section 11.10 | Merger or Consolidation. | 139 |
| Section 11.11 | Collateral Agent Compensation. | 140 |
| Section 11.12 | Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations. | 140 |
| ARTICLE XII&nbsp;&nbsp;&nbsp;&nbsp; GRANT OF SECURITY INTEREST | ARTICLE XII&nbsp;&nbsp;&nbsp;&nbsp; GRANT OF SECURITY INTEREST |  |
| Section 12.1 | Borrower's Grant of Security Interest. | 140 |
| Section 12.2 | Borrower Remains Liable. | 142 |
| Section 12.3 | Release of Collateral. | 142 |
| ARTICLE XIII&nbsp;&nbsp;&nbsp;&nbsp; EVENTS OF DEFAULT | ARTICLE XIII&nbsp;&nbsp;&nbsp;&nbsp; EVENTS OF DEFAULT |  |
| Section 13.1 | Events of Default. | 143 |
| Section 13.2 | Effect of Event of Default. | 145 |
| Section 13.3 | Rights upon Event of Default. | 146 |

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| | | |
|:---|:---|:---|
| Section 13.4 | Collateral Agent May Enforce Claims Without Possession of Notes. | 146 |
| Section 13.5 | Collective Proceedings. | 147 |
| Section 13.6 | Insolvency Proceedings. | 147 |
| Section 13.7 | Delay or Omission Not Waiver. | 148 |
| Section 13.8 | Waiver of Stay or Extension Laws. | 148 |
| Section 13.9 | Limitation on Duty of Collateral Agent in Respect of Collateral. | 148 |
| Section 13.10 | Power of Attorney. | 149 |
| ARTICLE XIV&nbsp;&nbsp;&nbsp;&nbsp; THE FACILITY AGENT | ARTICLE XIV&nbsp;&nbsp;&nbsp;&nbsp; THE FACILITY AGENT |  |
| Section 14.1 | Appointment. | 150 |
| Section 14.2 | Delegation of Duties. | 150 |
| Section 14.3 | Exculpatory Provisions. | 150 |
| Section 14.4 | Reliance by Note Agents. | 151 |
| Section 14.5 | Notices. | 151 |
| Section 14.6 | Non Reliance on Note Agents. | 152 |
| Section 14.7 | Indemnification. | 152 |
| Section 14.8 | Successor Note Agent. | 153 |
| Section 14.9 | Note Agents in their Individual Capacity. | 153 |
| Section 14.10 | Borrower Audit. | 153 |
| Section 14.11 | Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations. | 154 |
| Section 14.12 | Erroneous Payment. | 154 |
| ARTICLE XV&nbsp;&nbsp;&nbsp;&nbsp; ASSIGNMENTS | ARTICLE XV&nbsp;&nbsp;&nbsp;&nbsp; ASSIGNMENTS |  |
| Section 15.1 | Restrictions on Assignments by the Borrower and the Servicer. | 156 |

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| | | |
|:---|:---|:---|
| Section 15.2 | Documentation. | 157 |
| Section 15.3 | Rights of Assignee. | 157 |
| Section 15.4 | Assignment by Lenders. | 157 |
| Section 15.5 | Registration; Registration of Transfer and Exchange. | 158 |
| Section 15.6 | Mutilated, Destroyed, Lost and Stolen Notes. | 159 |
| Section 15.7 | Persons Deemed Owners. | 160 |
| Section 15.8 | Cancellation. | 160 |
| Section 15.9 | Participations; Pledge. | 160 |
| Section 15.10 | Reallocation of Advances. | 161 |
| ARTICLE XVI&nbsp;&nbsp;&nbsp;&nbsp; INDEMNIFICATION | ARTICLE XVI&nbsp;&nbsp;&nbsp;&nbsp; INDEMNIFICATION |  |
| Section 16.1 | Borrower Indemnity. | 161 |
| Section 16.2 | Servicer Indemnity. | 162 |
| Section 16.3 | Contribution. | 162 |
| Section 16.4 | After-Tax Basis. | 163 |
| ARTICLE XVII&nbsp;&nbsp;&nbsp;&nbsp; MISCELLANEOUS | ARTICLE XVII&nbsp;&nbsp;&nbsp;&nbsp; MISCELLANEOUS |  |
| Section 17.1 | No Waiver; Remedies. | 163 |
| Section 17.2 | Amendments, Waivers. | 163 |
| Section 17.3 | Notices, Etc. | 165 |
| Section 17.4 | Costs and Expenses. | 166 |
| Section 17.5 | Binding Effect; Survival. | 166 |
| Section 17.6 | Captions and Cross References. | 166 |
| Section 17.7 | Severability. | 167 |

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| | | |
|:---|:---|:---|
| Section 17.8 | GOVERNING LAW. | 167 |
| Section 17.9 | Counterparts; Electronic Execution. | 167 |
| Section 17.10 | WAIVER OF JURY TRIAL. | 167 |
| Section 17.11 | No Proceedings. | 167 |
| Section 17.12 | Limited Recourse. | 168 |
| Section 17.13 | ENTIRE AGREEMENT. | 169 |
| Section 17.14 | Confidentiality. | 169 |
| Section 17.15 | Non-Confidentiality of Tax Treatment. | 170 |
| Section 17.16 | Replacement of Lenders. | 170 |
| Section 17.17 | Consent to Jurisdiction. | 171 |
| Section 17.18 | Option to Acquire Rating. | 171 |
| Section 17.19 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions. | 171 |
| Section 17.20 | Acknowledgement Regarding Any Supported QFCs. | 172 |
| ARTICLE XVIII COLLATERAL CUSTODIAN | ARTICLE XVIII COLLATERAL CUSTODIAN |  |
| Section 18.1 | Designation of Collateral Custodian. | 173 |
| Section 18.2 | Duties of the Collateral Custodian. | 173 |
| Section 18.3 | Delivery of Collateral Obligation Files. | 175 |
| Section 18.4 | Collateral Obligation File Certification. | 176 |
| Section 18.5 | Release of Collateral Obligation Files. | 176 |
| Section 18.6 | Examination of Collateral Obligation Files. | 178 |
| Section 18.7 | Lost Note Affidavit. | 178 |
| Section 18.8 | Transmission of Collateral Obligation Files. | 179 |
| Section 18.9 | Merger or Consolidation. | 179 |

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| | | |
|:---|:---|:---|
| Section 18.10 | Collateral Custodian Compensation. | 179 |
| Section 18.11 | Removal or Resignation of Collateral Custodian. | 179 |
| Section 18.12 | Limitations on Liability. | 180 |
| Section 18.13 | Collateral Custodian as Agent of Collateral Agent. | 181 |

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EXHIBIT A&nbsp;&nbsp;&nbsp;&nbsp;Form of Note

EXHIBIT B&nbsp;&nbsp;&nbsp;&nbsp;Audit Standards

EXHIBIT C-1&nbsp;&nbsp;&nbsp;&nbsp;Form of Advance Request

EXHIBIT C-2&nbsp;&nbsp;&nbsp;&nbsp;Form of Reinvestment Request

EXHIBIT C-3&nbsp;&nbsp;&nbsp;&nbsp;Form of Electronic Asset Approval Request

EXHIBIT C-4&nbsp;&nbsp;&nbsp;&nbsp;Form of FX Reallocation Notice

EXHIBIT C-5&nbsp;&nbsp;&nbsp;&nbsp;Form of Prepayment Notice

EXHIBIT C-6&nbsp;&nbsp;&nbsp;&nbsp;Form of Electronic Asset Approval Notice

EXHIBIT D&nbsp;&nbsp;&nbsp;&nbsp;Form of Monthly Report

EXHIBIT E&nbsp;&nbsp;&nbsp;&nbsp;Form of Joinder Agreement

EXHIBIT F-1&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representatives of Servicer

EXHIBIT F-2&nbsp;&nbsp;&nbsp;&nbsp;Request for Release and Receipt

EXHIBIT F-3&nbsp;&nbsp;&nbsp;&nbsp;Request for Release of Request for Release and Receipt

EXHIBIT G-1&nbsp;&nbsp;&nbsp;&nbsp;U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)

EXHIBIT G-2&nbsp;&nbsp;&nbsp;&nbsp;U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)

EXHIBIT G-3&nbsp;&nbsp;&nbsp;&nbsp;U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)

EXHIBIT G-4&nbsp;&nbsp;&nbsp;&nbsp;U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)

EXHIBIT H&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Collateral Obligations Certification

SCHEDULE 1&nbsp;&nbsp;&nbsp;&nbsp;Diversity Score Calculation

SCHEDULE 2&nbsp;&nbsp;&nbsp;&nbsp;Moody's Industry Classification Group List

SCHEDULE 3&nbsp;&nbsp;&nbsp;&nbsp;Collateral Obligation Schedule

SCHEDULE 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>

SCHEDULE 5&nbsp;&nbsp;&nbsp;&nbsp;Approved Valuation Firms

ANNEX A&nbsp;&nbsp;&nbsp;&nbsp;Notice Information

ANNEX B&nbsp;&nbsp;&nbsp;&nbsp;Commitments

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LOAN FINANCING AND SERVICING AGREEMENT

THIS LOAN FINANCING AND SERVICING AGREEMENT is made and entered into as of September 19, 2025, among CL LSF SPV I, LLC, a Delaware limited liability company (the "<u>Borrower</u>"), CRESTLINE LENDING SOLUTIONS, LLC, a Delaware limited liability company, as equityholder (in such capacity, the "<u>Equityholder</u>") and as servicer (in such capacity, together with its successors and permitted assigns in such capacity, the "<u>Servicer</u>"), each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the AGENTS for each LENDER GROUP (as hereinafter defined) from time to time parties hereto (each such party, in such capacity, together with their respective successors and permitted assigns in such capacity, an "<u>Agent</u>"), STATE STREET BANK AND TRUST COMPANY, as Collateral Agent and Collateral Custodian (each as hereinafter defined), and DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent (in such capacity, together with its successors and permitted assigns in such capacity, the "<u>Facility Agent</u>").

RECITALS

WHEREAS, the Borrower desires that each Lender extend financing on the terms and conditions set forth herein and also desires to retain the Servicer to perform certain servicing functions related to the Collateral Obligations (as defined herein) on the terms and conditions set forth herein; and

WHEREAS, each Lender desires to extend financing on the terms and conditions set forth herein and the Servicer desires to perform certain servicing functions related to the Collateral Obligations on the terms and conditions set forth herein.

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

ARTICLE I

DEFINITIONS

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. As used in this Agreement, the following terms have the following meanings:

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

"<u>Account</u>" means the Unfunded Exposure Account, the Principal Collection Account and the Interest Collection Account, each of which shall be comprised of a securities account and a related deposit account, together with any sub-accounts deemed appropriate or necessary by the Securities Intermediary, for convenience in administering such accounts.

"<u>Account Collateral</u>" has the meaning set forth in <u>Section 12.1(d)</u>.

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"<u>Account Control Agreement</u>" means the Account Control Agreement, dated as of the Effective Date, by and among the Borrower, as pledgor, the Collateral Agent on behalf of the Secured Parties, as secured party, and the Collateral Custodian, as Securities Intermediary, as may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Accrual Period</u>" means, with respect to any Distribution Date, the period from and including the Determination Date for the immediately prior Distribution Date (or, in the case of the first Distribution Date, from and including the Effective Date) through and including the day preceding the Determination Date for such Distribution Date.

"<u>Adjusted Aggregate Eligible Collateral Obligation Balance</u>" means, as of any date, the Aggregate Eligible Collateral Obligation Amount *minus* the Excess Concentration Amount on such date.

"<u>Advance</u>" has the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Advance Date</u>" has the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Advance Rate</u>" means, with respect to any Eligible Collateral Obligation on any date of determination, as determined by the Facility Agent in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is a First Lien Loan (other than a First Lien Real Estate Loan or a Multiple of Recurring Revenue Loan) (i) for which the relevant Obligor has an EBITDA for the prior twelve calendar months of (x) greater than or equal to $50,000,000, 70% or (y) not less than $10,000,000 but less than $50,000,000, 67.5% or (ii) that is a Small Obligor Collateral Obligation, 60%;

&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) that is a First Lien Real Estate Loan, 60%;

&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) that is a First Lien Loan that is a Multiple of Recurring Revenue Loan, 60%;

&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) that is a FILO Loan, and the Attaching Leverage Multiple (i) exceeds 1.0x and is less than or equal to 1.5x, 55%, (ii) exceeds 1.5x and is less than or equal to 2.0x, 50% and (iii) exceeds 2.0x and is less than or equal to 2.5x, 45%; <u>provided</u> that, the portion of any FILO Loan with a Leverage Multiple that attaches in excess of 2.5x shall be deemed to be a Second Lien Loan for purposes of this definition; 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;(e) that is a Second Lien Loan, 35%; <u>provided</u> that, any DB Tranched Last Out Loan shall receive the Advance Rate applicable to a Second Lien Loan unless otherwise specified by the Facility Agent in its sole discretion in the related Asset Approval Notice;

<u>provided</u> that, the Advance Rate otherwise applicable thereto pursuant to this definition shall be reduced by fifteen (15) percentage points for any Deferrable Collateral Obligation that is currently paying interest in cash in an amount less than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 4.50% *per annum* or (ii) otherwise, 2.50% *per annum* over the Applicable Interest Rate.

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"<u>Advance Request</u>" has the meaning set forth in <u>Section 2.2(a)</u>.

"<u>Advances Outstanding</u>" means, on any date, the sum of (a) the aggregate principal amount of all Dollar Advances outstanding on such date *plus* (b) the equivalent in Dollars of the aggregate principal amount of all AUD Advances outstanding on such date, as determined by the Facility Agent using the Applicable Conversion Rate *plus* (c) the equivalent in Dollars of the aggregate principal amount of all Euro Advances outstanding on such date, as determined by the Facility Agent using the Applicable Conversion Rate *plus* (d) the equivalent in Dollars of the aggregate principal amount of all GBP Advances outstanding on such date, as determined by the Facility Agent using the Applicable Conversion Rate *plus* (e) the equivalent in Dollars of the aggregate principal amount of all CAD Advances outstanding on such date, as determined by the Facility Agent using the Applicable Conversion Rate, in each case, after giving effect to all repayments of Advances and the making of new Advances on such date.

"<u>Adverse Claim</u>" means any claim of ownership or any Lien, title retention, trust or other charge or encumbrance, or other type of preferential arrangement having the effect or purpose of creating a Lien, other than Permitted Liens.

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

"<u>Affected Person</u>" has the meaning set forth in <u>Section 5.1</u>.

"<u>Affiliate</u>" of any Person means any other Person that directly or indirectly Controls, is Controlled by or is under common Control with such Person (excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan). For the purposes of this definition, "<u>Control</u>" means the possession, directly or indirectly (including through affiliated entities), of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, provision of management services, by contract or otherwise, and the terms "Controlling" and "Controlled" shall have meanings correlative thereto.

"<u>Agent</u>" has the meaning set forth in the <u>Preamble</u>. For the avoidance of doubt, the Agent for each Lender Group shall be the related Committed Lender unless otherwise specified in writing by the applicable Lender Group to the Facility Agent.

"<u>Aggregate Eligible Collateral Obligation Amount</u>" means, as of any date, the sum of the Collateral Obligation Amounts for all Eligible Collateral Obligations.

"<u>Aggregate Funded Spread</u>" means, as of any date of determination, the equivalent in Dollars, as determined by the Servicer using the Applicable Conversion Rate, of the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of each Eligible Collateral Obligation that bears interest at a spread over an Applicable Interest Rate, (i) the excess for each such Eligible Collateral Obligation of the sum of such spread and such rate (determined after giving effect to the applicable floor) over the Applicable Interest Rate in effect for the Accrual Period that includes such date of determination

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(which spread or excess may be expressed as a negative percentage) *multiplied by* (ii) the Collateral Obligation Amount of each such Eligible Collateral Obligation, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Eligible Collateral Obligation that is a Fixed Rate Collateral Obligation, (i) the interest rate for each such Eligible Collateral Obligation *minus* the Applicable Interest Rate in effect for the Accrual Period that includes such date of determination *multiplied by* (ii) the Collateral Obligation Amount of each such Eligible Collateral Obligation, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for each Eligible Collateral Obligation that is a single-purpose real estate based loan providing for the payment of a usage fee or consent fee that accrues on the outstanding principal amount thereof, if and to the extent such fee constitutes Interest Collections and is paid no less than quarterly, (i) the rate *per annum* at which such fee accrues on such date of determination *minus* the Applicable Interest Rate in effect for the Accrual Period that includes such date of determination *multiplied by* (ii) the Collateral Obligation Amount of each such Eligible Collateral Obligation.

For purposes of calculating the Aggregate Funded Spread with respect to any Deferrable Collateral Obligation, only the required current cash pay interest thereon shall be included and only to the extent that such payment of interest is actually paid in cash.

"<u>Aggregate Notional Amount</u>" means, as of any date of determination, an amount equal to the sum of the notional amounts or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date.

"<u>Aggregate Unfunded Amount</u>" means, as of any date of determination, the equivalent in Dollars, as determined by the Servicer using the Applicable Conversion Rate, of the sum of the unfunded commitments and all other standby or contingent commitments associated with each Collateral Obligation that is a Variable Funding Asset included in the Collateral as of such date. The Aggregate Unfunded Amount shall not include any commitments under Variable Funding Assets that have expired, terminated or been reduced to zero, and shall be reduced concurrently (and upon notice thereof to the Facility Agent) with each reduction in commitments of the Borrower under such Variable Funding Assets.

"<u>Aggregate Unfunded Equity Amount</u>" means, as of any date of determination, (a) the sum of the Unfunded Exposure Equity Amounts of each Eligible Collateral Obligation that is a Variable Funding Asset included in the Collateral as of such date *plus* (b) the sum of the Aggregate Unfunded Amounts of each Variable Funding Asset that is not an Eligible Collateral Obligation included in the Collateral as of such date.

"<u>Agreement</u>" means this Loan Financing and Servicing Agreement (including each annex, exhibit and schedule hereto), as it may be amended, restated, supplemented or otherwise modified from time to time.

"<u>AIF</u>" has the meaning given to the term under the AIFMD and/or UK AIFM Regulations as relevant.

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"<u>AIFM</u>" has the meaning given to the term under the AIFMD and/or UK AIFM Regulations as relevant.

"<u>AIFMD</u>" means (a) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, as the same may be amended, supplemented, superseded or re-adopted from time to time (whether with or without qualification) and (b) any applicable law of a member state of the European Union implementing the AIFMD.

"<u>Alternate Base Rate</u>" means a fluctuating rate *per annum* as shall be in effect from time to time, which rate shall be at all times equal to the highest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the rate of interest announced publicly by DBNY in New York, New York, from time to time as DBNY's base commercial lending rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;½ of one percent above the Federal Funds 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;0.25%.

"<u>Amount Available</u>" means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect to the related Accrual Period (excluding any Collections necessary to settle the acquisition of Eligible Collateral Obligations), *plus* (b) any investment income earned on amounts on deposit in the Collection Account since the immediately prior Distribution Date (or since the Effective Date in the case of the first Distribution Date).

"<u>Anti-Bribery and Corruption Laws</u>" has the meaning set forth in <u>Section 9.31(a)</u>.

"<u>Anti-Money Laundering Laws</u>" has the meaning set forth in <u>Section 9.30(b)</u>.

"<u>Applicable Banking Law</u>" means, for any Person, all existing and future laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to anti-bribery and corruption, the funding of terrorist activities and money laundering, including the Anti-Money Laundering Laws, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, other applicable anti-bribery and corruption legislation, and Section 326 of the USA Patriot Act.

"<u>Applicable Conversion Rate</u>" means, with respect to AUDs, CADs, Euros or GBPs as of any date of determination (x) for an actual currency exchange, the applicable currency-Dollar spot rate obtained by the Servicer as of such date through customary banking channels, including the Collateral Agent's own banking facilities or (y) for all other purposes, the applicable currency-Dollar spot rate that appeared on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day, (ii) if such date is a Cut-Off Date or an Advance Date, as of such date or (iii) otherwise, at the end of the immediately preceding Business Day.

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"<u>Applicable Exchange Rate</u>" means with respect to any Collateral Obligation denominated and payable in AUDs, CADs, Euros or GBPs on any day, the lesser of (a) the applicable currency-Dollar spot rate used by the Borrower (as determined by the Servicer) to acquire such currency on the related Cut-Off Date and (b) the Applicable Conversion Rate for such currency.

"<u>Applicable Interest Rate</u>" means with respect to any Collateral Obligation or any Advance denominated in (a) AUDs, the BBSW Rate; (b) CADs, the sum of (i) Term CORRA and (ii) the Term CORRA Adjustment; (c) Euros, the EURIBOR Rate; (d) GBPs, the sum of (i) Daily Simple SONIA and (ii) the SONIA Adjustment; and (e) Dollars, Term SOFR.

"<u>Applicable Law</u>" means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Margin</u>" means (i) during the Revolving Period, 1.95% *per annum* and (ii) after the end of the Revolving Period, 2.10% *per annum*; <u>provided</u> that, after the occurrence and during the continuation of an Event of Default, the Applicable Margin determined pursuant to the foregoing <u>clause (i)</u> or <u>clause (ii)</u>, as applicable, shall be increased by 2.00% *per annum*.

"<u>Appraised Value</u>" means, with respect to any Asset Based Loan, the most recently calculated appraised value of the *pro rata* portion of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm.

"<u>Approved Broker Dealer</u>" means (a) each of the following entities or their Affiliates (or any successor thereto): Bank of America, N.A., The Bank of Montreal, The Bank of New York Mellon, N.A., The Bank of Nova Scotia, Barclays Bank plc, BNP Paribas, BTIG, LLC, Cantor Fitzgerald & Co., Citibank, N.A., Citizens Bank, N.A., Credit Suisse, Deutsche Bank AG, Goldman Sachs & Co. LLC, HSBC Bank plc, Imperial Capital LLC, Jefferies & Co., Inc., JPMorgan Chase Bank, N.A., Key Bank, N.A., Macquarie Bank, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Bank, Morgan Stanley & Co., Natixis, Nomura Securities International, Inc., Oppenheimer & Co. Inc., PNC Bank, Royal Bank of Canada, The Royal Bank of Scotland plc, Scotiabank, Seaport Securities Corporation, Société Générale, Stifel, Nicolaus & Co. Inc., The Toronto-Dominion Bank, Truist Bank, UBS AG, U.S. Bank, National Association, Wells Fargo Bank, National Association, Lloyds TSB, Northern Trust Company, Banco Santander and The Bank of New York Mellon (or, in each case, its principal broker-dealer affiliate); and (b) any other dealer of recognized standing approved by the Facility Agent in its reasonable discretion at the request of the Servicer.

"<u>Approved Valuation Firm</u>" means (i) with respect to any Collateral Obligation, any valuation firm either (a) specified on the related Asset Approval Request or Reinvestment Request and approved by the Facility Agent in the related Asset Approval Notice or (b) otherwise approved in writing by the Facility Agent in its sole discretion or (ii) with respect to

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the exercise of the Servicer's dispute right under <u>Section 2.7(c)</u>, each valuation firm listed on <u>Schedule 5</u>, as such schedule may be updated from time to time with the prior written consent of the Facility Agent (which consent shall not be unreasonably withheld, delayed or conditioned); <u>provided</u> that, no firm may be used for purposes of this <u>clause (ii)</u> if such valuation firm provides appraisals or valuations with respect to assets (other than the Collateral Obligations) managed by the Servicer or its Affiliates.

"<u>Article 7 Transparency and Reporting Requirements</u>" means the information, documentation, reporting and notification requirements set out in or developed pursuant to Article 7(1) of the EU Securitization Regulation, together with the Transparency Technical Standards, and, in each case, any relevant guidance published in relation thereto as may be effective from time to time.

"<u>Asset Approval Notice</u>" means an electronic notice containing the information from <u>Exhibit C-6</u> and that provides the approval of the Facility Agent, in its sole discretion, to the acquisition (or incremental pledge) of one or more Collateral Obligations.

"<u>Asset Approval Request</u>" means an electronic notice to the Facility Agent in the form of an email that (a) either (i) is in the form of <u>Exhibit C-3</u> or (ii) notifies the Facility Agent that the information required by <u>Exhibit C-3</u> has been posted to the relevant data site and (b) requests the approval of the Facility Agent, in its sole discretion, of one or more Collateral Obligations.

"<u>Asset Based Loan</u>" means any Loan where (i) the underwriting of such Loan was based primarily on the appraised value of the assets securing such Loan and (ii) advances in respect of such Loan are governed by a borrowing base relating to the assets securing such Loan.

"<u>Assigned Participation Interest</u>" means a Participation Interest in a loan acquired under any Sale Agreement.

"<u>Attaching Leverage Multiple</u>" means, with respect to any Collateral Obligation for the most recent relevant period of time for which the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor that is senior in terms of payment or lien subordination to Indebtedness of such Obligor held by the Borrower less unrestricted cash of the relevant Obligor to (ii) EBITDA of such Obligor.

"<u>AUD Advance</u>" means each Advance made in AUDs.

"<u>AUD Lender</u>" means the Persons executing this Agreement (or an assignment hereof or a Joinder Agreement in accordance with <u>Article XV</u>) in the capacity of an "AUD Lender".

"<u>AUDs</u>" means the lawful money of Australia.

"<u>Average Life</u>" means, as of any day with respect to any Eligible Collateral Obligation, the quotient obtained by *dividing* (i) the sum of the products of (a) the number of years (rounded up to the nearest one hundredth thereof) from such day to the respective dates of each successive Scheduled Collateral Obligation Payment of principal on such Eligible Collateral Obligation

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(assuming, for purposes of this definition, the full exercise of any option to extend the maturity date or otherwise lengthen the maturity schedule that is exercisable without the consent of the Borrower) *multiplied by* (b) the respective amounts of principal of such Scheduled Collateral Obligation Payments by (ii) the sum of all successive Scheduled Collateral Obligation Payments of principal on such Eligible Collateral Obligation.

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

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

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code, 11 U.S.C. § 101, <u>et</u> <u>seq.</u>, as amended.

"<u>Base Rate</u>" for any Advance, means a rate *per annum* equal to the greater of (a) the Applicable Interest Rate for such Advance or portion thereof and (b) 0.25%; <u>provided</u> that, in the case of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any day on or after the first day on which a Committed Lender shall have notified the Facility Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that it is unlawful, for such Committed Lender to fund such Advance at the Base Rate set forth above (and such Committed Lender shall not have subsequently notified the Facility Agent that such circumstances no longer exist), 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any period in the event the Applicable Interest Rate is not reasonably available to any Lender for such period,

the "<u>Base Rate</u>" shall be a floating rate *per annum* equal to the Alternate Base Rate in effect on each day of such period.

"<u>Basel III Regulation</u>" means, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements: (i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any

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document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented or otherwise modified. Without limiting the generality of the foregoing, "<u>Basel III Regulation</u>" shall include Part 6 of the European Union regulation 575/2013 on prudential requirements for credit institutions and investment firms (the "<u>CRR</u>") and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR.

"<u>BBSW Rate</u>" means, with respect to any Accrual Period, the average rate *per annum* (rounded upward, if necessary, to the nearest 1/100 of 1%) applicable to bankers' acceptances for a term equivalent to the Accrual Period appearing on the Bloomberg Professional Service (or any successor thereto) Bank Bill Swap Reference Bid Rate as of 10:00 a.m. (Sydney, Australia time), on the first day of such Accrual Period, or if such date is not a Business Day, then on the immediately preceding Business Day; <u>provided</u> that, if such rate does not appear on the Bloomberg Professional Service (or any successor thereto) Bank Bill Swap Reference Bid Rate as contemplated, then the BBSW Rate on any date shall be calculated as the arithmetic mean of the rates of interest quoted as of 10:00 a.m. (Sydney, Australia time) on such day by the Facility Agent on the basis of the discount amount at which the Facility Agent is then offering to purchase AUD denominated bankers' acceptances that have a comparable aggregate face amount to the Advances outstanding in AUD and the same term to maturity as such Accrual Period, or if such date is not a Business Day, then on the immediately preceding Business Day.

"<u>Beneficial Ownership Certification</u>" 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 by the Financial Crimes Enforcement Network in September 2017 to comply with the Financial Crimes Enforcement Network customer due diligence rules.

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

"<u>Benefit Plan Investor</u>" means (a) any "employee benefit plan" (as defined in Section 3(3) of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any "plan" as defined in Section 4975(e) of the Code that is subject to Section 4975 of the Code, (c) any governmental or other plan or arrangement that is not subject to ERISA or to Section 4975 of the Code but is subject to any law or restriction substantially similar to Section 406 of ERISA or Section 4975 of the Code or (d) any entity whose underlying assets include "plan assets" of the foregoing employee benefit plans or plans (within the meaning of the DOL Regulations or otherwise).

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k)) of such party.

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"<u>Blocking Regulation</u>" means Council Regulation (EC) No 2271/96 of November 22, 1996 and any laws or regulations implementing Council Regulation (EC) No 2271/96 in any member state of the European Union.

"<u>Borrower</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Borrower Assigned Agreements</u>" has the meaning set forth in <u>Section 12.1(c)</u>.

"<u>Borrowing Base</u>" means, as of any date of determination, the sum of (i) the product of (a) the lower of the Weighted Average Advance Rate and the Maximum Portfolio Advance Rate *multiplied by* (b) the Adjusted Aggregate Eligible Collateral Obligation Balance *plus* (ii) the amount of Principal Collections on deposit in the Principal Collection Account *minus* (iii) the Aggregate Unfunded Amount *plus* (iv) the amount on deposit in the Unfunded Exposure Account.

"<u>Borrowing Base Measure</u>" means, as of any date of determination, the lowest of (a) the Borrowing Base as of such date, (b) the Maximum Availability as of such date and (c)(i) the Committed Facility Amount as of such date *plus* (ii) the amount of Advances Outstanding drawn from the Uncommitted Facility Amount pursuant to <u>Section 2.1(a)(ii)</u>, if any, as of such date.

"<u>Broadly Syndicated Loan</u>" means any Collateral Obligation that (i) is a broadly syndicated commercial loan, (ii) has a tranche size of $250,000,000 or greater, (iii) as of the date such Collateral Obligation was added to the Collateral, the relevant Obligor has an EBITDA for the prior twelve calendar months of at least $50,000,000 (after giving *pro forma* effect to any acquisition in connection therewith) and (iv) at the time such Collateral Obligation was added to the Collateral, it is either (A) rated by both S&P and Moody's (or the relevant Obligor is rated by both S&P and Moody's) and such ratings are not lower than "B3" by Moody's and "B-" by S&P or (B) actively quoted by at least three (3) Approved Broker Dealers.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or the city in which the offices of the Collateral Agent or Collateral Custodian are located are authorized or obligated by law, executive order or government decree to remain closed; <u>provided</u> that, when used in connection with the Applicable Interest Rate, the term "Business Day" shall also exclude any day on which dealings in deposits in the related Eligible Currency are not carried out in the relevant Eligible Jurisdiction. All references to any "day" or any particular day of any "calendar month" shall mean a calendar day unless otherwise specified.

"<u>CAD</u>" means the lawful money of Canada.

"<u>CAD Advance</u>" means each Advance made in CAD.

"<u>CAD Lender</u>" means the Persons executing this Agreement (or an assignment hereof or a Joinder Agreement in accordance with <u>Article XV</u>) in the capacity of a "CAD Lender".

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"<u>Capital Requirements Regulation</u>" means the European Union Capital Requirements Regulation (Regulation (EU) No 575/2013), as amended.

"<u>Capped Fees/Expenses</u>" means, at any time, the Collateral Agent Fees and Expenses and the Collateral Custodian Fees and Expenses, in an aggregate amount not to exceed $150,000 in any calendar year.

"<u>Cause</u>" means, with respect to an Independent Manager, (i) acts or omissions by such Independent Manager that constitute willful disregard of such Independent Manager's duties as set forth in the Borrower's Constituent Documents, (ii) that such Independent Manager has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Manager, (iii) that such Independent Manager is unable to perform his or her duties as Independent Manager due to death, disability or incapacity, or (iv) that such Independent Manager no longer meets the definition of "Independent Manager".

"<u>Change of Control</u>" means any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Equityholder shall no longer be the sole equityholder of the Borrower (free and clear of any liens other than Permitted Liens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any "assignment" (as defined in Section 202(a)(1) of the Investment Advisers Act of 1940) of either (x) the related investment management agreement between the Investment Manager and the Equityholder or (y) the ownership interests of the Investment Manager; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Investment Manager is no longer the investment manager of the Borrower and the Equityholder, in the case of each of the foregoing clauses (b) and (c), other than in connection with the Rithm Transaction.

"<u>Charges</u>" means (i) all federal, state, county, city, municipal, local, foreign or other governmental Taxes (including Taxes owed to the PBGC at the time due and payable); (ii) all levies, assessments, charges, or claims of any governmental entity or any claims of statutory lienholders, the nonpayment of which could give rise by operation of law to a Lien on the Collateral Obligations or any other property of the Borrower and (iii) any such taxes, levies, assessment, charges or claims which constitute a Lien or encumbrance on any property of the Borrower.

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

"<u>Collateral</u>" has the meaning set forth in <u>Section 12.1</u>.

"<u>Collateral Agent</u>" means State Street Bank and Trust Company, solely in its capacity as collateral agent hereunder, together with its successors and permitted assigns in such capacity.

"<u>Collateral Agent and Collateral Custodian Fee Letter</u>" means that certain letter agreement among the Collateral Agent, the Collateral Custodian and the Borrower and hereby

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acknowledged by the Servicer and the Facility Agent, as the same may be amended, supplemented or otherwise modified by the parties thereto with the consent of the Facility Agent.

"<u>Collateral Agent Fees and Expenses</u>" has the meaning set forth in <u>Section 11.11</u>.

"<u>Collateral Custodian</u>" means State Street Bank and Trust Company, solely in its capacity as collateral custodian, together with its successors and permitted assigns in such capacity.

"<u>Collateral Custodian Fees and Expenses</u>" has the meaning set forth in <u>Section 18.10</u>.

"<u>Collateral Database</u>" has the meaning set forth in <u>Section 11.3(a)(i)</u>.

"<u>Collateral Obligation</u>" means a Loan or a Participation Interest owned by the Borrower, excluding the Retained Interest thereon.

"<u>Collateral Obligation Amount</u>" means for any Eligible Collateral Obligation, as of any date of determination, an amount equal to the product of (a) the Principal Balance of such Collateral Obligation at such time *multiplied by* (b) the lower of (i) 100% and (ii) the Purchase Price thereof (expressed as a percentage of par) *multiplied by* (c) the Discount Factor of such Collateral Obligation at such time *multiplied by* (d) if such Collateral Obligation is denominated in an Eligible Currency other than Dollars, the Applicable Exchange Rate; <u>provided</u> that, if the Effective LTV of any Asset Based Loan exceeds (on any date of determination) the limit for the applicable Loan type set forth below, then the Principal Balance component of "Collateral Obligation Amount" of such Collateral Obligation will be automatically (and without any action by the Facility Agent) reduced by the amount necessary to cause such Collateral Obligation to comply with the applicable limit set forth below unless otherwise designated by the Facility Agent:

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| | |
|:---|:---|
| **Asset Based Loan Type (by collateral source)** | **Effective LTV Limit** |
| working capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% |
| fixed assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% |
| intellectual property | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |
| real estate (other than single-purpose real estate based loans) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% |

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The Collateral Obligation Amount of any Collateral Obligation that ceases to be or otherwise is not an Eligible Collateral Obligation shall be zero (unless otherwise agreed in writing by the Facility Agent in its sole discretion on a case-by-case basis). Single-purpose real estate based loans shall have the Effective LTV Limit set forth by Facility Agent on the related Asset Approval Notice.

"<u>Collateral Obligation File</u>" means, with respect to each Collateral Obligation as identified on the related Document Checklist, in each case in English, (i)(A) if the Collateral Obligation includes a note, (x) an original, executed copy of the related promissory note, or (y) in the case of a lost promissory note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and indemnity endorsed by the Borrower or the

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prior holder of record either in blank or to the Collateral Agent, in each case with respect to clause (x) or clause (y) with an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower or to the Collateral Agent, or in blank, or (B) in the case of a noteless Collateral Obligation, a paper or electronic copy of each executed document or instrument evidencing the assignment of such Collateral Obligation to the Borrower, (ii) paper or electronic copies of the related loan agreement, guaranty, security agreement, intercreditor agreement or any other material agreement (as determined by the Servicer in its reasonable discretion), (iii) paper or electronic copies of the file-stamped (or the electronic equivalent of) UCC financing statements and continuation statements (including amendments or modifications thereof) authorized by the Obligor thereof or by another Person on the Obligor's behalf in respect of such Collateral Obligation or evidence that such financing statements have been submitted for filing, in each case only to the extent reasonably available to the Servicer, and (iv) paper or electronic copies of any other document included on the related Document Checklist that is reasonably requested by any Agent and reasonably available to the Servicer.

"<u>Collateral Obligation Schedule</u>" means the list of Collateral Obligations set forth on <u>Schedule 3</u>, as the same may be updated by the Borrower (or the Servicer on behalf of the Borrower) from time to time.

"<u>Collateral Quality Tests</u>" means, collectively or individually as the case may be, the Minimum Diversity Test, the Minimum Weighted Average Spread Test, the Minimum Weighted Average Coupon Test and the Maximum Weighted Average Life Test.

"<u>Collection Account</u>" means, collectively, the Principal Collection Account and the Interest Collection Account.

"<u>Collections</u>" means the sum of all Interest Collections and all Principal Collections received with respect to the Collateral.

"<u>Commitment</u>" means, for each Committed Lender, (a) prior to the Facility Termination Date, the commitment of such Committed Lender to make Advances to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Committed Lender's name under "Committed Facility Amount" on <u>Annex B</u> or pursuant to the assignment executed by such Committed Lender and its assignee(s) and delivered pursuant to <u>Article XV</u> or pursuant to a Joinder Agreement executed and delivered pursuant to <u>Article XV</u> (as such Commitment may be reduced as set forth in <u>Section 2.5</u> or increased as set forth in <u>Section 2.8</u>), and (b) on and after the earlier to occur of (i) the Facility Termination Date and (ii) the end of the Revolving Period, such Committed Lender's *pro rata* share of all Advances Outstanding.

"<u>Committed Facility Amount</u>" means, as of any date of determination (a) prior to the end of the Revolving Period, $150,000,000, as such amount may be permanently reduced pursuant to <u>Section 2.5</u> or increased pursuant to <u>Section 2.8</u> or (b) from and after the end of the Revolving Period, the Advances Outstanding as of such date; <u>provided</u> that, in no event shall the Committed Facility Amount exceed $1,000,000,000.

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"<u>Committed Lenders</u>" means, for any Lender Group, the Person(s) executing this Agreement in the capacity of a "Committed Lender" for such Lender Group (or an assignment hereof or a Joinder Agreement in accordance with <u>Article XV</u>) in accordance with the terms of this Agreement.

"<u>Competitor</u>" means (a) any Person primarily engaged in the business of lending to middle-market or lower-middle-market companies or investing in loans to middle-market or lower-middle-market companies, which is in direct or indirect competition with the Borrower, the Equityholder, the Servicer, any sub-advisor of the Servicer, or any Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or under common control with, a Person referred to in clause (a) above, (c) any Person for which a Person referred to in clause (a) above serves as an investment advisor with discretionary investment authority or (d) any public or private business development company (including any applicable external investment manager and Affiliates thereof).

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Constituent Documents</u>" means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited partnership, joint venture, trust or other form of business entity, the limited partnership agreement, joint venture agreement, articles of association or other applicable certificate or agreement of registration or formation and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of state or other department in the state or jurisdiction of its formation; (b) in the case of any limited liability company, the certificate or articles of formation and operating agreement for such Person; (c) in the case of a corporation or exempted company, the certificate or articles of incorporation or association and the bylaws for such Person or its memorandum and articles of association; and (d) in the case of any trust, the trust deed, declaration of trust or equivalent establishing such trust, in each such case as it may be restated, modified, amended or supplemented from time to time.

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

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

"<u>Cost of Funds Rate</u>" means, for any Accrual Period and any Lender, the Base Rate.

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;(c)&nbsp;&nbsp;&nbsp;&nbsp;a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning set forth in <u>Section 17.20</u>.

"<u>Critical Component</u>" means, in respect of a weapons system referred to in the definition of Prohibited Defense Asset, a component used specifically in the production of the weapons system or plays a direct role in the lethality of the weapons system.

"<u>Cut-Off Date</u>" means, with respect to each Collateral Obligation, the date such Collateral Obligation becomes part of the Collateral.

"<u>Daily Simple SONIA</u>" means, for any day, SONIA, with the conventions for this rate (which on any day shall be the daily rate that includes a five Business Day lookback period prior to such day) being established by the Facility Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SONIA" for business loans or conventions that are otherwise used in the United States syndicated lending market for syndicated loans denominated in GBP; <u>provided</u> that, if the Facility Agent decides that any such convention is not administratively feasible for the Facility Agent, then the Facility Agent may establish another convention in its reasonable discretion.

"<u>DBNY</u>" means Deutsche Bank AG, New York Branch, and its successors.

"<u>DB Tranched Last Out Loan</u>" means any Loan (or portion thereof) that is deemed by the Facility Agent to be a Second Lien Loan and is synthetically tranched as such by the Facility Agent in its sole discretion in the related Asset Approval Notice.

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

"<u>Defaulted Collateral Obligation</u>" means any Collateral Obligation as to which any one of the following events has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Scheduled Collateral Obligation Payment or part thereof is unpaid beyond the grace period (if any) permitted by the related Underlying Instrument;

&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)&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event occurs with respect to the Obligor 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of a default as to the payment of principal, interest and/or unutilized/commitment fees (as applicable) has occurred and is continuing with respect to another debt obligation of the same Obligor in an aggregate principal amount in excess of $250,000 secured by the same collateral which is either full recourse or senior to or *pari passu* with in right of payment to such Collateral Obligation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation has (x) a rating by Standard & Poor's of "CC" or below or "SD" or (y) a Moody's probability of default rating (as published by Moody's) of "D" or "LD" or, in each case, had such ratings before they were withdrawn by Standard & Poor's or Moody's, as applicable, unless the related Loan is a DIP Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;a Responsible Officer of the Servicer or the Borrower has actual knowledge that such Collateral Obligation is *pari passu* or junior in right of payment as to the payment of principal, interest and/or unutilized/commitment fees (as applicable) to another debt obligation of the same Obligor which has (i) a rating by Standard & Poor's of "CC" or below or "SD" or (ii) a Moody's probability of default rating (as published by Moody's) of "D" or "LD", and in each case such other debt obligation remains outstanding (<u>provided</u> that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;a Responsible Officer of the Servicer or the Borrower has received written notice or has actual knowledge that a default has occurred under the Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the repayment of such Collateral Obligation (but only until such default is cured or waived) in the manner provided in the Underlying Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Related Collateral Obligation, an Affiliate of the Borrower that owns the related Variable Funding Asset fails to comply with any funding obligation under such Variable Funding Asset;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Servicer determines, in its sole discretion, in accordance with the Servicing Standard, that all or a portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status or (ii) the Borrower or the Equityholder makes a realized loss or write-down on such Collateral Obligation in the Borrower's or the Equityholder's financial statements;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is a Participation Interest with respect to which the Selling Institution has defaulted in any respect in the performance of any of its payment obligations under the Participation Interest beyond the grace period (if any) provided in the Underlying Instruments; 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is a Participation Interest in a Loan that would, if such Loan were a Collateral Obligation, constitute a "Defaulted Collateral Obligation".

"<u>Defaulting Lender</u>" means any Lender (other than the Lender affiliated with the Facility Agent, which Lender shall not under any circumstances constitute a Defaulting Lender hereunder) that (i) has failed to fund any portion of the Advances required to be funded by it hereunder within one (1) Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay to the Facility Agent, the Collateral Agent or any other Lender any other amount required to be paid by it hereunder to such applicable Person within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Servicer, the Facility Agent, any Agent, the Collateral Agent or any

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other Lender that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit, (iv) has failed, within one (1) Business Day after request by the Facility Agent or the Borrower, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund Advances under this Agreement, or (v) has (or has a parent company that has) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding or become the subject of a Bail-In Action, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.

"<u>Deferrable Collateral Obligation</u>" means a Collateral Obligation (or portion thereof) that by its terms permits at any time the deferral or capitalization of payments of accrued and unpaid interest.

"<u>Determination Date</u>" means the last calendar day of each month, or if such day is not a Business Day, the next succeeding Business Day.

"<u>DIP Loan</u>" means any Loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior Liens.

"<u>Discount Factor</u>" means, with respect to each Collateral Obligation and as of any date of determination, the value (expressed as a percentage of par) of such Collateral Obligation as determined by the Facility Agent in its sole discretion in accordance with <u>Section 2.7</u>.

"<u>Disputable Collateral Obligation</u>" means, at any time, any First Lien Loan subject to a Revaluation Event that (a) is not a Multiple of Recurring Revenue Loan or a Small Obligor Collateral Obligation and (b) if it is an Asset Based Loan, does not have intellectual property in its borrowing base.

"<u>Distribution Date</u>" means the 20<sup>th</sup> calendar day of each month, or if such date is not a Business Day, the next succeeding Business Day, commencing in November 2025.

"<u>Diversity Score</u>" means, as of any day, a single number that indicates collateral concentration with respect to Eligible Collateral Obligations in terms of both issuer and industry concentration, calculated as set forth in <u>Schedule 1</u> hereto, as such diversity scores shall be updated at the option of the Facility Agent in its sole discretion if Moody's publishes revised criteria.

"<u>Document Checklist</u>" means an electronic or hard copy list delivered by the Borrower (or by the Servicer on behalf of the Borrower) to the Collateral Custodian that identifies each of the documents that have been included in or may be requested by any Agent to be included in each Collateral Obligation File whether such document is an original or a copy and whether a hard copy or electronic copy will be delivered to the Collateral Custodian related to a Collateral

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Obligation and includes the name of the Obligor with respect to such Collateral Obligation, in each case as of the related Funding Date.

"<u>DOL Regulations</u>" means regulations promulgated by the U.S. Department of Labor at 29 C.F.R. § 2510.3 101, as modified by Section 3(42) of ERISA, and at 29 C.F.R. § 2550.401c-1.

"<u>Dollar(s)</u>" and the sign "<u>$</u>" mean the lawful money of the United States of America.

"<u>Dollar Advance</u>" means each Advance made in Dollars.

"<u>Dollar Lender</u>" means the Persons executing this Agreement (or an assignment hereof or a Joinder Agreement in accordance with <u>Article XV</u>) in the capacity of a "Dollar Lender".

"<u>EBITDA</u>" means, with respect to any period and any Collateral Obligation, the meaning of "EBITDA," "Adjusted EBITDA" or any comparable definition in the Underlying Instruments for each such Collateral Obligation. In any case that "EBITDA," "Adjusted EBITDA" or such comparable definition is not defined in such Underlying Instruments, "EBITDA" shall mean an amount, for the related Obligor and any of its parents or Subsidiaries that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes, depreciation, amortization and, to the extent approved by the Facility Agent on a Collateral Obligation by Collateral Obligation basis, any other non-cash charges and organization costs deducted in determining earnings from continuing operations for such period, and, to the extent approved by the Facility Agent on a Collateral Obligation by Collateral Obligation basis, costs and expenses reducing earnings and other extraordinary non-recurring costs and expenses for such period (to the extent deducted in determining earnings from continuing operations for such period). With respect to any Obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined for such Obligor based on annualizing the economic data from the reporting periods actually available.

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

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

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

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"<u>Effective Advance Rate</u>" means, as of any date of determination, (a) the Advances Outstanding on such date *divided by* (b) the sum of (i) the Adjusted Aggregate Eligible Collateral Obligation Balance on such date *plus* (ii) the amount of Principal Collections on deposit in the Principal Collection Account on such date *minus* (iii) the Aggregate Unfunded Amount on such date *plus* (iv) the amount on deposit in the Unfunded Exposure Account on such date.

"<u>Effective Date</u>" has the meaning set forth in <u>Section 6.1</u>.

"<u>Effective Date Availability</u>" means, as of any date of determination, (a) the least of (i) the Borrowing Base, (ii) the Maximum Availability and (iii) the Committed Facility Amount, in each case, as of the Effective Date *minus* (b) the Advances Outstanding as of the Effective Date.

"<u>Effective Date Availability End Date</u>" means the date on which the aggregate amount of distributions made pursuant to <u>Section 10.16(a)(i)(III)</u> equals the Effective Date Availability.

"<u>Effective Equity</u>" means, as of any day, the greater of (x) the Aggregate Eligible Collateral Obligation Amount *plus* the amount of Principal Collections on deposit in the Principal Collection Account *minus* the Advances Outstanding and (y) $0.

"<u>Effective LTV</u>" means, with respect to any Asset Based Loan as of any date of determination, the result, expressed as a percentage, of (i) the Principal Balance of such Collateral Obligation *divided by* (ii) the Appraised Value of such Collateral Obligation as of such date.

"<u>Eligible Account</u>" means (i) a segregated trust account or (ii) a segregated direct deposit account, in each case, maintained with a securities intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District of Columbia, having a certificate of deposit, short term deposit or commercial paper rating of at least A-1 by Standard & Poor's and P-1 by Moody's. In either case, such depository institution or trust company shall have been approved by the Facility Agent, acting in its reasonable discretion, by written notice to the Servicer. DBNY and State Street Bank and Trust Company are deemed to be depositary institutions or trust companies approved and acceptable to the Facility Agent.

