# EDGAR Filing Document

**Accession Number:** 0001965934
**File Stem:** 0001193125-25-272318
**Filing Date:** 2025-11
**Character Count:** 508236
**Document Hash:** 275864c48ebf43a82f60e5ae2bd70afe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272318.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272318

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Overland Advantage
- **CENTRAL INDEX KEY:** 0001965934

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01698
- **FILM NUMBER:** 251462631

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 11TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 212-672-5088

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 11TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

**(Mark One)**

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

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

**OR**

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

**Commission File Number** 814-01698

Overland Advantage

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

---

| | |
|:---|:---|
| Delaware | 92-6424189 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 375 Park Avenue<br>**11**<sup>th</sup> **Floor**<br>New York**,** NY | 10152-0002 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**212**)** 672-5088

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

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

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

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

---

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

---

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

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

As of September 30, 2025, the registrant had 26,248,778 shares of beneficial interest, $0.001 par value per share, outstanding.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [**<u>FINANCIAL INFORMATION</u>**](#part_i_financial_information) | 2  |
| Item 1. | [<u>Financial Statements</u>](#item_1_financial_statements) | 2 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_balance_sheets) | 2 |
|  | [<u>Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)</u>](#statements_of_operations) | 3 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)</u>](#statements_of_changes) | 4 |
|  | [<u>Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024 (Unaudited)</u>](#statement_of_cash_flows) | 5 |
|  | [<u>Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)</u>](#soi_tables) | 6 |
|  | [<u>Consolidated Schedule of Investments as of December 31, 2024</u>](#soi_py_tables) | 11 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_consolidated_financial) | 16 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion) | 37 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | 45 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 47 |
| **PART II.** | [**<u>OTHER INFORMATION</u>**](#part_ii_other_information) | 48 |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 48 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 48 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | 48 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 48 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 48 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 48 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 49 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 50 |

---

i

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Overland Advantage**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | **(Audited)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,350,380 and $947,345, respectively) | $1347655 | $947637 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 36884 | 31554 |
| &nbsp;&nbsp;&nbsp;Interest receivable on investments | 7248 | 2806 |
| &nbsp;&nbsp;&nbsp;Deferred financing costs | 2198 | 3732 |
| &nbsp;&nbsp;&nbsp;Other assets | 269 | 226 |
| &nbsp;&nbsp;&nbsp;Prepaid insurance | 83 | 287 |
| &nbsp;&nbsp;&nbsp;Receivable for paydowns of investments | 47 | 57 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs |  | 1657 |
| Total Assets | $1394384 | $987956 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Credit facilities | $514000 | $450000 |
| &nbsp;&nbsp;&nbsp;Term loan (net of unamortized deferred financing costs of $583 and $0, respectively) | 199417 |  |
| &nbsp;&nbsp;&nbsp;Secured borrowings |  | 18000 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 13650 | 10023 |
| &nbsp;&nbsp;&nbsp;Interest payable | 6489 | 5099 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | 3851 | 4412 |
| &nbsp;&nbsp;&nbsp;Investment income incentive fee payable | 2385 | 592 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 1934 | 804 |
| &nbsp;&nbsp;&nbsp;Payable for unsettled purchases |  | 69940 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains incentive fee |  | 33 |
| Total Liabilities | $741726 | $558903 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| **Net Assets** |  |  |
| Common shares of beneficial interest, $0.001 par value, unlimited shares authorized,<br>&nbsp;&nbsp;&nbsp;&nbsp; 26,248,778 and 17,122,713 shares issued and outstanding, respectively | 26 | 17 |
| Paid-in-capital in excess of par value | 654826 | 428267 |
| Distributable earnings (loss) | (2194) | 769 |
| **Total Net Assets** | $652658 | $429053 |
| **Total Liabilities and Net Assets** | $1394384 | $987956 |
| Net asset value per share | $24.86 | $25.06 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Overland Advantage**

**Consolidated Statements of Operations (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment income** |  |  |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $31323 | $9058 | $75523 | $12451 |
| **Total investment income** | 31323 | 9058 | 75523 | 12451 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and debt financing costs | 11047 | 4006 | 28600 | 4785 |
| &nbsp;&nbsp;&nbsp;Amortization of offering costs |  | 1192 | 1657 | 1905 |
| &nbsp;&nbsp;&nbsp;Management fees | 1934 | 597 | 4522 | 942 |
| &nbsp;&nbsp;&nbsp;Investment income incentive fee | 2385 |  | 5369 |  |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee |  |  | (33) |  |
| &nbsp;&nbsp;&nbsp;Organizational expenses |  |  |  | 33 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 2700 | 3639 | 6809 | 6536 |
| &nbsp;&nbsp;&nbsp;Professional fees | 758 | 550 | 2543 | 1454 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 163 | 163 | 488 | 488 |
| **Total expenses** | 18987 | 10147 | 49955 | 16143 |
| Less advisor expense support (Note 4) | (1180) | (4491) | (4887) | (8681) |
| Net expenses | 17807 | 5656 | 45068 | 7462 |
| Net investment income (loss) | 13516 | 3402 | 30455 | 4989 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 12 | 4 | (99) | 4 |
| Net realized gains (losses) | 12 | 4 | (99) | 4 |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 616 | (382) | (3016) | (2547) |
| Net change in unrealized appreciation (depreciation) | 616 | (382) | (3016) | (2547) |
| Net realized and unrealized gain (loss) | 628 | (378) | (3115) | (2543) |
| **Net increase (decrease) in net assets from operations** | $14144 | $3024 | $27340 | $2446 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Overland Advantage** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Net assets at beginning of period** | $649899 | $193422 | $429053 | $10 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | 13516 | 3402 | 30455 | 4989 |
| &nbsp;&nbsp;Net realized gains (losses) | 12 | 4 | (99) | 4 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 616 | (382) | (3016) | (2547) |
| &nbsp;&nbsp;Net increase (decrease) in net assets from operations | 14144 | 3024 | 27340 | 2446 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;Distributions from distributable earnings | (13650) |  | (30303) |  |
| &nbsp;&nbsp;Net increase (decrease) resulting from shareholder distributions | (13650) |  | (30303) |  |
| **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;Issuance of common shares |  | 85258 | 220000 | 279248 |
| &nbsp;&nbsp;Reinvestment of shareholder distributions | 2265 |  | 6568 |  |
| &nbsp;&nbsp;Net increase (decrease) in net assets from capital transactions | 2265 | 85258 | 226568 | 279248 |
| Net increase (decrease) in net assets for the period | 2759 | 88282 | 223605 | 281694 |
| **Net assets at end of period** | $652658 | $281704 | $652658 | $281704 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Overland Advantage**

**Consolidated Statements of Cash Flows (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **For the nine<br>months ended** | **For the nine<br>months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets from operations | $27340 | $2446 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| Purchase of investments | (1145887) | (529773) |
| Proceeds from sales of investments and principal repayments | 746641 | 25425 |
| Payment-in-kind interest | (1561) |  |
| Net realized (gains) losses on investments | 99 | (4) |
| Net change in unrealized (appreciation) depreciation | 3016 | 2547 |
| Net accretion of discount on investments | (2326) | (135) |
| Amortization of deferred financing costs | 2151 | 685 |
| Amortization of deferred offering costs | 1657 | 1905 |
| **Changes in operating assets and liabilities:** |  |  |
| (Increase) decrease in prepaid insurance | 204 | (369) |
| (Increase) decrease in other assets | (43) | (51) |
| (Increase) decrease in interest receivable on investments | (4442) | (3225) |
| (Increase) decrease in receivable for paydowns of investments | 10 | (154) |
| Increase (decrease) in investment income incentive fee payable | 1793 |  |
| Increase (decrease) in accrued capital gains incentive fee | (33) |  |
| Increase (decrease) in management fee payable | 1130 | 597 |
| Increase (decrease) in payable to affiliates <sup>(1)</sup> | (561) | (379) |
| Increase (decrease) in payable for unsettled purchases | (69940) | 17216 |
| Increase (decrease) in interest payable | 1390 | 3400 |
| **Net cash provided by (used in) operating activities** | (439362) | (479869) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from issuance of common shares | 220000 | 279248 |
| Distributions paid | (20108) |  |
| Deferred financing costs paid | (1200) | (3986) |
| Borrowings on credit facilities | 823500 | 300000 |
| Paydown on credit facilities | (559500) | (75000) |
| Repayment of secured borrowings | (78000) |  |
| Proceeds from secured borrowings | 60000 |  |
| **Net cash provided by (used in) financing activities** | 444692 | 500262 |
| Net increase (decrease) in cash and cash equivalents | 5330 | 20393 |
| Cash and cash equivalents, beginning of period | 31554 | 10 |
| Cash and cash equivalents, end of period | $36884 | $20403 |
| **Supplemental and Non-Cash Financing Activities** |  |  |
| Accrued but unpaid deferred financing costs | $— | $300 |
| Accrued but unpaid deferred offering costs | $— | $1052 |
| Cash paid during the period for interest | $25034 | $701 |
| Distribution payable | $13650 | $— |
| Reinvestment of shareholder distributions | $6568 | $— |
| Reallocation of revolving credit facility | $200000 | $— |

---

(1)Increases in payable to affiliates is reduced by the accrued but unpaid deferred financing and offering costs.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Overland Advantage**

**Consolidated Schedule of Investments (Unaudited)**

As of September 30, 2025

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| **Investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Non-controlled/non-affiliated senior secured debt** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt investments**<sup>(4)(5)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Group OpCo Acquisition LLC(7)(8)(14) | First lien senior secured term loan | SOFR + 2.50% | 4/23/2031 | $6930 | $6964 | $6900 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realtruck Group Inc(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 1/31/2028 | 7876 | 7893 | 7107 | 1.09% |
|  |  |  |  |  | 14857 | 14007 | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC(8)(14) | First lien senior secured term loan | SOFR + 3.75% | 11/26/2031 | 4533 | 4559 | 4506 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 6/6/2031 | 6435 | 6403 | 6269 | 0.96% |
|  |  |  |  |  | 10962 | 10775 | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Technology Services Inc(6)(7)(14) | First lien senior secured term loan | SOFR + 5.00% | 4/21/2031 | 66218 | 65267 | 65225 | 9.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Technology Services Inc(6)(11)(12) | First lien senior secured delayed draw term loan | SOFR + 5.00% | 4/21/2031 |  | (122) | (132) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (MG) GROUP, LLC(6)(8)(14) | First lien senior secured term loan | SOFR + 5.50% | 3/27/2030 | 47314 | 46641 | 46735 | 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (MG) GROUP, LLC(6)(8)(12) | First lien senior secured delayed draw term loan | SOFR + 5.50% | 3/27/2030 | 2886 | 2712 | 2781 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (MG) GROUP, LLC(6)(8)(12) | First lien senior secured revolving loan | SOFR + 5.50% | 3/27/2030 | 2432 | 2363 | 2370 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Cafe LLC(6)(7)(14) | First lien senior secured term loan | SOFR + 5.00% | 12/31/2029 | 60527 | 59874 | 59850 | 9.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Cafe LLC(6)(7)(12) | First lien senior secured delayed draw term loan | SOFR + 5.00% | 12/31/2029 | 12727 | 12511 | 12431 | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreLogic Inc(7)(14) | First lien senior secured term loan | SOFR + 3.50% | 6/2/2028 | 7877 | 7835 | 7869 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Services Group CR Acquisition, Inc.(6)(7)(14) | First lien senior secured term loan | SOFR + 5.00% | 9/2/2030 | 29925 | 29495 | 29476 | 4.52% |
|  |  |  |  |  | 226576 | 226605 | 34.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Topco Inc(7)(8)(14) | First lien senior secured term loan | SOFR + 2.75% | 11/30/2029 | 7940 | 8009 | 7843 | 1.20% |
|  |  |  |  |  | 8009 | 7843 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar Acquisitionco LLC(8)(14) | First lien senior secured term loan | SOFR + 4.25% | 4/29/2029 | 8863 | 8885 | 8261 | 1.27% |
|  |  |  |  |  | 8885 | 8261 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxitransfers Blocker Corp(6)(7)(14) | Second lien senior secured term loan | SOFR + 7.00% | 6/18/2030 | 49625 | 48739 | 49085 | 7.52% |
|  |  |  |  |  | 48739 | 49085 | 7.52% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments (Unaudited)**

As of September 30, 2025

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hand Family Companies Holdings, LLC(6)(8) | Unsecured term loan | SOFR + 9.00% | 11/30/2030 | 13951 | 13683 | 13677 | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hand Family Companies Holdings, LLC(6)(11)(12) | Unsecured delayed draw term loan | SOFR + 9.00% | 11/30/2030 |  | (263) | (279) | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hand Family Companies Holdings, LLC(6)(11)(12) | Unsecured delayed draw term loan | SOFR + 9.00% | 11/30/2030 |  | (96) | (102) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing LLC(6)(8)(14) | First lien senior secured term loan | SOFR + 5.75% | 5/30/2030 | 52735 | 51724 | 51684 | 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing LLC(6)(8) | First lien senior secured delayed draw term loan | SOFR + 5.75% | 5/30/2030 | 10108 | 9912 | 10007 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Crown Beverage Holdings, LLC(6)(7) (15) | Unsecured term loan | SOFR + 9.00% | 5/2/2031 | 51561 | 50595 | 51124 | 7.83% |
|  |  |  |  |  | 125555 | 126111 | 19.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings Inc(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 12/11/2030 | 7940 | 8014 | 7924 | 1.21% |
|  |  |  |  |  | 8014 | 7924 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco Corp(8)(14) | First lien senior secured term loan | SOFR + 3.00% | 5/4/2028 | 7940 | 8010 | 7935 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 Inc(7)(14) | First lien senior secured term loan | SOFR + 2.50% | 1/30/2031 | 4754 | 4794 | 4735 | 0.73% |
|  |  |  |  |  | 12804 | 12670 | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC(8)(14) | First lien senior secured term loan | SOFR + 2.00% | 1/31/2031 | 5955 | 5999 | 5958 | 0.91% |
|  |  |  |  |  | 5999 | 5958 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Utilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC US Holdings Inc(7)(14) | First lien senior secured term loan | SOFR + 2.25% | 1/27/2031 | 6930 | 6962 | 6932 | 1.06% |
|  |  |  |  |  | 6962 | 6932 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emrld Borrower LP(8)(14) | First lien senior secured term loan | SOFR + 2.25% | 5/31/2030 | 3940 | 3966 | 3927 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC(9)(14) | First lien senior secured term loan | SOFR + 2.50% | 6/21/2028 | 5923 | 5952 | 5925 | 0.91% |
|  |  |  |  |  | 9918 | 9852 | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Industrial Holdings Inc(6)(8)(14) | First lien senior secured term loan | SOFR + 5.25% | 5/2/2030 | 80595 | 79398 | 79600 | 12.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stark Tech Holdco, LLC(6)(7)(14) | First lien senior secured term loan | SOFR + 5.25% | 5/13/2030 | 33537 | 33055 | 33042 | 5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stark Tech Holdco, LLC(6)(7)(12) | First lien senior secured delayed draw term loan | SOFR + 5.25% | 5/13/2030 | 20793 | 20439 | 20587 | 3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stark Tech Holdco, LLC(6)(11)(12) | First lien senior secured delayed draw term loan | SOFR + 5.25% | 5/13/2030 |  | (90) | (97) | (0.01)% |
|  |  |  |  |  | 132802 | 133132 | 20.40% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments (Unaudited)**

As of September 30, 2025

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP(7)(14) | First lien senior secured term loan | SOFR + 2.00% | 10/23/2030 | 4925 | 4950 | 4922 | 0.75% |
|  |  |  |  |  | 4950 | 4922 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Examworks Bidco Inc(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 11/1/2028 | 6929 | 6958 | 6941 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFF Enterprises Inc(6)(7)(14) | First lien senior secured term loan | SOFR + 6.25% | 12/12/2028 | 79400 | 78099 | 77984 | 11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 8/9/2032 | 8865 | 8908 | 8845 | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Dental Partners OPCO, LLC(6)(8)(14) | First lien senior secured term loan | SOFR + 5.50% | 7/17/2029 | 78289 | 77056 | 77372 | 11.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Dental Partners OPCO, LLC(6)(7)(8) | First lien senior secured delayed draw term loan | SOFR + 5.50% | 7/17/2029 | 14808 | 14562 | 14635 | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zelis Payments Buyer Inc(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 11/26/2031 | 7940 | 7908 | 7936 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zelis Payments Buyer Inc(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 9/28/2029 | 960 | 966 | 957 | 0.15% |
|  |  |  |  |  | 194457 | 194670 | 29.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group Inc(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 2/15/2029 | 6912 | 6928 | 6895 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Ruby Ultimate Parent Corp(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 3/10/2028 | 7960 | 8026 | 7961 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.00% | 10/22/2029 | 4199 | 4231 | 4197 | 0.64% |
|  |  |  |  |  | 19185 | 19053 | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterra Mountain Co(7)(14) | First lien senior secured term loan | SOFR + 2.50% | 8/17/2028 | 3994 | 4038 | 3993 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.25% | 2/6/2031 | 5910 | 5945 | 5890 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Borrower, LLC(6)(7)(10)(14) | First lien senior secured term loan | SOFR + 5.75% | 8/30/2030 | 99000 | 97266 | 98212 | 15.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/NV(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 1/29/2029 | 6893 | 6929 | 6881 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.25% | 4/14/2029 | 4938 | 4973 | 4941 | 0.76% |
|  |  |  |  |  | 119151 | 119917 | 18.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restoration Hardware Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.50% | 10/20/2028 | 7877 | 7787 | 7657 | 1.17% |
|  |  |  |  |  | 7787 | 7657 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VC GB Holdings I Corp(8)(14) | First lien senior secured term loan | SOFR + 3.50% | 7/21/2028 | 7877 | 7904 | 7853 | 1.20% |
|  |  |  |  |  | 7904 | 7853 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Daddy Operating Co LLC(7)(13)(14) | First lien senior secured term loan | SOFR + 1.75% | 11/9/2029 | 3313 | 3330 | 3308 | 0.51% |
|  |  |  |  |  | 3330 | 3308 | 0.51% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments (Unaudited)**

As of September 30, 2025

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings Inc(8)(14) | First lien senior secured term loan | SOFR + 3.50% | 5/19/2028 | 6893 | 6925 | 6925 | 1.06% |
|  |  |  |  |  | 6925 | 6925 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP(8)(13)(14) | First lien senior secured term loan | SOFR + 2.00% | 12/31/2030 | 5955 | 5999 | 5954 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC(7)(14) | First lien senior secured term loan | SOFR + 2.25% | 10/5/2028 | 6895 | 6937 | 6891 | 1.06% |
|  |  |  |  |  | 12936 | 12845 | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 LLC(7)(14) | First lien senior secured term loan | SOFR + 4.00% | 12/9/2031 | 7980 | 8089 | 7972 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners LLC(8)(14) | First lien senior secured term loan | SOFR + 2.50% | 7/25/2030 | 5940 | 5985 | 5939 | 0.91% |
|  |  |  |  |  | 14074 | 13911 | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.00% | 8/17/2029 | 3596 | 3613 | 3592 | 0.55% |
|  |  |  |  |  | 3613 | 3592 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversis Tempo Holdco, LLC(6)(7)(14) | First lien senior secured term loan | SOFR + 6.25% | 8/22/2031 | 75000 | 74093 | 74084 | 11.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp(7)(14) | First lien senior secured term loan | SOFR + 3.00% | 3/1/2029 | 6930 | 6968 | 6607 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser LLC(8)(14) | First lien senior secured term loan | SOFR + 2.75% | 7/16/2031 | 7940 | 8012 | 7915 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skopima Consilio Parent LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 5/15/2028 | 8887 | 8898 | 7504 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG Inc(8)(14) | First lien senior secured term loan | SOFR + 2.50% | 2/10/2031 | 5940 | 5983 | 5932 | 0.91% |
|  |  |  |  |  | 103954 | 102042 | 15.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 1/23/2032 | 6894 | 6890 | 6885 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC(7)(14) | First lien senior secured term loan | SOFR + 4.00% | 8/8/2032 | 7897 | 7898 | 7769 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings Inc(8)(14) | First lien senior secured term loan | SOFR + 3.75% | 2/20/2030 | 7920 | 8020 | 7943 | 1.22% |
|  |  |  |  |  | 22808 | 22597 | 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC(7)(14) | First lien senior secured term loan | SOFR + 2.25% | 12/21/2028 | 5910 | 5955 | 5895 | 0.90% |
|  |  |  |  |  | 5955 | 5895 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JF Acquisition LLC(6)(8)(14) | First lien senior secured term loan | SOFR + 5.75% | 6/18/2030 | 34363 | 33727 | 33700 | 5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JF Acquisition LLC(6)(11)(12) | First lien senior secured delayed draw term loan | SOFR + 5.75% | 6/18/2030 |  | (91) | (64) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JF Acquisition LLC(6)(11)(12) | First lien senior secured revolving loan | SOFR + 5.75% | 6/18/2030 |  | (75) | (79) | (0.01)% |
|  |  |  |  |  | 33561 | 33557 | 5.14% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments (Unaudited)**

As of September 30, 2025

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USG AS Holdings, LLC(6)(8)(14) | First lien senior secured term loan | SOFR + 5.25% | 6/11/2030 | 80000 | 78860 | 78916 | 12.09% |
|  |  |  |  |  | 78860 | 78916 | 12.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  | $1259532 | $1256815 | 192.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury Bill** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill |  | 3.89% | 1/29/2026 | 92000 | $90848 | $90840 | 13.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  | $1350380 | $1347655 | 206.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund - Institutional |  | 4.02% |  | 29677 | $29677 | $29677 | 4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  |  |  | $1380057 | $1377332 | 211.03% |

---

(1)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(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)Fair value is determined in good faith by or under the direction of the board of trustees of the Company pursuant to the Company's valuation policy (see Note 6 "Fair Value Measurements").

(4)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("<u>SOFR</u>") (which can include one-, three-, six- or twelve-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("<u>Prime</u>")), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

(5)All debt investments are income producing unless otherwise indicated.

(6)These investments were valued using unobservable inputs and are considered Level 3 investments (see Note 6 "Fair Value Measurements").

(7)The interest rate on these investments is subject to one-month SOFR, which was 4.13% as of September 30, 2025.

(8)The interest rate on these investments is subject to three-month SOFR, which was 3.98% as of September 30, 2025.

(9)The interest rate on these investments is subject to six-month SOFR, which was 3.85% as of September 30, 2025.

(10)The interest rate on these investments is subject to twelve-month SOFR, which was 3.66% as of September 30, 2025.

(11)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(12)Position or portion thereof is an unfunded loan or equity commitment (see Note 8 "Commitments and Contingencies").

(13)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2025, non-qualifying assets represented 2.5% of total assets as calculated in accordance with the regulatory requirements.

(14)All or a portion of the investment is pledged as collateral for the Company's debt obligations (as defined in Note 7 "Borrowings").

(15)This investment allows for a payment-in-kind ("<u>PIK</u>") election, allowing up to two-thirds of total interest due to be paid in-kind, with a 0.50% PIK premium added to the applicable margin. The investment elected PIK as of the current period.

See accompanying notes are an integral part of these consolidated financial statements.

------

**Overland Advantage**

**Consolidated Schedule of Investments** 

As of December 31, 2024

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| **Investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Non-controlled/non-affiliated senior secured debt** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt investments**<sup>(4)(5)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Group OpCo Acquisition LLC(7)(14) | First lien senior secured term loan | SOFR + 3.00% | 4/23/2031 | $6965 | $7004 | $6993 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realtruck Group Inc(7)(14) | First lien senior secured term loan | SOFR + 3.50% | 1/31/2028 | 7938 | 7963 | 7684 | 1.79% |
|  |  |  |  |  | 14967 | 14677 | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chariot Buyer LLC(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 11/3/2028 | 5954 | 5963 | 5982 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 11/26/2031 | 5000 | 5031 | 4998 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 6/6/2031 | 6484 | 6447 | 6420 | 1.50% |
|  |  |  |  |  | 17441 | 17400 | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lummus Technology Holdings V LLC(7)(14) | First lien senior secured term loan | SOFR + 3.00% | 12/31/2029 | 6948 | 6997 | 6995 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC(7)(14) | First lien senior secured term loan | SOFR + 4.25% | 9/19/2030 | 7959 | 7776 | 7931 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Cafe LLC(6)(7)(14) | First lien senior secured term loan | SOFR + 5.25% | 12/31/2029 | 60985 | 60223 | 60223 | 14.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Cafe LLC(6)(11)(12) | First lien senior secured delayed draw term loan | SOFR + 5.25% | 12/31/2029 | - | (164) | (166) | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreLogic Inc(7)(14) | First lien senior secured term loan | SOFR + 3.50% | 6/2/2028 | 7938 | 7883 | 7828 | 1.82% |
|  |  |  |  |  | 75718 | 75816 | 17.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Topco Inc(9)(14) | First lien senior secured term loan | SOFR + 3.50% | 12/24/2029 | 8000 | 8080 | 8058 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar Acquisitionco LLC(9)(14) | First lien senior secured term loan | SOFR + 4.25% | 4/29/2029 | 8931 | 8959 | 8824 | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Material** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings Inc(7)(14) | First lien senior secured term loan | SOFR + 2.50% | 4/14/2031 | 5955 | 5976 | 5948 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Materials LLC(7)(13)(14) | First lien senior secured term loan | SOFR + 1.75% | 1/12/2029 | 3970 | 4000 | 3971 | 0.93% |
|  |  |  |  |  | 9976 | 9919 | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxitransfers Blocker Corp(6)(7)(14) | Second lien senior secured term loan | SOFR + 6.75% | 6/18/2030 | 50000 | 49004 | 49000 | 11.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings Inc(7)(14) | First lien senior secured term loan | SOFR + 3.50% | 12/11/2028 | 8000 | 8080 | 8033 | 1.87% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments** 

As of December 31, 2024

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco Corp(7)(14) | First lien senior secured term loan | SOFR + 3.50% | 5/4/2028 | 7980 | 8070 | 8025 | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 Inc(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 1/30/2031 | 4883 | 4929 | 4898 | 1.14% |
|  |  |  |  |  | 12999 | 12923 | 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC(8)(14) | First lien senior secured term loan | SOFR + 2.50% | 1/31/2031 | 5985 | 6035 | 6009 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Utilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC US Holdings Inc(7)(14) | First lien senior secured term loan | SOFR + 2.25% | 1/27/2031 | 6983 | 7020 | 6981 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emrld Borrower LP(9)(14) | First lien senior secured term loan | SOFR + 2.50% | 5/31/2030 | 3970 | 3999 | 3982 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC(9)(14) | First lien senior secured term loan | SOFR + 2.75% | 6/21/2028 | 5954 | 5992 | 5970 | 1.39% |
|  |  |  |  |  | 9991 | 9952 | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP(7)(14) | First lien senior secured term loan | SOFR + 2.25% | 10/23/2028 | 4963 | 4993 | 4976 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Examworks Bidco Inc(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 11/1/2028 | 6964 | 6999 | 6984 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFF Enterprises Inc(6)(7)(14)(15) | First lien senior secured term loan | Prime + 5.25% | 12/12/2028 | 80000 | 78408 | 78400 | 18.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental LLC(7)(14) | First lien senior secured term loan | SOFR + 4.50% | 4/28/2028 | 8933 | 8983 | 8939 | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Corp(7)(13)(14) | First lien senior secured term loan | SOFR + 2.00% | 11/18/2031 | 1297 | 1304 | 1300 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Dental Partners OPCO, LLC(6)(8)(14) | First lien senior secured term loan | SOFR + 5.50% | 7/17/2029 | 78882 | 77423 | 77784 | 18.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Dental Partners OPCO, LLC(6)(9)(12) | First lien senior secured delayed draw term loan | SOFR + 5.50% | 7/17/2029 | 6284 | 6089 | 6077 | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners LLC(8)(14) | First lien senior secured term loan | SOFR + 3.25% | 12/4/2031 | 8000 | 7961 | 8048 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triwest Healthcare Alliance Corp(6)(7)(14) | First lien senior secured term loan | SOFR + 5.50% | 12/27/2027 | 37500 | 36914 | 37165 | 8.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triwest Healthcare Alliance Corp(6)(7) | First lien senior secured delayed draw term loan | SOFR + 5.50% | 12/27/2027 | 37500 | 36933 | 37165 | 8.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zelis Payments Buyer Inc(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 11/26/2031 | 8000 | 7960 | 8019 | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zelis Payments Buyer Inc(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 9/28/2029 | 968 | 974 | 968 | 0.23% |
|  |  |  |  |  | 269948 | 270849 | 63.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group Inc(7)(14) | First lien senior secured term loan | SOFR + 3.25% | 2/15/2029 | 6947 | 6968 | 6954 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensemble RCM LLC(8)(14) | First lien senior secured term loan | SOFR + 3.00% | 8/1/2029 | 4963 | 5000 | 4994 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Ruby Ultimate Parent Corp(7)(14) | First lien senior secured term loan | SOFR + 3.00% | 3/10/2028 | 8000 | 8080 | 8028 | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.25% | 10/22/2029 | 4231 | 4269 | 4244 | 0.99% |
|  |  |  |  |  | 24317 | 24220 | 5.64% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments** 

As of December 31, 2024

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterra Mountain Co(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 8/17/2028 | 4988 | 5035 | 5016 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.25% | 2/6/2031 | 5955 | 5995 | 5957 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Borrower, LLC(6)(7)(10)(14) | First lien senior secured term loan | SOFR + 5.50% | 8/30/2030 | 99750 | 97809 | 98557 | 22.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/NV(7)(14) | First lien senior secured term loan | SOFR + 3.50% | 1/27/2029 | 6946 | 6989 | 6968 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.25% | 4/14/2029 | 4975 | 5017 | 4988 | 1.16% |
|  |  |  |  |  | 120845 | 121486 | 28.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH(7)(13)(14) | First lien senior secured term loan | SOFR + 2.50% | 10/20/2028 | 7938 | 7826 | 7854 | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VC GB Holdings I Corp(8)(14) | First lien senior secured term loan | SOFR + 3.50% | 7/21/2028 | 7939 | 7970 | 7933 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Daddy Operating Co LLC(7)(13)(14) | First lien senior secured term loan | SOFR + 1.75% | 11/13/2029 | 3338 | 3358 | 3336 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings Inc(8)(14) | First lien senior secured term loan | SOFR + 3.75% | 5/19/2028 | 6946 | 6987 | 6985 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP(8)(13)(14) | First lien senior secured term loan | SOFR + 2.00% | 12/31/2030 | 5985 | 6033 | 5991 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC(7)(14) | First lien senior secured term loan | SOFR + 3.00% | 10/5/2028 | 6947 | 6999 | 6982 | 1.63% |
|  |  |  |  |  | 13032 | 12973 | 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alvogen Pharma US Inc(7) | First lien senior secured term loan | SOFR + 7.50% | 6/30/2025 | 1972 | 1863 | 1856 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 LLC(7)(14) | First lien senior secured term loan | SOFR + 4.00% | 12/9/2031 | 8000 | 8120 | 8080 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners LLC(7)(14) | First lien senior secured term loan | SOFR + 2.75% | 7/25/2030 | 5985 | 6039 | 6010 | 1.40% |
|  |  |  |  |  | 14159 | 14090 | 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments Inc(7)(13)(14) | First lien senior secured term loan | SOFR + 2.25% | 8/17/2029 | 4113 | 4137 | 4121 | 0.96% |

---

------

**Overland Advantage**

**Consolidated Schedule of Investments** 

As of December 31, 2024

(amounts in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal/** |  |  | **Percentage** |
|  |  | **Interest** | **Maturity** | **Par** | **Amortized** |  | **of Net** |
| **Company**<sup>(1)</sup> | **Investment** | **Rate** | **Date** | **Amount/Shares** | **Cost**<sup>(2)</sup> | **Fair Value**<sup>(3)</sup> | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boxer Parent Co Inc(8)(14) | First lien senior secured term loan | SOFR + 3.75% | 7/30/2031 | 6982 | 7053 | 7034 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group Inc(8)(14) | First lien senior secured term loan | SOFR + 3.50% | 3/30/2029 | 6669 | 6689 | 6683 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group Inc(8)(14) | First lien senior secured term loan | SOFR + 3.75% | 3/21/2031 | 3629 | 3629 | 3637 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings II LLC(7)(14) | First lien senior secured term loan | SOFR + 3.00% | 12/1/2027 | 5969 | 6010 | 6014 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp(8)(14) | First lien senior secured term loan | SOFR + 3.00% | 3/1/2029 | 6983 | 7029 | 6981 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding Inc(8)(14) | First lien senior secured term loan | SOFR + 3.25% | 10/28/2030 | 8933 | 8992 | 8979 | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser LLC(8)(14) | First lien senior secured term loan | SOFR + 3.50% | 7/2/2031 | 8000 | 8080 | 8047 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skopima Consilio Parent LLC(8)(14) | First lien senior secured term loan | SOFR + 3.75% | 5/17/2028 | 8954 | 8971 | 8976 | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG Inc(8)(14) | First lien senior secured term loan | SOFR + 3.00% | 2/10/2031 | 5970 | 6016 | 6008 | 1.40% |
|  |  |  |  |  | 62469 | 62359 | 14.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 3/6/2028 | 6946 | 6978 | 6971 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC(7)(14) | First lien senior secured term loan | SOFR + 3.75% | 2/11/2028 | 7959 | 7965 | 7919 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings Inc(8)(14) | First lien senior secured term loan | SOFR + 4.50% | 2/14/2030 | 7980 | 8090 | 8047 | 1.88% |
|  |  |  |  |  | 23033 | 22937 | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC(7)(14) | First lien senior secured term loan | SOFR + 2.25% | 12/21/2028 | 5955 | 6009 | 5972 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding LLC(7)(14) | First lien senior secured term loan | SOFR + 2.50% | 7/1/2031 | 5969 | 5992 | 5986 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  | $812205 | $812520 | 189.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury Bill** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill |  | 4.27% | 5/1/2025 | 137000 | $135140 | $135117 | 31.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  | $947345 | $947637 | 220.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund - Institutional |  | 4.36% |  | 26055 | $26055 | $26055 | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  |  |  | $973400 | $973692 | 226.94% |

---

(1)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Refer to Note 5 "Investments" for the geographic composition of investments at cost and fair value.