"<u>Eligible Collateral Obligation</u>" means, on any Measurement Date, each Collateral Obligation that satisfies the following conditions (unless otherwise added or waived by the Facility Agent in its sole discretion in the related Asset Approval Notice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Facility Agent in its sole discretion has delivered an Asset Approval Notice with respect to such Collateral Obligation which has been acknowledged and agreed by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;as of the related Cut-Off Date, such Collateral Obligation is not a Defaulted Collateral Obligation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not an Equity Security and is not convertible into an Equity Security at the option of the applicable Obligor or any Person other than with the consent 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not a Structured Finance Obligation;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is denominated in an Eligible Currency and is not convertible by the Obligor thereof into any obligation denominated in a currency other than an Eligible Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>reserved</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;(g)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not a lease (including a financing lease);

&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)&nbsp;&nbsp;&nbsp;&nbsp;as of the related Cut-Off Date, such Collateral Obligation provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding principal amount of such Collateral Obligation having an effective rate of current interest paid in cash on such day of not less than (i) if such Collateral Obligation is a Fixed Rate Collateral Obligation, 4.00% *per annum* or (ii) otherwise, 2.00% *per annum* over the Applicable Interest Rate; <u>provided</u> that, this <u>clause (h)</u> shall not apply to any Deferrable Collateral Obligation approved by the Facility Agent on or prior to the Effective Date as noted in the related Asset Approval Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Obligation is a Related Collateral Obligation, the applicable Affiliate of the Borrower, the Servicer or the Equityholder has provided evidence, as of the related Cut-Off Date, satisfactory to the Facility Agent in its sole discretion that such Person has sufficient liquidity to meet the funding obligations of the related Variable Funding Asset;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not incurred or issued in connection with a merger, acquisition, consolidation, sale of all or substantially all of the assets of a Person, which obligation or security by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (other than any additional borrowing or refinancing if one or more financial institutions has provided the issuer of such obligation or security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the outstanding principal amount of such Collateral Obligation and (ii) such committed replacement facility has a maturity of at least one year and cannot be extended beyond such one year maturity pursuant to the terms 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not a trade claim and the value of such Collateral Obligation is not primarily derived from an insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not a Floating Rate Note;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;the Obligor with respect to such Collateral Obligation is an Eligible Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not a purpose credit, advanced for the acquisition of Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not a security or swap transaction that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>reserved</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;(q)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation has a term to stated maturity that does not exceed eight (8) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not subject to substantial non-credit related risk, as determined by the Servicer in accordance with the Servicing Standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition of such Collateral Obligation will not cause the Borrower to be deemed to own 5.0% or more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity of any Obligor or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity of any Obligor, in each case as determined by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;the Underlying Instrument for which does not contain confidentiality provisions that restrict the ability of the Facility Agent to exercise its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation or Participation Interest, the Underlying Instrument and related documents and credit approval file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition of which is not in violation of Regulations T, U or X of the FRS Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is capable of being transferred to and owned by the Borrower (whether directly or by means of a security entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein, in each case subject to customary qualifications for instruments similar to such Collateral Obligation, (i) to the Facility Agent, (ii) to any assignee of the Facility Agent permitted or contemplated under this Agreement, (iii) to any Person at any foreclosure or strict foreclosure sale or other disposition initiated by a secured creditor in furtherance of its security interest, and (iv) to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of such Collateral Obligation will not be used to finance activities of the type engaged in by businesses classified under NAICS Codes 2361 (Residential

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Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372 (Land Subdivision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the Related Security for such Collateral Obligation is primarily located in an Eligible Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation does not have either (x) a public rating by Standard & Poor's of "CCC-" or below (or such rating previously withdrawn) or (y) a Moody's probability of default rating (as published by Moody's) of "Caa3" or below (or such rating previously withdrawn);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation is not the subject of an offer, exchange or tender by the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Obligation is a Participation Interest (other than an Assigned Participation Interest), the seller thereof has (x) long-term unsecured ratings of at least "Baa1" by Moody's and "BBB+" by S&P and (y) short-term unsecured ratings of at least "A-1" by S&P and "P-1" by Moody's (or, in each case, such other ratings as approved by the Facility Agent in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Obligation is an Asset Based Loan, (i) it is a First Lien Loan, (ii) it is not a single-purpose real estate loan based on undeveloped land, a construction loan, or a project finance loan, (iii) the related Underlying Instruments require delivery of a calculation of each related borrowing base in reasonable detail to each lender not less frequently than monthly (unless, in the case of this clause (iii), the Facility Agent specifically approves a different schedule in the related Asset Approval Notice) and (iv) the requirements set forth in <u>Section 6.2(j)</u> are satisfied with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation does not have an Obligor in a Prohibited Industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of such Collateral Obligation will not be used to finance activities within the marijuana industry or the opioid industry, the sale of firearms or any other defense equipment, the development of adult entertainment, any form of betting and gambling or the making or collection of pay day loans, nor will they be used to provide financing to any other industry which is illegal under Applicable Law at the time of acquisition of such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Obligation is a Multiple of Recurring Revenue Loan, (i) it is a First Lien Loan, (ii) the related Obligor has last quarter annualized Revenue of at least $20,000,000 as of the related Cut-Off Date, (iii) the related Obligor has an Original Leverage Multiple of less than 3.00x as of the related Cut-Off Date, (iv) it is denominated and payable in Dollars and the related Obligor is domiciled in the United States or any State thereof and (v) it has a loan-to-value ratio (as determined by the Servicer in accordance with the Servicing Standard) of (x) if the related Obligor's last quarter annualized Revenue is at least $50,000,000 as of the related Cut-Off Date, 45% or less or (y) otherwise, 35% or less;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;unless such Collateral Obligation is an Asset Based Loan or a Multiple of Recurring Revenue Loan, the relevant Obligor has an EBITDA for the prior twelve calendar months of greater than $0 as of the related Cut-Off 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;(gg)&nbsp;&nbsp;&nbsp;&nbsp;as of the related Cut-Off Date, the Facility Agent has received the Obligor Information with respect to such Collateral Obligation; <u>provided</u> that, the Servicer shall notify the Facility Agent in the related Asset Approval Request if any such Obligor Information is unavailable and, the Facility Agent may, in its sole discretion, waive the requirement to deliver any such Obligor Information in the related Asset Approval Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Obligation is an Assigned Participation Interest, such Assigned Participation Interest has been subject to an Elevation (as defined in the Sale Agreement) within the earlier to occur of (x) sixty (60) days after the related Cut-Off Date and (y) two (2) Business Days following the occurrence of an Unmatured Event of Default or an Event of Default, in each case, unless the Facility Agent in its sole discretion has agreed to a later date in writing with the Borrower;

"<u>Eligible Currency</u>" means AUDs, CADs, Dollars, Euros and GBPs.

"<u>Eligible Jurisdiction</u>" means any of the United States or any State thereof (including the District of Columbia), Australia, Canada, the United Kingdom or any member state of the European Union.

"<u>Eligible Obligor</u>" means, on any day, any Obligor that (i) is a Person (other than a natural person) that is duly organized and validly existing under the laws of, an Eligible Jurisdiction, (ii) is a legal operating entity or holding company, (iii) is not an Official Body, (iv) is not insolvent, (v) is required to pay all maintenance, repair, insurance and taxes related to the related Collateral Obligation, (vi) is not an Affiliate of, or controlled by, the Borrower, the Servicer or the Equityholder and (vii) is not a Non-Sustainable Obligor.

"<u>Enterprise Value Loan</u>" means any Loan (other than a Multiple of Recurring Revenue Loan) that is not an Asset Based Loan.

"<u>Environmental Laws</u>" means any and all foreign, federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts or any other Official Body, relating to the protection of human health or the environment, including requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 <u>et</u> <u>seq.</u>), the Hazardous Material Transportation Act (49 U.S.C. § 331 <u>et</u> <u>seq.</u>), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 <u>et</u> <u>seq.</u>), the Federal Water Pollution Control Act (33 U.S.C. § 1251 <u>et</u> <u>seq.</u>), the Clean Air Act (42 U.S.C. § 7401 <u>et</u> <u>seq.</u>), the Toxic Substances Control Act (15 U.S.C. § 2601 <u>et</u> <u>seq.</u>), the Safe Drinking Water Act (42 U.S.C. § 300, <u>et</u> <u>seq.</u>), the Environmental Protection Agency's regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and

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the Occupational Safety and Health Act (29 U.S.C. § 651 <u>et</u> <u>seq.</u>), and the rules and regulations thereunder, each as amended or supplemented from time to time.

"<u>Equity Security</u>" means any asset that is not (i) a type of Collateral Obligation having a positive Advance Rate as set forth in the definition of "Advance Rate" or (ii) a Permitted Investment.

"<u>Equityholder</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Equityholder Collateral Obligations</u>" means (i) Collateral Obligations which the Equityholder acquired for its own account and held for at least 15 Business Days prior to selling or transferring to the Borrower (the "<u>Equityholder Acquired Collateral Obligations</u>"); or (ii) Collateral Obligations with respect to which the Equityholder itself or through related entities (including without limitation the Borrower), directly or indirectly, was involved in the Underlying Instruments which created such Collateral Obligations (the "<u>Equityholder Originated</u> <u>Collateral Obligations</u>").

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, including all regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any Person that, for purposes of Title IV of ERISA, is a member of the Borrower's "controlled group" or is under "common control" with the Borrower, within the meaning of Section 414 of the Code.

"<u>ERISA Event</u>" means (a) the occurrence with respect to a Plan of a reportable event, within the meaning of Section 4043 of ERISA, unless the thirty (30)-day notice requirement with respect thereto has been waived by the PBGC; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such a Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of the Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by the Borrower or any ERISA Affiliate from a Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 430(k) of the Code or Section 303(k)(1)(A) and (B) of ERISA to the creation of a lien upon property or assets or rights to property or assets of the Borrower or any ERISA Affiliate for failure to make a required payment to a Plan are satisfied; (g) the termination of a Plan by the PBGC pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, a Plan; (h) any failure by any Plan to satisfy the minimum funding standards of Sections 412 or 430 of the Code or Section 302 of ERISA, whether or not waived; (i) the determination that any Plan is or is expected to be in "at-risk" status, within the meaning of Section 430 of the Code or Section 303 of ERISA, (j) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of liability with respect to the withdrawal or partial withdrawal from a Multiemployer Plan or a determination that a Multiemployer Plan is, or is expected to be, "insolvent" (within the

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meaning of Section 4245 of ERISA), in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A or Section 4042 of ERISA); (k) the failure of the Borrower or any ERISA Affiliate to pay when due (after expiration of any applicable grace period) any installment payment with respect to withdrawal liability under Section 4201 of ERISA; (l) the Borrower or any ERISA Affiliate incurs any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA); or (m) the Borrower or any ERISA Affiliate commits any act (or omission) which could give rise to the imposition of fines, penalties, taxes, or related charges under ERISA or the Code.

"<u>Erroneous Payment</u>" has the meaning assigned to it in <u>Section 14.12(a)</u>.

"<u>Erroneous Payment Deficiency Assignment</u>" has the meaning assigned to it in <u>Section</u> <u>14.12(d)</u>.

"<u>Erroneous Payment Return Deficiency</u>" has the meaning assigned to it in <u>Section</u> <u>14.12(d)</u>.

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning assigned to it in <u>Section</u> <u>14.12(d)</u>.

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

"<u>EU Risk Retention Requirement</u>" means the risk retention requirement under Article 6(1) of the EU Securitization Regulation.

"<u>EU Securitization Regulation</u>" means Regulation (EU) 2017/2402 (as amended by Regulation (EU) 2021/557); and, except as otherwise stated, means such Regulation as further amended from time to time.

"<u>EU Securitization Rules</u>" means (a) EU Securitization Regulation; (b) any supplementary regulatory and/or implementing technical standards adopted by the European Commission in relation thereto; (c) any official binding guidance published in relation thereto by the European Supervisory Authorities or by the European Commission; and (d) any implementing laws or regulations (all, except as otherwise stated, as amended from time to time).

"<u>EURIBOR Rate</u>" means, with respect to any Accrual Period, the rate *per annum* shown by the Reuters Screen (or any applicable successor page) that displays an average European Money Markets Institute Settlement Rate for deposits in Euros for a period equal to such Accrual Period as of 11:00 a.m., Brussels time, two (2) Business Days prior to the first day of such Accrual Period; <u>provided</u> that, in the event no such rate is shown, the EURIBOR Rate shall be the rate *per annum* based on the rates at which Euro deposits for a period equal to such Accrual Period are displayed on page "EURIBOR" of the Reuters Screen (or any applicable successor page) for the purpose of displaying Euro interbank offered rates of major banks as of 11:00 a.m., Brussels time, two (2) Business Days prior to the first day of such Accrual Period (it being

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understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); <u>provided further</u> that, in the event fewer than two such rates are displayed, or if no such rate is relevant, the EURIBOR Rate shall be a rate *per annum* at which deposits in Euros are offered by the principal office of the Facility Agent in Brussels, Belgium to prime banks in the euro interbank market at 11:00 a.m. (Brussels time) two (2) Business Days before the first day of such Accrual Period for delivery on such first day and for a period equal to such Accrual Period.

"<u>Euro</u>", "<u>Euros</u>", "<u>euro</u>" and "<u>€</u>" mean the lawful currency of the member states of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended from time to time; <u>provided</u> that, if any member state or states ceases to have such single currency as its lawful currency (such member state(s) being the "Exiting State(s)"), such term shall mean the single currency adopted and retained as the lawful currency of the remaining member states and shall not include any successor currency introduced by the Exiting State(s).

"<u>Euro Advance</u>" means each Advance made in Euros.

"<u>Euro Lender</u>" means the Persons executing this Agreement (or an assignment hereof or a Joinder Agreement in accordance with <u>Article XV</u>) in the capacity of a "Euro Lender".

"<u>European Supervisory Authorities</u>" means, together, the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority (including any predecessor, successor or replacement organization thereto).

"<u>Event of Default</u>" means any of the events described in <u>Section 13.1</u>.

"<u>Excepted Deferrable Collateral Obligation</u>" means, as of any date of determination, a Deferrable Collateral Obligation that, as of such date, is currently paying interest in cash in an amount not less than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 5.50% *per annum* or (ii) otherwise, 4.50% *per annum* over the Applicable Interest Rate.

"<u>Excess Concentration Amount</u>" means, as of the most recent Measurement Date (and after giving effect to all Eligible Collateral Obligations to be purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any and without duplication, of the sum of the Collateral Obligation Amounts of all Eligible Collateral Obligations that are (i) not First Lien Loans (including, for purposes of this <u>clause (i)</u>, any DB Tranched Last Out Loans) over 15% of the Excess Concentration Measure and (ii) Second Lien Loans (excluding, for purposes of this <u>clause (i)</u>, any DB Tranched Last Out Loans) over 10% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are obligations of any single Obligor (other than an Obligor described in the following proviso) over 5% of the Excess Concentration Measure; <u>provided</u> that, (x) with

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respect to any two (2) Obligors that have Collateral Obligation Amounts of Collateral Obligations in excess of all other single Obligors, the sum of the Collateral Obligation Amounts of all Collateral Obligations that are obligations of each of such Obligors may be up to 10% of the Excess Concentration Measure, (y) with respect to any three (3) Obligors that have Collateral Obligation Amounts of Collateral Obligations in excess of all other single Obligors (other than the Obligors described in the foregoing <u>clause (x)</u>), the sum of the Collateral Obligation Amounts of all Collateral Obligations that are obligations of each of such Obligors may be up to 7.5% of the Excess Concentration Measure and (z) with respect to any two (2) Obligors that have Collateral Obligation Amounts of Collateral Obligations in excess of all other single Obligors (other than the Obligors described in the foregoing <u>clause (x)</u> and <u>clause (y)</u>), the sum of the Collateral Obligation Amounts of all Collateral Obligations that are obligations of each of such Obligors may be up to 6% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;subject to the following proviso, the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are obligations of Obligors in any single Moody's Industry Classification over 15% of the Excess Concentration Measure; <u>provided</u> that, (x) the sum of the Collateral Obligation Amounts of all Collateral Obligations with an Obligor in any one Moody's Industry Classification in excess of all other Moody's Industry Classifications may be up to 25% of the Excess Concentration Measure (or, if such Moody's Industry Classification is "Corp-High Tech Industries" or "Corp-Healthcare & Pharmaceuticals", up to 30% of the Excess Concentration Measure) and (y) the sum of the Collateral Obligation Amounts of all Collateral Obligations with an Obligor in any one Moody's Industry Classification (other than the Moody's Industry Classification specified in the foregoing <u>clause</u> <u>(x)</u>) in excess of all other Moody's Industry Classifications may be up to 22.5% of the Excess Concentration Measure; <u>provided further</u> that, subject to the above limitation, the sum of the Collateral Obligation Amounts of all Eligible Collateral Obligations with an Obligor in (i) the "Corp-Energy: Oil & Gas", "Corp-Metals & Mining" or "Corp-Utilities: Oil & Gas" Moody's Industry Classifications shall not exceed, in the aggregate, 10% of the Excess Concentration Measure and (ii) the "Corp-Retail" Moody's Industry Classification shall not exceed 10% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Fixed Rate Collateral Obligations that are not subject to a qualifying Hedging Agreement pursuant to <u>Section 10.6</u> over 15% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Eligible Collateral Obligations that are Deferrable Collateral Obligations (other than Excepted Deferrable Collateral Obligations) over 25% of the Excess Concentration Measure; <u>provided</u> that, the sum of the Collateral Obligation Amounts of all Eligible Collateral Obligations that are Deferrable Collateral Obligations (i) that are currently deferring or capitalizing payments of accrued and unpaid interest shall not exceed 15% of the Excess Concentration Measure and (ii) that are currently deferring or capitalizing payments of accrued and unpaid interest and for which, pursuant to the related Underlying Instruments, the portion of interest required to be paid in cash results in the outstanding principal amount of such Deferrable Collateral Obligation

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having an effective rate of current interest paid in cash on such day that does not exceed (x) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 4.50% *per annum* or (y) otherwise, the Applicable Interest Rate *plus* 2.50% *per annum* shall not, in the aggregate, exceed 10% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Variable Funding Assets over 10% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are DIP Loans over 10% of the Excess Concentration Measure;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Assigned Participation Interests (other than Assigned Participation Interests owned by the Borrower as of the Effective Date) over 5.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>reserved</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;(j) <u>reserved</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;(k)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are secured primarily by real estate over 15% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Multiple of Recurring Revenue Loans over 25% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations denominated in an Eligible Currency other than Dollars over 15% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations with an Obligor domiciled in an Eligible Jurisdiction other than the United States or any State thereof (including the District of Columbia) over 15% of the Excess Concentration Measure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;the excess, if any, of the sum of the Collateral Obligation Amounts of all Small Obligor Collateral Obligations (other than any Collateral Obligation that has been designated and approved as either an Asset Based Loan or a Multiple of Recurring Revenue Loan) over 15% of the Excess Concentration Measure; <u>provided</u> that, the sum of the Collateral Obligation Amounts of all Collateral Obligations (other than any Collateral Obligation that has been designated and approved as either an Asset Based Loan or a Multiple of Recurring Revenue Loan) with respect to which the EBITDA for the prior twelve calendar months of the related Obligor is less than $5,000,000 shall not exceed 5% of the Excess Concentration Measure.

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"<u>Excess Concentration Measure</u>" means (a) as of any date of determination during any Ramp-Up Period, the Target Portfolio Amount and (b) otherwise, (i) the Aggregate Eligible Collateral Obligation Amount *plus* (ii) all amounts on deposit in the Principal Collection Account *minus* (iii) the Aggregate Unfunded Equity Amount *plus* (iv) all amounts on deposit in the Unfunded Exposure Account.

"<u>Excess Unqualified Hedging Obligation</u>" means, as of any date of determination, any Fixed Rate Collateral Obligation counted as "excess" pursuant to <u>clause (d)</u> of the definition of "Excess Concentration Amount".

"<u>Excluded Amounts</u>" means, as of any date of determination, (i) any amount deposited into the Collection Account with respect to any Collateral Obligation, which amount is attributable to the reimbursement of payment by the Borrower of any Tax, fee or other charge imposed by any Official Body on such Collateral Obligation or on any Related Security, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral Obligation, (iii) any reimbursement of insurance premiums, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments and (v) any amount deposited into the Collection Account in error (including any amounts relating to any portion of an asset sold by the Borrower and occurring after the date of such sale).

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Obligations pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Obligations (other than pursuant to an assignment request by the Borrower under <u>Section 17.16</u>) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 4.3</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 Recipient's failure to comply with <u>Section 4.3(f)</u> and (d) any withholding Taxes imposed under FATCA.

"<u>Facility Agent</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Facility Termination Date</u>" means the earliest of (i) the five-year anniversary of the Effective Date, (ii) the date on which the term of the Equityholder's existence ends and (iii) the effective date on which the facility hereunder is terminated pursuant to <u>Section 13.2</u>.

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"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations 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 connection with the implementation of the foregoing.

"<u>Federal Funds Rate</u>" means, for any period, the greater of (a) 0.00% and (b) a fluctuating rate *per annum* equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, 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 Facility Agent from three federal funds brokers of recognized standing selected by it.

"<u>Fee Letter</u>" has the meaning set forth in <u>Section 8.4</u>.

"<u>Fees</u>" has the meaning set forth in <u>Section 8.4</u>.

"<u>FILO Loan</u>" means any Loan that (i) becomes, by its terms, subordinate in right of payment to one or more other obligations of the related Obligor, in each case issued under the same Underlying Instruments as such Loan, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments that are reasonable for similar loans, and liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan *plus* the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; <u>provided</u> that, the portion of any FILO Loan with an Attaching Leverage Multiple in excess of 2.5x shall be deemed to be a Second Lien Loan for all purposes hereunder.

"<u>First Lien Loan</u>" means (a) any Loan that (i) is not (and is not permitted by its terms become) contractually subordinate in right of payment to any obligation of the related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments that are reasonable for similar loans, and liens accorded priority by law in favor of any Official Body) and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of origination or acquisition equals or exceeds the outstanding principal balance of the Loan *plus* the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral and (b) any FILO Loan with an Attaching Leverage Multiple less than or equal to 1.0x.

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"<u>First Lien Real Estate Loan</u>" means a single-purpose real estate based loan that is a First Lien Loan.

"<u>Fitch</u>" means Fitch Ratings, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any successor thereto.

"<u>Fixed Rate Collateral Obligation</u>" means any Collateral Obligation that bears a fixed rate of interest.

"<u>Floating Rate Note</u>" means a floating rate note issued pursuant to an indenture or equivalent document by a corporation, partnership, limited liability company, trust or other person that is secured by a first or second priority perfected security interest or lien in or on specified collateral securing the issuer's obligations under such note.

"<u>Foreign Currency Advance Amount (Aggregate)</u>" means, on any Measurement Date and with respect to all Eligible Currencies (other than Dollars), the equivalent in Dollars of the aggregate principal amount of all Advances denominated in an Eligible Currency other than Dollars outstanding on such date, as determined by the Servicer using the Applicable Conversion Rate, in each case, after giving effect to all repayments of Advances and the making of new Advances on such date.

"<u>Foreign Currency Advance Amount (Individual)</u>" means, on any Measurement Date and with respect to each Eligible Currency (other than Dollars), the equivalent in Dollars of the aggregate principal amount of all Advances denominated in such Eligible Currency outstanding on such date, as determined by the Servicer using the Applicable Conversion Rate, in each case, after giving effect to all repayments of Advances and the making of new Advances on such date.

"<u>Foreign Currency Sublimit (Aggregate)</u>" means, on any Measurement Date and with respect to all Eligible Currencies (other than Dollars), a Dollar amount equal to 20% of the Committed Facility Amount on such date.

"<u>Foreign Currency Sublimit (Individual)</u>" means, on any Measurement Date and with respect to each Eligible Currency (other than Dollars), a Dollar amount equal to (a) the sum of each applicable Lender's Commitment to make Advances in such Eligible Currency as of such date *divided by* (b) the aggregate Commitments as of such date.

"<u>Foreign Currency Sublimit Compliance Test</u>" means, a test that will be satisfied as of any Measurement Date if (a) the Foreign Currency Advance Amount (Aggregate) does not exceed the Foreign Currency Sublimit (Aggregate) as of such date and (b) the Foreign Currency Advance Amount (Individual) for each Eligible Currency (other than Dollars) does not exceed the Foreign Currency Sublimit (Individual) applicable to such Eligible Currency as of such date.

"<u>Foreign Lender</u>" means any Lender that is not a U.S. Person.

"<u>FRS Board</u>" means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof.

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"<u>Funding Date</u>" means any Advance Date or any Reinvestment Date, as applicable.

"<u>FX Evaluation Date</u>" means (a) each Funding Date, (b) each Determination Date, (c) the date on which any Event of Default occurs and (d) each other date requested by any other Lender in its sole discretion.

"<u>FX Reallocation Notice</u>" has the meaning set forth in <u>Section 2.2(d)(ii)</u>.

"<u>GAAP</u>" means generally accepted accounting principles in the United States, which are applicable to the circumstances as of any day.

"<u>GBP</u>" means the lawful currency for the time being of the United Kingdom.

"<u>GBP Advance</u>" means each Advance made in GBP.

"<u>GBP Lender</u>" means the Persons executing this Agreement (or an assignment hereof or a Joinder Agreement in accordance with <u>Article XV</u>) in the capacity of a "GBP Lender".

"<u>GBSA</u>" means the German Act on the Ring-fencing of Risks and for the Recovery and Resolution Planning for Credit Institutions and Financial Groups (*Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen*) of 7 August 2013 (commonly referred to as the German Bank Separation Act) (*Trennbankengesetz*), as amended.

"<u>Hazardous Materials</u>" means all materials subject to any Environmental Law, including materials listed in 49 C.F.R. § 172.101, materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, flammable, explosive or radioactive materials, hazardous or toxic wastes or substances, lead-based materials, petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde and any substances classified as being "in inventory", "usable work in process" or similar classification that would, if classified as unusable, be included in the foregoing definition.

"<u>Hedge Breakage Costs</u>" means, with respect to each Hedge Counterparty upon the early termination of any Hedge Transaction with such Hedge Counterparty, the net amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion thereof.

"<u>Hedge Counterparty</u>" means (a) DBNY and its affiliates and (b) any other entity that (i) on the date of entering into any Hedge Transaction (x) is an interest rate swap dealer that has been approved in writing by the Facility Agent, and (y) has a long-term unsecured debt rating of not less than "A" by S&P, not less than "A2" by Moody's and not less than "A" by Fitch (if such entity is rated by Fitch) (the "<u>Long-term Rating Requirement</u>") and a short-term unsecured debt rating of not less than "A-1" by S&P, not less than "P-1" by Moody's and not less than "Fl" by Fitch (if such entity is rated by Fitch) (the "<u>Short-term Rating Requirement</u>"), and (ii) in a Hedging Agreement (x) consents to the assignment hereunder of the Borrower's rights under the

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Hedging Agreement to the Facility Agent on behalf of the Secured Parties and (y) agrees that in the event that Moody's, S&P or Fitch reduces its long-term unsecured debt rating below the Long-term Rating Requirement or reduces it short-term debt rating below the Short-term Rating Requirement, it shall either collateralize its obligations in a manner reasonably satisfactory to the Facility Agent, or transfer its rights and obligations under each Hedging Agreement (excluding, however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter and owing to the transferring Hedge Counterparty as of the date of such transfer) to another entity that meets the requirements of <u>clauses (b)(i)</u> and <u>(b)(ii)</u> hereof and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer.

"<u>Hedge Transaction</u>" means each interest rate swap, index rate swap or interest rate cap transaction or comparable derivative arrangement between the Borrower and a Hedge Counterparty that is entered into pursuant to <u>Section 10.6</u> and is governed by a Hedging Agreement.

"<u>Hedging Agreement</u>" means the agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into by the Borrower and such Hedge Counterparty pursuant to <u>Section 10.6</u>, which agreement shall consist of a "Master Agreement" in a form published by the International Swaps and Derivatives Association, Inc., together with a "Schedule" thereto, and each "Confirmation" thereunder confirming the specific terms of each such Hedge Transaction or a "Confirmation" that incorporates the terms of such a "Master Agreement" and "Schedule."

"<u>Highest Eligible Collateral Obligation Amount</u>" means, for any calendar year, the highest Aggregate Eligible Collateral Obligation Amount on any day of such calendar year (excluding (x) any Warranty Collateral Obligation repurchased or substituted pursuant to Section 6.1 of the Sale Agreement and (y) any Collateral Obligation that is the subject of any Optional Sale to the Servicer, the Equityholder or any Affiliate of the Borrower, the Servicer or the Equityholder made to cure one or more Collateral Quality Tests).

"<u>Increased Costs</u>" means, collectively, any increased cost, loss or liability owing to the Facility Agent and/or any other Affected Person under <u>Article V</u>.

"<u>Indebtedness</u>" means, with respect to any Person, as of any day, without duplication: (i) all obligations of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; (iv) all obligations of such Person as lessee under capital leases; (v) all non-contingent obligations of such Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and (vii) all debt of others guaranteed by such Person and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss (in

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each case excluding any unfunded commitments of the Borrower with respect to any Variable Funding Asset).

"<u>Indemnified Amounts</u>" has the meaning set forth in <u>Section 16.1</u>.

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 16.1</u>.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in <u>clause (a)</u>, Other Taxes.

"<u>Independent Accountants</u>" means a firm of independent certified public accountants recognized in the United States, Canada, the United Kingdom, Australia or Europe, as applicable.

"<u>Independent Manager</u>" means with respect to any Person, that such Person is an individual who has prior experience as an independent director, independent manager, independent limited partner or independent member with at least three years of employment experience and who is provided by Waystone Governance Ltd., CT Corporation, Corporation Service Company, Puglisi & Associates, National Registered Agents, Inc., Wilmington Trust Company, Lord Securities Corporation or an Affiliate thereof or, if none of those companies is then providing professional independent managers or members, another nationally-recognized company reasonably approved by the Facility Agent, in each case that is not an Affiliate of the Borrower and that provides professional independent directors, managers, limited partners and/or members and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a member, partner, equityholder, manager, director, officer or employee of the Borrower, the Equityholder, any of their respective equityholders or Affiliates or any other single-purpose bankruptcy remote entity managed or controlled by the Servicer or any of its Affiliates (other than acting in the capacity as an independent director or similar capacity of the Borrower or an Affiliate of the Borrower that does not own a direct or indirect ownership interest in the Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity);

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a creditor, supplier or service provider (including provider of professional services) to the Borrower, the Equityholder, or any of their respective equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional independent directors, managers, limited partners and/or members and other corporate services to the Borrower, the Equityholder or any of their respective Affiliates in the ordinary course of its business);

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or

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&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above.

"<u>Information</u>" has the meaning set forth in <u>Section 17.14(b)</u>.

"<u>Insolvency Event</u>" means, with respect to any Person, (a) the entry 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 any applicable federal or state bankruptcy, winding-up, insolvency or other similar law of any jurisdiction 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, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 45 days; (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law of any jurisdiction 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 such Person shall admit in writing its inability to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing or (c) any analogous procedure or step is taken in any jurisdiction to which such Person is subject.

"<u>Interest Collection Account</u>" means the collective reference to the segregated, non-interest bearing securities accounts (within the meaning of Section 8-501 of the UCC) created and maintained on the books and records of the Securities Intermediary identified as interest collection accounts and, in each case, (x) is in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties (subject to Permitted Liens arising by the operation of law), (y) includes any and all sub-accounts and related deposit accounts, and (z) is established and maintained pursuant to <u>Section 8.1(a)</u>.

"<u>Interest Collections</u>" means, with respect to the Collateral following the applicable Cut-Off Date, (i) all payments and collections owing to or received by the Borrower in its capacity as lender and attributable to interest on any Collateral Obligation or other Collateral, including scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest on such Collateral Obligation or other Collateral, (ii) any commitment, ticking, upfront, underwriting, origination or amendment fees received in respect of any Collateral Obligation and (iii) the earnings on Interest Collections in the Collection Account that are invested in Permitted Investments, in each case other than Retained Interests; <u>provided</u> that, any amounts received in respect of any Defaulted Collateral Obligation will constitute Principal Collections (and not Interest Collections) until the aggregate of all collections in respect of such Defaulted Collateral Obligation since it became a Defaulted Collateral Obligation

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equals the outstanding principal balance of such Loan at the time it became a Defaulted Collateral Obligation.

"<u>Interest Rate</u>" means, for any Accrual Period and any Lender, a rate *per annum* equal to the sum of (a) the Applicable Margin and (b) the Cost of Funds Rate for such Accrual Period and such Lender.

"<u>Investment Manager</u>" means Crestline Management, L.P.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Joinder Agreement</u>" means an agreement among the Borrower, a Committed Lender and the Facility Agent in the form of <u>Exhibit E</u> to this Agreement (appropriately completed) delivered in connection with a Person becoming a Committed Lender hereunder after the Effective Date, as contemplated by the terms of this Agreement, a copy of which shall be delivered to the Collateral Agent and the Servicer.

"<u>Lender</u>" means each Committed Lender, each Dollar Lender, each Euro Lender, each CAD Lender, each AUD Lender and each GBP Lender, in each case, as the context may require as the context may require.

"<u>Lender Group</u>" means each Lender and related Agent from time to time party hereto.

"<u>Leverage Multiple</u>" means, with respect to any Collateral Obligation for the most recent relevant period of time for which the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor (other than Indebtedness of such Obligor that is junior in terms of payment or lien subordination (including unsecured Indebtedness) to Indebtedness of such Obligor held by the Borrower) less unrestricted cash of the relevant Obligor to (ii)(x) if such Collateral Obligation is a Multiple of Recurring Revenue Loan, Revenue of such Obligor or (y) otherwise, EBITDA of such Obligor.

"<u>Lien</u>" means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including Tax liens, mechanics' liens and any liens that attach by operation of law.

"<u>Loan</u>" means any commercial loan (or, if applicable, a Participation Interest therein).

"<u>Loan Register</u>" has the meaning set forth in <u>Section 15.5(a)</u>.

"<u>Loan Registrar</u>" has the meaning set forth in <u>Section 15.5(a)</u>.

"<u>Long-term Rating Requirement</u>" has the meaning set forth in the definition of "Hedge Counterparty" in this <u>Section 1.1</u>.

"<u>Make-Whole Fee</u>" has the meaning set forth in the Fee Letter.

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"<u>Margin Stock</u>" means "Margin Stock" as defined under Regulation U issued by the FRS Board.

"<u>Material Action</u>" means an action to institute proceedings to have the Borrower be adjudicated bankrupt or insolvent, to file any insolvency case or proceeding, to institute proceedings under any applicable insolvency law, to seek relief under any law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy or insolvency proceedings against the Borrower or file a petition seeking, or consent to, reorganization or relief with respect to the Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of the Borrower, or admit in writing the Borrower's inability to pay its debts generally as they become due, or take action in furtherance of any such action.

"<u>Material Adverse Effect</u>" means a material adverse effect on: (a) the assets, operations, properties, financial condition, or business of the Borrower or the Servicer; (b) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or any of the other Transaction Documents; (c) the validity or enforceability of this Agreement, any of the other Transaction Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or (d) the aggregate value of the Collateral or on the assignments and security interests granted by the Borrower in this Agreement.

"<u>Material Modification</u>" means any amendment or waiver of, or modification or supplement to, any Underlying Instrument governing a Collateral Obligation executed or effected on or after the related Cut-Off Date which:

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;reduces or forgives any or all of the principal amount due under such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) waives one or more interest payments, (ii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Collateral Obligation (other than any deferral or capitalization already allowed by the terms of any Deferrable Collateral Obligation as of the related Cut-Off Date) or (iii) reduces the spread or coupon payable on such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;contractually or structurally subordinates such Collateral Obligation by operation of (i) a payment waterfall or any other priority of payment provisions, (ii) turnover provisions, (iii) the transfer of assets in order to limit recourse to the related Obligor or (iv) the granting of Liens (other than by the granting of Permitted Liens) on any of the collateral securing such Collateral Obligation, in each case, which requires the consent of the Borrower or any lender thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;either extends or delays (i) the stated maturity date of such Collateral Obligation past the maturity date as of the related Cut-Off Date or (ii) the amortization schedule with respect thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;substitutes, alters or releases (other than by the granting of Permitted Liens) the Related Security securing such Collateral Obligation and such substitution, alteration or release, individually or in the aggregate and as determined in the Facility Agent's sole discretion, materially and adversely affects the value of such Collateral Obligation; <u>provided</u> that, any such release in connection with a disposition of collateral securing a Collateral Obligation in the ordinary course of the related Obligor's business shall not constitute a Material Modification hereunder so long as at least 90% of the proceeds received by the Borrower of such disposition are applied to the repayment of the principal amount of such Collateral Obligation (as certified to the Facility Agent in writing by the Servicer);

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) results in any less financial information in respect of reporting frequency, scope or otherwise being provided with respect to the related Obligor that, in the case of a reduction in scope, has a material effect on the ability of the Servicer or the Facility Agent to make any determinations or calculations required or permitted hereunder as determined by the Facility Agent in its reasonable discretion (it being understood that any such reduction in frequency to the requirement to deliver quarterly or annual financial statements will be deemed to be a Material Modification hereunder) or (ii) reduces the frequency or total number of any appraisals required thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;amends, waives, forbears, supplements or otherwise modifies in any way the definition of "permitted lien" or "indebtedness" (or any similar term) in a manner that is materially adverse to any Lender, or otherwise waives or forbears a default or an event of default or a covenant breach under the Underlying Instruments governing such Collateral Obligation in a manner that is material to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;results in any change in the currency or composition of any payment of interest or principal to any currency other than the Eligible Currency in which such Collateral Obligation was denominated as of the related Cut-Off Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;with respect to an Asset Based Loan, results in a material change to or grants relief from the borrowing base or any related definition (in each case, as determined by the Facility Agent in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;with respect to a Multiple of Recurring Revenue Loan, results in a change to the methodology for the calculation of Revenue for the purpose of any financial covenant set forth in the relevant Underlying Instrument; 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;results in a change to the calculation of EBITDA for the related Obligor, including without limitation by including any other non-cash charges that were deducted in determining earnings of such Obligor from continuing operations for such period; <u>provided</u> that, any such change resulting in the approval of any EBITDA add-backs that were not permitted under the related Underlying Instruments as in effect on the Cut-Off Date shall not constitute a Material Modification hereunder if (i) such add-backs, in the aggregate, do not exceed 25% of such Obligor's EBITDA for any twelve-month period and (ii) the Servicer continues to calculate EBITDA for such Obligor for all purposes under this Agreement without giving effect to such change (or, the Servicer may, with the prior written consent of

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the Facility Agent in its sole discretion, calculate such Obligor's EBITDA for all purposes hereunder after giving effect to such change, so long as such Obligor's Original Leverage Multiple is re-calculated for all purposes hereunder after giving *pro forma* effect to such change).

"<u>Maximum Availability</u>" means, as of any date of determination, an amount equal to (a)(i) the Committed Facility Amount as of such date *plus* (ii) the amount of Advances Outstanding drawn from the Uncommitted Facility Amount pursuant to <u>Section 2.1(a)(ii)</u>, if any, as of such date *minus* (b) the balance of all unfunded Advances approved but not yet funded as of such date *minus* (c) the Aggregate Unfunded Amount as of such date *plus* (iv) all amounts on deposit in the Unfunded Exposure Account as of such date.

"<u>Maximum Facility Amount</u>" means as of any date of determination (a) prior to the end of the Revolving Period, the sum of (i) the Committed Facility Amount as of such date *plus* (ii) the Uncommitted Facility Amount as of such date and (b) from and after the end of the Revolving Period, the Advances Outstanding as of such date.

"<u>Maximum Portfolio Advance Rate</u>" means, on any date of determination, the percentage corresponding to the applicable Diversity Score as set forth in the table below:

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| | |
|:---|:---|
| **Diversity Score (on such date)** | **Maximum Portfolio Advance Rate** |
| Less than 4 | 0% |
| Greater than or equal to 4 but less than 6 | 40% |
| Greater than or equal to 6 but less than 8 | 50% |
| Greater than or equal to 8 but less than 10 | 55% |
| Greater than or equal to 10 but less than 12 | 60% |
| Greater than or equal to 12 but less than 15 | 65% |
| Greater than or equal to 15 | 67.5% |

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"<u>Maximum Weighted Average Life Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 6.5 years.

"<u>Measurement Date</u>" means each of the following, as applicable: (i) the Effective Date; (ii) each Determination Date; (iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to <u>Section 2.4</u>; (v) the date on which any Revaluation Event occurs with respect to any Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to <u>Section 7.11</u>; (vii) the last day of the Revolving Period; (viii) the date on which the Borrower is notified of any change in the Discount Factor of any Collateral Obligation in accordance with <u>Section 2.7</u>; and (ix) the date of any Optional Sale.

"<u>Minimum Diversity Test</u>" means a test that will be satisfied on any date of determination if the Diversity Score of all Eligible Collateral Obligations included in the Collateral is equal to or greater than (i) during any Ramp-Up Period, 4 and (ii) otherwise, 10.

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"<u>Minimum Equity Test</u>" means a test that will be satisfied on any date of determination if the Effective Equity is at least equal to the greater of (a) $30,000,000 and (b) the sum of the Principal Balances of (i) during the Ramp-Up Period, the three (3) largest Eligible Obligors with Collateral Obligations constituting the highest aggregate Principal Balances and (ii) thereafter, the four (4) largest Eligible Obligors with Collateral Obligations constituting the highest aggregate Principal Balances.

"<u>Minimum Weighted Average Coupon Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Coupon of all Eligible Collateral Obligations that are Fixed Rate Collateral Obligations included in the Collateral on such date is equal to or greater than 5.5%.

"<u>Minimum Weighted Average Spread Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such date is equal to or greater than 4.40%.

"<u>Monthly Report</u>" means a monthly report in the form of <u>Exhibit D</u> prepared as of the close of business on each Reporting Date.

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

"<u>Moody's Industry Classification</u>" means the industry classifications set forth in <u>Schedule 2</u>, as such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if Moody's publishes revised industry classifications.

"<u>Multiemployer Plan</u>" means a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower or any ERISA Affiliate has or could have any obligation or liability, contingent or otherwise.

"<u>Multiple of Recurring Revenue Loan</u>" means any Loan that is structured based on a multiple of the related Obligor's Revenue.

"<u>Non-Approval Event</u>" means, as of any date of determination, an event that (x) will be deemed to have occurred if the ratio (measured on a rolling six-month basis) of (i) the number of Asset Approval Requests resulting in Non-Approved Loans over (ii) the total number of Asset Approval Requests is greater than 40% and (y) will be continuing until the conditions set forth in <u>clause (x)</u> of this definition are no longer true; <u>provided</u> that, until ten (10) Eligible Collateral Obligations have been submitted to the Facility Agent by the Servicer, the ratio of <u>clause (x)(i)</u> over <u>clause (x)(ii)</u> shall be deemed to be zero.

"<u>Non-Approved Loan</u>" means each obligation that is otherwise fully eligible for inclusion in the Borrowing Base for which an Asset Approval Request is submitted by the Servicer to the Facility Agent, and such Asset Approval Request is not approved by the Facility Agent; <u>provided</u> that, an obligation shall only constitute a Non-Approved Loan if the Servicer or an Affiliate thereof has entered into the related Underlying Instruments with the related Obligor on terms substantially similar to those disclosed in the related Asset Approval Request.

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"<u>Non-Sustainable Obligor</u>" means any Obligor (a) currently engaged (i) in activities within or in close proximity to World Heritage Sites that might impact the outstanding universal values of the site as defined by UNESCO, (ii) in activities located in or involving the clearing of primary tropical moist forests, illegal logging or uncontrolled and/or illegal use of fire, (iii) as an upstream producer and / or processor of palm oil and palm fruit products that is not a member or certified in accordance with the Roundtable on Sustainable Palm Oil ("<u>RSPO</u>") or time-bound committed toward RSPO certification, (iv) in expanding an existing or developing a new coal-fired power plant irrespective of location, (v) in developing greenfield thermal coal mining, or (vi) in using mountain top removal as an extraction method in mining or (b) in relation to which there is evidence of child or forced labor in accordance with international labor conventions or other human rights violations such as slavery, forced or compulsory labor and human trafficking as defined by the Modern Slavery Act 2015.

"<u>Note</u>" means a promissory grid note, in the form of <u>Exhibit A</u>, made payable to an Agent on behalf of the related Lender Group.

"<u>Note Agent</u>" has the meaning set forth in <u>Section 14.1</u>.

"<u>Obligations</u>" means all obligations (monetary or otherwise) of the Borrower to the Lenders, the Agents, the Collateral Agent, the Collateral Custodian, the Facility Agent or any other Affected Person or Indemnified Party arising under or in connection with this Agreement, the Notes and each other Transaction Document.

"<u>Obligor</u>" means any Person that owes payments under any Collateral Obligation and, solely for purposes of calculating the Excess Concentration Amount pursuant to <u>clause (b)</u> or <u>clause (c)</u> of the definition thereof, any Obligor that is an Affiliate of another Obligor shall be treated as the same Obligor; <u>provided</u> that for purposes of this definition, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common financial sponsor. The Obligor of a Collateral Obligation that is a participation interest shall mean the obligor under the underlying collateral obligation in which such participation interest is granted.

"<u>Obligor Information</u>" means, with respect to any Obligor, (i) the legal name, address, organizational chart and, if available to the Servicer using commercially reasonable efforts, tax identification number of such Obligor, (ii) the jurisdiction in which such Obligor is domiciled, (iii) unless waived by the Facility Agent in its sole discretion, the audited financial statements for the three prior fiscal years of such Obligor (or, if such financial statements are not available for any of the three prior fiscal years of such Obligor, the unaudited financial statements or quality of earnings reports of such Obligor for whichever such fiscal years are available, if any), (iv) the Servicer's internal credit memo with respect to the Obligor and the related Collateral Obligation (it being understood that, if any of the information required pursuant to this definition is contained in such internal credit memo, such information need not be separately provided), (v) the annual report for the most recent fiscal year of such Obligor, including profit and loss, balance sheet, cash flows, notes to accountants, auditor's reports and other customary reporting items, (vi) if available, a company forecast of such Obligor, including plans related to capital expenditures, (vii) the business model, company strategy and names of known peers of such

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Obligor, (viii) if available, the shareholding pattern and details of the management team of such Obligor and (ix) details of any banking facilities and the debt maturity schedule of such Obligor.

"<u>OFAC</u>" has the meaning set forth in <u>Section 9.30(a)</u>.

"<u>Officer's Certificate</u>" means a certificate signed by an Responsible Officer.

"<u>Official Body</u>" means any government or political subdivision or any agency, authority, regulatory body, bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

"<u>Opinion of Counsel</u>" means a written opinion of independent counsel reasonably acceptable in form and substance and from counsel reasonably acceptable to the Facility Agent.

"<u>Optional Sale</u>" has the meaning set forth in <u>Section 7.10</u>.

"<u>Original Effective LTV</u>" means, with respect to any Asset Based Loan, the Effective LTV of such Collateral Obligation as calculated by the Servicer and approved by the Facility Agent (which may include a normalized revolving loan assumption on any unfunded revolving loan) in accordance with the definition of Effective LTV and the definitions used therein and set forth in the related Asset Approval Request.

"<u>Original Leverage Multiple</u>" means, with respect to any Collateral Obligation, the Leverage Multiple applicable to such Collateral Obligation as calculated by the Servicer (and, to the extent set forth in the Asset Approval Request, approved by the Facility Agent in the related Asset Approval Notice) in accordance with the definition of Leverage Multiple and the definitions used therein and set forth in the related Asset Approval Request.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or any Transaction Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction 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 17.16</u>).

"<u>Participant</u>" has the meaning set forth in <u>Section 15.9(a)</u>.

"<u>Participant Register</u>" has the meaning set forth in <u>Section 15.9(c)</u>.

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"<u>Participation Interest</u>" means a participation interest in a loan that would, at the time of acquisition or the Borrower's commitment to acquire the same, satisfy each of the following criteria: (i) such participation would constitute an Eligible Collateral Obligation were it acquired directly, (ii) the seller of the participation is the lender on the subject loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition, and (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation.

"<u>Payment Recipient</u>" has the meaning assigned to it in <u>Section 14.12(a)</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation and its successors and assigns.

"<u>Permitted Investment</u>" means, at any 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)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;demand or time deposits in, certificates of deposit of, 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 Collateral Custodian or Facility Agent or any agent thereof acting in its commercial capacity); <u>provided</u>, 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 Standard & Poor's and "P-1" by Moody's;

&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)&nbsp;&nbsp;&nbsp;&nbsp;commercial paper that (i) is payable in Dollars and (ii) is rated at least "A-1" by Standard & Poor's and "P-1" by Moody's; 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)&nbsp;&nbsp;&nbsp;&nbsp;shares or other securities of registered money market funds which funds have, at all times, credit ratings of "Aaa-mf" by Moody's and "AAAm" by Standard & Poor's.

Permitted Investments may be purchased by or through the Collateral Custodian or any of its Affiliates. All Permitted Investments shall be held in the name of the Securities Intermediary. No Permitted Investment shall have an "f", "r", "p", "pi", "q", "sf" or "t" subscript affixed to its Standard & Poor's rating. Any such investment may be made or acquired from or through the Collateral Agent or the Facility Agent or any of their respective affiliates, or any entity for whom the Collateral Agent or the Facility Agent 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 Permitted Investment at the time of acquisition);

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<u>provided</u> that, notwithstanding the foregoing <u>clauses (a)</u> through <u>(d)</u>, unless the Borrower and the Servicer have received the written advice of counsel of national reputation experienced in such matters to the contrary (together with an Officer's Certificate of the Borrower or the Servicer to the Facility Agent and the Collateral Agent that the advice specified in this definition has been received by the Borrower and the Servicer), Permitted 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.

"<u>Permitted Lien</u>" means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured Parties, (ii) as to Related Security, Liens for Taxes and mechanics' or suppliers' liens for services or materials supplied, in either case, not yet due and payable and for which adequate reserves have been established in accordance with GAAP, (iii) as to Related Security (1) the Lien in favor of the Borrower pursuant to the Sale Agreement and (2) any Liens on the Related Security permitted pursuant to the applicable Underlying Instruments, (iv) as to agented Loans, Liens in favor of the agent on behalf of all the lenders of the related Obligor and (v) Liens on deposit accounts or securities accounts arising by operation of law.

"<u>Permitted Transaction</u>" means the incurrence by the Equityholder of (i) at any time following the three (3) month anniversary of the Closing Date, a corporate revolver entered into by the Equityholder and/or (ii) at any time following the one (1) year anniversary of the Closing Date, any CLO transaction issued by a wholly-owned subsidiary of the Equityholder or an unsecured bond issued by the Equityholder.

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

"<u>Plan</u>" means any "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA, Section 412 and 430 of the Code, or Section 302 of ERISA and in respect of which the Borrower or any ERISA Affiliate (x) is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA, or (y) has or could have any obligation or liability, contingent or otherwise.

"<u>Prepayment Fee</u>" has the meaning set forth in the Fee Letter.

"<u>Prepayment Notice</u>" has the meaning set forth in <u>Section 2.4(b)(i)</u>.

"<u>Principal Balance</u>" means with respect to any Collateral Obligation as of any date, (a) if such Collateral Obligation is denominated and payable in Dollars, the lower of (i) the Purchase Price paid by the Borrower for such Collateral Obligation and (ii) the outstanding principal balance of such Collateral Obligation, and (b) if such Collateral Obligation is denominated and payable in any Eligible Currency other than Dollars, the equivalent in Dollars (and if such Collateral Obligation is match-funded by Advances in the same Eligible Currency, then the Dollar equivalent shall be determined by the Servicer using the Applicable Conversion Rate,

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otherwise it shall be determined by the Servicer using the Applicable Exchange Rate) of the lower of (i) the Purchase Price paid by the Borrower for such Collateral Obligation and (ii) the outstanding principal balance of such Collateral Obligation, in each case exclusive of (x) any deferred or capitalized interest on any Deferrable Collateral Obligation and (y) any unfunded amounts with respect to any Variable Funding Asset; <u>provided</u> that, for purposes of calculating the "Principal Balance" of any Deferrable Collateral Obligation, principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating any outstanding deferred or capitalized interest; <u>provided further</u> that, for purposes of the calculation set forth in <u>clause (f)</u> of the definition of Excess Concentration Amount (including not only the calculation of the Principal Balance of delayed draw term loans and Revolving Loans but also the calculation of the Principal Balance of all Eligible Collateral Obligations as a component of the Excess Concentration Measure), (i) the Principal Balance of each Variable Funding Asset shall include any unfunded commitment owed by the Borrower with respect thereto and (ii) the drawn portion of any delayed draw term loan for which portion the related funding commitment has been irrevocably reduced to zero shall not be considered a Variable Funding Asset. The "Principal Balance" of any Equity Security shall be zero.

"<u>Principal Collection Account</u>" means the collective reference to the segregated, non-interest bearing securities accounts (within the meaning of Section 8-501 of the UCC) created and maintained on the books and records of the Securities Intermediary identified as principal collection accounts and, in each case, (x) is in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, (x) includes any and all sub-accounts and (z) is established and maintained pursuant to <u>Section 8.1(a)</u>.

"<u>Principal Collections</u>" means any and all amounts of collections received with respect to the Collateral other than Interest Collections, including (but not limited to) (i) all collections attributable to principal on such Collateral (including any proceeds received by the Borrower as a result of exercising any Warrant Asset at any time), (ii) all payments received by the Borrower pursuant to any Hedging Agreement, (iii) the earnings on Principal Collections in the Collection Account that are invested in Permitted Investments, and (iv) all Repurchase Amounts, in each case other than Retained Interests.

"<u>Pro Rata Percentage</u>" means, with respect to any Lender on any date, such Lender's Commitment as of such date *divided by* the aggregate Commitments as of such date.

"<u>Proceeding</u>" means any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of a Person.

"<u>Prohibited Defense Asset</u>" means a Collateral Obligation in respect of which the related Obligor's primary direct business is the production or distribution of antipersonnel landmines, cluster munitions, biological and chemical, radiological and nuclear weapons or their Critical Components.

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"<u>Prohibited Industry</u>" means with respect to any Obligor, its primary business is (a) within an industry referred to in the definition of Prohibited Defense Asset; (b) the manufacture of fully completed and operational assault weapons or firearms; (c) in pornography or adult entertainment; (d) in the gaming industry (other than hospitality and/or resorts development or the management thereof); (e) in the marijuana industry; (f) in the opioid industry or (g) to finance any other industry which is illegal under Applicable Law at the time of acquisition of such Loan.

"<u>Purchase Price</u>" means, with respect to any Collateral Obligation, the greater of (a) zero and (b) the actual price in Dollars paid by the Borrower for such Collateral Obligation *minus* all Principal Collections in respect of such Collateral Obligation.

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

"<u>QFC Credit Support</u>" has the meaning set forth in <u>Section 17.20</u>.

"<u>Qualified Substitute Arrangement</u>" has the meaning set forth in <u>Section 10.6(c)</u>.

"<u>Ramp-Up Period</u>" means (a) the period beginning on the Effective Date and ending on the earlier to occur of (i) the 12-month anniversary of the Effective Date and (ii) the first date on which the Aggregate Eligible Collateral Obligation Amount *plus* all amounts on deposit in the Principal Collection Account equals or exceeds the Target Portfolio Amount; and (b) each period beginning on the most recent Ramp-Up Reset Date and ending on the earlier to occur of (i) the 6-month anniversary of such Ramp-Up Reset Date and (ii) the first date after such Ramp-Up Reset Date on which the Aggregate Eligible Collateral Obligation Amount *plus* all amounts on deposit in the Principal Collection Account equals or exceeds the Target Portfolio Amount; <u>provided</u> that, no Ramp-Up Period will extend beyond the last day of the Revolving Period.

"<u>Ramp-Up Reset Date</u>" means any date after the Effective Date on which there occurs any increase in the Committed Facility Amount by $50,000,000 or more.

"<u>Rating Agencies</u>" means Standard & Poor's and Moody's.

"<u>Recipient</u>" means (a) the Facility Agent, (b) any Agent, (c) any Lender and (d) any other recipient of a payment hereunder.

"<u>Records</u>" means the Collateral Obligation File for any Collateral Obligation and all other documents, books, records and other information prepared and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder, including all documents, books, records and other information prepared and maintained by the Borrower or the Servicer with respect to such Collateral Obligation or Obligors.

"<u>Regulatory Authority</u>" has the meaning set forth in <u>Section 17.14(c)</u>.

"<u>Reinvestment</u>" has the meaning set forth in <u>Section 8.3(b)</u>.

"<u>Reinvestment Date</u>" has the meaning set forth in <u>Section 8.3(b)</u>.

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"<u>Reinvestment Request</u>" has the meaning set forth in <u>Section 8.3(b)</u>.

"<u>Related Collateral Obligation</u>" means any Collateral Obligation where any Affiliate of the Borrower, the Servicer or the Equityholder has commitments to fund future advances to the related Obligor thereunder pursuant to the same Underlying Instruments; <u>provided</u> that any such asset will cease to be a Related Collateral Obligation once all commitments by such Affiliate of the Borrower, the Servicer or the Equityholder to make such advances to the related Obligor expire or are irrevocably terminated or reduced to zero.

"<u>Related Property</u>" means, with respect to a Collateral Obligation, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Collateral Obligation, including, without limitation, any pledge of the stock, membership or other ownership interests in the related Obligor or its subsidiaries, all Warrant Assets with respect to such Collateral Obligation and all proceeds from any sale or other disposition of such property or other assets.

"<u>Related Security</u>" means, with respect to each Collateral Obligation:

&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)&nbsp;&nbsp;&nbsp;&nbsp;all Warrant Assets and any Related Property securing a Collateral Obligation, all payments paid to the Borrower in respect thereof and all monies due, to become due and paid to the Borrower in respect thereof accruing after the applicable Advance Date and all liquidation proceeds 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)&nbsp;&nbsp;&nbsp;&nbsp;all guaranties, indemnities and warranties, insurance policies, financing statements and other agreements or arrangements of whatever character from time to time supporting or securing payment of any such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Collections with respect to such Collateral Obligation and any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any guarantees or similar credit enhancement for an Obligor's obligations under any Collateral Obligation, all UCC financing statements or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due and to become due to the Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all Records with respect to such Collateral Obligation and any of the foregoing; 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;all recoveries and proceeds of the foregoing.

"<u>Relevant Governmental Body</u>" means, with respect to Advances denominated in GBP, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto.

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"<u>REO Asset</u>" means, with respect to any Collateral Obligation, any real property that is Related Property that has been foreclosed on or repossessed from the current Obligor by the Servicer, and is being managed by the Servicer on behalf of, and in the name of, any REO Asset Owner, for the benefit of the Secured Parties and any other equity holder of such REO Asset Owner.

"<u>REO Asset Owner</u>" has the meaning set forth in <u>Section 7.12(a)</u>.

"<u>REO Servicing Standard</u>" has the meaning set forth in <u>Section 7.12(a)</u>.

"<u>Replacement Hedging Agreement</u>" means one or more Hedging Agreements, which in combination with all other Hedging Agreements then in effect, after giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower's covenant contained in <u>Section 10.6</u> to maintain Hedging Agreements.

"<u>Reporting Date</u>" means, with respect to any Distribution Date, the third (3<sup>rd</sup>) Business Day prior to such Distribution Date.

"<u>Repurchase Amount</u>" means, for any Warranty Collateral Obligation for which a payment or substitution is being made pursuant to <u>Section 7.11</u> as of any time of determination, the sum of (i) the greater of (a) an amount equal to the purchase price paid by the Borrower for such Collateral Obligation (excluding purchased accrued interest and original issue discount) less all payments of principal received in connection with such Collateral Obligation since the date it was added to the Collateral and (b) the Collateral Obligation Amount of such Collateral Obligation, (ii) any accrued and unpaid interest thereon since the last Distribution Date and (iii) all Hedge Breakage Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions, in whole or in part, as required by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the termination of any Hedge Transactions in whole or in part in connection therewith.

"<u>Repurchased Collateral Obligation</u>" means, with respect to any Accrual Period, any Collateral Obligation as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Borrower or the Servicer, as applicable, on or before the immediately prior Reporting Date and any Collateral Obligation purchased by the Equityholder pursuant to the Sale Agreement as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Equityholder.

"<u>Request for Release and Receipt</u>" means a form substantially in the form of <u>Exhibit F-2</u> completed and signed by the Servicer.

"<u>Required Lenders</u>" means, at any time, (a) Lenders (other than Defaulting Lenders) holding Advances aggregating greater than 50% of all Advances Outstanding (excluding the Advances Outstanding of any Defaulting Lenders) or if there are no Advances Outstanding, Lenders (other than Defaulting Lenders) holding Commitments aggregating greater than 50% of all Commitments (excluding the Commitments of any Defaulting Lenders) and (b) the Facility Agent.

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

"<u>Responsible Officer</u>" means, with respect to (a) the Servicer or the Borrower, its Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Corporate Secretary, Controller, or any other officer or employee of the Servicer or the Borrower directly responsible for the administration or collection of the Collateral Obligations (or, in the case of the Borrower, a Responsible Officer of its member responsible for the administration or collection of the Collateral Obligations), (b) the Collateral Agent or Collateral Custodian, any officer within the Corporate Trust Office, including any director, vice president, assistant vice president or associate having direct responsibility for the administration of this Agreement, who at the time shall be such officers, respectively, or to whom any matter is referred because of his or her knowledge of and familiarity with the particular subject, or (c) any other Person, the President, any Vice-President or Assistant Vice-President, Corporate Trust Officer or the Controller of such Person, or any other officer or employee having similar functions.

"<u>Restricted Information</u>" has the meaning set forth in <u>Section 10.22(b)</u>.

"<u>Retained Economic Interest</u>" has the meaning set forth in <u>Section 10.22(a)</u>.

"<u>Retained Interest</u>" means, with respect to any Collateral Obligation included in the Collateral, (a) such obligations to provide additional funding with respect to such Collateral Obligation that have been retained by the other lender(s) of such Collateral Obligation, (b) all of the rights and obligations, if any, of the agent(s) under the Underlying Instruments, (c) any unused commitment fees associated with the additional funding obligations that are being retained in accordance with <u>clause (a)</u> above, and (d) any agency or similar fees associated with the rights and obligations of the agent(s) that are being retained in accordance with <u>clause (b)</u> above.

"<u>Retention Requirements</u>" means (i) Part 5 of the Capital Requirements Regulation as supplemented by Commission Delegated Regulation (EU) No. 625/2014 of 13 March 2014 and Commission Implementing Regulation (EU) No. 602/2014 of 4 June 2014; (ii) any guidelines and related documents published from time to time in relation thereto by the European Banking Authority (or successor agency or authority) and adopted by the European Commission; (iii) the guidelines and related documents previously published in relation to the preceding risk retention legislation by the European Banking Authority (and/or its predecessor, the Committee of European Banking Supervisors) which as at the date hereof continue to apply to the Capital Requirements Regulation, together with any amendments, supplements or revisions thereto approved by the parties hereto for purposes of this definition, each to the extent legally binding in the EEA Member Country of a Lender and in each case as determined or imposed by any regulatory body having supervisory authority over any Lender.

"<u>Revaluation Diversion Event</u>" means an event that shall occur (and be deemed continuing at all times thereafter) if, on any date of determination after the end of the Revolving Period (a) the sum of all reductions in the Aggregate Eligible Collateral Obligation Amount occurring after the last day of the Revolving Period solely as a result of (i) reductions in the

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relevant Discount Factor pursuant to <u>Section 2.7(b)</u> or (ii) any Collateral Obligation becoming a Defaulted Collateral Obligation equals or exceeds the product of (x)(1) if the Effective Advance Rate as of such date is greater than 50.0%, 10% or (2) otherwise, 15% *multiplied by* (y) the Adjusted Aggregate Eligible Collateral Obligation Amount as of the last day of the Revolving Period; and (b) a Revaluation Event has occurred with respect to two (2) or more Collateral Obligations since the end of the Revolving Period.

"<u>Revaluation Event</u>" means each occurrence of any of the following with respect to any Collateral Obligation during the time such Collateral Obligation is Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation becomes a Defaulted Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of a Material Modification with respect to such Collateral Obligation that is not previously approved by the Facility Agent (in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor fails to deliver any financial reporting package (i) as required by the Underlying Instruments of such Collateral Obligation (following the lapse of the longer of (1) any applicable grace period, but in any event not greater than 30 calendar days, or (2) 30 calendar days), (ii) on at least a quarterly basis, but which shall in no case exceed (1) for such Collateral Obligations with Underlying Instruments that allow for up to 60 calendar days to deliver the applicable financial reporting package following the end of the relevant quarterly period, the lesser of (x) 30 calendar days following such deadline and (y) the relevant grace period provided in such Underlying Instrument following such deadline, (2) for such Collateral Obligations with Underlying Instruments that allow for up to 80 calendar days to deliver the applicable financial reporting package following the end of the relevant quarterly period, the lesser of (x) 15 calendar days following such deadline and (y) the relevant grace period provided in such Underlying Instrument following such deadline, and (3) for such Collateral Obligations with Underlying Instruments that allow for up to 120 calendar days to deliver the applicable financial reporting package following the end of the relevant quarterly period, the lesser of (x) 5 calendar days following such deadline and (y) the relevant grace period provided in such Underlying Instrument following such deadline; <u>provided</u> that, with respect to the financial reporting requirements for any such Collateral Obligation required in this clause (ii), the Facility Agent may approve, in its sole discretion, an alternative grace period in the applicable Asset Approval Notice, and (iii) on an annual basis, but which shall in no case exceed (1) for such Collateral Obligations with Underlying Instruments that allow for no more than 185 calendar days to deliver the applicable financial reporting package following the end of the relevant year, the lesser of (x) 5 calendar days following such deadline and (y) the relevant grace period provided in such Underlying Instrument following such deadline or (2) for such Collateral Obligations with Underlying Instruments that allow for more than 185 calendar days to deliver the applicable financial reporting package following the end of the relevant year, the number of days outlined in the relevant Asset Approval Notice for such Collateral Obligation; <u>provided</u> that, if the Obligor delivers an unqualified audit no later than sixty (60) days after the date on which the applicable financial reporting package was due under the Underlying Instruments, and such delay was for quality-assurance purposes, then no Revaluation Event shall be deemed to have occurred so long as no other Revaluation Event is indicated in such audit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Enterprise Value Loan, the Leverage Multiple thereof becomes more than 1.00x higher than the Original Leverage Multiple thereof; <u>provided</u> that, each subsequent increase of an additional 1.00x over the Original Leverage Multiple thereof shall be an additional Revaluation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Asset Based Loan, (i) the Borrower fails (or fails to cause the Obligor) to retain an Approved Valuation Firm to re-calculate the Appraised Value of (x) with respect to any such Asset Based Loan that has intellectual property, equipment or real property, as the case may be, in its borrowing base, the collateral securing such Asset Based Loan at least once every twelve (12) months that such Loan is included in the Collateral and (y) with respect to all other Asset Based Loans included in the Collateral, the collateral securing such Loan at least once every six (6) months that such Loan is included in the Collateral or (ii) the Borrower (or the related Obligor, as applicable) changes the Approved Valuation Firm with respect to any Asset Based Loan or the related Approved Valuation Firm changes the metric for valuing the collateral of such Loan, each without the prior written approval of the Facility Agent in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Asset Based Loan, the Effective LTV of such Collateral Obligation is greater than 1.0 or increases by more than an amount equal to 10% of the Original Effective LTV of such Collateral Obligation (or such higher percentage determined by the Facility Agent in its sole discretion); <u>provided</u> that, each subsequent increase of an additional 10% (or such higher percentage determined by the Facility Agent in its sole discretion) over the applicable Original Effective LTV shall be an additional Revaluation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor undergoes a merger, acquisition or other restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower sells or otherwise disposes of a portion of such Collateral Obligation at a price (as a percentage of par) less than the currently assigned Discount Factor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Participation Interest, the seller thereof ceases to have (x) long-term unsecured ratings of at least "Baa1" by Moody's and "BBB+" by S&P and (y) short-term unsecured ratings of at least "A-1" by S&P and "P-1" by Moody's (or, in each case, such other ratings as approved by the Facility Agent in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor breaches any financial covenant in the related Underlying Instruments in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Obligation becomes the subject of an offer, exchange or tender by the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Multiple of Recurring Revenue Loan, (i) the Leverage Multiple thereof (x) increases by 20% or more over the Original Leverage Multiple thereof or (y) increases by 0.5x or more over the Original Leverage Multiple thereof; (ii) the Leverage Multiple thereof exceeds 3.00x; (iii) the related Obligor's last quarter annualized Revenue is less than $15,000,000 (calculated using the most recent financial information of such Obligor received by

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or otherwise available to the Borrower); or (iv) the related Obligor fails to maintain the minimum liquidity required pursuant to the related Underlying Instruments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Broadly Syndicated Loan, it ceases to satisfy any of the criteria set forth in the definition thereof at any time;

<u>provided</u> that, with respect to any Collateral Obligation, the Facility Agent may in its sole discretion include custom revaluation events other than those included in the definition of "Revaluation Event" as a condition of its approval of any Collateral Obligation, as noted in the related Asset Approval Notice.

"<u>Revenue</u>" means, with respect to any Multiple of Recurring Revenue Loan, (i) the definition of annualized recurring revenue used in the Underlying Instruments for each such Collateral Obligation, or any comparable definition for "Revenue," "Recurring Revenue" or "Adjusted Revenue" in the Underlying Instruments for each such Collateral Obligation or (ii) if such comparable definition is not defined in such Underlying Instruments, the recurring revenue, as calculated by the Servicer in accordance with the Servicing Standard using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor (and any of its parents or Subsidiaries that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without duplication under GAAP)) as per the requirements of the related Underlying Instruments, and with respect to this clause (ii) pursuant to the methodology, approved by the Facility Agent as of the related Cut-Off Date in its sole discretion.

"<u>Revolving Loan</u>" means a Collateral Obligation that specifies a maximum aggregate amount that can be borrowed by the related Obligor and permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation.

"<u>Revolving Period</u>" means the period of time starting on the Effective Date and ending on the earliest to occur of (i) the three-year anniversary of the Effective Date or, if such date is extended pursuant to <u>Section 2.6</u>, the date mutually agreed upon by the Borrower and the Facility Agent, (ii) the date on which the Commitments are terminated in full pursuant to <u>Section 2.5</u>, (iii) the occurrence of an Event of Default, (iv) the occurrence of any event under the Constituent Documents of the Equityholder that gives rise to the right of the investors of the Equityholder to cause the winding-up of the Equityholder and (v) the date on which the Equityholder is no longer able to call for capital contributions from its investors pursuant to the Constituent Documents of the Equityholder.

"<u>Rithm Transaction</u>" means (a) the acquisition by Rithm Capital Corp. and certain of its affiliates of the ownership interests of the Investment Manager (the "<u>Acquisition</u>") and (b) the concurrent assignment and corresponding termination of the then-existing investment management agreement between the Equityholder and the Investment Manager in accordance with Section 15 of the 1940 Act; <u>provided</u> that, prior to the Acquisition, (i) the board of directors and shareholders of the Equityholder will be presented with a new investment management agreement between the Equityholder and the Investment Manager for approval, which new

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investment management agreement shall take effect upon the closing date of the Acquisition and (ii) the Facility Agent has received all "know your customer" documentation and information requested thereby and/or required by regulatory authorities with respect to Rithm Capital Corp. and any of its affiliates involved in the Rithm Transaction.

"<u>Sale Agreement</u>" means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as seller, and the Borrower, as purchaser, as amended or otherwise modified from time to time.

"<u>Sanction Target</u>" has the meaning set forth in <u>Section 9.30</u>.

"<u>Sanctioned Countries</u>" has the meaning set forth in <u>Section 9.30</u>.

"<u>Sanctions</u>" has the meaning set forth in <u>Section 9.30</u>.

"<u>Schedule of Collateral Obligations</u>" means the list or lists of Collateral Obligations attached to each Asset Approval Request and each Reinvestment Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to each such Collateral Obligation as the Borrower or the Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests and Reinvestment Requests.

"<u>Scheduled Collateral Obligation Payment</u>" means each periodic installment payable by an Obligor under a Collateral Obligation for principal, interest and/or unutilized/commitment fees (as applicable) in accordance with the terms of the related Underlying Instrument.

"<u>Second Lien Loan</u>" means any Loan that (i) is not (and that by its terms is not permitted to become) subordinate in right of payment to any other obligation of the related Obligor other than a First Lien Loan with respect to the liquidation of such Obligor or the collateral for such Loan and (ii) is secured by a valid second priority perfected Lien to or on specified collateral securing the related Obligor's obligations under the Loan, which Lien is not subordinate to the Lien securing any other debt for borrowed money other than a First Lien Loan on such specified collateral and any Permitted Liens.

"<u>Secured Parties</u>" means, collectively, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, each Lender, the Facility Agent, each Agent, each other Affected Person, Indemnified Party and Hedge Counterparty and their respective permitted successors and assigns.

"<u>Securities Intermediary</u>" means the Collateral Custodian, or any subsequent institution acceptable to the Facility Agent at which the Accounts are kept.

"<u>Selling Institution</u>" means the entity obligated to make payments to the Borrower under the terms of a Participation Interest.

"<u>Senior Servicing Fee</u>" means with respect to any Distribution Date, the senior fee payable to the Servicer or successor servicer (as applicable) for services rendered during the

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related Accrual Period, which shall be equal to one-twelfth of the product of (i) the Senior Servicing Fee Percentage *multiplied by* (ii) the average of the values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last day of the related Accrual Period.

"<u>Senior Servicing Fee Percentage</u>" means 0.50%.

"<u>Servicer</u>" means initially Crestline Lending Solutions, LLC, or any successor servicer appointed pursuant to this Agreement.

"<u>Servicer Default</u>" means the occurrence of one of the following events:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any failure by the Servicer to deposit or credit, or to deliver for deposit, in the Collection Account any amount required hereunder to be so deposited, credited or delivered or to make any required distributions therefrom and such failure continues unremedied for a period of two (2) Business Days after the Servicer has actual knowledge of such failure 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)&nbsp;&nbsp;&nbsp;&nbsp;failure on the part of the Servicer duly to observe or to perform in any respect any other covenant or agreement of the Servicer set forth in this Agreement which failure continues unremedied for a period of 30 days (if such failure can be remedied) after the date on which written notice of such failure shall have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of an Insolvency Event with respect to the Servicer;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be false or incorrect as of the time when the same shall have been made or deemed made (i) which incorrect representation, warranty or statement has a material and adverse effect on (1) the validity, enforceability or collectability of this Agreement or any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters arising under this Agreement or any other Transaction Document, and (ii) within 30 days after written notice thereof shall have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent, the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured;

&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)&nbsp;&nbsp;&nbsp;&nbsp;an Event of Default occurs;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $1,000,000, individually or in the aggregate; or (ii) the occurrence of any event or condition that has resulted in the acceleration of such recourse debt, whether or not waived;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the rendering against the Servicer of one or more final, non-appealable judgments, decrees or orders for the payment of money in excess of $1,000,000 net of any amounts covered by insurance, individually or in the aggregate, and the continuance of such

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judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a stay of execution;

&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)&nbsp;&nbsp;&nbsp;&nbsp;a Change of Control occurs; 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;Crestline Lending Solutions, LLC ceases to be the Servicer.

"<u>Servicer Expenses</u>" means any accrued and unpaid expenses (including reasonable attorneys' fees, costs and expenses) and indemnity amounts payable by the Borrower to the Servicer (other than the Senior Servicing Fee and the Subordinated Servicing Fee) under the Transaction Documents.

"<u>Servicing Standard</u>" means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations on behalf of the Borrower for the benefit of the Secured Parties in accordance with the Underlying Instruments and all customary and usual servicing practices which are consistent with the higher of: (i) the customary and usual servicing practices that a prudent institutional loan investor or lender would use in servicing loans like the Collateral Obligations 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.

"<u>Short-term Rating Requirement</u>" has the meaning set forth in the definition of "Hedge Counterparty" in this <u>Section 1.1</u>

"<u>Small Obligor Collateral Obligation</u>" means any Collateral Obligation (other than a Multiple of Recurring Revenue Loan or an Asset Based Loan) for which the related Obligor has a positive EBITDA for the prior twelve calendar months of less than $10,000,000.

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

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

"<u>SONIA</u>" means, with respect to any Business Day, a rate *per annum* equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator's Website.

"<u>SONIA Adjustment</u>" means, for a period equal to three (3) months, 0.1193% *per annum*.

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

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

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"<u>Specified Borrowing Base Breach</u>" means a breach (a) occurring at any time during which the Advances Outstanding exceed the Borrowing Base by an amount equal to or less than the Specified Borrowing Base Breach Amount and (b) continuing until such time as the Advances Outstanding no longer exceed the Borrowing Base (or as otherwise waived by the Facility Agent in its sole discretion).

"<u>Specified Borrowing Base Breach Amount</u>" means 2.5% of the Adjusted Aggregate Eligible Collateral Balance.

"<u>SR Lender</u>" means each Lender that is subject to the EU Securitization Rules.

"<u>Standard & Poor's</u>" or "<u>S&P</u>" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, and any successor or successors thereto.

"<u>Structured Finance Obligation</u>" means any obligation issued by a special purpose entity and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including (but not limited to) collateralized debt obligations, collateralized loan obligations, asset backed securities and mortgage backed securities or any resecuritization thereof or any similar obligation deemed to be a "Structured Finance Obligation" for regulatory purposes by the Facility Agent in its reasonable discretion.

"<u>Subordinated Servicing Fee</u>" means with respect to any Distribution Date, the subordinated fee payable to the Servicer or successor servicer (as applicable) for services rendered during the related Accrual Period, which shall be equal to one-twelfth of the product of (i) the Subordinated Servicing Fee Percentage *multiplied by* (ii) the average of the values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last day of the related Accrual Period.

"<u>Subordinated Servicing Fee Percentage</u>" means 0.25%.

"<u>Subsidiary</u>" means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its other Subsidiaries own, directly or indirectly, such number of outstanding shares or interests as have more than 50% of the ordinary voting power for the election of directors, managers or general partners, as applicable.

"<u>Substituted Collateral Obligation</u>" means, with respect to any Accrual Period, any Warranty Collateral Obligation with respect to which the Equityholder has substituted in a replacement Eligible Collateral Obligation pursuant to <u>Section 7.11</u> and the Sale Agreement.

"<u>Supported QFC</u>" has the meaning set forth in <u>Section 17.20</u>.

"<u>Tangible Net Worth</u>" means, with respect to any Person, the consolidated assets minus the consolidated liabilities of such Person and its consolidated Subsidiaries calculated in accordance with GAAP after subtracting therefrom the aggregate amount of the intangible assets of such Person and its consolidated Subsidiaries, including, without limitation, goodwill, franchises, licenses, patents, trademarks, tradenames, copyrights and service marks.

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"<u>Target Portfolio Amount</u>" means, as of any date of determination, $444,444,444.44; <u>provided</u> that, the Target Portfolio Amount shall be adjusted on each Ramp-Up Reset Date (upon the mutual agreement of the Borrower and the Facility Agent) based on the new Committed Facility Amount.

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

"<u>Term CORRA</u>" means, for any calculation with respect to an Advance in CAD (other than an Advance bearing interest at the Alternate Base Rate), the Term CORRA Reference Rate for a tenor of three (3) months on the day (such day, the "<u>Term CORRA Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of the relevant Accrual Period, as such rate is published by the Term CORRA Administrator.

"<u>Term CORRA Adjustment</u>" means 0.32138% (32.138 basis points).

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term CORRA Determination Day</u>" has the meaning set forth in the definition of "<u>Term</u> <u>CORRA</u>" in this <u>Section 1.1</u>.

"<u>Term CORRA Reference Rate</u>" means the forward-looking term rate based on CORRA as published by the Term CORRA Administrator.

"<u>Term SOFR</u>" means, for any calculation with respect to an Advance (other than an Advance bearing interest at the Alternate Base Rate), the Term SOFR Reference Rate for a tenor of three (3) months on the day (such day, the "<u>Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of the relevant Accrual Period, as such rate is published by the Term SOFR Administrator.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Facility Agent in its reasonable discretion).

"<u>Term SOFR Determination Day</u>" has the meaning set forth in the definition of "<u>Term</u> <u>SOFR</u>" in this <u>Section 1.1</u>.

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR as published by the Term SOFR Administrator.

"<u>Transaction Documents</u>" means this Agreement, the Notes, the Sale Agreement, the Collateral Agent and Collateral Custodian Fee Letter, each Fee Letter, the Account Control Agreement, any Joinder Agreement and the other documents to be executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however, Underlying Instruments delivered in connection with this Agreement.

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"<u>Transparency Reports</u>" means: (i) the quarterly reports containing portfolio level disclosure information required pursuant to, and in accordance with, Article 7(1)(a) of the EU Securitization Regulation and the Transparency Technical Standards applicable thereto; and (ii) the quarterly investor reports required pursuant to, and in accordance with, Article 7(1)(e) of the EU Securitization Regulation and the Transparency Technical Standards applicable thereto; or (iii) such other successor reporting requirements which may become applicable to this Agreement pursuant to any change to the Article 7 Transparency and Reporting Requirements.

"<u>Transparency Technical Standards</u>" means Commission Delegated Regulation (EU) 2020/1224 and Commission Implementing Regulation (EU) 2020/1225, together with any other guidelines and technical standards published in relation thereto, in each case, as amended and in effect from time to time.

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

"<u>UK AIFM Regulations</u>" means the UK Alternative Investment Fund Managers Regulations 2013.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Uncommitted Facility Amount</u>" means the amount by which the Lenders may agree, in their sole and absolute discretion, to make Advances in excess of their Commitments pursuant to <u>Section 2.1(a)(ii)</u>; <u>provided</u> that, the aggregate Advances Outstanding drawn from the Uncommitted Facility Amount pursuant to <u>Section 2.1(a)(ii)</u> shall not exceed, at any time, $150,000,000.

"<u>Underlying Instrument</u>" means the loan agreement, credit agreement or other customary agreement pursuant to which a Collateral Obligation has been created or issued and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation or of which the holders of such Collateral Obligation are the beneficiaries.

"<u>Undrawn Fee</u>" means a fee payable pursuant to <u>Section 3.1(b)</u> for each day of the related Accrual Period equal to the product of (a) the difference of (i) the Committed Facility Amount on such day *minus* (ii) the aggregate Advances Outstanding drawn from the Committed Facility Amount pursuant to <u>Section 2.1(a)(i)</u> on such day *minus* (iii) the aggregate Commitments with respect to which a Make-Whole Fee is payable on such day *multiplied by* (b) the Undrawn Fee Rate on such day *multiplied by* (c) 1/360.

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"<u>Undrawn Fee Rate</u>" has the meaning set forth in the Fee Letter.

"<u>Unfunded Exposure Account</u>" means the collective reference to the segregated, non-interest bearing securities accounts (within the meaning of Section 8-501 of the UCC) created and maintained on the books and records of the Securities Intermediary identified as unfunded exposure accounts and, in each case, (x) is in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, (y) includes any and all sub-accounts and (z) is established and maintained pursuant to <u>Section 8.1(a)</u>.

"<u>Unfunded Exposure Equity Amount</u>" means, as of any date of determination, with respect to any Eligible Collateral Obligation that is a Variable Funding Asset included in the Collateral, an amount equal to (i) the product of (a) the product of (x) Aggregate Unfunded Amount with respect to such Eligible Collateral Obligation *multiplied by* (y) the Discount Factor (if any) assigned to such Eligible Collateral Obligation *multiplied by* (b) the difference of (x) 100% *minus* (y) the lower of the Maximum Portfolio Advance Rate and the Weighted Average Unfunded Advance Rate, in each case, as of such date *plus* (ii) the product of (a) Aggregate Unfunded Amount with respect to such Eligible Collateral Obligation *multiplied by* (b) the difference of 100% *minus* the Discount Factor (if any) assigned to such Eligible Collateral Obligation.

"<u>Unfunded Exposure Shortfall</u>" has the meaning set forth in <u>Section 8.1(a)</u>.

"<u>Unmatured Event of Default</u>" means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute an Event of Default.

"<u>Unmatured Servicer Default</u>" means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Servicer Default.

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

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

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Special Resolution Regimes</u>" has the meaning set forth in <u>Section 17.20</u>.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning set forth in <u>Section 4.3(f)</u>.

"<u>Valuation Standard</u>" means one or a combination of customary and usual valuation methodologies generally accepted in the pricing and valuation market to derive a fair assessment of the current "fair value" of a Collateral Obligation as specified below and without regard to any

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compensation received from, or agency relationship with, any Person; *provided* that, such fair value shall be based on the most recent financial reporting and/or any other customary financial and other information with respect to such Collateral Obligation including, without limitation, the following: (i) the financial performance of the Obligor of such Collateral Obligation; (ii) a fundamental analysis which may be based on discounted cash flow and a multiples-based approach based on comparable companies in the relevant sector or another generally accepted methodology for valuing companies in the relevant sector and (iii) the current market environment (e.g., quoted trading levels on the Collateral Obligation (if available) and the relative trading levels and yields for debt instruments of comparable companies). For purposes of this definition, "fair value" is defined as the price that would be received when selling a Collateral Obligation in an orderly transaction between market participants on the date of measuring such a value.

"<u>Variable Funding Asset</u>" means any Revolving Loan or other asset that by its terms may require one or more future advances to be made to the related Obligor by any lender thereon or owner thereof.

"<u>Volcker Rule</u>" means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

"<u>Warrant Asset</u>" means any equity purchase warrants or similar rights convertible into or exchangeable or exercisable for any equity interests received by the Borrower as an "equity kicker" from the Obligor in connection with a Collateral Obligation.

"<u>Warranty Collateral Obligation</u>" has the meaning set forth in <u>Section 7.11</u>.

"<u>Warranty Collateral Obligation Cure</u>" has the meaning set forth in <u>Section 7.11</u>.

"<u>Weighted Average Advance Rate</u>" means, as of any date of determination with respect to all Eligible Collateral Obligations included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by dividing (i) the amount obtained by summing the products obtained by *multiplying* (a) the Advance Rate of each such Eligible Collateral Obligation by (b) each such Eligible Collateral Obligation's contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance by (ii) the Adjusted Aggregate Eligible Collateral Obligation Balance, in each case, as of such date.

"<u>Weighted Average Coupon</u>" means, as of any day, the number expressed as a percentage obtained by *dividing* (i) the sum for each Eligible Collateral Obligation (excluding Deferrable Collateral Obligations other than Excepted Deferrable Collateral Obligations) that is a Fixed Rate Collateral Obligation of (x) the interest rate for each such Eligible Collateral Obligation *minus* the Applicable Interest Rate *multiplied by* (y) the Collateral Obligation Amount of each such Eligible Collateral Obligation by (ii) the aggregate sum of the Collateral Obligation Amounts of all such Eligible Collateral Obligations (excluding Deferrable Collateral Obligations other than Excepted Deferrable Collateral Obligations) that are Fixed Rate Collateral Obligations.

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"<u>Weighted Average Life</u>" means, as of any day with respect to all Eligible Collateral Obligations included in the Collateral, the number of years following such date obtained by *dividing* (i) the amount obtained by summing the products obtained by *multiplying* (a) the Average Life at such time of each such Eligible Collateral Obligation by (b) the Collateral Obligation Amount of each such Eligible Collateral Obligation by (ii) the Aggregate Eligible Collateral Obligation Amount.

"<u>Weighted Average Spread</u>" means, as of any day, the number expressed as a percentage equal to (i) the Aggregate Funded Spread *divided by* (ii) the Aggregate Eligible Collateral Obligation Amount.

"<u>Weighted Average Unfunded Advance Rate</u>" means, as of any date of determination with respect to all Eligible Collateral Obligations that are Variable Funding Assets included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by dividing (i) the amount obtained by summing the products obtained by *multiplying* (a) the Advance Rate of each such Variable Funding Asset by (b) such Variable Funding Asset's contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance by (ii) the sum of all Variable Funding Assets' contributions to the Adjusted Aggregate Eligible Collateral Obligation Balance.

"<u>Withholding Agent</u>" means the Borrower, the Facility Agent, the Collateral Agent and the Servicer.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under the Bail-In Legislation that are related to or ancillary to any of those powers.

"<u>written</u>" or "<u>in writing</u>" (and other variations thereof) means any form of written communication or a communication by means of telex, telecopier device, telegraph or cable.

"<u>Yield</u>" means, with respect to any period, the daily interest accrued on Advances during such period as provided for in <u>Article III</u>.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Definitional Provisions</u>. (a) Unless otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each term defined in the singular form in <u>Section 1.1</u> or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto, and each term defined in the plural form in <u>Section 1.1</u> shall mean the singular thereof when the singular form of such term is used herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The words "hereof," "herein," "hereunder" and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, the term "including" means "including without limitation," and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The following terms which are defined in the UCC in effect in the State of New York on the date hereof are used herein as so defined: Accounts, Certificated Securities, Chattel Paper, Control, Deposit Account, Documents, Equipment, Financial Assets, Funds-Transfer System, General Intangibles, Indorse and Indorsed, Instruments, Inventory, Investment Property, Proceeds, Securities Account, Securities Intermediary, Security Certificates, Security Entitlements, Security Interest and Uncertificated Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, each reference in this Agreement or in any other Transaction Document to a Transaction Document shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the Transaction Documents.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;All calculations required to be made hereunder with respect to the Collateral Obligations, the Maximum Availability and the Borrowing Base shall be made on a trade date basis and after giving effect to (x) all purchases or sales to be entered into on such trade date, (y) all Advances requested to be made on such trade date plus the balance of all unfunded Advances to be made in connection with the Borrower's purchase of previously requested (and approved) Collateral Obligations or any funding with respect to a Variable Funding Asset included in the Collateral and (z) the application of any Principal Collections on deposit in the Principal Collection Account necessary to settle all outstanding and unsettled assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Any use of the term "knowledge" or "actual knowledge" in this Agreement shall mean actual knowledge after reasonable inquiry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Any use of "material" or "materially" or words of similar meaning in this Agreement shall mean material, as determined by the Facility Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, an Event of Default or Servicer Default shall be deemed to be continuing until it is waived in accordance with <u>Section 17.2</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;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;For all purposes under the Transaction Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws), 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any other Transaction Document, the Borrower and the Facility Agent shall negotiate in good faith to amend such covenant to preserve the original intent in light of such change; <u>provided</u> that, until so amended, (i) such covenant shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) the Borrower shall provide to the Facility Agent a written reconciliation in form and substance reasonably satisfactory to the Facility Agent, between calculations of such covenant made before and after giving effect to such change in generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;On each Measurement Date, the status of each Eligible Collateral Obligation shall be re-determined by the Servicer as of such date and, as a consequence thereof, (i) Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount calculated on such Measurement Date and (ii) Collateral Obligations that were previously excluded from the Aggregate Eligible Collateral Obligation Amount on a prior Measurement Date may be included, with the consent of the Facility Agent in its sole discretion, in the Aggregate Eligible Collateral Obligation Amount calculated on such Measurement Date.

ARTICLE II

THE FACILITY, ADVANCE PROCEDURES AND NOTES

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances</u>. (a) On the terms and subject to the conditions set forth in this Agreement, from time to time during the Revolving Period, (i) with respect to the Committed Facility Amount, each Lender Group hereby agrees to make advances to or on behalf of the Borrower (individually, an "<u>Advance</u>" and collectively the "<u>Advances</u>") and (ii) with respect to the Uncommitted Facility Amount, each Lender hereby agrees on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider making Advances to the Borrower pursuant to the foregoing <u>clause (i)</u> in its SOLE AND ABSOLUTE DISCRETION (each such

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date on which an Advance is made pursuant to this <u>Section 2.1(a)</u>, an "<u>Advance Date</u>"), in each case, upon delivery of an Advance Request by or on behalf of the Borrower pursuant to <u>Section</u> <u>2.2(a)</u>; <u>provided</u> that, there shall be no more than two (2) Advance Dates during any calendar week. The AUD Advances shall be made solely by the AUD Lenders, the CAD Advances shall be made solely by the CAD Lenders, the Dollar Advances shall be made solely by the Dollar Lenders, the Euro Advances shall be made solely by the Euro Lenders and the GBP Advances shall be made solely by the GBP Lenders, in each case, in accordance with <u>Section 2.2(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Under no circumstances shall any Lender be obligated to make an Advance pursuant to <u>Section 2.1(a)</u> if, after giving effect to such Advance and any purchase of Eligible Collateral Obligations in connection therewith, (x) the Advances Outstanding would exceed the Borrowing Base Measure on such day or (y) the Foreign Currency Sublimit Compliance Test would not be satisfied on such day. Under no circumstances shall any Lender make an Advance pursuant to <u>Section 2.1(a)(ii)</u> if, after giving effect to such Advance, (1) such Lender's Advances Outstanding exceed, in the aggregate, the Maximum Facility Amount set forth opposite such Lender's name on <u>Annex B</u> or (2) the aggregate Advances Outstanding exceed the total Maximum Facility Amount of all Lenders set forth on <u>Annex B</u>. Subject to the terms of this Agreement, during the Revolving Period, the Borrower may borrow, reborrow, repay and prepay (subject to the provisions of <u>Section 2.4</u>) one or more Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;NO LENDER HEREUNDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO MAKE ANY ADVANCE HEREUNDER FROM THE UNCOMMITTED FACILITY AMOUNT UNLESS AND UNTIL SUCH LENDER AFFIRMATIVELY COMMITS IN WRITING TO MAKE (OR ACTUALLY MAKES) SUCH REQUESTED ADVANCE. NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR OBLIGATE ANY LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY ANY LENDER TO MAKE OR ELECT TO MAKE ANY SUCH ADVANCE UNLESS AND UNTIL SUCH LENDER AFFIRMATIVELY COMMITS IN WRITING TO MAKE (OR ACTUALLY MAKES) SUCH REQUESTED ADVANCE.

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Funding of Advances</u>. (a) Subject to the satisfaction of the conditions precedent set forth in <u>Section 6.2</u>, the Borrower may request Advances hereunder by giving notice to the Facility Agent, each Agent and the Collateral Agent of the proposed Advance (x) if such Advance is denominated in any Eligible Currency (other than AUD), at or prior to 11:00 a.m., New York City time, at least two (2) Business Days prior to the proposed Advance Date or (y) if such Advance is denominated in AUD, at least three (3) Business Days prior to the proposed Advance Date. Such notice (herein called the "<u>Advance Request</u>") shall be in the form of <u>Exhibit C-1</u> and shall include (among other things) the proposed Advance Date, whether such Advance is being made from the Committed Facility Amount pursuant to <u>Section 2.1(a)(i)</u> or from the Uncommitted Facility Amount pursuant to <u>Section 2.1(a)(ii)</u>, the proposed Eligible Currency in which such Advance is to be denominated and the amount of such proposed Advance, and shall, if applicable, be accompanied by an Asset Approval Request setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Advance Date (if applicable) and shall specify the allocation of such Advance among the Lenders in accordance with the Lenders' respective Pro Rata Percentages. The

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amount of any Advance shall at least be equal to the least of (i) 1,000,000 AUDs, 1,000,000 CADs, $1,000,000, 1,000,000 Euros or 1,000,000 GBPs, individually and as applicable, (ii)(1) the Borrowing Base Measure on such day *minus* (2) the Advances Outstanding on such day, (iii)(1) the Foreign Currency Sublimit (Aggregate) on such day *minus* (2) the Foreign Currency Advance Amount (Aggregate) on such day and (iv)(1) the Foreign Currency Sublimit (Individual) on such day *minus* (2) the Foreign Currency Advance Amount (Individual) on such day, individually and as applicable, in each case, before giving effect to the requested Advance as of such date. Any Advance Request given by the Borrower pursuant to this <u>Section 2.2</u>, shall be irrevocable and binding on the Borrower. The Facility Agent shall have no obligation to lend funds hereunder in its capacity as Facility Agent. Subject to receipt by the Collateral Agent of an Officer's Certificate of the Borrower confirming the satisfaction of the conditions precedent set forth in <u>Section 6.2</u>, and the Collateral Agent's receipt of such funds from the Lenders, the Collateral Agent shall make the proceeds of such requested Advances in the requested Eligible Currency available to the Borrower by deposit to such account as may be designated by the Borrower in the Advance Request in same day funds no later than 2:00 p.m., New York City time, on such Advance 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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Committed Lender's Commitment</u>. Notwithstanding anything contained in this <u>Section 2.2(b)</u> or <u>Section 2.2(c)</u> or elsewhere in this Agreement to the contrary, no Lender shall be obligated to provide its Agent or the Borrower with funds in connection with an Advance in an amount that would result in the portion of the Advances then funded by it exceeding its Commitment then in effect. The obligation of the Committed Lender in each Lender Group to remit any Advance shall be several from that of the other Lenders, and the failure of any Committed Lender to so make such amount available to its Agent shall not relieve any other Committed Lender of its obligation 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Unfunded Commitment Provisions</u>. Notwithstanding anything to the contrary herein, upon the occurrence of the earlier of (i) any acceleration of the maturity of Advances pursuant to <u>Section 13.2</u> and (ii) the end of the Revolving Period, the Borrower shall request an Advance in the amount of the Aggregate Unfunded Amount minus the amount already on deposit in the Unfunded Exposure Account. Following receipt of such Advance Request, the Lenders shall fund such requested amount by transferring such amount directly to the Collateral Custodian to be deposited into the Unfunded Exposure Account, notwithstanding anything to the contrary herein (including, without limitation, the Borrower's failure to satisfy any of the conditions precedent set forth in <u>Section 6.2</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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Currency Commitment Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender hereby agrees that (A) each Advance funded in AUDs shall be funded in its entirety by the AUD Lenders, (B) each Advance funded in CADs shall be funded in its entirety by the CAD Lenders, (C) each Advance funded in Dollars shall be funded in its entirety by the Dollar Lenders, (D) each Advance funded in Euros shall be funded in its entirety by the Euro Lenders and (E) each Advance funded in GBPs shall be funded in its entirety by the GBP Lenders; <u>provided</u> that, no Lender other than DBNY and its Affiliates shall be required to fund any Advances in any Eligible Currency

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(other than Dollars) in an amount greater than its Pro Rata Percentage of the Advances to be made in such Eligible Currency. On the date of each Advance, each Lender shall purchase and sell Advances in an aggregate amount such that, after giving effect to each such purchase, each Lender owns its Pro Rata Percentage of the Advances Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;On each FX Evaluation Date, (A) the Servicer shall calculate the Borrowing Base and deliver such calculation to the Facility Agent and (B) the Facility Agent shall deliver in accordance with <u>Section 17.3</u> to the Collateral Agent, the Servicer and each Agent such calculation of the Borrowing Base, together with each Pro Rata Percentage and the actual percentage of the Advances Outstanding owing to each Lender as of such FX Evaluation Date. If (x) there is on any FX Evaluation Date specified in <u>clauses (a)</u> or <u>(c)</u> of the definition thereof, any difference; (y) there is on any other FX Evaluation Date, a difference of 2.5% or more, in each case between any Lender's actual percentage of the Advances Outstanding and such Lender's Pro Rata Percentage; or (z) on any date any Lender has provided written notice to the Facility Agent that such Lender directs (in its sole discretion) a reallocation under this <u>Section 2.2(d)(ii)</u>, the Facility Agent shall deliver, as directed by the Servicer or Lender, as applicable, in accordance with <u>Section 17.3</u> to each Agent (with a copy to the Collateral Agent) a notice in the form of <u>Exhibit C-4</u> (each, an "<u>FX Reallocation Notice</u>") directing each Lender to sell to, or purchase from, as applicable, the other Lenders Advances in an aggregate amount such that, after giving effect to each such purchase, each Lender owns its Pro Rata Percentage of the Advances Outstanding. Each Lender agrees to comply with the direction provided in the FX Reallocation Notice. Each such purchase and sale of Advances Outstanding shall occur on the second Business Day following delivery of the related FX Reallocation Notice (or, if the related FX Reallocation Notice is delivered to any Lender after 4:00 p.m. New York time, on the third Business Day following delivery of such FX Reallocation Notice) or, in each case, such shorter time period as agreed in writing by each affected 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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, at no time shall (i) any AUD Lender have any obligation to fund any Advance in an Eligible Currency other than AUDs, (ii) any CAD Lender have any obligation to fund any Advance in an Eligible Currency other than CADs, (iii) any Dollar Lender have any obligation to fund any Advance in an Eligible Currency other than Dollars, (iv) any Euro Lender have any obligation to fund any Advance in an Eligible Currency other than Euros or (v) any GBP Lender have any obligation to fund any Advance in an Eligible Currency other than GBPs.

Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notes</u>. The Borrower shall, upon request of any Lender Group, on or after such Lender Group becomes a party hereto (whether on the Effective Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such Lender Group. Each such Note shall be payable to the Agent for such Lender Group in a face amount equal to the applicable Lender Group's Commitment as of the Effective Date or the effective date on which such Lender Group becomes a party hereto, as applicable. The Borrower hereby irrevocably authorizes each Agent to make (or cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the option of such Agent, in its records),

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which notations, if made, shall evidence, *inter alia*, the date of the outstanding principal of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive evidence of the subject matter thereof absent manifest error; <u>provided</u>, that the failure to make any such notations shall not limit or otherwise affect any of the Obligations or any payment thereon.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Repayment and Prepayments</u>. (a) The Borrower shall repay the Advances Outstanding (i) on each Distribution Date to the extent required to be paid hereunder and funds are available therefor pursuant to <u>Section 8.3</u> and (ii) in full on the Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Facility Termination Date, the Borrower may, from time to time, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Advance using Principal Collections on deposit in the Principal Collection Account or other funds available to the Borrower on such date; <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all such voluntary prepayments shall require prior written notice to the Facility Agent (with a copy to the Collateral Agent and each Agent) by 11:00 a.m. two (2) Business Days prior to such voluntary prepayment (or such shorter period as the Facility Agent may accept in its sole discretion), which notice (herein called the "<u>Prepayment Notice</u>") shall be in the form of <u>Exhibit C-5</u> and shall include (among other things) the proposed date of such prepayment, whether the Advances being prepaid were drawn from the Committed Facility Amount pursuant to <u>Section 2.1(a)(i)</u> and/or the Uncommitted Facility Amount pursuant to <u>Section 2.1(a)(ii)</u> and the amount and allocation of such prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each such voluntary partial prepayment shall be in a minimum amount of 1,000,000 AUDs, 1,000,000 CADs, $1,000,000, 1,000,000 Euros or 1,000,000 GBPs, individually and as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;each prepayment shall be applied on the Business Day received by the Facility Agent if received by 3:00 p.m., New York City time, on such day as Amount Available constituting Principal Collections pursuant to <u>Section 8.3(a)</u> as if (x) the date of such prepayment were a Distribution Date and (y) such prepayment occurred during the Accrual Period to which such Distribution Date relates; 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)&nbsp;&nbsp;&nbsp;&nbsp;each prepayment shall be made in the currency in which the Advance being prepaid is denominated.

Each such prepayment shall be subject to the payment of any amounts required by <u>Section 2.5</u> (if any) resulting from a prepayment or payment.

Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Permanent Reduction of Committed Facility Amount</u>. (a) The Borrower may at any time upon five Business Days' prior written notice to the Facility Agent, permanently reduce the Committed Facility Amount (i) in whole upon payment in full (in accordance with <u>Section 2.4</u>) of all Advances Outstanding or (ii) in part by any *pro rata* amount that the Committed Facility Amount exceeds the Advances Outstanding drawn from the Committed Facility Amount pursuant to <u>Section 2.1(a)(i)</u> (after giving effect to any concurrent prepayment

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thereof). In connection with any permanent reduction of the Committed Facility Amount under this <u>Section 2.5(a)</u>, the Commitment of each Committed Lender shall automatically, and without any further action by any party, be reduced *pro rata* with all other Committed Lenders such that the sum of all Commitments will equal the newly reduced Committed Facility 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;As a condition precedent to any permanent reduction of the Committed Facility Amount pursuant to <u>Section 2.5(a)</u>, the Borrower shall pay to the Facility Agent, for the respective accounts of the Lenders, any applicable Prepayment Fee; <u>provided</u> that, notwithstanding the foregoing or anything to the contrary herein, no Prepayment Fee shall be payable in connection with any permanent reduction of the Committed Facility Amount occurring (x) during the continuation of a Non-Approval Event or (y) after the two-year anniversary of the Effective Date.

Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Extension of Revolving Period</u>. The Borrower may, at any time (a) not earlier than the date that is twelve (12) months prior to the last day of the then-existing Revolving Period and (b) prior to the date that is 30 calendar days prior to the last day of the then-existing Revolving Period, deliver a written notice to the Facility Agent requesting an extension of the Revolving Period, substantially maintaining the remaining existing terms of this Agreement. In the respective sole discretion of each Agent, the Revolving Period shall be extended to a date mutually agreed upon by the Borrower and the Agents and in accordance with the other terms and conditions as may be agreed to from time-to-time by the Borrower and the Facility Agent. To the extent any Lender does not agree to any such extension of the Revolving Period, each extending Lender shall have the right (but not the obligation) to purchase the Commitment of such declining Lender, and such declining Lender agrees to assign its Commitment to each such extending Lender. To the extent multiple extending Lenders exercise this option, the Commitment of the declining Lender shall be allocated to such extending Lenders *pro rata*.

Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Calculation of Discount Factor</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)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the purchase of each Collateral Obligation and prior to such Collateral Obligation being purchased by the Borrower and included in the Collateral, the Facility Agent will assign (in its sole discretion) a Discount Factor for such Collateral Obligation, which Discount Factor shall remain effective for such Collateral Obligation except as provided in <u>clause (c)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Revaluation Event occurs with respect to any Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended by the Facility Agent, in its sole discretion; <u>provided</u> that, in the event of a Revaluation Event pursuant to <u>clause (d)</u> of the definition thereof with respect to a First Lien Loan that (i) is not a Small Obligor Collateral Obligation and (ii) has a then-current Leverage Multiple no greater than 2.00x higher than the Original Leverage Multiple thereof, the Facility Agent may decrease the Discount Factor by a percentage no greater than (x) 1 *minus* (y) the quotient of the then-current Leverage Multiple *divided by* the Original Leverage Multiple thereof. The Facility Agent shall provide written notice of the revised Discount Factor to the Borrower and the Servicer. To the extent the Servicer has actual knowledge or has received notice of any Revaluation Event with respect to

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any Collateral Obligation, the Servicer shall give prompt written notice thereof to the Facility Agent (but, in any event, not later than two (2) Business Days after it receives notice or gains actual knowledge 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;If the Discount Factor of any Disputable Collateral Obligation is lowered by the Facility Agent pursuant to the foregoing <u>clause (b)</u> following this first Revaluation Event to occur with respect to such Disputable Collateral Obligation, the Servicer may dispute the same at its expense by retaining an Approved Valuation Firm to re-determine the Discount Factor of such Disputable Collateral Obligation in accordance with the Valuation Standard and providing written notice of such re-determined Discount Factor to the Facility Agent within sixty (60) days of the occurrence of such Revaluation Event, which re-determined Discount Factor shall take effect upon the Facility Agent's receipt of such notice; <u>provided</u> that, once the Servicer has notified the Facility Agent pursuant to this <u>clause (c)</u> that an Approved Valuation Firm has been selected, such Approved Valuation Firm may not be changed with respect to the applicable Disputable Collateral Obligation without the prior written consent of the Facility Agent. Any Discount Factor determined by the Approved Valuation Firm selected by the Servicer pursuant to this <u>clause (c)</u> shall be re-determined every six (6) months by such Approved Valuation Firm, which re-determined Discount Factor shall take effect upon the Facility Agent's receipt of written notice thereof; <u>provided</u> that, if no such re-determined Discount Factor is provided with respect to any six-month period, the Discount Factor of such Disputable Collateral Obligation shall thereafter be the Discount Factor determined by the Facility Agent in its sole discretion. Notwithstanding anything herein to the contrary, the Discount Factor of any Disputable Collateral Obligation already subject to dispute pursuant to this <u>clause (c)</u> shall be determined by the Facility Agent in its sole discretion if such Collateral Obligation at any time (i) becomes subject to a second Revaluation Event or (ii) has a then-current Leverage Multiple more than 2.50x higher than the Original Leverage Multiple thereof. Subject to the foregoing, there shall be no limit on the number of Disputable Collateral Obligations that may be disputed pursuant to this <u>clause (c)</u>.

Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Increase of Committed Facility Amount</u>. The Borrower may, with the prior written consent of the Facility Agent (which consent may be conditioned on one or more conditions precedent in its sole discretion), (i) increase the Commitment of the existing Lender Groups (*pro rata*) with the consent of all such Lender Groups, (ii) add additional Lender Groups and/or (iii) increase the Commitment of any Lender Group with the consent of such Lender Group, in each case, which shall increase the Committed Facility Amount by the amount of the increase of the Commitment of each such existing Lender Group and/or the amount of the Commitment of each additional Lender Group, as applicable; <u>provided</u> that, in no event shall the aggregate Commitments exceed $1,000,000,000.

Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lenders</u>.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any payment of principal, interest, fees or other amounts received by the Collateral Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Facility Agent as follows: *first*, to the payment of any amounts owing by that Defaulting Lender to the Facility Agent hereunder; *second*, as the Borrower may request (so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Borrower in its sole discretion)), 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 Facility Agent; *third*, if so determined by the Facility Agent or the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund future Advances under this Agreement; *fourth*, to the payment of any amounts owing to the other 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 Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Facility Agent in its sole discretion), 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 that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that, if such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a *pro rata* basis prior to being applied to the payment of any Advances of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this <u>Section 2.9</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;for any period during which such Lender is a Defaulting Lender, such Defaulting Lender shall not be entitled to receive any Undrawn Fee or Make-Whole Fee for any period during which that Lender is a Defaulting Lender (and under no circumstance shall the Borrower retroactively be or become required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;that Defaulting Lender's right to approve or disapprove any amendment (other than a Fundamental Amendment), waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of "Required Lenders" and in <u>Section 17.2</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Facility Agent and the Borrower determine in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Facility

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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), such Lender will, to the extent applicable, purchase that portion of Advances Outstanding of the other Lenders or take such other actions as the Facility Agent may determine to be necessary to cause the Advances to be held on a *pro rata* basis by the Lenders, whereupon that Lender will cease to be a Defaulting Lender; <u>provided</u> that, no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; <u>provided further</u> that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

ARTICLE III

YIELD, UNDRAWN FEE, ETC.

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Yield and Undrawn Fee</u>. (a) The Borrower hereby promises to pay, on the dates specified in <u>Section 3.2</u>, Yield on the outstanding amount of each Advance (or each portion thereof) for the period commencing on the applicable Advance Date until such Advance is paid in full. No provision of this Agreement or the Notes shall require the payment or permit the collection of Yield in excess of the maximum amount permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay the Undrawn Fee on the dates specified in <u>Section 3.2</u>.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Yield and Undrawn Fee Distribution Dates</u>. Yield accrued on each Advance (including any previously accrued and unpaid Yield) and the Undrawn Fee (as applicable) shall be payable, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;on the Facility Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Advance; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;on each Distribution Date.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Yield Calculation</u>. The Advances shall bear interest on each day during each Accrual Period at a rate *per annum* equal to the product of (a) the Interest Rate for such Accrual Period *multiplied by* (b) the Advances Outstanding on such day. All Yield shall be computed on the basis of the actual number of days (including the first day but excluding the last day) occurring during the period for which such Yield is payable over a year comprised of (x) with respect to Dollar Advances and Euro Advances, 360 days; <u>provided</u> that, the Yield for any Note accruing interest at the Alternate Base Rate shall be computed on the basis of the actual number of days elapsed over a year comprised of 365 or 366 days, as applicable, and (y) with respect to Advances for any Eligible Currency other than Dollars or Euros, 365 days.

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Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Computation of Yield, Fees, Etc.</u> Each Agent (on behalf of its respective Lender Group) and the Facility Agent shall determine the applicable Yield and all Fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Servicer and the Collateral Agent thereof in writing no later than the fifth (5<sup>th</sup>) Business Day following the end of the related Accrual Period. Such reporting may also include an accounting of any other amounts due and payable hereunder.

ARTICLE IV

PAYMENTS; TAXES

Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Making of Payments</u>. Subject to, and in accordance with, the provisions hereof and <u>Section 2.4</u> or <u>Section 8.3(a)</u>, as applicable, all payments of principal of or Yield on the Advances and other amounts due to the Lenders shall be made pursuant to <u>Section 8.3(a)</u> no later than 3:00 p.m., New York City time, on the day when due in the applicable Eligible Currency in immediately available funds. Payments received by any Lender or Agent after 3:00 p.m., New York City time, on any day will be deemed to have been received by such Lender or Agent on the next following Business Day. The respective Agent for each Lender Group shall allocate to the Lenders in its Lender Group each payment in respect of the Advances received by the respective Agent as provided by <u>Section 8.3(a)</u> or <u>Section 2.4</u>, as applicable. Payments in reduction of the principal amount of the Advances shall be allocated and applied to Lenders *pro rata* based on their respective portions of such Advances, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the Borrower. Payments of Yield and Undrawn Fee shall be allocated and applied to Lenders *pro rata* based upon the respective amounts of such Yield and Undrawn Fee due and payable to them.

Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Date Extension</u>. If any payment of principal or Yield with respect to any Advance or any other amount payable hereunder or under any Transaction Document falls due on a day which is not a Business Day, then such due date shall be extended to the next following Business Day, and additional Yield shall accrue and be payable for the period of such extension at the rate applicable to such Advance.

Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. (a) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Official Body in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this <u>Section 4.3</u>) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Official Body in accordance with Applicable Law, or at the option of the Facility Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 4.3</u>) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Facility Agent), or by the Facility Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Facility Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Facility Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 15.9</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Facility Agent in connection with any Transaction 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 Official Body. A certificate as to the amount of such payment or liability delivered to any Lender by the Facility Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Facility Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the Facility Agent to the Lender from any other source against any amount due to the Facility Agent under this <u>Section 4.3(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Payments</u>. As soon as practicable after any payment of material Taxes by the Borrower to an Official Body pursuant to this <u>Section 4.3</u>, the Borrower shall deliver to the Facility Agent a true and accurate copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower and the Facility Agent, at the time or times reasonably requested by the Borrower or the Facility Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Facility Agent, shall deliver such other

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documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Facility Agent as will enable the Borrower or the Facility Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 4.3(f)(ii)(A)</u>, <u>Section 4.3(f)(ii)(B)</u> and <u>Section 4.3(f)(ii)(D)</u> below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;any Lender that is a U.S. Person shall deliver to the Borrower and the Facility Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, 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 Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E, 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;&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)&nbsp;&nbsp;&nbsp;&nbsp;executed copies of IRS 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;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit G-1</u> to the effect that such Foreign 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

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the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, 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;&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)&nbsp;&nbsp;&nbsp;&nbsp;to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable), a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit G-2</u> or <u>Exhibit G-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit G-4</u> 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility 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 Facility Agent to determine the withholding or deduction required to be made; 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;(D)&nbsp;&nbsp;&nbsp;&nbsp;if a payment made to a Lender under any Transaction 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), such Lender shall deliver to the Borrower and the Facility Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to (x) comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or (y) determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

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Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section 4.3</u> (including by the payment of additional amounts pursuant to this <u>Section 4.3</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this <u>Section 4.3</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Official Body with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>Section 4.3(g)</u> (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the contrary in this <u>Section 4.3(g)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>Section 4.3(g)</u> the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the 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. This <u>Section 4.3(g)</u> shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. Each party's obligations under this <u>Section 4.3</u> shall survive the resignation or replacement of the Facility Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. For purposes of this <u>Section 4.3</u>, the term "Applicable Law" includes FATCA.

ARTICLE V

INCREASED COSTS, ETC.

Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased Costs, Capital Adequacy</u>. (a) If, due to either (i) the introduction of or any change following the date hereof (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation, administration or application arising following the date hereof of any Applicable Law, in each case whether foreign or domestic or (ii) the compliance with any guideline or request following the date hereof from any central bank or other Official Body (whether or not having the force of law), (A) there shall be any increase in the cost to the Facility Agent, any Agent, any Lender, or any successor or assign thereof (each of which shall be an "<u>Affected Person</u>") of agreeing to

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make or making, funding or maintaining any Advance (or any reduction of the amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Person hereunder), as the case may be, (B) there shall be any reduction in the amount of any sum received or receivable by an Affected Person under this Agreement or under any other Transaction Document, or (C) any Recipient is subject to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in <u>clauses (b)</u> through <u>(d)</u> of the definition of Excluded Taxes and (z) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, then, in each case, the Borrower shall, from time to time, after written demand by the Facility Agent (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), on behalf of such Affected Person, pay to such Affected Person, additional amounts sufficient to compensate such Affected Person for such increased costs or reduced payments within thirty (30) days after such demand.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If either (i) the introduction of or any change following the date hereof in or in the interpretation, administration or application arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any Affected Person with any law, guideline, rule, regulation, directive or request following the date hereof, from any central bank, any Official Body or agency, including, without limitation, compliance by an Affected Person with any request or directive regarding capital adequacy or liquidity, has or would have the effect of reducing the rate of return on the capital of any Affected Person, as a consequence of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below that which any such Affected Person could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Person with respect to capital adequacy), by an amount deemed by such Affected Person to be material, then, from time to time, after demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Facility Agent on behalf of such Affected Person such additional amounts as will compensate such Affected Person for such reduction but only to the extent there are amounts available therefore on any given day pursuant to <u>Section 8.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If an Affected Person shall at any time (without regard to whether any Basel III Regulations are then in effect) suffer or incur (i) any explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital or supply of funding such Affected Person or any of its Affiliates is required or expected to maintain in connection with the transactions contemplated herein, without regard to (A) whether such charge, assessment, cost or expense is imposed or recognized internally, externally or inter-company or (B) whether it is determined in reference to a reduction in the rate of return on such Affected Person's or Affiliate's assets or capital, an inherent cost of the establishment or maintenance of a reserve of stable funding, a reduction in the amount of any sum received or receivable by such Affected Person or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising by reason of the actual or anticipated compliance by such Affected Person or any of its Affiliates with the Basel III Regulations, then, upon demand by or on behalf of such Affected Person through the Facility Agent, the Borrower shall pay to the Facility Agent,

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for the benefit of such Affected Person, such amount as will, in the determination of such Affected Person, compensate such Affected Person therefor but only to the extent there are amounts available therefor on any given day pursuant to <u>Section 8.3(a)</u>. A certificate of the applicable Affected Person setting forth the amount or amounts necessary to compensate the Affected Person under this <u>Section [5.1(c)](#i920d5c50a2c048d8832b3d3116517d31_7)</u> shall be delivered to the Borrower and shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In determining any amount provided for in this <u>Section 5.1</u>, the Affected Person may use any reasonable averaging and attribution methods. The Facility Agent, on behalf of any Affected Person making a claim under this <u>Section 5.1</u>, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional or increased costs, which certificate shall be conclusive absent manifest error.

ARTICLE VI

EFFECTIVENESS; CONDITIONS TO ADVANCES

Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Effectiveness</u>. This Agreement shall become effective on the first day (the "<u>Effective Date</u>") on which the Facility Agent, on behalf of the Lenders, shall have received the following, each in form and substance reasonably satisfactory to the Facility Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transaction Documents</u>. This Agreement and each other Transaction Document, in each case duly executed by each party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notes</u>. For each Lender Group that has requested the same, a Note duly completed and executed by the Borrower and payable to the Agent for such Lender Group;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Establishment of Accounts</u>. Evidence that each Account (other than any Account established in any Eligible Currency other than Dollars) has been established;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolutions</u>. Certified copies of the resolutions of the board of managers (or similar items) of the Borrower, the Equityholder and the Servicer approving the Transaction Documents to be delivered by it hereunder and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organizational Documents</u>. The certificate of formation (or similar organizational document) of each of the Borrower, the Equityholder and the Servicer certified by the Secretary of State of its jurisdiction of organization; and a certified, executed copy of the Borrower's, the Equityholder's and the Servicer's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Good Standing Certificates</u>. Good standing certificates for each of the Borrower, the Equityholder and the Servicer issued by the applicable Official Body of its jurisdiction of organization;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Incumbency</u>. A certificate of the secretary or assistant secretary of each of the Borrower, the Equityholder and the Servicer certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other Transaction Documents to be delivered by it;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Filings</u>. Copies of proper financing statements, as may be necessary or, in the opinion of the Facility Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Opinions</u>. Legal opinions of (i) Akin Gump Strauss Hauer & Feld LLP, counsel for the Borrower, the Equityholder and the Servicer, (ii) Eversheds Sutherland (US) LLP, regulatory counsel for the Borrower, the Equityholder and the Servicer, and (iii) Nixon Peabody LLP, counsel for the Collateral Agent, each in form and substance reasonably satisfactory to the Facility Agent covering such matters as the Facility Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Event of Default, etc.</u> Each of the Transaction Documents is in full force and effect and no Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the issuance of the Notes and the borrowing 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liens</u>. The Facility Agent shall have received (i) the results of a recent search by a Person satisfactory to the Facility Agent, of the UCC, judgment, security interest and tax lien filings which may have been filed with respect to personal property of the Borrower, and bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be satisfactory to the Facility Agent and (ii) filed UCC termination statements, if any, necessary to release all security interests and other rights of any Person in any Collateral previously granted by the Borrower and any executed pay-off letters reasonably requested by the Facility Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Fees</u>. The Facility Agent shall have received evidence, to its sole satisfaction, that all Fees due to the Lenders on the Effective Date have been 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;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Material Adverse Effect</u>. No Material Adverse Effect shall have occurred since the formation date of the Equityholder and no litigation shall have commenced which, if successful, could have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements</u>. The Facility Agent has received the most recently available copies of the financial statements and reports described in <u>Section 7.5(k)</u> certified by a Responsible Officer of the Servicer to be true and correct and such financial statements fairly present in all material respects the financial condition of such Person as of the applicable date of issuance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance</u>. The Facility Agent and the Lenders shall have received sufficiently in advance of the Effective Date, all documents and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity Contribution</u>. The Facility Agent shall have received satisfactory evidence that the Equityholder has contributed Eligible Collateral Obligations with an aggregate Collateral Obligation Amount (*minus* the amount of each Collateral Obligation included in the Excess Concentration Amount) and/or cash credited to the Principal Collection Account in an aggregate amount of at least $225,000,000; 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;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership Certification</u>. The Facility Agent shall have received the Beneficial Ownership Certification in respect 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;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other</u>. Such other approvals, documents, opinions, certificates and reports as the Facility Agent may reasonably request.

Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances and Reinvestments</u>. The making of any Advance (including the initial Advance hereunder) and any Reinvestment are all subject to the condition that the Effective Date shall have occurred and to the following further conditions precedent 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Event of Default, Etc</u>. Each of the Transaction Documents shall be in full force and effect (unless terminated in accordance with the terms of the Transaction Documents) and (i) no Event of Default or Unmatured Event of Default shall have occurred and be continuing or will result from the making of such Advance or Reinvestment (other than in connection with an Advance made pursuant to <u>Section 2.2(c)</u>); <u>provided</u> that, notwithstanding the foregoing or anything herein to the contrary, the Borrower may make Reinvestments pursuant to <u>Section 8.3(b)</u> during the continuation of an Unmatured Event of Default with the prior written consent of the Facility Agent in its sole discretion, (ii) no Servicer Default or Unmatured Servicer Default shall have occurred and be continuing or will result from the making of such Advance or Reinvestment (other than in connection with an Advance made pursuant to <u>Section 2.2(c)</u>), (iii) the representations and warranties of the Borrower and the Servicer contained herein and in the other Transaction Documents shall be true and correct in all material respects (or if such representation and warranty is already qualified by the words "material", "materially" or "Material Adverse Effect", then such representation and warranty shall be true and correct in all respects) as of the related Funding Date (or if such representation and warranty specifically refers to an earlier date, such earlier date), with the same effect as though made on the date of (and after giving effect to) such Advance or Reinvestment (or, if applicable, such earlier specified date) and (iv) after giving effect to such Advance or Reinvestment (and any purchase of Eligible Collateral Obligations in connection therewith), (x) the Advances Outstanding will not exceed the Borrowing Base Measure and (y) the Foreign Currency Sublimit Compliance Test will be satisfied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Requests</u>. (i) In connection with the funding of any Advance pursuant to <u>Section 2.2(a)</u>, the Collateral Agent, each Agent and the Facility Agent shall have received the Advance Request for such Advance in accordance with <u>Section 2.2(a)</u>, together with all items required to be delivered in connection therewith and (ii) in connection with any Reinvestment, the Collateral Agent, each Agent and the Facility Agent shall have received the Reinvestment Request for such Reinvestment in accordance with <u>Section 8.3(b)</u>, together with all items required to be delivered in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Revolving Period</u>. The Revolving Period shall not have ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Document Checklist</u>. The Facility Agent shall have received a Document Checklist for each Eligible Collateral Obligation to be added to the Collateral on the related Funding Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Base Confirmation</u>. The Collateral Agent and the Facility Agent shall have received an Officer's Certificate of the Borrower or the Servicer (which may be included as part of the Advance Request or Reinvestment Request) computed as of the date of such request and after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such date (if any), demonstrating that (i) the Advances Outstanding shall not exceed the Borrowing Base Measure and (ii) the Foreign Currency Sublimit Compliance Test will be satisfied, in each case, calculated as of the Funding Date as if the Collateral Obligations purchased by the Borrower on such Funding Date were owned by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Quality Tests, Minimum Equity Test</u>. The Collateral Agent and the Facility Agent shall have received an Officer's Certificate (which may be included as part of the Advance Request or Reinvestment Request) computed as of the proposed Funding Date and after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such Funding Date, demonstrating that all of the Collateral Quality Tests and the Minimum Equity Test are satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Hedging Agreements</u>. The Facility Agent shall have received evidence, in form and substance satisfactory to the Required Lenders, that the Borrower has entered into Hedging Agreements to the extent required by, and satisfying the requirements of, <u>Section 10.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Facility Agent Approval</u>. In connection with the acquisition of any Collateral Obligation by the Borrower or the incremental pledge of any Collateral Obligation owned by the Borrower, (1) the Borrower shall have received an Asset Approval Notice with respect to such Collateral Obligation from the Facility Agent and (2) the Borrower (or the Servicer on its behalf) shall have given electronic notice back to the Facility Agent that it acknowledges and agrees to the terms set forth in the related Asset Approval Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Permitted Use</u>. The proceeds of any Advance or Reinvestment will be used solely by the Borrower (x) to acquire Collateral Obligations as identified on the

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applicable Asset Approval Request, (y) to satisfy any unfunded commitments in connection with any Variable Funding Asset or (z) to make a distribution pursuant to <u>Section 10.16</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Appraised Value</u>. In connection with the acquisition of any Asset Based Loan and within the time periods set forth below, the Borrower or the Servicer (on behalf of the Borrower) shall have retained or shall have caused the Obligor to retain an Approved Valuation Firm to calculate the Appraised Value of (i) with respect to any such Collateral Obligation that has intellectual property, equipment or real property, as the case may be, in its borrowing base, the collateral securing such Collateral Obligation within twelve (12) months prior to the acquisition of such Collateral Obligation and inclusion into the Collateral and (ii) with respect to all other Asset Based Loans, the collateral securing such Collateral Obligation within six (6) months prior to the acquisition of such Collateral Obligation and inclusion into the Collateral. The Servicer shall report the Approved Valuation Firm, appraisal metric and Appraised Value for such Collateral Obligation to the Facility Agent in the Advance Request related to such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower's Certification</u>. The Borrower shall have delivered to the Collateral Agent and the Facility Agent an Officer's Certificate (which may be included as part of the Advance Request or Reinvestment Request) dated the date of such requested Advance or Reinvestment certifying that the conditions described in <u>Sections 6.2(a)</u> through <u>(j)</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;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Establishment of Accounts</u>. With respect to an Advance in an Eligible Currency other than Dollars, (i) the Facility Agent shall have received evidence that each Account for such Eligible Currency has been established pursuant to <u>Section 8.1(a)</u> within a sufficient amount of time prior to the Funding Date (as determined by the Facility Agent in its sole discretion) to allow the Facility Agent and each Lender to conduct call-back controls and verify the information with respect to the accounts and (ii) the Collateral Agent has obtained Control with respect to such Accounts in accordance with the terms of the Account Control 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Base Model</u>. The Borrower or the Servicer have delivered an Excel Borrowing Base model to the Facility Agent in connection with such Advance Request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Specified Borrowing Base Breach</u>. There shall be no Specified Borrowing Base Breach immediately after giving effect to such Advance or Reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Uncommitted Facility Amount Advances</u>. In connection with the making of any Advance hereunder from the Uncommitted Facility Amount, each Lender making any such Advance has consented in writing (which consent may be evidenced by the making of such Advance by any such Lender), in its sole and absolute discretion, to make such Advance in excess of its Commitment from the Uncommitted Facility Amount pursuant to <u>Section 2.1(a)(ii)</u>; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other</u>. The Facility Agent shall have received such other approvals, documents, opinions, certificates and reports as it may request, which request is reasonable as to scope, content and timing.

Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Collateral Obligations and Permitted Investments</u>. (a) The Collateral Custodian shall hold all Certificated Securities (whether Collateral Obligations or Permitted Investments) and Instruments delivered to it in physical form at the Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;On the Effective Date (with respect to each Collateral Obligation and Permitted Investment owned by the Borrower on such date) and each time that the Borrower or the Servicer shall direct or cause the acquisition of any Collateral Obligation or Permitted Investment, the Borrower or the Servicer shall, if such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation has not already been delivered to the Collateral Custodian in accordance with the requirements set forth in <u>Section 18.3(a)</u>, cause the delivery of such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation in accordance with the requirements set forth in <u>Section 18.3(a)</u> to the Collateral Custodian to be credited by the Collateral Custodian to the Collection Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower or the Servicer shall cause all Collateral Obligations or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by it to the Collection Account, and shall cause all Collateral Obligations and Permitted Investments acquired by the Borrower to be delivered to the Collateral Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Collateral Agent a valid security interest in each Collateral Obligation and Permitted Investment (in each case, whether now existing or hereafter acquired), which security interest shall be senior (subject to Permitted Liens) to that of any other creditor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an Instrument or a Certificated Security in registered form by having it Indorsed to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Collateral Custodian and by (A) delivering such Instrument or Certificated Security to the Collateral Custodian at the Corporate Trust Office and (B) causing the Collateral Custodian to maintain (on behalf of the Collateral Agent for the benefit of the Secured Parties) continuous possession of such Instrument or Certificated Security at the Corporate Trust Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an Uncertificated Security, by (A) causing the Collateral Custodian to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to an Account in the name of the Securities Intermediary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;in the case of General Intangibles (including any Collateral Obligation or Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Collateral Agent as secured party and describing the Collateral Obligation or Permitted Investment (or a description of "all assets" of the Borrower) as the collateral at the filing office of the Secretary of State of Delaware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Collateral Obligation Files, by delivering each to the Collateral Custodian in accordance with the terms of <u>Section 18.3</u>.

ARTICLE VII

ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS

Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Retention and Termination of the Servicer</u>. The servicing, administering and collection of the Collateral Obligations shall be conducted by the Person designated as Servicer from time to time in accordance with this <u>Section 7.1</u>. Subject to early termination due to the occurrence of a Servicer Default or as otherwise provided below in this <u>Article VII</u>, the Borrower hereby designates the Equityholder, and the Equityholder hereby agrees to serve, as Servicer until the termination of this Agreement. The Servicer is not an agent of the Facility Agent, any Agent or any Lender.

Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Removal of the Servicer; Appointment of Successor</u> <u>Servicer</u>. (a) If an Event of Default shall occur and be continuing, the Facility Agent by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of an Event of Default, the Servicer shall, if so requested by the Facility Agent, acting in such capacity or at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within five (5) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Any Person (i) into which the Servicer may be merged or consolidated in accordance with the terms of this Agreement, (ii) resulting from any merger or consolidation to which the Servicer shall be a party, (iii) acquiring by conveyance, transfer or lease substantially all of the assets of the Servicer, or (iv) succeeding to the business of the Servicer in any of the foregoing cases, shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Servicer under this Agreement without the

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execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the last sentence of this <u>Section 7.2(d)</u>, until a successor Servicer has commenced servicing activities in the place of Crestline Lending Solutions, LLC, Crestline Lending Solutions, LLC shall continue to perform the obligations of the Servicer hereunder. On and after the termination of the Servicer pursuant to this <u>Section 7.2</u>, the successor servicer appointed by the Facility Agent shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for in this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement. The Servicer agrees to cooperate and use reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral Obligations, including the transfer to any successor servicer for the administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer, or thereafter received with respect to the Collateral Obligations and the delivery to any successor servicer in an orderly and timely fashion of all files and records in its possession or reasonably obtainable by it with respect to the Collateral Obligations containing all information necessary to enable the successor servicer to service the Collateral Obligations. Notwithstanding anything contained herein to the contrary and to the extent permitted by Applicable Law without causing the Servicer to have liability, the termination of the Servicer shall not become effective until an entity acceptable to the Facility Agent in its sole discretion shall have assumed the responsibilities and obligations of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;At any time, the Facility Agent or any Lender may irrevocably waive any rights granted to such party under <u>Section 7.2(a)</u>. Any such waiver shall be in writing and executed by such party that is waiving its rights hereunder. A copy of such waiver shall be promptly delivered by the waiving party to the Servicer and the Facility Agent.

Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of the Servicer</u>. The Servicer shall manage, service, administer and make collections on the Collateral Obligations and perform the other actions required to be taken by the Servicer in accordance with the terms and provisions of this Agreement and the Servicing Standard. Notwithstanding the foregoing, any duties or actions to be taken by the Servicer may be delegated to and taken by the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall take or cause to be taken all such actions, as may be reasonably necessary or advisable to attempt to recover Collections from time to time, all in accordance with (i) Applicable Law, (ii) the applicable Collateral Obligation and its Underlying Instruments and (iii) the Servicing Standard. The Borrower hereby appoints the Servicer, from time to time designated pursuant to <u>Section 7.1</u>, as agent for itself and in its name to enforce and administer its rights and interests in the Collections and the related Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall administer the Collections in accordance with the procedures described herein. The Servicer shall (i) instruct all Obligors (and related agents) to

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deposit Collections directly into the Collection Account, (ii) deposit all Collections received directly by it into the Collection Account within one (1) Business Day of receipt thereof and (iii) cause the Equityholder and each administrative agent that is Affiliated with it to deposit all Collections received directly by the Equityholder or Affiliate into the Collection Account within one (1) Business Day of receipt thereof. The Servicer shall identify all Collections as either Principal Collections or Interest Collections, as applicable. The Servicer shall make such deposits or payments by electronic funds transfer through the Automated Clearing House system, or by wire transfer. The Servicer may, no later than any Determination Date for a Distribution Date, instruct the Collateral Agent to convert funds on deposit in the Collection Account into any Eligible Currency using the Applicable Conversion Rate if, after giving effect to such exchange, (i) the Advances Outstanding do not exceed the Borrowing Base Measure, (ii) the Foreign Currency Sublimit Compliance Test is satisfied and (iii) the Borrower will have sufficient amounts in the Eligible Currency being converted to pay all amounts payable (calculated on a *pro forma* basis) in such Eligible Currency on such Distribution Date. Such requirements shall be deemed satisfied upon delivery of instructions in respect thereof from the Servicer to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall maintain for the Borrower and the Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent, make available, or, upon the Facility Agent's demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility Agent copies of all Records in its possession which evidence or relate to the Collections.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall, as soon as practicable following receipt thereof, turn over to the applicable Person any cash collections or other cash proceeds received with respect to each Collateral Obligation that do not constitute Collections or were paid in connection with a Retained Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Measurement Date, the Servicer (on behalf of the Borrower) shall re-determine the status of each Eligible Collateral Obligation as of such date and provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Agent and, as a consequence thereof, Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date and (ii) on each Measurement Date and promptly upon delivery of updated quarterly or annual financial statements with respect to the Obligor under any Collateral Obligation, the Servicer shall provide to the Facility Agent the updated Borrowing Base model in the form agreed pursuant to <u>Section 6.2(m)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer may, with the prior written consent of the Facility Agent, execute any of its duties under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; <u>provided</u> that, it shall remain liable for all such duties as if it performed such duties itself.

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Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Servicer</u>. The Servicer represents, warrants and covenants as of the Effective Date, each Funding Date and each other Measurement Date as to itself:

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Good Standing</u>. It has been duly organized and is validly existing as a limited liability company in good standing under the laws of its jurisdiction of organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Qualification</u>. It is duly qualified to do business as a limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Power and Authority</u>. It has the power, authority and legal right to execute and deliver this Agreement and the Transaction Documents to which it is a party (in any capacity) and to perform its obligations hereunder and thereunder; and the execution, delivery and performance of this Agreement and the Transaction Documents to which it is a party (in any capacity) have been duly authorized by the Servicer by all necessary limited liability company action;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Obligations</u>. This Agreement and the Transaction Documents to which it is a party (in any capacity) have been duly executed and delivered by the Servicer and, assuming due authorization, execution and delivery by each other party hereto and thereto, constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Violation</u>. The execution, delivery and performance of this Agreement and the Transaction Documents to which it is a party (in any capacity), the consummation of the transactions contemplated thereby and the fulfillment of the terms thereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, its organizational documents, or any material indenture, agreement, mortgage, deed of trust or other instrument to which it is a party or by which it or its properties are bound, (B) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such material indenture, agreement, mortgage, deed of trust or other instrument (except as may be created pursuant to this Agreement or any other Transaction Document), or (C) violate in any material respect any Applicable Law except, in the case of this subclause (C), to the extent that such conflict or violation would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Proceedings</u>. There are no proceedings or investigations pending or, to the best of the Servicer's knowledge, threatened against it, before any Official Body

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having jurisdiction over it or its properties (A) asserting the invalidity of any of the Transaction Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by the Transaction Documents or (C) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Consents</u>. No consent, license, approval, authorization or order of, or registration, declaration or filing with, any Official Body having jurisdiction over it or any of its properties is required to be made in connection with the execution, delivery or performance of this Agreement and the Transaction Documents to which it is a party (in any capacity) or the consummation of the transactions contemplated thereby, in each case other than (A) consents, licenses, approvals, authorizations, orders, registrations, declarations or filings which have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consents, licenses, approvals, authorizations, orders, registrations, declarations or filings would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Status</u>. It is a "business development company" within the meaning of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information True and Correct</u>. All information heretofore or hereafter furnished by or on behalf of the Servicer in writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby is and will be (when taken as a whole) true and correct in all material respects and does not and will not omit to state a material fact necessary to make the statements contained therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements</u>. The Servicer has delivered to each Lender complete and correct copies of (A) the audited consolidated financial statements of the Servicer for the fiscal year most recently ended, and (B) the unaudited consolidated financial statements of the Servicer for the fiscal quarter most recently ended, in each case when required to be delivered under <u>Section 7.5(k)</u>. Such financial statements (including the related notes) fairly present in all material respects the financial condition of the Servicer as of the respective dates thereof and the results of operations for the periods covered thereby, each in accordance with GAAP. There has been no material adverse change in the business, operations, financial condition, properties or assets of the Servicer since the most recent Determination Date with respect to the most recently delivered financial statements under this <u>clause (j)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility of Collateral Obligations</u>. All Collateral Obligations included as Eligible Collateral Obligations in the most recent calculation of any Borrowing Base required to be determined hereunder were Eligible Collateral Obligations as of the date of such calculation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collections</u>. The Servicer acknowledges that all Collections received by it or its Affiliates (other than any Excluded Amount) are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. The Servicer is not the subject of any Insolvency Event. The transactions under this Agreement and any other Transaction Document to which the Servicer is a party do not and will not render the Servicer not solvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange Act Compliance; Regulations T, U and X</u>. None of the transactions contemplated herein or the other Transaction Documents (including, without limitation, the use of the Proceeds from the pledge of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Injunctions</u>. No injunction, writ, restraining order or other order of any nature materially and adversely affects the Servicer's performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness</u>. As of the Effective Date, the Servicer has no outstanding Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Charges</u>. There is not any agreement or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by the Facility Agent), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges; 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;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Selection Procedures</u>. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of any Agent or Lender.

Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants of the Servicer</u>. Until the date on or after the Facility Termination Date on which the Commitments have been terminated in full and the Obligations (other than contingent Obligations for which no claim has been made) shall have been repaid 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;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Agreements and Applicable Laws</u>. The Servicer shall perform each of its obligations under this Agreement and the other Transaction Documents and comply with all Applicable Laws, including those applicable to the Collateral Obligations and all Collections thereof, except to the extent that the failure to so comply would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Existence and Conduct of Business</u>. The Servicer shall: (i) do or cause to be done all things necessary to (A) preserve and keep in full force and effect its existence as a limited liability company and its rights and franchises in the jurisdiction of its formation and (B) qualify and remain qualified as a foreign limited liability company in good standing and preserve its rights and franchises in each jurisdiction in which

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the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a Material Adverse Effect; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder or under its organizational documents; and (iii) at all times maintain, preserve and protect all of its licenses, permits, charters and registrations except where the failure to maintain, preserve and protect such licenses, permits, charters and registrations would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records</u>. The Servicer shall keep proper books of record and account in which full and correct entries shall be made of all financial transactions and the assets and business of the Servicer in accordance with GAAP, maintain and implement administrative and operating procedures, and keep and maintain all documents, books, records and other information necessary or reasonably advisable for the collection of all Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment, Performance and Discharge of Obligations</u>. The Servicer shall pay, perform and discharge or cause to be paid, performed and discharged promptly all Charges payable by it except where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually or in the aggregate, be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. The Servicer shall give the Facility Agent and each Lender prompt written notice of any ERISA Event that, alone or together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Collateral Obligations and Servicing Standard</u>. The Servicer shall, at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under any Collateral Obligations (except, in the case of a successor Servicer, such material provisions, covenants and other provisions shall only include those provisions relating to the collection and servicing of the Collateral Obligations to the extent such obligations are set forth in a document included in the related Collateral Obligation File) and shall comply with the Servicing Standard in all material respects with respect to all Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintain Records of Collateral Obligations</u>. The Servicer shall, at its own cost and expense, maintain reasonably satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral. The Servicer shall maintain its computer systems so that, from and after the time of sale of any Collateral Obligation to the Borrower, the Servicer's master computer records (including any back-up archives) that refer to such Collateral Obligation shall indicate the interest of the Borrower and the Collateral Agent in such Collateral Obligation and that such Collateral Obligation is owned by the Borrower and has been pledged to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liens</u>. The Servicer shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction Documents, whether with respect to the Collateral Obligations or any other Collateral, in each case, other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mergers</u>. The Servicer shall not directly or indirectly, by operation of law or otherwise, merge with, consolidate with, acquire all or substantially all of the assets or capital stock of, or otherwise combine with or acquire, any Person, except that the Servicer shall be allowed to merge with any entity so long as the Servicer remains the surviving entity of such merger and such merger does not result in a Change of Control. The Servicer shall give prior written notice of any such merger to the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicing Obligations</u>. Without the prior written consent of the Facility Agent in its sole discretion, the Servicer will not (i) agree to any amendment, waiver or other modification of any Transaction Document to which it is a party and to which the Facility Agent is not a party, (ii) amend, waive or otherwise modify the Servicing Standard in a manner that is materially adverse to the Lenders, (iii) agree or permit the Borrower to agree to a Material Modification during the continuance of an Unmatured Event of Default or an Event of Default (it being understood that a Material Modification that occurs without the consent of the Borrower shall not constitute a breach of this <u>clause (iii)</u>), (iv) interpose any claims, offsets or defenses it may have as against the Borrower as a defense to its performance of its obligations in favor of any Affected Person hereunder or under any other Transaction Documents, (v) fail to turn over the proceeds of any defense or claim it may have against the Borrower to the Collection Account or (vi) change its fiscal year so that the reports described in <u>Section 7.5(k)</u> would be delivered to the Facility Agent less frequently than every 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Reports</u>. The Servicer shall furnish, or cause to be furnished, to the Facility Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available and in any event within 120 days after the end of each fiscal year, a copy of the audited consolidated financial statements for the prior year for the Servicer and its consolidated Subsidiaries, including the prior comparable period (if any) from the preceding fiscal year and certified by Independent Accountants (the report of which shall be unqualified), together with consolidating financial statements for the Servicer certified by an Responsible Officer of the Servicer with appropriate knowledge stating that the information set forth therein fairly presents in all material respects the financial condition of the Servicer and its consolidated Subsidiaries as of and for such fiscal year, with all such financial statements being prepared in accordance with GAAP applied consistently throughout the period involved (except for changes in the application of GAAP approved by such accountants in accordance with GAAP and disclosed therein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated and consolidating balance sheet of the Servicer and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if

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any), and the unaudited consolidated and consolidating statements of income, and of cash flow, of the Servicer and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, certified by an Responsible Officer of the Servicer identifying such documents as being the documents described in this <u>paragraph (ii)</u> and stating that the information set forth therein fairly presents in all material respects the financial condition of the Servicer and its consolidated Subsidiaries as of and for the periods then ended, subject to year-end adjustments and confirming that the Servicer is in compliance with all financial covenants in the Transaction Documents (or, if the Servicer is not in compliance, specifying the nature and status thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligor Reports</u>. The Servicer shall furnish to the Facility Agent, with respect to each Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;within 10 Business Days of the completion of the Servicer's portfolio review of such Obligor (which, for any individual Obligor, shall occur no less frequently than quarterly) (i) any financial reporting packages with respect to such Obligor and with respect to each Collateral Obligation for each Obligor (including any attached or included information, statements and calculations) received by the Borrower and/or the Servicer as of the date of the Servicer's most recent portfolio review and (ii) the internal monitoring report prepared by the Servicer with respect to each Obligor. In no case, however, shall the Servicer be obligated hereunder to deliver such Obligor reports to the Facility Agent more than once per calendar month. Upon demand by the Facility Agent, the Servicer will provide such other information as the Facility Agent may reasonably request, and in such format as the Facility Agent may reasonably request, with respect to any Collateral Obligation or Obligor (to the extent reasonably available to the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 10 Business Days of each one-year anniversary of the date on which the related Collateral Obligation was acquired by the Borrower, updated Obligor Information for such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commingling</u>. The Servicer shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account; <u>provided</u> that, this <u>clause (n)</u> shall not prohibit the deposit of proceeds of a capital contribution made by the Equityholder to the Borrower pursuant to this Agreement and in accordance with the Borrower's Constituent Documents (or any deemed contribution pursuant to the Sale 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;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Creditors</u>. Other than in connection with a Permitted Transaction, none of the Equityholder nor any (x) Subsidiary of the Equityholder or (y) special purpose entity formed after the Effective Date owned or sponsored in whole or in part by the Equityholder shall incur any Indebtedness issued by any Person other than DBNY (or any Affiliate or Subsidiary thereof) without the prior written consent of the Facility Agent in its sole discretion; <u>provided</u> that, notwithstanding the foregoing or anything herein to the

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contrary, if any Indebtedness incurred by the Equityholder in connection with a Permitted Transaction is secured by a portion of a loan or other obligation, another portion of which is a Collateral Obligation hereunder, the Equityholder shall provide the Facility Agent no less than thirty (30) Business Days' prior written notice thereof and the Equityholder shall procure the execution of an intercreditor agreement in form and substance reasonably satisfactory to the Facility Agent on or prior to the date of such Permitted Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Liability Company Formalities</u>. The Equityholder will adhere to the limited liability company formalities of the Borrower in all transfers of assets and other transactions between the Equityholder and the Borrower. In general, the Equityholder observes the appropriate limited liability company formalities of the Borrower under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Proceedings</u>. The Servicer shall furnish to the Facility Agent, as soon as possible and in any event within three (3) Business Days after the Servicer receives notice or obtains actual knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Collateral Agent's interest in the Collateral or the Servicer, in each case which could reasonably be expected to cause a material adverse effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. The Equityholder shall file on a timely basis all federal and other material Tax returns (including foreign, federal, state, local and otherwise) required to be filed, if any, and shall pay all federal and other material Taxes due and payable by it (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Equityholder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity of the Borrower</u>. The Equityholder shall neither pledge the equity interests of the Borrower nor otherwise permit any equity interests of the Borrower to be subject to a Lien.

Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicing Fees; Payment of Certain Expenses by Servicer</u>. On each Distribution Date, to the extent not waived, the Servicer shall be entitled to receive out of the Collection Account the Senior Servicing Fee and the Subordinated Servicing Fee for the related Accrual Period pursuant to <u>Section 8.3(a)</u>. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement and each other Transaction Document.

Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Reporting</u>. The Servicer shall cooperate with the Collateral Agent in the performance of the Collateral Agent's duties under <u>Section 11.3</u>. Without limiting the generality of the foregoing, the Servicer shall supply in a timely fashion any information

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maintained by it that the Collateral Agent may from time to time reasonably request with respect to the Collateral Obligations and reasonably necessary to complete the reports and certificates required to be prepared by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder.

Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. The Servicer shall deliver to the Facility Agent and the Collateral Agent, promptly after having obtained knowledge thereof, notice of any Servicer Default, Event of Default or Material Modification. The Servicer shall deliver to the Facility Agent and the Collateral Agent, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an Officer's Certificate of any Unmatured Servicer Default or Unmatured Event of Default.

Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedural Review of Collateral Obligations; Access to Servicer and</u> <u>Servicer's Records</u>. (a) Each of the Borrower and the Servicer shall permit representatives of the Facility Agent at any time and from time to time as the Facility Agent shall reasonably request (x) to inspect and make copies of and abstracts from its records relating to the Collateral Obligations, and (y) to visit its properties in connection with the collection, processing or servicing of the Collateral Obligations for the purpose of examining such records, and to discuss matters relating to the Collateral Obligations or such Person's performance under this Agreement and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters. Each of the Borrower and the Servicer agrees to render to the Facility Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing; <u>provided</u>, that such assistance shall not interfere in any material respect with the Servicer's business and operations. So long as no Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing, such visits and inspections shall occur only (i) upon three (3) Business Days' prior written notice, (ii) during normal business hours and (iii) no more than once in any calendar year. During the existence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a Servicer Default, there shall be no limit on the timing or number of such inspections and no prior notice will be required before any inspection.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Servicer, as applicable, shall provide to the Facility Agent access to the Collateral Obligations and all other documents regarding the Collateral Obligations included as part of the Collateral and the Related Security in each case, in its possession, in such cases where the Facility Agent is required in connection with the enforcement of the rights or interests of the Lenders, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon three (3) Business Days' prior written notice (so long as no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing), (ii) during normal business hours and (iii) no more than once per calendar year (so long as no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing). From and after the Effective Date and periodically thereafter at the reasonable discretion of the Facility Agent, the Facility Agent may review the Borrower's and the Servicer's collection and administration of the Collateral Obligations in order to assess compliance by the Servicer with the Servicer's written policies and procedures, as well as this Agreement and may, no more

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than once in any calendar year, conduct an audit of the Collateral Obligations and Records in conjunction with such review, subject to the limits set forth in <u>Section 7.9(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this <u>Section 7.9</u> shall derogate from the obligation of the Borrower and the Servicer to observe any Applicable Law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as a result of such obligation shall not constitute a breach of this <u>Section 7.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall bear the costs and expenses of all audits and inspections permitted by this <u>Section 7.9</u> as well as <u>Section 18.6</u>.

Section 7.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Sales</u>. (a) The Borrower shall have the right to sell all or a portion of the Collateral Obligations (each, an "<u>Optional Sale</u>"), subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such Optional Sale and any related application of proceeds therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(1) the Minimum Diversity Test is satisfied and (2) each Collateral Quality Test (other than the Minimum Diversity Test) is satisfied (or, with respect to any Collateral Quality Test other than the Minimum Diversity Test that was not satisfied immediately prior to such Optional Sale, the extent of compliance therewith will be maintained or improved);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Minimum Equity Test is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;(1) the Advances Outstanding do not exceed the Borrowing Base Measure and (2) the Foreign Currency Sublimit Compliance Test is satisfied; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default, Unmatured Event of Default, Unmatured Servicer Default or Servicer Default shall have occurred and be continuing, unless (1) in the case of an Unmatured Event of Default or Unmatured Servicer Default, the net cash proceeds from such Optional Sale are applied in an amount equal to the amount necessary to cure such Unmatured Event of Default or Unmatured Servicer Default or (2) in the case of an Event of Default, Unmatured Event of Default, Unmatured Servicer Default or Servicer Default, so long as such Optional Sale occurs no later than five (5) calendar days following the occurrence of such Event of Default, Unmatured Event of Default, Unmatured Servicer Default or Servicer Default, the net cash proceeds from such Optional Sale are applied in an amount equal to the Advances Outstanding and all other Obligations as of such date of determination; provided, however, that the Facility Agent may waive the requirements of this <u>clause (D)</u> in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;the quotient (expressed as a percentage) of (1) the Aggregate Eligible Collateral Obligation Amount of all Collateral Obligations sold by the Borrower during the then-current calendar year *divided by* (2) the Highest Eligible

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Collateral Obligation Amount for such calendar year shall not exceed 40%; <u>provided</u> that, the quotient (expressed as a percentage) of (x) the Aggregate Eligible Collateral Obligation Amount of all Collateral Obligations (other than Broadly Syndicated Loans) sold by the Borrower during the then-current calendar year *divided by* (y) the Highest Eligible Collateral Obligation Amount for such calendar year shall not exceed 20%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;at least one (1) Business Day prior to the date of any Optional Sale, the Servicer, on behalf of the Borrower, shall give the Facility Agent, the Collateral Custodian and the Collateral Agent written notice of such Optional Sale, which notice shall identify the related Collateral subject to such Optional Sale and the expected proceeds from such Optional Sale and shall (x) include an Officer's Certificate computed as of the date of such request and after giving effect to such Optional Sale, demonstrating compliance with <u>clause (i)(C)</u> above and (y) a certificate of the Servicer substantially in the form of <u>Exhibit F-3</u> requesting the release of the related Collateral Obligation File in connection with such Optional Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;such Optional Sale shall be made by the Servicer, on behalf of the Borrower (A) in accordance with the Servicing Standard, (B) reflecting arm's length market terms and (C) in a transaction in which the Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any other party (other than those which are customarily made or provided in connection with the sale of assets of such type);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Facility Agent has given its prior written consent in its sole discretion (1) if such Optional Sale is to an Affiliate of the Borrower or the Servicer or (2) if the sale price for any sold Collateral Obligation is less than the greater of (x) the fair market value of such Collateral Obligation, (y) the purchase price of such Collateral Obligation and (z) an amount equal to the Discount Factor of such Collateral Obligation *multiplied by* the Principal Balance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;on the date of such Optional Sale, all proceeds from such Optional Sale (x) will be deposited directly into the Collection Account and (y) with respect to any sold Collateral Obligation, will be in the same Eligible Currency as such Collateral Obligation; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;in selecting the Collateral Obligations for sale, no selection procedures were employed by the Borrower, the Servicer or any Affiliate thereof that are adverse to the interests of any Agent or Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Optional Sale, following deposit of all proceeds from such Optional Sale into the Collection Account, the Collateral Agent shall be deemed to release and transfer to the Borrower without recourse, representation or warranty all of the right, title and interest of the Collateral Agent for the benefit of the Secured Parties in, to and under such Collateral Obligation(s) and related Collateral subject to such Optional Sale and such portion of the Collateral so transferred shall be released from the Lien of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees to pay the reasonable and documented outside counsel legal fees and out-of-pocket expenses of the Facility Agent, the Collateral

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Agent and the Collateral Custodian in connection with any Optional Sale (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral in connection with such Optional Sale).

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Optional Sale, the Collateral Agent shall, at the sole expense of the Borrower, execute such instruments of release with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable form if necessary, as the Borrower may reasonably request.

Section 7.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Repurchase or Substitution of Warranty Collateral Obligations</u>. In the event of (A) a breach of <u>Section 9.5</u>, <u>Section 9.13</u> or <u>Section 9.26</u> or (B) a material breach of any other representation, warranty, undertaking or covenant set forth in <u>Section 7.4(k)</u>, <u>Article IX</u>, <u>Article X</u>, <u>Section 18.3</u> or <u>Section 18.5(b)</u> with respect to a Collateral Obligation (or the Related Security and other related collateral constituting part of the Collateral related to such Collateral Obligation) (each such Collateral Obligation, a "<u>Warranty Collateral Obligation</u>"), no later than 30 days after the earlier of (x) knowledge of such breach on the part of the Equityholder or the Servicer and (y) receipt by the Equityholder or the Servicer of written notice thereof given by the Facility Agent, the Borrower shall either (a) repay Advances Outstanding in the applicable Eligible Currency in an amount equal to the aggregate Repurchase Amount of such Warranty Collateral Obligation(s) to which such breach relates on the terms and conditions set forth below or (b) substitute for such Warranty Collateral Obligation one or more Eligible Collateral Obligations with an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; <u>provided</u> that, no such repayment or substitution shall be required to be made with respect to any Warranty Collateral Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if either (x) on or before the expiration of such 30 day period, the representations and warranties set forth in <u>clause (A)</u> above with respect to such Warranty Collateral Obligation shall be made true and correct and the representations, warranties, undertakings and covenants set forth in <u>clause</u> <u>(B)</u> above with respect to such Warranty Collateral Obligation shall be made true and correct in all material respects (or if such representation and warranty is already qualified by the words "material", "materially" or "Material Adverse Effect", then such representation and warranty shall be true and correct in all respects) with respect to such Warranty Collateral Obligation as if such Warranty Collateral Obligation had become part of the Collateral on such day or (y) the Advances Outstanding do not exceed the Borrowing Base Measure (the foregoing clauses (x) and (y), as applicable, a "<u>Warranty Collateral Obligation Cure</u>").