(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)Fair value is determined in good faith by or under the direction of the board of trustees of the Company pursuant to the Company's valuation policy (see Note 6 "Fair Value Measurements").

------

**Overland Advantage**

**Consolidated Schedule of Investments** 

As of December 31, 2024

(amounts in thousands)

(4)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("<u>SOFR</u>") (which can include one-, three-, six- or twelve-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("<u>Prime</u>")), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

(5)All debt investments are income producing unless otherwise indicated.

(6)These investments were valued using unobservable inputs and are considered Level 3 investments (see Note 6 "Fair Value Measurements").

(7)The interest rate on these investments is subject to one-month SOFR, which was 4.33% as of December 31, 2024.

(8)The interest rate on these investments is subject to three-month SOFR, which was 4.31% as of December 31, 2024.

(9)The interest rate on these investments is subject to six-month SOFR, which was 4.25% as of December 31, 2024.

(10)The interest rate on these investments is subject to twelve-month SOFR, which was 4.18% as of December 31, 2024.

(11)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(12)Position or portion thereof is an unfunded loan or equity commitment (see Note 8 "Commitments and Contingencies").

(13)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2024, non-qualifying assets represented 4.2% of total assets as calculated in accordance with the regulatory requirements.

(14)All or a portion of the investment is pledged as collateral for the Company's debt obligations (as defined in Note 7 "Borrowings").

(15)The interest rate on these investments is subject to the Prime rate, which was 7.50% as of December 31, 2024.

See accompanying notes are an integral part of these consolidated financial statements.

------

**Overland Advantage**

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

(amounts in thousands, except share and per share data, unless otherwise indicated)

**1.** **Organization and Business**

Overland Advantage, a Delaware statutory trust (the "<u>Company</u>"), was formed on February 10, 2023 to lend to U.S. middle market companies. The Company's investment objective is to generate attractive risk-adjusted returns, predominantly in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company's investment strategy is primarily focused on newly-originated, privately-negotiated senior secured term loans in middle market non-sponsor companies, which are companies that are not backed by a private equity firm or other professional equity investor, and sponsor-owned companies, which are companies backed by such a firm or person.

The Company implements its investment strategy directly and through its wholly owned subsidiaries. The term "subsidiary" means entities that primarily engage in investment activities in securities or other assets and are wholly owned by the Company. The Company is required to comply with the provisions of Section 18 of the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), governing capital structure and leverage on an aggregate basis with the Company's subsidiaries. The Company's subsidiaries are required to comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Advisor, the investment adviser to such subsidiaries are required to comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.

The Company is structured as an externally managed, non-diversified closed-end management investment company. The Company has elected to be regulated as a business development company ("<u>BDC</u>") under the 1940 Act. The Company also has elected to be treated as a Regulated Investment Company ("<u>RIC</u>") for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>").

The Company is externally managed by Overland Advisors, LLC (the "<u>Advisor</u>"), an investment adviser registered with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Ac</u>t"), pursuant to an investment advisory agreement between the Company and the Advisor ("<u>Investment Advisory Agreement</u>"). The Advisor is a controlled affiliate of Centerbridge Partners, L.P., a Delaware limited partnership (together with its affiliates, as applicable, "<u>Centerbridge</u>"), that is registered as an investment adviser with the SEC under the Advisers Act. The Advisor has entered into an arrangement with a subsidiary of Wells Fargo & Company (together with its subsidiaries, "<u>Wells Fargo</u>") pursuant to which Wells Fargo refers investment opportunities in middle market corporate loans to the Advisor that meet the Company's designated investment criteria in accordance with the terms of the sourcing arrangement (the "<u>Wells Fargo Sourcing Arrangement</u>"). The Advisor is managed by Overland Advisors Holdings, LLC, a Delaware limited liability company, which is a controlled affiliate of Centerbridge and in which Wells Fargo has a significant, non-controlling minority equity investment.

On May 7, 2024, the Company completed its initial closing of capital commitments and subsequently commenced substantial investment operations.

Centerbridge Services Group, LLC (the "<u>Administrator</u>"), a wholly-owned subsidiary of Centerbridge Partners, L.P., serves as the Company's administrator pursuant to an administration agreement (the "<u>Administration Agreement</u>"). SEI Global Services, Inc. (the "<u>Sub-Administrator</u>") provides certain day-to-day administration activities for the Company.

The Company has formed three wholly-owned financing subsidiaries, which are structured as Delaware limited liability companies.

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

**Basis of Financial Statement Presentation**

The accompanying unaudited interim consolidated financial statements of the Company and the related financial information have been prepared in accordance with accounting principles generally accepted in the United States of America ("<u>GAAP</u>") and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included. The Company is an investment company following the accounting and reporting guidance in the Financial Accounting Standards Board ("<u>FASB</u>") Accounting Standards Codification ("<u>ASC</u>") 946, "*Financial Services – Investment Companies*."

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**Basis of Consolidation**

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or controlled company whose business consists of providing services to the Company.

The Company consolidates the results of its wholly-owned financing subsidiaries, Overland Financing MS, LLC, Overland Financing DB, LLC, and Overland Financing B, LLC. There were no transactions by Overland Financing DB, LLC through September 30, 2025. All intercompany accounts and transactions have been eliminated in consolidation.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and such differences could be material.

**Interest Income**

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment or partial prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts associated with the amount prepaid are recorded as interest income in the current period.

**PIK Income**

The Company may have loans in its portfolio that contain payment-in-kind ("<u>PIK</u>") 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 in the Company's consolidated statements of operations. 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 each holder of the Company's Common Shares ("<u>Shareholders</u>") in the form of dividends, even though the Company has not yet collected cash. For the three and nine months ended September 30, 2025, the Company earned $1,160 and $1,902, respectively, in PIK income representing 3.7% and 2.5% of total investment income, respectively.

**Non-Accrual Loans**

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 depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. There were no loans on non-accrual status as of September 30, 2025.

**Dividend Income**

Dividend income on 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 income such as consent, waiver, amendment, unused, syndication and prepayment fees associated with the Company's investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee.

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**Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation**

Investment transactions will be recorded on the trade date. The Company will measure net realized gains or losses using the specific identification method as the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation and depreciation, when gains or losses are realized.

**Offering and Organizational Expenses**

Organizational expenses are charged as incurred and include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Company and its subsidiaries, their related documents of organization and the Company's election to be regulated as a BDC. For the three and nine months ended September 30, 2025, the Company did not incur any organizational expenses. For the three and nine months ended September 30, 2024, organizational expenses incurred amounted to $0 and $33 respectively.

Offering expenses include, without limitation, legal, printing and other offering and marketing costs, including the fees of professional advisors, those associated with the preparation of the Company's registration statement on Form 10 as well as the expenses of Centerbridge and Wells Fargo in negotiating and documenting other arrangements with the initial investors of the Company. Offering expenses of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Company started amortizing the deferred costs from the date of commencement of operations. For the three and nine months ended September 30, 2025, no offering costs were incurred. For the three and nine months ended September 30, 2024, offering costs of $— and $1,052, respectively, were incurred, all of which were capitalized and deferred. As of September 30, 2025 and December 31, 2024, the Company had approximately $0 and $1,657, respectively, of unamortized deferred offering costs.

The Company's organizational and offering costs are the responsibility of the Company and have preliminarily been paid by an affiliate of the Advisor on the Company's behalf. However, as discussed in Note 4, a portion of the Company's expenses incurred through September 30, 2025 included on the Company's consolidated statements of operations, including its organizational and offering costs, have been assumed by the Advisor pursuant to the Expense Support Agreement.

**Deferred Financing Costs**

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the period of time during which additional funding remains available under the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company's consolidated statements of assets and liabilities.

**Professional Fees**

Professional fees are expensed as incurred and include legal expenses, consulting fees, and audit and tax preparation fees. A portion of professional fees have been subject to reimbursement by the Company to the Advisor pursuant to the Expense Support Agreement. Refer to Note 4 for more information on the Expense Support Agreement.

**Other Assets** 

Other assets represent legal fees and other direct costs incurred in connection with the Company's expected future borrowings. In addition, it includes the unamortized portion of other prepaid general and administrative costs.

**Cash and Cash Equivalents**

Cash and cash equivalents generally consist of demand deposits, money market mutual funds, and highly liquid investments with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

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**Investments at Fair Value**

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—Fair Value Measurements and Disclosures ("<u>ASC Topic 820</u>"). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 3 for further discussion regarding fair value measurements and hierarchy.

**Income Taxes**

The Company has elected to be treated as a RIC. So long as the Company maintains its status as a RIC, it generally will not be subject to any corporate-level U.S. federal income taxes on any ordinary income or capital gains that is distributed at least annually to its Shareholders. Any tax liability related to income earned and distributed by the Company represents obligations of the Company's investors and will not be reflected in the consolidated financial statements of the Company.

To qualify and be subject to tax as a RIC for U.S. federal income tax purposes, the Company is required to ensure that (among other things) it satisfies certain sources of income and asset diversification requirements and distributes to its Shareholders annually an amount equal to at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

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

**Distributions** 

Distributions to common Shareholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the board of trustees (the "<u>Board</u>").

The Company has adopted an "opt out" distribution reinvestment plan ("<u>DRIP</u>"), under which a Shareholder's distributions would automatically be reinvested under the DRIP in additional whole and fractional shares, unless the Shareholder "opts out" of the DRIP, thereby electing to receive cash dividends. The Company uses newly issued Common Shares to implement the DRIP that are issued at a price per share equal to the most recent net asset value per share determined by the Advisor as the Company's valuation designee in accordance with Rule 2a-5 under the 1940 Act.

**Recent Accounting Pronouncements**

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

The Company does not believe any other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

**3.** **Fair Value Measurements and Disclosures**

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The

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hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 investments) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 investments). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 Financial assets and liabilities whose values reflect unadjusted quoted prices that are available in active markets for identical investments as of the reporting date.

Level 2 Financial assets and liabilities whose values are based upon pricing inputs, including certain broker dealer quotes that are generally those other than exchange quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.

Level 3 Financial assets and liabilities whose values are based on pricing inputs that are unobservable for the investment and include situations where (i) there is minimal, if any, market activity for the investment, or (ii) the inputs used in the determination of fair value require significant management judgment or estimation.

On December 14, 2023, the Board appointed the Advisor as the Company's valuation designee in accordance with Rule 2a-5 under the 1940 Act. As the valuation designee, the Advisor determines fair values of the Company's investments pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant, individually or in the aggregate, to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Advisor. The Advisor considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Advisor's perceived risk of that instrument.

The valuation of investments classified within Level 3 of the fair value hierarchy is prepared on a quarterly basis and is subject to oversight and review. Each valuation is reviewed and approved by the Valuation & Allocation Committee which consists of senior members of the Advisor, including investment professionals and representatives from legal, compliance and finance. In connection with this process, valuation models are updated by the valuation team based on historical and projected financial information, observable market data, market liquidity and other factors and reviewed by the investment professionals. Valuation results are assessed in light of industry trends, general economic and market conditions and factors specific to each investment. The Advisor's valuation team intends to engage third-party valuation firms to perform independent valuation reviews of certain modeled Level 3 valuations where there is significant management judgment or estimation. These reviews are generally performed twice annually, including one review at year end. The Advisor's Valuation & Allocation Committee is ultimately responsible for coordinating and implementing the Company's valuation policies, guidelines and processes on behalf of the Company.

**4.** **Agreements and Related Party Transactions**

**Investment Advisory Agreement**

The Company is managed by the Advisor pursuant to an Investment Advisory Agreement between the Company and the Advisor. Subject to the overall supervision of the Board, the Advisor is responsible for the overall management and affairs of the Company and has full discretion to invest the assets of the Company in a manner consistent with the Company's investment objectives.

Under the Investment Advisory Agreement, the Company pays the Advisor (i) a quarterly asset-based fee (the "<u>Management Fee</u>") for management services and (ii) an Incentive Fee (as defined below) as compensation for the investment advisory and management services it provides to the Company thereunder. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

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***Management Fee***

The Management Fee is payable quarterly in arrears at an annual rate of 1.25% of the average value of the Company's net assets as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter, excluding cash and cash equivalents. The Management Fee for any partial quarter will be appropriately prorated and adjusted for any share issuances or repurchases. No management fee will be charged on committed but undrawn Capital Commitments (as defined below). For the three months ended September 30, 2025 and 2024, the Management Fee was $1,934 and $597, respectively. For the nine months ended September 30, 2025 and 2024, the Management Fee was $4,522 and $942, respectively.

As of September 30, 2025 and December 31, 2024, $1,934 and $804, respectively, remained payable and is recorded in management fee payable on the consolidated statements of assets and liabilities.

***Incentive Fee***

The Company will pay the Advisor an incentive fee ("<u>Incentive Fee</u>") as set forth below. The Incentive Fee consists of two parts.

*Investment Income Incentive Fee*

The investment income incentive fee will be calculated and payable on a quarterly basis, in arrears, and is earned on pre-incentive fee net investment income of the Company. For purposes of computing the initial installment of the investment income incentive fee, if the inception does not fall on the first day of a calendar quarter, then the initial payment of the investment income incentive fee shall be payable for the period that commences on the date of inception through the last day of the first complete calendar quarter immediately following the incentive commencement date and, thereafter, at the end of each subsequent calendar quarter as described below.

Pre-incentive fee net investment income shall be compared to a "<u>Hurdle Rate</u>" of 1.625% per quarter (6.5% annualized). The Company shall pay the Advisor an incentive fee with respect to its pre-incentive fee net investment income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)100% of 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 1.91% in any calendar quarter (7.64% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.91%) is referred to as the "catch-up". The "catch-up" is meant to provide the Advisor with approximately 15% of the Company's pre-incentive fee net investment income as if a Hurdle Rate did not apply if pre-incentive fee net investment income exceeds 1.91% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)15% of the pre-incentive fee net investment income, if any, that exceeds 1.91% in any calendar quarter (7.64% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 15% of all pre-incentive fee net investment income is paid to the Advisor.

The "<u>pre-incentive fee net investment income</u>" means interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Management Fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred shares, but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.

For the three months ended September 30, 2025 and 2024, the investment income incentive fee was $2,385 and $0, respectively. For the nine months ended September 30, 2025 and 2024, the investment income incentive fee was $5,369,and $0, respectively.

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*Capital Gains Incentive Fee*

The Company shall pay the Advisor a capital gains incentive fee calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 15% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.

The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Advisor if the Company were to sell the relevant investment and realize a capital gain. The Company will record an accrual based upon the cumulative net realized and unrealized appreciation (depreciation) from inception. Accordingly, the accrual for any capital gains incentive fee in a given period may result in an increase to expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual.

For the three months ended September 30, 2025 and 2024, the capital gains incentive fee accrued was $0 and $0, respectively. For the nine months ended September 30, 2025 and 2024 the capital gains incentive fee accrued was $(33) and $0, respectively.

**Administration Agreement**

The Company has entered into the Administration Agreement pursuant to which the Administrator provides the administrative services necessary for the Company to operate. The Company utilizes the Administrator's office facilities, personnel, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator oversees the Company's public reporting requirements and tax reporting and monitors the Company's expenses and the performance of professional services rendered to the Company by others. The Administrator has hired the Sub-Administrator to assist in the provision of certain administrative services. There is no fee paid by the Company in connection with the services provided under the Administration Agreement. The Company will reimburse the Administrator for its costs and expenses, which may include an allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including but not limited to rent, the fees and expenses associated with performing compliance functions, and the Company's allocable portion of the costs of its Chief Financial Officer, Chief Compliance Officer, any of their respective staff who provide services to the Company, tax, accounting, investor relations and investor services, technology, legal and operations staff who provide services, including but not limited to transaction-related services to the Company, and any internal audit staff, to the extent any internal audit performs a role in the Company's internal control assessment. The reimbursement shall be an amount equal to the Administrator's actual cost; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, estimates, time records or other method conforming with generally accepted accounting principles. The Sub-Administrator will separately be compensated for performing sub-administrative services under the sub-administration agreement and the cost of such compensation, and any other costs or expenses under such agreement, will be in addition to the cost of any other services borne by the Company under the Administration Agreement.

**Expense Support and Conditional Reimbursement Agreement**

The Company has entered into the Expense Support Agreement with the Advisor, pursuant to which the Advisor has contractually agreed to pay Other Operating Expenses (as defined below) of the Company on the Company's behalf (each such payment, a "<u>Required Expense Payment</u>") such that Other Operating Expenses of the Company do not exceed 0.375% (1.50% on an annualized basis) of the Company's applicable quarter-end net asset value. "<u>Other Operating Expenses</u>" means the Company's organizational and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company's allocable portion of compensation and overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement), excluding the Company's Management Fee and Incentive Fees owed to the Advisor, financing fees and costs, brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Common Shares, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with GAAP.

At such times as the Advisor determines, the Advisor may elect to pay certain additional expenses of the Company on the Company's behalf (each such payment, a "<u>Voluntary Expense Payment</u>" and together with a Required Expense Payment, the "<u>Expense Payments</u>"). In making a Voluntary Expense Payment, the Advisor will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of a Voluntary Expense Payment will be used to pay any interest expense of the Company.

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Under the Expense Support Agreement, following any calendar quarter in which the Company's Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's Shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess referred to herein as "<u>Excess Operating Funds</u>"), the Company will pay such Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company under the Expense Support Agreement are referred to as a "<u>Reimbursement Payment</u>." "<u>Available Operating Funds</u>" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Advisor; provided that the Advisor may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any calendar quarter shall be made if: (i) the Effective Rate of Distributions Per Share (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates, (ii) the Company's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (iii) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.50% of the Company's net asset value. For purposes of the Expense Support Agreement, "<u>Effective Rate of Distributions Per Share</u>" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and Shareholder servicing fees, and declared special dividends or special distributions, if any. The "<u>Operating Expense Ratio</u>" is calculated by dividing Operating Expenses (as defined below), less organizational and offering expenses, management and incentive fees owed to the Advisor, Shareholder servicing and/or distribution fees, and interest expense, by the Company's net assets. "<u>Operating Expenses</u>" means all of the Company's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

Either the Company or the Advisor may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to the Advisor will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

Refer to Note 8 for the cumulative amount of expense support subject to potential reimbursement to the Advisor by the Company.

**Transactions with Affiliates**

On August 20, 2024, the SEC granted an exemptive order (the "<u>Order</u>") to the Company permitting the Company to participate in certain co-investment transactions alongside other funds/vehicles managed by the Advisor or its affiliates, (or alongside the Advisor or its affiliates in a principal capacity) that would otherwise be prohibited under the 1940 Act, subject to certain terms and conditions. Any such investments will be in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. As a result of the Order, there could be significant overlap in the Company's investment portfolio and the investment portfolios of other affiliates.

For the nine months ended September 30, 2025, the Company assigned the rights and obligations of two investments to a remote affiliate for aggregate proceeds of $40.1 million.

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**5.** **Investments**

Investments at fair value and amortized cost consisted of the below as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien senior secured debt investments | $1146874 | $1143310 | $763201 | $763520 |
| Second lien senior secured debt investments | 48739 | 49085 | 49004 | 49000 |
| Unsecured debt investments | 63919 | 64420 |  |  |
| U.S. treasury bills | 90848 | 90840 | 135140 | 135117 |
| **Total Investments** | $1350380 | $1347655 | $947345 | $947637 |

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The industry composition of investments based on fair value consisted of the below as of the following periods (excluding the Company's investment in U.S. Treasury Bills):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Commercial Services & Supplies | 18.0% | 9.3% |
| Health Care Providers & Services | 15.5 | 33.3 |
| Energy Equipment & Services | 10.6 |  |
| Consumer Staples Distribution & Retail | 10.0 |  |
| Hotels, Restaurants & Leisure | 9.5 | 15.0 |
| Software | 8.1 | 7.7 |
| Water Utilities | 6.3 |  |
| Consumer Finance | 3.9 | 6.0 |
| Trading Companies & Distributors | 2.7 |  |
| Specialty Retail | 1.8 | 2.8 |
| Health Care Technology | 1.5 | 3.0 |
| Automobile Components | 1.1 | 1.8 |
| Professional Services | 1.1 | 1.7 |
| Oil, Gas & Consumable Fuels | 1.0 | 1.6 |
| Diversified Consumer Services | 1.0 | 1.6 |
| Building Products | 0.9 | 2.1 |
| Electrical Equipment | 0.8 | 1.2 |
| Construction & Engineering | 0.7 | 1.1 |
| Distributors | 0.6 | 1.0 |
| Household Products | 0.6 | 1.0 |
| Communications Equipment | 0.6 | 1.0 |
| Household Durables | 0.6 | 1.0 |
| Electric Utilities | 0.6 | 0.9 |
| Machinery | 0.5 | 0.9 |
| Diversified Financial Services | 0.5 | 0.8 |
| Textiles, Apparel & Luxury Goods | 0.5 | 0.7 |
| Health Care Equipment & Supplies | 0.4 | 0.6 |
| Semiconductors & Semiconductor Equipment | 0.3 | 0.5 |
| IT Services | 0.3 | 0.4 |
| Construction Materials |  | 1.2 |
| Chemicals |  | 0.9 |
| Transportation Infrastructure |  | 0.7 |
| Pharmaceuticals |  | 0.2 |
| **Total** | 100% | 100% |

---

------

The geographic composition of investments at amortized cost and on fair value consisted of the below as of the following periods (excluding the Company's investment in U.S. Treasury Bills):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| North America | $1259532 | $1256815 | 100% | 193% |
| Total | $1259532 | $1256815 | 100% | 193% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| North America | $812205 | $812520 | 100% | 189% |
| Total | $812205 | $812520 | 100% | 189% |

---

**6.** **Fair Value Measurements**

The following tables present the fair value hierarchy of cash equivalents and investments as of the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Hierarchy as of September 30, 2025** | **Fair Value Hierarchy as of September 30, 2025** | **Fair Value Hierarchy as of September 30, 2025** | **Fair Value Hierarchy as of September 30, 2025** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| First lien senior secured debt investments | $— | $274993 | $868317 | $1143310 |
| Second lien senior secured debt investments |  |  | 49085 | 49085 |
| Unsecured debt investments |  |  | 64420 | 64420 |
| U.S. treasury bill | 90840 |  |  | 90840 |
| Cash equivalents | 29677 |  |  | 29677 |
| **Total cash equivalents and investments at fair value** | $120517 | $274993 | $981822 | $1377332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| First lien senior secured debt investments | $— | $368314 | $395206 | $763520 |
| Second lien senior secured debt investments |  |  | 49000 | 49000 |
| U.S. treasury bill | 135117 |  |  | 135117 |
| Cash equivalents | 26055 |  |  | 26055 |
| **Total cash equivalents and investments at fair value** | $161172 | $368314 | $444206 | $973692 |

---

------

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
| ($ in thousands) | **First lien<br>senior secured<br>debt<br>investments** | **Second lien<br>senior secured<br>debt<br>investments** | **Unsecured debt investments** | **Total** |
| Fair value, beginning of period | $755533 | $48765 | $62666 | $866964 |
| Purchases of investments, net | 143436 |  |  | 143436 |
| Payment-in-kind |  |  | 1178 | 1178 |
| Proceeds from investments, net | (31782) | (125) |  | (31907) |
| Net change in unrealized appreciation (depreciation) | 326 | 422 | 533 | 1281 |
| Net realized gains (losses) |  |  |  |  |
| Net amortization/accretion of premium/discount on<br> investments | 804 | 23 | 43 | 870 |
| Transfers between investment types |  |  |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value, end of period** | $868317 | $49085 | $64420 | $981822 |
| Net change in unrealized appreciation (depreciation) still <br>&nbsp;&nbsp;&nbsp;&nbsp;held at September 30, 2025 | $600 | $422 | $533 | $1555 |

---

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** |
| ($ in thousands) | **First lien<br>senior secured<br>debt<br>investments** | **Second lien<br>senior secured<br>debt<br>investments** | **Unsecured debt investments** | **Total** |
| Fair value, beginning of period | $48250 | $— | $— | $48250 |
| Purchases of investments, net | 179930 |  |  | 179930 |
| Payment-in-kind |  |  |  |  |
| Proceeds from investments, net | (12105) |  |  | (12105) |
| Net change in unrealized appreciation (depreciation) | 27 |  |  | 27 |
| Net realized gains (losses) | 4 |  |  | 4 |
| Net amortization/accretion of premium/discount on<br> investments | 189 |  |  | 189 |
| Transfers between investment types |  |  |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value, end of period** | $216295 | $— | $— | $216295 |
| Net change in unrealized appreciation (depreciation) still <br>&nbsp;&nbsp;&nbsp;&nbsp;held at September 30, 2024 | $27 | $— | $— | $27 |

---

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
| ($ in thousands) | **First lien<br>senior secured<br>debt<br>investments** | **Second lien<br>senior secured<br>debt<br>investments** | **Unsecured debt investments** | **Total** |
| Fair value, beginning of period | $395206 | $49000 | $— | $444206 |
| Purchases of investments, net | 619997 |  | 62291 | 682288 |
| Payment-in-kind |  |  | 1561 | 1561 |
| Proceeds from investments, net | (149359) | (376) |  | (149735) |
| Net change in unrealized appreciation (depreciation) | 73 | 351 | 500 | 924 |
| Net realized gains (losses) | (13) |  |  | (13) |
| Net amortization/accretion of premium/discount on<br> investments | 2413 | 110 | 68 | 2591 |
| Transfers between investment types |  |  |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value, end of period** | $868317 | $49085 | $64420 | $981822 |
| Net change in unrealized appreciation (depreciation) still <br>&nbsp;&nbsp;&nbsp;&nbsp;held at September 30, 2025 | $556 | $351 | $500 | $1407 |

---

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| ($ in thousands) | **First lien<br>senior secured<br>debt<br>investments** | **Second lien<br>senior secured<br>debt<br>investments** | **Unsecured debt investments** | **Total** |
| Fair value, beginning of period | $— | $— | $— | $— |
| Purchases of investments, net | 228180 |  |  | 228180 |
| Payment-in-kind |  |  |  |  |
| Proceeds from investments, net | (12105) |  |  | (12105) |
| Net change in unrealized appreciation (depreciation) | 23 |  |  | 23 |
| Net realized gains (losses) | 4 |  |  | 4 |
| Net amortization/accretion of premium/discount on<br> investments | 193 |  |  | 193 |
| Transfers between investment types |  |  |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value, end of period** | $216295 | $— | $— | $216295 |
| Net change in unrealized appreciation (depreciation) still <br>&nbsp;&nbsp;&nbsp;&nbsp;held at September 30, 2024 | $23 | $— | $— | $23 |

---

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 assets as of the following period. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  |  |  |  | **Range** | **Range** |  |
| ($ in thousands) | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Low** | **High** | **Weighted Average** |
| First lien senior secured debt investments | $764757 | Yield Analysis | Discount Rate | 9.1% | 10.9% | 9.8% |
| First lien senior secured debt investments | 103560 | Recent Transaction | Transaction Price | 98.5% | 98.8% | 98.7% |
| Second lien senior secured debt investments | 49085 | Yield Analysis | Discount Rate | 11.3% | 11.3% | 11.3% |
| Unsecured debt investments | 64420 | Yield Analysis | Discount Rate | 12.9% | 13.7% | 13.1% |
| Total | $981822 |  |  |  |  |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  |  | **Range** | **Range** |  |
| ($ in thousands) | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Low** | **High** | **Weighted Average** |
| First lien senior secured debt investments | $256749 | Yield Analysis | Discount Rate | 10.4% | 12.3% | 10.9% |
| First lien senior secured debt investments | 138457 | Recent Transaction | Transaction Price | 98.0% | 98.8% | 98.3% |
| Second lien senior secured debt investments | 49000 | Recent Transaction | Transaction Price | 98.0% | 98.0% | 98.0% |
| Total | $444206 |  |  |  |  |  |

---

The significant unobservable inputs used in the fair value measurement of the Company's investments are discount rates and transaction prices. Significant increases (decreases) in discount rates in isolation would result in significant decreases (increases) in fair value measurement. Significant increases (decreases) in transaction prices in isolation would result in significant increases (decreases) in fair value measurement.

**7.** **Borrowings**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2025 and December 31, 2024, the Company's asset coverage was 191.3% and 191.7%, respectively. Also, as of September 30, 2025, the Company was in compliance with all covenants and other requirements of the MS Revolving Credit Facility, SMTB Credit Facility, SMTB Term Loan, BNP Revolving Credit Facility, as well as the December 2024 Secured Borrowing and the June 2025 Secured Borrowing (together with the December 2024 Secured Borrowing, the "<u>Secured Borrowings</u>") (each as defined below). The Company's debt obligations are recorded at carrying value, which approximates fair value.

The below tables present the Company's outstanding debt obligations as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Aggregate<br>Principal** | **Outstanding** | **Net Carrying** | **Unused** |
| ($ in thousands) | **Committed** | **Principal** | **Value** | **Portion**<sup>(1)</sup> |
| MS Revolving Credit Facility | $300000 | $195000 | $195000 | $105000 |
| SMTB Credit Facility | 200000 | 180000 | 180000 | 20000 |
| SMTB Term Loan <sup>(2)</sup> | 200000 | 200000 | 199417 |  |
| BNP Revolving Credit Facility <sup>(3)</sup> | 215000 | 139000 | 139000 | 76000 |
| Total Borrowings | $915000 | $714000 | $713417 | $201000 |

---

(1)The unused portion is the amount upon which unused fees are based, if any.

(2)Carrying value is net of unamortized deferred financing costs of $583.

(3)Effective October 1, 2025, the aggregate principal committed was reduced to $139 million.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Principal** | **Outstanding** | **Net Carrying** | **Unused** |
| ($ in thousands) | **Committed** | **Principal** | **Value** | **Portion**<sup>(1)</sup> |
| MS Revolving Credit Facility | $300000 | $300000 | $300000 | $— |
| SMTB Credit Facility | 200000 | 150000 | 150000 | 50000 |
| Secured Borrowings | 18000 | 18000 | 18000 |  |
| Total Borrowings | $518000 | $468000 | $468000 | $50000 |

---

(1)The unused portion is the amount upon which unused fees are based, if any.

------

*MS Revolving Credit Facility*

On February 22, 2024, Overland Financing MS, LLC, a wholly-owned financing subsidiary of the Company, entered into a senior secured revolving credit facility (the "<u>MS Revolving Credit Facility</u>") with Morgan Stanley Senior Funding Inc. ("<u>MS</u>"). MS serves as the administrative agent, Wilmington Trust, National Association, serves as collateral agent, account bank and collateral custodian and the Company serves as a servicer under the MS Revolving Credit Facility. On June 6, 2024 and November 15, 2024, certain terms, including the applicable margins, in the MS Revolving Credit Facility were amended.

Under the MS Revolving Credit Facility, MS has agreed to make available to Overland Financing MS, LLC, a revolving loan facility in the maximum principal amount of up to $300 million.

As of September 30, 2025 and December 31, 2024, the Company had $195 million and $300 million, respectively, in outstanding borrowings under the MS Revolving Credit Facility.

Advances under the MS Revolving Credit Facility will initially bear interest at a per annum rate equal to an applicable benchmark (which is initially the forward-looking term rate based on the Secured Overnight Financing Rate ("<u>SOFR</u>"), for a tenor of three (3) months, as such rate is published by the CME Group Benchmark Administration Limited (CBA)), plus an applicable margin. As amended on November 15, 2024, the applicable margin on advances is (i) for the first six (6) months after February 22, 2024, 1.70% per annum, (ii) for the next eight (8) months, 2.10% per annum, (iii) after the fourteen (14) month anniversary of February 22, 2024 and during the revolving period, which is scheduled to end three years after February 22, 2024, 2.35% per annum, and (iv) after the end of the revolving period, 2.85% per annum.

The period during which Overland Financing MS, LLC may make borrowings under the MS Revolving Credit Facility expires on February 22, 2027 and the MS Revolving Credit Facility is scheduled to mature on February 22, 2029.