Section 7.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicing of REO Assets</u>. (a) If, in the reasonable business judgment of the Servicer, it becomes necessary to convert any Collateral Obligation that is secured by real property into an REO Asset, the Servicer shall first cause the Borrower to transfer and assign such Collateral Obligation (or the portion thereof owned by the Borrower) to a special purpose vehicle (the "<u>REO Asset Owner</u>") using a contribution agreement acceptable to the Facility Agent acting in its reasonable discretion. All equity interests of the REO Asset Owner acquired by the Borrower shall immediately become a part of the Collateral and be subject to the grant of a security interest under <u>Section 12.1</u> and shall be promptly delivered to the Collateral Agent,

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each undated and duly indorsed in blank. The REO Asset Owner shall be formed and operated pursuant to organizational documents acceptable to the Facility Agent acting in its reasonable discretion. After execution thereof, the Servicer shall prevent the REO Asset Owner from agreeing to any amendment or other modification of the REO Asset Owner's organizational documents without first obtaining the written consent of the Facility Agent. The Servicer shall cause each REO Asset to be serviced (i) in accordance with Applicable Law, (ii) with reasonable care and diligence, (iii) in accordance with the applicable REO Asset Owner's operating agreement and (iv) in accordance with the Servicing Standard (collectively, the "<u>REO Servicing</u> <u>Standard</u>"). The Servicer will cause all "Distributable Cash" (or comparable definition set forth in the REO Asset Owner's organization documents) to be deposited into the Collection Account within two (2) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that title to any Related Property is acquired on behalf of the REO Asset Owner for the benefit of its members in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of a REO Asset Owner. The Servicer shall cause the REO Asset Owner to manage, conserve, protect and operate each REO Asset for its members solely for the purpose of its prompt disposition and sale.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision to the contrary contained in this Agreement, the Servicer shall not (and shall not permit the REO Asset Owner to) obtain title to any Related Property as a result of or in lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership interest in any Obligor pledged pursuant to a pledge agreement and thereby be the beneficial owner of Related Property, have a receiver of rents appointed with respect to, and shall not otherwise acquire possession of, or take any other action with respect to, any Related Property if, as a result of any such action, the REO Asset Owner would be considered to hold title to, to be a "mortgagee-in-possession" of, or to be an "owner" or "operator" of, such Related Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable state or local Environmental Law, unless the Servicer has previously determined in accordance with the REO Servicing Standard, based on an updated Phase I environmental assessment report generally prepared in accordance with the ASTM Phase I Environmental Site Assessment Standard E 1527-05, as may be amended or, with respect to residential property, a property inspection and title report, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;such Related Property is in compliance in all material respects with applicable Environmental Laws, 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)&nbsp;&nbsp;&nbsp;&nbsp;there are no circumstances present at such Related Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation would reasonably be expected to be required by the owner, occupier or operator of the Related Property under applicable federal, state or local law or regulation.

&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Phase I or other environmental assessment first obtained by the Servicer with respect to Related Property indicates that such Related Property

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may not be in compliance with applicable Environmental Laws or that Hazardous Materials may be present but does not definitively establish such fact, the Servicer shall cause the Borrower to promptly sell the related Collateral Obligation in accordance with <u>Section 7.10</u> to the extent permitted thereunder.

ARTICLE VIII

ACCOUNTS; PAYMENTS

Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounts</u>. (a) On or prior to the Effective Date (or, in the case of any Account established in any Eligible Currency other than Dollars, the date that is no later than four (4) weeks after requested by the applicable Borrower, or such later date that the Securities Intermediary actually establishes such Accounts if the Servicer has promptly provided to the Securities Intermediary all information reasonably requested in connection with the opening of such Accounts), the Servicer shall establish each Account in the name of the Borrower and each Account shall be a segregated, non-interest bearing trust account established with the Securities Intermediary, who shall forward funds from the Collection Account to the Collateral Agent upon its request for application by the Collateral Agent pursuant to <u>Section 8.3(a)</u>. If at any time a Responsible Officer of the Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible Account (with notice to the Servicer and the Facility Agent), then the Servicer shall transfer such account to another institution such that such account shall meet the requirements of an Eligible Account.

Except as set forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn by the Borrower (i) to fund any draw requests of the relevant Obligors under any Variable Funding Asset, or (ii) to make a deposit into the Collections Account as Principal Collections if, after giving effect to such withdrawal, (x) the aggregate amount on deposit in the Unfunded Exposure Account is equal to or greater than the Aggregate Unfunded Amount and (y) the aggregate amount on deposit in the Unfunded Exposure Account in each Eligible Currency is equal to or greater than the portion of the Aggregate Unfunded Amount required to be funded in such Eligible Currency.

Following the end of the Revolving Period, any draw request made by an Obligor under a Variable Funding Asset, along with wiring instructions for the applicable Obligor, shall be forwarded by the Servicer to the Collateral Agent (with a copy to the Facility Agent) along with an instruction to the Collateral Agent to withdraw the applicable amount from the Unfunded Exposure Account and a certification that the conditions to fund such draw are satisfied, and the Collateral Agent shall fund such draw request in accordance with such instructions from the Servicer.

Following the end of the Revolving Period, if the Borrower shall receive any Principal Collections from an Obligor with respect to a Variable Funding Asset included in the Collateral and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in the Unfunded Exposure Account in such Eligible Currency is less than the Aggregate Unfunded Amount required to be funded in such Eligible Currency (the

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amount of such shortfall, in each case, the "<u>Unfunded Exposure Shortfall</u>"), the Servicer shall direct the Collateral Agent to and the Collateral Agent shall deposit into the Unfunded Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal Collections and (b) the Unfunded Exposure Shortfall.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;All amounts held in any Account shall, to the extent permitted by Applicable Law, be invested by the Collateral Agent, as directed by the Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall remain uninvested), in Permitted Investments that mature (i) with respect to the Collection Account, not later than one (1) Business Day prior to the Distribution Date for the Accrual Period to which such amounts relate and (ii) with respect to the Unfunded Exposure Account, on the immediately following Business Day. Any such written direction shall certify that any such investment is authorized by this <u>Section 8.1</u>. Investments in Permitted Investments shall be made in the name of the Securities Intermediary, and, except as specifically required below, such investments shall not be sold or disposed of prior to their maturity. If any amounts are needed for disbursement from the Collection Account and sufficient uninvested funds are not available therein to make such disbursement, the Collateral Agent shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account to make such disbursement in accordance with and upon the written direction of the Servicer or, if the Servicer shall fail to give such direction, the Facility Agent. The Collateral Agent shall, upon written request, provide the Facility Agent with all information in its possession regarding transfer into and out of the Collection Account (including, but not limited to, the identity of the counterparty making or receiving such transfer). In no event shall the Collateral Agent be liable for the selection of any investments or any losses in connection therewith, or for any failure of the Servicer or the Facility Agent, as applicable, to timely provide investment instructions or disposition instructions, as applicable, to the Collateral Agent. To the extent agreed to by the Borrower or the Servicer, the Collateral Agent or the Collateral 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 Collateral 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 Permitted Investments, (ii) using affiliates to effect transactions in certain Permitted 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts held in any Account, except to the extent explicitly set forth herein (including the withdrawal rights for the Unfunded Exposure Account set forth in <u>Section 8.1(a)</u>).

Subject to the other provisions hereof, the Collateral Agent shall have sole Control (within the meaning of the UCC) over each Account and each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered to the Collateral Agent or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner that complies

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with this <u>Section 8.1</u>. All interest, dividends, gains upon sale and other income from, or earnings on, investments of funds in the Accounts shall be deposited or transferred to the Collection Account and distributed pursuant to <u>Section 8.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Equityholder may, from time to time in its sole discretion (x) deposit amounts into the Principal Collection Account or the Unfunded Exposure Account and/or (y) transfer Eligible Collateral Obligations as equity contributions to the Borrower. All such amounts will be included in each applicable compliance calculation under this Agreement, including, without limitation, calculation of the Borrowing Base, the Maximum Availability and the Minimum Equity Test.

Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Excluded Amounts</u>. The Servicer may direct the Collateral Agent and the Securities Intermediary to withdraw from the applicable Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent, delivered to the Facility Agent and the Collateral Agent a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Facility Agent, which report shall include a brief description of the facts and circumstances supporting such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two (2) Business Days following delivery of such notice.

Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributions, Reinvestment and Dividends</u>. (a) On each Distribution Date, the Collateral Agent shall distribute from the Collection Account, in accordance with the applicable Monthly Report prepared by the Collateral Agent pursuant to <u>Section 8.5</u>, the Amount Available for such Distribution Date in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;From the Interest Collection Account, the Amount Available constituting Interest Collections for such Distribution Date in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;FIRST, to the payment of taxes and governmental fees owing by the Borrower, if any, which expenses shall not exceed $25,000 on any Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;SECOND, *first* (1) to the Collateral Agent, the Securities Intermediary and the Collateral Custodian, any accrued and unpaid Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses for the related Accrual Period, which expenses shall not exceed in the aggregate the amount of the Capped Fees/Expenses and *second* (2) to the Servicer, any accrued and unpaid Servicer Expenses, which Servicer Expenses shall not exceed either (x) $50,000 on any Distribution Date or (y) $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;THIRD, to the extent not waived by the Servicer, to the Servicer, any accrued and unpaid Senior Servicing Fee for the related Accrual Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;FOURTH, *pro rata*, based on the amounts owed to such Persons under this <u>Section 8.3(a)(i)(D)</u>, (1) to the Lenders, an amount equal to the Yield

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on the Advances accrued during the Accrual Period with respect to such Distribution Date (and any Yield with respect to any prior Accrual Period to the extent not paid on a prior Distribution Date), (2) to the Facility Agent and the Agents on behalf of their respective Lenders, all accrued and unpaid Fees and Indemnified Amounts due to the Lenders, the Agents and the Facility Agent and (3) to the Hedge Counterparties, any amounts owed on the current and prior Distribution Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;FIFTH, to the Agents on behalf of their respective Lenders *pro rata* in accordance with the amount of the Advances Outstanding (1) in the amount necessary to reduce the Advances Outstanding to an amount (x) not to exceed the Borrowing Base Measure and (y) necessary to cure the Minimum Equity Test, (2) if the Minimum Diversity Test is not satisfied on such Distribution Date, in the amount necessary to reduce the Advances Outstanding to zero; <u>provided</u> that, during the Revolving Period, and only if Reinvestment in additional Collateral Obligations pursuant to <u>Section 8.3(b)</u> using Collections otherwise distributable pursuant to this <u>clause (E)(2)</u> would satisfy the Minimum Diversity Test on a *pro forma* basis, the Borrower may withdraw from the Collection Account any such proceeds otherwise distributable pursuant to this <u>clause (E)(2)</u> to make a Reinvestment in additional Collateral Obligations until the Minimum Diversity Test is satisfied and (3) in the amount necessary to reduce the Advances Outstanding to an amount such that after giving effect to such reduction the Foreign Currency Sublimit Compliance Test is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;SIXTH, (1) during the Revolving Period, (x) if no Event of Default or Unmatured Event of Default has occurred and is continuing, at the election of the Borrower, to remain in the Interest Collection Account as Interest Collections or to the Principal Collection Account as Principal Collections for application in accordance with <u>Section 8.3(b)</u>, (y) if an Unmatured Event of Default has occurred and is continuing, to remain in the Interest Collection Account as Interest Collections or (z) if an Event of Default has occurred and is continuing, to the Agents on behalf of their respective Lenders *pro rata* to repay the Advances Outstanding to the extent of the remaining Amount Available constituting Interest Collections for such Distribution Date; and (2) after the end of the Revolving Period, (x) so long as (A) no Event of Default or Unmatured Event of Default has occurred and is continuing, (B) no Revaluation Diversion Event has occurred and (C) the Diversity Score of all Eligible Collateral Obligations included in the Collateral is at least 8, at the election of the Borrower, to remain in the Interest Collection Account as Interest Collections or to the Principal Collection Account as Principal Collections for application in accordance with <u>Section 8.3(b)</u> or (y) otherwise, to the Agents on behalf of their respective Lenders *pro rata* to repay the Advances Outstanding to the extent of the remaining Amount Available constituting Interest Collections for such Distribution Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;SEVENTH, to any Affected Persons, any Increased Costs then due and owing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH, *pro rata* based on amounts owed to such Persons under this <u>Section 8.3(a)(i)(H)</u>, to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;NINTH, to the extent not previously paid pursuant to <u>Section</u> <u>8.3(a)(i)(A)</u> above, to the payment of taxes and governmental fees owing by the Borrower, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;TENTH, to the extent not previously paid by or on behalf of the Borrower, to each Indemnified Party, any Indemnified Amounts then due and owing to each such Indemnified Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;&nbsp;&nbsp;ELEVENTH, to the extent not previously paid pursuant to <u>Section</u> <u>8.3(a)(i)(B)</u> above, to the Collateral Agent and the Collateral Custodian, any Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses due to the Collateral Agent and the Collateral Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;&nbsp;&nbsp;TWELFTH, to the extent not waived or deferred by the Servicer, to the Servicer, any accrued and unpaid Subordinated Servicing Fee for the related Accrual Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M)&nbsp;&nbsp;&nbsp;&nbsp;THIRTEENTH, to pay any other amounts due and payable by the Borrower or otherwise under this Agreement and the other Transaction Documents and not previously paid pursuant to this <u>Section 8.3(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N)&nbsp;&nbsp;&nbsp;&nbsp;FOURTEENTH, the remaining Amount Available constituting Interest Collections (x) if an Event of Default has occurred and is continuing, to remain in the Interest Collection Account as Interest Collections, (y) if an Unmatured Event of Default has occurred and is continuing, (i) with the prior written consent of the Facility Agent in its sole discretion, to the Borrower or (ii) otherwise, to remain in the Interest Collection Account as Interest Collections or (z) otherwise, to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;From the Principal Collection Account, the Amount Available constituting Principal Collections for such Distribution Date in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;FIRST, to pay, in accordance with <u>Section 8.3(a)(i)</u> above, the amounts referred to in <u>clauses (A)</u> through <u>(E)</u>, in that order, but, in each case, only 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;SECOND, (x) during the Revolving Period, (1) if no Event of Default or Unmatured Event of Default has occurred and is continuing, at the election of the Borrower, to remain in the Principal Collection Account as

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Principal Collections or for application in accordance with <u>Section 8.3(b)</u>, (2) if an Unmatured Event of Default has occurred and is continuing, to remain in the Principal Collection Account as Principal Collections or (3) if an Event of Default has occurred and is continuing, to the Agents on behalf of their respective Lenders *pro rata* to repay the Advances Outstanding to the extent of the remaining Amount Available constituting Interest Collections for such Distribution Date; (y) after the end of the Revolving Period, but prior to the one-year anniversary of the last day of the Revolving Period, if (1) no Event of Default has occurred and is continuing, (2) the Advances Outstanding do not exceed the Borrowing Base Measure, (3) the Minimum Diversity Test is satisfied, (4) the Minimum Equity Test is satisfied, (5) no Revaluation Diversion Event has occurred and (6) the Foreign Currency Sublimit Compliance Test is satisfied, 80% of the Amount Available constituting Principal Collections for such Distribution Date to the Agents on behalf of their respective Lenders *pro rata* to repay the Advances Outstanding; and (z) on and after the one-year anniversary of the last day of the Revolving Period or if any of the conditions set forth in <u>clauses (x)(1)</u> through <u>(6)</u> above are not satisfied, 100% of the Amount Available constituting Principal Collections for such Distribution Date to the Agents on behalf of their respective Lenders *pro rata* to repay the Advances Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;THIRD, to pay, in accordance with <u>Section 8.3(a)(i)</u> above, the amounts referred to in <u>clauses (G)</u> and <u>(H)</u> of such <u>Section 8.3(a)(i)</u> but, in each case, only 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;FOURTH, to pay, in accordance with <u>Section 8.3(a)(i)</u> above, the amounts referred to in <u>clause (I)</u> of such <u>Section 8.3(a)(i)</u> but, in each case, only 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;FIFTH, to pay, in accordance with <u>Section 8.3(a)(i)</u> above, the amounts referred to in <u>clause (J)</u> of such <u>Section 8.3(a)(i)</u> but only 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;SIXTH, to the extent not previously paid pursuant to <u>Section</u> <u>8.3(a)(i)(B)</u> or <u>Section 8.3(a)(i)(K)</u>, to the Collateral Agent and the Collateral Custodian, any costs and expenses due to the Collateral Agent and the Collateral Custodian under the Transaction Documents (other than Increased Costs and Indemnified Amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;SEVENTH, to pay, in accordance with <u>Section 8.3(a)(i)</u> above, the amounts referred to in <u>clause (L)</u> of such <u>Section 8.3(a)(i)</u> but only 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH, to pay, in accordance with <u>Section 8.3(a)(i)</u> above, the amounts referred to in <u>clause (M)</u> of such <u>Section 8.3(a)(i)</u> but only to the extent not paid in full thereunder; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;NINTH, the remaining Amount Available constituting Principal Collections (x) if an Event of Default has occurred and is continuing, to remain in the Principal Collection Account as Principal Collections, (y) if an Unmatured Event of Default has occurred and is continuing, (i) with the prior written consent of the Facility Agent in its sole discretion, to the Borrower or (ii) otherwise, to remain in the Principal Collection Account as Principal Collections or (z) otherwise, to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;During the Revolving Period, the Borrower may withdraw from the Collection Account any Principal Collections and apply such Principal Collections to (A) prepay the Advances Outstanding in accordance with <u>Section 2.4</u> or (B) acquire additional Collateral Obligations (each such reinvestment of Principal Collections, a "<u>Reinvestment</u>"), subject to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have given written notice to the Collateral Agent and the Facility Agent of the proposed Reinvestment at or prior to 3:00 p.m., New York City time, two (2) Business Days prior to the proposed date of such Reinvestment (the "<u>Reinvestment Date</u>"). Such notice (the "<u>Reinvestment Request</u>") shall be in the form of <u>Exhibit C-2</u> and shall include (among other things) the proposed Reinvestment Date, the amount of such proposed Reinvestment and a Schedule of Collateral Obligations setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment Date (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each condition precedent set forth in <u>Section 6.2</u> shall be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;upon the written request of the Borrower (or the Servicer on the Borrower's behalf) delivered to the Collateral Agent no later than 11:00 a.m. New York City time on the applicable Reinvestment Date, the Collateral Agent shall have provided to the Facility Agent by e-mail (to be received no later than 1:30 p.m. New York City time on that same day) a statement reflecting the total amount on deposit on such day in the Collection Account; 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)&nbsp;&nbsp;&nbsp;&nbsp;unless the Facility Agent otherwise agrees, any Reinvestment Request given by the Borrower pursuant to this <u>Section 8.3(b)</u>, shall be irrevocable and binding on the Borrower.

During the Revolving Period, the Borrower may also withdraw from the Collection Account any Principal Collections and apply such Principal Collections to (i) satisfy any unfunded commitments associated with any Variable Funding Assets or (ii) make a distribution to the extent expressly permitted pursuant to <u>Section 10.16(a)</u>.

Subject to the Collateral Agent's receipt of an Officer's Certificate of the Servicer as to the satisfaction of the conditions precedent set forth in <u>Section 6.2</u> and this <u>Section 8.3</u>, the Collateral Agent will release funds from the Collection Account to the Borrower in an amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount of Collections on deposit in the Collection Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent necessary to make payments in any Eligible Currency pursuant to <u>Section 8.3(a)</u>, the Servicer agrees to provide written instruction to the Collateral Agent, on the Determination Date immediately preceding each Distribution Date, to convert amounts on deposit in the applicable Collection Account into any Eligible Currency (*pro rata* based on available amounts from each other Eligible Currency, unless otherwise directed in writing by the Servicer) using the Applicable Conversion Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;At any time, the Borrower may withdraw from the Principal Collection Account the proceeds of any Advance on deposit therein as may be needed to settle any pending acquisition of an Eligible Collateral Obligation.

Section 8.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Borrower shall pay the Undrawn Fee, the Make-Whole Fee, the Prepayment Fee and any other fees (collectively, "<u>Fees</u>") in the amounts and on the dates set forth herein or in one or more fee letter agreements, dated the date hereof (or dated the date any Lender and its related Lender Group becomes a party hereto pursuant to an assignment or otherwise), signed by the Borrower, the applicable Agent and the Facility Agent (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time, a "<u>Fee Letter</u>").

Section 8.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Monthly Report</u>. The Collateral Agent shall prepare (based on information provided to it by the Servicer, the Facility Agent and the Lenders as set forth herein) a Monthly Report in the form of <u>Exhibit D</u> determined as of the close of business on each Determination Date and make available such Monthly Report to the Facility Agent (including by electronic delivery to csg.india@db.com and ls2.docs-ny@db.com), the Borrower and the Servicer on each Reporting Date starting with the Reporting Date with respect to the first Distribution Date. Each Monthly Report shall specify the amounts for payment pursuant to each clause of <u>Section 8.3(a)</u> and, to the extent sufficient funds are available therefor, such amounts shall be paid using Collections received in the applicable Eligible Currency. To the extent Collections in any Eligible Currency are insufficient, the Servicer shall direct that amounts be converted from each other Eligible Currency (*pro rata*, or as otherwise specified by the Servicer to the Facility Agent and the Collateral Agent in writing) using the Applicable Conversion Rate; <u>provided</u> that, the Servicer shall provide any such direction at least two (2) Business Days prior to the applicable Distribution Date; <u>provided further</u> that, such direction is received by 1:00 p.m. (New York time) on such date (otherwise such request will be deemed made on the next succeeding Business Day). If any party receiving any Monthly Report disagrees with any items of such report, it shall contact the Collateral Agent and notify it of such disputed item and provide reasonably sufficient information to correct such item, with (if other than the Facility Agent) a copy of such notice and information to the Facility Agent and the Servicer. If the Collateral Agent agrees with any such correction and unless the Collateral Agent is otherwise timely directed by the Facility Agent, the Collateral Agent shall distribute a revised Monthly Report on the Business Day after it receives such information. If the Collateral Agent does not agree with any such correction or it is directed by the Facility Agent that the Collateral Agent should not make such correction, the Collateral Agent shall (within one (1) Business Day) contact the Facility Agent and request instructions on how to proceed. The Facility Agent's reasonable determination with regard to any disputed item in the Monthly Report shall be final.

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The Servicer shall cooperate with the Collateral Agent in connection with the preparation of the Monthly Reports and any supplement thereto. Without limiting the generality of the foregoing, the Servicer shall supply any information maintained by it that the Collateral Agent may from time to time reasonably request with respect to the Collateral and reasonably needs to complete the reports, calculations and certificates required to be prepared by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder. Without limiting the generality of the foregoing, in connection with the preparation of a Monthly Report, (i) the Servicer shall be responsible for providing the Collateral Agent the information required for parts (a) through (c) of <u>Exhibit D</u> for such Monthly Report and confirmation of the certification required by <u>Section 10.22(b)</u> and (ii) the Facility Agent and the Lenders shall be responsible for providing to the Collateral Agent the information required by <u>Section 3.4</u> for part (d) of <u>Exhibit D</u> for such Monthly Report on which the Collateral Agent may conclusively rely. The Servicer shall review and verify the contents of the aforesaid reports (including the Monthly Report), instructions, statements and certificates. Upon receipt of approval from the Servicer, the Collateral Agent shall send such reports, instructions, statements and certificates to the Borrower and the Servicer for execution.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES OF THE BORROWER

In order to induce the other parties hereto to enter into this Agreement and, in the case of the Lenders, to make Advances hereunder, the Borrower hereby represents and warrants to the Facility Agent, the Agents and the Lenders as to itself, as of the Effective Date, each Funding Date and each other Measurement Date, as follows:

Section 9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Good Standing</u>. It has been duly organized and is validly existing under the laws of the jurisdiction of its organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. It had at all relevant times and now has, power, authority and legal right (x) to acquire and own the Collateral Obligations and the Related Security, and to grant to the Collateral Agent a security interest in the Collateral Obligations and the Related Security and the other Collateral and (y) to enter into and perform its obligations under this Agreement and the other Transaction Documents to which it is a party.

Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Qualification</u>. It is duly qualified to do business and has obtained all necessary licenses and approvals and made all necessary filings and registrations in all jurisdictions, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

Section 9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Power and Authority</u>. It has the power, authority and legal right to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder; it has full power, authority and legal right to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral Obligations and the other Collateral and has duly

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authorized such grant by all necessary action and the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party have been duly authorized by it by all necessary action.

Section 9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Obligations</u>. This Agreement and the Transaction Documents to which it is a party have been duly executed and delivered by it and are enforceable against it in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing.

Section 9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Interest</u>. This Agreement creates a valid and continuing Lien on the Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC, and is enforceable as such against creditors of and purchasers from the Borrower; the Collateral is comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Borrower has complied with its obligations as set forth herein; with respect to Collateral that constitute Security Entitlements (a) all of such Security Entitlements have been credited to the Accounts and the Securities Intermediary has agreed to treat all assets credited to the Accounts as Financial Assets, (b) the Borrower has taken all steps necessary to enable the Collateral Agent to obtain Control with respect to the Accounts and (c) the Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Borrower has not instructed the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; <u>provided</u> that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Borrower may, or may cause the Servicer to, cause cash in the Accounts to be invested or distributed in accordance with this Agreement; all Accounts constitute Securities Accounts; the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens); the Borrower has received all consents and approvals required by the terms of any Collateral Obligation to the transfer and granting of a security interest in the Collateral Obligations hereunder to the Collateral Agent, on behalf of the Secured Parties; the Borrower has taken all necessary steps to file or authorize 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 that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed copies of each underlying promissory note constituting or evidencing any Collateral Obligation have been or, subject to the delivery requirements contained herein and/or <u>Section 18.3</u>, will be delivered to the Collateral Custodian; the Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note evidencing a Collateral Obligation solely on behalf of the Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence the Collateral

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Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent on behalf of the Secured Parties; with respect to Collateral that constitutes a Certificated Security, such certificated security has been delivered to the Collateral Custodian and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the Collateral Custodian upon original issue or registration of transfer by the Borrower of such Certificated Security, in each case to be held by the Collateral Custodian on behalf of the Collateral Agent for the benefit of the Secured Parties; and in the case of an Uncertificated Security, by (A) causing the Collateral Custodian to become the registered owner of such uncertificated security and (B) causing such registration to remain effective.

Section 9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>No Violation</u>. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, the consummation of the transactions contemplated hereby and thereby, and the fulfillment of the terms of this Agreement and the other Transaction Documents to which it is a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, its Constituent Documents, or any breach in any material respect under any indenture, agreement, mortgage, deed of trust or other instrument to which it is a party or by which it is bound or any of its properties are subject, or result in the creation or imposition of any Lien (other than Permitted Liens) upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, or violate in any material respect any Applicable Law or in any way materially and adversely affect its ability to perform its obligations under this Agreement or the other Transaction Documents to which it is a party.

Section 9.7&nbsp;&nbsp;&nbsp;&nbsp;<u>No Proceedings</u>. There are no proceedings or investigations pending or, to its knowledge, threatened against it, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the other Transaction Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by it of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents or (D) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on any of the Collateral or on the assignments and security interests granted by the Borrower in this Agreement.

Section 9.8&nbsp;&nbsp;&nbsp;&nbsp;<u>No Consents</u>. It is not required to obtain the consent of any other Person or any approval, authorization, consent, license, approval or authorization, or registration or declaration with, any Official Body having jurisdiction over it or its properties in connection with the execution, delivery, performance, validity or enforceability of this Agreement or the other Transaction Documents to which it is a party, in each case other than consents, licenses, approvals, authorizations, orders, registrations, declarations or filings which have been obtained or made and continuation statements and renewals in respect thereof.

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Section 9.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. It is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the Transaction Documents. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, it will have an adequate amount of capital to conduct its business in the foreseeable future.

Section 9.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws</u>. It has complied and will comply in all material respects with all Applicable Laws, judgments, agreements with Official Bodies, decrees and orders with respect to its business and properties and all Collateral.

Section 9.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. For U.S. federal income tax purposes, it is, and always has been, an entity disregarded as separate from the Equityholder and the Equityholder is a U.S. Person. It has filed on a timely basis all federal and other material Tax returns (including foreign, state, local and otherwise) required to be filed, if any, and has paid all federal and other material Taxes due and payable by it and any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Official Body (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower). No Lien or similar Adverse Claim has been filed, and no claim is being asserted, with respect to any Tax, assessment or other governmental charge. Any Taxes, fees and other governmental charges payable by the Borrower in connection with the execution and delivery of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby including the transfer of each Collateral Obligation and the Related Security to the Borrower have been paid or shall have been paid if and when due at or prior to the Effective Date or the Advance Date, as applicable.

Section 9.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Monthly Report</u>. Each Monthly Report is accurate in all material respects as of the date thereof.

Section 9.13&nbsp;&nbsp;&nbsp;&nbsp;<u>No Liens, Etc.</u> The Collateral and each part thereof is owned by the Borrower free and clear of any Adverse Claim (other than Permitted Liens) or restrictions on transferability and the Borrower has the full right, power and lawful authority to assign, transfer and pledge the same and interests therein, and upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in each Collateral Obligation and the other Collateral, free and clear of any Adverse Claim (other than Permitted Liens) or restrictions on transferability, to the extent (as to perfection and priority with respect to such other Collateral) that a security interest in such other Collateral may be perfected under the applicable UCC. The Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Borrower or any of its Affiliates as debtor and covering all or any part of the Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent as "Secured Party" pursuant hereto or as necessary or advisable in connection with the Sale Agreement. There are no judgments or Liens for Taxes with respect to the Borrower and no claim has been asserted with respect to the Taxes of the Borrower.

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Section 9.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Information True and Correct</u>. All information heretofore or hereafter furnished by or on behalf of the Borrower in writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby is and will be (when taken as a whole) true and correct in all material respects and does not omit to state a material fact necessary to make the statements contained therein not misleading.

Section 9.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Bulk Sales</u>. The grant of the security interest in the Collateral by the Borrower to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.

Section 9.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral</u>. Except as otherwise expressly permitted or required by the terms of this Agreement, no item of Collateral has been sold, transferred, assigned or pledged by the Borrower to any Person.

Section 9.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Selection Procedures</u>. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of the Facility Agent, any Agent or any Lender.

Section 9.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness</u>. The Borrower has no Indebtedness or other indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Transaction Documents.

Section 9.19&nbsp;&nbsp;&nbsp;&nbsp;<u>No Injunctions</u>. No injunction, writ, restraining order or other order of any nature adversely affects the performance of its obligations under this Agreement or any Transaction Document to which it is a party.

Section 9.20&nbsp;&nbsp;&nbsp;&nbsp;<u>No Subsidiaries</u>. The Borrower has no Subsidiaries other than any REO Asset Owners.

Section 9.21&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower does not sponsor, maintain, or contribute to, and has never sponsored, maintained, or contributed to, and, except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate sponsors, maintains, contributes to, or has any liability in respect of, or has ever sponsored, maintained, contributed to, or had any liability in respect of, a Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;No ERISA Event has occurred on or prior to the date that this representation is made or deemed made that, whether alone or together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower is not, and will not become at any time while any Obligations are outstanding, a Benefit Plan Investor.

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Section 9.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Status</u>. The Borrower is not an "investment company" as such term is defined in the 1940 Act.

Section 9.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Set-Off, Etc.</u> No Collateral Obligation has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower or the Obligor thereof, and no Collateral is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect thereto, except, in each case, pursuant to the Transaction Documents and for amendments, extensions and modifications, if any, to such Collateral otherwise permitted hereby and in accordance with the Servicing Standard.

Section 9.24&nbsp;&nbsp;&nbsp;&nbsp;<u>Collections</u>. The Borrower acknowledges that (i) all Obligors (and related agents) have been directed to make all payments directly to the Collection Account and (ii) all Collections received by it or its Affiliates with respect to the Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited into the applicable Collection Account in accordance with <u>Section 10.10</u>.

Section 9.25&nbsp;&nbsp;&nbsp;&nbsp;<u>Value Given</u>. The Borrower has given fair consideration and reasonably equivalent value to the Equityholder in exchange for the purchase of the Collateral Obligations (or any number of them). No such transfer has been made for or on account of an antecedent debt and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

Section 9.26&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock and none of the proceeds of the Advances will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U, Regulation X or any other regulation promulgated by the FRS Board from time to time.

Section 9.27&nbsp;&nbsp;&nbsp;&nbsp;<u>Separate Existence</u>. The Borrower is operated as an entity with assets and liabilities distinct from those of any of its Affiliates or any Affiliates of the Equityholder, and the Borrower hereby acknowledges that the Facility Agent, each of the Agents and each of the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the Borrower's identity as a separate legal entity. Since its formation, the Borrower has been (and will be) operated in such a manner as to comply with the covenants set forth in <u>Section 10.5</u>.

Section 9.28&nbsp;&nbsp;&nbsp;&nbsp;<u>Transaction Documents</u>. The Transaction Documents delivered, together with the Constituent Documents of the Borrower, to the Facility Agent represent all material agreements between the Equityholder, on the one hand, and the Borrower, on the other. Upon the purchase and/or contribution of each Collateral Obligation (or an interest in a Collateral Obligation) pursuant to the this Agreement or the Sale Agreement, the Borrower shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and clear of any Adverse Claim (other than Permitted Liens); except that, with respect to any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record

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owner of the underlying Loan until the Elevation (as defined in the Sale Agreement) of such Assigned Participation Interest. All such assets are transferred to the Borrower without recourse to the Equityholder except as described in the Sale Agreement. The purchases of such assets by the Borrower constitute valid and true sales for consideration (and not merely a pledge of such assets for security purposes) and the contributions of such assets received by the Borrower constitute valid and true transfers for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute property of the Equityholder; except that, with respect to any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the underlying Loan until the Elevation (as defined in the Sale Agreement) of such Assigned Participation Interest.

Section 9.29&nbsp;&nbsp;&nbsp;&nbsp;<u>EEA/UK Financial Institution</u>. The Borrower is not an EEA Financial Institution or a UK Financial Institution.

Section 9.30&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Terrorism, Anti-Money Laundering</u>. (a) None of the Borrower, its controlled Subsidiaries nor, to the best of the Borrower's knowledge, its Affiliates or any officer, employee or director, acting on behalf of the Borrower (i) is (A) a country, territory, organization, person or entity named on any sanctions list, or in any other sanction, embargo, or trade restriction administered or imposed by the U.S. Government including, without limitation, the Office of Foreign Asset Control ("<u>OFAC</u>"), maintained for the purposes of sanctions enforcement by any of the United Nations, the European Union, His Majesty's Treasury in the United Kingdom (including any and all economic or financial sanctions extended to the Cayman Islands pursuant to any order in Council of His Majesty's Privy Council in the United Kingdom), Germany, Canada, Australia, and any other applicable country or multilateral organization (collectively, "<u>Sanctions</u>"), as of the date hereof, Cuba, Iran, North Korea, Syria, Venezuela (government only) and the non-government-controlled areas of Ukraine being the Crimea, Donetsk, Luhansk, Kherson and Zaporizhzhia regions (the "<u>Sanctioned Countries</u>"); (B) a Person that resides, is organized or located in any of the Sanctioned Countries or which is designated as a "High-Risk Jurisdiction subject to a Call for Action" by the Financial Action Task Force on Money Laundering, or, to the best of the Borrower's knowledge, whose subscription funds are transferred from or through such a jurisdiction or any Sanctioned Countries; or (C) owned 50% or more or otherwise controlled, directly or indirectly by, or acting on behalf of, one or more Person defined in either of the preceding clauses (A) or (B) (along with Persons defined in clauses (A) and (B), collectively, a "<u>Sanction Target</u>"); (ii) is a "Foreign Shell Bank" within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iii) is a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns. The Borrower, each of its controlled Subsidiaries and, to the best of the Borrower's knowledge, each Affiliate and each officer, employee or director acting on behalf of the Borrower is (and is taking no action which would result in any such Person not being) in compliance with (a) all OFAC rules and regulations, (b) all United States of America, United Kingdom (including any and all sanctions, embargos and trade restrictions extended to the Cayman Islands pursuant to any order in Council of His Majesty's Privy Council in the United

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Kingdom), United Nations, European Union, German, Canadian, Australian and all other Sanctions and (c) the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower has complied, in all material respects, with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act (collectively, the "<u>Anti-Money Laundering Laws</u>"). No actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against the Borrower or its controlled Subsidiaries or, to the best of the Borrower's knowledge, its Affiliates or any directors, officers, employees or anyone acting on its behalf in relation to a breach of the Anti-Money Laundering Laws, or, to the knowledge of the Borrower, threatened.

The representation in this Section 9.30 is not being made by any party hereto if and to the extent that such representation would constitute or give rise to a violation by such party of the Blocking Regulation.

Section 9.31&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Bribery and Corruption</u>. (a) None of the Borrower nor, to the best of the Borrower's knowledge, any director, officer, employee, or anyone acting on behalf of the Borrower has engaged in any activity, or will take any action, directly or indirectly, which would breach applicable anti-bribery and corruption laws and regulations, including but not limited to the US Foreign and Corrupt Practices Act 1977, as amended, and the Bribery Act 2010 of the United Kingdom (the "<u>Anti-Bribery and Corruption Laws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, its controlled Subsidiaries and, to the Borrower's knowledge, its Affiliates have each conducted their businesses in compliance with Anti-Bribery and Corruption Laws and have instituted and maintain policies and procedures reasonably designed to promote and ensure continued compliance with all Anti-Bribery and Corruption Laws and with the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;No actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against the Borrower, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Bribery and Corruption Laws, or, to the knowledge of the Borrower, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not directly or indirectly use, lend or contribute the proceeds of the Advances for any purpose that would breach the Anti-Bribery and Corruption Laws.

Section 9.32&nbsp;&nbsp;&nbsp;&nbsp;<u>Volcker Rule</u>. To the best of the Borrower's knowledge and belief, the Advances do not constitute an "ownership interest" in the Borrower for purposes of the Volcker Rule.

Section 9.33&nbsp;&nbsp;&nbsp;&nbsp;<u>AIFMD</u>. The Borrower is not (i) an AIFM; (ii) an AIF managed by an AIFM (as such term is defined in the AIFMD) required to be authorized or registered in accordance with AIFMD; or (ii) an AIFM or an AIF managed by AIFM (as such term is defined

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in the UK AIFM Regulations) required to be authorized or registered in accordance with the UK AIFM Regulations.

ARTICLE X

COVENANTS

From the date hereof until the first day following the Facility Termination Date on which all Obligations shall have been finally and fully paid and performed (other than contingent Obligations for which no claim has been made or as otherwise expressly stated to survive the termination of this Agreement), the Borrower hereby covenants and agrees with the Lenders, the Agents and the Facility Agent that:

Section 10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Protection of Security Interest of the Secured Parties</u>. (a) At or prior to the Effective Date, the Borrower shall have filed or caused to be filed a UCC-1 financing statement, naming the Borrower as debtor and the Collateral Agent (for the benefit of the Secured Parties) as secured party and describing the Collateral, with the office of the Secretary of State of the State of Delaware. From time to time thereafter, the Borrower shall file such financing statements and cause to be filed such continuation statements, all in such manner and in such places as may be required by Applicable Law fully to preserve, maintain and protect the interest of the Collateral Agent in favor of the Secured Parties under this Agreement in the Collateral and in the proceeds thereof. The Borrower shall deliver (or cause to be delivered) to the Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that the Borrower fails to perform its obligations under this subsection, the Collateral Agent or the Facility Agent may (but shall have no obligation to) do so, in each case at the expense of the Borrower, however neither the Collateral Agent nor the Facility Agent shall have any liability in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not change its name, jurisdiction, identity or corporate structure in any manner that would make any financing statement or continuation statement filed by or on behalf of the Borrower in accordance with <u>Section 10.1(a)</u> above seriously misleading or change its jurisdiction of organization, unless the Borrower shall have given the Facility Agent and the Collateral Agent at least 30 days' prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent and the Facility Agent together with an Officer's Certificate to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed).

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall maintain its computer systems, if any, so that, from and after the time of the first Advance under this Agreement, the Borrower's master computer records (including archives) that shall refer to the Collateral indicate clearly that such Collateral is subject to the first priority security interest in favor of the Collateral Agent, for the benefit of the Secured Parties. Indication of the Collateral Agent's (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower's

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computer systems when, and only when, the Collateral in question shall have been paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation or Substituted Collateral Obligation, or otherwise as expressly permitted by 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any of the other provisions hereof, if at any time the Borrower shall propose to sell, grant a security interest in, or otherwise transfer any interest in loan receivables to any prospective lender or other transferee, the Borrower shall give to such prospective lender or other transferee computer tapes, records, or print-outs (including any restored from archives) that, if they shall refer in any manner whatsoever to any Collateral shall indicate clearly that such Collateral is subject to a first priority security interest in favor of the Collateral Agent, for the benefit of the Secured Parties.

Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Liens or Interests</u>. Except for the security interest granted hereunder and as otherwise permitted pursuant to <u>Sections [7.10](#i920d5c50a2c048d8832b3d3116517d31_7)</u>, <u>[7.11](#i920d5c50a2c048d8832b3d3116517d31_7)</u>, and <u>10.16</u>, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and the Borrower shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against all claims of third parties claiming through or under the Borrower (other than Permitted Liens).

Section 10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Costs and Expenses</u>. The Borrower shall pay (or cause to be paid) all of its reasonable costs and disbursements in connection with the performance of its obligations hereunder and under the Transaction Documents.

Section 10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reporting Requirements</u>. The Borrower shall furnish, or cause to be furnished, to the Facility Agent, the Collateral Agent and each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;as soon as possible and in any event within two (2) Business Days after a Responsible Officer of the Borrower shall have knowledge of the occurrence of an Event of Default, Unmatured Event of Default, Servicer Default or Unmatured Servicer Default, the statement of a Responsible Officer of the Borrower setting forth complete details of such event and the action which the Borrower has taken, is taking and proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;promptly, from time to time, such other information, documents, records or reports respecting the Collateral Obligations or the Related Security, the other Collateral or the condition or operations, financial or otherwise, of the Borrower as such Person may, from time to time, reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;promptly, in reasonable detail, of (i) any Adverse Claim known to it that is made or asserted against any of the Collateral and (ii) the occurrence of any Revaluation Event or any Material Modification with respect to any Collateral Obligation after obtaining actual knowledge thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;promptly, in reasonable detail, any new or updated information reasonably requested by a Lender in connection with "know your customer" laws or any similar regulations; 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;promptly following any request therefor, the Borrower shall deliver to the Facility Agent information and documentation reasonably requested by the Facility Agent for purposes of compliance with Anti-Money Laundering Laws.

Section 10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Separate Existence</u>. (a) The Borrower shall conduct its business solely in its own name through its duly authorized officers or agents (including the Servicer) so as not to mislead others as to the identity of the entity with which such persons are concerned, and shall use its best efforts to avoid the appearance that it is conducting business on behalf of any Affiliate thereof or that the assets of the Borrower are available to pay the creditors of any of its equityholders or any Affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;It shall maintain records and books of account separate from those of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;It shall pay its own operating expenses and liabilities from its own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;It shall ensure that the annual financial statements of the Borrower and the Equityholder shall disclose the effects of the transactions contemplated hereby in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;It shall not hold itself out as being liable for the debts of any other Person. It shall not pledge its assets to secure the obligations of any other Person. It shall not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its credit or assets as being available to pay the obligations of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;It shall keep its assets and liabilities separate from those of all other entities. Except as expressly contemplated herein with respect to Excluded Amounts, it shall not commingle its assets with assets of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;It shall maintain bank accounts or other depository accounts separate from any other person or entity, including any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;To the extent required under GAAP, it shall ensure that any consolidated financial statements including the Borrower, if any, have notes to the effect that the Borrower is a separate entity whose creditors have a claim on its assets prior to those assets becoming available to its equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;It shall not (A) amend, supplement or otherwise modify its Constituent Documents, except in accordance therewith and with the prior written consent of the Facility

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Agent (which consent shall not be unreasonably withheld, delayed or conditioned) or (B) divide or permit any division of itself.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;It shall at all times hold itself out to the public and all other Persons as separate from its Affiliates and from any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;It shall file its own tax returns separate from those of any other Person, except to the extent that it is treated as a "disregarded entity" for tax purposes and is not required to file tax returns under Applicable Law, and shall pay any taxes required to be paid under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;It shall conduct its business only in its own name and comply with all organizational formalities necessary to maintain its separate existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any of the foregoing covenants in this <u>Section 10.5</u>, it shall maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and it shall not have its assets listed on any financial statement of any other Person; <u>provided</u> that, its assets may be included in a consolidated financial statement of its Affiliate so long as (i) appropriate notation shall be made on such consolidated financial statements (if any) to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on its own separate balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;It shall not, except for capital contributions or capital distributions permitted under the terms and conditions of its Constituent Documents and properly reflected on its books and records, enter into any transaction with an Affiliate except on commercially reasonable terms similar to those available to unaffiliated parties in an arm's-length transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;It shall maintain a sufficient number of employees (which number may be zero) in light of its contemplated business purpose and pay the salaries of its own employees, if any, only from its own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;It shall use separate invoices bearing its own name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;It shall correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;It shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; <u>provided</u> that, the foregoing shall not require its equityholders to make additional capital contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;It shall not acquire any obligation or securities of its members or of any Affiliate other than the Collateral in compliance with the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;It shall not make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that it may invest in those investments permitted under the Transaction Documents and may hold the equity of REO Asset Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;It shall not, to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or transfer of all or substantially all of its assets other than such activities as are expressly permitted pursuant to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;It shall not buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities), except as expressly contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly permitted by the Transaction Documents (including with respect to any REO Asset Owners), it shall not form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;It shall not own any asset or property other than Collateral and such other financial assets as permitted by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;It shall not engage, directly or indirectly, in any business other than as required or permitted to be performed by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;It shall allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates, including for shared office space and for services performed by an employee of any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Borrower nor the Equityholder shall take any action contrary in any material respect to the "Assumptions and Facts" section in the opinion or opinions of Akin Gump Strauss Hauer & Feld LLP, dated the date hereof, relating to certain nonconsolidation and true sale matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Servicer nor any other person shall be authorized or empowered, nor shall they permit the Borrower to take any Material Action without the prior written consent of one Independent Manager. The Constituent Documents of the Borrower shall include the following provisions: (a) at all times there shall be, and Borrower shall cause there to be, at least one Independent Manager; (b) the Borrower shall not, without the prior written consent of the Independent Manager, on behalf of itself or Borrower, take any Material Action, and when voting with respect to such matters, the Independent Manager shall consider only the interests of the Borrower, including its creditors; and (d) no Independent Manager of the Borrower may be removed or replaced by the Borrower unless the Borrower provides Lender with not less than five (5) Business Days' prior written notice of (i) any proposed removal of an Independent Manager, together with a statement as to the reasons for such removal, and (ii) the identity of the proposed replacement Independent Manager,

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together with a certification that such replacement satisfies the requirements set forth in the organizational documents of the Borrower for an Independent Manager. No resignation or removal of an Independent Manager shall be effective until a successor Independent Manager is appointed and has accepted his or her appointment. No Independent Manager may be removed by the Borrower other than for Cause.

Section 10.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Hedging Agreements</u>. (a) With respect to any Excess Unqualified Hedging Obligation, the Borrower hereby covenants and agrees that, upon the direction of the Facility Agent in its sole discretion as notified to the Borrower and the Servicer on or prior to the related Funding Date for such Collateral Obligation, the Borrower shall obtain and deliver to the Collateral Agent (with a copy to the Facility Agent) one or more Hedging Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional Amount not less than the amount determined by the Facility Agent in its reasonable discretion, which (1) shall each have a notional principal amount equal to or greater than $1,000,000, (2) may provide for reductions of the Aggregate Notional Amount on each Distribution Date on an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS prepayment speed (or such other ABS prepayment speed as may be approved in writing by the Facility Agent) and zero losses, and (3) shall have other terms and conditions and be represented by Hedging Agreements otherwise acceptable to the Facility Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Hedge Counterparty defaults in its obligation to make a payment to the Borrower under one or more Hedging Agreements on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand no later than the Business Day following such default on such Hedge Counterparty, or any guarantor, if applicable, demanding payment under the applicable Hedging Agreement in accordance with the terms of such Hedging Agreement. The Borrower shall give notice to the Facility Agent upon the continuing failure by any Hedge Counterparty to perform its obligations during the two (2) Business Days following a demand made by the Borrower on such Hedge Counterparty, and shall take such action with respect to such continuing failure as may be directed by the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Hedge Counterparty no longer maintains the ratings specified in the definition of "Hedge Counterparty," then within 30 days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty as determined by any Rating Agency, the Borrower shall provide the Hedge Counterparty notice of the potential termination event resulting from such downgrade and, if the Hedge Counterparty fails to cure such potential termination event within the time frame specified in the related Hedging Agreement, the Borrower shall, at the written direction of the Facility Agent, (i) <u>provided</u> that a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of <u>Section 10.6(d)</u> has been obtained, (A) provide written notice to such Hedge Counterparty (with a copy to the Collateral Agent and the Facility Agent) of its intention to terminate the applicable Hedging Agreement within the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement and (B) terminate the applicable Hedging Agreement within such 30-day period, request the payment to it of all amounts due to the Borrower under the applicable Hedging Agreement through the termination

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date and deposit any such amounts so received, on the day of receipt, to the Collection Account, or (ii) establish any other arrangement (including an arrangement or arrangements in addition to or in substitution for any prior arrangement made in accordance with the provisions of this <u>Section 10.6(c)</u>) with the written consent (in its sole discretion) of the Facility Agent (a "<u>Qualified Substitute Arrangement</u>"); <u>provided</u>, that in the event at any time any alternative arrangement established pursuant to the above shall cease to be satisfactory to the Facility Agent, then the provisions of this <u>Section 10.6(c)</u>, shall again be applied and in connection therewith the 30-day period referred to above shall commence on the date the Borrower receives notice of such cessation or termination, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Unless an alternative arrangement pursuant to <u>Section 10.6(c)</u> is being established, the Borrower shall use its commercially reasonable efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this <u>Section 10.6</u> during the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement. The Borrower shall not terminate the Hedging Agreement unless, prior to the expiration of such 30-day period, the Borrower delivers to the Collateral Agent (with a copy to the Facility Agent) (i) a Replacement Hedging Agreement or Qualified Substitute Arrangement, (ii) to the extent applicable, an Opinion of Counsel reasonably satisfactory to the Facility Agent as to the due authorization, execution and delivery and validity and enforceability of such Replacement Hedging Agreement or Qualified Substitute Arrangement, as the case may be, and (iii) evidence that the Facility Agent has consented in writing to the termination of the applicable Hedging Agreement and its replacement with such Replacement Hedging Agreement or Qualified Substitute Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer or the Borrower shall notify the Facility Agent and the Collateral Agent within five Business Days after a Responsible Officer of such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty has been withdrawn or reduced by any Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may at any time obtain a Replacement Hedging Agreement with the consent (in its sole discretion) of the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not agree to any amendment to any Hedging Agreement without the consent (in its sole discretion) of the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall notify the Facility Agent and the Collateral Agent after a Responsible Officer of the Borrower shall obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, with the consent of the Facility Agent in its sole discretion, may sell all or a portion of the Hedging Agreements. The Borrower shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Facility Agent and the Collateral Agent of prospective purchasers and bids, and selecting the purchaser of such Hedging Agreement. The Borrower and, at the Borrower's request, the Collateral Agent, upon receipt of the purchase price in the Collection Account shall, with the

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prior written consent of the Facility Agent, execute all documentation necessary to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof.