As of September 30, 2025, the Company had recorded $3,339 of cumulative deferred financing costs in connection with the MS Revolving Credit Facility.

The components of interest expense related to the MS Revolving Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
| ($ in thousands) | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Stated interest expense | $3265 | $3059 | $10456 | $3059 |
| Unused/undrawn fees | 134 | 164 | 334 | 543 |
| Amortization of deferred financing costs | 291 | 290 | 862 | 577 |
| Administration fees | 115 | 115 | 341 | 228 |
| Total interest and debt financing costs | $3805 | $3628 | $11993 | $4407 |
| Average stated interest rate | 6.55% | 6.44% | 6.52% | 3.24% |
| Average borrowings | $195000 | $171739 | $211923 | $86339 |

---

*SMTB Credit Facility*

On July 10, 2024, the Company entered into a Revolving Credit Agreement (together with the exhibits and schedules thereto, the "<u>SMTB Credit Agreement</u>") among the Company, as the initial borrower, Overland Advantage Feeder Fund, L.P., as the guarantor (the "<u>Guarantor</u>"), Overland Advantage Feeder Fund GP Ltd., as the general partner of the Guarantor, Sumitomo Mitsui Trust Bank, Limited, New York Branch ("<u>SMTB</u>"), as administrative agent, arranger and a lender, and NatWest Markets PLC, as a lender, which is structured as a revolving credit facility secured by a first-priority interest in the capital commitments of the Company's Shareholders (including the Guarantor) and the Guarantor's Shareholders, and certain related assets (the "<u>SMTB Credit Facility</u>").

On December 9, 2024, certain terms, including the maximum commitments, in the SMTB Credit Facility were amended (the "<u>First Amendment</u>"). Among other things, the First Amendment temporarily increased the maximum commitments under the SMTB Credit Facility from $100 million to $200 million until March 31, 2025, after which the maximum commitments under the SMTB Credit Facility will be automatically reduced to $100 million. On February 14, 2025, certain terms, including the applicable margin, in the SMTB Credit Facility were amended (the "<u>Second Amendment"</u>). On March 26, 2025, the scheduled reduction date on the $100 million temporary increased commitment was extended from March 31, 2025 to June 30, 2025 (the "<u>Third Amendment</u>").

------

On May 1, 2025, the Company entered into a Form of Facility Increase, pursuant to which the maximum commitments under the SMTB Credit Facility (including the $100 million temporary increased commitment) increased from $200 million to $275 million.

On June 27, 2025, the maximum commitments under the SMTB Credit Facility were permanently increased to $400 million (the "<u>Fourth Amendment</u>"). Under the terms of the SMTB Credit Facility, the Company and SMTB can agree to further increase the maximum commitments to up to $700 million.

On August 13, 2025, $200 million of the $400 million maximum commitments under the SMTB Credit Facility were reallocated to a new term loan tranche, leaving a maximum commitment of $200 million (the "<u>Fifth Amendment</u>").

On October 30, 2025, the Company entered into a sixth amendment to the SMTB Credit Facility (the "Sixth Amendment"), which, among other things, incorporated a new $500 million uncommitted tranche and amended certain terms, including the applicable margin and the maturity date.

As amended on October 30, 2025, the SMTB Credit Facility will mature on April 29, 2027, subject to two one-year extensions at the option of the Company with the consent of the lenders. Under the SMTB Credit Facility, the Company is permitted to borrow up to the lesser of the maximum commitment amount and the Borrowing Base.

As of September 30, 2025 and December 31, 2024, the Company had $180 million and $150 million, respectively, in outstanding borrowings under the SMTB Credit Facility.

The "Borrowing Base" is calculated as an advance rate multiplied by the unfunded capital commitments of Shareholders in the Company that meet certain credit-related criteria and, in certain circumstances, have been approved for inclusion in the Borrowing Base by SMTB and/or the other lenders. The advance rate with respect to each Shareholder is 65%, 80% or 90% depending on the level of approval and criteria satisfied by such Shareholder. The SMTB Credit Facility contains certain customary affirmative and negative covenants and events of default.

As amended on October 30, 2025, the SMTB Credit Facility bears interest at a rate of either (i) one- or three-month term SOFR plus an applicable margin of 1.75% per annum or (ii) an alternate base rate (which is the highest of the federal funds rate plus 0.50%, the prime rate and one month term SOFR plus 1.00%) plus an applicable margin of 0.75% per annum. The Company may elect either the term SOFR or alternate base rate at the time of drawdown, and loans may be converted from one rate to another at the Company's option, subject to certain conditions.

As of September 30, 2025, the Company had recorded $2,286 of cumulative deferred financing costs in connection with the SMTB Credit Facility.

The components of interest expense related to the SMTB Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
| ($ in thousands) | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Stated interest expense | $2891 | $219 | $7477 | $219 |
| Unused/undrawn fees | 88 | 50 | 230 | 50 |
| Amortization of deferred financing costs | 276 | 109 | 771 | 109 |
| Administration fees |  |  |  |  |
| Total interest and debt financing costs | $3255 | $378 | $8478 | $378 |
| Average stated interest rate | 6.58% | 6.05% | 6.61% | 6.05% |
| Average borrowings | $169972 | $12410 | $148298 | $12410 |

---

*SMTB Term Loan*

On August 13, 2025, the Company entered into the Fifth Amendment to the SMTB Credit Facility. Among other things, the Fifth Amendment incorporated term loan tranche mechanics and reallocated $200 million of the $400 million maximum commitment under the SMTB Credit Facility to a new term loan tranche (the "<u>SMTB Term Loan</u>"). The Company has the option under the SMTB Credit Facility to increase the aggregate maximum commitment to up to $700 million, and allocate between the SMTB Term Loan and the SMTB Credit Facility at the Company's discretion. On October 30, 2025, certain terms, including the applicable margin and the maturity date, in the SMTB Term Loan were amended (the "<u>Sixth Amendment</u>").

------

As amended on October 30, 2025, the SMTB Term Loan will mature on April 29, 2027, subject to two one-year extensions at the option of the Company with the consent of the lenders. Under the SMTB Term Loan, the Company is permitted to borrow up to the lesser of the maximum commitment amount and the Borrowing Base.

As of September 30, 2025 and December 31, 2024, the Company had $200 million and $0 million, respectively, in outstanding borrowings under the SMTB Term Loan.

As amended on October 30, 2025, the SMTB Term Loan bears interest at a rate of one-month term SOFR plus an applicable margin of 1.60% per annum, payable monthly, beginning September 15, 2025.

As of September 30, 2025, the Company had recorded $676 of cumulative deferred financing costs in connection with the SMTB Term Loan.

The components of interest expense related to the SMTB Term Loan for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
| ($ in thousands) | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Stated interest expense | $1629 | $— | $1629 | $— |
| Amortization of deferred financing costs | 95 |  | 95 |  |
| Total interest and debt financing costs | $1724 | $— | $1724 | $— |
| Average stated interest rate | 6.24% | 0.00% | 6.24% | 0.00% |

---

*BNP Revolving Credit Facility*

On December 17, 2024, Overland Financing B, LLC, a wholly-owned financing subsidiary of the Company, entered into a revolving credit facility (the "<u>BNP Revolving Credit Facility</u>") with BNP Paribas SA ("<u>BNP</u>"). BNP serves as the lender, Wilmington Trust, National Association, serves as collateral agent, account bank and collateral custodian and the Company serves as guarantor under the BNP Revolving Credit Facility.

Under the BNP Revolving Credit Facility, BNP has agreed to make available to Overland Financing B, LLC, a revolving loan facility in the maximum facility amount of $340 million from January 2, 2025 through March 31, 2025, a maximum facility amount of $330 million from April 1, 2025 through June 30, 2025, a maximum facility amount of $270 million from July 1, 2025 through September 30, 2025 and, as extended, a maximum facility amount of $139 million from October 1, 2025 through December 31, 2025.

On September 26, 2025, the BNP Revolving Credit Facility was amended to extend the maturity date to December 31, 2025 and other conforming changes.

As of September 30, 2025 and December 31, 2024, the Company had $139 million and $0 million, respectively, in outstanding borrowings under the BNP Revolving Credit Facility.

Advances under the BNP Revolving Credit Facility will bear interest at a rate equal to the three month secured overnight financing rate plus an applicable margin of 1.45% per annum. The BNP Revolving Credit Facility also includes a commitment fee payable each calendar quarter, at a rate per annum equal to (a) for any calendar quarter in which the average principal obligations is less than or equal to 50% of the committed facility amount, 0.70%, (b) for any calendar quarter in which the average principal obligations is greater than 50% of the committed facility amount but less than or equal to 65% of the committed facility amount, 0.30%, (c) for any calendar quarter in which the average principal obligations is greater than 65% of the committed facility amount but less than or equal to 75% of the committed facility amount, 0.20% and (d) for any calendar quarter in which the average principal obligations is greater than 75% of the committed facility amount, 0.00%.

As of September 30, 2025, the Company had recorded $429 of cumulative deferred financing costs in connection with the BNP Revolving Credit Facility.

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The components of interest expense related to the BNP Revolving Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
| ($ in thousands) | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Stated interest expense | $2041 | $— | $5164 | $— |
| Unused/undrawn fees | 58 |  | 422 |  |
| Amortization of deferred financing costs | 140 |  | 423 |  |
| Administration fees |  |  |  |  |
| Total interest and debt financing costs | $2239 | $— | $6009 | $— |
| Average stated interest rate | 5.75% | 0.00% | 5.74% | 0.00% |
| Average borrowings | $139000 | $— | $119033 | $— |

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*Secured Borrowing Agreement*

In order to finance certain investment transactions, the Company may, from time to time, enter into secured borrowing agreements with Macquarie Bank Limited ("<u>Macquarie</u>"), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, up to 90-days from the date it was sold (each a "<u>Macquarie Transaction</u>").

On December 19, 2024, the Company entered into a Macquarie Transaction that was collateralized by the Company's term loan to CV Borrower, LLC. In accordance with ASC Topic 860, Transfers and Servicing, this Macquarie Transaction meets the criteria for a secured borrowing. Accordingly, the investment financed by the Macquarie Transaction remains on the Company's Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the "<u>December 2024 Secured Borrowing</u>"). Interest under the December 2024 Secured Borrowing was calculated as the three month SOFR rate in effect at the time of the borrowing, plus the applicable margin of 2.95%. On February 3, 2025, the Company repaid its December 2024 Secured Borrowing obligation to Macquarie.

On June 10, 2025, the Company entered into a Macquarie Transaction that was collateralized by the Company's term loans to CV Borrower, LLC and SGA Dental Partners OPCO, LLC. In accordance with ASC Topic 860, Transfers and Servicing, this Macquarie Transaction meets the criteria for a secured borrowing. Accordingly, the investment financed by the Macquarie Transaction remains on the Company's Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the "<u>June 2025 Secured Borrowing</u>" and together with the December 2024 Secured Borrowing, the "<u>Secured Borrowings</u>"). Interest under the June 2025 Secured Borrowing was calculated as the interpolated one and a half month term SOFR rate in effect at the time of the borrowing, plus the applicable margin of 2.95%. On July 3, 2025, the Company repaid its June 2025 Secured Borrowing obligation to Macquarie.

As of September 30, 2025 and December 31, 2024, the Company had $0 and $18 million, respectively, of outstanding Secured Borrowings.

The amount of interest expense incurred related to the Secured Borrowings for the three and nine months ended September 30, 2025 was $24 and $394, respectively. No interest expense was incurred related to the Secured Borrowings for the three and nine months ended September 30, 2024.

**8.** **Commitments and Contingencies**

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

The Company and the Advisor have entered into an Expense Support Agreement. The Company may be obligated to make a Reimbursement Payment to the Advisor for such expenses through September 30, 2028. As of September 30, 2025, the Company did not have an obligation to repay expense support to the Advisor and did not record a liability on the consolidated statements of assets and liabilities. Refer to Note 4 for more information on the Expense Support Agreement.

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The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception:

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| | | | |
|:---|:---|:---|:---|
| **For the Period Ended** | **Expense Payments by Advisor** | **Reimbursement Payments to Advisor** | **Unreimbursed Expense Payable** |
| December 31, 2023 | $3933 | $— | $3933 |
| March 31, 2024 | 885 |  | 885 |
| June 30, 2024 | 3305 |  | 3305 |
| September 30, 2024 | 4491 |  | 4491 |
| December 31, 2024 | 225 |  | 225 |
| March 31, 2025 | 2634 |  | 2634 |
| June 30, 2025 | 1074 |  | 1074 |
| September 30, 2025 | 1180 |  | 1180 |
| Total | $17727 | $— | $17727 |

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The Company's investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments at fair value. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and the change in unrealized appreciation or depreciation, if any, is included in net change in unrealized appreciation (depreciation) in the consolidated statements of operations.

The Company had the following outstanding commitments to investments as of the following period:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands)**<br>Portfolio Company** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value as of September 30, 2025**<sup>(1)</sup> |
| Advanced Technology Services Inc | Delayed Draw Term Loan | 12/31/2026 | $8782 | $(132) |
| CI (MG) GROUP, LLC | Delayed Draw Term Loan | 3/27/2027 | 19409 | (91) |
| CI (MG) GROUP, LLC | Revolving Term Loan | 3/27/2030 | 2635 | (32) |
| Continental Cafe LLC | Delayed Draw Term Loan | 12/19/2026 | 13788 | (154) |
| Hand Family Companies Holdings, LLC | Delayed Draw Term Loan | 5/30/2027 | 13951 | (279) |
| Hand Family Companies Holdings, LLC | Delayed Draw Term Loan | 5/30/2027 | 5115 | (102) |
| JF Acquisition LLC | Delayed Draw Term Loan | 6/18/2027 | 6419 | (64) |
| JF Acquisition LLC | Revolving Term Loan | 6/18/2030 | 3971 | (79) |
| Stark Tech Holdco, LLC | Delayed Draw Term Loan | 5/13/2027 | 7603 | (55) |
| Stark Tech Holdco, LLC | Delayed Draw Term Loan | 5/13/2027 | 12931 | (97) |
| **Total Unfunded Portfolio Company<br> Commitments** |  |  | $94604 | $(1085) |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)The negative fair value is the result of the capitalized discount on the loan.

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands)**<br>Portfolio Company** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value as of<br>December 31, 2024**<sup>(1)</sup> |
| Continental Cafe LLC | Delayed Draw Term Loan | 12/19/2026 | $26515 | $(166) |
| SGA Dental Partners OPCO, LLC | Delayed Draw Term Loan | 1/17/2026 | 8609 | (86) |
| **Total Unfunded Portfolio Company<br> Commitments** |  |  | $35124 | $(252) |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)The negative fair value is the result of the capitalized discount on the loan.

**9.** **Net Assets**

*Share Issuances*

The Company is offering Common Shares on a continuous basis (the "<u>Private Offering</u>") pursuant to the terms set forth in subscription agreements that it expects to enter into with investors in connection with the Private Offering (each, a "<u>Subscription Agreement</u>"). Although the Common Shares in the Private Offering are being sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 (the "<u>Securities Act</u>") only to investors that are "accredited investors" in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, there can be no assurance that it will not need to suspend the continuous offering for various reasons, including but not limited to regulatory review from the SEC and various state regulators, to the extent applicable.

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Each investor in the Private Offering will make a capital commitment (a "<u>Capital Commitment</u>") to purchase Common Shares pursuant to a Subscription Agreement. During the Commitment Period, investors in the Private Offering will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. The Commitment Period will continue until the five-year anniversary of the date on which holders of the Common Shares are required to fund their initial drawdown (the "<u>Commencement Date</u>"). The Commencement Date occurred on May 7, 2024.

The Company is authorized to issue an unlimited number of Common Shares. As of September 30, 2025, the Company had issued 26,248,778 shares and all are outstanding. Also, as of September 30, 2025, the Company had executed subscription agreements for approximately $2.1 billion of Capital Commitments (of which approximately $1.4 billion remained unfunded as of September 30, 2025).

The following table summarizes the total shares issued and aggregate offering proceeds related to the Company's capital drawdowns delivered pursuant to the Subscription Agreement as of September 30, 2025.

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| | | |
|:---|:---|:---|
| ($ in thousands, except shares) | **Number of** | **Aggregate** |
| **Share Issuance Date** | **Shares Issued** | **Offering Proceeds** |
| 20-Dec-23 | 400 | $10 |
| 7-May-24 | 7759600 | 193990 |
| 1-Jul-24 | 411547 | 10258 |
| 30-Sep-24 | 2964947 | 75000 |
| 31-Dec-24 | 5986219 | 150000 |
| 31-Jan-25<sup>(1)</sup> | 96386 | 2432 |
| 31-Mar-25 | 2021308 | 50000 |
| 30-Apr-25<sup>(1)</sup> | 75416 | 1871 |
| 30-Jun-25 | 6842467 | 170000 |
| 31-Jul-25<sup>(1)</sup> | 90488 | 2265 |
| Total | 26248778 | $655826 |

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(1)Shares were issued to Shareholders participating in the Company's DRIP.

*Distributions*

The following table presents distributions that were declared and payable for three and nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| March 28, 2025 | March 28, 2025 | April 30, 2025 | $0.44 | $7576 |
| June 27, 2025 | June 27, 2025 | July 31, 2025 | $0.47 | $9077 |
| September 26, 2025 | September 29, 2025 | October 31, 2025 | $0.52 | $13650 |
| Total |  |  | $1.43 | $30303 |

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For the three and nine months ended September 30, 2024, the Company did not declare any distributions.

*Distribution Reinvestment*

The Company has adopted an "opt out" distribution reinvestment plan ("<u>DRIP</u>"), under which a Shareholder's distributions would automatically be reinvested under the DRIP in additional whole and fractional shares, unless the Shareholder "opts out" of the DRIP, thereby electing to receive cash dividends. The Company uses newly issued Common Shares to implement the DRIP that are issued at a price per share equal to the most recent net asset value per share determined by the Advisor as the Company's valuation designee in accordance with Rule 2a-5 under the 1940 Act.

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The following table presents the shares distributed pursuant to the Company's DRIP for the three and nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands, except shares) |  |  |  |  |
| **Date Declared** | **Record Date** | **Payment Date** | **DRIP Shares Issued** | **DRIP Shares Value** |
| December 19, 2024 | December 30, 2024 | January 31, 2025 | 96386 | $2432 |
| March 28, 2025 | March 28, 2025 | April 30, 2025 | 75416 | $1871 |
| June 27, 2025 | June 27, 2025 | July 31, 2025 | 90488 | $2265 |

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For the three and nine months ended September 30, 2024, the Company did not distribute any shares pursuant to the Company's DRIP.

**10.** **Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per share during the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three<br>months ended** | **For the three<br>months ended** | **For the nine<br>months ended** | **For the nine<br>months ended** |
| ($ in thousands, except shares and per share data) | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net increase (decrease) in net assets from operations | $14144 | $3024 | $27340 | $2446 |
| Weighted average shares outstanding | 26219271 | 8203774 | 20964897 | 4312402 |
| Earnings per share | $0.54 | $0.37 | $1.30 | $0.57 |

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**11.** **Financial Highlights**

The following are the financial highlights for the nine months ended September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
|  | **For the nine<br>months ended** | **For the nine<br>months ended** |
| ($ in thousands, except share and per share data) | **September 30, 2025** | **September 30, 2024** |
| **Per Share Data:**<sup>(1)</sup> |  |  |
| Net assets, beginning of period | $25.06 | $25.00 |
| Net investment income | 1.45 | 1.16 |
| Net realized gains (losses) and change in unrealized appreciation (depreciation) <sup>(2)</sup> | (0.22) | (0.86) |
| Net increase (decrease) in net assets from operations | 1.23 | 0.30 |
| Distributions declared from net investment income <sup>(3)</sup> | (1.43) |  |
| Total increase (decrease) in net assets | (0.20) | 0.30 |
| Net assets, end of period | $24.86 | $25.30 |
| Shares outstanding, end of period | 26248778 | 11136494 |
| Total return based on NAV <sup>(4)</sup> | 5.03% | 1.20% |
| **Ratios:** |  |  |
| Expenses before expense support to average net assets <sup>(5)</sup> | 12.37% | 29.10% |
| Expenses after expense support to average net assets <sup>(5)</sup> | 11.03% | 12.82% |
| Net investment income to average net assets <sup>(5)</sup> | 8.36% | 15.88% |
| Incentive fees to average net assets <sup>(5)</sup> | 1.02% |  |
| Portfolio turnover rate <sup>(6)</sup> | 64.31% | 7.70% |
| **Supplemental Data:** |  |  |
| Net assets, end of period | $652658 | $281704 |
| Total capital commitments, end of period | $2060000 | $2060000 |
| Ratios of total contributed capital to total committed capital,<br> end of period | 31.52% | 13.56% |
| Average debt outstanding | $520481 | $91967 |
| Asset coverage ratio <sup>(7)</sup> | 191.33% | 225.19% |

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

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(2)For the nine months ended September 30, 2025 and September 30, 2024, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (see Note 9).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)Operating expenses may vary in the future based on the amount of capital raised, the Advisor's election to continue expense support, and other unpredictable variables. The ratios reflect annualized amounts, except for organization costs, amortization of offering costs, and incentive fees.

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. For the nine months ended September 30, 2024, average invested assets at fair value is being calculated from commencement of operations.

(7)In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

**12.** **Segment Information**

The Company conducts business as a single operating segment, which is based upon the Company's current organizational and management structure, as well as information used by the Company's Chief Operating Decision Maker ("<u>CODM</u>") to allocate resources and other factors. The Company's Chief Executive Officer is the Company's CODM, as he is the individual responsible for assessing performance and allocating resources.

The key measures the CODM uses to allocate resources and assess performance are the Company's net investment income (loss) and net increase (decrease) in net assets from operations, as reported on the consolidated statements of operations, underlying investment information as disclosed on the consolidated schedule of investments, and investment composition as disclosed in Note 5.

**13.** **Subsequent Events**

There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of September 30, 2025.

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

*The information contained in this section should be read in conjunction with "Item 1. Financial Statements." This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition and involves numerous risks, uncertainties and other factors outside of our control including, but not limited to, those set forth herein under "Forward-Looking Statements" and under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K. Actual results could differ materially from those implied or expressed in any forward-looking statements.*

**Overview**

Overland Advantage (the "<u>Company</u>," "<u>we</u>," "<u>our</u>," or "<u>us</u>") is a Delaware statutory trust structured as an externally managed, non-diversified closed-end management investment company. The Company 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>"). The Company also has elected to be treated as a Regulated Investment Company ("<u>RIC</u>") for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>").

The Company's investment objective is to generate attractive risk-adjusted returns, predominantly in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company's investment strategy is primarily focused on newly-originated, privately-negotiated senior secured term loans in middle market non-sponsor companies, which are companies that are not backed by a private equity firm or other professional equity investor, and sponsor-owned companies, which are companies backed by such firm or person. Though no assurance can be given that the Company's investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly and annual basis, the Company believes that the Company's investment objective can be achieved by primarily investing in newly-originated, privately-negotiated senior secured term loans in middle market non-sponsor and sponsor-owned companies with the potential of also investing in unsecured loans, subordinated loans, mezzanine loans and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity.

In furtherance of its investment objective, the Company also makes investments in syndicated loans and other liquid credit opportunities, including in publicly traded debt instruments and other instruments that are not directly originated. The Company invests without limit in originated or syndicated debt. The Company targets the following investment assets: (i) middle market corporate non-sponsor and sponsor owned companies; (ii) asset-based lending; and (iii) bespoke solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Middle market corporate opportunities will primarily consist of floating-rate senior secured first lien, unitranche, and second lien loans to middle market non-sponsor and sponsor owned companies. Senior secured first lien debt has first claim to any underlying collateral of a loan, unitranche loans are secured loans that combine both senior and subordinated debt into one tranche of debt, generally in a first lien position, and second lien loans are secured but subordinated in payment and/or lower in lien priority to first lien holders. In connection with a direct loan, the Company could also invest in warrants or other equity securities of borrowers and could receive non-cash income features, including payment-in-kind ("<u>PIK</u>") interest and original issue discount ("<u>OID</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Asset-based opportunities will primarily consist of last-out or otherwise specialized asset-based financings, which are permitted to include opportunities to provide financing secured by hard assets, including, among other things, aircraft, ships, timber, real property, etc., intangible assets such as litigation claims and intellectual property claims or rights, and structured products such as collateralized loan obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bespoke solutions will include specialized junior capital solutions, including mezzanine debt, PIK notes, convertible debt and other unsecured debt instruments, structured debt that is not secured by financial or other assets, debtor-in-possession financings and equity in loan portfolios or portfolios of receivables and structured equity.

The Company generally invests in floating rate instruments. The instruments in which the Company invests are not typically rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB-or Baa3), which is an indication of having predominantly speculative characteristics with respect to the borrower's ability to pay interest and repay principal. Such below investment grade securities are often referred to as "junk."

The Company generally expects to invest in "middle market" companies with annual earnings before interest expense, income tax expense, depreciation and amortization, or "<u>EBITDA</u>," ranging from $25 million to $100+ million, a substantial portion of which is expected to be non-sponsor owned. Notwithstanding the foregoing, the Advisor may determine whether companies qualify as "middle market" in its sole discretion, primarily based on analysis of the EBITDA of such companies, although other factors may be considered, and the Company may from time to time invest in larger or smaller companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The investment size will vary with the size of the Company's capital base. The Company may invest without limit in originated or syndicated debt.

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**Investments**

Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of investment and capital expenditures of such companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than "qualifying assets" specified in the 1940 Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Pursuant to rules adopted by the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), "eligible portfolio companies" include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

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.

In addition, we may 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. Such investments may also be difficult to value and are illiquid.

**Revenues**

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we expect to generate income from various loan origination and other fees, dividends and capital appreciation on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights, and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations. Leverage will be utilized to help the Company meet its investment objective. Any such leverage would be expected to increase the total capital available for investment by the Company.

**Expenses**

The Company bears expenses relating to the organization of the Company and the private offering of Common Shares (the "<u>Private Offering</u>") and any subsequent offering of common shares of beneficial interest, par value $0.001 per share, (the "<u>Common Shares</u>"). Organizational expenses include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Company and its subsidiaries, its and their related documents of organization and the Company's election to be regulated as a BDC. Offering expenses include, without limitation, legal, printing and other offering and marketing costs, including the fees of professional advisors, those associated with the preparation of the Company's registration statement on Form 10, as well as the preparation of a registration statement in connection with any subsequent offering of Common Shares, as well as the expenses of Centerbridge Partners, L.P., a Delaware limited partnership (together with its affiliates, as applicable, "<u>Centerbridge</u>") and a subsidiary of Wells Fargo & Company (together with its subsidiaries, "<u>Wells Fargo</u>") in negotiating and documenting other arrangements with the initial investors of the Company.

The Company reimburses Centerbridge Services Group, LLC (the "<u>Administrator</u>"), a wholly-owned subsidiary of Centerbridge Partners, L.P., for its costs and expenses, which may include an allocable portion of overhead incurred by the Administrator in performing its obligations under the administration agreement (the "<u>Administration Agreement</u>"), including but not limited to rent, the fees and expenses associated with performing compliance functions, and the Company's allocable portion of the costs of its Chief Financial Officer, Chief Compliance Officer, any of their respective staff who provide services to the Company, tax, accounting, investor relations and investor services, technology, legal and operations staff who provide services, including but not limited to transaction-related services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company's internal control assessment. The reimbursement shall be an amount equal to the Administrator's actual cost; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, estimates, time records or other method conforming with generally accepted accounting principles. Any sub-administrator will separately be compensated for performing sub-administrative services under the sub-administration agreement and the cost of such compensation, and any other costs or expenses under such agreement, will be in addition to the cost of any other services borne by the Company under the Administration Agreement.

The Company's primary operating expenses include the payment of fees to Overland Advisors, LLC (the "<u>Advisor</u>") under the investment advisory agreement ("<u>Investment Advisory Agreement</u>"), the Company's allocable portion of overhead expenses under the

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Administration Agreement, and all other costs and expenses relating to the Company's operations and transactions, including: operational and organizational costs; the cost of calculating the Company's net asset value, including the cost and expenses of third-party valuation services; fees and expenses payable to third parties relating to evaluating, making and disposing of investments, including the Advisor's or its affiliates' travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments, monitoring investments and, if necessary, enforcing the Company's rights; the expenses of Centerbridge and Wells Fargo in negotiating and documenting the Wells Fargo Sourcing Arrangement; the fees and expenses relating to the development, licensing, implementation, installation, servicing and maintenance of, and consulting with respect to computer software, technology and information technology systems used in connection with the management of the Company's investments including, without limitation, costs and expenses of technology service providers and related software, hardware and subscription-based services utilized in connection with the Company's investment and operational activities, including but not limited to, the origination and monitoring of investments; expenses related to the maintenance of registered offices and corporate licensing; corporate licensing and other professional fees (including, without limitation, expenses of consultants (including, but not limited to, consulting fees for, and other amounts payable to, senior or special advisors, certain other advisors, operating partners and other similar professionals incurred by a client for the benefit of such client or such client's investments or portfolio companies) and other experts); bank service fees; withholding and transfer fees; loan administration costs; costs incurred in connection with trademarks or other intellectual property; interest payable on debt and other borrowing costs, if any, incurred to finance the Company's investments; costs of effecting sales and repurchases of the Company's Common Shares and other securities; the management fee and any incentive fee payable under the Investment Advisory Agreement; distributions on the Company's Common Shares; transfer agent and custody fees and expenses; the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; other expenses incurred by the Administrator; brokerage fees and commissions; sourcing or finder's fees; costs and expenses of distributing and placing interests in the Common Shares; federal, state and foreign registration fees (which can arise, for example, if a local jurisdiction requires a license or other registration to do business); U.S. federal, state and local taxes; independent trustees' fees and expenses; costs associated with the Company's reporting, legal, regulatory and compliance obligations, including, without limitation, under the 1940 Act and applicable U.S. federal, state, local, or other laws and regulations; costs of any reports, proxy statements or other notices or communications to Shareholders, including, without limitation, printing costs, costs of technology licensing and maintenance of the website for the benefit of Shareholders and any Shareholder portal (including any database or other forum hosted on a website designated by the Company) or due diligence platform; costs and expenses in connection with monitoring (including with respect to sustainable value creation, cyber security, anti-corruption and similar functions), complying with and performing any provisions in agreement with investors; anti-money laundering and sanctions monitoring expenses; costs of holding Shareholder meetings and meetings of the Company's board of trustees (the "<u>Board</u>"), including, without limitation, legal, travel, lodging and meal expenses; board fees of the Company's Board; the Company's fidelity bond; trustees and officers' errors and omissions and other liability insurance, and any other insurance expenses; costs associated with obtaining an order for SEC co-investment exemptive relief; litigation, indemnification and other non-recurring or extraordinary expenses (whether actual, pending or threatened) or any costs arising therefrom, and any judgments, fines, remediations or settlements paid in connection therewith; fees, costs and expenses related to any governmental inquiry, investigation or proceeding directly or indirectly involving or otherwise applicable to the Company, Advisor or any of their respective affiliates in connection with the activities of the Company or any investment; direct and indirect costs and expenses of administration and operation, including printing, mailing, reporting, publishing, long distance telephone, staff, accounting, audit, compliance, tax and legal costs; accounting, audit and tax advice and preparation expenses (including preparation costs of financial statements, tax returns and reports to investors); fees and expenses associated with marketing efforts (including, but not limited to, reasonable out-of-pocket expenses incurred by the Advisor and its affiliates in attending meetings with Shareholders and/or prospective Shareholders); dues, fees and charges of any trade association of which the Company is a member; the costs of any private or public offerings of the Common Shares and other securities, including registration and listing fees, if any, and any other filing and registration fees; other expenses related to the purchase, monitoring, syndication of co-investments, sale, settlement, custody or transmittal of the Company's assets (directly or through financing alternative investment subsidiaries and/or trading subsidiaries which the Company may from time to time establish); windup and liquidation expenses and all other expenses reasonably incurred by the Company or the Administrator in connection with administering the Company's business (including payments made to third-party providers of goods or services) and not required to be borne by the Advisor or another service provider pursuant to any agreement with the Company.