Notwithstanding anything to the contrary in this <u>Section 10.6</u>, but subject to the following proviso, the parties hereto agree that should the Borrower fail to observe or perform any of its obligations under this <u>Section 10.6</u> with respect to any Hedging Agreement the sole result will be that the Collateral Obligation or Collateral Obligations that are the subject of such Hedging Agreement shall immediately cease to be Eligible Collateral Obligations for all purposes under this Agreement, and (other than as set forth in the following proviso) no such failure under or breach of this <u>Section 10.6</u> shall, in and of itself, constitute an Unmatured Event of Default or an Event of Default; <u>provided</u> that, during the Amortization Period, the Borrower shall dispose of any Excess Unqualified Hedging Obligation and/or repay Advances Outstanding in the applicable Eligible Currency such that the aggregate proceeds of any such disposition, when combined with any such repayment amount, as applicable, are no less than the par value of such Excess Unqualified Hedging Obligation (or such lesser amount as agreed by the Borrower and the Facility Agent in its sole discretion), in each case, within 30 days of any such Collateral Obligation becoming an Excess Unqualified Hedging Obligation.

Section 10.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Tangible Net Worth</u>. The Borrower shall maintain at all times a positive Tangible Net Worth.

Section 10.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. For U.S. federal income tax purposes, the Borrower will be an entity disregarded as separate from the Equityholder and the Equityholder will be a U.S. Person. The Borrower will file on a timely basis all federal and other material Tax returns (including foreign, federal, state, local and otherwise) required to be filed, if any, and will pay all Taxes due and payable by it and any assessments made against it or any of its property (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Borrower). No more than 50% of the debt obligations (as determined for U.S. federal income tax purposes) held by the Borrower may at any time consist of real estate mortgages as determined for purposes Section 7701(i) of the Code unless, based on written advice of Cadwalader, Wickersham & Taft LLP, Akin Gump Strauss Hauer & Feld LLP or an opinion of other tax counsel of nationally recognized standing in the United States experienced in such matters, the ownership of such debt obligations will not cause the Borrower to be treated as a taxable mortgage pool for U.S. federal income tax purposes.

Section 10.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger, Consolidation, Etc..</u> The Borrower shall not merge or consolidate with any other Person or permit any other Person to become the successor to all or substantially all of its business or assets without the prior written consent of the Facility Agent in its sole discretion.

Section 10.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposit of Collections</u>. The Borrower shall transfer, or cause to be transferred, all Collections to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any of their respective Affiliates.

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Section 10.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness; Guarantees</u>. The Borrower shall not create, incur, assume or suffer to exist any Indebtedness other than Indebtedness permitted under the Transaction Documents. The Borrower shall incur no Indebtedness secured by the Collateral other than the Obligations. The Borrower shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital, other than as expressly permitted under the Transaction Documents.

Section 10.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Purchases from Affiliates</u>. Other than pursuant to the Sale Agreement, the Borrower shall not purchase any asset from the Equityholder or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer.

Section 10.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Transaction Documents</u>. Except as otherwise expressly permitted herein, the Borrower shall not (i) cancel or terminate any of the Transaction Documents to which it is party (in any capacity), (ii) consent to or accept any cancellation or termination of any of such agreements, (iii) amend or otherwise modify any term or condition of any of the Transaction Documents to which it is party (in any capacity), (iv) give any consent, waiver or approval under any such agreement, or waive any default under or breach of any of the Transaction Documents to which it is party (in any capacity), (v) enter into any other agreements or arrangements pertaining to this Agreement with an existing or potential counterparty to any Transaction Document or (vi) take any other action under any such agreement not required by the terms thereof, unless (in each case) the Facility Agent shall have consented thereto in its sole discretion.

Section 10.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Preservation of Existence</u>. The Borrower shall do or cause to be done all things necessary to (i) preserve and keep in full force and effect its existence as a limited liability company and take all reasonable action to maintain its rights and franchises in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability company in good standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material Adverse Effect.

Section 10.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Investments</u>. The Borrower shall not form, or cause to be formed, any Subsidiaries other than REO Asset Owners or make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Transaction Documents.

Section 10.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributions</u>. (a) The Borrower shall not declare or make payment of any distribution on or in respect of any equity interests or any payment on account of the purchase, redemption, retirement or acquisition of any option, warrant or other right to acquire such equity interests; <u>provided</u> that, so long as no Event of Default, Unmatured Event of Default, Unmatured

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Servicer Default or Servicer Default shall have occurred and be continuing (or would exist after giving effect thereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower may make a distribution on any Business Day during the Revolving Period (I) using proceeds received in connection with the sale of any Broadly Syndicated Loan pursuant to <u>Section 7.10</u>; (II) using proceeds received in connection with the sale of any Loan Assets (other than Broadly Syndicated Loans) pursuant to <u>Section 7.10</u>; (III) using the proceeds of the Advances hereunder in an aggregate amount not to exceed the Effective Date Availability; or (IV) using available Collections on deposit in the Collection Account, in each case, so long as both before and immediately after such distribution (as certified to the Facility Agent in writing by the Borrower and the Servicer): (1) each Collateral Quality Test is satisfied, (2) the Minimum Equity Test is satisfied, (3) the Foreign Currency Sublimit Compliance Test is satisfied, (4) the Advances Outstanding will not exceed the Borrowing Base Measure, (5) sufficient proceeds will remain in an amount no less than (x) 110% *multiplied by* (y) the amount necessary for all payments to be made pursuant to <u>Section 8.3(a)</u> (other than <u>clause (i)(N)</u> and <u>clause (ii)(I)</u> thereof) on the next Distribution Date, (6) none of the proceeds from such Advance are needed to settle the acquisition of any Eligible Collateral Obligation and (7) the conditions set forth in <u>Section 6.2</u> are satisfied (to the extent applicable hereto); <u>provided</u> that, any distribution pursuant to the foregoing <u>clause (I)</u> shall require the prior written consent of the Facility Agent if such distribution would cause the aggregate amount of distributions pursuant to such <u>clause (I)</u> to exceed 20% of the highest aggregate Principal Balance of all Collateral Obligations at any time during the preceding 12 calendar months; <u>provided further</u> that, distributions made pursuant to the foregoing <u>clause (II)</u> or <u>clause (IV)</u> during any rolling 12-month period beginning on or after the Effective Date Availability End Date shall not exceed, in the aggregate, 25% of the highest amount of Advances Outstanding at any point during such rolling twelve-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower may make a distribution of amounts paid to it pursuant to <u>Section 8.3(a)</u> on the applicable Distribution Date or any prior Distribution Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower may make a distribution of the proceeds of any Advance on the applicable Advance Date, but only if such Advance is made in respect of an Eligible Collateral Obligation acquired by the Borrower on such Advance Date and none of the proceeds from such Advance are needed to settle the acquisition of such Eligible Collateral Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Prior to foreclosure by the Facility Agent upon any Collateral pursuant to <u>Section 13.3(c)</u>, nothing in this <u>Section 10.16</u> or otherwise in this Agreement shall restrict the Borrower from exercising any Warrant Assets issued to it by Obligors from time to time to the extent funds are available to the Borrower under <u>Section 8.3(a)</u> or made available to the Borrower.

Section 10.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance of Borrower Assigned Agreements</u>. The Borrower shall (i) perform and observe in all material respects all the terms and provisions of the Transaction

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Documents (including each of the Borrower Assigned Agreements) to which it is a party to be performed or observed by it, maintain such Transaction Documents in full force and effect, and enforce such Transaction Documents in accordance with their terms, and (ii) upon reasonable request of the Facility Agent, make to any other party to such Transaction Documents such demands and requests for information and reports or for action as the Borrower is entitled to make thereunder.

Section 10.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances; Financing Statements</u>. (a) The Borrower agrees that at any time and from time to time, at its expense and upon reasonable request of the Facility Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and protect the assignments and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Collateral. Without limiting the generality of the foregoing, the Borrower authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or notices as may be necessary or desirable or that the Collateral Agent (acting solely at the Facility Agent's request) may reasonably request to protect and preserve the assignments and security interests granted by this Agreement. Such financing statements filed against the Borrower may describe the Collateral in the same manner specified in <u>Section 12.1</u> or in any other manner as the Facility Agent may reasonably determine is necessary to ensure the perfection of such security interest (without disclosing the names of, or any information relating to, the Obligors thereunder), including describing such property as all assets or all personal property of the Borrower whether now owned or hereafter acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each Secured Party hereby severally authorize the Collateral Agent, upon receipt of written direction from the Facility Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall furnish to the Collateral Agent and the Facility Agent from time to time such statements and schedules further identifying and describing the Related Security and such other reports in connection with the Collateral as the Collateral Agent (acting solely at the Facility Agent's request) or the Facility Agent may reasonably request, all in reasonable detail.

Section 10.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligor Payment Instructions</u>. The Borrower acknowledges that the power of attorney granted in <u>Section 13.10</u> to the Collateral Agent permits the Collateral Agent to send (at the Facility Agent's written direction after the occurrence and during the continuation of an Event of Default) Obligor notification forms to give notice to the Obligors of the Collateral Agent's interest in the Collateral and the obligation to make payments as directed by the Collateral Agent (at the written direction of the Facility Agent). The Borrower further agrees that it shall (or it shall cause the Servicer to) provide prompt notice to the Facility Agent of any misdirected or errant payments made by any Obligor with respect to any Collateral Obligation

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and direct such Obligor to make payments as required hereunder, in each case after obtaining actual knowledge.

Section 10.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Collateral Obligation Files</u>. (a) The Borrower (or the Servicer on behalf of the Borrower) shall deliver to the Collateral Custodian electronically to the following e-mail address: CDO_Services_Crestline@statestreet.com (with a copy to the Facility Agent at the following e-mail addresses (for electronic copies): amit.patel@db.com, peter.sabino@db.com and anuar.atiye-manzur@db.com the Collateral Obligation Files identified on the related Document Checklist promptly upon receipt but in no event later than three (3) Business Days of the related Funding Date; <u>provided</u> that, any file-stamped document included in any Collateral Obligation File shall be delivered as soon as they are reasonably available (even if not within three (3) Business Days of the related Funding Date). In addition, promptly following the occurrence of an Event of Default, the Borrower shall deliver to the Collateral Custodian (with a copy to the Facility Agent at the email addresses set forth above) a fully executed assignment in blank for each Collateral Obligation for which the Servicer, the Equityholder, the Investment Manager or any of their respective Affiliates is the loan agent. The Borrower shall maintain (or cause to be maintained) for the Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent, make available, or, upon the Facility Agent's demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility Agent copies of all such Records which evidence or relate to the Collections.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall deliver the following: (i) all Asset Approval Requests to lenderfinance_collatreview@list.db.com, (ii) Monthly Reports delivered in connection with <u>Section 8.5</u> to csg.india@db.com, abs.conduits@db.com, dbinvestor@list.db.com, amit.patel@db.com, peter.sabino@db.com and anuar.atiye-manzur@db.com, (iii) requests or notices delivered in accordance with <u>Sections 2.2</u>, <u>2.4</u> or <u>8.3(b)</u>, to abs.conduits@db.com, lenderfinance_collatreview@list.db.com, amit.patel@db.com, peter.sabino@db.com and anuar.atiye-manzur@db.com and (iv) obligor reports delivered in connection with <u>Section</u> <u>7.5(l)</u> to gcrt.ratingrequests@db.com and lenderfinance_collatreview@list.db.com.

Section 10.21&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not become a Benefit Plan Investor at any time while any Obligations are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Provided that no assets used by any Lender to satisfy its obligations hereunder constitute "plan assets" for purposes of ERISA or Section 4975 of the Code (unless a Lender is relying on an administrative or statutory prohibited transaction exemption, the applicable conditions of which are satisfied), the Borrower will not take any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction under Section 406(a)(1)(B) of ERISA or Section 4975(c)(1)(B) of the Code that would subject any Lender to any tax, penalty, damages, or any other claim for relief under ERISA or the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not sponsor, maintain, or contribute to, any Plan. Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Borrower shall not, and shall not permit any ERISA Affiliate to, permit to exist any occurrence of any ERISA Event, and (ii) the Borrower shall not permit any ERISA Affiliate to sponsor, maintain, contribute to, or incur any liability in respect of, any Plan.

Section 10.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Risk Retention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For so long as any Obligations are outstanding and any Lender is an SR Lender, the Equityholder represents and undertakes 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)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder, as an "originator" (as defined in the EU Securitization Regulation) holds and will retain on an on-going basis, a material net economic interest in the securitization transaction contemplated by the Transaction Documents, which interest at all times is and shall not be less than 5.0% of the aggregate nominal value of all the Collateral Obligations (the "<u>Retained Economic Interest</u>") measured at the time of origination (being the occasion of each origination or acquisition of a Collateral Obligation by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Retained Economic Interest takes and shall take the form of a first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Retained Economic Interest is and shall be represented by the Equityholder's direct ownership of 100% of the equity interests in the Borrower (the "<u>Equity</u> <u>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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate capital contributions made by the Equityholder with respect to the Equity Interests shall represent at least 5.0% of the aggregate of the nominal value of all the Collateral Obligations measured at the time of origination as described in <u>clause (i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder shall not, and it will procure that its Affiliates (including, without limitation, the Borrower) do not (A) short, hedge, enter into any credit risk mitigation, or otherwise seek to mitigate its credit risk arising from or associated with the Retained Economic Interest, or (B) sell, transfer or otherwise surrender, all or part of the rights, benefits or obligations arising under or associated with the Retained Economic Interest (except, in each case, as permitted under the EU Securitization Rules); 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder will not change the manner in which it holds the Retained Economic Interest, or the methodology used to calculate the amount of the Retained Economic Interest, except (in each case) to the extent that such change is permitted under the EU Securitization Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;not less than 51% of all of the Collateral Obligations will be Equityholder Collateral Obligations, with such proportion of Equityholder Collateral Obligations

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being measured on the basis of the aggregate outstanding principal balance of the Collateral Obligations following the settlement of each acquisition or origination of a Collateral Obligation by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Monthly Report shall contain or be accompanied by a certification from the Equityholder containing a representation that it is, and has at all times been, in compliance with obligations set forth in <u>clause (a)</u> above up to and on each date of the related Accrual Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Equityholder will, at the Equityholder's own cost and expense, provide to the Facility Agent and/or the SR Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;prompt written notice of any breach of the obligations set forth in <u>clause (a)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;at the request of any SR Lender, confirmation in writing that all of the obligations set forth in <u>clause (a)</u> above continue to be complied with (A) in the event of a material change in the structure of the securitisation transaction contemplated by the Transaction Documents that could have a material impact on the performance of the Advances, or the risk characteristics of the Collateral Obligations and the Advances made with respect thereto; and (B) upon the occurrence of any Event of Default or becoming aware of any breach of the obligations contained in any Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all information, documents and reports in its possession (or that can be reasonably procured) that the SR Lenders may reasonably require in connection with their obligations under the EU Securitization Rules, including without limitation, any information, documentation or reports that the SR Lenders require for the purposes of Article 5(1)(e) of the EU Securitization Regulation, in such form, in such manner and at such times as prescribed by the Article 7 Transparency and Reporting Requirements, in respect of which it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder shall make available (or cause the Borrower to make available) to the SR Lenders the Transparency Reports at the following times (each a "<u>Submission Date</u>"): (x) on a date that is no later than one month after the Distribution Date in June 2026 (the "<u>First Submission Date</u>"); and (y) thereafter on a quarterly basis, on a date that is no later than three months after the then most recent Submission Date (and no later than one month after the then most recent Distribution Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;if following the First Submission Date, an SR Lender receives a request from its supervisory authority in respect of the EU Securitization Rules for Transparency Reports covering specific time periods between the Effective Date and the First Submission Date, the Equityholder will make reasonable efforts to procure the provision of any such Transparency Reports by the date specified by the SR Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the data cut-off date in respect of each Transparency Report shall be no earlier than two months prior to such Transparency Report's Submission Date (except as may otherwise be permitted or required at any time by the Article 7 Transparency and Reporting Requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder shall only be required to provide notification of any significant event of the type specified by Article 7(1)(g) of the EU Securitization Regulation to the extent that a notification or report in respect of the relevant event has not otherwise been provided by any person pursuant to any other provision of any Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder shall not be required to provide any information, documents or reports: (x) that is/are the subject of contractual confidentiality requirements; or (y) that is/are subject to laws governing the protection of confidentiality of information and the processing of personal data (all such information, documents and reports being collectively referred to as "<u>Restricted</u> <u>Information</u>"), unless, if it is Restricted Information that cannot be anonymized or aggregated, and there is no existing confidentiality agreement permitting the disclosure of Restricted Information to the SR Lenders, the Facility Agent and/or the SR Lenders enter into a confidentiality agreement reasonably acceptable to the Equityholder, with respect to such Restricted Information, so that it can be furnished to the Facility Agent and the SR Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Equityholder represents that: (A) its investment in the Equity Interests were duly approved in accordance with its governing documents and investment policies; and (B) acting through the Investment Manager, the Equityholder established the transaction contemplated by the Transaction Documents by: (x) causing the incorporation the Borrower as a wholly-owned consolidated subsidiary for accounting purpose; (y) approving the eligibility criteria for the origination and acquisition of Collateral Obligations; (z) selecting the Investment Manager, determining the transaction structure and negotiating the Transaction Documents with the various transaction parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Equityholder represents and undertakes that it: (i) was not established for, and does not operate for, the sole purpose of securitizing exposures; (ii) has, and (notwithstanding the Rithm Transaction) reasonably expects to continue to have, a strategy and the capacity to meet its payment obligations consistent with a broader business model that involves material support from capital, assets, fees or other sources of income, by virtue of which it does not rely on (A) the Collateral Obligations or any other assets securitized by it, or (B) the Retained Economic Interest or any other interest retained or proposed to be retained by it for the purpose of the EU Risk Retention Requirement, and in each case, any related corresponding income as its sole or predominant source of revenue; and (iii) has, and shall continue to retain, a management body with members that have the necessary experience to enable it to pursue its established business strategy, as well as an adequate corporate governance structure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Equityholder represents and undertakes that: (i) each Equityholder Originated Collateral Obligation has been, and will continue to be, originated pursuant to sound and well-defined credit-granting criteria and clearly established processes for approving, amending, modifying, renewing and financing the Underlying Instruments related to such Collateral Obligations and the Equityholder has, and it shall maintain effective systems in place to apply those criteria and processes to ensure that such Underlying Instruments are granted and approved based on a thorough assessment of each Obligor's creditworthiness; and (ii) in relation to each Equityholder Acquired Collateral Obligation and each other Collateral Obligation acquired by a Borrower, the entity which was, directly or indirectly, involved in the Underlying Instruments which created the Collateral Obligations granted such Underlying Instruments pursuant to sound and well-defined credit-granting criteria and clearly established processes for approving, amending, modifying, renewing and financing the Underlying Instruments and it had effective systems in place to apply those criteria and processes to ensure that the Underlying Instruments were granted and approved based on a thorough assessment of the relevant Obligor's creditworthiness.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Equityholder is, and will remain, ultimately responsible for and retain discretion over the actions of the Investment Manager; and any actions taken by the Investment Manager in relation to the matters outlined in <u>clause (d)</u> above are taken for, and on behalf of, the Equityholder.

Section 10.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Proceedings</u>. As soon as possible and in any event within three (3) Business Days after a Responsible Officer of the Borrower receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Borrower Collateral (taken as a whole), the Transaction Documents, the Collateral Agent's interest in the Collateral, or the Borrower; provided that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral (taken as a whole), the Transaction Documents, the Collateral Agent's interest in the Collateral, or the Borrower in excess of $100,000 or more shall be deemed to be material for purposes of this <u>Section 10.23</u>.

Section 10.24&nbsp;&nbsp;&nbsp;&nbsp;<u>Officer's Certificate</u>. On each anniversary of the date of this Agreement, the Borrower shall deliver an Officer's Certificate, in form and substance acceptable to the Facility Agent, providing (i) a certification, based upon a review and summary of UCC search results, that there is no other interest in the Collateral perfected by filing of a UCC financing statement other than in favor of the Collateral Agent or other Permitted Liens and (ii) a certification, based upon a review and summary of tax and judgment Lien searches satisfactory to the Facility Agent, that there is no other interest in the Collateral based on any tax or judgment Lien other than Permitted Liens.

Section 10.25&nbsp;&nbsp;&nbsp;&nbsp;<u>Policies and Procedures for Sanctions</u>. The Borrower has instituted and maintained policies and procedures designed to ensure compliance with Sanctions.

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Section 10.26&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Sanctions</u>. The Borrower shall not directly or knowingly indirectly use the proceeds of the Advances, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture, partner or other Person or entity, to fund or facilitate (i) any activities of or business with any Sanction Target, (ii) any activities of or business in any Sanctioned Country or (iii) in any other manner that would result in a violation by any Person of Sanctions. The covenant in this <u>Section 10.26</u> is not being made by any party hereto if and to the extent that such covenant would constitute or give rise to a violation by such party of the Blocking Regulation.

Section 10.27&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Anti-Money Laundering</u>. The Borrower shall comply in all material respects with all applicable Anti-Money Laundering Laws and shall provide notice to the Facility Agent, within five (5) Business Days, of the Borrower's receipt of any Anti-Money Laundering Law regulatory notice or action involving the Borrower.

Section 10.28&nbsp;&nbsp;&nbsp;&nbsp;<u>Ineligible Collateral</u>. At the direction of the Facility Agent, the Borrower shall divest any asset that does not satisfy the definition of "Eligible Collateral Obligation" or "Permitted Investment" if the Facility Agent determines in its sole discretion that the Borrower's ownership of such asset could reasonably be expected to (a) have materially adverse regulatory consequences or result in unfavorable capital treatment for the Facility Agent or any Lender or (b) cause reputational harm to the Facility Agent or any Lender. The Facility Agent agrees to cooperate in good faith with any waivers necessary to permit such divestiture. The Borrower shall not decline to receive or subsequently sell or transfer any non-Loan asset received in connection with any workout or restructuring of any Collateral Obligation owned by the Borrower, unless otherwise consented to by the Facility Agent in its sole discretion.

Section 10.29&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Obligation Schedule</u>. As of the end of each March, June, September and December of each year, the Borrower shall deliver an updated Collateral Obligation Schedule to the Facility Agent (who shall forward a copy to each Agent and the Collateral Agent), certified true and correct in all material respects by the Borrower and the Servicer.

ARTICLE XI

THE COLLATERAL AGENT

Section 11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Collateral Agent</u>. State Street Bank and Trust Company is hereby appointed as Collateral Agent pursuant to the terms hereof. The Secured Parties hereby appoint the Collateral Agent to act exclusively as the agent for purposes of perfection of a security interest in the Collateral and Collateral Agent of the Secured Parties to act as specified herein and in the other Transaction Documents to which the Collateral Agent is a party. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as Collateral Agent pursuant to the terms hereof.

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Section 11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Monthly Reports</u>. The Collateral Agent shall prepare the Monthly Report in accordance with <u>Section 8.5</u> and distribute funds in accordance with such Monthly Report in accordance with <u>Section [8.3](#i920d5c50a2c048d8832b3d3116517d31_7)(a)</u>.

Section 11.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Administration</u>. The Collateral Agent shall maintain a database of certain characteristics of the Collateral on an ongoing basis, and provide to the Borrower, the Servicer and the Facility Agent certain reports, schedules and calculations, all as more particularly described in this <u>Section 11.3</u>, based upon information and data received from the Servicer pursuant to <u>Section 7.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection therewith, the Collateral Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;within 15 days after the Effective Date, create a database with respect to the Collateral that has been pledged to the Collateral Agent for the benefit of the Secured Parties from time to time, comprised of the Collateral Obligations credited to the Accounts from time to time and Permitted Investments in which amounts held in the Accounts may be invested from time to time, as provided in this Agreement (the "<u>Collateral Database</u>") based on and to the extent of information provided to it by the Servicer, the Facility Agent and the Lenders, as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;update the Collateral Database on a periodic basis for changes and to reflect the sale or other disposition of assets included in the Collateral and any additional Collateral from time to time, in each case based upon, and to the extent of, information furnished to the Collateral Agent by the Borrower or the Servicer as may be reasonably required by the Collateral Agent from time to time or based upon notices received by the Collateral Agent from the issuer, or trustee or agent bank under an underlying instrument, or similar source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;track the receipt and allocation to the Collection Account of Principal Collections and Interest Collections and any withdrawals therefrom and, on each Business Day, provide to the Servicer and the Facility Agent daily reports reflecting such actions to the accounts as of the close of business on the preceding Business Day and the Collateral Agent shall provide any such report to the Facility Agent upon its request therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;distribute funds in accordance with such Monthly Report in accordance with <u>Section 8.3(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;prepare and deliver to the Facility Agent, the Borrower and the Servicer on each Reporting Date, the Monthly Report and any update pursuant to <u>Section 8.5</u> when requested by the Servicer, the Borrower or the Facility Agent, on the basis of the information contained in the Collateral Database as of the applicable Determination Date, the information provided by each Lender and the Facility Agent pursuant to <u>Section 3.4</u> and such other information as may be provided to the Collateral Agent by the Borrower, the Servicer, the Facility Agent or any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;provide other such information with respect to the Collateral as may be routinely maintained by the Collateral Agent in performing its ordinary Collateral Agent

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function pursuant hereunder, as the Borrower, the Servicer, the Facility Agent or any Lender may reasonably request 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;upon the written request of the Servicer on any Business Day and within three hours after the Collateral Agent's receipt of such request (provided such request is received by 12:00 p.m. (New York time) on such date (otherwise such request will be deemed made on the next succeeding Business Day), the Collateral Agent shall perform the following functions: as of the date the Servicer commits on behalf of the Borrower to purchase Collateral Obligations to be included in the Collateral, perform a *pro forma* calculation of the tests and other requirements set forth in <u>Sections 6.2(e)</u> and <u>(f)</u>, in each case, based upon information contained in the Collateral Database and report the results thereof to the Servicer in a mutually agreed format;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;upon the Collateral Agent's receipt on any Business Day of written notification from the Servicer of its intent to sell (in accordance with <u>Section 7.10</u>) Collateral Obligations, the Collateral Agent shall perform, within three hours after the Collateral Agent's receipt of such request (provided such request is received by no later than 12:00 p.m. (New York time) on such date (otherwise such request will be deemed made on the next succeeding Business Day) a *pro forma* calculation of the tests and other requirements set forth in <u>Sections</u> <u>7.10(a)(i)(A)</u>, <u>(B)</u> and <u>(C)</u> and based upon information contained in the Collateral Database and information furnished by the Servicer, compare the results thereof and report the results to the Servicer in a mutually agreed format; 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;track the Principal Balance of each Collateral Obligation and report such balances to the Facility Agent and the Servicer no later than 12:00 Noon (New York City time) on each Business Day as of the close of business on the preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall provide to the Servicer a copy of all written notices and communications identified as being sent to it in connection with the Collateral Obligations and the other Collateral held hereunder which it receives from the related Obligor, participating bank and/or agent bank. In no instance shall the Collateral Agent be under any duty or obligation to take any action on behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written instructions from the Servicer, prior to the occurrence of an Event of Default or a Servicer Default or the Facility Agent, after the occurrence and during the continuation of an Event of Default or a Servicer Default, in which event the Collateral Agent shall vote, consent or take such other action in accordance with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Facility Agent and each Secured Party further authorizes the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Facility Agent) as its agent to

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execute and deliver all further instruments and documents, and take all further action (at the written direction of the Facility Agent) that the Facility Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution or filing by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral Obligations now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this <u>Section 11.3(c)(i)</u> shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect of the Collateral in accordance with <u>Section 10.1</u>. It is understood and agreed that any and all actions performed by the Collateral Agent in connection with this <u>Section 11.3(c)(i)</u> shall be at the written direction of the Facility Agent, and the Collateral Agent shall have no responsibility or liability in connection with determining any actions necessary or desirable to perfect, protect or more fully secure the security interest granted by the Borrower hereunder or to enable any Person to exercise or enforce any of their respective rights 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Facility Agent may direct the Collateral Agent in writing to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the written direction of the Facility Agent; <u>provided</u> that the Collateral Agent shall not be required to take any action hereunder at the request of the Facility Agent, any Secured Parties or otherwise if the taking of such action, in the determination of the Collateral Agent, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Agent to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Agent requests the consent of the Facility Agent and the Collateral Agent does not receive a consent (either positive or negative) from the Facility Agent within 10 Business Days of its receipt of such request, then the Facility Agent shall be deemed to have declined to consent to the relevant action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall not be under any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it (x) unless and until (and to the extent) expressly so directed by the Facility Agent or (y) prior to the Facility Termination Date (and upon such occurrence, the Collateral Agent shall act in accordance with the written instructions of the Facility Agent pursuant to <u>clause (x)</u>). The Collateral Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Facility Agent. The Collateral Agent shall not be deemed to have notice

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or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Collateral Agent has knowledge of such matter or written notice thereof is received by the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If, in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the Collateral Agent may request written instructions from the Facility Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two (2) 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 two (2) Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Concurrently herewith, the Facility Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the Account Control Agreement and any other related agreements in the form delivered to the Collateral Agent. All of the Collateral Agent's rights, protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Account Control Agreement and any other related agreements in such capacity.

Section 11.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal or Resignation of Collateral Agent</u>. After the expiration of the 180 day period commencing on the date hereof, the Collateral Agent may at any time resign and terminate its obligations under this Agreement upon at least 60 days' prior written notice to the Servicer, the Borrower and the Facility Agent; <u>provided</u>, that no resignation or removal of the Collateral Agent will be permitted unless a successor Collateral Agent has been appointed which successor Collateral Agent, so long as no Unmatured Servicer Default, Servicer Default, Unmatured Event of Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer. Promptly after receipt of notice of the Collateral Agent's resignation, the Facility Agent shall promptly appoint a successor Collateral Agent by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, the resigning Collateral Agent and to the successor Collateral Agent. In the event no successor Collateral Agent shall have been appointed within 60 days after the giving of notice of such resignation, the Collateral Agent may petition any court of competent jurisdiction to appoint a successor Collateral Agent. The Facility Agent upon at least 60 days' prior written notice to the Collateral Agent, may with or without cause remove and discharge the Collateral Agent or any successor Collateral Agent thereafter appointed from the performance of its duties under this Agreement. Promptly after giving notice of removal of the Collateral Agent (which successor Collateral Agent, so long as no Servicer Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Borrower), the Facility Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Agent. Any such appointment shall be accomplished by written instrument and one original counterpart of such

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instrument of appointment shall be delivered to the Collateral Agent and the successor Collateral Agent, with a copy delivered to the Borrower and the Servicer.

Section 11.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. The Collateral Agent represents and warrants to the Borrower, the Facility Agent, the Lenders and the Servicer 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Agent has the corporate power and authority and the legal rights to execute and deliver, and to perform its obligations under, this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Official Body and no consent of any other Person (including any stockholder or creditor of the Collateral Agent) is required in connection with the execution, delivery performance, validity or enforceability of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement has been duly executed and delivered on behalf of the Collateral Agent and constitutes a legal, valid and binding obligation of the Collateral Agent enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general principles of equity (whether enforcement is sought in proceedings in equity or at law).

Section 11.6&nbsp;&nbsp;&nbsp;&nbsp;<u>No Adverse Interest of Collateral Agent</u>. By execution of this Agreement, the Collateral Agent represents and warrants that it currently holds and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any Collateral Obligation or any document in the Collateral Obligation Files. Neither the Collateral Obligations nor any documents in the Collateral Obligation Files shall be subject to any security interest, lien or right of set-off by the Collateral Agent or any third party claiming through the Collateral Agent, and the Collateral Agent shall not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant any third party interest in, the Collateral Obligations or documents in the Collateral Obligation Files, except that the preceding clause shall not apply to the Collateral Agent or the Collateral Custodian with respect to (i) the Collateral Agent Fees and Expenses or the Collateral Custodian Fees and Expenses, and (ii) in the case of any accounts, with respect to (x) returned or charged-back items, (y) reversals or cancellations of payment orders and other electronic fund transfers, or (z) overdrafts in the Collection Account.

Section 11.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance of Collateral Agent</u>. In the absence of bad faith on the part of the Collateral Agent, the Collateral Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document furnished to the Collateral Agent, reasonably believed by the Collateral Agent to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Agreement; but in the case of a request, instruction, document or certificate which by any provision hereof is specifically required to be furnished to the Collateral Agent, the Collateral Agent shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that they conform to the

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form required by such provision. For avoidance of doubt, Collateral Agent may rely conclusively on Borrowing Base Certificates and Officer's Certificates delivered by the Servicer. The Collateral Agent 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.

Section 11.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability and Collateral Agent Rights</u>. (a) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon (i) the written instructions of any designated officer of the Facility Agent or (ii) the verbal instructions of the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent may consult counsel satisfactory to it with a national reputation in the applicable matter 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct, bad faith, reckless disregard or grossly negligent performance or omission of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and the other Transaction Documents to which it is a party and no covenants or obligations shall be implied in this Agreement against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;In case any reasonable question arises as to its duties hereunder or under any other Transaction Document, the Collateral Agent may, so long as no Event of Default has occurred and is continuing, request instructions from the Servicer and may, after the occurrence and during the continuation of an Event of Default, request instructions from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions from the Servicer or the Facility Agent, as applicable. The Collateral Agent shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Agent be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Collateral Custodian is not the same entity as the Collateral Agent, the Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor the performance of the Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of any terms of this section, the Collateral Agent shall have no liability for any failure, inability or unwillingness on the part of the Servicer, the Facility Agent or the Borrower to provide accurate and complete information on a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent's part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent 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 Agent shall examine the same to determine whether it conforms on its face to the requirements hereof. The Collateral Agent shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral Agent. It is expressly acknowledged by the Borrower, the Servicer and the Facility Agent that application and performance by the Collateral Agent of its various duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Facility Agent, the Borrower and/or any related bank agent, obligor or similar party with respect to the Collateral Obligation, and the Collateral Agent shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any issuer of the Collateral is in default or in compliance with the underlying documents governing or securing such securities, from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent 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 Agent 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 Agent nor any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, Borrower or any other Person, except by reason of acts or omissions by the Collateral Agent constituting bad faith, willful misfeasance, negligence or reckless disregard of the Collateral Agent's duties hereunder. The Collateral Agent shall in no event have any liability for the actions or omissions of the Borrower, the Servicer, the Facility Agent or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Servicer, the Facility Agent or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Agent's own bad faith, willful misfeasance, negligence or reckless disregard of its duties hereunder. The Collateral Agent 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 or the Servicer, the Facility Agent or another Person in furnishing necessary, timely and accurate information to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Prior to exercising or honoring any of the rights or powers vested in it by this Agreement or other Transaction Document at the request or direction of the Facility Agent (or any other Person authorized or permitted to direct the Collateral Agent hereunder) pursuant to this Agreement or other Transaction Document that the Collateral Agent reasonably determines might in it incurring costs, expenses or liabilities, the Collateral Agent may request, and shall have no obligation to act upon such request or direction until it receives, security or indemnity reasonably acceptable to the Collateral Agent against such costs, expenses and liabilities (including any legal fees) that might reasonably be incurred by it in compliance with such request or direction and which are not otherwise paid to pursuant to <u>Section 8.3(a)(i)</u> or <u>(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent may (but shall not be obliged) in any instance to receive, except and rely in act upon, any instruction, request, direction, document or instrument delivered to it by electronic means (including without limitation PDF or other electronic transmission, and any digital signature provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider), without liability on its part.

Section 11.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Reports</u>. The Collateral Agent shall not be responsible for the preparation or filing of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Collateral Agent's compensation or for reimbursement of expenses.

Section 11.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger or Consolidation</u>. 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 properties and assets of the Collateral Agent substantially as a whole, which Person in any of the foregoing cases executes an

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agreement of assumption to perform every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this Agreement.

Section 11.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent Compensation</u>. As compensation for its activities hereunder, the Collateral Agent (in each of its capacities hereunder and as Securities Intermediary under the Account Control Agreement) shall be entitled to its fees and expenses from the Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys' fees and out-of-pocket costs and expenses of outside counsel) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Agent and the Securities Intermediary under the Transaction Documents (including, without limitation, Indemnified Amounts payable under <u>Article XVI</u>) (collectively, the "<u>Collateral Agent Fees and Expenses</u>"). The Borrower agrees to reimburse the Collateral Agent in accordance with the provisions of <u>Section 8.3(a)</u> for all reasonable, out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents. The Collateral Agent's entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier to occur of (i) its removal as Collateral Agent pursuant to <u>Section 11.4</u> or (ii) the termination of this Agreement.

Section 11.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism</u> <u>and Anti-Money Laundering Regulations</u>. In order to comply with Applicable Banking Law, the Collateral Agent and the Collateral Custodian are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Collateral Agent and the Collateral Custodian. Accordingly, each of the parties agrees to provide to the Collateral Agent and the Collateral Custodian, upon their reasonable request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent and the Collateral Custodian to comply with Applicable Banking Law.

ARTICLE XII

GRANT OF SECURITY INTEREST

Section 12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower's Grant of Security Interest</u>. As security for the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise, of all Obligations (including Advances, Yield, all Fees and other amounts at any time owing hereunder), the Borrower hereby assigns and pledges to the Collateral Agent for the benefit of the Secured Parties, and grants to the Collateral Agent for the benefit of the Secured Parties, a security interest in and lien upon the following (other than Retained Interests and Excluded Amounts), in each case whether now or hereafter existing or in which Borrower now has or

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hereafter acquires an interest and wherever the same may be located (collectively, the "<u>Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Collateral Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all Related Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the Sale Agreement and all other documents now or hereafter in effect to which the Borrower is a party (collectively, the "<u>Borrower Assigned</u> <u>Agreements</u>"), including (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Borrower Assigned Agreements, (ii) all rights of the Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Borrower Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the Borrower Assigned Agreements, and (iv) the right of the Borrower to amend, waive or terminate the Borrower Assigned Agreements, to perform under the Borrower Assigned Agreements and to compel performance and otherwise exercise all remedies and rights under the Borrower Assigned Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;all of the following (the "<u>Account Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;each Account, all funds held in any Account (other than Excluded Amounts), and all certificates and instruments, if any, from time to time representing or evidencing any Account or such funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;all investments from time to time of amounts in the Accounts and all certificates and instruments, if any, from time to time representing or evidencing such investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all notes, certificates of deposit and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent or any Secured Party or any assignee or agent on behalf of the Collateral Agent or any Secured Party in substitution for or in addition to any of the then existing Account 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)&nbsp;&nbsp;&nbsp;&nbsp;all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any and all of the then existing Account 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;all additional property that may from time to time hereafter be granted and pledged by the Borrower or by anyone on its behalf 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;all Accounts, all Certificated Securities, all Chattel Paper, all Documents, all Equipment, all Financial Assets, all General Intangibles, all Instruments, all Investment Property, all Inventory, all Securities Accounts, all Security Certificates, all Security Entitlements and all Uncertificated Securities 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;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;each Hedging Agreement, including all rights of the Borrower to receive moneys due and to become due thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all of the Borrower's other personal property; 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;all Proceeds, accessions, substitutions, rents and profits of any and all of the foregoing Collateral (including proceeds that constitute property of the types described in <u>clauses (a)</u> through <u>(h)</u> above) and, to the extent not otherwise included, all payments under insurance (whether or not the Collateral Agent or a Secured Party or any assignee or agent on behalf of the Collateral Agent or a Secured Party is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral.

Section 12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower Remains Liable</u>. Notwithstanding anything in this Agreement, (a) except to the extent of the Servicer's duties under the Transaction Documents, the Borrower shall remain liable under the Collateral Obligations, Borrower Assigned Agreements and other agreements included in the Collateral to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by a Secured Party or the Collateral Agent of any of its rights under this Agreement shall not release the Borrower or the Servicer from any of their respective duties or obligations under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral, (c) the Secured Parties and the Collateral Agent shall not have any obligation or liability under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral by reason of this Agreement, and (d) neither the Collateral Agent nor any of the Secured Parties shall be obligated to perform any of the obligations or duties of the Borrower or the Servicer under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral or to take any action to collect or enforce any claim for payment assigned under this Agreement.

Section 12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Collateral</u>. Until the Obligations have been paid in full and the Commitments have been reduced to zero, the Collateral Agent may not release any Lien covering any Collateral except for (i) Collateral Obligations sold pursuant to <u>Section 7.10</u>, (ii) any Related Security identified by the Borrower (or the Servicer on behalf of the Borrower) to the Collateral Agent so long as the Facility Termination Date has not occurred, (iii) Repurchased Collateral Obligations or Substituted Collateral Obligations pursuant to <u>Section 7.11</u> or (iv) any asset that the Borrower is required to dispose of pursuant to <u>Section 10.28</u>.

In connection with the release of a Lien on any Collateral permitted pursuant to this <u>Section 12.3</u> as requested by the Servicer, the Collateral Agent, on behalf of the Secured Parties, will, at the sole expense of the Servicer, execute and deliver to the Servicer or its designee any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Collateral; <u>provided</u>, that the Collateral Agent, on behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment.

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ARTICLE XIII

EVENTS OF DEFAULT

Section 13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default</u>. Each of the following shall constitute an "Event of Default" 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall fail to pay any amount on the Obligations (x) on the Facility Termination Date or (y) as otherwise provided for in any Transaction Document when due (in all cases, whether on any Distribution Date, on the Facility Termination Date, by reason of acceleration, by notice of intention to prepay, by required prepayment or otherwise) and, solely in the case of <u>clause (y)</u>, such failure continues for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower, the Equityholder or the Servicer shall fail to perform or observe any other term, covenant or agreement contained in this Agreement, or any other Transaction Document on its part to be performed or observed and, except in the case of the covenants and agreements contained in <u>Section 9.21(c)</u> (*ERISA Matters*), <u>Section 10.7</u> (*Tangible Net Worth*), <u>Section 10.9</u> (*Merger, Consolidation, Etc.*), <u>Section 10.11</u> (*Indebtedness, Guarantees*), <u>Section 10.12</u> (*Limitation on Purchases from Affiliates*), <u>Section</u> <u>10.14</u> (*Preservation of Existence*), <u>Section 10.16</u> (*Distributions*), <u>Section 10.21</u> (*ERISA*) and <u>Section 10.22</u> (*Risk Retention*) as to each of which no grace period shall apply, any such failure shall remain unremedied for thirty (30) days after knowledge by the Borrower, the Equityholder or the Servicer thereof or after written notice thereof shall have been given by the Facility Agent to the Borrower, the Equityholder or the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty of the Borrower or the Servicer made or deemed to have been made hereunder or in any other Transaction Document or any other writing or certificate furnished by or on behalf of the Borrower or the Servicer to the Facility Agent or any Lender for purposes of or in connection with this Agreement or any other Transaction Document (including any Monthly Report) shall prove to have been false or incorrect in any material respect when made or deemed to have been made and, except in the case of a breach of the Borrower's representation in <u>Section 9.21(c)</u>, the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Servicer, and (ii) the date on which a Responsible Officer of the Borrower or the Servicer acquires knowledge thereof; <u>provided</u> that, no breach shall be deemed to occur hereunder in respect of any representation or warranty relating to the "eligibility" of any Collateral Obligation if the Borrower complies with its obligations in <u>Section 7.11</u> with respect to such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event shall have occurred and be continuing with respect to any of the Borrower, the Servicer or the Equityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Advances Outstanding hereunder exceed (x) the Borrowing Base by an amount greater than the Specified Borrowing Base Breach Amount or (y) the Maximum Availability, in each case, calculated in accordance with <u>Section 1.2(g)</u> and, in each case, such

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condition continues unremedied for two (2) consecutive Business Days, (ii) a Specified Borrowing Base Breach shall have occurred and continue unremedied for ninety (90) consecutive calendar days or (iii) the Foreign Currency Sublimit Compliance Test is not satisfied and such condition continues unremedied for ten (10) consecutive calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Internal Revenue Service shall file notice of a Lien pursuant to Section 6321 of the Code with regard to any of the assets 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;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;an ERISA Event occurs that, alone or together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Transaction Document or any Lien granted thereunder shall (except in accordance with its terms), in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; or (ii) the Borrower or the Servicer or any other Person shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document; or (iii) any security interest securing any Obligation shall, in whole or in part, cease to be a perfected first priority security interest (except, as to priority, for Permitted Liens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a Servicer Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;failure of the Borrower to make any payment when due (after giving effect to any related grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $250,000, individually or in the aggregate; or the occurrence of any event or condition that gives rise to a right of acceleration with respect to such recourse debt in excess of $250,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;a Change of Control shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall become required to register as an "investment company" within the meaning of the 1940 Act or the arrangements contemplated by the Transaction Documents shall require registration as an "investment company" within the meaning of the 1940 Act or (ii) the Equityholder ceases to be a "business development company" within the meaning of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;failure on the part of the Borrower, the Equityholder or the Servicer to (i) make any payment or deposit (including, without limitation, with respect to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required to be made by the terms of the Transaction Documents) required by the terms of any Transaction Document in accordance with <u>Section 7.3(b)</u> and <u>Section 10.10</u> or (ii) otherwise observe or perform any covenant, agreement or obligation with respect to the management and distribution of funds received with respect to the Collateral and, in each case, such failure remains unremedied for three (3) Business Days after the Borrower, the Equityholder or the Servicer obtains actual knowledge;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) failure of the Borrower to maintain at least one Independent Manager or (ii) the removal of any Independent Manager without Cause or prior written notice to the Facility Agent (in each case as required by the Constituent Documents of the Borrower); <u>provided</u> that, the Borrower shall have five (5) Business Days to replace any Independent Manager upon the death or incapacitation of the current Independent Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower makes any assignment or attempted assignment of its respective rights or obligations under this Agreement or any other Transaction Document without first obtaining the specific written consent of the Facility Agent, which consent may be withheld in the exercise of its sole and absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;any court shall render a final, non-appealable judgment against the Borrower in an amount in excess of $250,000 net of any amounts covered by insurance which shall not be satisfactorily stayed, discharged, vacated, set aside or satisfied within 30 days of the making thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower, the Equityholder or the Servicer shall fail to perform or observe any term, covenant or agreement contained in <u>Section 10.5</u> in any material respect and such failure, if susceptible to cure, has not been cured within ten (10) Business Days of the Borrower, the Equityholder or the Servicer obtaining actual knowledge thereof and, to the extent requested by the Facility Agent in its sole discretion, the Borrower shall have failed to deliver to the Facility Agent, within ten (10) Business Days of such request, a new or updated non-consolidation opinion in form and substance reasonably satisfactory to the Facility Agent; 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;(r)&nbsp;&nbsp;&nbsp;&nbsp;at any time, the Minimum Equity Test is not satisfied and such condition continues unremedied for two (2) consecutive Business Days.

Section 13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Event of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Termination</u>. Upon notice by the Collateral Agent or the Facility Agent that an Event of Default (other than an Event of Default described in <u>Section 13.1(d)</u>) has occurred and is continuing, the Revolving Period will automatically terminate and no Advances will thereafter be made, and the Collateral Agent (at the direction of the Facility Agent) may declare all or any portion of the outstanding principal amount of the Advances and other Obligations to be due and payable, whereupon the full unpaid amount of such Advances and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment (all of which are hereby expressly waived by the Borrower) and the Facility Termination Date shall be deemed to have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Automatic Termination</u>. Upon the occurrence of an Event of Default described in <u>Section 13.1(d)</u>, the Facility Termination Date shall be deemed to have occurred automatically, and all Advances Outstanding and all other Obligations under this Agreement shall become immediately and automatically due and payable, all without presentment,

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demand, protest or notice of any kind (all of which are hereby expressly waived by the Borrower).

Section 13.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights upon Event of Default</u>. If an Event of Default shall have occurred and be continuing, the Facility Agent may, in its sole discretion, direct the Collateral Agent to exercise any of the remedies specified herein in respect of the Collateral and the Collateral Agent may (with the consent of the Facility Agent) but shall have no obligation, or the Collateral Agent shall promptly, at the written direction of the Facility Agent, also do one or more of the following (subject to <u>Section 13.9</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;institute proceedings in its own name and on behalf of the Secured Parties as Collateral Agent for the collection of all Obligations, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Borrower and any other obligor with respect thereto moneys adjudged due, for the specific enforcement of any covenant or agreement in any Transaction Document or in the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Collateral Agent by Applicable Law or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the right and remedies of the Collateral Agent and the Secured Parties which rights and remedies shall be cumulative; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;require the Borrower and the Servicer, at the Servicer's expense, to (1) assemble all or any part of the Collateral as directed by the Collateral Agent (at the direction of the Facility Agent) and make the same available to the Collateral Agent at a place to be designated by the Collateral Agent (at the direction of the Facility Agent) that is reasonably convenient to such parties and (2) without notice except as specified below, sell the Collateral (at the direction of the Facility Agent) or any part thereof in one or more parcels at a public or private sale, at any of the Collateral Agent's or the Facility Agent's offices or elsewhere in accordance with Applicable Law. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days' notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent (at the direction of the Facility Agent) may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. All cash proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral (after payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to be applied against the outstanding Obligations pursuant to <u>Section 4.1</u>. The Servicer, the Lenders and any of their respective Affiliates shall be permitted to participate in any such sale.

Section 13.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent May Enforce Claims Without Possession of Notes</u>. All rights of action and of asserting claims under the Transaction Documents, may be enforced by the Collateral Agent (at the direction of the Facility Agent) without the possession of the Notes

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or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Collateral Agent shall be brought in its own name as Collateral Agent and any recovery of judgment, subject to the payment of the reasonable, out-of-pocket and documented expenses, disbursements and compensation of the Collateral Agent, each predecessor Collateral Agent and their respective agents and attorneys, shall be for the ratable benefit of the holders of the Notes and other Secured Parties.

Section 13.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Collective Proceedings</u>. In any proceedings brought by the Collateral Agent to enforce the Liens under the Transaction Documents (and also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to represent all of the Secured Parties, and it shall not be necessary to make any Secured Party a party to any such proceedings.

Section 13.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Insolvency Proceedings</u>. In case there shall be pending, relative to the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law of any jurisdiction, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any demand pursuant to the provisions of this Section <u>13.6</u>, shall be entitled and empowered but without any obligation, subject to <u>Section 13.9(a)</u>, by intervention in such proceedings or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim or claims for the whole amount of principal and Yield owing and unpaid in respect of the Notes, all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other Secured Parties allowed in such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;unless prohibited by Applicable Law and regulations, to vote (at the direction of the Facility Agent) on behalf of the holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties on their behalf; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent or the Secured

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Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property;

and any trustee, receiver, liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby authorized by each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent (at the direction of the Facility Agent) to the making of payments directly to such Secured Parties, to pay to the Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own negligence or willful misconduct.

Section 13.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Delay or Omission Not Waiver</u>. No delay or omission of the Collateral Agent or of any other Secured Party to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this <u>Article XIII</u> or by law to the Collateral Agent or to the other Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by the Collateral Agent or by the other Secured Parties, as the case may be.