We have entered into an Expense Support and Conditional Reimbursement Agreement (the "<u>Expense Support Agreement</u>") with the Advisor, under which the Advisor has contractually agreed to pay certain operating expenses of the Company on the Company's behalf, such that these expenses do not exceed 0.375% (1.50% on an annualized basis) of the Company's applicable quarter-end net asset value, as described in "*Item 1. Financial Statement* – *Notes to Consolidated Financial Statements* – *Note 4. Agreements and Related Party Transactions.*"

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**Portfolio and Investment Activity**

Our portfolio and investment activity during the following periods (excluding the Company's investment in U.S. Treasury Bills):

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| | | |
|:---|:---|:---|
| ($ in thousands) | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** |
| Investments funded | $143435 | $179929 |
| Investments sold | (5925) | (12067) |
| Net activity before investment repayments | 137510 | 167862 |
| Investment repayments | (34191) | (10356) |
| Net investment activity | $103319 | $157506 |
| Portfolio companies at beginning of period | 58 | 46 |
| Number of new portfolio companies | 2 | 2 |
| Number of exited portfolio companies | (2) |  |
| Portfolio companies at end of period | 58 | 48 |

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Our portfolio composition and weighted average yields as of the following periods (excluding the Company's investment in U.S. Treasury Bills):

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| | | |
|:---|:---|:---|
| ($ in thousands) | **September 30, 2025** | **December 31, 2024** |
| **Portfolio composition, at fair value:** |  |  |
| First lien senior secured debt | $1143310 | $763520 |
| Second lien senior secured debt | 49085 | 49000 |
| Unsecured debt investments | 64420 |  |
| Total Portfolio | $1256815 | $812520 |
| **Weighted average yields, at amortized cost**<sup>(1)</sup>**:** |  |  |
| First lien senior secured debt | 9.35% | 9.31% |
| Second lien senior secured debt | 11.54% | 11.50% |
| Unsecured debt investments | 13.74% | 0.00% |
| Total Portfolio | 9.65% | 9.44% |

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(1)Exclusive of investments on non-accrual status. As of September 30, 2025 and December 31, 2024 there were no investments on non-accrual status.

As part of the monitoring process, the Advisor as the Company's valuation designee appointed in accordance with Rule 2a-5 under the 1940 Act, has developed risk assessment policies pursuant to which it regularly assesses the risk profile of each of the Company's debt investments and rates each of them based on the following categories, which are referred to as "<u>Internal Risk Ratings</u>." Key drivers of Internal Risk Ratings include financial metrics, financial covenants, liquidity and enterprise value coverage. Pursuant to these risk policies, an Internal Risk Rating of 1 – 5, which is defined below, is assigned to each debt investment in the Company's portfolio.

Investments rated 1 are viewed as having the least amount of risk to the Company's initial cost basis, as the borrower is performing above underwriting expectations. The business trends since origination and risk factors for this investment are generally favorable.

Investments rated 2 are viewed as having an acceptable level of risk similar to the risk at the time of origination. The borrower is operating generally in line with underwriting expectations, with little concern about the portfolio company's performance or ability to meet covenant requirements or interest payments. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2.

Investments rated 3 involve a borrower performing below underwriting expectations and indicates that the risk of the loan has increased since origination or acquisition. There may be concerns about the portfolio company's performance or ability to meet covenant requirements or interest payments.

Investments rated 4 involve a borrower operating materially below underwriting expectations and indicates that the risk of the loan has increased materially since origination. The borrower may be out of compliance with debt covenants and loan payments may be past due (but generally not more than 120 days past due). It is likely that we may not recover our initial cost basis upon exit.

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Investments rated 5 involve a borrower performing substantially below underwriting expectations and indicates that the loan's risk has increased significantly since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and there is significant risk that the Company may realize a substantial loss. The fair market value of the loan will be updated to the amount the Company anticipates will be recovered.

The following table shows the investment ratings of the investments in our portfolio (excluding the Company's investment in U.S. Treasury Bills):

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Credit Rating** | **Fair value** | **% of Portfolio** | **Fair value** | **% of Portfolio** |
| 1 | $— | —% | $— | —% |
| 2 | 1171127 | 93.2 | 812520 | 100 |
| 3 | 85688 | 6.8 |  |  |
| 4 |  |  |  |  |
| 5 |  |  |  |  |
| **Total Fair Value** | $1256815 | 100% | $812520 | 100% |

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**Results of Operations**

The Company commenced investment operations on May 7, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
| Total investment income | $31323 | $9058 | $75523 | $12451 |
| Net expenses | 17807 | 5656 | 45068 | 7462 |
| Net investment income (loss) | 13516 | 3402 | 30455 | 4989 |
| Net realized gain (loss) | 12 | 4 | (99) | 4 |
| Net unrealized appreciation (depreciation) | 616 | (382) | (3016) | (2547) |
| Net increase (decrease) in net assets resulting from operations | $14144 | $3024 | $27340 | $2446 |

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Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

**Investment Income**

Investment income for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
| Investment Income |  |  |  |  |
| Interest income | $31323 | $9058 | $75523 | $12451 |
| **Total Investment Income** | $31323 | $9058 | $75523 | $12451 |

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For the three months ended September 30, 2025, total investment income increased to $31.3 million from $9.1 million for the three months ended September 30, 2024 driven by our continued deployment of capital. The size of our investment portfolio at fair value, excluding the Company's investment in U.S. Treasury Bills, was $1,256.8 million at September 30, 2025 and the weighted average yield on the debt and income producing portfolio at amortized cost was 9.65%.

For the nine months ended September 30, 2025, total investment income increased to $75.5 million from $12.5 million for the nine months ended September 30, 2024 driven by our continued deployment of capital. The size of our investment portfolio at fair value, excluding the Company's investment in U.S. Treasury Bills, was $1,256.8 million at September 30, 2025 and the weighted average yield on the debt and income producing portfolio at amortized cost was 9.65%.

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**Expenses**

Expenses for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
| Interest and debt financing costs | $11047 | $4006 | $28600 | $4785 |
| Amortization of offering costs |  | 1192 | 1657 | 1905 |
| Management fee | 1934 | 597 | 4522 | 942 |
| Investment income incentive fee | 2385 |  | 5369 |  |
| Capital gains incentive fee |  |  | (33) |  |
| Organizational expense |  |  |  | 33 |
| Other general and administrative expenses | 2700 | 3639 | 6809 | 6536 |
| Professional fees | 758 | 550 | 2543 | 1454 |
| Trustees' fees | 163 | 163 | 488 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $18987 | $10147 | $49955 | $16143 |
| Advisor expense support | (1180) | (4491) | (4887) | (8681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | $17807 | $5656 | $45068 | $7462 |

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Net expenses for the three months ended September 30, 2025 increased to $17.8 million from $5.7 million for the three months ended September 30, 2024. The increase was driven by the interest on outstanding borrowings, unused and administrative fees and amortization of deferred debt costs. Furthermore, the Company received $17.7 million (since inception) in expense support from the Advisor (as described in "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 4. Agreements and Related Party Transactions.*"). Such expenses may be subject to reimbursement from the Company in the future.

Net expenses for the nine months ended September 30, 2025 increased to $45.1 million from $7.5 million for the nine months ended September 30, 2024. The increase was primarily attributable to interest and other debt expenses, which were driven by the interest on outstanding borrowings, unused and administrative fees and amortization of deferred debt costs. Furthermore, the Company received $17.7 million (since inception) in expense support from the Advisor (as described in "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 4. Agreements and Related Party Transactions.*"). Such expenses may be subject to reimbursement from the Company in the future.

**Financial Condition, Liquidity and Capital Resources** 

The Company generates cash from (i) future offerings of the Company's Common Shares or preferred shares, (ii) cash flows from operations and (iii) borrowings from banks or other lenders, including under the revolving credit facility (the "<u>MS Revolving Credit Facility</u>") with Morgan Stanley Senior Funding Inc. ("<u>MS</u>"), the revolving credit facility (the "<u>SMTB Credit Facility</u>") and the term loan (the "<u>SMTB Term Loan</u>") with Sumitomo Mitsui Trust Bank, Limited, New York Branch ("<u>SMTB</u>"), and the revolving credit facility (the "<u>BNP Credit Facility</u>") with BNP Paribas SA ("<u>BNP</u>") as described in "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 7. Borrowings.*" The Company will seek to enter into bank debt, credit facility or other financing arrangements on at least customary market terms; however, the Company cannot commit to do so. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

The Company's primary use of cash will be for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying the Advisor), (iii) debt service of any borrowings and (iv) cash distributions to the holders of the Company's shares.

***Equity Activity***

On December 20, 2023, an affiliate of the Advisor contributed $10,000 ($25 per share) of capital to the Company in exchange for 400 shares of the Common Shares. In addition, as of September 30, 2025, the Company had executed subscription agreements for approximately $2.1 billion of Capital Commitments (as of which $1.4 billion remains unfunded as of September 30, 2025). On May 7, 2024, the Company had its initial closing and received capital contributions of approximately $194 million. On March 31, 2025, the Company received capital contributions of approximately $50 million. On June 30, 2025, the Company received capital contributions of approximately $170 million.

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***Contractual Obligations***

We have entered into the Investment Advisory Agreement with the Advisor to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. We have also entered into the Expense Support Agreement with the Advisor to provide us with support with respect to certain expenses and subject to reimbursement. Payments for investment advisory services under the Investment Advisory Agreements, reimbursements under the Administration Agreement and support and reimbursements under the Expense Support Agreement are described in "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 4. Agreements and Related Party Transactions.*"

On February 22, 2024, the Company, through its wholly-owned financing subsidiary Overland Financing MS, LLC, entered into the MS Revolving Credit Facility. Under the MS Revolving Credit Facility, MS has agreed to make available to Overland Financing MS, LLC a revolving loan facility in the maximum principal amount of up to $300 million. On June 6, 2024 and November 15, 2024 certain terms, including the applicable margins, in the MS Revolving Credit Facility were amended. As of September 30, 2025, $195 million had been drawn under the MS Revolving Credit Facility. See also "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 7. Borrowings.*"

On July 10, 2024, the Company entered into the SMTB Credit Facility. Under the SMTB Credit Facility, SMTB has agreed to make available to the Company, a revolving credit facility secured by a first-priority interest in the capital commitments of the Company's Shareholders (including Overland Advantage Feeder Fund, L.P., as the guarantor (the "<u>Guarantor</u>")) and the Guarantor's Shareholders, and certain related assets of up to $100 million.

On December 9, 2024, certain terms, including the maximum commitments, in the SMTB Credit Facility were amended. Among other things, the First Amendment temporarily increased the maximum commitments under the SMTB Credit Facility from $100 million to $200 million until March 31, 2025, after which the maximum commitments under the SMTB Credit Facility will be automatically reduced to $100 million. As of December 31, 2024, $150 million had been drawn under the SMTB Credit Facility. On February 14, 2025, certain terms, including the applicable margin, in the SMTB Credit Facility were amended. On March 26, 2025, the scheduled reduction date on the $100 million temporary increased commitment was extended from March 31, 2025 to June 30, 2025. On May 1, 2025, the Company entered into a Form of Facility Increase, pursuant to which the maximum commitments under the SMTB Credit Facility (including the $100 million temporary increased commitment) increased from $200 million to $275 million. On June 27, 2025, the maximum commitments under the SMTB Credit Facility were permanently increased to $400 million (the "<u>Fourth Amendment</u>").

On August 13, 2025, the Company entered into an amendment (the "<u>Fifth Amendment</u>") to the SMTB Credit Facility. Among other things, the Fifth Amendment incorporated term loan tranche mechanics and reallocated $200 million of the $400 million maximum commitment under the SMTB Credit Facility to the SMTB Term Loan. The Company has the option under the SMTB Credit Facility to increase the aggregate maximum commitment to up to $700 million, and allocate between the SMTB Term Loan and the SMTB Credit Facility at the Company's discretion. The Fifth Amendment also added a new applicable margin for the term loan tranche at 195 basis points (1.95%), keeping the applicable margin for the revolving loan tranche the same at 225 basis points (2.25%). As of September 30, 2025, $180 million had been drawn under the SMTB Credit Facility and $200 million was outstanding under the SMTB Term Loan. See also "*Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 7. Borrowings.*"

On December 17, 2024, the Company, through its wholly-owned financing subsidiary Overland Financing B, LLC, entered into the BNP Revolving Credit Facility. Under the BNP Revolving Credit Facility, BNP has agreed to make available to Overland Financing B, LLC, a revolving loan facility in the maximum facility amount of $340 million from January 2, 2025 through March 31, 2025, a maximum facility amount of $330 million from April 1, 2025 through June 30, 2025, a maximum facility amount of $270 million from July 1, 2025 through September 30, 2025 and, as extended, a maximum facility amount of $139 million from October 1, 2025 through December 31, 2025. On September 26, 2025, the BNP Revolving Credit Facility was amended to extend the maturity date to December 31, 2025 and other conforming changes. As of September 30, 2025, $139 million had been drawn under the BNP Revolving Credit Facility. See also *"Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 7. Borrowings."*

From time to time in the future, we may establish one or more additional 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 will bear interest at floating rates at to-be-determined spreads over the Secured Overnight Financing Rate ("<u>SOFR</u>"), or an alternative reference rate. 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.

In order to finance certain investment transactions, the Company may, from time to time, enter into secured borrowing agreements with Macquarie Bank Limited ("<u>Macquarie</u>"), whereby the Company sells to Macquarie an investment that it holds and concurrently

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enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, up to 90-days from the date it was sold (each a "<u>Macquarie Transaction</u>").

On June 10, 2025, the Company entered into a Macquarie Transaction that was collateralized by the Company's term loans to CV Borrower, LLC and SGA Dental Partners OPCO, LLC. In accordance with ASC Topic 860, Transfers and Servicing, this Macquarie Transaction meets the criteria for a secured borrowing. Accordingly, the investment financed by the Macquarie Transaction remains on the Company's Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the "<u>June 2025 Secured Borrowing</u>"). Interest under the June 2025 Secured Borrowing was calculated as the interpolated one and a half month term SOFR rate in effect at the time of the borrowing, plus the applicable margin of 2.95%. On July 3, 2025, the Company repaid its June 2025 Secured Borrowing obligations to Macquarie. See also *"Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 7. Borrowings."*

***Off-Balance Sheet Arrangements***

Our investment portfolio contains and is expected to continue to contain debt investments in the form of delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025, we held unfunded delayed draw term loans with a principal amount of $94.6 million.

**Critical Accounting Policies and Estimates**

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

***Valuation of Investments*** 

The Company measures the value of its investments in accordance with fair value accounting guidance promulgated under U.S. GAAP, which establishes a hierarchical disclosure framework that ranks the observability of inputs used in measuring financial instruments at fair value. See "*Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 3. Fair Value Measurements and Disclosures."* for a description of the hierarchy for fair value measurements and a description of the Company's valuation procedures.

***Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation*** 

Investment transactions are recorded on the trade date. The Company measures net realized gains or losses using the specific identification method as the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation and depreciation, when gains or losses are realized.

***Revenue Recognition*** 

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans and debt securities for accounting purposes if the Company has reason to doubt the Company's ability to collect such interest. OIDs, market discounts or premiums are accreted or amortized over the life of the respective security using the effective interest method as interest income. The Company records prepayment premiums on loans and debt securities as interest income.

***Interest Income***

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment or partial prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts associated with the amount prepaid are recorded as interest income in the current period.

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***PIK Income*** 

The Company may have loans in its 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 in the Company's consolidated statements of operations. 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.

***Non-Accrual Loans*** 

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 depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

***Offering and Organizational Expenses*** 

The Company bears expenses relating to the organization of the Company and the Private Offering and any subsequent offering of Common Shares. Organizational expenses include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Company and its subsidiaries, its and their related documents of organization and the Company's election to be regulated as a BDC. Offering expenses include, without limitation, legal, printing and other offering and marketing costs, including the fees of professional advisors, those associated with the preparation of this report, as well as the preparation of a registration statement in connection with any subsequent offering of Common Shares, as well as the expenses of Centerbridge and Wells Fargo in negotiating and documenting other arrangements with the initial investors of the Company.

***U.S. Federal Income Taxes*** 

The Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, and intends to qualify annually as a RIC. As a RIC, the Company generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to Shareholders. To qualify as a RIC, the Company must maintain an election under the 1940 Act to be regulated as a BDC, meet specified source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the Company's "investment company taxable income," which is generally the Company's net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid.

***Recent Developments***

On October 30, 2025, the Company entered into a sixth amendment to the SMTB Credit Facility and the SMTB Term Loan (the "<u>Sixth Amendment</u>"), which, among other things, incorporated a new $500 million uncommitted tranche for an aggregate facility size of $900 million, amended the maturity date to April 29, 2027, and amended the applicable margin on the SMTB Credit Facility to 1.75% and on the SMTB Term Loan to 1.60%.

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

The Company is subject to financial market risks, including changes in interest rates.

***Valuation Risk***

We primarily invest in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, the Advisor, as the Company's valuation designee appointed in accordance with Rule 2a-5 under the 1940 Act, will value these investments at fair value as determined in good faith based on, among other things, the input of the Advisor's valuation committee and independent third-party valuation firm(s), and in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of

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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 are subject to financial market risks, including changes in interest rates. In addition, the MS Revolving Credit Facility, BNP Revolving Credit Facility, SMTB Credit Facility and SMTB Term Loan are subject to floating interest rates. See "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 7. Borrowings*." A rise in the general level of interest rates can be expected to lead to (i) higher interest income from our floating rate debt investments, (ii) value declines for fixed interest rate investments we may hold and (iii) higher interest expense in connection with our credit facilities. Since the majority of the Company's investments consist of floating rating investments, an increase in interest rates could also make it more difficult for borrowers to repay their loans, and a rise in interest rates may also make it easier for the Advisor to meet or exceed the quarterly threshold for Income-Based Fee as described in "*Item 1. Financial Statements* – *Notes to Consolidated Financial Statements* – *Note 4. Agreements and Related Party Transactions*."

The last several quarters have been marked by significant volatility in global markets, driven by inflation, elevated interest rates, slowing economic growth, increased tariffs, trade tensions, geopolitical conditions, and political and regulatory uncertainty. The Federal Reserve commenced raising interest rates in March 2022. In a high interest rate environment, the Company's cost of funds increases, which could reduce its net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. The Federal Reserve held interest rates steady in the first half of 2025, following three consecutive rate reductions in the third and fourth quarter of 2024. In September 2025, the Federal Reserve implemented an additional 25-basis-point reduction in the federal funds rate to support ongoing economic growth. The Federal Reserve has indicated that there may be additional rate cuts in the future; however, future reductions to benchmark rates are not certain. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in the Company's net investment income if such decreases in base rates, such as SOFR and other alternate rates, are not offset by corresponding increases in the spread over such base rate that the Company earns on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with the Company's borrowings.

As of September 30, 2025, all of the Company's debt portfolio investments bore interest at variable rates, which are generally SOFR and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to interest rate floors. Further, the MS Revolving Credit Facility, BNP Revolving Credit Facility, SMTB Credit Facility, SMTB Term Loan and the Secured Borrowings bear interest at SOFR rates with no interest rate floors.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates to our loan portfolio and outstanding debt as of September 30, 2025, assuming no changes in our investment and borrowing structure.

---

| | | | |
|:---|:---|:---|:---|
| ($ in thousands) | **Increase (Decrease) in** | **Increase (Decrease) in** | **Increase (Decrease) in** |
| **Basis Point Change** | **Interest Income** | **Interest Expense** | **Net Investment Income** |
| Up 200 basis points | $25494 | $14280 | $11214 |
| Up 100 basis points | $12747 | $7140 | $5607 |
| Up 50 basis points | $6374 | $3570 | $2804 |
| Down 50 basis points | $(6374) | $(3570) | $(2804) |
| Down 100 basis points | $(12747) | $(7140) | $(5607) |

---

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the consolidated statements of assets and liabilities and other business developments that could affect net increase in net assets resulting from operations, or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

Because the Company borrows money to make investments, its net investment income is dependent upon the difference between the rate at which it borrows funds and the rate at which it invests these funds as well as its level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Company's net investment income or net assets.

The Company may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate the Company against adverse changes in interest rates and foreign currencies, they may also limit the Company's ability to participate in the benefits of lower interest rates or higher exchange rates with respect to its portfolio of investments with fixed

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interest rates or investments denominated in foreign currencies. During the periods covered by this Quarterly Report on Form 10-Q, the Company did not engage in interest rate hedging activities or foreign currency derivatives hedging activities.

**Item 4. Controls and Procedures.**

***(a)*** ***Evaluation of Disclosure Controls and Procedures***

As of September 30, 2025 (the end of the period covered by this report), in accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q and provide reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost- benefit relationship of such possible controls and procedures.

***(b)*** ***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

The Company is not currently subject to any material pending legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its rights under contracts with its portfolio companies. The Company's business is also subject to extensive regulation, which may result in regulatory proceedings against it.

**Item 1A. Risk Factors.**

For information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors discussed under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K, as may be amended and supplemented from time to time. Additional risks and uncertainties are not currently known to the Company or that it currently deems to be immaterial also may adversely affect its business, financial condition and/or operating results. During the fiscal quarter ended September 30, 2025 there were no material changes from the risk factors set forth in the Company's most recent Annual Report on Form 10-K.

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

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

**Item 5. Other Information.**

***Rule 10b5-1 Trading Plans***

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

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**Item 6. Exhibits.**

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the nine months ended September 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Certificate of Trust (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56596) filed on January 12, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1965934/000119312523278888/d816775dex31.htm) |
| 3.2 | [<u>Declaration of Trust (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56596) filed on January 12, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1965934/000119312524007287/d816775dex32.htm) |
| 3.3 | [<u>Bylaws (incorporated by reference to Exhibit 3.3 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56596) filed on January 12, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1965934/000119312524007287/d816775dex33.htm) |
| 10.1 | [<u>Fifth Amendment to the Revolving Credit Agreement, dated as of August 13, 2025, by and among Overland Advantage, as the initial borrower, Overland Advantage Feeder Fund, L.P., as the guarantor, Overland Advantage Feeder Fund GP Ltd., as the general partner of the guarantor, Sumitomo Mitsui Trust Bank, Limited, New York Branch, as administrative agent, arranger and a lender, and NatWest Markets PLC, as a lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01698 filed on August 19, 2025).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001965934/000095017025110088/ck0001965934-20250813.htm) |
| 10.2\* | [<u>First Amendment to the Credit Agreement, dated as of September 26, 2025, by and among Overland Financing B, LLC<br>and BNP Paribas.</u>](ck0001965934-ex10_2.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001965934-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001965934-ex31_2.htm) |
| 32.1\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001965934-ex32_1.htm) |
| 32.2\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001965934-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) <br>|

---

------

\* Filed herewith.

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**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | Overland Advantage | Overland Advantage |
| Date: November 7, 2025 | By: | /s/ Gavin R. Baiera |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Gavin R. Baiera |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer |
| Date: November 7, 2025 | By: | /s/ Kimberly A. Terjanian |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Kimberly A. Terjanian |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer and Treasurer |

---

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## Exhibit 10.2

**Exhibit 10.2**

Execution Version

**AMENDMENT NO. 1 TO THE CREDIT AGREEMENT**

This Amendment (this "<u>Amendment</u>") is made as of September 26, 2025 by and among Overland Financing B, LLC, a Delaware limited liability company (the "<u>Borrower</u>") and BNP Paribas SA (the "<u>Bank</u>"). Unless otherwise defined herein, capitalized terms shall have the meanings assigned to them under the Credit Agreement (as defined below).

WHEREAS, the Borrower and the Bank have entered into that certain Credit Agreement dated as of December 17, 2024 (as may be further amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"); and

WHEREAS, the parties hereto desire to amend the Credit Agreement as set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1.<u>Amendments to Credit Agreement</u>. Subject to the satisfaction of the conditions precedent set forth in Section 2 (*Conditions to Effectiveness of this Amendment*) of this Amendment, effective as of the date hereof, certain sections of the Credit Agreement (including the Schedules and Exhibits thereto) are hereby amended as set forth in <u>Annex A</u> to this Amendment. Language being inserted into the applicable section of the Credit Agreement is evidenced by **<u>bold and underline formatting</u>**. Language being deleted from the applicable section of the Credit Agreement is evidenced by strike-through formatting.

SECTION 2.<u>Conditions to Effectiveness of this Amendment</u>. The effectiveness of this Amendment is conditioned upon receipt by Agent from each party to this Amendment 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)Either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to Bank (which may include scanned or facsimile copies of a signature page of this Amendment) that such party has signed a counterpart of this Amendment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A certificate, dated the date hereof and signed by an Authorized Signatory of each Loan Party, (i) confirming that the documents attached to the Omnibus Closing Certificate dated December 17, 2024 (the "<u>Original Closing Certificate</u>") as <u>Annexes A</u>, <u>D</u> and <u>F</u> remain in full force and effect and have not been amended, restated, supplemented or otherwise modified (or attaching copies of such documents as so amended, restated, supplemented or otherwise modified); (ii) attaching resolutions of the Borrower or the Fund approving or consenting to the Borrower's execution, delivery and performance of this Amendment; (iii) attaching a certificate of good standing of the Borrower issued by the Secretary of State of the State of Delaware and dated as of a recent date; (iv) confirming that each authorized signatory identified in the Original Closing Certificate remains a duly elected or appointed, as the case may be, and qualified authorized officer of the sole member of the Borrower and the Fund, in each case having the title and signature set forth opposite such person's name in the Original Closing Certificate; (v) confirming that the representations and warranties of the Borrower and the Fund set forth in each Loan Document to which it is a party are true and correct in all material respects on and as of the date hereof (other

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than as to any such representation or warranty that by its terms refers to a specific date, in which case such representation and warranty is true and correct in all material respects as of such specified date); (vi) confirming that no Default or Event of Default has occurred and is continuing on and as of the date hereof; and (vii) in all other respects reasonably satisfactory to the Bank.

SECTION 3.<u>Reference to and Effect on the Loan Documents</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)On and after the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents to the Credit Agreement, "thereunder", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Credit Agreement and the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

SECTION 4.<u>Representations and Warranties</u>. The Borrower represents and warrants that it has full legal power and authority to enter into, execute, deliver and perform the terms of this Amendment, which has been duly authorized by all proper and necessary action (pursuant to resolutions adopted by the Borrower or the Fund approving or consenting to this Amendment or previously adopted resolutions), and does not conflict with its Organization Documents. The Borrower represents and warrants that at the time of and immediately after giving effect to this Amendment, each of the representations and warranties made by the Borrower pursuant to any Loan Document or in any certificate furnished at any time by or on behalf of the Borrower pursuant to any Loan Document is true and correct in all material respects and each of the covenants made by the Borrower pursuant to any Loan Document is being complied with, and in the case of the representations and warranties as though made on and as of the date hereof (except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be deemed to relate to such earlier date).

SECTION 5.<u>Default and Event of Default</u>. The Borrower represents and warrants that at the time of and immediately after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

SECTION 6.<u>Effective Date</u>. This Amendment shall become effective as of the date hereof, subject to satisfaction of the conditions set forth in Section 2 (*Conditions to Effectiveness of this Amendment*) of this Amendment.

SECTION 7.<u>Governing Law</u>. The provisions contained in the Credit Agreement, insofar as they relate to governing law shall apply to this Amendment *mutatis mutandis* as if they were incorporated herein.

SECTION 8.<u>Counterparts</u>. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by fax or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

------

**[SIGNATURE PAGES FOLLOW]**

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

**<u>BORROWER</u>:**

**OVERLAND FINANCING B, LLC**, a Delaware limited liability company****<br>By: Overland Advantage, its member

By: <u>/s/ Kimberly A. Terjanian</u> <br>Name: Kimberly A. Terjanian

Title: Chief Financial Officer and Treasurer

[Additional signature pages follow]

*Signature Page to Amendment No. 1 to the Credit Agreement*

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**BNP PARIBAS SA**, as Bank

By: <u>/s/ Vincent Vernet</u> <br>Name: Vincent Vernet<br>Title: Managing Director

By: <u>/s/ Sarah Wang</u> <br>Name: Sarah Wang<br>Title: Managing Director

*Signature Page to Amendment No. 1 to the Credit Agreement*

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<u>Annex A</u>

[Attached.]

*Signature Page to Amendment No. 1 to the Credit Agreement*

------

***Execution Version***<u>Conformed through Amendment No. 1</u>

**CREDIT AGREEMENT**

**dated as of December 17, 2024**

**between**

**OVERLAND FINANCING B, LLC**

**and**

**BNP PARIBAS SA**

**_____________________**

------

**Table of Contents**

**Page**

ARTICLE 1. DEFINITIONS 1

Section 1.1 Defined Terms 1

Section 1.2 Terms Generally 30

Section 1.3 Accounting Terms 30

Section 1.4 Non-Recourse Persons 31

Section 1.5 Rates 31

Section 1.6 Collateral Value Calculation Procedures 32

Section 1.7 Collateral Value Test and Collateral Value Ratio Calculations 33

Section 1.8 Ratio Report Calculations 34

ARTICLE 2. THE CREDITS 35

Section 2.1 Commitment 35

Section 2.2 Loans 35

Section 2.3 Termination, Reduction and Extension of Commitment 36

Section 2.4 Repayment of Loans; Evidence of Debt 37

Section 2.5 Voluntary Prepayments 39

Section 2.6 Payments Generally 40

Section 2.7 [Reserved] 40

Section 2.8 Increase in Commitment 40

ARTICLE 3. INTEREST, FEES, YIELD PROTECTION, ETC. 41

Section 3.1 Interest 41

Section 3.2 Fees 41

Section 3.3 Increased Costs 42

Section 3.4 Taxes 43

Section 3.5 Alternate Rate of Interest 46

Section 3.6 Other Index-Based Rate Provisions 48

Section 3.7 Break Funding Payments 49

ARTICLE 4. REPRESENTATIONS AND WARRANTIES 49

Section 4.1 Organization and Power 49

Section 4.2 Authority and Execution 49

Section 4.3 Binding Agreement 50

Section 4.4 Litigation 50

Section 4.5 Approvals and Consents 50

Section 4.6 No Conflict 50

Section 4.7 Taxes 51

Section 4.8 Compliance 51

Section 4.9 Property 51

Section 4.10 Federal Reserve Regulations; Use of Loan Proceeds 51

i

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Section 4.11 No Material Adverse Effect 51

Section 4.12 Material Agreements 51

Section 4.13 Financial Condition 51

Section 4.14 No Misrepresentation 52

Section 4.15 Sanctions, Anti-Terrorism, Anti-Money Laundering and Anti-Corruption 52

Section 4.16 Investment Company Matters 53

Section 4.17 ERISA 54

Section 4.18 No Event of Default 54

ARTICLE 5. CONDITIONS 54

Section 5.1 Effective Date 54

Section 5.2 Each Credit Event 55

ARTICLE 6. AFFIRMATIVE COVENANTS 56

Section 6.1 Financial Statements and Other Information 56

Section 6.2 Notice of Material Events 58

Section 6.3 Legal Existence 59

Section 6.4 Insurance 59

Section 6.5 Payment of Indebtedness and Performance of Obligations 59

Section 6.6 Observance of Legal Requirements 59

Section 6.7 Books and Records; Visitation 59

Section 6.8 Purpose of Loans 59

Section 6.9 Maintenance of Status; Maintenance of Registration 60

Section 6.10 Taxes 60

ARTICLE 7. NEGATIVE COVENANTS 60

Section 7.1 Indebtedness; Senior Securities 60

Section 7.2 Liens 61

Section 7.3 Fundamental Changes 62

Section 7.4 Restricted Payments 62

Section 7.5 Fundamental Policies; Valuation 63

Section 7.6 Amendments and Changes 63

Section 7.7 Financial Covenants 63

Section 7.8 Investment 64

Section 7.9 Sanctions, Anti-Terrorism, Anti-Money Laundering and Anti-Corruption 64

Section 7.10 ERISA Compliance 65

Section 7.11 Margin Stock 65

Section 7.12 Collateral Accounts 65

ARTICLE 8. EVENTS OF DEFAULT 65

Section 8.1 Events of Default 65

Section 8.2 Remedies 68

ii

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ARTICLE 9. MISCELLANEOUS 68

Section 9.1 Notices 68

Section 9.2 Waivers; Amendments 68

Section 9.3 Expenses; Indemnity; Damage Waiver 69

Section 9.4 Successors and Assigns 70

Section 9.5 Survival 72

Section 9.6 Counterparts; Integration; Effectiveness 72

Section 9.7 Severability 72

Section 9.8 Right of Setoff 73

Section 9.9 Governing Law; Jurisdiction; Consent to Service of Process 73

Section 9.10 **WAIVER OF JURY TRIAL** 74

Section 9.11 Headings 74

Section 9.12 Interest Rate Limitation 74

Section 9.13 Treatment of Certain Information 74

Section 9.14 USA Patriot Act Notice 75

Section 9.15 Acknowledgement and Consent to Bail-In of Affected Financial Institutions 75

<u>SCHEDULES</u>:

Schedule 1 Eligibility Criteria

Schedule 2 Concentration Limits

Schedule 3 Authorized Dealers

<u>EXHIBITS</u>:

Exhibit A Form of Note

Exhibit B Form of Written Borrowing Request

Exhibit C Form of Closing Certificate

Exhibit D Form of Compliance Certificate

Exhibit E Form of Security Agreement

Exhibit F Form of Control Agreement

Exhibit G-1 Form of U.S. Tax Compliance Certificate

Exhibit G-2 Form of U.S. Tax Compliance Certificate

Exhibit G-3 Form of U.S. Tax Compliance Certificate

Exhibit G-4 Form of U.S. Tax Compliance Certificate

Exhibit H Form of Daily Collateral Report

Exhibit I Form of Ratio Report

iii

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This **CREDIT AGREEMENT** (as amended, modified, supplemented and in effect from time to time, the "<u>Credit Agreement</u>"), dated as of December 17, 2024, is entered into by and between Overland Financing B, LLC, a Delaware limited liability company (the "<u>Borrower</u>") and BNP Paribas SA.