Section 13.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Stay or Extension Laws</u>. The Borrower waives and covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly waives all benefits or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 13.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Duty of Collateral Agent in Respect of Collateral</u>. (a) Beyond the safekeeping of the Collateral Obligation Files in accordance with <u>Article XVIII</u>, neither the Collateral Agent nor the Collateral Custodian shall have any duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and neither the Collateral Agent nor the Collateral Custodian shall be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. Neither the Collateral Agent nor the Collateral Custodian shall be liable or responsible for any misconduct, negligence or loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent,

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attorney or bailee selected by the Collateral Agent or the Collateral Custodian in good faith and with due care 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Collateral Agent nor the Collateral Custodian shall be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, or for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Collateral Agent nor the Collateral Custodian shall have any duty to act outside of the United States in respect of any Collateral located in any jurisdiction other than the United States.

Section 13.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Power of Attorney</u>. (a) Each of the Borrower and the Servicer hereby irrevocably appoints the Collateral Agent as its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense (at the direction of the Facility Agent), in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement including without limitation the following powers: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower and the Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Collateral Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. The foregoing appointment and grant of authority shall not be construed to impose upon the Collateral Agent any duty, obligation or liability of the Borrower or Servicer, or to discharge or release the Borrower or Servicer from any duty, obligation or liability on its part to be performed.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;No person to whom this power of attorney is presented as authority for the Collateral Agent to take any action or actions contemplated by <u>clause (a)</u> shall inquire into or seek confirmation from the Borrower or the Servicer as to the authority of the Collateral Agent to take any action described below, or as to the existence of or fulfillment of any condition to the power of attorney described in <u>clause (a)</u>, which is intended to grant to the Collateral Agent unconditionally the authority to take and perform the actions contemplated herein, and each of the Borrower and the Servicer irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this power of attorney. The power of attorney granted in <u>clause (a)</u> is coupled with an interest and may not be revoked or canceled by the Borrower or the Servicer until all obligations of each of the Borrower and the Servicer under

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the Transaction Documents have been paid in full and the Collateral Agent has provided its written consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, the power of attorney granted pursuant to this <u>Section 13.10</u> shall only be effective after the occurrence and during the continuation of an Event of Default.

ARTICLE XIV

THE FACILITY AGENT

Section 14.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u>. Each Lender and each Agent hereby irrevocably designates and appoints DBNY as Facility Agent hereunder and under the other Transaction Documents, and authorizes the Facility Agent to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Facility Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto. Each Lender in each Lender Group hereby irrevocably designates and appoints the Agent for such Lender Group as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, none of the Facility Agent nor any Agent (the Facility Agent and each Agent being referred to in this <u>Article XIV</u> as a "<u>Note Agent</u>") shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Note Agent.

Section 14.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation of Duties</u>. Each Note Agent may execute any of its duties under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Note Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

Section 14.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exculpatory Provisions</u>. No Note Agent (acting in such capacity) nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in <u>Section 14.2</u> under or in connection with this Agreement or the other Transaction Documents or (b) responsible in any manner to any Person for any recitals, statements, representations or warranties of any Person (other than itself) contained in the Transaction Documents or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, the Transaction Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Transaction Documents or any other document furnished in connection therewith or

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herewith, or for any failure of any Person (other than itself or its directors, officers, agents or employees) to perform its obligations under any Transaction Document or for the satisfaction of any condition specified in a Transaction Document. Except as otherwise expressly provided in this Agreement, no Note Agent shall be under any obligation to any Person to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, the Transaction Documents, or to inspect the properties, books or records of the Borrower or the Servicer.

Section 14.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance by Note Agents</u>. Each Note Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to each of the Lenders), Independent Accountants and other experts selected by such Note Agent. Each Note Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith unless it shall first receive such advice or concurrence of the Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction (i) in the case of the Facility Agent, by the Lenders or (ii) in the case of an Agent, by the Lenders in its Lender Group, against any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. The Facility Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Lenders in its Lender Group holding greater than 50% of the Advances Outstanding held by such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders in such Lender Group.

Section 14.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. No Note Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Event of Default unless it has received notice from the Servicer, the Borrower or any Lender, referring to this Agreement and describing such event. In the event any Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Facility Agent shall take such action with respect to such event as shall be reasonably directed in writing by the Required Lenders, and each Agent shall take such action with respect to such event as shall be reasonably directed by Lenders in its Lender Group holding greater than 50% of the Advances Outstanding held by such Lender Group; <u>provided</u>, that unless and until such Note Agent shall have received such directions, such Note Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable.

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Section 14.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Reliance on Note Agents</u>. The Lenders expressly acknowledge that no Note Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by any Note Agent hereafter taken, including any review of the affairs of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by such Note Agent to any Lender. Each Lender represents to each Note Agent that it has, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under any of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations. Except as expressly provided herein, no Note Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the Collateral or the business, operations, property, prospects, financial and other condition or creditworthiness of the Borrower, the Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.

In no event shall any Note Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any Note Agent 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, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement. The duties of the Facility Agent shall be mechanical and administrative in nature. The Facility Agent shall not have, by reason hereof or any of the Transaction Documents, a fiduciary relationship with the Borrower, the Servicer, the Lenders, the Collateral Agent, the Collateral Custodian or any other Person, and nothing herein or in any of the Transaction Documents, expressed, inferred or implied, is intended to or shall be so construed as to impose upon the Facility Agent any duties, responsibilities or obligations in respect hereof or of any of the Transaction Documents, except as expressly set forth herein.

Section 14.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. The Lenders agree to indemnify the Facility Agent and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Borrower or the Servicer under the Transaction Documents, and without limiting the obligation of such Persons to do so in accordance with the terms of the Transaction Documents), ratably according to the outstanding amounts of their Advances (or their Commitments, if no Advances are outstanding) from and against any and all liabilities, obligations, losses, damages, penalties,

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actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for the Facility Agent or the affected Person in connection with any investigative, or judicial proceeding commenced or threatened, whether or not the Facility Agent or such affected Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Facility Agent or such affected Person as a result of, or arising out of, or in any way related to or by reason of, any of the transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith or therewith.

Section 14.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Successor Note Agent</u>. If the Facility Agent shall resign as Facility Agent under this Agreement, then the Required Lenders shall appoint (with the prior written consent of the Borrower so long as no Event of Default has occurred and is continuing) a successor agent, whereupon such successor agent shall succeed to the rights, powers and duties of the Facility Agent, and the term "Facility Agent" shall mean such successor agent, effective upon its acceptance of such appointment, and the former Facility Agent's rights, powers and duties as Facility Agent shall be terminated, without any other or further act or deed on the part of such former Facility Agent or any of the parties to this Agreement. Any Agent may resign as Agent upon ten days' notice to the Lenders in its Lender Group and the Facility Agent (with a copy to the Borrower) with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant to this <u>Section 14.8</u>. If an Agent shall resign as Agent under this Agreement, then Lenders in its Lender Group holding greater than 50% of the Advances Outstanding held by such Lender Group shall appoint a successor agent for such Lender Group. After any Note Agent's resignation hereunder, the provisions of this <u>Article XIV</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Note Agent under this Agreement. No resignation of any Note Agent shall become effective until a successor Note Agent shall have assumed the responsibilities and obligations of such Note Agent hereunder; <u>provided</u> that, in the event a successor Note Agent is not appointed within 60 days after such notice of its resignation is given as permitted by this <u>Section 14.8</u>, the applicable Note Agent may petition a court for its removal. The indemnifications, protections and benefits of the Facility Agent under this Agreement, while acting in such capacity, shall survive any termination, removal or resignation of the Facility Agent.

Section 14.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Note Agents in their Individual Capacity</u>. Each Note Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or the Servicer as though such Note Agent were not an agent hereunder. Any Person which is a Note Agent may act as a Note Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. The Facility Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder or under any other Transaction Document, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.

Section 14.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower Audit</u>. The Facility Agent shall, at the Borrower's expense, retain Protiviti, Inc. (or another nationally recognized audit firm acceptable to the Facility Agent

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in its sole discretion) to conduct and complete a procedural review of the Collateral Obligations in compliance with the standards set forth on <u>Exhibit B</u> (as such <u>Exhibit B</u> may be amended from time to time in the sole discretion of the Facility Agent by delivery of such amended <u>Exhibit B</u> to the Borrower), (i) within one hundred twenty (120) days after the Effective Date and (ii) annually thereafter; <u>provided</u> that, there shall be no limits on the Facility Agent's right to conduct audits (at the Borrower's expense) during the occurrence of a Default or Event of Default. The Facility Agent shall promptly forward the results of such audit to the Servicer.

Section 14.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism</u> <u>and Anti-Money Laundering Regulations</u>. In order to comply with Applicable Banking Law, the Facility Agent is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Facility Agent. Accordingly, each of the parties agree to provide to the Facility Agent, upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order to enable the Facility Agent to comply with Applicable Banking Law.

Section 14.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Erroneous Payment</u>. (a) If any Note Agent notifies a Lender, Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party such Lender (any such Lender, Issuing Bank, Secured Party or other recipient, a "<u>Payment Recipient</u>") that such Note 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 hereunder were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Note Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Note Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter, return to the Note 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 Facility Agent in same day funds at the greater of the Base Rate and a rate determined by such Note Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of such Note Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting immediately preceding <u>clause (a)</u>, each Lender or Secured Party, or any Person who has received funds on behalf of a Lender 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 any Note 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

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sent by the Note 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 Note Agent (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of immediately preceding <u>clauses (x)</u> or <u>(y)</u>, an error shall be presumed to have been made (absent written confirmation from such Note Agent to the contrary) or (B) an error has been made (in the case of immediately preceding <u>clause (z)</u>), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of such error) notify such Note Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Note Agent pursuant to this <u>Section 14.12(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender or Secured Party hereby authorizes the Note Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party under any Transaction Document, or otherwise payable or distributable by the Note Agent to such Lender or Secured Party from any source, against any amount due to the Note Agent under immediately preceding <u>clause (a)</u> or under the indemnification provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event that an Erroneous Payment (or portion thereof) is not recovered by the Note Agent for any reason, after demand therefor by the Note Agent in accordance with immediately preceding <u>clause (a)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), upon the Note Agent's notice to such Lender at any time, (i) such Lender shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous Payment was made in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Note Agent may specify) (such assignment of the Advances (but not Commitments), the "<u>Erroneous Payment</u> <u>Deficiency Assignment</u>") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Note Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Advances to the Borrower or the Note Agent, (ii) the Note Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Note 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

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assigning Lender and (iv) the Note Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. The Note Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment in accordance with <u>Article XV</u> (including <u>Section 15.4</u>) hereof and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Advances (or portion thereof), and the Note Agent shall retain all other rights, remedies and claims against such Lender (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 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 Note Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Note Agent may be equitably subrogated, the Note Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Secured Party under the Transaction Documents with respect to each Erroneous Payment Return Deficiency (the "<u>Erroneous Payment Subrogation</u> <u>Rights</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;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 Note Agent or other applicable Secured Party from the Borrower for the purpose of making payment in respect of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;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 Note 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations, agreements and waivers under this <u>Section</u> <u>14.12</u> shall survive the resignation or replacement of the Note 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).

ARTICLE XV

ASSIGNMENTS

Section 15.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Assignments by the Borrower and the Servicer</u>. Except as specifically provided herein, neither the Borrower nor the Servicer may assign any of their respective rights or obligations hereunder or any interest herein without the prior written consent

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of the Facility Agent and the Required Lenders in their respective sole discretion and any attempted assignment in violation of this <u>Section 15.1</u> shall be null and void.

Section 15.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Documentation</u>. In connection with any permitted assignment, each Lender shall deliver to each assignee an assignment, in such form as such Lender and the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Advance or Note to the assignee; and such Lender shall promptly execute and deliver all further instruments and documents, and take all further action, that the assignee may reasonably request, in order to perfect, protect or more fully evidence the assignee's right, title and interest in and to the items assigned, and to enable the assignee to exercise or enforce any rights hereunder or under the Notes evidencing such Advance. In the case of an assignment of any Commitment (or any portion thereof) or any Advance (or any portion thereof) the assignee shall execute and deliver to the Servicer, the Borrower, the Facility Agent and the Collateral Agent a fully executed assignment thereof or a Joinder Agreement substantially in the form of <u>Exhibit E</u> hereto. If the assignee is not an existing Lender it shall deliver to the Collateral Agent any tax forms and other information requested by the Collateral Agent for purposes of conducting its customary "know your customer" inquiries.

Section 15.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of Assignee</u>. Upon the foreclosure of any assignment of any Advances made for security purposes, or upon any other assignment of any Advance from any Lender pursuant to this <u>Article XV</u>, the respective assignee receiving such assignment shall have all of the rights of such Lender hereunder with respect to such Advances and all references to the Lender or Lenders in <u>Sections 4.3</u> or <u>5.1</u> shall be deemed to apply to such assignee.

Section 15.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment by Lenders</u>. Any Lender may assign an interest in, or sell a participation interest in any Advance (or portion thereof) or its Commitment (or any portion thereof) pursuant to any one of the following <u>clauses (a)</u> through <u>(e)</u>; <u>provided</u> that, the Lenders shall not assign any interest in, or sell a participation in any Advance (or portion thereof) or its Commitment (or any portion thereof), to the Equityholder or any Affiliate of the Equityholder:

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to any Person, including a Competitor, if an Event of Default or Servicer Default has occurred and is continuing; <u>provided</u> that such Lender shall not assign any interest in, or sell a participation in any Advance (or portion thereof) or its Commitment (or any portion thereof) to a Competitor following an Event of Default or Servicer Default until the date that is five (5) calendar days following the date on which such Event of Default or Servicer Default occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to an Affiliate of such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to another Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to any Person (which each Lender agrees to use reasonable efforts to make such assignment to a Person who is not a Competitor) if such Lender makes a determination that its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker Rule and/or GBSA); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to any Person with the prior written consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned);

<u>provided further</u> that, each Lender shall first offer to sell such interest(s) to (i) the Lender affiliated with the Facility Agent and, if such Lender does not accept such offer within ten (10) Business Days, then (ii) to each remaining Lender (*pro rata*) for a period of ten (10) Business Days prior to offering to any Person that is not an existing Lender.

Each Lender shall endorse the Notes to reflect any assignments made pursuant to this <u>Article XV</u> or otherwise. The Borrower hereby agrees to provide all information reasonably requested by any permitted assignee or potential assignee in connection with "know your customer" laws or any similar regulations.

Section 15.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration; Registration of Transfer and Exchange</u>. (a) The Collateral Agent, acting solely for this purpose as agent for the Borrower (and, in such capacity, the "<u>Loan</u> <u>Registrar</u>"), shall maintain a register for the recordation of the name and address of each Lender (including any assignees), and the principal amounts (and stated interest) owing to such Lender pursuant to the terms hereof from time to time (the "<u>Loan Register</u>"). The entries in the Loan Register shall be conclusive absent manifest error, and the Borrower, the Collateral Agent, the Facility Agent, each Agent and each Lender shall treat each Person whose name is recorded in the Loan Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Loan Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Person who has or who acquired an interest in a Note shall be deemed by such acquisition to have agreed to be bound by the provisions of this <u>Section 15.5(b)</u>. A Note may be exchanged (in accordance with <u>Section 15.5(c)</u>) and transferred to the holders (or their agents or nominees) of the Advances and to any assignee (in accordance with <u>Section 15.1</u>) (or its agent or nominee) of all or a portion of the Advances. The Loan Registrar shall not register (or cause to be registered) the transfer of such Note, unless the proposed transferee shall have delivered to the Loan Registrar either (i) an Opinion of Counsel that the transfer of such Note is exempt from registration or qualification under the Securities Act of 1933, as amended, and all applicable state securities laws and that the transfer does not constitute a non-exempt "prohibited transaction" under ERISA or (ii) an express agreement by the proposed transferee to be bound by and to abide by the provisions of this <u>Section 15.5(b)</u> and the restrictions noted on the face of such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;At the option of the holder thereof, a Note may be exchanged for one or more new Notes of any authorized denominations and of a like class and aggregate principal amount at an office or agency of the Borrower. Whenever any Note is so surrendered for exchange, the Borrower shall execute and deliver (through the Loan Registrar) the new Note which the holder making the exchange is entitled to receive at the Loan Registrar's office, located at the Collateral Agent's address as set forth on <u>Annex A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Note at an office or agency of the Borrower, the Borrower shall execute and deliver (through the Loan Registrar),

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in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like class and aggregate principal 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;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;All Notes issued upon any registration of transfer or exchange of any Note in accordance with the provisions of this Agreement shall be the valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Note(s) surrendered upon such registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Borrower or the Loan Registrar) be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Loan Registrar, duly executed by the holder thereof or his attorney duly authorized in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any registration of transfer or exchange of a Note, but the Borrower may require payment from the transferee holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer of exchange of a Note.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The holders of the Notes shall be bound by the terms and conditions of this Agreement.

Section 15.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Mutilated, Destroyed, Lost and Stolen Notes</u>. (a) If any mutilated Note is surrendered to the Loan Registrar, the Borrower shall execute and deliver (through the Loan Registrar) in exchange therefor a new Note of like class and tenor and principal amount and bearing a number not contemporaneously outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Borrower and the Loan Registrar prior to the payment of the Notes (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Borrower or the Loan Registrar that such Note has been acquired by a *bona fide* Lender, the Borrower shall execute and deliver (through the Loan Registrar), in lieu of any such destroyed, lost or stolen Note, a new Note of like class, tenor and principal amount and bearing a number not contemporaneously outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Note under this <u>Section 15.6</u>, the Borrower may require the payment from the transferor holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Every new Note issued pursuant to this <u>Section 15.6</u> and in accordance with the provisions of this Agreement, in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Borrower, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Notes duly issued hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 15.6</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Note.

Section 15.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Persons Deemed Owners</u>. The Borrower, the Servicer, the Facility Agent, the Collateral Agent and any agent for any of the foregoing may treat the holder of any Note as the owner of such Note for all purposes whatsoever, whether or not such Note may be overdue, and none of the Borrower, the Servicer, the Facility Agent, the Collateral Agent and any such agent shall be affected by notice to the contrary.

Section 15.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Cancellation</u>. All Notes surrendered for payment or registration of transfer or exchange shall be promptly canceled. The Borrower shall promptly cancel and deliver to the Loan Registrar any Notes previously authenticated and delivered hereunder which the Borrower may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Borrower. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this <u>Section 15.8</u>, except as expressly permitted by this Agreement.

Section 15.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Participations; Pledge</u>. (a) At any time and from time to time, each Lender may, in accordance with Applicable Law, pledge or grant participations in all or a portion of its Note, its Commitment and/or its interest in the Advances and other payments due to it under this Agreement to any Person other than a Competitor (each, a "<u>Participant</u>") with the prior written consent of the Facility Agent (such consent not to be unreasonably withheld, delayed or conditioned); <u>provided</u> that, no such consent shall be required (i) if an Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing or (ii) if such pledge or participation is to an Affiliate of such Lender (so long as, in the case of a Dollar Lender, such Affiliate is able to satisfy <u>Section 17.16</u>). Each Lender hereby acknowledges and agrees that (A) any such participation will not alter or affect such Lender's direct obligations hereunder, and (B) none of the Borrower, the Servicer, the Facility Agent, any Lender, the Collateral Agent nor the Servicer shall have any obligation to have any communication or relationship with any Participant. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Section 4.3</u> and <u>Section 5.1</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 4.3(f)</u> (it being understood that the documentation required under <u>Section 4.3(f)</u> shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this <u>Article XV</u>; <u>provided</u> that such Participant (A) agrees to be subject to the provisions of <u>Section</u> <u>17.16</u> as if it were an assignee under this <u>Article XV</u>; and (B) shall not be entitled to receive any greater payment under <u>Section 4.3</u> or <u>Section 5.1</u>, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent that such entitlement to receive a greater payment results from a change in any Applicable Law that occurs after the Participant acquired the applicable participation. 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 17.16(b)</u> with respect to any Participant. To the

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extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 17.1</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in <u>Section 15.9(a)</u> to the contrary, each Lender may pledge its interest in the Advances and the Notes to any Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the obligations under the Transaction Documents (the "<u>Participant</u> <u>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 any information relating to a Participant's interest in any obligations under any Transaction Document) except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. The Facility Agent (in its capacity as Facility Agent) shall have no responsibility for maintaining a Participant Register.

Section 15.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Reallocation of Advances</u>. Any reallocation of Advances among Committed Lenders pursuant to an assignment executed by such Committed Lender and its assignee(s) and delivered pursuant to <u>Article XV</u> or pursuant to a Joinder Agreement executed and delivered pursuant to <u>Article XV</u> in each case shall be wired by the applicable purchasing Lender(s) to the Collateral Agent pursuant to the wiring instructions provided by the Collateral Agent; <u>provided</u> that the Collateral Agent shall not wire such amounts to the applicable selling Lender(s) until it has received an executed assignment agreement or Joinder Agreement, as applicable.

ARTICLE XVI

INDEMNIFICATION

Section 16.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower Indemnity</u>. Without limiting any other rights which any such Person may have hereunder or under Applicable Law, the Borrower agrees to indemnify the Facility Agent, the Agents, the Lenders, the Loan Registrar, the Collateral Custodian, the Securities Intermediary and the Collateral Agent and each of their Affiliates, and each of their respective successors, transferees, participants and assigns and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an "<u>Indemnified Party</u>"), promptly following demand, from and against any and all damages (including punitive damages), losses, claims, liabilities and related reasonable and documented out-of-pocket costs and expenses, including reasonable and documented attorneys' and accountants' fees and disbursements (all of the

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foregoing being collectively called "<u>Indemnified Amounts</u>") awarded against or incurred by any of them arising out of or relating to any Transaction Document or the transactions contemplated hereby or thereby (including the structuring and arranging of such transactions) or the use of proceeds therefrom by the Borrower, including in respect of the funding of any Advance or any breach of any representation, warranty or covenant of the Borrower, the Equityholder or the Servicer in any Transaction Document or in any certificate or other written material delivered by any of them pursuant to any Transaction Document, <u>excluding</u>, <u>however</u>, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party and (b) resulting from the performance of the Collateral Obligations.

Indemnification under this <u>Section 16.1</u> shall survive the termination of this Agreement and the resignation or removal of any Indemnified Party and shall include reasonable and documented fees and out-of-pocket expenses of counsel and reasonable and documented out-of-pocket expenses of litigation. Notwithstanding anything to the contrary contained herein, the Borrower will be obligated to pay any Indemnified Amount on any given day only to the extent there are amounts available therefor pursuant to <u>Section 8.3(a)</u>.

Section 16.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicer Indemnity</u>. Without limiting any other rights which any such Person may have hereunder or under Applicable Law, the Servicer agrees to indemnify the Indemnified Parties promptly following demand, from and against any and all Indemnified Amounts incurred by such Indemnified Party by reason of any acts or omissions of the Servicer in its capacity as Servicer and related to any Transaction Document, the transactions contemplated thereby or any certificate or other written material delivered by the Servicer pursuant hereto or thereto, <u>excluding</u>, <u>however</u>, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party and (b) resulting from the performance of the Collateral Obligations.

Indemnification under this <u>Section 16.2</u> shall survive the termination of this Agreement and the resignation or removal of any Indemnified Party and shall include reasonable and documented fees and out-of-pocket expenses of counsel and reasonable and documented out-of-pocket expenses of litigation.

Section 16.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Contribution</u>. (a) If for any reason (other than the exclusions set forth in the first paragraph of <u>Section 16.1</u>) the indemnification provided above in <u>Section 16.1</u> is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Borrower agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Borrower and its Affiliates, on the other hand, as well as any other relevant equitable considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If for any reason (other than the exclusions set forth in the first paragraph of <u>Section 16.2</u>) the indemnification provided above in <u>Section 16.2</u> is unavailable

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to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Servicer agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one hand, and the Servicer and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Servicer and its Affiliates, on the other hand, as well as any other relevant equitable considerations.

Section 16.4&nbsp;&nbsp;&nbsp;&nbsp;<u>After-Tax Basis</u>. Indemnification under <u>Section 16.1</u> and <u>Section 16.2</u> shall be in an amount necessary to make the Indemnified Party whole after taking into account any Tax consequences to the Indemnified Party of the receipt of the indemnity provided hereunder (or of the incurrence of the underlying damage, cost or expense), including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is or was payable by the Indemnified Party (and the effect of any deduction or loss realized by the Indemnified Party).

ARTICLE XVII

MISCELLANEOUS

Section 17.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Remedies</u>. No failure on the part of any Lender, the Facility Agent, the Collateral Agent, the Collateral Custodian, any Indemnified Party or any Affected Person to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any of them of any right, power or remedy hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each Lender is hereby authorized by the Borrower during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of the Borrower to the amounts owed by the Borrower under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, any Affected Person, any Indemnified Party or any Lender or their respective successors and assigns. Without limiting the foregoing, each Lender is hereby authorized by the Servicer during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of the Servicer to the amounts owed by the Servicer under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, any Affected Person, any Indemnified Party, any Agent or any Lender or their respective successors and assigns.

Section 17.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments, Waivers</u>. (a) This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with the provisions of this <u>Section 17.2</u>.

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The Borrower, the Servicer and the Facility Agent may, from time to time enter into written amendments, supplements, waivers or modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement; <u>provided</u>, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect to an Advance or reduce the rate or extend the time of payment of Yield thereon, or reduce or alter the timing of any other amount payable to any Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend, modify or waive any provision of this <u>Section 17.2</u> or <u>Section 17.11</u>, or reduce the percentage specified in the definition of Required Lenders, in each case without the written consent of all Lenders, (iii) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Agent, in each case without the prior written consent of the Collateral Agent and (iv) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Custodian, in each case without the prior written consent of the Collateral Custodian. Upon execution of any amendments by the Borrower, the Servicer and the Facility Agent as provided herein, the Servicer shall deliver a copy of such amendment to the Collateral Agent. Any waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement.

Notwithstanding the foregoing, upon the determination by any Lender that its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker Rule and/or GBSA), each of the Borrower, the Servicer, each Lender, each Agent, the Collateral Agent, the Collateral Custodian and the Facility Agent hereby agree to work in good faith to amend or amend and restate the commercial terms of this Agreement (including, if necessary, to re-document under a note purchase agreement or indenture) to ensure future compliance with such Applicable Law.

The Borrower and the Servicer each acknowledge that the Facility Agent may be communicating with other Lenders, Agents or potential lenders in connection with an amendment or syndication of this Agreement and the Borrower and the Servicer each agree to cooperate in good faith with the Facility Agent in connection with any such syndication efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if the Applicable Interest Rate ceases to exist or is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and the Facility Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement to replace references herein to the Applicable Interest Rate (and any associated terms and provisions) with any alternative floating reference rate (and any associated terms and provisions) that is then being generally used in U.S. credit markets for similar types of facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Facility Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance related to the Alternate Base Rate, any Applicable Interest Rate or with respect to any

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alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Facility Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Facility Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service so long as the rate (or component thereof) used by the Facility Agent in connection therewith is consistent with such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;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 other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Advances Outstanding may not be extended, the rate of interest on any of its Advances Outstanding may not be reduced and the principal amount of any of its Advances Outstanding may not be forgiven, in each case, without the consent of such Defaulting Lender 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 17.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including electronic mail communication) and shall be personally delivered or sent by certified mail, electronic mail or by postage prepaid to the intended party at the address of such party set forth under its name on <u>Annex A</u> or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one (1) Business Day after having been given to such courier, and (d) if transmitted by electronic mail, when sent, receipt confirmed by telephone or electronic means, except that notices and communications pursuant to <u>Section 2.2</u>, shall not be effective until received.

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Section 17.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Costs and Expenses</u>. In addition to the rights of indemnification granted under <u>Section 16.1</u>, the Borrower agrees to pay promptly following demand all reasonable and documented out-of-pocket costs and expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any liquidity support facility and the other documents and agreements to be delivered hereunder or with respect hereto, and, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer and the Facility Agent or the Collateral Agent and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Facility Agent and the Lenders in connection with any amendments, waivers or consents executed in connection with this Agreement, including the reasonable fees and reasonable and documented out-of-pocket expenses of counsel to the Facility Agent, each Agent and any related Lender, the Collateral Agent and the Collateral Custodian with respect thereto and with respect to advising the Facility Agent and the Lenders as to its rights and remedies under this Agreement, and to pay all reasonable, documented and out-of-pocket costs and expenses, if any (including reasonable outside counsel fees and expenses), of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Agents and the Lenders, in connection with the enforcement against the Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered hereunder or with respect hereto; <u>provided</u> that in the case of reimbursement of counsel for the Lenders other than the Facility Agent, such reimbursement shall be limited to one outside counsel to the Facility Agent, each Agent and any related Lender.

Section 17.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect; Survival</u>. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Facility Agent, the Servicer, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of <u>Section 4.3</u>, <u>Article V</u>, and <u>Article XVI</u> shall inure to the benefit of the Affected Persons and the Indemnified Parties, respectively, and their respective successors and assigns; <u>provided</u> that, nothing in the foregoing shall be deemed to authorize any assignment not permitted by <u>Article XV</u>. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until (subject to the immediately following sentence) such time when all Obligations have been finally and fully paid in cash and performed (other than contingent Obligations for which no claim has been made). The rights and remedies with respect to any breach of any representation and warranty made by the Borrower pursuant to <u>Article IX</u> and the indemnification and payment provisions of <u>Article V</u> and <u>Article XVI</u> and the provisions of <u>Section 17.10</u>, <u>Section 17.11</u> and <u>Section 17.12</u> shall be continuing and shall survive any termination of this Agreement and any termination of any Person's rights to act as Servicer hereunder or under any other Transaction Document.

Section 17.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Captions and Cross References</u>. The various captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement, as the case may be, and references in any Section,

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subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.

Section 17.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Any provision of this Agreement 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 of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

Section 17.8&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW</u>. THIS AGREEMENT, THE NOTES AND ANY DISPUTE, SUIT, ACTION OR PROCEEDING, WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY, RELATING TO OR ARISING OUT OF THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

Section 17.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Electronic Execution</u>. This Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. Delivery of this Agreement by electronic mail shall be equally as effective as delivery of an original executed counterpart of this Agreement. The parties agree that this Agreement may be executed and delivered by electronic signatures and that the electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

Section 17.10&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING, LITIGATION, CLAIM OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY, BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE EQUITYHOLDER, THE BORROWER, THE SERVICER, THE FACILITY AGENT, THE AGENTS OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT.

Section 17.11&nbsp;&nbsp;&nbsp;&nbsp;<u>No Proceedings.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, each of the Servicer, the Collateral Agent, the Collateral Custodian, each Agent, each Lender and the Facility Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the Borrower, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any

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Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Advances or other amounts shall be outstanding. The foregoing shall not limit such Person's right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other than such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 17.11</u> are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this <u>Section 17.11</u> and the Facility Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws. The provisions of this paragraph shall survive the termination of this Agreement.

Section 17.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Recourse</u>. No recourse under any obligation, covenant or agreement of a Lender contained in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of each Lender, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of a Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by a Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

No recourse under any obligation, covenant or agreement of the Borrower or the Servicer contained in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of the Borrower or the Servicer or any of its respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise, other than the limited recourse against those assets pledged by the Borrower pursuant hereto; it being expressly agreed and understood that this Agreement is solely a corporate obligation of the Borrower or the Servicer, as applicable, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of the Borrower or the Servicer or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of the Borrower or the Servicer contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Borrower or the Servicer of any of such obligations,

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covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

Section 17.13&nbsp;&nbsp;&nbsp;&nbsp;<u>ENTIRE AGREEMENT</u>. THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

Section 17.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. (a) The Borrower, the Servicer, the Collateral Custodian and the Collateral Agent shall hold in confidence, and not disclose to any Person, the identity of any Lender or the terms of any fees payable in connection with this Agreement except they may disclose such information (i) to their officers, directors, employees, agents, counsel, accountants, auditors, advisors, prospective lenders, equity investors or representatives, (ii) with the consent of such Lender, (iii) to the extent such information has become available to the public other than as a result of a disclosure by or through such Person, (iv) to the extent the Borrower, the Servicer, the Collateral Custodian or the Collateral Agent or any Affiliate of any of them should be required by any law or regulation applicable to it (including securities laws) or requested by any Official Body to disclose such information or (v) pursuant to legal process or in connection with the enforcement of this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender, severally and with respect to itself only, covenants and agrees that any information about the Borrower or its Affiliates or the Obligors, the Collateral Obligations, the Related Security or otherwise obtained by the Facility Agent, the Collateral Agent or such Lender pursuant to this Agreement ("<u>Information</u>") shall be held in confidence (it being understood that documents provided to the Facility Agent hereunder may in all cases be distributed by the Facility Agent to the Lenders) except that the Facility Agent, the Collateral Agent, the Collateral Custodian or such Lender may disclose such information (i) to its affiliates, officers, directors, employees, agents, counsel, accountants, auditors, advisors or representatives, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the Facility Agent, the Collateral Agent, the Collateral Custodian or such Lender, (iii) to the extent such information was available to the Facility Agent or such Lender on a non-confidential basis prior to its disclosure to the Facility Agent or such Lender hereunder, (iv) with the consent of the Servicer, (v) to the extent permitted by <u>Article XV</u>, or (vi) to the extent the Facility Agent or such Lender should be (A) required in connection with any legal or regulatory proceeding or (B) requested by any Official Body to disclose such information; <u>provided</u> that, in the case of <u>clause (vi)</u> above, the Facility Agent or such Lender, as applicable, will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Servicer of its intention to make any such disclosure prior to making any such disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, nothing in this <u>Section 17.14</u> shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a "<u>Regulatory Authority</u>") to the extent that any such prohibition on disclosure set forth in this <u>Section 17.14</u> shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

Section 17.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Confidentiality of Tax Treatment</u>. All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure. "Tax treatment" and "tax structure" shall have the same meaning as such terms have for purposes of Treasury Regulation Section 1.6011-4; <u>provided</u> that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, the provisions of this <u>Section 17.15</u> shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions contemplated hereby.

Section 17.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacement of Lenders.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender requests compensation under <u>Section 5.1</u>, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or Official Body for the account of any Lender pursuant to <u>Section 4.3</u>, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking the Obligations or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 4.3</u> or <u>Section</u> <u>5.1</u>, as the case may be, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;At any time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort, to replace any Lender, except (i) the Facility Agent or (ii) any Lender which is administered by the Facility Agent or an Affiliate of the Facility Agent, that (a) requests reimbursement, payment or compensation for any amounts owing pursuant to <u>Section 4.3</u> or <u>Section 5.1</u>, (b) has received a written notice from the Borrower of an impending change in law that would entitle such Lender to payment of additional amounts pursuant to <u>Section 4.3</u> or <u>Section 5.1</u>, unless such Lender designates a different lending office before such change in law becomes effective pursuant to <u>Section 17.16(a)</u> and such alternate lending office obviates the need for the Borrower to make payments of additional amounts pursuant to <u>Section 4.3</u> or <u>Section 5.1</u>, (c) has not consented to any proposed amendment, supplement, modification, consent or waiver, each pursuant to <u>Section 17.2</u> or (d) becomes a Defaulting Lender; <u>provided</u> that, (i) nothing herein shall relieve a Lender from any liability it

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might have to the Borrower or to the other Lenders for its failure to make any Advance, (ii) the replacement financial institution shall purchase, at par, all Advances and other amounts owing to such replaced Lender on or prior to the date of replacement and reallocation of such Advances between the replacement financial institution and such replaced Lender shall be made in accordance with <u>Section 15.10</u>, (iii) during the Revolving Period, the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Facility Agent, (iv) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 15.4(a)</u>, (v) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) for Increased Costs or Taxes, as the case may be, (vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Facility Agent or any other Lender shall have against the replaced Lender, and (vii) if such replacement is being effected as a result of a Lender requesting compensation pursuant to <u>Section 4.3</u> or <u>Section 5.1</u>, such replacement, if effected, will result in a reduction in such compensation or payment thereafter. Notwithstanding anything contained to the contrary in this Agreement, no Lender removed or replaced under the provisions hereof shall have any right to receive any amounts set forth in <u>Section 2.5(b)</u> in connection with such removal or replacement. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 17.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent to Jurisdiction</u>. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of any New York State or Federal court sitting in New York County in any action or proceeding, whether in contract, tort or otherwise and whether at law or in equity, arising out of or relating to the Transaction Documents, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding (whether in contract, tort or otherwise and whether at law or in equity). The parties hereto agree that a final judgment in any such action or proceeding (whether in contract, tort or otherwise and whether at law or in equity) shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

Section 17.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Option to Acquire Rating</u>. Each party hereto hereby acknowledges and agrees that the Facility Agent (on behalf and at the expense of the requesting Lender) may, at any time and in its sole discretion, obtain a public rating for this loan facility. The Borrower and the Servicer hereby agree to use commercially reasonable efforts, at the request of the Facility Agent, to cooperate with the acquisition and maintenance of any such rating.

Section 17.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement and Consent to Bail-In of Affected Financial</u> <u>Institutions</u>. Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the Write-

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Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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 party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;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 Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;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 17.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that this Agreement provides support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that this Agreement 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):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered</u> <u>Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such

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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 this Agreement 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.

ARTICLE XVIII

COLLATERAL CUSTODIAN

Section 18.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Collateral Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;The role of Collateral Custodian with respect to the Collateral Obligation Files shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this <u>Section 18.1</u>. State Street Bank and Trust Company is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof.

Section 18.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of the Collateral Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties</u>. The Collateral Custodian shall perform, on behalf of the Secured Parties, the following duties and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian, as the duly appointed agent of the Secured Parties, shall take and retain custody of the Collateral Obligation Files delivered to it by, or on behalf of, the Borrower for each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Asset Approval Request. The Collateral Custodian acknowledges that in connection with any Asset Approval Request, additional Collateral Obligation Files (specified on an accompanying Schedule of Collateral Obligations supplement) may be delivered to the Collateral Custodian from time to time. Promptly upon the receipt of any such delivery of Collateral Obligation Files and without any review, the Collateral Custodian shall send notice of such receipt to the Servicer, the Borrower and the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Collateral Obligation File which has been or will be delivered to the Collateral Custodian, the Collateral Custodian shall act exclusively as the custodian of the Secured Parties, and has no instructions to hold any Collateral Obligation File for the benefit of any Person other than the Secured Parties and undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. In so taking and retaining custody of the Collateral Obligation Files, the Collateral Custodian shall be deemed to be acting for the purpose of perfecting the Collateral Agent's security interest therein under the UCC. Except as permitted by <u>Section 18.5</u>, no Collateral Obligation File or other document constituting a part of a Collateral Obligation File shall be released from the possession of the Collateral Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian shall maintain continuous custody of all Collateral Obligation Files in its possession in secure facilities in accordance with customary standards for such custody and shall reflect in its records the interest of the Secured Parties therein. Each Collateral Obligation File which comes into the possession of the Collateral Agent (other than documents delivered electronically) shall be maintained in fire-resistant vaults or cabinets at the office of the Collateral Custodian specified in <u>Annex A</u> or at such other offices as shall be specified to the Facility Agent and the Servicer in a written notice at least thirty (30) days prior to such change. Each Collateral Obligation File shall be marked with an appropriate identifying label and maintained in such manner so as to permit retrieval and access by the Collateral Custodian and the Facility Agent. The Collateral Custodian shall keep the Collateral Obligation Files clearly segregated from any other documents or instruments in its files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the documents comprising each Collateral Obligation File, the Collateral Custodian shall (i) act exclusively as Collateral Custodian for the Secured Parties, (ii) hold all documents constituting such Collateral Obligation File received by it for the exclusive use and benefit of the Secured Parties and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Facility Agent; provided, that in the event of a conflict between the terms of this Agreement and the written instructions of the Facility Agent, the Facility Agent's written instructions shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian shall accept only written instructions of a Responsible Officer of the Facility Agent, Borrower or Servicer, concerning the use, handling and disposition of the Collateral Obligation Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event that (i) the Borrower, the Facility Agent, the Servicer, the Collateral Custodian or the Collateral Agent shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Obligation File or a document included within a Collateral Obligation File or (ii) a third party shall institute any court proceeding by which any Collateral Obligation File or a document included within a Collateral Obligation File shall be required to be delivered other than in accordance with the provisions of this Agreement, the party receiving such service shall promptly deliver or cause to be delivered to the other parties to this Agreement (to the extent not prohibited by Applicable Law) copies of all court papers, orders, documents and other materials concerning such proceedings. The Collateral Custodian shall, to the extent permitted by law, continue to hold and maintain all the Collateral Obligation Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Collateral Custodian shall dispose of such Collateral Obligation File or a document included within such Collateral Obligation File as directed by the Facility Agent, which shall give a direction consistent with such determination. Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Facility Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions which are incidental to the

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actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Facility Agent; <u>provided</u> that the Collateral Custodian shall not be required to take any action hereunder at the request of the Facility Agent, any Secured Parties or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Custodian requests the consent of the Facility Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the Facility Agent within ten (10) Business Days of its receipt of such request, then the Facility Agent shall be deemed to have declined to consent to the relevant action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian, or the Facility Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or written notice thereof is received by the Collateral Custodian.

Section 18.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Collateral Obligation Files</u>. (a)&nbsp;&nbsp;&nbsp;&nbsp; The Servicer (on behalf of the Borrower) shall deliver, on or prior to the applicable Funding Date (but no more than five (5) Business Days after such Funding Date, except as set forth in <u>Section 10.20</u>) the Collateral Obligation Files for each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Asset Approval Request. In connection with each delivery of a Collateral Obligation File to the Collateral Custodian, the Servicer shall represent and warrant that the Collateral Obligation Files delivered to the Collateral Custodian include all of the documents listed in the related Document Checklist and all of such documents and the information contained in the Schedule of Collateral Obligations are complete in all material respects pursuant to a certification in the form of <u>Exhibit H</u> executed by an Responsible Officer of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;From time to time, the Servicer, promptly following receipt, shall forward to the Collateral Custodian (as identified on an accompanying Schedule of Collateral Obligations supplement) additional documents evidencing any assumption, modification, consolidation or extension of a Collateral Obligation, and upon receipt of any such other documents, the Collateral Custodian shall hold such other documents as the Servicer shall deliver in writing 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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any documents comprising the Collateral Obligation File that have been delivered or are being delivered to recording offices for recording and have not been returned to the Borrower or the Servicer in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, the Borrower or the Servicer shall indicate such on a Schedule of Collateral Obligations supplement and

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deliver to the Collateral Custodian a true copy thereof. The Borrower or the Servicer shall deliver such original documents to the Collateral Custodian promptly when they are received.

Section 18.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Obligation File Certification</u>. (a) On or prior to each Funding Date, the Servicer shall provide a Schedule of Collateral Obligations and related Document Checklist dated as of such Funding Date to the Collateral Custodian, the Collateral Agent and the Facility Agent (such information contained in the Schedule of Collateral Obligations shall also be delivered in Microsoft Excel format or another format reasonably acceptable to the Collateral Custodian) with respect to the Collateral Obligations to be delivered to the Collateral Agent on such Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In connection with (and as part of) each Monthly Report, with respect to the Collateral Obligation Files delivered at least three (3) Business Days' prior to the related Reporting Date, the Collateral Custodian shall prepare a report (to be included as a part of each Monthly Report) in respect of each of the Collateral Obligations, to the effect that, as to each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Advance Request or Reinvestment Request, based on the Collateral Custodian's examination of the Collateral Obligation File for each Collateral Obligation and the related Document Checklist, except for variances from the documents identified in the Document Checklist with respect to the related Collateral Obligation Files, (i) all documents required to be delivered in respect of such Collateral Obligations pursuant to the Document Checklist have been delivered and are in the possession of the Collateral Custodian as part of the Collateral Obligation File for such Collateral Obligation (other than those released pursuant to <u>Section 18.5</u>), and (ii) all such documents have been reviewed by the Collateral Custodian and appear on their face to be regular and to relate to such Collateral Obligation. The Collateral Custodian shall also maintain records of the total number of Collateral Obligation Files that do not have the documents provided on the Document Checklist and will include such total in each Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any language to the contrary herein, the Collateral Custodian shall make no representations as to, and shall not be responsible to verify, (i) the validity, legality, ownership, title, perfection, priority, enforceability, due authorization, recordability, sufficiency for any purpose, or genuineness of any of the documents contained in each Collateral Obligation File or (ii) the collectibility, insurability, effectiveness or suitability of any such Collateral Obligation.

Section 18.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Collateral Obligation Files</u>. (a) Upon satisfaction of any of the conditions set forth in <u>Section 12.3</u>, the Servicer will provide an Officer's Certificate to such effect to the Collateral Custodian (with a copy to the Collateral Agent) and shall request in writing delivery to it of the Collateral Obligation File and a copy thereof shall be sent concurrently by the Servicer to the Facility Agent. Upon receipt of such certification and request, unless it receives notice to the contrary from the Facility Agent, the Collateral Custodian shall within three days release the related Collateral Obligation File to the Servicer and the Servicer will not be required to return the related Collateral Obligation File to the Collateral Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;From time to time and as appropriate for the servicing or foreclosure of any of the Collateral Obligations, including, for this purpose, collection under any insurance policy relating to the Collateral Obligations, the Collateral Custodian shall, upon receipt of a Request for Release and Receipt substantially in the form of <u>Exhibit F-2</u> from an authorized representative of the Servicer (as listed on <u>Exhibit F-1</u>, as such exhibit may be amended from time to time by the Servicer with notice to the Collateral Custodian and the Facility Agent), release the related Collateral Obligation File or the documents set forth in such Request for Release and Receipt to the Servicer. In the event an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a Servicer Default has occurred and is continuing, the Servicer shall not make any such request with respect to any original documents unless the Facility Agent shall have consented in writing thereto (which consent may be evidenced by an executed counterpart to such request or otherwise in compliance with <u>Section 7.10(a)(i)(D)</u>). The Servicer shall return each and every original document previously requested from the Collateral Obligation File to the Collateral Custodian when (x) the need therefor by the Servicer no longer exists or (y) the Collateral Obligation File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Related Security either judicially or non-judicially, the Servicer shall deliver to the Collateral Custodian a certificate executed by a Responsible Officer certifying as to the name and address of the Person to which such Collateral Obligation File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of the Servicer substantially in the form of <u>Exhibit F-3</u>, with a copy to the Facility Agent, stating that such Collateral Obligation was either (x) liquidated and that all amounts received or to be received in connection with such liquidation that are required to be deposited have been so deposited, or (y) sold pursuant to an Optional Sale in accordance with <u>Section 7.10</u>, the Collateral Custodian shall within three (3) Business Days of receipt of the Request for Release and Receipt, release the requested Collateral Obligation File, and the Servicer will not be required to return the related Collateral Obligation File to the Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary set forth herein, the Servicer shall not, without the prior written consent of the Facility Agent, request any documents (other than copies thereof) held by the Collateral Custodian if the sum of the unpaid Principal Balances of all Collateral Obligations for which the Servicer is then in possession of the related Collateral Obligation File or any document comprising such Collateral Obligation File (other than for Collateral Obligations then held by the Servicer which have been sold, repurchased, paid off or liquidated in accordance with this Agreement) (including the documents to be requested) exceeds 5% of the Adjusted Aggregate Eligible Collateral Obligation Balance. The Servicer may hold, and hereby acknowledges that it shall hold, any documents and all other property included in the Collateral that it may from time to time receive hereunder as custodian for the Secured Parties solely at the will of the Collateral Custodian and the Secured Parties for the sole purpose of facilitating the servicing of the Collateral Obligations and such retention and possession shall be in a custodial capacity only. To the extent the Servicer, as agent of the Collateral Custodian and the Borrower, holds any Collateral, the Servicer shall do so in accordance with the Servicing Standard as such standard applies to servicers acting as custodial agent. The Servicer shall promptly report to the

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Collateral Custodian and the Facility Agent the loss by it of all or part of any Collateral Obligation File previously provided to it by the Collateral Custodian and shall promptly take appropriate action to remedy any such loss. The Servicer shall hold (in accordance with Section 9-313(C) of the UCC) all documents comprising the Collateral Obligation Files in its possession as agent of the Collateral Agent. In such custodial capacity, the Servicer shall have and perform the following powers and duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;hold the Collateral Obligation Files and any document comprising a Collateral Obligation File that it may from time to time have in its possession for the benefit of the Collateral Custodian, on behalf of the Secured Parties, maintain accurate records pertaining to each Collateral Obligation to enable it to comply with the terms and conditions of this Agreement, and maintain a current inventory thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;implement policies and procedures consistent with the Servicing Standard and requirements of this Agreement so that the integrity and physical possession of such Collateral Obligation Files will be maintained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;take all other actions, in accordance with the Servicing Standard, in connection with maintaining custody of such Collateral Obligation Files on behalf of the Collateral Agent.

Acting as custodian of the Collateral Obligation Files pursuant to this <u>Section 18.5</u>, the Servicer agrees that it does not and will not have or assert any beneficial ownership interest in the Collateral Obligations or the Collateral Obligation Files.

Section 18.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Examination of Collateral Obligation Files</u>. Upon reasonable prior notice to the Collateral Custodian, the Borrower, the Servicer and their agents, accountants, attorneys and auditors will be permitted during normal business hours to examine and make copies of the Collateral Obligation Files, documents, records and other papers in the possession of or under the control of the Collateral Custodian relating to any or all of the Collateral Obligations. So long as no Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing, upon the request of the Facility Agent and at the cost and expense of the Servicer, the Collateral Custodian shall promptly provide the Facility Agent with the Collateral Obligation Files or copies, as designated by the Facility Agent, subject to the cap on costs and expenses and other terms and conditions set forth in <u>Section 7.9(d)</u>; <u>provided</u>, the Collateral Custodian shall not be required to provide such copies if it does not receive adequate assurance of payment.

Section 18.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost Note Affidavit</u>. In the event that the Collateral Custodian fails to produce any original promissory note delivered to it related to a Collateral Obligation that was in its possession pursuant to <u>Section 10.20</u> within five (5) Business Days after required or requested by the Facility Agent and <u>provided</u> that (a) the Collateral Custodian previously certified in writing to the Facility Agent that it had received such original promissory note and (b) such original promissory note is not outstanding pursuant to a Request for Release and Receipt, then the Collateral Custodian shall with respect to any missing original promissory note, promptly deliver to the Facility Agent upon request a lost note affidavit.

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Section 18.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Transmission of Collateral Obligation Files</u>. Written instructions as to the method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the transmission of Collateral Obligation Files in the performance of the Collateral Custodian's duties hereunder shall be delivered by the Facility Agent or the Servicer to the Collateral Custodian prior to any shipment of any Collateral Obligation Files hereunder. In the event the Collateral Custodian does not receive such written instruction from the Facility Agent or the Servicer (as applicable), the Collateral Custodian shall be authorized and indemnified as provided herein to utilize a nationally recognized courier service. The Servicer shall arrange for the provision of such services at its sole cost and expense (or, at the Collateral Custodian's option, reimburse the Collateral Custodian for all costs and expenses incurred by the Collateral Custodian consistent with such instructions) and shall maintain such insurance against loss or damage to the Collateral Obligation Files as the Servicer deems appropriate.

Section 18.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger or Consolidation</u>. Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this Agreement without further act of any of the parties to this Agreement.

Section 18.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Custodian Compensation</u>. As compensation for its Collateral Custodian activities hereunder, the Collateral Custodian shall be entitled to its fees and expenses from the Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and unpaid fees, expenses (including reasonable out-of-pocket attorneys' fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Custodian (including Indemnified Amounts under <u>Article</u> <u>XVI</u>) under the Transaction Documents (collectively, the "<u>Collateral Custodian Fees and</u> <u>Expenses</u>"). The Borrower agrees to reimburse the Collateral Custodian in accordance with the provisions of <u>Section 8.3(a)</u> for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Collateral Custodian in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents. The Collateral Custodian's entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier to occur of: (i) its removal as Collateral Custodian and appointment and acceptance by the successor Collateral Custodian pursuant to <u>Section 18.11</u> and the Collateral Custodian has ceased to hold any Collateral Obligation Files or (ii) the termination of this Agreement.