The parties hereto agree as follows:

ARTICLE 1.<u>DEFINITIONS</u>

Section 1.1<u>Defined Terms</u>

As used in this Credit Agreement, the following terms have the meanings specified below:

"<u>1934 Act Reports</u>" means the Company's Registration Statement on Form 10 originally filed with the SEC on September 26, 2023, as amended, and any subsequent annual report on Form 10-K, quarterly report on Form 10-Q or current report on Form 8-K.

"<u>ABR Loan</u>" means a Loan (or any portion thereof) denominated in Dollars and bearing interest based on the Alternate Base Rate.

"<u>Adjusted Asset Coverage</u>" means, as of any date, the ratio on such date of (a) Adjusted Net Assets to (b) Total Liabilities that are Senior Securities Representing Indebtedness.

"<u>Adjusted Net Assets</u>" means, as at any date of determination, an amount equal to (a) the Net Asset Value<u>value of the total assets of the Fund</u> <u>minus</u> (b) without duplication, the Total Liabilities of the Fund and its Subsidiaries that are not Senior Securities on such date. For purposes of calculating the Adjusted Net Assets, the liability in respect of any Financial Contract shall be equal to the net amount, if any, that the Fund or its Subsidiaries, as applicable, would be obligated to pay to the applicable counterparty thereto if such Financial Contract and the transactions thereunder terminated at such time in accordance with the terms thereof on a complete no-fault basis.

"<u>Administrator</u>" means Centerbridge Services Group, LLC or any replacement therefor acceptable to the Bank in its reasonable discretion.

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

"<u>Affected Person</u>" means any Loan Party, any Subsidiary thereof, or any officer, director, trustee, employee or Affiliate of any Loan Party or any such Subsidiary, or any agent of any Loan Party or any such Subsidiary that will act in any capacity with respect to this Credit Agreement.

"<u>Affiliate</u>" of a Person means (a) any other Person directly or indirectly owning, controlling, or holding with power to vote, greater than 50% of the outstanding voting securities of such Person, (b) any other Person greater than 50% of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such Person, or (c) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person. For purposes of this defined term, "control" means the power to exercise a controlling influence over the management or policies of a company, and "controlling" and "controlled" shall have correlative meanings.

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"<u>Aggregate Adjusted Collateral Value</u>" means, on any date of determination, the amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the balance standing to the credit of the Collateral Account (adjusted to add the amount of any Sale Price in respect of any Collateral Obligation that has been sold on a Traded but not yet Settled basis and to remove the amount of any Purchase Price in respect of any Collateral Obligation that has been purchased on a Traded but not yet Settled basis either (i) if such date of determination is prior to March 3, 2025, at any time or (ii) if such date of determination is on or after March 3, 2025, within the immediately preceding sixty (60) days (or Traded at any time with respect to primary transactions));

plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Collateral Values of each Eligible Collateral Obligation (adjusted to include any Collateral Obligation that has been purchased on a Traded but not yet Settled basis and to remove any Collateral Obligation that has been sold on a Traded but not yet Settled basis either (i) if such date of determination is prior to March 3, 2025, at any time or (ii) if such date of determination is on or after March 3, 2025, within the immediately preceding sixty (60) days (or Traded at any time with respect to primary transactions); <u>provided</u>, in each case, that such Collateral Obligation is otherwise an Eligible Collateral Obligation);

minus

&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 Excess Concentration Amount.

"<u>Aggregate Loan Balance</u>" means the aggregate amounts of all outstanding Loans.

"<u>Aggregate Portfolio Criteria Amount</u>" means, on any date of determination, the greater of (a) $200,000,000 and (b) amount equal 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) the balance standing to the credit of the Collateral Account, as adjusted pursuant to paragraph (a) of the definition of Aggregate Adjusted Collateral Value; plus

&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 Collateral Value of each Eligible Collateral Obligation, as adjusted pursuant to paragraph (b) of the definition of Aggregate Adjusted Collateral Value.

"<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) 1/2 of 1% plus the Federal Funds Rate in effect on such day and (c) 1% plus Term SOFR in effect on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Rate; provided that, if the Alternate Base Rate as so determined would be less than zero (0%), the Alternate Base Rate will be deemed to be zero (0%) for the purposes of this Credit Agreement.

"<u>Anti-Corruption Law</u>" means, with respect to any Affected Person, the FCPA and any law, rule or regulation of any jurisdiction concerning or relating to bribery, corruption or money laundering that are applicable to such Affected Person.

"<u>Anti-Terrorism Law</u>" means, with respect to any Person, any applicable law, rule or regulation related to money laundering or financing terrorism including (a) the Patriot Act, (b) The Currency and Foreign Transactions Reporting Act (31 U.S.C. §§ 5311-5330) (also known as the "Bank Secrecy Act"), (c) the Trading With the Enemy Act (50 U.S.C. § 1 et seq.), (d) the

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International Economic Emergency Powers Act (15 U.S.C. § 1701 et seq.) and (e) Executive Order 13224 (effective September 24, 2001).

"<u>Applicable Accounting Principles</u>" means, with respect to the Borrower, those accounting principles required by the ICA and prescribed by the SEC for the Borrower and, to the extent not so required or prescribed, GAAP.

"<u>Applicable Margin</u>" means, (x) with respect to any Term SOFR Loan, 1.45% and (y) with respect to any ABR Loan, 0.45%, provided that the Bank and the Borrower may agree to change the Applicable Margin upon the date of any extension, pursuant to Section 2.3 hereof.

"<u>Applicable Money Market</u>" means any money market applicable to Term SOFR Loans.

"<u>Applicable Rate</u>" means, as of any date, a rate per annum equal to, with respect to each (i) Term SOFR Loan, Term SOFR <u>plus</u> the Applicable Margin, and (ii) ABR Loan, the Alternate Base Rate <u>plus</u> the Applicable Margin.

"<u>Approved Amount</u>" means $1,000,000 or an integral multiple of $1,000,000 in excess thereof.

"<u>Approved Auditor</u>" shall mean any of the big "four" accounting firms, or such other accounting firm as may be acceptable to the Bank, acting reasonably.

"<u>Approved Valuation Firm</u>" means Murray, Devine & Co., Houlihan Lokey, Duff & Phelps, Lincoln Advisors, Valuation Research Corporation, Alvarez & Marsal (and any of their respective Affiliates that are clearly identifiable as such solely on the basis of such Affiliate's name), and, with respect to any Eligible Collateral Obligation, any other valuation firm or independent financial advisor of recognized national standing that is experienced in conducting valuations of the underlying asset class; provided that any other valuation firm or independent financial advisor recognized as being experienced in conducting valuations of Eligible Collateral Obligations or other secured loans may be added as an "Approved Valuation Firm" with the consent of the Bank (such consent not to be unreasonably withheld, delayed or conditioned).

"<u>Authorized Dealer</u>" means each of the broker-dealers set forth on Schedule 3 hereto or any of their respective Affiliates or successors, or any other institution agreed in writing from time to time between the Borrower and the Bank.

"<u>Authorized Signatory</u>" means any duly authorized officer or other authorized Person of any Loan Party, <u>provided</u> that the Bank shall have received a signed certificate of an officer of each Loan Party bearing a specimen signature of such officer or other Person.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark for Dollars, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Credit Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 3.5(b)(iv)</u>.

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

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

"<u>Bank</u>" means BNP Paribas SA and any of its successors or assignees; <u>provided</u> that, at any time that the Bank shall have assigned its rights in part, pursuant to <u>Section 9.4</u> hereof, any action requiring the consent or vote of the Bank shall require the holders of a majority of the Loans, except for the matters described in <u>Section 9.2(c)</u> hereof which shall require all holders of the Loans.

"<u>Basel III</u>" means, collectively, those certain agreements on capital and liquidity standards contained in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems," "Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring," and "Guidance for National Authorities Operating the Countercyclical Capital Buffer," each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time), and "Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools," as published by the Basel Committee on Banking Supervision in January 2013 (as revised from time to time), and, in each case, as implemented by Bank's primary U.S. federal bank regulatory authority.

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; provided that, if a Benchmark Transition Event and its related Benchmark Replacement Date (if applicable) has occurred with respect to the Term SOFR Reference Rate or a then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 3.5(b)</u>.

"<u>Benchmark Replacement</u>" means with respect to any Benchmark Transition Event for any then-current Benchmark, the sum of: (i) the alternate benchmark rate that has been selected by the Bank and the Borrower as the replacement for such Benchmark giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in Dollars at such time and (ii) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than zero, such Benchmark Replacement will be deemed to be zero for the purposes of this Credit Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of any then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or

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negative value or zero) that has been selected by the Bank and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in Dollars, or swap transaction under ISDA, as applicable, at such time.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to any then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (c) of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein solely to the extent such event applies to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to the then-current Benchmark for Dollars, the occurrence of one or more of the following events with respect to such Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such

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Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to the then-current Benchmark for Dollars, the period (if any) (a) beginning at the time that a Benchmark Replacement Date with respect to such Benchmark has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.5</u> and (b) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.5</u>.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Board of Governors</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Borrowing Request</u>" means a request in accordance with <u>Section 2.2</u> for a Loan or a conversion or continuation of a Loan and, if required in writing, in the form of Exhibit B.

"<u>Broadly Syndicated Loan</u>" means a debenture, loan or other extension of credit that (a) is a syndicated commercial loan and (b) has a tranche size of not less than $100,000,000 (without consideration of reductions thereon from scheduled amortization payments).

"<u>Business Day</u>" means any day of the year except a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close.

"<u>Centerbridge</u>" means Centerbridge Partners, L.P.

"<u>Change in Circumstance</u>" means any Change in Law that shall (a) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, the Bank or (b) impose on the Bank or any Applicable Money Market any other condition affecting this Credit Agreement or any Loan.

"<u>Change in Law</u>" means (a) the adoption of any law, rule or regulation after the Effective Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Effective Date or (c) compliance by the Bank (or, for purposes of <u>Section 3.3</u>, by any lending office of the Bank or by the Bank's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any

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Governmental Authority made or issued after the Effective Date; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and all rules, regulations, directives or published interpretations thereunder or issued in connection therewith relating to capital, liquidity and leverage requirements and (y) all rules, regulations, directives or published interpretations promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

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

"<u>Collateral</u>" has the meaning set forth in the Security Agreement.

"<u>Collateral Account</u>" means each deposit account and securities account of the Borrower that is subject to the Control Agreement.

"<u>Collateral Obligation</u>" means a Broadly Syndicated Loan owned legally and beneficially by the Borrower.

"<u>Collateral Value</u>" means, in respect of a Collateral Obligation as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of the sum of, for 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;(i) the Principal Balance of such Collateral Obligation; multiplied 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;(ii) the Current Price of 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;(b) if such Collateral Obligation is subject to an Investment Default, the Collateral Value of such Collateral Obligation will be zero.

"<u>Collateral Value Ratio</u>" means, on any date of determination, the ratio of the Aggregate Loan Balance to the Aggregate Adjusted Collateral Value on that date (expressed as a percentage).

"<u>Collateral Value Test</u>" shall be satisfied on any date of determination if the Aggregate Loan Balance is less than the Aggregate Adjusted Collateral Value multiplied by 75%.

"<u>Collections</u>" means all cash collections and other cash proceeds with respect to any Collateral, including, without limitation, (i) all scheduled payments of principal and principal prepayments and all guaranty payments and proceeds of any liquidations, sales, dispositions or securitizations, in each case, attributable to the principal of such Collateral, (ii) all 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, (iii) all amendment fees, late fees, waiver fees, prepayment fees (including call premiums, to the extent such call premiums are in excess of par), (iv) all recoveries with respect to such Collateral, (v) all insurance proceeds, (vi) all proceeds of any sale or disposition with respect to such Collateral, (vii) all returns, profits, distributions and similar amounts received with respect to such Collateral and (viii) all other cash proceeds or other funds received by any Loan Party with respect to such Collateral (including from any guarantors), but excluding (a) any amounts received by any Loan Party from or on behalf of an Underlying Obligor in respect of such Collateral following the sale of such Collateral by any Loan Party that such Loan Party is required to pay to the purchaser of such Collateral, so long as such amounts are

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not included in the net proceeds reported to be received by such Loan Party from such sale and (b) any amounts in respect of indemnities received by any Loan Party but owing to parties other than any Loan Party in connection with any Collateral.

"<u>Commitment</u>" means the commitment of the Bank hereunder to make Loans to the Borrower in an aggregate principal amount equal to the Committed Facility Amount.

"<u>Committed Facility Amount</u>" means, as of any date, the amount set forth in the table below opposite such date (or the applicable range of dates), as such commitment may be reduced from time to time pursuant to <u>Section 2.3</u> or increased from time to time pursuant to <u>Section 2.8</u>.

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| | |
|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Committed Facility Amount |
| &nbsp;&nbsp;From the Effective Date to but excluding the Facility Availability Date | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;From the Facility Availability Date through and including March 31, 2025 | &nbsp;&nbsp;$310000000 |
| &nbsp;&nbsp;From April 1, 2025 through and including June 30, 2025 | &nbsp;&nbsp;$290000000 |
| &nbsp;&nbsp;From July 1, 2025 through and including September 30, 2025 | &nbsp;&nbsp;$215000000 |
| &nbsp;&nbsp;From October 1, 2025 through and including the Scheduled Facility Termination Date (only applicable if the Scheduled Facility Termination Date has been extended beyond September 30, 2025) | &nbsp;&nbsp;$0<u>139000000</u> |

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"<u>Commitment Fee Rate</u>" means, for each calendar quarter, a rate per annum equal to (a) for any calendar quarter in which the average Principal Obligations is less than or equal to 50% of the Committed Facility Amount, 0.70%, (b) for any calendar quarter in which the average Principal Obligations is greater than 50% of the Committed Facility Amount but less than or equal to 65% of the Committed Facility Amount, 0.30%, (c) for any calendar quarter in which the average Principal Obligations is greater than 65% of the Committed Facility Amount but less than or equal to 75% of the Committed Facility Amount, 0.20% and (d) for any calendar quarter in which the average Principal Obligations is greater than 75% of the Committed Facility Amount, 0.00%.

"<u>Concentration Limits</u>" has the meaning given to it in Schedule 3 (Concentration Limits).

"<u>Conforming Changes</u>" means, with respect to the use, administration, adoption or implementation of Term SOFR or any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,

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conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Bank decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Bank in a manner substantially consistent with market practice (or, if the Bank decides (in consultation with the Borrower) that adoption of any portion of such market practice is not administratively feasible or if the Bank determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Bank decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Credit Agreement and the other Loan Documents).

"<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>Control Agreement</u>" has the meaning set forth in <u>Section 5.1(f)</u>.

"<u>Current Price</u>" means, in respect of a Collateral Obligation, the value of such Collateral Obligation, as determined by the Bank on a daily basis in accordance with <u>Section 1.7</u> 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) with respect to any Collateral Obligation for which three (3) or more bids are quoted and available from an External Pricing Source, the Current Price shall be equal to the bid price for such assets most recently quoted by such External Pricing Source; 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) with respect to any other Collateral Obligation, the Current Price shall be equal to an amount determined by the Bank, acting reasonably and in a manner consistent with any assigned value assigned by the Bank or any Affiliate thereof in respect of the tranche of which such Collateral Obligation is a part, subject to dispute rights in accordance with <u>Section 1.7(c)</u>.

"<u>Custodian</u>" means Wilmington Trust, National Association, in its capacity as custodian under the Custody Agreement.

"<u>Custody Agreement</u>" means the Custody Agreement, dated as of December 12, 2024, by and between the Borrower and the Custodian, as amended, restated, supplemented or otherwise modified from time to time.

"<u>Daily Collateral Report</u>" has the meaning set forth in <u>Section 6.1(d)</u>.

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

"<u>Delayed Drawdown Loan</u>" means a Broadly Syndicated Loan that (a) requires any Loan Party to make one or more future advances to the Underlying Obligor under the applicable Underlying Instruments, which funding requirement is not subject to any conditions (other than (i) the representations and warranties being true and correct at the time of borrowing, (ii) no default or event of default existing immediately prior to or after the time of borrowing, (iii) pro forma compliance with a financial covenant at the time of borrowing and/or (iv) the delivery of a borrowing notice or the taking of other administrative steps (including having the borrowing occur prior to a certain date)), (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Underlying Obligor thereunder; provided that any such Broadly Syndicated Loan will be a Delayed Drawdown Loan only to the extent of undrawn commitments and solely until all

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commitments by such Loan Party to make advances on such Broadly Syndicated Loan to the Underlying Obligor under the Underlying Instruments expire or are terminated or are reduced to zero.

"<u>Discount Factor</u>" means, with respect to any date of determination, the present value (expressed a percentage) of one Dollar ($1.00) discounted at the USDOIS curve as determined in a commercially reasonable manner to be mutually agreed between the Borrower and the Bank, and which corresponds to the number of days until the Scheduled Facility Termination Date.

"<u>Disqualified Lenders</u>" means (i) such Persons that have been mutually agreed between the Bank and the Borrower on or prior to the Effective Date as constituting "Disqualified Lenders", (ii) those Persons who are competitors of the Borrower that are mutually agreed between the Bank and the Borrower from time to time, and (iii) in the case of each of clauses (i) and (ii), any Affiliates of such Persons that are either (a) identified in writing by the Borrower from time to time or (b) readily identifiable on the basis of such Affiliate's name; <u>provided</u> that no permitted supplement or modification to the list of Disqualified Lenders will apply retroactively to disqualify any Persons that have previously acquired an assignment or participation in accordance with <u>Section 9.4</u>.

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

"<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.

"<u>Effective Date</u>" has the meaning set forth in <u>Section 5.1</u>.

"<u>Eligible Collateral Obligation</u>" means, on any date of determination, a Collateral Obligation that satisfies each of the Eligibility Criteria (as defined on Schedule 1) (or the Bank determines, in its sole discretion, that such Collateral Obligation can be deemed an Eligible Collateral Obligation notwithstanding that all of the applicable Eligibility Criteria have not been satisfied).

"<u>Eligible Country</u>" means the United States, France and Germany.

"<u>Eligible Currency</u>" means Dollars.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.

"<u>ERISA Group</u>" means Borrower and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control

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which, together with Borrower, are treated as a single employer under Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<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>Event of Default</u>" has the meaning assigned to such term in <u>Section 8.1</u>.

"<u>Excess Concentration Amount</u>" means an amount equal to (without double counting) the aggregate of the Collateral Value of each Eligible Collateral Obligation (as adjusted pursuant to paragraph (b) of the definition of Aggregate Adjusted Collateral Value) to the extent it causes any Concentration Limit to be exceeded; <u>provided</u>, that prior to March 3, 2025, the Excess Concentration Amount shall be deemed to be zero.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to the Bank or required to be withheld or deducted from a payment to the Bank, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, branch profits Taxes, in each case, (i) imposed as a result of the Bank being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Bank with respect to an applicable interest in a Loan, the Committed Facility Amount or the Uncommitted Facility Amount pursuant to a law in effect on the date on which (i) the Bank acquires such interest in a Committed Facility Amount or Uncommitted Facility Amount (other than pursuant to an assignment request by the Borrower) or (ii) the Bank changes its lending office, except in each case to the extent that, pursuant to <u>Section 3.4</u>, amounts with respect to such Taxes were payable either to the Bank's assignor immediately before the Bank became a party hereto or to the Bank immediately before it changed its lending office, (c) Taxes attributable to the Bank's failure to comply with <u>Section 3.4(f)</u> and (d) any withholding Taxes imposed under FATCA.

"<u>External Pricing Source</u>" means any of Loan Pricing Corporation, Mark-it Partners (formerly known as Loan X), Interactive Data Corporation, Bloomberg or another nationally recognized broker-dealer or nationally recognized quotation service mutually agreed from time to time by (a) the Bank and (b) the Borrower.

"<u>Facility Availability Date</u>" means January 2, 2025.

"<u>Facility Termination Date</u>" means the earlier to occur of (a) the Scheduled Facility Termination Date, and (b) the date on which the Bank's obligations to make Loans shall have otherwise terminated or been terminated in accordance herewith.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Credit Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>FCPA</u>" means the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq.

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"<u>Federal Funds Rate</u>" means, for any day, the greater of (a) 0.00% and (b) a rate per annum (expressed as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (a) if the day for which such rate is to be determined is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the Business Day succeeding such next preceding Business Day, and (b) if such rate is not so published for any day, the Federal Funds Rate for such day shall be the average of the quotations for such day on such transactions received by the Bank.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Federal Reserve Form</u>" means a Form FR U-1 duly completed by the Bank and executed by the Borrower, the statements made in which shall, in the reasonable opinion of the Bank, permit the transactions contemplated hereby in compliance with Regulation U, together with all instruments, certificates and other documents executed or delivered in connection therewith or attached thereto.

"<u>Financial Contracts</u>" means (a) any rate, basis, commodity, currency, debt, equity or other swap or swaption, (b) any put, cap, collar or floor agreement, (c) any rate, basis, commodity, currency, debt, equity or other futures or forward agreement, (d) any rate, basis, commodity, currency, debt, equity or other option, (e) any derivative, (f) any financial instrument whose value is derived from the value of something else, (g) any contract under which the parties agree to payments between or among them based upon the value of an underlying asset or other data at a particular point or points in time, (h) any "swap agreement" within the meaning of Section 101(53B) of the Bankruptcy Code of the United States, (i) any foreign currency contract, repurchase agreement, reverse repurchase agreement, dollar roll, credit-linked note, indexed security, collateralized debt obligation, tender option bond, firm or standby commitment agreement, securities lending agreement, or when-issued contract, and (j) any similar arrangement.

"<u>First Trigger Breach</u>" has the meaning set forth in <u>Section 2.4(c)(i)</u>.

"<u>First Trigger Breach Notice</u>" has the meaning set forth in <u>Section 2.4(c)(i)</u>.

"<u>Floor</u>" means 0.00% per annum.

"<u>Foreign Person</u>" means any Person that is not a U.S. Person.

"<u>Fund</u>" means Overland Advantage, a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company regulated as a business development company.

"<u>Fund Guaranty</u>" means the Collection Guaranty, dated as of the Effective Date, between the Fund and the Bank, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Fundamental Policies</u>" means, collectively, (i) the provisions dealing with investment objectives, investment strategies, investment policies, permitted investments, investment limitations and restrictions and policies and objectives for, and limits and restrictions on, investing by the Borrower set forth in its Organization Documents or the 1934 Act Reports,

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and (ii) all policies limiting the incurrence of Indebtedness by the Borrower set forth in its Organization Documents or the 1934 Act Reports.

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

"<u>Governmental Authority</u>" means any foreign governmental authority, the United States of America, any State of the United States of America and, in each case, any subdivision of any of the foregoing whether provincial, state, territorial or local, and any agency, department, regulatory body, fiscal or monetary authority or other authority relating to financial institutions, central bank, commission, board, authority or instrumentality, bureau or court having jurisdiction over the Borrower, the Bank or any Secured Party or any of their respective businesses, operations, assets, or properties, including any supra-national bodies (such as the European Union or the European Central Bank).

"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation, provided that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business and reasonable indemnity obligations in the ordinary course of business. The amount of a Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made or if not stated or determinable, the maximum reasonably anticipated liability thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. The term "Guaranteed" has a meaning correlative thereto.

"<u>IAA</u>" means the Investment Advisers Act of 1940, as amended.

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

"<u>Indebtedness</u>" of any Person means at any date, without duplication, all of the following: (a) the principal amount of all obligations of such Person for borrowed money, (b) the principal amount of all obligations of such Person evidenced by or otherwise in respect of bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all non-contingent obligations of such Person in respect of the deferred purchase price of property or services (excluding trade accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty,

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(h) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances, (i) all obligations of such Person in respect of Senior Securities Representing Indebtedness, and (j) all Guarantees by such Person of any of the foregoing. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity solely to the extent the terms of such Indebtedness expressly provide that such Person is liable therefor. Notwithstanding the foregoing, "Indebtedness" shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset or investment to satisfy unperformed obligations of the seller of such asset or investment, (y) a commitment arising in the ordinary course of business to make a future investment or fund the delayed draw or unfunded portion of any existing investment, or (z) indebtedness of any Loan Party on account of the sale by such Loan Party of the first out tranche of any first lien loan that arises solely as an accounting matter under ASC 860, provided that such indebtedness (i) is non-recourse to such Loan Party and (ii) would not represent a claim against such Loan Party in a bankruptcy, insolvency or liquidation proceeding of such Loan Party, in each case in excess of the amount sold or purportedly sold. For the avoidance of doubt, (x) amounts payable by the Borrower to repurchase or redeem limited liability company interests pursuant to tender by the Fund in a manner consistent with the Fund's Organization Documents and the 1934 Act Reports (provided such repurchases or redemptions are not mandatory) and (y) the Borrower's obligations to issue additional limited liability company interests to the Fund in consideration for additional paid-in capital, in each case, shall not constitute Indebtedness hereunder.

"<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 Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 9.3(b)</u>.

"<u>Indirect Fund</u>" shall mean any "registered investment company" within the meaning of Section 8 of the ICA that has made or holds any investment made in reliance upon Sections 12(d)(1)(E), (F), (G) or (J) of the ICA (other than an investment made in reliance on Rule 12d1-1 thereunder).

"<u>Insolvency Event</u>" means, in relation to any Person, an event as described in <u>Section 8.1(h)</u>, <u>(i)</u> or <u>(j)</u> with respect to such Person.

"<u>Interest Payment Date</u>" means <u>(a)</u> quarterly on the 15<sup>th</sup><u>last</u> day of each January, April, July and October<u>March, June, September and December</u>, commencing on April 15<u>March 31</u>, 2025, and <u>(b)</u> the Maturity Date; provided, that, (i) if such date is neither a Business Day nor the Maturity Date, the Interest Payment Date shall be the immediately following Business Day, unless such immediately following Business Day falls in the next succeeding calendar month, in which case the Interest Payment Date shall be the Business Day immediately preceding such date, and (ii) if such date is the Maturity Date and not a Business Day, the Interest Payment Date shall be the immediately following Business Day <u>and (iii) all interest accrued on or after July 1, 2025 shall be payable on the Maturity Date (or the immediately following Business Day, as applicable)</u>.

"<u>Interest Period</u>" means, with respect to any Loan, <u>(a) initially,</u> the period commencing on the date of the making of such Loan (or the last date upon which any other Loan was converted to, or continued as, such Loan) and ending on the earlier of (a<u>i</u>) the date that is one

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(1) Business Day prior to the next Interest Payment Date (other than<u>last day of the calendar quarter in which such Loan was made (or converted or continued, as applicable) and (ii)</u> the Maturity Date) and (b) <u>thereafter, the period commencing on the day immediately following the last day of the preceding Interest Period and ending on the earlier of (i) the last day of such calendar quarter and (ii)</u> the Maturity Date<u>; provided that the Interest Period with respect to any Loan made prior to January 1, 2025 shall end on March 31, 2025</u>.

"<u>Investment</u>" means, with respect to any Person, any direct or indirect portfolio investment by such Person in, or portfolio exposure (including through Financial Contracts) of such Person to (a) currencies, commodities, loans or securities, or any indexes on currencies, commodities, loans, securities, interest rates, or indexes, (b) any Financial Contract, or (c) any other medium for investment.

"<u>Investment Adviser</u>" means, with respect to any Loan Party, the investment adviser or investment manager therefor.

"<u>Investment Default</u>" means, in respect of a Collateral Obligation, any of the following events has occurred and is continuing in respect of that 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) a default as to all or any portion of one or more payments of principal and/or interest has occurred after the earlier of (i) any grace period applicable thereto and (ii) five (5) Business Days, in each case, past the applicable due 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) a default (other than a default described in clause (a) of this definition) has occurred under the applicable Underlying Instruments and for which the Borrower (or the agent or required lenders pursuant to the applicable Underlying Instruments, as applicable) has elected to exercise any of its rights or remedies under the applicable Underlying Instruments (including acceleration or foreclosing on collateral, but excluding any imposition of default 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;(c) any portion of principal and/or interest (other than default interest) payable thereunder has been waived or forgiven by the holders of such obligation; 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) an Insolvency Event occurs with respect to the relevant Underlying Obligor.

"<u>Laws</u>" means, collectively, all international, foreign, federal, state, provincial, territorial and local laws, statutes, treaties, rules, guidelines, directives, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

"<u>Lien</u>" means, with respect to (a) any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, and (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset, and (b) any securities, any purchase option, call or similar right of a third party; <u>provided</u>, that "Lien" shall not include (x) in the case of Investments that are loans or other debt obligations, customary restrictions on assignments or transfers thereof on customary and market based terms pursuant to the underlying documentation relating to such investment; and (y) in the case of investments that are equity securities, customary drag-along, tag-along, rights of first refusal and other similar rights in favor of other equity holders of the same issuer.

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"<u>Loan</u>" means a loan made pursuant to <u>Section 2.2</u>.

"<u>Loan Documents</u>" means this Credit Agreement, the Security Documents, the Note, any and all other documents and instruments required to be executed and delivered by any Loan Party pursuant to this Credit Agreement that evidence or secure the Indebtedness contemplated hereby, together with all amendments, supplements or other modifications thereto, in each case as amended, supplemented or otherwise modified from time to time.

"<u>Loan Party</u>" means the Borrower and the Fund.

"<u>Make Whole Fee</u>" means, as of any date, with respect to any reduction and/or termination of the Committed Facility Amount in accordance with <u>Section 2.3(b)</u>, an amount equal to the product of (a) (i) in the case of a reduction or termination of the Committed Facility Amount in part, the principal amount of such reduction or termination and (ii) in the case of a termination of the Committed Facility Amount in full, the Committed Facility Amount immediately prior to such termination, (b) the number of days until the Scheduled Facility Termination Date *divided by* 360, (c) 1.45% and (d) the Discount Factor. <u>Notwithstanding the foregoing or anything to the contrary herein, no Make Whole Fee shall apply following September 30, 2025.</u>

"<u>Margin Stock</u>" has the meaning assigned to such term in Regulation U.

"<u>Markit Depth</u>" means the number of dealers providing a quote in respect of a Collateral Obligation on the IHS Markit platform (administered by IHS Markit Ltd).

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business or financial condition of any Loan Party (excluding a change in general market conditions or values of the portfolio investments of any Loan Party), (b) the ability of any Loan Party to perform its material obligations under any Loan Document (c) the rights or benefits available to the Bank under any Loan Document, or (d) the legality, validity, binding nature or enforceability of the Credit Agreement or the other Loan Documents as to any Loan Party.

"<u>Material Indebtedness</u>" means Indebtedness of any Loan Party (other than Indebtedness under the Loan Documents) in an aggregate principal amount exceeding the Threshold Amount.

"<u>Maturity Date</u>" means the earlier to occur of (a) the Stated Maturity Date, and (b) the date on which the Principal Obligations shall become due and payable in accordance herewith.

"<u>Measurement Date</u>" means, as of any date, the date (if any) of the most recent audited financial statements of the Borrower delivered to the Bank pursuant to the terms of this Credit Agreement.

"<u>Minimum Collateral Obligation Information</u>" means the following information in respect of each Collateral Obligation or Underlying Obligor, as applicable (unless otherwise consented to by the Bank 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;(a) the CUSIP, ISIN, Loan ID and/or BBG ID, 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;(b) the legal name of the Underlying Obligor and its jurisdiction of incorporation, sales and operations;

&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 seniority of the 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) the currency, notional amount, purchase price, purchase date and issue date of the 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;(e) the S&P Rating and/or Moody's Rating of the Collateral Obligation, 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;(f) the coupon type (i.e., fixed or floating), spread, floating rate base and all-in coupon of the 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;(g) the drawn amount under the 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;(h) whether or not the Collateral Obligation is delinquent (and, if so, a description of such delinquency); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the industry applicable to such Collateral Obligation.

"<u>Minimum Information Requirements</u>" means, with respect to any Collateral Obligation or Underlying Obligor, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the legal and beneficial owner of the 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) an overview of the transaction being funded by the initial drawing under the 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) details of the capital structure;

&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) a sources and uses 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;(e) deal highlights and 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;(f) details of the principal deal risks;

&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) a summary of the commercial terms, security package and financial covenant levels of the 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;(h) an overview of the company and industry description of the Underlying 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;(i) a historical and projected financial overview (including, if the same has been prepared, a bank base case model with quality of earnings);

&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) a summary of the expected de-leveraging profile of the 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;(k) a group structure chart setting out the shareholding of the Underlying Obligor and its Underlying Obligor Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) summary information on the management and (to the extent available) shareholders of the Underlying Obligor.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Moody's Rating</u>" means, with respect to any Collateral Obligation, the public rating issued by Moody's.

"<u>Net Asset Value</u>" means, as of any day of determination in respect of the assets of the Fund, the sum of the value of each asset of the Fund and its Subsidiaries computed in the

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manner as such value is required to be computed by the Fund in accordance with its Valuation Procedures and applicable law, including, without limitation, the ICA; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Net Asset Value of any asset shall be net of the Fund's liabilities relating thereto, including without limitation all of the Fund's obligations to pay any unpaid portion of the purchase price thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)when calculating the "Net Asset Value" of any asset, the Fund shall calculate such value monthly and in good faith using the Fund's Valuation Procedures as in effect on such date.