Section 18.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal or Resignation of Collateral Custodian</u>. (a) After the expiration of the 180-day period commencing on the date hereof, the Collateral Custodian may at any time resign and terminate its obligations under this Agreement upon at least 60 days' prior written notice to the Servicer, the Borrower and the Facility Agent; <u>provided</u>, that no resignation or removal of the Collateral Custodian will be permitted unless a successor Collateral Custodian has been appointed which successor Collateral Custodian, so long as no Unmatured Servicer Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer.

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Promptly after receipt of notice of the Collateral Custodian's resignation, the Facility Agent shall promptly appoint a successor Collateral Custodian by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, the resigning Collateral Custodian and to the successor Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Facility Agent upon at least 60 days' prior written notice to the Collateral Custodian, may remove and discharge the Collateral Custodian or any successor Collateral Custodian thereafter appointed from the performance of its duties under this Agreement for cause. Promptly after giving notice of removal of the Collateral Custodian, the Facility Agent shall appoint (with the prior written consent of the Borrower so long as no Event of Default has occurred and is continuing), or petition a court of competent jurisdiction to appoint, a successor Collateral Custodian. Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be delivered to the Collateral Custodian and the successor Collateral Custodian, with a copy delivered to the Borrower and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any such resignation or removal, the Collateral Custodian shall, no later than five (5) Business Days after receipt of notice of the successor Collateral Custodian, transfer to the successor Collateral Custodian, as directed in writing by the Facility Agent, all the Collateral Obligation Files being administered under this Agreement. The cost of the shipment of Collateral Obligation Files arising out of the resignation of the Collateral Custodian pursuant to <u>Section 18.11(a)</u>, or the termination for cause of the Collateral Custodian pursuant to <u>Section 18.11(b)</u>, shall be at the expense of the Collateral Custodian. Any cost of shipment arising out of the removal or discharge of the Collateral Custodian without cause pursuant to <u>Section 18.11(b)</u> shall be at the expense of the Borrower.

Section 18.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Liability</u>. (a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Facility Agent or (b) the verbal instructions of the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties and in the case of the grossly negligent performance of its duties in taking and retaining custody of the Collateral Obligation Files.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder. In no event shall the Collateral Custodian 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, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by the Collateral Custodian as contemplated by 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;It is expressly agreed and acknowledged that the Collateral 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;In case any reasonable question arises as to its duties hereunder, the Collateral Custodian may, so long as no Event of Default has occurred and is continuing or the Facility Termination Date has not occurred, request instructions from the Servicer and may, if an Event of Default has occurred and is continuing or the Facility Termination Date has occurred, request instructions from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer or the Facility Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Custodian be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Each of the protections, reliances, indemnities and immunities offered to the Collateral Agent in <u>Section 11.7</u> and <u>Section 11.8</u> shall be afforded to the Collateral Custodian.

Section 18.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Custodian as Agent of Collateral Agent</u>. The Collateral Custodian agrees that, with respect to any Collateral Obligation File at any time or times in its possession or held in its name, the Collateral Custodian shall be the agent and custodian of the Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent's security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC.

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For so long as the Collateral Custodian is the same entity as the Collateral Agent, the Collateral Custodian shall be entitled to the same rights and protections afforded to the Collateral Agent hereunder.

[Signature pages begin on next page]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

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| |
|:---|
| **CL LSF SPV I, LLC**, as Borrower |
| By: Crestline Lending Solutions, LLC, its member |
| By: <u>/s/ Chris Semple</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Chris Semple |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer |

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| |
|:---|
| **CRESTLINE LENDING SOLUTIONS, LLC**, as Equityholder and as Servicer |
| By: <u>/s/ Chris Semple</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Chris Semple |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer |

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| |
|:---|
| **STATE STREET BANK AND TRUST COMPANY**,<br>as Collateral Agent and as Collateral Custodian |
| By: <u>/s/ Brian Peterson</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Brian Peterson |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President |

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| |
|:---|
| **DEUTSCHE BANK AG, NEW YORK BRANCH**, as Facility Agent |
| By: <u>/s/ Amit Patel</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Amit Patel |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Managing Director  |
| By: <u>/s/ Peter Sabino</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Peter Sabino |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Director |

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| |
|:---|
| **DEUTSCHE BANK AG, NEW YORK BRANCH**, as an Agent and as a Committed Lender |
| By: <u>/s/ Amit Patel</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Amit Patel |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Managing Director  |
| By: <u>/s/ Peter Sabino</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Peter Sabino |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Director |

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**ANNEX A**

**CL LSF SPV I, LLC**, as Borrower

201 Main Street, Suite 2100

Fort Worth, Texas 76102

Attention: Jeremiah Loeffler

Email: CreditOps@crestlineinc.com

**CRESTLINE LENDING SOLUTIONS, LLC**, as Equityholder and Servicer

201 Main Street, Suite 2100

Fort Worth, Texas 76102

Attention: Jeremiah Loeffler

Email: CreditOps@crestlineinc.com

**STATE STREET BANK AND TRUST COMPANY**, as Collateral Agent and Collateral Custodian

1776 Heritage Drive, Mail Stop: JAB0527

North Quincy, Massachusetts 02171

Attention: Structured Trust and Analytics

Email: StructuredTrustandAnalytics@StateStreet.com

**DEUTSCHE BANK AG, NEW YORK BRANCH**, as Facility Agent

One Columbus Circle

New York, New York 10019

Attention: Asset Finance Department

Email: peter.sabino@db.com; anuar.atiye-manzur@db.com

**DEUTSCHE BANK AG, NEW YORK BRANCH**, as an Agent and as a Committed Lender

One Columbus Circle

New York, New York 10019

Attention: Asset Finance Department

Email: peter.sabino@db.com; anuar.atiye-manzur@db.com

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**<u>Annex B</u>**

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| | | | |
|:---|:---|:---|:---|
| <u>Lender</u> | <u>Committed Facility Amount</u> | <u>Uncommitted Facility Amount</u> | <u>Maximum Facility Amount</u> |
| Deutsche Bank AG, New York Branch | $150000000 | $150000000 | $300000000 |
| **Total:** | **$150000000** | **$150000000** | **$300000000** |

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&nbsp;&nbsp;&nbsp;&nbsp;B-1

## Exhibit 10.8

**Exhibit 10.8**

SALE AND CONTRIBUTION AGREEMENT

<u>between</u>

CRESTLINE LENDING SOLUTIONS, LLC,

as Seller

<u>and</u>

CL LSF SPV I, LLC,

as Purchaser

Dated as of September 19, 2025

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | <u>Page</u> | <u>Page</u> |
| ARTICLE I&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS | ARTICLE I&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS | 1 |
| SECTION 1.1 | Definitions. | 1 |
| SECTION 1.2 | Other Terms. | 2 |
| SECTION 1.3 | Computation of Time Periods. | 2 |
| SECTION 1.4 | Interpretation. | 3 |
| ARTICLE II&nbsp;&nbsp;&nbsp;&nbsp;CONVEYANCES OF TRANSFERRED ASSETS | ARTICLE II&nbsp;&nbsp;&nbsp;&nbsp;CONVEYANCES OF TRANSFERRED ASSETS | 4 |
| SECTION 2.1 | Conveyances. | 4 |
| SECTION 2.2 | Indemnification. | 6 |
| SECTION 2.3 | Administrative Convenience. | 6 |
| ARTICLE III CONSIDERATION AND PAYMENT; REPORTING | ARTICLE III CONSIDERATION AND PAYMENT; REPORTING | 8 |
| SECTION 3.1 | Purchase Price. | 8 |
| SECTION 3.2 | Payment of Purchase Price. | 8 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES | ARTICLE IV REPRESENTATIONS AND WARRANTIES | 9 |
| SECTION 4.1 | Seller's Representations and Warranties. | 9 |
| SECTION 4.2 | Reaffirmation of Representations and Warranties by the Seller; Notice of Breach. | 15 |
| ARTICLE V&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS OF THE SELLER | ARTICLE V&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS OF THE SELLER | 15 |
| SECTION 5.1 | Covenants of the Seller. | 15 |
| ARTICLE VI&nbsp;&nbsp;&nbsp;&nbsp;WARRANTY LOANS | ARTICLE VI&nbsp;&nbsp;&nbsp;&nbsp;WARRANTY LOANS | 17 |
| SECTION 6.1 | Warranty Collateral Obligations. | 17 |
| SECTION 6.2 | Limitation on Sales to Seller and Affiliates. | 18 |
| ARTICLE VII CONDITIONS PRECEDENT | ARTICLE VII CONDITIONS PRECEDENT | 18 |
| SECTION 7.1 | Conditions Precedent. | 18 |

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-i-

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| | | |
|:---|:---|:---|
| ARTICLE VIII MISCELLANEOUS PROVISIONS | ARTICLE VIII MISCELLANEOUS PROVISIONS | 19 |
| SECTION 8.1 | Amendments, Etc. | 19 |
| SECTION 8.2 | Governing Law: Submission to Jurisdiction. | 19 |
| SECTION 8.3 | Notices. | 19 |
| SECTION 8.4 | Severability of Provisions. | 20 |
| SECTION 8.5 | Assignment. | 20 |
| SECTION 8.6 | Further Assurances. | 21 |
| SECTION 8.7 | No Waiver; Cumulative Remedies. | 21 |
| SECTION 8.8 | Counterparts. | 21 |
| SECTION 8.9 | Binding Effect; Third-Party Beneficiaries. | 21 |
| SECTION 8.10 | Merger and Integration. | 21 |
| SECTION 8.11 | Headings. | 21 |

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-ii-

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This SALE AND CONTRIBUTION AGREEMENT, dated as of September 19, 2025 (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>"), between CRESTLINE LENDING SOLUTIONS, LLC, a Delaware limited liability company, as seller (in such capacity, the "<u>Seller</u>") and CL LSF SPV I, LLC, a Delaware limited liability company, as purchaser (in such capacity, the "<u>Purchaser</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

WHEREAS, the Purchaser desires to purchase certain loans and related assets and contracts existing on the Closing Date and from time to time thereafter;

WHEREAS, the Seller may also wish to contribute certain loans and related assets and contracts to the Purchaser on the Closing Date and from time to time on each Purchase Date;

WHEREAS, the Seller desires to sell, transfer, assign and contribute such loans and related assets and contracts to the Purchaser upon the terms and conditions hereinafter set forth;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows:

**ARTICLE I**

**DEFINITIONS**

SECTION 1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference into, the Loan Financing and Servicing Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the "<u>Loan Agreement</u>"), by and among the Purchaser, as borrower, Crestline Lending Solutions, LLC, as equityholder and as servicer, State Street Bank and Trust Company, as collateral agent and collateral custodian, the agents and lenders party from time to time thereto and Deutsche Bank AG, New York Branch, as facility agent.

"<u>Agreement</u>" has the meaning set forth in the preamble hereto.

"<u>Convey</u>" means to sell, transfer, assign, contribute or otherwise convey assets hereunder.

"<u>Conveyance</u>" means, as the context may require, the Initial Conveyance or a Subsequent Conveyance.

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

"<u>Initial Conveyance</u>" has the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Initial Conveyance Date</u>" means the date of the Initial Conveyance.

"<u>Participated Loan</u>" has the meaning set forth in <u>Section 2.4(a)</u>.

"<u>Participation Interests</u>" has the meaning set forth in <u>Section 2.4(a)</u>.

"<u>Purchase Date</u>" means, (x) with respect to the Initial Conveyance, the Initial Conveyance Date and (y) with respect to each Subsequent Conveyance, the Subsequent Conveyance Date.

"<u>Purchase Notice</u>" has the meaning set forth in <u>Section 2.1(b)</u>.

"<u>Purchase Price</u>" has the meaning set forth in <u>Section 3.1</u>.

"<u>Purchaser</u>" has the meaning set forth in the preamble hereto.

"<u>Schedule of Collateral Obligations</u>" has the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Seller</u>" has the meaning set forth in the preamble hereto.

"<u>Subsequent Conveyance</u>" has the meaning set forth in <u>Section 2.1(b)</u>.

"<u>Subsequent Conveyance Date</u>" has the meaning set forth in <u>Section 2.1(b)</u>.

"<u>Transferred Assets</u>" means, collectively, the Transferred Collateral Obligations or Participated Loan and Related Security Conveyed by the Seller to the Purchaser hereunder.

"<u>Transferred Collateral Obligations</u>" means each Collateral Obligation or Participated Loan Conveyed from the Seller to the Purchaser pursuant to the terms of this Agreement.

SECTION 1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Terms</u>. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9. The term "including" when used in this Agreement means "including without limitation." Each reference to a Collateral Obligation shall include any Participated Loan acquired hereunder unless expressly noted.

SECTION 1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each means "to but excluding."

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<u>SECTION 1.4&nbsp;&nbsp;&nbsp;&nbsp;Interpretation.</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)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in the Loan Agreement or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each term defined in the singular form in <u>Section 1.1</u> or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, and each term defined in the plural form in <u>Section 1.1</u> shall mean the singular thereof when the singular form of such term is used herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The words "hereof," "herein," "hereunder" and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, the term "including" means "including without limitation," and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, each reference in this Agreement to a Transaction Document shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the Transaction Documents.

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

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any use of the term "knowledge" or "actual knowledge" in this Agreement shall mean actual knowledge after reasonable inquiry.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any use of "material" or "materially" or words of similar meaning in this Agreement shall mean material, as determined by the Facility Agent in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, references to any party hereto includes its successors and permitted assigns.

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**ARTICLE II**

**CONVEYANCES OF TRANSFERRED ASSETS**

SECTION 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Conveyances</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)&nbsp;&nbsp;&nbsp;&nbsp;On the terms and subject to the conditions set forth in this Agreement, the Seller agrees to (i) Convey to the Purchaser, without recourse except to the extent specifically provided herein, on the Closing Date, and the Purchaser agrees to purchase or receive as a contribution, as applicable, from the Seller on the Closing Date (the "<u>Initial Conveyance</u>"), all of the Seller's right, title and interest in and to each Collateral Obligation listed on <u>Schedule A</u> to this Agreement (as such schedule may be amended, supplemented, updated or otherwise modified from time to time, the "<u>Schedule of Collateral Obligations</u>") (the Schedule of Collateral Obligations, as amended, supplemented, updated or otherwise modified shall become part of the Schedule of Collateral Obligations attached to the Loan Agreement), together with all other Related Security and all proceeds of the foregoing but excluding the Retained Interests (if any) and Excluded Amounts (if any) for such Collateral Obligation.

&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Purchaser agrees, from time to time after the Closing Date, to acquire additional Collateral Obligations (including Related Security) from the Seller, the Purchaser shall deliver written notice thereof to the Facility Agent substantially in the form set forth in <u>Schedule B</u> hereto (each, a "<u>Purchase Notice</u>"), designating the date of the proposed Conveyance (a "<u>Subsequent Conveyance Date</u>") and attaching a supplement to the Schedule of Collateral Obligations identifying the Transferred Assets proposed to be Conveyed. On the terms and subject to the conditions set forth in this Agreement and the Loan Agreement, the Seller shall Convey to the Purchaser without recourse (except to the extent specifically provided herein), and the Purchaser shall purchase or receive, as applicable, on the applicable Subsequent Conveyance Date (each such purchase and sale being herein called a "<u>Subsequent Conveyance</u>"), all of the Seller's right, title and interest in and to each Collateral Obligation then reported by the Seller on the Schedule of Collateral Obligations attached to the related Purchase Notice, together with all other Related Security and all proceeds of the foregoing but excluding the Retained Interests (if any) and Excluded Amounts (if any) for such Collateral Obligation.

&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)&nbsp;&nbsp;&nbsp;&nbsp;It is the express intent of the Seller and the Purchaser that each Conveyance of Transferred Assets by the Seller to the Purchaser pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller to the Purchaser. Further, it is not the intention of the Seller and the Purchaser that any purchase be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, in the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then (i) this Agreement also shall be deemed to be, and hereby is, a security agreement within the meaning of the UCC and other applicable law and (ii) the Conveyances by the Seller provided for in this Agreement shall be deemed to be, and the Seller hereby grants to the Purchaser, a security interest in, to and under all of the Seller's right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred Assets and all proceeds of the foregoing but excluding the Retained Interests (if any) and Excluded Amounts (if any) for

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such Collateral Obligation. The Purchaser and its assignees shall have, with respect to such Transferred Assets and other related rights, in addition to all the other rights and remedies available to the Purchaser and its assignees and under the other Transaction Documents, all the rights and remedies of a secured party under any applicable UCC.

The Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a perfected security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement (in each case, subject to Permitted Liens). The Seller represents and warrants that the Transferred Assets are being transferred with the intention of removing them from the Seller's estate pursuant to Section 541 of the Bankruptcy Code; <u>provided</u> that with respect to any Participated Loans, (x) the Purchaser shall not be the record owner of legal title of the Collateral Loan until the Elevation Date of such Participated Loan, and (y) each Conveyance of a Participation Interest as contemplated by this Agreement constitutes a conveyance, transfer and assignment of such Participation Interest, including all beneficial and economic interests in the underlying loan from the Seller to the Purchaser, leaving the Seller with only "bare legal title" to such underlying loan and the proceeds and any related collateral, such that the Participated Loan (including such beneficial interest in the underlying loan and the proceeds and any related collateral) shall not be part of the Seller's estate, as determined pursuant to Section 541 of the Bankruptcy Code, in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Initial Conveyance, the Seller agrees to file on or prior to the Closing Date, at its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from time to time meeting the requirements of applicable law related to the jurisdiction of the Seller's organization to perfect and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller, and to deliver a file-stamped copy of such financing statements or other evidence of such filings to the Purchaser as soon as reasonably practicable after its receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents and take all actions as may be reasonably necessary or as the Purchaser may reasonably request, in order to perfect or protect the interest of the Purchaser in the Transferred Assets purchased hereunder or to enable the Purchaser to exercise or enforce any of its rights hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof (as permitted pursuant hereto) or other documents or instruments as may be reasonably requested by the Purchaser and mark its master computer records (or related sub-ledger) noting the purchase by the Purchaser of the Transferred Assets and the Lien of the Collateral Agent pursuant to the Loan Agreement. The Seller hereby authorizes the Purchaser to file and, to the fullest extent permitted by applicable law the Purchaser shall be permitted to sign (if necessary) and file, initial financing statements, continuation statements and amendments thereto and assignments thereof

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without the Seller's signature; <u>provided</u> that the description of collateral contained in such financing statements shall be limited to only Transferred Assets. Carbon, photographic or other reproduction of this Agreement or any financing statement shall be sufficient as a financing statement.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Seller and the Purchaser agree that prior to the time of Conveyance of any Collateral Obligation hereunder, the Purchaser has no rights to or claim of benefit from any Collateral Obligation (or any interest therein) owned by the Seller.

SECTION 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. Without limiting any other rights which any such Person may have hereunder or under applicable law, the Seller agrees to indemnify the Purchaser and its successors, transferees, and assigns (including each Secured Party) and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an "<u>Indemnified Party</u>"), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees and disbursements (all of the foregoing being collectively called "<u>Indemnified Amounts</u>") awarded against or incurred by any of them arising out of any acts or omissions of the Seller and relating to this Agreement and the transactions contemplated hereby, <u>excluding</u>, <u>however</u>, (a) Indemnified Amounts in respect of any Transferred Asset due to such Obligor's creditworthiness, (b) Indemnified Amounts payable to an Indemnified Party to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party or its agent or subcontractor, (c) except as otherwise specifically provided herein, non-payment by any Obligor of an amount due and payable with respect to a Transferred Asset or (d) any Excluded Taxes.

SECTION 2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative Convenience</u>. The Seller and the Purchaser acknowledge and agree that, solely for administrative convenience, the Seller may direct that a Collateral Obligation be titled directly into the name of the Purchaser, and/or that any document or assignment agreement (or, in the case of any original promissory note, any chain of Indorsement) required to be executed and delivered in connection with (a) the acquisition of a Collateral Obligation as a lender at the closing thereof may be executed and delivered directly by the Purchaser at the direction of the Seller or (b) the transfer of a Collateral Obligation in accordance with the terms of the related Underlying Instruments may reflect that the Seller (or any Affiliate thereof or any third party from whom the Seller may purchase a Collateral Obligation) is assigning such Collateral Obligation directly to the Purchaser. Nothing in any such document or assignment agreement (or, in the case of any original promissory note, nothing in such chain of Indorsement) shall be deemed to impair the transfers of the related Collateral Obligation by the Seller to the Purchaser in accordance with the terms of this Agreement. Any Collateral Obligations designated on the Schedule of Collateral Obligations held by the Purchaser on the Closing Date will be deemed to have been transferred to the Purchaser by the Seller, and any Collateral Obligations designated on the Schedule of Collateral Obligations acquired or originated by the Purchaser after the Closing Date will be deemed to have been transferred to the Purchaser by the Seller without requiring any loan assignment to be executed

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between Seller and Purchaser; <u>provided</u> that any such Collateral Obligations shall be Eligible Collateral Obligations and shall have been approved by the Facility Agent in its sole discretion.

<u>SECTION 2.4&nbsp;&nbsp;&nbsp;&nbsp;Participated Loans.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Conveyance of any Transferred Assets, to the extent that all conditions specified in the related credit agreement, loan agreement or similar governing document to the transfer of record ownership of a Collateral Obligation to the Purchaser have not been satisfied on or prior to the applicable Purchase Date, the related Conveyance will take the form of the grant of an undivided 100% participation interest in such Collateral Obligation on the applicable Purchase Date (each such Collateral Loan, a "<u>Participated Loan</u>"). With respect to any Participated Loan, the Seller and Purchaser will use commercially reasonable efforts to cause the relevant participation to be elevated to an assignment as soon as reasonably practicable, pursuant to the provisions of <u>Section 2.4(c)</u>, after the applicable Purchase Date. Such elevation is referred to herein as the "<u>Elevation</u>" with respect to any Participated Loan, and the date of any Elevation of such Participated Loan is referred to herein as the related "<u>Elevation Date</u>". With respect to each Participated Loan, on each applicable Purchase Date, the Seller hereby sells, transfers and grants to the Purchaser, without recourse (except to the extent specifically provided herein) and the Purchaser hereby acquires from the Seller, a 100% undivided participation interest in such Collateral Obligation, which interest shall include, to the extent permitted to be transferred under the terms governing such Collateral Obligation and under Applicable Law, all claims, causes of action and any other right of the Seller (in its capacity as a lender under any credit documentation executed and delivered in connection with a Collateral Obligation), whether known or unknown, against any obligor or any of its affiliates, agents, representatives, contractors, advisors or other Person arising under or in connection with such documentation or that is in any way based on or related to any of the foregoing or the loan transactions governed thereby, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at Law or in equity related to the rights and obligations sold and purchased pursuant to this Agreement (each, a "<u>Participation Interest</u>" and collectively, the "<u>Participation Interests</u>"), in each case, for settlement of Conveyance on the applicable Purchase Date upon the terms and subject to the conditions set forth in this Agreement. For the avoidance of doubt, the Seller and the Purchaser agree that the tenor, interest rate and other terms of a Participated Loan shall be coextensive with those of the underlying Collateral Obligation. Until Elevation occurs for each Participated Loan, the Seller shall hold title to each of the Participated Loans for the benefit of the Purchaser to the extent of the Participation Interests.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Seller will not be held to the standard of care of a fiduciary but agrees that, until the Elevation of each Participated Loan has been completed, it shall exercise the same duty of care in the administration and enforcement of the Participated Loan that it would exercise if it held the Participated Loans solely for its own account, but in any event, no less than a commercially reasonable standard of care.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and provisions of the applicable Participated Loans, the Seller and the Purchaser shall use commercially reasonable efforts to effect an Elevation, as

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soon as reasonably practicable, with respect to each such Participated Loan and to take such action (including the execution and delivery of an assignment agreement) as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of each such Participated Loan and consistent with the terms of this Agreement. The Seller shall pay any elevation fees, transfer fees and other expenses payable in connection with an Elevation and any expenses of administering each Participated Loan prior to its Elevation.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Until an Elevation has been effected with respect to each Participated Loan, the Seller shall maintain its existence under the laws of its jurisdiction of formation.

&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)&nbsp;&nbsp;&nbsp;&nbsp;If the Seller is dissolved, notwithstanding the foregoing, each party agrees (so far as the same is within its power and control) that the Participation Interests in each of the Participated Loans shall elevate automatically and immediately to an assignment and all of the Seller's rights, title, interests and ownership of such Participated Loans shall vest in the Purchaser. The Seller shall be deemed to have consented and agreed to Elevation for each of the Participated Loans upon the execution of this Agreement. The Seller agrees that, following the Seller's dissolution, the Purchaser shall be permitted to take any and all action necessary to effectuate an Elevation and/or finalize an assignment of any of the Participated Loans, and in furtherance of the foregoing, effective immediately upon a dissolution of the Seller, the Seller hereby makes, constitutes and appoints the Purchaser, with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all documents that the Purchaser reasonably deems appropriate or necessary in connection with any Elevation or finalization of an assignment of any of the Participated Loans. The foregoing power of attorney is (x) hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and not be affected by the bankruptcy or insolvency or dissolution of the Seller and (y) expressly limited to the foregoing actions taken with respect to Participated Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall direct the underlying administrative agent for each applicable Collateral Obligation to send all Collections in respect of each Participated Loan to the Collection Account.

**ARTICLE III**

**CONSIDERATION AND PAYMENT; REPORTING**

SECTION 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>. The purchase price (the "<u>Purchase Price</u>") for the Transferred Assets Conveyed on each applicable Purchase Date shall be a dollar amount equal to the fair market value (as agreed upon between the Seller and the Purchaser at the time of such Conveyance) of such Transferred Assets as of such date, payable in accordance with <u>Section 3.2</u> below.

<u>SECTION 3.2&nbsp;&nbsp;&nbsp;&nbsp;Payment of Purchase Price.</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)&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Price shall be paid on the related Purchase Date (a) first, by payment in cash in immediately available funds in an amount not greater than the sum of (i) the

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proceeds of Advances made to the Purchaser with respect to such Collateral Obligations to be Conveyed on such Purchase Date and (ii) amounts constituting Principal Collections in the Collections Account utilized for a Reinvestment pursuant to Section 8.3(b) of the Loan Agreement and (b) second, to the extent not paid in cash, by the Seller making a capital contribution to the Purchaser in an amount equal to the unpaid portion of the Purchase Price.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision herein to the contrary, the Seller may on such Purchase Date elect to designate all or a portion of the Transferred Assets proposed to be transferred by it to the Purchaser on such date as a capital contribution to the Purchaser. In such event, the Purchase Price payable with respect to such transfer shall be reduced by that portion of the Purchase Price of the Transferred Assets that was so contributed; provided that Transferred Assets contributed to the Purchaser as capital shall constitute Transferred Assets for all purposes of this Agreement and shall be subject to all representations, warranties, covenants and indemnities hereunder (the same as any Transferred Asset acquired by the Purchaser hereunder with a cash payment).

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES**

SECTION 4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Seller's Representations and Warranties</u>. The Seller represents and warrants to the Purchaser as of the Closing Date and as of each Purchase 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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Good Standing</u>. The Seller is a limited liability company duly formed, validly existing and in good standing under the laws of its jurisdiction of formation and is duly qualified to do business, and is in good standing, in every jurisdiction in which the nature of its business and the performance of its obligations hereunder and under the other Transaction Documents to which it is a party requires it to be so qualified, except where the failure to be so qualified or in good standing would not reasonably be expected to have a material adverse effect on (i) its ability to perform its obligations under this Agreement and (ii) the validity or enforceability of the Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Power and Authority</u>. The Seller has the power and authority to own, pledge, mortgage, operate and Convey the Transferred Assets, to conduct its business and to execute and deliver this Agreement and the other Transaction Documents to which it is a party (in any capacity) and to perform the transactions contemplated hereby and thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization; Contravention</u>. The execution, delivery and performance by the Seller of this Agreement and all other agreements, instruments and documents which may be delivered by it pursuant hereto and the transactions contemplated hereby and thereby (i) have been duly authorized by all necessary action on the part of the Seller, (ii) do not contravene or cause the Seller to be in default in any material respect under (A) its Constituent Documents, (B) any contractual restriction with respect to any Indebtedness of the Seller or contained in any indenture, loan or credit agreement, lease, mortgage, security agreement, bond, note or other agreement or instrument binding on or affecting it or its property, or (C) any law, rule,

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regulation, order, license, requirement, writ, judgment, award, injunction or decree applicable to, binding on or affecting it or any of its property and (iii) do not result in or require the creation of any Lien upon or with respect to any of its properties (other than Permitted Liens and Liens created pursuant to this Agreement or any other Transaction Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution and Delivery</u>. This Agreement has been duly executed and delivered by the Seller.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Authorization</u>. No approval, consent of, notice to, filing with or permits, licenses, qualifications or other action by any Official Body having jurisdiction over it or its properties is required or necessary (i) for the conduct of the Seller's business as currently conducted, for the ownership, use, operation or maintenance of its properties and for the due execution, delivery and performance by the Seller of this Agreement, (ii) for the perfection of or the exercise by each of the Purchaser and the Facility Agent of any of its rights or remedies hereunder, or (iii) to ensure the legality, validity, or enforceability of this Agreement in any jurisdiction in which the Seller does business, in each case other than (A) consents, notices, filings and other actions which have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consent, notice, filing or other action would not have a material adverse effect on its ability 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legality; Validity; Enforceability</u>. Assuming due authorization, execution and delivery by each other party hereto and thereto, this Agreement is the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Litigation</u>. There are no proceedings or investigations pending or, to its knowledge, threatened against the Seller, before any court or Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Purchaser of its obligations under, or the validity or enforceability of, this Agreement, (D) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on any of the Transferred Assets or (E) seeking to impose any excise, franchise, transfer or similar tax upon the Conveyance of the Transferred Assets 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Compliance</u>. The Seller has complied and will comply with all Applicable Laws, judgments, agreements with Official Bodies, decrees and orders with respect to its business and properties and all Collateral except where the failure could not reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Status</u>. The Seller has timely filed all U.S. federal and other material Tax returns (foreign, federal, state, local and otherwise) required to be filed by it and has paid all U.S. federal and other material Taxes due and payable by it, or levied or imposed against it or any of its property (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Seller). It is not liable for Taxes payable by any other Person. Any Taxes, fees and other governmental charges payable by the Seller in connection with the transactions contemplated by this Agreement and the execution and delivery of this Agreement have been paid or shall have been paid if and when due at or prior to the Closing Date or the Purchase Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Business</u>. The principal place of business and chief executive office of the Seller, and the offices where the Seller keeps all its Records, are located at its address specified in <u>Section 8.3</u>, or such other locations notified to the Purchaser in accordance with this Agreement in jurisdictions where all action required by the terms of this Agreement has been taken and completed. There are currently no, and during the past four months (or such shorter time as the Seller has been in existence) there have not been, any other locations where the Seller is located (as that term is used in the UCC of the jurisdiction where such principal place of business is located).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Backup Security Interest</u>. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates (subject to Permitted Liens) a valid and continuing Lien on the Transferred Assets in favor of the Purchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected by the filing of a UCC financing statement under such Article), and is enforceable as such against creditors of and purchasers from the Seller; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; with respect to Transferred Assets that constitute Security Entitlements (A) all of such Security Entitlements have been credited to the Collection Account and the Securities Intermediary has agreed to treat all assets credited to the Collection Account as Financial Assets, (B) all steps necessary to enable the Collateral Agent to obtain Control with respect to the Collection Account have been taken and (C) the Collection Account is not in the name of any Person other than the Purchaser, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties and other Permitted Liens; the Purchaser has not instructed the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; <u>provided</u> that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Purchaser (or the Servicer on its behalf) may cause cash in the Collection Account to be invested in Permitted Investments, and the proceeds thereof to be paid and distributed in accordance with the Loan Agreement; all Accounts constitute Securities Accounts; the Seller owns and has good and marketable title to the Transferred Assets purchased by the Purchaser on the applicable Purchase Date, free and clear of any Lien (other than Permitted

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Liens); the Seller has received all consents and approvals required by the terms of any Collateral Obligation to the sale and granting of a security interest in the Collateral Obligations hereunder to the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize 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 that portion of the Transferred Assets in which a security interest may be perfected by filing pursuant to Article 9 of the UCC; all original executed copies of each underlying promissory note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Collateral Custodian; the Seller has received, or subject to the delivery requirements contained the Loan Agreement will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note evidencing a Collateral Obligation solely on behalf of the Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed to any Person other than the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Collateral Custodian, as assignee of the Purchaser on behalf of the Secured Parties and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the Collateral Custodian upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by (A) causing the Collateral Custodian to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fair Consideration; No Avoidance for Collateral Obligation Payments</u>. With respect to each Transferred Collateral Obligation Conveyed hereunder, the Seller Conveyed such Transferred Collateral Obligation to the Purchaser in exchange for payment, made in accordance with the provisions of this Agreement, in an amount which constitutes fair consideration and reasonably equivalent value or, to the extent that the fair market value of any Transferred Collateral Obligation exceeds the amount of any such payment so received by the Seller from the Purchaser, the Seller has made a capital contribution to the Purchaser of such portion of such Transferred Collateral Obligation in an amount which constitutes fair consideration and reasonably equivalent value. Each such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller to the Purchaser and, accordingly, no such sale is or may be voidable or subject to avoidance under Title 11 of the Bankruptcy Code and the rules and regulations thereunder. In addition, no such Conveyance shall have been made with the intent to hinder or delay payment to or defraud any creditor of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility of Transferred Collateral Obligations</u>. Each Transferred Collateral Obligation Conveyed hereunder is, at the time of such Conveyance, an Eligible Collateral Obligation. At the time of such Conveyance, no event has occurred and is continuing which could reasonably be expected to affect the collectibility of such Transferred Collateral

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Obligation or cause it not to be paid in full. As of each Purchase Date, Schedule A is an accurate and complete listing of all the Transferred Collateral Obligations and other Transferred Assets hereunder as of such Purchase 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adequate Capitalization; No Insolvency</u>. The Seller is not the subject of any Insolvency Event. The Seller is adequately capitalized and solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement. The Seller is adequately capitalized for its business as proposed to be conducted in the foreseeable future and does not expect the commencement of any insolvency, bankruptcy or similar proceedings or the appointment of a receiver, liquidator or similar official in respect of its assets. The Seller executed and delivered this Agreement for fair consideration and without the intent to hinder, delay or defraud any of its creditors or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>True Sale</u>. Each Transferred Collateral Obligation Conveyed hereunder shall have been Conveyed by the Seller to the Purchaser in a "true sale".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>True and Correct Information</u>. All information heretofore or hereafter furnished by or on behalf of the Seller in writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement, the Transferred Assets, or any transaction contemplated hereby is and will be (when taken as a whole) true and correct in all material respects and does not and will not omit to state a material fact necessary to make the statements contained therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Selection Procedures</u>. In selecting the Transferred Assets and for Affiliates of the Purchaser, no selection procedures were employed which are intended to be adverse to the interests of any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</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;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment in Full</u>. The Seller has no actual knowledge of any fact which leads it or should have led a reasonable person to expect that at the time of Conveyance any payments on any Transferred Asset will not be paid in full when due or to expect any other material adverse effect on (A) the performance by the Seller of its obligations under this Agreement, (B) the validity or enforceability of this Agreement, or (C) the Transferred Assets or the interests of the Seller therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Brokers or Finders</u>. No broker or finder acting on behalf of the Seller was employed or utilized in connection with this Agreement or the transactions contemplated hereby or thereby and the Seller has no obligation to any Person in respect of any finder's or brokerage fees in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Payments</u>. The Seller shall not cause or permit the Purchaser to make any payments or distributions which would violate Section 10.16 of the Loan 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Purpose Entity</u>. The Purchaser is an entity with assets and liabilities separate and distinct from those of the Seller and any Affiliates thereof, and the Seller

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hereby acknowledges that the Facility Agent, the Lenders and the other Secured Parties are entering into the transactions contemplated by the Loan Agreement in reliance upon the Purchaser's identity as a legal entity that is separate from the Seller and from each other Affiliate of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transferred Assets</u>. As of each applicable Purchase Date, Schedule A is an accurate and complete listing of all the Transferred Assets hereunder as of such Purchase Date and the information contained therein with respect to the identity of such Transferred Assets and the amounts owing thereunder is true and correct as of the related Purchase 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;<u>Set-Off, etc</u>. As of the applicable Purchase Date with respect to any Transferred Asset, such Transferred Asset has not been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Seller or by the Obligor thereof, and no such Transferred Asset is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Transferred Asset or otherwise, by the Seller or by the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any, to such Transferred Asset otherwise permitted or not prohibited under the Transaction Documents and in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fraud</u>. Each Collateral Obligation that was originated by the Seller was originated without any fraud or material misrepresentation by the Seller or, to the Seller's knowledge, on the part of the related Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;<u>Price of Collateral Obligations</u>. The Purchase Price for each Collateral Obligation Conveyed by the Seller to the Purchaser hereunder represents the fair market value of such Collateral Obligation as of the time of Conveyance hereunder, as may have changed from the time such Collateral Obligation was originally acquired or originated by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved</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;(bb)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange Act Compliance; Regulations T, U and X</u>. None of the transactions contemplated herein will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Injunctions</u>. No injunction, writ, restraining order or other order of any nature materially and adversely affects the Seller's performance of its obligations under this Agreement.

SECTION 4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Reaffirmation of Representations and Warranties by the Seller;</u> <u>Notice of Breach</u>. On the Closing Date and on each Purchase Date, the Seller, by accepting the proceeds of such Conveyance, shall be deemed to have certified that all representations and warranties described in <u>Section 4.1</u> are true and correct in all material respects (or if such representation and warranty is already qualified by the words "material", "materially" or

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"Material Adverse Effect", then such representation and warranty shall be true and correct in all respects) on and as of such day as though made on and as of such day (or if specifically referring to an earlier date, as of such earlier date). The representations and warranties set forth in <u>Section 4.1</u> shall survive (i) the Conveyance of the Transferred Assets to the Purchaser, (ii) the termination of the rights and obligations of the Purchaser and the Seller under this Agreement and (iii) the termination of the rights and obligations of the Purchaser under the Loan Agreement. Upon discovery by a Responsible Officer of the Seller of a breach of any of the foregoing representations and warranties in any material respect, the party discovering such breach shall give prompt written notice to the other and to the Facility Agent.

**ARTICLE V**

**COVENANTS OF THE SELLER**

SECTION 5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants of the Seller</u>. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof, and until all amounts owed by the Seller pursuant to this Agreement have been paid in full (other than as expressly survive the termination of this Agreement), unless the Purchaser otherwise consents in writing:

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Agreements and Applicable Laws</u>. The Seller shall perform each of its obligations under this Agreement and comply with all Applicable Laws, including those applicable to the Transferred Collateral Obligations and all proceeds thereof, except to the extent that the failure to so comply would not reasonably be expected to have a material adverse effect on (i) its ability to perform its obligations hereunder, (ii) its assets, operations, properties, financial condition, or business or (iii) the validity or enforceability of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Existence and Conduct of Business</u>. The Seller shall: (i) do or cause to be done all things necessary to (A) preserve and keep in full force and effect its existence as a limited liability company and maintain its rights and franchises in its jurisdiction of formation and (B) qualify and remain qualified as a foreign limited liability company in good standing and preserve its rights and franchises in each jurisdiction in which the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a material adverse effect on its assets, operations, properties, financial condition, or business; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder or under its organizational documents; and (iii) at all times maintain, preserve and protect all of its licenses, permits, charters and registrations in each case except where the failure to maintain such licenses, permits, charters and registrations would not reasonably be expected to have a material adverse effect on its assets, operations, properties, financial condition, or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Management Systems: Deposit of Collections</u>. The Seller shall transfer, or cause to be transferred, all Collections to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Seller.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records</u>. The Seller shall keep proper books of record and account in which full and correct entries shall be made of all financial transactions and the assets and business of the Seller in accordance with GAAP, maintain and implement administrative and operating procedures; and keep and maintain all documents, books, records and other information necessary or reasonably advisable and relating to the Transferred Assets prior to their Conveyance hereunder for the collection of all Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounting of Purchases</u>. Other than for tax and consolidated accounting purposes, the Seller will not account for or treat the transactions contemplated hereby in any manner other than as a sale or contribution of the Transferred Assets by the Seller to the Purchaser; <u>provided</u> that for federal income tax reporting purposes, the Purchaser is treated as a "disregarded entity" and, therefore, the transfer of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. The Seller will file on a timely basis all U.S. federal and other material Tax returns (including foreign, federal, state, local and otherwise) required to be filed and will pay all Taxes due and payable by it or any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Official Body (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Seller).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. The Seller shall not, and shall not cause or permit any of its Affiliates to, cause or permit to occur an event that results in the imposition of a Lien on any Transferred Asset under Section 412 of the Code or Section 303(k) or 4068 of ERISA.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</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;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liens</u>. The Seller shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction Documents or on or with respect to any of its rights in the Transferred Assets, in each case other than Permitted Liens. For the avoidance of doubt, this <u>Section 5.1(j)</u> shall not apply to any property retained by the Seller and not Conveyed or purported to be Conveyed 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Name. Etc.</u> The Seller shall not change its name, identity or partnership structure in any manner that would make any financing statement or continuation statement filed by the Seller (or by the Facility Agent on behalf of the Seller) in accordance with <u>Section 2.1(c)</u> seriously misleading or change its jurisdiction of organization, unless the Seller shall have given the Purchaser at least 30 days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale Characterization</u>. The Seller shall not make statements or disclosures, or treat the transactions contemplated by this Agreement (other than for tax or accounting

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purposes) in any manner other than as a true sale, contribution or absolute assignment of the title to and sole record and beneficial ownership interest of the Transferred Collateral Obligations Conveyed or purported to be Conveyed hereunder; <u>provided</u> that the Seller may consolidate the Purchaser and/or its properties and other assets for accounting purposes in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commingling</u>. The Seller shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account; provided that, this clause (m) shall not prohibit the deposit of proceeds of a capital contribution made by the Seller to the Purchaser pursuant to the Transaction Documents and in accordance with the Purchaser's Constituent Documents (or any deemed contribution pursuant to this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Separate Identity</u>. The Seller acknowledges that the Facility Agent, the Lenders and the other Secured Parties are entering into the transactions contemplated by this Agreement and the Loan Agreement in reliance upon the Purchaser's identity as a legal entity that is separate from the Seller and each other Affiliate of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. The Seller shall file on a timely basis all federal and other material Tax returns (including foreign, federal, state, local and otherwise) required to be filed, if any, and shall pay all federal and other material Taxes due and payable by it (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Seller).

**ARTICLE VI**

**WARRANTY LOANS**

SECTION 6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Warranty Collateral Obligations.</u> 

The Seller agrees that, with respect to any Warranty Collateral Obligation (as defined in the Loan Agreement), no later than 30 days after the earlier of (x) knowledge of such breach on the part of a Responsible Officer of the Seller and (y) receipt by a Responsible Officer of the Seller of written notice thereof given by the Purchaser, the Facility Agent or any other Secured Party, the Seller shall either (a) pay to the Collection Account in immediately available funds the Repurchase Amount with respect to the Warranty Collateral Obligation(s) to which such breach relates or (b) substitute for such Warranty Collateral Obligation(s) one or more Eligible Collateral Obligation with an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; <u>provided</u>, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such 30 day period, a Warranty Collateral Obligation Cure (as defined in the Loan Agreement) with respect to such Warranty Collateral Obligation shall have occurred.

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SECTION 6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Sales to Seller and Affiliates</u>. At any time after the Closing Date, the Purchaser may sell any Collateral Obligations to the Seller or any Affiliate thereof for an amount which constitutes fair consideration and reasonably equivalent value; <u>provided</u>, that the aggregate Principal Balance of all Collateral Obligations and any Collateral Obligations for which a Revaluation Event as set forth in <u>clause (a)</u> of the definition thereof shall have occurred, sold pursuant to Optional Sales to an affiliate of the Borrower or the Servicer from and after the Closing Date shall not exceed 15% of the highest Aggregate Eligible Collateral Obligation Amount in effect during the Revolving Period.

**ARTICLE VII**

**CONDITIONS PRECEDENT**

SECTION 7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent</u>. The obligations of the Purchaser to pay the Purchase Price for the Transferred Assets sold on the Closing Date and any Purchase Date shall be subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All representations and warranties of the Seller contained in this Agreement shall be true and correct in all material respects (or if such representation and warranty is already qualified by the words "material", "materially" or "Material Adverse Effect", then such representation and warranty shall be true and correct in all respects) on such Purchase 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)&nbsp;&nbsp;&nbsp;&nbsp;All information concerning such Transferred Assets provided to the Purchaser and the Facility Agent shall be true and correct, when taken as a whole, in all material respects as of such Purchase Date; <u>provided</u> that, with respect to written or electronic information furnished by the Seller that was provided to the Seller from or in respect of an Obligor with respect to a Transferred Asset, such information need only be true, correct and complete to the knowledge of the Seller;

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall have performed in all material respects all other obligations required to be performed by the provisions of this Agreement and the other Transaction Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall have either filed or caused to be filed the financing statement(s) required to be filed pursuant to <u>Section 2.1(d)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;All corporate and legal proceedings, and all instruments in connection with the transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser shall have received from the Seller copies of all documents (including records of corporate proceedings) relevant to the transactions herein contemplated as the Purchaser may reasonably have requested.

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**ARTICLE VIII**

**MISCELLANEOUS PROVISIONS**

SECTION 8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments, Etc.</u> This Agreement and the rights and obligations of the parties hereunder may not be amended, supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and consented to in writing by the Facility Agent. Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or modification to this Agreement.

SECTION 8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law: Submission to Jurisdiction</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)&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND ANY DISPUTE, SUIT, ACTION OR PROCEEDING, WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY, RELATING TO OR ARISING OUT OF THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

SECTION 8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile communication) and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile, to the intended party at the address or facsimile number of such party set forth below:

in the case of the Purchaser:

CL LSF SPV I, LLC

201 Main Street, Suite 2100

Fort Worth, Texas 76102

Attention: Jeremiah Loeffler

Email: CreditOps@crestlineinc.com

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in the case of the Seller:

Crestline Lending Solutions, LLC

201 Main Street, Suite 2100

Fort Worth, Texas 76102

Attention: Jeremiah Loeffler

Email: CreditOps@crestlineinc.com

(in each case, with a copy to the Facility Agent at the address for notice provided under the Loan Agreement)

All such notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by two-day mail, two Business Days after having been deposited in the mail, postage prepaid, (d) if sent by overnight courier, one Business Day after having been given to such courier, and (e) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic means.

SECTION 8.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

SECTION 8.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>. The Purchaser and the Seller each agree that at any time and from time to time, at its expense and upon reasonable request of the Facility Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and protect the Conveyances and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Collateral. Without limiting the generality of the foregoing, the Seller authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or notices as may be necessary or desirable or that the Purchaser or the Collateral Agent (acting solely at the Facility Agent's request) as the assignee of the Purchaser may reasonably request to protect and preserve the Conveyances and security interests granted by this Agreement.

SECTION 8.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser and the Seller agree to do and perform, from time to time, any and all acts, to provide such statements and schedules further identifying and describing the Related Security and such other reports in connection with the Collateral and to execute any and all further instruments reasonably requested by the other party more fully to effect the purposes of this Agreement and the Loan Agreement, including the execution of any financing statements or continuation statements or equivalent documents relating to the Transferred Collateral

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Obligations for filing under the provisions of the UCC or other laws of any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser and the Seller hereby severally authorize the Collateral Agent, upon receipt of written direction from the Facility Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Transferred Assets.

SECTION 8.7&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Purchaser, the Seller or the Facility Agent, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privilege provided by law.

SECTION 8.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in two or more counterparts including telecopy or email transmission thereof (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of this Agreement by telecopy or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Agreement. The parties agree that this Agreement may be executed and delivered by electronic signatures and that the electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

SECTION 8.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect; Third-Party Beneficiaries</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The Facility Agent, for the benefit of the Secured Parties, is intended by the parties hereto to be a third-party beneficiary of this Agreement.

SECTION 8.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger and Integration</u>. Except as specifically stated otherwise herein, this Agreement and the other Transaction Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the other Transaction Documents.

SECTION 8.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

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IN WITNESS WHEREOF, the Purchaser and the Seller each have caused this Sale and Contribution Agreement to be duly executed by their respective officers as of the day and year first above written.

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| | |
|:---|:---|
| **CRESTLINE LENDING SOLUTIONS, LLC**, as Seller | **CRESTLINE LENDING SOLUTIONS, LLC**, as Seller |
| By: | /s/ Chris Semple |
|  | Name: Chris Semple |
|  | Title: Chief Executive Officer |
| **CL LSF SPV I, LLC**, as Purchaser | **CL LSF SPV I, LLC**, as Purchaser |
| By: Crestline Lending Solutions, LLC, its member | By: Crestline Lending Solutions, LLC, its member |
| By: | /s/ Chris Semple |
|  | Name: Chris Semple |
|  | Title: Chief Executive Officer |

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[Signature Page to Sale and Contribution Agreement]

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<u>Schedule A</u>

**<u>SCHEDULE OF COLLATERAL OBLIGATIONS</u>**

Provided Separately

------

<u>Schedule B</u>

**<u>FORM OF PURCHASE NOTICE</u>**

[Date]

To:&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, New York Branch

One Columbus Circle

New York, New York 10019

Attention: Asset Finance Department

Email: amit.patel@db.com, peter.sabino@db.com, anuar.atiye-manzur@db.com, abs.conduits@db.com, lenderfinance_collatreview@list.db.com

Re:&nbsp;&nbsp;&nbsp;&nbsp; Purchase Notice for Conveyance

Date of ______________, 20__

Ladies and Gentlemen:

This Purchase Notice is delivered to you pursuant to <u>Section 2.1(b)</u> of the Sale and Contribution Agreement, dated as of September 19, 2025 (together with all amendments, if any, from time to time made thereto, the "<u>Sale Agreement</u>"), between CL LSF SPV I, LLC, as purchaser (the "<u>Purchaser</u>"), and CRESTLINE LENDING SOLUTIONS, LLC, as seller. Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Sale Agreement.

In accordance with <u>Section 2.1(b)</u> of the Sale Agreement, the Seller hereby offers to Convey to the Purchaser on the above-referenced Purchase Date pursuant to the terms and conditions of the Sale Agreement the Collateral Obligations listed on Schedule I hereto, together with the Related Security and all proceeds of the foregoing.

Please wire the cash portion of the Purchase Price to the Seller pursuant to the wiring instructions included at the end of this letter.

The Seller represents that the conditions described in <u>Section 7.1</u> of the Sale Agreement have been satisfied with respect to such Conveyance.

The Seller agrees that if prior to the Purchase Date any matter certified to herein by it will not be true and correct in any material respect at such time as if then made, it will immediately so notify the Purchaser. Except to the extent, if any, that prior to the Purchase Date the Purchaser shall receive written notice to the contrary from the Seller, each matter certified to herein shall be deemed once again to be certified as true and correct in all material respects at the Purchase Date as if then made.

The Seller has caused this Purchase Notice to be executed and delivered, and the certification and warranties contained herein to be made, by its duly authorized officer this ___ day of ________, 20__.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CRESTLINE LENDING SOLUTIONS, LLC, <br>as Seller | CRESTLINE LENDING SOLUTIONS, LLC, <br>as Seller |
| By: |  |
|  | Name: |
|  | Title: |

---

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<u>Wire Instructions</u>

Bank: ABA:

Account Name:

Account Number:

For further credit to account:

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<u>Schedule of Collateral Obligations</u>

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Crestline Lending Solutions, LLC**

The following list sets forth our subsidiaries, the state under whose laws each subsidiary is organized, and the percentage of membership interests owned by us in each subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CL LSF SPV I, LLC (Delaware) – 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CL LSF Blocker, LLC (Delaware) – 100%

The subsidiaries listed above are consolidated for financial reporting purposes.

<br>