"<u>Non-Margin Assets</u>" means assets of the Borrower which do not constitute Margin Stock, <u>provided</u>, that, for purposes of this definition, "Non-Margin Assets" shall not include "puts, calls or combinations thereof" within the meaning of Regulation U. Non-Margin Assets are valued in accordance with Regulation U.

"<u>Non-Recourse Person</u>" has the meaning assigned to such term in <u>Section 1.4</u>.

"<u>Note</u>" means the promissory note, substantially in the form of Exhibit A, payable to the order of the Bank and dated the Effective Date and all replacements thereof and substitutions therefor.

"<u>Obligation</u>" means all present and future indebtedness, obligations, and liabilities of the Loan Parties to the Bank and its Affiliates and all renewals and extensions thereof (including, the Loans), or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the indemnity provisions hereof) or represented by the Notes, and all interest accruing thereon, and attorneys' fees pursuant to <u>Section 9.3</u> hereof or the corresponding section of any other Loan Document, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several; together with all present and future indebtedness, obligations and liabilities of the Loan Parties to the Secured Parties evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof.

"<u>OFAC</u>" means the U.S. Department of the Treasury's Office of Foreign Assets Control.

"<u>Organization Documents</u>" means, (a) with respect to any corporation, its certificate of incorporation or charter, and by-laws, (b) with respect to any partnership, its partnership agreement, (c) with respect to any limited liability company, its certificate of formation and limited liability company agreement, (d) with respect to any business trust or statutory trust, its certificate of trust, if any, and declaration of trust, and (e) with respect to any other Person, the counterpart documents thereof.

"<u>Other Connection Taxes</u>" means with respect to the Bank, any Taxes imposed as a result of a present or former connection between the Bank and the jurisdiction imposing such Tax (other than connections arising from the Bank having executed, delivered, become a party to, performed its obligations or received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document).

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"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

"<u>Patriot Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended.

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

"<u>Permitted Investments</u>" means all Investments of the Borrower (directly or indirectly, including through or in any Subsidiary), in each case (a) to the extent the Borrower has the power and authority under its Organization Documents to invest therein, and (b) to the extent the investment therein, ownership thereof, or exposure thereto, by the Borrower is in conformity with its Organization Documents and the 1934 Act Reports.

"<u>Permitted Liens</u>" means Liens permitted by <u>Section 7.2</u>.

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

"<u>PIK Loan</u>" means a Broadly Syndicated Loan that permits the Underlying Obligor thereon to defer or capitalize any portion of the accrued interest thereon.

"<u>Plan</u>" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), including any single-employer plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV of ERISA or Section 412 of the Code.

"<u>Preferred Security</u>" means any security issued by any Loan Party other than a security constituting (a) Indebtedness or (b) common stock.

"<u>Prime Rate</u>" means the rate of interest per annum publicly announced from time to time by the Bank as its prime commercial lending rate in Dollars; each change in the Prime Rate being effective from and including the date such change is publicly announced as being effective. The Prime Rate is not intended to be the lowest rate of interest charged by the Bank in connection with extensions of credit to borrowers.

"<u>Principal Balance</u>" means, with respect to any Collateral Obligation, as of any date of determination, the outstanding principal amount of such Collateral Obligation, excluding any capitalized interest.

"<u>Principal Obligation</u>" means the principal obligation of Loans as of such date.

"<u>Prohibited Industry</u>" means, any of the following being the primary and substantial industry or operation of the relevant Underlying 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;(a) an industry and directly connected (including production and trade) with controversial weapons (anti-personnel landmines, cluster munitions, nuclear/atomic, biological and chemical weapons or depleted uranium munitions);

&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) assault weapons or firearms manufacturing;

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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) the pornography or adult entertainment 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;(d) the production, trade or use of drift nets over 2.5 kilometres in length;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the production of asbestos fibres;

&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 production or trade in products containing PCBs (polychlorinated biphenyls);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the trade in any plant or animal species or products governed by the Convention on International Trade in Endangered Species of Wild Fauna or Flora ("<u>CITES</u>") which are not authorized by a CITES permit;

&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) the production, processing and/or sale of tobacco and/or tobacco related products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the production, processing and/or sale of cannabis and/or cannabis related products.

"<u>Purchase Price</u>" means, for any Collateral Obligation, the consideration paid (or agreed to be paid in respect of any Collateral Obligation that has, as at the date of determination, been traded but not yet settled) by any Loan Party for such Collateral Obligation on the Trade Date (excluding any purchased accrued interest and any stamp duty or stamp duty reserve tax).

"<u>Purchase Right</u>" is defined in <u>Section 8.2(b)</u>.

"<u>Purchase Right Event</u>" is defined in <u>Section 8.2(b)</u>.

"<u>Purchase Right Failure</u>" is defined in <u>Section 8.2(b)</u>.

"<u>Ratio Report</u>" has the meaning set forth in <u>Section 6.1(e)</u>.

"<u>Register</u>" has the meaning assigned to such term in <u>Section 2.4(e)</u>.

"<u>Regulated Investment Company</u>" has the meaning set forth in Section 851 of the Code.

"<u>Regulation D</u>" means Regulation D of the Board of Governors as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation U</u>" means Regulation U of the Board of Governors as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation X</u>" means Regulation X of the Board of Governors as from time to time in effect and all official rulings and interpretations thereunder or thereof.

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

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

"<u>Repackaging SPV</u>" means Aries Capital Designated Activity Company or another repackaging special purpose vehicle agreed by the Borrower with the Bank, to which the Bank

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may transfer all or part of its Committed Facility Amount, Uncommitted Facility Amount or Loans in accordance with the provisions of this Credit Agreement.

"<u>Repackaging SPV Transferred Interests</u>" has the meaning assigned to such term in <u>Section 9.4(b)</u>.

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

"<u>Restricted Payment</u>" means (a) any dividend or other distribution by a Loan Party (whether in cash, securities or other property) with respect to any shares, units or other equity interests issued by such Loan Party, and (b) without duplication, any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, by a Loan Party on account of the purchase, redemption, retirement, acquisition, cancellation, defeasance or termination of any such shares, units or other equity interests; <u>provided</u>, <u>however</u>, that any dividend or other distribution or other payment payable solely in shares of common stock of a Loan Party shall not constitute a "Restricted Payment".

"<u>Revolving Credit Facility Loan</u>" means a loan (including revolving loans, funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments to make loans under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be made to the related Underlying Obligor by any Loan Party and which provides that such borrowed money may be repaid and re-borrowed from time to time.

"<u>S&P</u>" means S&P Global Ratings, a Standard & Poor's Financial Services, LLC business, and any successor thereto.

"<u>S&P Rating</u>" means, with respect to any Collateral Obligation, the public rating issued by S&P.

"<u>Sale Price</u>" means the consideration received (or to be received in respect of a Collateral Obligation that has, as at the date of determination, been traded but not yet settled) by any Loan Party for such Collateral Obligation on the Trade Date (excluding any purchased accrued interest and any stamp duty or stamp duty reserve tax or other similar financial transaction tax).

"<u>Same Day Funds</u>" means with respect to disbursements and payments, immediately available funds.

"<u>Sanctioned Jurisdiction</u>" means, at any time, a country or territory which is the subject or target of comprehensive country-based or region-based (not individual- or entity-based) Sanctions (which, at the time of this Credit Agreement, includes the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea regions of Ukraine, Cuba, Iran, North Korea, and Syria).

"<u>Sanctioned Person</u>" means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions, including without limitation any Person that is (a) listed on a Sanctions-related list, as amended, supplemented, or substituted from time to time; (b) is organized, located, domiciled, incorporated or resident in a Sanctioned Jurisdiction; or (c) 50% or more directly or indirectly owned by, controlled by, or acting for the benefit or on behalf of, any Person described in clauses (a) or (b) hereof.

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"<u>Sanctions</u>" means any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by the U.S. Government, including the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the U.S. Department of State, the United Nations Security Council, His Majesty's Treasury of the United Kingdom and/or the European Union.

"<u>Scheduled Facility Termination Date</u>" means September 30, 2025 or such later date as the Borrower and the Bank shall agree pursuant to Section 2.3(d).<u>initially, October 31, 2025; provided that, on each day following October 1, 2025, the Scheduled Facility Termination Date shall be automatically extended for an additional day unless (a) immediately before or after giving effect to such extension an Event of Default has occurred and is continuing or would result therefrom, or (b) the Borrower or the Bank gives written notice on any Business Day that it does not wish for further automatic extensions of the Scheduled Facility Termination Date to occur, in which case such extensions shall cease and the Scheduled Facility Termination Date shall be the date that is 30 days therefrom, unless another date is mutually agreed upon in email. In the event that the Scheduled Facility Termination Date falls on a day that is not a Business Day, the Scheduled Facility Termination Date shall be the immediately preceding Business Day. Notwithstanding the foregoing, in no event will the Scheduled Facility Termination Date extend beyond December 31, 2025.</u>

"<u>SEC</u>" means the U.S. Securities and Exchange Commission and/or any other Governmental Authority succeeding to the functions thereof with respect to the ICA and the Securities Act.

"<u>Second Lien Loans</u>" means a secured loan or similar debt obligation or security (including bonds) that is subordinated to a first lien obligation.

"<u>Second Trigger Breach</u>" has the meaning set forth in <u>Section 2.4(c)(ii)</u>.

"<u>Second Trigger Breach Notice</u>" has the meaning set forth in <u>Section 2.4(c)(ii)</u>.

"<u>Secured Party</u>" means, at any time, the Bank, and any Affiliate of the Bank to which Obligations are owed.

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

"<u>Security Agreement</u>" has the meaning set forth in <u>Section 5.1(e)</u>.

"<u>Security Documents</u>" means the Security Agreement, the Fund Guaranty, the Control Agreement and each other agreement, instrument or other document executed or delivered pursuant thereto.

"<u>Senior Securities</u>" has the meaning set forth in Section 18(g) of the ICA.

"<u>Senior Securities Representing Indebtedness</u>" has the meaning set forth in Section 18(g) of the ICA (but excluding any liabilities corresponding to derivatives or reverse repurchase transactions that are excepted from the asset coverage requirements of Section 18 of the ICA pursuant to Rule 18f-4 of the ICA).

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

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

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"<u>Specified Default</u>" means a Default occurring under clause (a), (b), (h) or (i) of <u>Section 8.1</u>.

"<u>Specified Event of Default</u>" means an Event of Default occurring under clause (a), (b), (h) or (i) of <u>Section 8.1</u>.

"<u>Stated Maturity Date</u>" means, except as otherwise extended pursuant to Section 2.3(d), the Facility Termination Date.

"<u>Status</u>" has the meaning set forth in <u>Section 4.16</u>.

"<u>Structured Finance Obligation</u>" means any 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) secured by, referenced to, or representing the value of, a pool of consumer receivables, auto loans, auto leases, equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations or similar 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) issued by a specially created investment vehicle established for the purposes of issuing such obligations and acquiring such assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payments on such obligations depend primarily on the cash flows generated by such assets and other rights designed to assure timely payment, such as a liquidity facility or other enhancement,

including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any re-securitisation thereof.

"<u>Subsidiary</u>" of a Person means a corporation, partnership, limited liability company, association or joint venture or other business entity of which a majority of the equity interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time owned or the management of which is controlled, directly or indirectly through one or more intermediaries, by such Person.

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

"<u>Term SOFR</u>" means <u>(a) prior to October 1, 2025,</u> the Term SOFR Reference Rate for a tenor of (a<u>i</u>) with respect to any Term SOFR Loan, three (3) months and (b<u>ii</u>) with respect to any ABR Loan, <u>one (1) month and (b) on or after October 1, 2025, the Term SOFR Reference Rate for a tenor of</u> one (1) month, in each case on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; *provided*, *however*, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for such tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic

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Term SOFR Determination Day; *provided*, *further*, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"<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 Lender in its reasonable discretion).

"<u>Term SOFR Loan</u>" means a Loan (or any portion thereof) denominated in Dollars and bearing interest based on the Term SOFR (or, as applicable as of any date of determination, the related Benchmark Replacement therefor).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Threshold Amount</u>" means, as of any date, the greater of (a) 3.0% of the Adjusted Net Assets, and (b) $10,000,000.

"<u>Total Facility Amount</u>" means, as of any date, the sum of the Committed Facility Amount and the Uncommitted Facility Amount as of such date.

"<u>Total Liabilities</u>" means, at any date, the sum of all liabilities of the Fund and its Subsidiaries which in accordance with GAAP would be classified as liabilities upon the consolidated statement of assets and liabilities of the Fund and its Subsidiaries prepared as of such date.

"<u>Trade Date</u>" has the meaning assigned to such term in Section 1.6(g).

"<u>Transactions</u>" means the (a) execution, delivery and performance by the Loan Parties of each Loan Document to which it is a party, (b) borrowing of the Loans and (c) use of the proceeds of the Loans.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Uncommitted Facility Amount</u>" means as of any date, the option of the Bank hereunder to make Loans to the Borrower in its sole discretion in an aggregate principal amount equal to the amount set forth in the table below opposite such date (or the applicable range of dates).

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| | |
|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Uncommitted Facility Amount |
| &nbsp;&nbsp;From the Effective Date to but excluding the Facility Availability Date | &nbsp;&nbsp;$0 |

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| | |
|:---|:---|
| &nbsp;&nbsp;From the Facility Availability Date through and including March 31, 2025 | &nbsp;&nbsp;$30000000 |
| &nbsp;&nbsp;From April 1, 2025 through and including June 30, 2025 | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;From July 1, 2025 through and including September 30, 2025 | &nbsp;&nbsp;$55000000 |
| &nbsp;&nbsp;From October 1, 2025 through and including the Scheduled Facility Termination Date (only applicable if the Scheduled Facility Termination Date has been extended beyond September 30, 2025) | &nbsp;&nbsp;$175000000<u>0</u> |

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"<u>Underlying Instrument</u>" means the loan agreement, credit agreement, indenture or other agreement pursuant to which a Collateral Obligation has been issued or created 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>Underlying Obligor</u>" means, in respect of any Collateral Obligation, each Person obligated to pay Collections in respect of such Collateral Obligation, including any applicable guarantors; provided that for purposes of determining the domicile of an Underlying Obligor for purposes of the definitions of Concentration Limits and Collateral Obligation, the term "Underlying Obligor" shall only include the Person in respect of which the Collateral Obligation was principally underwritten.

"<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. Tax Compliance Certificate</u>" has the meaning specified in <u>Section 3.4(f)</u>.

"<u>Valuation Procedures</u>" means the Fund's valuation procedures approved by the Fund's Board of Trustees and as in effect on the Effective Date (a copy of which has been provided to the Bank on the Effective Date), or as modified from time to time in accordance with applicable Law and approved by the Fund's Board of Trustees.

"<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

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that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.2<u>Terms Generally</u>

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall" Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any definition of or reference to any law, rule or regulation shall be construed as referring to such law, rule or regulation as from time to time amended and any successor thereto and in the case of such law, the rules and regulations promulgated from time to time thereunder, (c) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns, (d) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Credit Agreement in its entirety and not to any particular provision hereof, and (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear and (f) the words "<u>asset</u>" and "<u>property</u>" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.3<u>Accounting Terms</u>

As used in the Loan Documents and in any certificate, opinion or other document made or delivered pursuant thereto, accounting terms not defined in <u>Section 1.1</u>, and accounting terms partly defined in <u>Section 1.1</u>, to the extent not defined, shall have the respective meanings given to them under Applicable Accounting Principles. If at any time any change in Applicable Accounting Principles would affect the computation of any financial ratio or requirement set forth in this Credit Agreement and (i) the Borrower notifies the Bank that the Borrower objects to determining compliance with such financial ratio or requirement on the basis of Applicable Accounting Principles in effect immediately after such change becomes effective or (ii) the Bank so objects, then the Borrower's compliance with such ratio or requirement shall be determined on the basis of Applicable Accounting Principles in effect immediately before such change becomes effective, until either such notice is withdrawn by the Borrower or the Bank, as the case may be, or the Borrower and the Bank otherwise agree. Except as otherwise expressly provided herein, the computation of financial ratios and requirements set forth in this Credit Agreement shall be consistent with the Borrower's financial statements pursuant to <u>Section 6.1</u>.

Section 1.4<u>Non-Recourse Persons</u>

The Bank hereby agrees for the benefit of each and every trustee, director, and officer of, and each record owner of any outstanding shares of, the Fund (each a "<u>Non-Recourse</u> 

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<u>Person</u>") that (a) no Non-Recourse Person shall have any personal liability for any obligation of the Loan Parties under any Loan Document or other instrument or document delivered pursuant hereto or thereto; and (b) no claim against any Non-Recourse Person or any property thereof may be made for any obligation of the Loan Parties under any Loan Document or other instrument or document delivered pursuant hereto or thereto, whether for the payment of principal of, or interest on, the Loans or for any fees, expenses or other amounts payable by the Loan Parties hereunder or thereunder.

Section 1.5<u>Rates</u>

The Bank does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to Term SOFR, the Term SOFR Reference Rate, the Alternate Base Rate, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as Term SOFR, the Term SOFR Reference Rate, the Alternate Base Rate, or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Bank and its affiliates or other related entities may engage in transactions that affect the calculation of Term SOFR, the Term SOFR Reference Rate, the Alternate Base Rate, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Bank may select information sources or services in its reasonable discretion to ascertain Term SOFR, the Term SOFR Reference Rate, the Alternate Base Rate or any other Benchmark, in each case pursuant to the terms of this Credit Agreement, and shall have no liability to the Borrower 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, except to the extent resulting from the gross negligence or willful misconduct of the Bank.

Section 1.6<u>Collateral Value Calculation Procedures</u>

In connection with all calculations required to be made pursuant to this Credit Agreement with respect to any payments on any investment included in the Collateral, with respect to the sale of and reinvestment in Collateral Obligations, and with respect to any amounts that may be received for deposit in the Collateral Account, the provisions set forth in this Section 1.6 apply. The provisions of this Section 1.6 apply to any determination or calculation that is covered by this Section 1.6, whether or not reference is specifically made to Section 1.6, unless some other method of calculation or determination is expressly specified in the particular provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All calculations with respect to Collections on any Collateral will be made on the basis of information as to the terms of each such Collateral and upon reports of payments, if any, received on such Collateral that are furnished by or on behalf of the Underlying Obligor of such Collateral and, to the extent they are not manifestly in error, such information or reports may be conclusively relied upon in making such calculations.

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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) Determinations of the Eligible Collateral Obligations, or portions thereof, that constitute Excess Concentration Amounts will be determined in the way that produces the highest Aggregate Adjusted Collateral Value at the time of determination, it being understood that an Eligible Collateral Obligation (or portion thereof) that falls into more than one category of Eligible Collateral Obligations will be deemed, solely for purposes of such determinations, to fall only into the category that produces the highest such Aggregate Adjusted Collateral Value at such time (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;(c) All calculations required to be made hereunder with respect to the Collateral Obligations, Eligible Collateral Obligations and the Aggregate Adjusted Collateral Value will 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 and (y) all Loans requested to be made on such Trade Date plus the balance of all unfunded Loans to be made in connection with the purchase by any Loan Party of previously requested Eligible Collateral Obligations; <u>provided</u> that the Borrower shall take commercially reasonable steps to ensure the settlement of Collateral Obligations which have been purchased or sold on a Traded but not yet Settled basis is not delayed.

&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) Unless otherwise expressly provided for herein, all monetary calculations (other than for Dollars) under this Credit Agreement shall be the U.S. Dollar equivalent of such amount, as applicable. Notwithstanding anything to the contrary herein, no Default shall be deemed to have occurred and no monetary thresholds shall be deemed not complied with solely as a result of changes in the applicable exchange 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;(e) References in this Credit Agreement to the "purchase" or "acquisition" of a Collateral Obligation by any Loan Party include references to such Loan Party's acquisition of such Collateral Obligation by way of a sale and/or contribution such Collateral Obligation and such Loan Party's making or origination of a Broadly Syndicated Loan. Portions of the same Collateral Obligation acquired by any Loan Party on different dates (whether through purchase, receipt by contribution or the making or origination thereof, but excluding subsequent draws under Broadly Syndicated Loans) will, for purposes of determining the purchase price of such Eligible Collateral Obligation, be treated as separate purchases on separate dates (and not a weighted average purchase price for any particular 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;(f) For the purposes of calculating compliance with each of the Concentration Limits all calculations will be rounded to the nearest 0.01%.

&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) For purposes of calculating compliance with any test under this Credit Agreement in connection with the acquisition or disposition of any Collateral, the trade date (the "<u>Trade Date</u>") (and not the settlement date) with respect to any such Collateral under consideration for acquisition or disposition will be used to determine whether such acquisition or disposition is permitted hereunder.

Section 1.7<u>Collateral Value Test and Collateral Value Ratio Calculations</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) On each Business Day after the Bank has received a Daily Collateral Report, the Bank shall, as soon as reasonably practicable, notify the Borrower (the "<u>Bank's Daily Notice</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) of the Collateral Value Ratio, together with supporting calculations (including the Bank's Current Price for each Eligible Collateral Obligation); 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;(ii) whether the Borrower is in compliance with the Collateral Value Test as of that Business Day, together with supporting calculations (including the Bank's Current Price for each Eligible 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;(iii) if the Borrower is not in compliance with the Collateral Value Test as of that Business Day, the Bank shall provide its calculation of the Aggregate Loan Balance as a proportion of the Aggregate Adjusted Collateral Value (expressed as a percentage).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower must promptly (and in any event within one Business Day of the date of the Bank's Daily Notice) notify the Bank if it does not agree with the Bank's calculation of the Current Price of any Eligible Collateral Obligation as advised by the Bank in the Bank's Daily Notice. The Borrower will be deemed to have agreed to the calculations provided by the Bank in the Bank's Daily Notice unless the Borrower expressly notifies the Bank otherwise by 5 p.m. on the Business Day falling immediately after the date of the Bank's Daily 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;(c) If the Borrower notifies the Bank that it does not agree with the Bank's calculation of the Current Price of any Eligible Collateral Obligation as set out in the Bank's Daily Notice, the Borrower shall be entitled to reprice the Eligible Collateral Obligations (each such repricing, an "<u>Alternative Current Price</u>") 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;(i) with respect to Eligible Collateral Obligation for which three (3) or more bids are quoted and available from an External Pricing Source, the bid price for such assets most recently quoted by an External Pricing Source; 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) with respect to Eligible Collateral Obligation for which less than three (3) bids are quoted and available from an External Pricing 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)if the Borrower provides two (2) external firm bids from Authorized Dealers for a position size equal to the lower of (A) the Principal Balance of such Eligible Collateral Obligation and (B) $5,000,000, within two (2) Business Days of the date of the Bank's Daily Notice, the average of such bids; 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;(2) otherwise, the price as previously determined by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within one Business Day of being notified of the Alternative Current Price in accordance with paragraph (c) above, the Bank shall re-calculate the Collateral Value Test using the Alternative Current Price for the relevant Collateral Obligations and notify the Borrower whether the Borrower is in compliance with the Collateral Value Test.

Section 1.8<u>Ratio Report Calculations</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)Pursuant to <u>Section 6.1(e)</u>, the Borrower shall deliver or cause to be delivered to the Bank on a monthly basis a Ratio Report prepared by the Administrator. The value of all assets of the Loan Parties included in each such Ratio Report is to be determined in accordance with the Valuation Procedures of the Fund, which as of the Effective Date provide, among other things, that (i) any asset will be priced identically for all funds managed by the Investment Adviser, (ii) a bid price will be used, (iii) any asset with an observable price will be priced based on an observable bid price available on an External Pricing Source and (iv) any asset with no observable price will be priced based on the Purchase Price therefor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank must promptly (and in any event within one Business Day of its receipt of such Ratio Report) notify the Borrower if it does not agree with the Administrator's information as set forth in such Ratio Report. The Bank will be deemed to have agreed to the information set forth in the Ratio Report unless the Bank expressly notifies the Borrower otherwise by 5 p.m. on the Business Day falling immediately after the date of the Bank's receipt of such Ratio 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;(c) If the Bank notifies the Borrower that it does not agree with the information set forth in the Ratio Report, the Bank shall be entitled to discuss any such disputed information with the Borrower.

ARTICLE 2.<u>THE CREDITS</u>

Section 2.1<u>Commitment</u>

Subject to the terms and conditions set forth herein, the Bank agrees to make loans to the Borrower from time to time during the period from the Effective Date through the Facility Termination Date, <u>provided</u> that (a) immediately after giving effect thereto, (i) the Principal Obligations would not exceed (x) the Committed Facility Amount or (y) only if the Bank consents in its sole and absolute discretion to make uncommitted Loans, the Total Facility Amount, (ii) the Adjusted Asset Coverage would not be less than 1.50:1.00, and (iii) the amount of the proposed Loan must be an amount which will not cause a breach of the Collateral Value Test at the time the proposed Loan is made, calculated on a pro forma basis and (b) at the close of business on the Business Day prior to the requested date of such Loan, the Bank shall have received evidence that the Borrower holds cash in the Collateral Account in an amount not less than the Minimum Equity Amount (which evidence may include a record of a wire transfer to the Borrower, an account statement or other evidence satisfactory to the Bank in its reasonable discretion). For purposes of this <u>Section 2.1</u>, the "Minimum Equity Amount" shall be an amount which, when aggregated with the portion of the requested Loan that will be used to satisfy outstanding Purchase Price obligations, will equal at least 100% of the aggregate outstanding Purchase Price obligations of the Borrower at such time. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

Section 2.2<u>Loans</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General Provisions</u>. To request a Loan, the Borrower shall deliver a duly executed Borrowing Request to the Bank by email, not later than 12:00 p.m., New York City time, two (2) Business Days before the date of the proposed Loan (or such lesser period agreed to by the Bank). Such Borrowing Request shall be irrevocable and shall specify: (A) the requested date for such Loan (which shall be a Business Day) and (B) the amount of such Loan, which shall be an Approved 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;(b)The Borrower shall not request more than twelve (12) Loans in any calendar month (or such greater number agreed to by the Bank acting reasonably).

Section 2.3<u>Termination, Reduction and Extension of Committed Facility Amount</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)Unless previously terminated in accordance with this Credit Agreement, the Committed Facility Amount shall terminate on the Scheduled Facility Termination 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;(b)The Borrower may at any time terminate, or from time to time reduce, the Committed Facility Amount, <u>provided</u> that (i) the Borrower may not terminate or reduce the Committed Facility Amount if, immediately after giving effect thereto and to any concurrent repayment of the Loans in accordance with <u>Section 2.4</u> or <u>2.5</u>, the Principal Obligations would exceed the Committed Facility Amount, (ii) each such reduction shall be in a minimum amount $5,000,000 and in an integral multiple of $1,000,000, and (iii) in connection with any such termination or reduction, the Borrower shall pay to the Bank, in addition to any other amounts payable by the Borrower hereunder, a prepayment premium equal to the Make Whole Fee.

&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 Borrower shall notify the Bank of any election to terminate or reduce the Committed Facility Amount under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable and any termination or reduction of the Committed Facility Amount hereunder shall be permanent; <u>provided</u> that any such notice of termination may be revoked without penalty or premium if such termination is contingent on a refinancing and such refinancing does not occur for any reason. Each termination or reduction of the Committed Facility Amount shall be accompanied by the payment of accrued and unpaid commitment fees to the extent required by <u>Section 3.2</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) The Borrower may at any time and from time to time (but not less than thirty (30) days prior to the then in effect Scheduled Facility Termination Date) request in writing that the Bank consent (such consent to be in the sole and absolute discretion of the Bank) to extend the Scheduled Facility Termination Date until December 31, 2025. In the event that the Bank shall have consented to such extension request, the Scheduled Facility Termination Date shall, subject to Section 8.2, be extended to such date. In the event that the Bank fails to respond to such request within twenty (20) calendar days of receipt thereof, the Bank shall be deemed to have rejected such request and the then existing Scheduled Facility Termination Date shall remain in place; provided that no extension shall be effective hereunder in the event an Event of Default shall have occurred and be continuing immediately before or after the date of such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As a condition precedent to such extension contemplated by Section 2.3(d) above, the Borrower shall deliver to the Bank a certificate of the Borrower dated as of the date of such extension signed by the Authorized Signatory of the Borrower (x) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such extension or stating that previously delivered resolutions permitting such extension are still in full force and effect, and (y) certifying that, immediately after giving effect to such extension, (A) the representations and warranties contained in Article 4 and the other Loan Documents are true and correct in all material respects on and as of the date of such extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and the representations and warranties contained in Section 4.13 shall be deemed to refer to the most recent statements furnished pursuant to Section 6.1, and (B) no Default or Event of Default has occurred and is continuing.

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Section 2.4<u>Repayment of Loans; Evidence of Debt</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower hereby unconditionally promises to pay to the Bank the then unpaid Principal Obligations and all other accrued and unpaid Obligations outstanding on the Maturity Date in Same Day 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;(b)In the event that on any date, the Borrower shall fail to be in compliance with <u>Section 7.7(a)</u>, the Borrower shall, within five (5) Business Days, repay the Loans in Same Day Funds and take such other actions as may be necessary such that, immediately after giving effect to such repayment and other actions, the Borrower is in compliance with such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Collateral Value Undertakings</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) If, at any time, the Collateral Value Ratio exceeds 77.5% (a "<u>First Trigger Breach</u>"), the Bank shall notify the Borrower (a "<u>First Trigger Breach Notice</u>") and the Borrower shall take actions (which may include prepaying outstanding Loans and/or, to the extent the Borrower does not hold cash sufficient to effect such cure, disposing, transferring, selling or liquidating Collateral Obligations, or other measures; provided that the Borrower shall agree to apply the proceeds of such Collateral Obligations (or the necessary portion thereof) to prepay outstanding Loans) to ensure that, within thirty (30) Business Days following the date of the First Trigger Breach Notice, the Collateral Value Ratio does not exceed 77.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If, at any time, the Collateral Value Ratio exceeds 85% (a "<u>Second Trigger Breach</u>"), the Bank shall notify the Borrower (a "<u>Second Trigger Breach Notice</u>") and (x) the Borrower shall have two (2) Business Days following the date of the Second Trigger Breach Notice to provide evidence to the Bank, satisfactory to the Bank in its reasonable discretion, that it has taken actions (which may include prepaying outstanding Loans and/or, to the extent the Borrower does not hold cash sufficient to effect such cure, disposing, transferring, selling or liquidating Collateral Obligations, or other measures; provided that the Borrower shall agree to apply the proceeds of such Collateral Obligations (or the necessary portion thereof) to prepay outstanding Loans) to ensure that, within twelve (12) Business Days following the date of the Second Trigger Breach Notice, the Collateral Value Ratio will not exceed 85% and (y) the Borrower shall have fifteen (15) calendar days to provide evidence to the Bank, satisfactory to the Bank in its reasonable discretion, that it has taken actions to ensure that, within thirty (30) calendar days following the date of the Second Trigger Breach Notice, the Collateral Value Ratio will not exceed 75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If any breach described in clauses (i) or (ii) above is remedied as a result of fluctuations in the market value of the Collateral Obligations, then the relevant breach shall only be deemed to have be cured if the Collateral Value Ratio has returned below the applicable threshold for a period of five (5) consecutive 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Each prepayment of Loans pursuant to this <u>Section 2.4(c)</u> shall include all amounts payable to the Bank under <u>Section 2.6</u>. For the avoidance of doubt, multiple First Trigger Breach Notices and/or Second Trigger Breach Notices may be served

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pursuant to this clause (c) for any new breach (or an incremental breach in respect of an existing breach which has not yet been cured) of the maximum Collateral Value Ratio requirement under <u>Section 2.4(c)(i)</u> and <u>Section 2.4(c)(ii)</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;(d)If on any Business Day the Principal Obligations outstanding shall exceed the Total Facility Amount, the Borrower shall, within five (5) Business Days, prepay Loans in Same Day Funds in an aggregate amount sufficient to eliminate such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Bank, acting solely for this purpose as agent of the Borrower, shall maintain in accordance with its usual practice an account or accounts evidencing the names and addresses of the Bank and any other lenders of a Loan, the outstanding principal of and accrued interest on each Loan at one of its offices in the United States of America (the "<u>Register</u>"). The entries made in such account or accounts shall, to the extent not prohibited by applicable Law, be prima facie evidence of the existence and amounts of the obligations recorded therein, provided that the failure of the Bank to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans (and interest thereon) in accordance with the terms of this Credit Agreement. The Register shall be available for inspection by the Borrower from time to time upon reasonable prior notice.

Section 2.5<u>Voluntary Prepayments</u> 

The Borrower shall have the right at any time and from time to time, without premium or penalty, to prepay any Loan in whole or in part. The Borrower shall notify the Bank by telephone (confirmed by facsimile) of any prepayment hereunder not later than 2:00 p.m., New York City time, two (2) Business Days prior to date of prepayment (or such shorter period as agreed by Bank). Each such notice shall be irrevocable and shall specify the prepayment date and the Principal Obligations of each Loan or portion thereof to be prepaid, <u>provided</u> that any such notice of prepayment may be revoked without penalty or premium if such prepayment is contingent on a refinancing and such refinancing does not occur for any reason. Each partial prepayment of the Loans pursuant to this <u>Section 2.5</u> shall be in an Approved Amount. Prepayments shall be accompanied by accrued and unpaid interest to the extent required by <u>Section 3.1</u>.

Section 2.6<u>Payments Generally</u>

The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal of Loans, interest, fees, or otherwise) prior to 2:00 p.m., New York City time, on the date when due, in immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date shall be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Bank at such office as to which the Bank may notify the Borrower. Except as may be otherwise provided in the defined term "Interest Period", if any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. If at any time insufficient funds are received by and available to the Bank from the Borrower to pay fully all Obligations then due under the Loan Documents, such funds shall be

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applied to the Obligations owing to the Bank: (i) first, to payment of such amounts (excluding Principal Obligations, interest and fees), in such order as the Bank may choose, (ii) second, to such interest and fees then due, and (iii) third, to the Principal Obligations then due on a first-in, first-out basis (based on date of borrowing). All amounts paid under the Loan Documents shall not be refundable under any circumstances absent manifest error.

Section 2.7<u>[Reserved]</u>

Section 2.8<u>Increase in Committed Facility Amount</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)Upon ten (10) days' notice to the Bank (or such shorter period as agreed by Bank), the Borrower may from time to time request an increase in the Committed Facility Amount; <u>provided</u> that any such request for an increase shall be in a minimum amount of $5,000,000 or a larger multiple of $5,000,000 in excess thereof; <u>provided</u>, <u>further</u> that in no event shall the Committed Facility Amount exceed the Total Facility Amount as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Bank shall notify the Borrower of the Bank's responses to each request made under this <u>Section 2.8</u>; <u>provided</u> that no increase shall occur unless consented to by the Bank 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;(c)If the Committed Facility Amount is increased in accordance with this Section, the Bank and the Borrower shall determine the effective date (the "<u>Increase Effective Date</u>") and the final amount of such increase (including any corresponding decrease of the Uncommitted Facility Amount). The Bank shall promptly notify the Borrower of the final amount of such increase in the Committed Facility Amount (including any corresponding decrease of the Uncommitted Facility Amount) and the Increase Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As a condition precedent to such increase, the Borrower shall deliver to the Bank a certificate of the Borrower dated as of the Increase Effective Date signed by an Authorized Signatory of the Borrower (x) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase or stating that previously delivered resolutions permitting such increase are still in full force and effect, and (y) certifying that, immediately after giving effect to such increase, (A) the representations and warranties contained in <u>Article 4</u> and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this <u>Section 2.8</u>, the representations and warranties contained in <u>Section 4.13</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>Section 6.1</u>, and (B) no Default or Event of Default has occurred and is continuing.

ARTICLE 3.<u>INTEREST, FEES, YIELD PROTECTION, ETC.</u>

Section 3.1<u>Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Principal Obligations shall bear interest at a rate per annum equal to the Applicable Rate. Notwithstanding the foregoing, if any Obligations have not been paid when due and an Event of Default has occurred and is continuing, (x) the Principal Obligations shall bear interest at a rate per annum equal to the Applicable Rate for such Loans plus 2.00%, and (y) any

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other Obligations shall bear interest at a rate per annum equal to the Applicable Rate for ABR Loans plus 2.00%, and for the avoidance of doubt, in each case of (x) and (y) above, shall bear interest, after as well as before judgment, at the rate per annum equal to such 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)Accrued and unpaid interest on each Loan shall be payable in arrears on each Interest Payment Date applicable thereto, provided that (1) interest accrued and unpaid pursuant to paragraph (a) of this Section shall be payable on demand, and (2) in the event of any repayment or prepayment of any Loan, accrued and unpaid interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. All interest hereunder shall be computed on the basis of a year of 360 days (provided that interest computed by reference to the Prime Rate shall be on the basis of a year of 365 or 366 days, as applicable) for the actual number of days elapsed (including the day a Loan is made but excluding the date of repayment). The Alternate Base Rate, the Federal Funds Rate, Term SOFR, and the Prime Rate shall each be determined by the Bank in accordance with the provisions of this Credit Agreement, and such determination shall be conclusive absent manifest error.

Section 3.2<u>Fees</u>

The Borrower shall pay to the Bank a commitment fee, at a rate per annum equal to the Commitment Fee Rate during the period from and including March 3, 2025 to but excluding the Facility Termination Date, on the average daily amount of the excess of the Committed Facility Amount over the Principal Obligations during a calendar quarter (for the avoidance of doubt, it being understood that no commitment fee shall be payable in respect of any day prior to March 3, 2025). Accrued and unpaid commitment fees shall be payable in arrears for each calendar quarter on (a) the later of (i) the fifteenth (15<sup>th</sup>) calendar day of the immediately succeeding<u>last day of such</u> calendar quarter (or if such date is not a Business Day, the immediately succeeding<u>preceding</u> Business Day) and (ii) the fifth (5th) Business Day following receipt of an invoice in the immediately succeeding quarter from the Bank and (b) the date on which the Committed Facility Amount terminates, and the payment of such fees shall commence on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Upon any reduction of the Committed Facility Amount in accordance with <u>Section 2.3(c)</u>, the Borrower shall prepay the commitment fee on the reduced portion of the Committed Facility Amount through the date of such reduction. <u>Notwithstanding the foregoing, all commitment fees accrued on or after July 1, 2025 will be payable on the Facility Termination Date.</u>

Section 3.3<u>Increased Costs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If there shall occur any Change in Circumstance or a Change in Law subjects the Bank to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) and the result of any of the foregoing shall be (i) to increase the cost to the Bank of making or maintaining any Loan, or to reduce the amount of any sum received or receivable by the Bank from the Borrower under the Loan Documents (whether of principal, interest or otherwise), in each case by an amount deemed by the Bank to be material, then promptly upon demand by the Bank (and in any event within thirty (30) days following such demand) and delivery to the Borrower of the certificate required by clause (c) hereof, the Borrower will pay to the Bank such amount as will

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compensate the Bank for such increased costs or reduced amount, or (ii) to increase the cost to the Bank of maintaining the Commitment, then the Borrower will pay to the Bank such amount as will compensate the Bank for such increased costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Bank determines in good faith that any Change in Law regarding liquidity or capital requirements has or would have the effect of reducing the rate of return on the Bank's capital or on the capital of the Bank's holding company, as a consequence of this Credit Agreement or any Loan made by the Bank hereunder to a level below that which the Bank or the Bank's holding company could have achieved but for such Change in Law (taking into consideration the Bank's policies and the policies of the Bank's holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to the Bank such additional amount or amounts as will compensate the Bank or the Bank's holding company for (i) any such reduction suffered as a consequence of such Loan, and (ii) any other such reduction.

&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)Upon the request of the Borrower the Bank will designate a different lending office if such designation will avoid the need for, or reduce the amount of, any compensation payable by the Borrower pursuant to this <u>Section 3.3</u> and will not, in the judgment of the Bank, be otherwise disadvantageous to the Bank. A certificate of the Bank setting forth in reasonable detail the Bank's reasonable good faith determination of the additional amount or amounts necessary to compensate the Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section and the calculations used in determining such additional amount or amounts shall be delivered to the Borrower and shall be conclusive absent manifest error. The amount shown as payable on any such certificate shall be due within thirty (30) days after receipt thereof. In determining such additional amounts of compensation, the Bank will act reasonably and in good faith.

&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)Failure or delay on the part of the Bank to demand compensation pursuant to this Section shall not constitute a waiver of the Bank's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate the Bank pursuant to this Section for any increased costs or reductions incurred more than ninety (90) days prior to the date that the Bank notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Bank's intention to claim compensation therefor; and <u>provided</u> further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof.

Section 3.4<u>Taxes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Payment Free of Taxes</u>. All payments by the Borrower hereunder and under any of the other Loan Documents 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 the Borrower) requires the deduction or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable

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to additional sums payable under this Section) the Bank receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Payment of Other Taxes by Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Bank 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;(c)<u>Indemnification by Borrower</u>. The Borrower shall indemnify the Bank 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 Section) payable or paid by the Bank or required to be withheld or deducted from a payment to the Bank and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the Bank 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;(d)<u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Bank the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Treatment of Certain Refunds</u>. If the Bank determines, in its reasonable discretion, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to <u>Section 3.4(a)</u>, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under <u>Section 3.4(a))</u>, net of all out-of-pocket expenses (including Taxes) of the Bank and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u>, that the Borrower, upon the request of the Bank, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Bank in the event the Bank is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (e), in no event will the Bank be required to pay any amount to the Borrower pursuant to this paragraph (e) the payment of which would place the Bank in a less favorable net after-Tax position than the Bank would have been in if the Tax subject to indemnification and giving rise to a 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 paragraph shall not be construed to require the Bank to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Status of Bank</u>. (i) To the extent the Bank is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document, it shall deliver to the Borrower at the time or times reasonably requested by the Borrower such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Bank, if reasonably requested by the Borrower, shall deliver such other documentation prescribed

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by applicable Law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not the Bank 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 paragraphs (f)(ii)(A), (f)(ii)(B) and (f)(ii)(D) of this Section) shall not be required if in the Bank's reasonable judgment such completion, execution or submission would subject the Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)if the Bank is a U.S. Person, it shall deliver to the Borrower on or before the date on which such Bank becomes a party to this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed copies of IRS Form W-9 certifying that the Bank 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)if the Bank is a Foreign Person, it shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested by the Borrower) on or before the date on which such Bank becomes a party to this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower), 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case the Bank is claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in the case the Bank is claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Bank 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 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)to the extent the Bank is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form

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W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Bank is a partnership and one or more direct or indirect partners of the Bank are claiming the portfolio interest exemption, the Bank may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)if the Bank is a Foreign Person, it shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested by the Borrower) on or about the date on which such Bank becomes a party to this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower), 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)if a payment made to the Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if the Bank 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), the Bank shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower 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 as may be necessary for the Borrower to comply with their obligations under FATCA and to determine that the Bank has complied with its obligations under FATCA or to 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 Effective Date.

The Bank agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Survival</u>. Each party's obligations under this Section shall survive any assignment of rights by, or the replacement of, the Bank, the termination of the Commitment and the repayment, satisfaction or discharge of all obligations under any Loan Document.

(h) <u>Mitigation</u>. If the Bank requests or requires the Borrower to pay any Indemnified Taxes or additional amounts to the Bank or any Governmental Authority for the account of the Bank pursuant to <u>Section 3.4</u>, then the Bank shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of the Bank, such designation or assignment (i) would eliminate or reduce amounts payable

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pursuant to <u>Section 3.4</u>, in the future, and (ii) would not subject the Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Bank. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by the Bank in connection with any such designation or assignment.

Section 3.5<u>Alternate Rate of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Bank reasonably determines that, with respect to any existing or requested Loan the pricing of which is determined by reference to an Applicable Money Market (each an "<u>Affected Loan</u>"), by reason of one or more circumstances arising after the date hereof affecting such Applicable Money Market (other than the circumstances described in <u>Section 3.5(b)</u>), adequate and reasonable means do not exist for ascertaining the rate of interest applicable to such Affected Loan, or that such rate of interest will not adequately and fairly reflect the cost to the Bank of making, maintaining, converting or continuing such Affected Loan because of (i) any change since the date hereof in any applicable Law or governmental rule, regulation, order or directive (whether or not having the force of law) or in the interpretation or administration thereof or (ii) other circumstances arising after the date hereof affecting the Bank or such Applicable Money Market, then the Bank may give notice thereof to the Borrower by telephone or facsimile and (x) upon the giving of such notice, each existing Affected Loan shall automatically be deemed converted into an ABR Loan in U.S. Dollars and shall thereafter bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin, and (y) until such notice is rescinded by the Bank, the Bank shall have no obligation to make any new Loan that would be an Affected Loan. The Bank agrees that promptly after it shall have determined, with respect to any notice given by it under this Section, that the circumstance or circumstances that gave rise to such notice with respect to an Affected Loan no longer exist, the Bank shall by notice to the Borrower rescind such notice with respect to such Affected 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;(b) <u>Benchmark Replacement Setting</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of any then-current Benchmark, then the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Borrower without any amendment to, or further action or consent of any other party to, this Credit Agreement or any other Loan Document so long as the Bank has not received, by such time, written notice of objection to such Benchmark Replacement from 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)<u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption or implementation of Term SOFR or any Benchmark Replacement, the Bank will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Credit Agreement or any other Loan Document (other than as provided in the definition of Conforming Changes).

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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)<u>Notices; Standards for Decisions and Determinations</u>. The Bank will promptly notify the Borrower of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of Term SOFR or any Benchmark Replacement. The Bank will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 3.5(b)(iv)</u>. Any determination, decision or election that may be made by the Bank pursuant to this <u>Section 3.5</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Credit Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this <u>Section 3.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if any then-current Benchmark is a term rate and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Bank in its reasonable discretion or (B) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Bank may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Bank may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Term SOFR Loan during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Loan at the Alternate Base Rate plus the Applicable Margin. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.

Without prejudice to any other provision of this Credit Agreement, each party acknowledges and agrees for the benefit of each of the other parties: (a) Term SOFR (i) may be subject to methodological or other changes which could affect its value, (ii) may not comply with applicable laws and regulations (such as the Regulation (EU) 2016/1011 of the European Parliament and of the Council, as amended (EU Benchmarks Regulation)) and/or (iii) may be permanently

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discontinued; and (b) the occurrence of any of the aforementioned events and/or a Benchmark Transition Event may have adverse consequences which may materially impact the economics of the financing transactions contemplated under this Credit Agreement.

Section 3.6<u>Other Term SOFR Provisions</u>

Notwithstanding any other provision hereof, if any Change in Law shall make it unlawful for the Bank to make, continue or maintain any Term SOFR Loan or to give effect to its obligations as contemplated hereby with respect to any Term SOFR Loan, then, by written notice to the Borrower, the Bank may, if such Change in Law makes it unlawful to make, continue or maintain, or convert any Loan to, a Term SOFR Loan, declare that thereafter (for the duration of such unlawfulness) Term SOFR Loans will not be made or continued, and Loans will not be converted into Term SOFR Loans.

ARTICLE 4.<u>REPRESENTATIONS AND WARRANTIES</u>

In order to induce the Bank to enter into this Credit Agreement and make the Loans, the Borrower makes the following representations and warranties to the Bank on the Effective Date and from time to time on each other date required pursuant to the terms of this Credit Agreement:

Section 4.1<u>Organization and Power</u>

Each Loan Party (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) is duly qualified to do business and in good standing in each jurisdiction in which the failure to be so qualified could reasonably be expected to have a Material Adverse Effect and (c) will preserve, renew and maintain in full force and effect its legal existence and good standing in its jurisdiction of organization. Each Loan Party has all requisite power and authority to own its property and to carry on its business as now conducted.

Section 4.2<u>Authority and Execution</u>

Each Loan Party has full legal power and authority to enter into, execute, deliver and perform the terms of the Loan Documents to which it is a party, all of which have been duly authorized by all proper and necessary action, and do not conflict with its Organization Documents. Each Loan Party has duly executed and delivered the Loan Documents to which it is a party.

Section 4.3<u>Binding Agreement</u>

The Loan Documents constitute the valid and legally binding obligations of each Loan Party to the extent it is a party thereto, enforceable in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by general equitable principles with respect to specific performance (whether enforcement is sought by proceedings in equity or law). Each Loan Party agrees not to take any action to declare this Credit Agreement void or otherwise unenforceable for any reason in any jurisdiction.

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Section 4.4<u>Litigation</u>

There are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority (whether purportedly on behalf of any Loan Party) pending or, to the knowledge of any Loan Party, threatened against it or maintained by it could reasonably be expected to affect the property or rights of any Loan Party, which (a) call into question the validity or enforceability of, or otherwise seek to invalidate, any Loan Document, or (b) would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 4.5<u>Approvals and Consents</u>

No consent, authorization or approval of, filing (other than approvals that have been obtained and the filing of each financing statement in the form attached to the Security Agreement in the office indicated on such financing statement) with, notice to, or exemption by, the holders of any securities issued by any Loan Party, any Governmental Authority or any other Person is required to authorize, or is required in connection with, the execution and delivery by any Loan Party of, and the performance by any Loan Party of its obligations under, the Loan Documents to which it is a party or is required as a condition to the validity or enforceability of the Loan Documents to which it is a party with respect to or against any Loan Party or its property or assets.

Section 4.6<u>No Conflict</u>

No Loan Party is in default under any mortgage, indenture, contract, agreement, judgment, decree or order to which it is a party or by which it or any of its property is bound, which defaults, taken as a whole, could reasonably be expected to have a Material Adverse Effect. The execution, delivery or carrying out by each Loan Party of the terms of the Loan Documents to which it is a party, the Loans hereunder and the use by the Borrower of the proceeds thereof (a) shall not (i) violate any statutes, laws (including usury or similar laws) including the ICA, or regulations of any Governmental Authority applicable to any Loan Party or (ii) constitute a default under, conflict with, require any consent under (other than consents which have been obtained), or result in the creation or imposition of, or obligation to create, any Lien (other than pursuant to the Loan Documents) upon the property of any Loan Party pursuant to the terms of any such mortgage, indenture, contract, agreement, judgment, decree or order, which defaults, conflicts and consents, if not obtained, could reasonably be expected to have a Material Adverse Effect, and (b) are not inconsistent with the Fundamental Policies.

Section 4.7<u>Taxes</u>

Each Loan Party has filed all U.S. federal income and other material Tax returns and reports required to be filed, and has paid all U.S. federal and other material Taxes levied or imposed upon it or its properties, income or assets otherwise due and payable, except Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP.

Section 4.8<u>Compliance</u>

No Loan Party is in default with respect to any judgment, order, writ, injunction, decree or decision of any Governmental Authority, which default could reasonably be expected to have a Material Adverse Effect. Each Loan Party is complying with all applicable statutes,

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including the ICA and the Securities Act and regulations of all Governmental Authorities, a violation of which could reasonably be expected to have a Material Adverse Effect.

Section 4.9<u>Property</u>

Each Loan Party has good and marketable title to all of its property with respect to which the absence of such marketable title could reasonably be expected to result in a Material Adverse Effect, subject to no Liens other than Permitted Liens.

Section 4.10<u>Federal Reserve Regulations; Use of Loan Proceeds</u>

Except with respect to any Federal Reserve Form executed and delivered by the Borrower, no filing or other action is required under the provisions of Regulations T, U or X in connection with the execution and delivery by the Borrower of this Credit Agreement and neither the making of any Loan in accordance with this Credit Agreement nor the use of the proceeds thereof, will violate or be inconsistent with the provisions of Regulations T, U or X.

Section 4.11<u>No Material Adverse Effect</u>

Since the Measurement Date, except as otherwise permitted by the Loan Documents there has been no event or occurrence that has resulted in a Material Adverse Effect.

Section 4.12<u>Material Agreements</u>

Each agreement between any Loan Party and the Investment Adviser is in full force and effect, except to the extent that failure of any such agreement, individually or in the aggregate, to be in full force and effect could not reasonably be expected to have a Material Adverse Effect, and the Custody Agreement is in full force and effect in all material respects.

Section 4.13<u>Financial Condition</u>

The consolidated statements of assets and liabilities of the Fund and the Borrower as of the Measurement Date and the related consolidated statements of operations for the fiscal year then ended, copies of which, certified by independent public accountants, have heretofore been delivered to the Bank, fairly present, in all material respects, the financial position of the Fund and the Borrower as of such date and the results of its operations for such period in conformity with Applicable Accounting Principles.

Section 4.14<u>No Misrepresentation</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) All written information (other than financial projections, pro forma financial information, other forward-looking information, information of a general economic or general industry nature and all information with respect to any third party) furnished by any Loan Party or on its behalf to Bank in connection with the Loan Documents or any transaction contemplated hereby or thereby is and will be (when taken as a whole and after giving effect to all written updates provided by the Borrower or on its behalf to the Bank from time to time) true, complete and correct in all material respects as of the date such information is stated or certified and does not and will not be (when taken as a whole and after giving effect to all written updates provided by the Borrower or on its behalf to the Bank from time to time) omit to state a material fact necessary to make the statements contained therein not misleading in any material respect; <u>provided</u> that, with respect to financial projections, pro forma financial information and other forward-looking

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information that has been delivered to the Bank by a Loan Party or on its behalf in connection with the transactions contemplated by this Credit Agreement or delivered under any Loan Document, each Loan Party represents only that such information represents such Loan Party's good faith estimates as of the date of preparation thereof, based upon assumptions such Loan Party believed to be reasonable and accurate at the time made, it being recognized by the Bank that such projections are as to future events and are not to be viewed as facts, the projections are subject to significant uncertainties and contingencies, many of which are beyond the control of such Loan Party and any of its Affiliates, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by such projections may differ from such projections and such differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Effective Date, the Fund is an "investment company" (as such term is defined in Section 3 of the ICA) that is registered with the SEC under the ICA and, therefore, is not a "legal entity customer" (as such term is defined in the Beneficial Ownership Regulation).

Section 4.15<u>Sanctions, Anti-Terrorism, Anti-Money Laundering and Anti-Corruption</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)No Affected Person is, or is owned or controlled by a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Affected Person or any Person that owns or controls (directly or indirectly) any Loan Party, that any Loan Party owns or controls (directly or indirectly), or receives (directly or indirectly) any proceeds of any Loan (i) conducts any business with or engages in making or receiving any contribution of goods, services or money to or for the benefit of any Sanctioned Person or in any Sanctioned Jurisdiction in violation of any Sanctions, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law in violation of any Anti-Terrorism Law or Sanctions, (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, or (iv) has violated any Anti-Terrorism 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;(c)No Affected Person or any Person that owns or controls (directly or indirectly) any Loan Party, or receives (directly or indirectly) any proceeds of any Loan (i) has engaged in any transaction, investment, undertaking or activity in violation of any applicable anti-money laundering 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)Each Loan Party and each Subsidiary thereof is in compliance with the FCPA and each foreign counterpart thereof. Neither any Loan Party nor any Subsidiary thereof has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (i) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (ii) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (iii) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Loan Party or any other Person in violation of the FCPA.

&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)Each Loan Party and each Subsidiary thereof has implemented and maintains, and is in compliance with, policies and procedures designed to promote and achieve compliance by each Affected Person with all applicable Laws regarding Sanctions and anti-money laundering, Anti-Terrorism Laws and Anti-Corruption Laws.

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Section 4.16<u>Investment Company Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Fund has the following status ("<u>Status</u>"): (i) it qualifies as a Regulated Investment Company, (ii) it is registered as an "investment company" under the ICA and its common shares are registered for public sale under the 1933 Act and are the only securities issued by the Borrower that are outstanding, (iii) it is a "management company" within the meaning of Section 4 of the ICA and is a "closed-end company" and a "non-diversified company" in each case within the meaning of Section 5 of the ICA, that is engaged in a continuous offering of its common shares, makes periodic repurchase offers for such shares pursuant to Rule 23c-3 under the ICA, and does not have any securities listed for trading on any securities exchange, (iv) it is not a "business development company" within the meaning of Section 2(a)(48) of the ICA, (v) it is neither an "affiliate" (within the meaning of Section 23A of the Federal Reserve Act, as amended) of, nor is it a person of which the Bank is an "affiliated person" (as defined in Section 2(a)(3) of the ICA), "promoter" (as defined in Section 2(a)(30) of the ICA), "principal underwriter" (as defined in Section 2(a)(29) of the ICA), or affiliated person of such an affiliated person, promoter, or principal underwriter, (vi) it is not an Indirect Fund, (vii) as of the Effective Date, it has only one series of capital stock, (viii) it is in compliance with the Fundamental Policies, and (ix) it is not a party to any inter-fund, affiliated fund or similar borrowing or lending arrangement. The business and other activities of each Loan Party, including but not limited to, the making of the Loans by the Bank, the application of the proceeds and repayment thereof by the Borrower and the consummation of the transactions contemplated by the Loan Documents do not result in any violation of the ICA, or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower is not subject to any statute, rule, regulation or organizational or offering document which prohibits or limits the incurrence of Indebtedness under the Loan Documents, except for the limitations set forth in the ICA, state securities laws to the extent applicable, and the Fundamental Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Loan Party has not issued any of its securities in violation of any Federal or State securities laws applicable thereto, except to the extent that any such violation could not reasonably be expected to have a Material Adverse Effect.

Section 4.17<u>ERISA</u>

Except as would not reasonably be expected to have a Material Adverse Effect, no Loan Party nor any other member of the ERISA Group maintains, has any obligation to contribute to, or has any liability to, any Plan. Each Loan Party's assets are not "plan assets" for purposes of Section 3(42) of ERISA and 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. Each Loan Party's assets are not treated as plan assets of any governmental or other plan subject to any law or regulation similar to Title I of ERISA or Section 4975 of the Code.

Section 4.18<u>No Event of Default</u> 

No event has occurred and is continuing which constitutes a Default or an Event of Default.

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ARTICLE 5.<u>CONDITIONS</u>

Section 5.1<u>Effective Date</u>

The obligation of the Bank to make Loans hereunder shall not become effective until the date (the "<u>Effective Date</u>") on which each of the following conditions is satisfied, or waived in accordance with <u>Section 9.2</u> (and upon such satisfaction or waiver, the Bank shall notify the Borrower of the Effective Date, and such notice shall be conclusive and binding):

&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 Bank shall have received either (i) a counterpart of this Credit Agreement signed on behalf of the each Loan Party or (ii) written evidence satisfactory to the Bank (which may include facsimile or electronic transmission of a signed signature page of this Credit Agreement) that each Loan Party has signed a counterpart of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Bank shall have received a Note, dated the Effective Date, executed on behalf 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;(c)The Bank shall have received a customary written opinion (addressed to the Bank and dated the Effective Date) from counsel to the Loan Parties reasonably acceptable to the Bank. Each Loan Party hereby requests such counsel to deliver such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Bank shall have received a certificate, dated the Effective Date and signed by Authorized Signatories of each Loan Party, substantially in the form of <u>Exhibit C</u> hereto, and in all other respects reasonably satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Bank shall have received a security agreement, dated the Effective Date and signed by an Authorized Signatory on behalf of each Loan Party, substantially in the form of Exhibit E hereto (the "<u>Security Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Bank shall have received one or more control agreements, dated the Effective Date and signed by the Custodian and an Authorized Signatory on behalf of the Borrower, substantially in the form of Exhibit F hereto or in form otherwise reasonably acceptable to the Bank (the "<u>Control Agreement</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;(h)The Bank shall have received Uniform Commercial Code, federal tax and judgment lien search reports with respect to each applicable public office where Liens would customarily be filed against each Loan Party disclosing that there are no Liens of record (other than Permitted Liens and Liens reasonably acceptable to the Bank) in such official's office covering each Loan Party or any asset or property 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;(i)The Bank shall have received all fees and other amounts due and payable by the Borrower on or prior to the Effective Date, including, to the extent invoiced at least two (2) Business Days prior to the Effective Date, reimbursement or payment of all reasonable out-of-pocket costs and expenses required to be reimbursed or paid by the Borrower 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;(j)The Bank shall have received all documentation and other information required by the Bank in its reasonable discretion and/or bank regulatory authorities with respect to each Loan Party under applicable "know your customer" and anti-money laundering rules, regulations, including the Patriot 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;(k)The Bank shall have received the Fund Guaranty, dated the Effective Date and signed by an Authorized Signatory on behalf of the Fund.

Section 5.2<u>Each Credit Event</u>

The obligation of the Bank to make any Loan is subject to the satisfaction (or waiver in accordance with <u>Section 9.2</u>) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The representations and warranties of each Loan Party set forth in each Loan Document to which it is a party shall be true and correct in all material respects on and as of the date of such Loan (other than, as to any such representation or warranty that by its terms refers to a specific date, in which case such representation and warranty shall be true and correct in all material respects as of such specified date), and immediately before and after giving effect to such Loan (i) no Default or Event of Default exists or would occur and (ii) each condition set forth in Section 2.1 shall be satisfied or 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;(b)The Bank shall have received a written Borrowing Request signed by the Borrower setting forth the information required by <u>Section 2.2(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;(c)To the extent required by Regulation U, the Bank shall have received (i) a copy of a Federal Reserve Form, duly executed and delivered by the Borrower to the Bank, in form reasonably acceptable to the Bank, or (ii) a current list of Margin Stock and Non-Margin Assets of the Borrower, in a form reasonably acceptable to the Bank and in all respects in compliance with Regulation U, including Section 221.3(c)(2)(iv) thereof.

ARTICLE 6.<u>AFFIRMATIVE COVENANTS</u>

Until the Commitment has expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable by the Borrower under the Loan Documents shall have been paid in full (other than contingent indemnification and expense reimbursement obligations), the Borrower covenants and agrees with the Bank that:

Section 6.1<u>Financial Statements and Other Information</u>

The Borrower shall deliver or cause to be delivered to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)within ninety (90) days after the end of each fiscal year of the Fund (or such longer period as is permitted by the SEC for the filing of such financial statements for such period with the SEC), a copy of the Fund's audited balance sheet (containing a statement of assets and liabilities) as at the end of such fiscal year prepared in accordance with GAAP, together with the related schedule of investments and statements of operations and changes in net assets as of and through the end of such fiscal year and in each case certified by an Approved Auditor whose opinion will not be qualified as to the scope of the audit or the status of the Fund or the Borrower as a going concern, and which opinion shall state that such financial statements present fairly in

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all material respects the financial position of the Fund and the Borrower for the period covered 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;(b)within ninety (90) days after the end of the first semiannual accounting period in each fiscal year of the Fund (or such longer period as is permitted by the SEC for the filing of such financial statements for such period with the SEC), a copy of the Fund's balance sheet as at the end of such semiannual period, together with the related schedule of investments and statements of operations and changes in net assets for such 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;(c)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)starting on the Facility Availability Date, on each Business Day, a report prepared by the Borrower, substantially in the form of Exhibit H (each, a "<u>Daily Collateral Report</u>") confirming:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)details of all Collateral Obligations (including, without limitation, the Minimum Collateral Obligation Information), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)any Collateral Obligation with respect to which the Borrower has entered into a legally binding commitment to acquire, purchase, dispose, transfer, sell or otherwise liquidate (being Collateral Obligations which have been "<u>Traded</u>"), including such that the Purchase Price has been agreed and committed for each 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)any Collateral Obligation with respect to which the Borrower has made or received a payment for the acquisition, purchase, disposal, transfer, sale or liquidation of such Collateral Obligation (being Collateral Obligations which have been "<u>Settled</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the amount of the balance standing to the credit of the Collateral Account, including cash entries (which show inflows and outflows by line item, including among other things, any redemptions or distributions made by any Collateral) and the Traded and Settled balance for each asset for the Collateral 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;(e)not later than thirty (30) calendar days after the end of each calendar month (or if a Default or an Event of Default has occurred and is continuing, more frequently as the Bank may reasonably request), a report prepared by the Administrator, substantially in the form of Exhibit I (each, a "<u>Ratio Report</u>") confirming:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 assets and liabilities positions and capital statement of the Loan Parties, including without limitation all total return swap and repo positions, the Principal Obligation and any other Indebtedness of the Loan Parties, any issuance by a Loan Party of any Preferred Security, the capital of each Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the value of all assets of the Fund, determined in accordance with the Valuation Procedures; 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;(iii)the calculations of each of the Adjusted Asset Coverage, Adjusted Net Assets, Net Asset Value, Senior Securities Representing Indebtedness, the ratio of the aggregated amount of Total Liabilities that are Senior Securities Representing Indebtedness (excluding the value of derivatives and repurchase transactions) divided by the Adjusted Net Assets, the ratios described in <u>Section 7.13</u> and <u>Section 7.14</u>, setting forth for each its detailed computation;

&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)within two (2) Business Days following the incurrence thereof, written notice of any new Indebtedness of the Fund having a principal amount (including commitments in respect thereof) of at least $50,000,000; <u>provided</u> that no notice shall be required in respect of any drawings under Indebtedness that has already been committed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)promptly after the execution thereof, copies of all material amendments or other material changes to the Fundamental Policies, Organization Documents, 1934 Act Reports, all investment advisory contracts, and any new investment advisory contracts entered into after the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)promptly upon written request of the Bank and using the Borrower's commercially reasonable efforts, any Minimum Information Requirements with respect to Collateral Obligations requested by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)promptly after request therefor, such (y) other information as the Bank may reasonably request from time to time and (z) additional documents and information in order to comply with "know-your-customer" and other anti-terrorism, anti-money laundering and similar rules and regulations and related policies; 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;(j)all such documents and instruments, and shall take all such actions, as the Bank may from time to time reasonably request to carry out the terms and conditions of this Credit Agreement and the other Loan Documents to the extent the same does not violate applicable Law or the Organization Documents.

If any financial statement described in <u>Section 6.1(a)</u> or <u>(b)</u> or material amendment or other material changes to the 1934 Act Reports is filed with the SEC and is publicly available for review on, and printing from, the EDGAR system, then the filing by Borrower of such financial statement with the SEC shall be deemed to constitute delivery of such financial statement to the Bank for purposes of this Section 6.1. Each delivery hereunder (or deemed delivery) of the financial statements described in <u>Section 6.1(a)</u> or <u>(b)</u> or material amendment or other material changes to the 1934 Act Reports described in <u>Section 6.1(g)</u> shall be deemed to be a representation by an Authorized Signatory of the Borrower as to such information being true and correct in all material respects.

Section 6.2<u>Notice of Material Events</u>

The Borrower shall furnish or cause to be furnished to the Bank prompt written notice (and in any event within five (5) Business Days) after the Borrower obtains actual knowledge of the following, together with a statement of an Authorized Signatory of the Borrower setting forth in reasonable detail the event or development requiring such notice and, if applicable, any action taken or proposed to be taken 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;(a)the occurrence and continuance of any (i) Default or (ii) Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any officer of the Borrower obtaining knowledge of any Collateral Obligation no longer being an 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;(c)the filing or commencement of any action, suit or proceeding by or before any Governmental Authority against or affecting the Borrower that would reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the occurrence of any other development that has resulted, or would reasonably be expected to result, in a Material Adverse Effect.

Section 6.3<u>Legal Existence</u>

Each Loan Party shall maintain its legal existence in good standing in the jurisdiction of its organization and shall maintain its qualification to do business in each other jurisdiction in which the failure so to do could reasonably be expected to have a Material Adverse Effect.

Section 6.4<u>Insurance</u>

The Borrower shall maintain insurance with financially sound insurance carriers in at least such amounts and against at least such risks as are customarily insured against by entities engaged in the same or a similar business or as may otherwise be required by the ICA or the SEC (including such fidelity bond coverage as shall be required by Rule 17g-1 promulgated under the ICA or any successor provision and errors and omissions insurance); and furnish to the Bank, upon written request, information as to the insurance carried as is reasonably requested by the Bank.

Section 6.5<u>Payment of Indebtedness and Performance of Obligations</u>

Each Loan Party shall pay and discharge when due all of its Indebtedness, obligations and claims for labor, materials and supplies or otherwise which, if unpaid, would reasonably be expected to (a) have a Material Adverse Effect on any Loan Party or (b) give rise to the imposition of a Lien (other than a Permitted Lien) upon the property of any Loan Party.

Section 6.6<u>Observance of Legal Requirements</u>

Each Loan Party shall observe and comply in all material respects with all Laws (including the ICA and the Code) that may then be applicable to such Loan Party, a violation of which would reasonably be expected to have a Material Adverse Effect.

Section 6.7<u>Books and Records; Visitation</u>

Each Loan Party shall (a) keep proper books of record and account in which entries that are complete, true and correct in all material respects in conformity with GAAP and all material requirements of Law of all material dealings and transactions in relation to its business and activities and (b) upon reasonable prior notice (which shall in no event be required to be more than (i) one (1) Business Day prior, at any time that an Event of Default has occurred and is continuing, or (ii) five (5) Business Days prior, at all other times) permit representatives of the Bank to visit the offices of such Loan Party and to discuss the properties, assets, income and

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financial condition of such Loan Party with the duly authorized representatives thereof and to inspect the books, property and records of such Loan Party (which visits shall be limited to one (1) time in any calendar year except after the occurrence and during the continuance of an Event of Default).

Section 6.8<u>Purpose of Loans</u>

The Borrower shall use the proceeds of each Loan for liquidity purposes (including distributions to investors or repurchases of shares) and for its general business purposes, including the purchase of investment securities, <u>provided</u> that in no event shall the proceeds of any Loan be used for purposes which would violate any provision of the Fundamental Policies, any applicable statute, rule, regulation, order or restriction applicable to the Borrower or Regulation U or X or Section 7 of the Securities Exchange Act in each case as now in effect or as may be hereafter in effect.

Section 6.9<u>Maintenance of Status; Maintenance of Registration</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower will maintain at all times its Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Investment Adviser will at all times be registered under the IAA.

Section 6.10<u>Taxes</u>

Each Loan Party shall timely file all U.S federal income and other material Tax returns and reports required to be filed, and pay all U.S. federal income and other material Taxes levied or imposed upon them or their properties, income or assets otherwise due and payable, except Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP.

ARTICLE 7.<u>NEGATIVE COVENANTS</u>

Until the Commitment has expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable by the Borrower under the Loan Documents shall have been paid in full (other than contingent indemnification and expense reimbursement obligations), the Borrower covenants and agrees with the Bank that:

Section 7.1<u>Indebtedness; Senior Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except (i) Indebtedness under the Loan Documents and (ii) customary indemnification, expense reimbursement and similar obligations to third-party service providers in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Loan Party will issue, sell, create, incur, assume or suffer to exist any Preferred Security, except in all respects in compliance with the ICA, and unless, by its terms, such Preferred Security shall not be redeemable in whole or in part at the option (whether or not contingent) of any holder thereof or at the option of or request or demand by any rating agency or other Person (other than such Loan Party), prior to the Stated Maturity Date (except, in each case, for customary put or redemption obligations arising as a result of a change of control of such Loan

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Party). The Borrower shall not have outstanding more than one class of Senior Securities Representing Indebtedness, within the meaning of Section 18(c) of the ICA.

Section 7.2<u>Liens</u>

The Borrower shall not create, incur, assume or suffer to exist any Lien upon any of its property or assets, whether now owned or hereafter acquired, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liens for Taxes, assessments or similar charges for which adequate reserves have been set aside in accordance with Applicable Accounting Principles and which (i) are not delinquent, (ii) are being contested in good faith and by appropriate proceedings diligently conducted, or (iii) would not reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Liens imposed by law for which adequate reserves have been set aside in accordance with Applicable Accounting Principles (i) securing amounts not yet due, or (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, <u>provided</u> that enforcement of such Liens is stayed pending such contest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liens arising out of judgments or decrees affecting the property attributable to such Loan Party for which adequate reserves have been set aside in accordance with Applicable Accounting Principles and which are being contested in good faith and by appropriate proceedings diligently conducted, <u>provided</u> that enforcement thereof is stayed pending such contest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Liens created or arising under the Loan 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;(e)Liens arising under the Custody Agreement and securing obligations (other than Indebtedness) of such Loan Party thereunder, to the extent such obligations arose in the ordinary course of business and are permitted by the Control Agreement.

Section 7.3<u>Fundamental Changes; Subsidiaries.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall not: (a) consolidate or merge into or with any other Person, unless the Borrower is the surviving entity; (b) dissolve or wind up (except as permitted under clause (a); or (c) in any single transaction or series of related transactions, sell, lease or otherwise transfer, directly or indirectly, all or substantially all of its property, except that the Borrower may sell Investments in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower shall not have or permit the formation of any Subsidiaries without the prior written consent of the Bank.

Section 7.4<u>Restricted Payments</u>

Starting on the Facility Availability Date, each Loan Party shall not declare, make or otherwise pay, or allow to be declared, made or otherwise paid, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Borrower may declare, make or otherwise pay any Restricted Payment if, immediately before and after giving effect thereto, either (i) (1) no Default or Event of Default shall exist or would occur as a result thereof, (2) the Adjusted Asset Coverage is not less than

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1.50:1.00, and (3) the Collateral Value Ratio does not exceed 77.5% or (ii) no principal of any Loan shall or would be 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;(b)the Fund may at any time and from time to time declare, make or otherwise pay one or more Restricted Payments with respect to any one or more current or prior fiscal or calendar years (each an "<u>Applicable Year</u>") in an aggregate amount not to exceed 110% of the greater of (i) the net investment income of the Borrower for such Applicable Year determined in accordance with GAAP and as specified in the annual financial statements of the Fund for such Applicable Year and (ii) the amounts that are required to be distributed to: (A) allow the Fund to satisfy the minimum distribution requirements with respect to such Applicable Year imposed by Section 852(a) of the Code to maintain its eligibility to be taxed as a Regulated Investment Company for such Applicable Year, (B) reduce to zero for such Applicable Year its liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code, and (y) its net capital gain pursuant to Section 852(b)(3) of the Code, and (C) reduce to zero its liability for federal excise taxes for such Applicable Year imposed pursuant to Section 4982 of the Code if, immediately before and after giving effect thereto, either (A)(1) no Specified Default and no Event of Default shall exist or would occur as a result thereof and (2) the aggregated amount of the Total Liabilities that are Senior Securities Representing Indebtedness does not exceed 67% of Adjusted Net Assets, or (B) no principal of any Loan shall or would be outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fund may make mandatory repurchases of equity interests of the Fund and/or make mandatory redemption payments at any time (i) in accordance with the Fundamental Policies and (ii) if, immediately before and after giving effect thereto, either (A)(1) no Specified Default and no Event of Default shall exist or would occur as a result thereof, (2) the aggregated amount of the Total Liabilities that are Senior Securities Representing Indebtedness does not exceed 67% of Adjusted Net Assets, and (3) the Collateral Value Ratio does not exceed 85%, or (B) no principal of any Loan shall or would be outstanding.

Section 7.5<u>Fundamental Policies; Valuation</u>

The Borrower shall not (a) make or maintain any Investment other than as permitted by the ICA and the Fundamental Policies, (b) amend or otherwise modify the Fundamental Policies except by a vote of a majority of the Borrower's outstanding voting securities (as defined in Section 2(a)(42) of the ICA), or (c) for purposes of the Loan Documents or financial reporting, value any Investment or other property thereof other than in accordance with the Valuation Procedures and the ICA.

Section 7.6<u>Amendments and Changes</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)No Loan Party shall amend or otherwise modify its Organization Documents, the Valuation Procedures or the Custody Agreement without providing prior notice to the Bank prior to execution and a copy of such proposed amendment or modification. No amendment shall be permitted if such amendment or modification 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;(b)The Borrower shall not amend or otherwise modify its investment advisory agreement without providing prompt notice to the Bank of the amendment or modification.

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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)Each Loan Party shall not change its fiscal year. Subject to <u>Section 1.3</u>, the Borrower shall not change or permit any change in the accounting principles applied to it, except as required by Applicable Accounting Principles, if such change would have a Material Adverse Effect.

Section 7.7<u>Financial Covenants</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Loan Parties shall not (i) at any time permit the aggregate amount of th Fund's Total Liabilities that are Senior Securities Representing Indebtedness to exceed 67% of the Fund's Adjusted Net Assets; or (ii) at any time permit the aggregate amount of the Fund's Total Liabilities that are Senior Securities Representing Indebtedness to exceed the maximum amount of Senior Securities Representing Indebtedness permitted by the Fund to be incurred under the Fundamental Policies or any applicable Law (including Regulation U) or written agreement with any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Reserved].

Section 7.8<u>Investment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall not (1) purchase, acquire, or otherwise have exposure to, any Investment, other than Permitted Investments, (2) open any cash, security or other account holding any Investments with any banking institution other than the Custodian or (3) at any time that a breach of the Collateral Value Test shall have occurred and be continuing, purchase or acquire any Investment that is not an Eligible Collateral Obligation without the prior written consent of the Bank (in its sole discretion) provided that the consummation of the purchase of any asset shall be permitted if such asset would have been permitted to be purchased under this <u>Section 7.8(a)</u> at the time the trade to purchase such asset was entered into. For the avoidance of doubt, the restriction set forth in clause (3) of the immediately preceding sentence (x) shall not restrict the ability of the Borrower to dispose of any Investment or other property that is otherwise permitted hereunder and (y) shall not apply to the extent any such purchase or acquisition facilitates pending settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower shall not enter into or otherwise acquire or hold any Financial Contract.

Section 7.9<u>Sanctions, Anti-Terrorism, Anti-Money Laundering and Anti-Corruption</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Loan Party shall not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund, finance or facilitate any activities or business of or with any Sanctioned Person, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, lender, advisor, investor, or otherwise). No Loan Party shall repay the Loans, in full or in part, with funds obtained, directly or indirectly, in violation of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Loan Party shall not, and shall not cause or permit any Subsidiary thereof to, violate any applicable Law, rule or regulation regarding Sanctions or anti-money laundering, or any Anti-Terrorism Law or Anti-Corruption 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;(c)Each Loan Party and each Subsidiary thereof shall at all times maintain, and be in compliance with, policies and procedures designed to promote and achieve compliance by each Affected Person with all applicable Laws, rules and regulations regarding Sanctions, anti-money laundering, Anti-Terrorism Laws and Anti-Corruption Laws.

Section 7.10<u>ERISA Compliance</u> 

Except as would not reasonably be expected to result in a Material Adverse Effect, no Loan Party or any other member of the ERISA Group shall maintain, have an obligation to contribute to, or have any liability to, any Plan. During the term of this Credit Agreement Borrower's assets will not be "plan assets" for purposes of Section 3(42) of ERISA and 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. During the term of this Credit Agreement Borrower's assets will not be treated as plan assets of any governmental or other plan subject to any law or regulation similar to Title I of ERISA or Section 4975 of the Code.

Section 7.11<u>Margin Stock</u>

Borrower is not engaged principally in, nor is one of any of the Borrower's principal activities, the business of extending credit for the purpose of purchasing or carrying Margin Stock. No proceeds of Loans will be used by the Borrower in violation of Regulations U or X or Section 7 of the Securities Exchange Act, including the maximum loan value under Regulation U with respect to Margin Stock and Non-Margin Assets.

Section 7.12<u>Collateral Accounts</u>

Starting on the Facility Availability Date, no Loan Party will permit any Collections to be deposited or otherwise credited to any account other than the Collateral Account; provided that any Loan Party shall be permitted to transfer or otherwise dispose of Collections held in the Collateral Account, so long either (a) no Default or Event of Default shall exist or would occur as a result thereof, (b) the Adjusted Asset Coverage is not less than 1.50:1.00, and (c) the Collateral Value Ratio does not exceed 77.5%.

Section 7.13<u>Fund Asset Value Floor</u>

Starting on the Facility Availability Date, the Fund shall not permit the sum of (a) the aggregate uncalled capital commitments of its investors available to be called for general purposes *plus* (b) its Net Asset Value, to be less than $1,000,000,000.

Section 7.14<u>Fund Liquidity Floor</u>

Starting on the Facility Availability Date, the Fund shall not permit (a) the amount equal to (i) the aggregate uncalled capital commitments of its investors available to be called for general purposes *plus* (ii) the aggregate amount of unrestricted cash and cash equivalents of the Fund *minus* (iii) the aggregate Indebtedness of the Fund, to be less than (b) the sum of (i) the Committed Facility Amount *plus* (ii) the aggregate outstanding principal amount of Loans in respect of the Uncommitted Facility Amount.

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ARTICLE 8.<u>EVENTS OF DEFAULT</u>

Section 8.1<u>Events of Default</u>

Each of the following shall constitute an "<u>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;(a)any Principal Obligations shall not be paid when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

&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 interest on any Loan or any other Obligation (other than an amount referred to in paragraph (a) of this <u>Section 8.1</u>) payable under any Loan Document shall not be paid when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any representation, warranty or certification made or deemed made by or on behalf of any Loan Party in any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made and, solely to the extent curable, the circumstances giving rise to such breach shall not have been cured within a period of twenty (20) days after the earlier of (i) written notice to the Borrower by the Bank, and (ii) any Loan Party acquiring 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;(d)any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in <u>Sections 6.1(a)</u>, <u>6.1(b)</u>, <u>6.1(d)</u>, <u>6.1(e)</u>, <u>6.2</u>, <u>6.3</u>, <u>6.8</u> or <u>6.9</u> or in <u>Article 7</u>; <u>provided</u> that any failure of a Loan Party to comply with (x) <u>Sections 6.1(d)</u> or <u>6.1(e)</u> shall not constitute an Event of Default unless such failure shall continue unremedied for a period of five (5) Business Days, (y) <u>Section 7.7(a)</u> shall not constitute an Event of Default unless such failure shall continue unremedied for a period of two (2) Business Days or (y) <u>Section 6.1(a)</u> or <u>Section 6.1(b)</u> shall not constitute an Event of Default unless such failure shall continue unremedied for a period of ninety (90) 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;(e)any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Credit Agreement (other than those specified in paragraphs (a), (b) or (d) of this <u>Section 8.1</u>) or in any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after the earlier of (i) notice by the Bank to the Borrower; or (ii) the date upon which any Loan Party shall have obtained 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;(f)any Loan Party shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness when and as the same shall become due and payable (after giving effect to any applicable grace period or notice requirement);

&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)any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits the holder or holders of any such Material Indebtedness or any trustee or agent on its or their behalf to cause any such

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Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;

&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)an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party, the Investment Adviser or the Custodian, or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party, the Investment Adviser or the Custodian or for a substantial part of its assets; and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered, in each case with respect to the Investment Adviser or the Custodian unless replaced with a replacement acceptable to Bank in its commercially 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;(i)any Loan Party, the Investment Adviser or the Custodian shall (i) voluntarily commence (directly or on its behalf) any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to (directly or on its behalf) the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in paragraph (h) of this <u>Section 8.1</u>, (iii) apply for or consent to (in either case, directly or on its behalf) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party, the Investment Adviser or the Custodian or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing, in each case with respect to the Investment Adviser or the Custodian unless replaced within seventy-five (75) days with a replacement acceptable to Bank in its commercially 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;(j)any Loan Party shall become unable, publicly admit in writing its inability or fail generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) the sole Investment Adviser shall fail to be Overland Advisors, LLC, or an Affiliate of Centerbridge, or controlled by an Affiliate of Centerbridge, (ii) the Investment Adviser ceases to be registered under the IAA, (iii) the independent auditors for the Borrower shall fail to be an Approved Auditor, or (iv) the Administrator shall cease to be the administrator 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;(l)without the Bank's prior written consent, there shall occur any assignment (within the meaning of Section 2(a)(4) of the ICA) of the Borrower's investment advisory agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)one or more judgments for the payment of money (not paid or covered by insurance or other indemnity from a financially sound third party fully capable of honoring such indemnity) in an aggregate amount in excess of the Threshold Amount shall be rendered against the Fund and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, vacated or bonded or any action shall be legally

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taken by a judgment creditor to attach or levy upon any assets of the Fund to enforce any such judgment;

&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)any Loan Document shall cease, for any reason other than pursuant to its terms, to be in full force and effect, or with respect to any Loan Party, any Loan Party shall so assert in writing or shall disavow any of its obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)the suspension of registration of the Fund's shares or the commencement of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)except as a result of any sale or other transfer of any asset permitted in accordance with the terms of the Loan Documents, any Lien purported to be created under the Security Agreement shall cease to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any Collateral (as defined in the Security Agreement), with the priority required by the applicable Security 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;(q)the Collateral Value Ratio shall exceed 77.5% and the Borrower shall fail to timely cure such breach in accordance with <u>Section 2.4(c)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)the Collateral Value Ratio shall exceed 85% and the Borrower shall fail to either (i) timely provide evidence that it has taken action to cure such breach or (ii) timely cure such breach in accordance with <u>Section 2.4(c)(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;(s)the Fund shall fail (x) to maintain its qualification as a Regulated Investment Company or (y) to be registered as a closed-end management investment company under the ICA; 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;(t)the occurrence of any going concern or other material qualification in any audit or review opinion with respect to any Loan Party.

Section 8.2<u>Remedies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Event of Default shall occur and be continuing then, and in every such event (other than an event described in paragraph (h) or (i) of <u>Section 8.1</u>), and at any time thereafter during the continuance of such event, the Bank may, by notice to the Borrower, take any of the following actions, at the same or different times: (a) declare the Commitment terminated, and thereupon the Commitment shall terminate immediately; (b) declare the Obligations outstanding to be due and payable in whole (or in part, in which case any unpaid principal amount of any Obligations not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon such Obligations (including accrued and unpaid interest thereon), shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and (c) without notice or demand pursue and enforce any of the Bank's rights and remedies under any other Loan Document or otherwise provided under or pursuant to any applicable Law or agreement; and in the case of any event described in paragraph (h) or (i) of <u>Section 8.1</u>, the Commitment shall automatically terminate and the unpaid principal amount of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued and unpaid under the Loan Documents,

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shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

&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)Upon a First Trigger Breach, a Second Trigger Breach, or any acceleration of the Obligations pursuant to <u>Section 8.2(a)</u> (other than by reason of failure to cure a First Trigger Breach or Second Trigger Breach) (each, a "<u>Purchase Right Event</u>"), the Fund and its Affiliates shall have the right to purchase any or all of the Collateral Obligations in the Collateral, in each case by paying to the Bank (in immediately available funds) an amount equal to all outstanding Obligations (a "<u>Purchase Right</u>"). 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;(i)the Fund or its Affiliates fail to provide notice to the Bank of their intent to exercise the Purchase Right (a "<u>Purchase Right Notice</u>") together with a report detailing which entities will purchase the Collateral Obligations, the sources of funds that will be used and such other information as the Bank may reasonably request in order to assess the feasibility of the proposed purchase (A) in the case of a First Trigger Breach, by 12:00 noon New York time on the twenty-seventh (27<sup>th</sup>) Business Day following the date of the First Trigger Breach Notice (or such later time as the Bank may agree in its sole discretion), (B) in the case of a Second Trigger Breach Notice, by 12:00 noon New York time on the third (3<sup>rd</sup>) Business Day following the date of the Second Trigger Breach Notice (or such later time as the Bank may agree in its sole discretion) or (C) in the case of any acceleration of the Obligations pursuant to <u>Section 8.2(a)</u> (other than by reason of failure to cure a First Trigger Breach or Second Trigger Breach), by 12:00 noon New York time on the third (3<sup>rd</sup>) Business Day following the acceleration of the Obligations (or such later time as the Bank may agree 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund and its Affiliates fail to remit the cash purchase price by the close of business on the tenth (10<sup>th</sup>) Business Day following delivery of the relevant Purchase Right Notice (or such later time as the Bank may agree in its sole discretion); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Bank reasonably determines that the proposed purchase is not reasonably likely to be completed within the applicable timing set forth in clause (ii) (any such event in clauses (i), (ii) or (iii), a "<u>Purchase Right Failure</u>");

then the Purchase Right in respect of such occurrence of a Purchase Right Event (but without prejudice to such right in the event of any future separate occurrence of a Purchase Right Event) shall be irrevocably forfeited by the Fund and its Affiliates (it being understood and agreed that nothing herein shall prevent the Fund or its Affiliates from bidding at any sale of such Collateral conducted by the Bank or any agent appointed by the Bank); <u>provided</u> that if the Fund and its Affiliates deliver a Purchase Right Notice following the occurrence of a First Trigger Breach or a Second Trigger Breach (but prior to an Event of Default) and such First Trigger Breach or Second Trigger Breach is subsequently cured below the applicable thresholds within the applicable timing set forth in <u>Section 2.4(c)</u>, then the Purchase Right Notice shall be deemed void and the Purchase Right shall not be forfeited. The Bank may not effect a disposition of non-cash Collateral prior to the deadline for delivery of a Purchase Right Notice, or if a Purchase Right Notice has been delivered, prior to the occurrence of a Purchase Right Failure.

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ARTICLE 9.<u>MISCELLANEOUS</u>

Section 9.1<u>Notices</u>

Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, or sent by electronic transmission in "portable document format", 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;(a)if to the Borrower, to it at c/o Centerbridge Partners, L.P., 375 Park Avenue, 11<sup>th</sup> Floor, New York, New York 10152; Email: legalnotices@overland-advantage.com; Telephone: +1-212-672-5000;

&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 to the Bank, to it at 787 7th Avenue, New York, NY 10019, Attention: Vincent Vernet (Telephone: +1-212-471-6688; Email: vincent.vernet@us.bnpparibas.com); Yannick Laborie (Telephone: +44-2075958830; Email: yannick.x.laborie@uk.bnpparibas.com); and Xian Wang (Telephone: +1 212-841-2655; Email: xian.wang@us.bnpparibas.com); with a copy to: dl.credit.structuring.americas@us.bnpparibas.com; dl.credit_structuring_us@us.bnpparibas.com; DL.TRS.Loan.Trading@bnpparibas.com; and bnppnycollateralmgmt@americas.bnpparibas.com.

Any party hereto may change its address, e-mail address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Credit Agreement shall be deemed to have been given on the date of receipt.

Section 9.2<u>Waivers; Amendments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No failure or delay by the Bank in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Bank under the Loan Documents are cumulative and are not exclusive of any rights or remedies that the Bank would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the Bank shall have consented thereto in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Bank may have had notice or knowledge of such Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither this Credit Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Bank.

(c) Notwithstanding the definition of "Bank" no amendment, waiver, discharge, or termination shall,

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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) without the consent of all the holders of the Loans increase the amount or extend the term of the Commitment of such holder of Loans (other than increases complying with <u>Section 2.8</u> hereof or an extension of the Stated Maturity Date pursuant to Section 2.3 hereof), decrease the amount of fees (or any other payments) payable to such holder of Loans or accelerate the obligations of any such person with any portion of the Commitment or advance its portion of any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the time for payment for the principal of or interest on the Obligations (other than an extension pursuant to Section 2.3 hereof), or fees or costs, or reduce the Principal Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations, or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs 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;(iii) release all or any material portion of the Collateral, except as otherwise permitted herein or in the Security Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) amend the terms of this <u>Section 9.2</u>.

Section 9.3<u>Expenses; Indemnity; Damage Waiver</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall pay (i) all reasonable and documented out-of-pocket costs and expenses incurred by the Bank and its Affiliates (including the reasonable and documented out-of-pocket fees, charges and disbursements of counsel for the Bank) in connection with the preparation, negotiation, closing and administration of the Loan Documents (whether or not the transactions contemplated thereby shall be consummated), (ii) all reasonable and documented out-of-pocket costs and expenses incurred by the Bank and its Affiliates, including the reasonable and documented out-of-pocket fees, charges and disbursements of counsel for the Bank, in connection with the preparation, negotiation, closing and administration of any amendments, modifications or waivers of the provisions of any Loan Document (whether or not the transactions contemplated thereby shall be consummated), and (iii) all reasonable and documented out-of-pocket costs and expenses incurred by the Bank in connection with the enforcement or protection of its rights under the Loan Documents, including its rights under this Section, or in connection with the Loans, including all such out-of-pocket costs and expenses incurred during any workout, restructuring or negotiations, <u>provided</u> that the Borrower shall not in any instance be liable for the fees, charges and disbursements of more than (x) one general outside counsel, (y) one special workout or bankruptcy counsel, and (z) one additional firm of local counsel in each applicable jurisdiction, 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;(b)The Borrower shall indemnify the Bank and each Related Party thereof (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from all losses, claims, damages, liabilities and related costs and expenses (collectively, "<u>Losses</u>"), including, but not limited to, the reasonable fees, charges and disbursements of one outside counsel (and one additional firm of local counsel in each applicable jurisdiction, if any) for the Indemnitees unless the interests of the Indemnitees are sufficiently divergent as to result in a conflict of interest, in which case one additional counsel may be appointed for one or more of the Indemnitees unless such conflict of interest arises in a dispute solely among one or more of the Indemnitees and does not arise out of any Default by the Borrower, incurred by or asserted against any Indemnitee arising out of or as a result of (i) the execution or delivery by the Borrower of any Loan Document or any

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agreement or instrument contemplated thereby, the performance by the Borrower of its obligations under the Loan Documents or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or the use of the proceeds thereof, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not be available to any Indemnitee to the extent that such Losses are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from (x) the gross negligence, bad faith, or willful misconduct on the part of such Indemnitee, (y) a material breach by such Indemnitee of its obligations under any Loan Document or (z) a claim brought against such Indemnitee by another Indemnitee. Paragraph (b) of this Section shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent permitted by applicable Law, each party hereto agrees that it shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, any Loan Document or any agreement, instrument or other document contemplated thereby, the Transactions or any Loan or the use of the 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;(d)All amounts due under this Section shall be payable promptly but in no event later than 30 days after written demand therefor.

Section 9.4<u>Successors and Assigns</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (a) the Borrower shall not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Bank (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), (b) the Bank shall not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Borrower, such consent not to be (i) required during the continuance of any Event of Default or (ii) unreasonably withheld, conditioned or delayed; <u>provided</u> that, other than in the event of a Specified Event of Default, the Bank shall not assign any of its rights or obligations hereunder to any Disqualified Lender without the Borrower's prior written consent, and (c) in the event of any assignment hereunder, such assignment shall not be effective unless and until such assignment is recorded in the Register. Nothing in this Credit Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of the Bank) any legal or equitable right, remedy or claim under or by reason of any Loan Document. Notwithstanding anything to the contrary herein contained, the Bank may at any time assign to an Affiliate or a Repackaging SPV and may pledge or assign a security interest in all or any portion of its rights under the Loan Documents to secure obligations of the Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank; <u>provided</u> that no such pledge or assignment shall release the Bank from any of its obligations hereunder or substitute any such pledgee or assignee for the Bank as a party hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary set forth herein or in any other Loan Document, upon assignment of any or all of its Commitment to a Repackaging SPV (the "<u>Repackaging SPV Transferred Interests</u>"), the Bank 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)continue to be subject to all its obligations which correspond to that portion of its Commitment and participations in Loans forming the Repackaging SPV Transferred Interests, such that the Bank and the Repackaging SPV are jointly and severally liable for all the obligations in respect of the Repackaging SPV Transferred Interests and the Borrower shall have the corresponding rights against each of the Bank and the Repackaging SPV, provided that upon any repayment of Loans to the Repackaging SPV the corresponding increase in the Commitment of the Repackaging SPV and the right of the Repackaging SPV to re-lend monies pursuant to this Credit Agreement shall be assumed solely by the Bank and not the Repackaging SPV if the Bank so notifies 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)fund the Repackaging SPV Transferred Interests in respect of that Loan by 2:00 pm (New York time) on the applicable borrowing date if the relevant Repackaging SPV has failed to so fund (or has confirmed that it will not be able to fund or to the extent the Bank and the Repackaging SPV have otherwise agreed that the Bank will provide the relevant funding) on the applicable borrowing 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) retain exclusive control over all rights and obligations with respect to the Repackaging SPV Transferred Interests, including all rights with respect to voting, waivers, consents, modifications, amendments and any confirmations as to satisfaction of any requirements hereunder or under any Loan Document.

Section 9.5<u>Survival</u>

All covenants, agreements, representations and warranties made by the Loan Parties herein and in the certificates or other instruments delivered in connection with or pursuant to this Credit Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Credit Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Bank may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as any Obligation is outstanding and unpaid and so long as the Commitment has not expired or terminated. The provisions of Sections 3.3 and 9.3 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and the termination of the Commitment or the termination of this Credit Agreement or any provision hereof.

Section 9.6<u>Counterparts; Integration; Effectiveness</u>

This Credit Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute but one contract. This Credit Agreement and any separate letter agreements with respect to fees payable to the Bank constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and

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understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 5.1</u>, this Credit Agreement shall become effective when it shall have been executed by the Bank and when the Bank shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of this Credit Agreement by facsimile transmission or electronic transmission in "portable document format" shall be effective as delivery of a manually executed counterpart of this Credit Agreement.

Section 9.7<u>Severability</u>

In the event any one or more of the provisions contained in this Credit Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the legal and economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Section 9.8<u>Right of Setoff</u>

If an Event of Default shall have occurred and be continuing, the Bank and its Affiliates and a Repackaging SPV are hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) or any amount due under any Financial Contract at any time held and other obligations at any time owing by it to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter owing under the Loan Documents, irrespective of whether or not it shall have made any demand under any Loan Document and although such obligations may be unmatured. The rights of the Bank under this Section are in addition to other rights and remedies (including other rights of set-off) that it may have.

Section 9.9<u>Governing Law; Jurisdiction; Consent to Service of Process</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)THIS CREDIT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each party to this Credit Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that, to the extent permitted by applicable Law, all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in

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other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Credit Agreement shall affect any right that the Bank may otherwise have to bring any action or proceeding relating to this Credit Agreement or the other Loan Documents against the Borrower, or any of its property, in the courts of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to the Loan Documents in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each party to this Credit Agreement irrevocably consents to service of process in the manner provided for notices in <u>Section 9.1</u>. Nothing in this Credit Agreement will affect the right of any party to this Credit Agreement to serve process in any other manner permitted by law.

Section 9.10**<u>WAIVER OF JURY TRIAL</u>**

**EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS CREDIT AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CREDIT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION**.

Section 9.11<u>Headings</u>

Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Credit Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Credit Agreement.

Section 9.12<u>Interest Rate Limitation</u>

Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable Law (collectively the "<u>charges</u>"), shall exceed the maximum lawful rate (the "<u>maximum rate</u>") that may be contracted for, charged, taken, received or reserved by the Bank in accordance with applicable Law, the rate of interest payable in respect of such Loan, together with all of the charges payable in respect thereof, shall be limited to the maximum rate and, to the extent lawful, the interest and the charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated, and the interest and the charges payable to the Bank in respect of other Loans or periods shall be

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increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Alternate Base Rate to the date of repayment, shall have been received by the Bank.

Section 9.13<u>Treatment of Certain Information</u>

The Bank agrees to use reasonable precautions to keep confidential, in accordance with the Bank's customary procedures for handling confidential information of the same nature, all non-public information supplied by the Borrower pursuant to this Credit Agreement which (a) (i) is clearly identified by such Person as being confidential at the time the same is delivered to the Bank, or (ii) constitutes any financial statement, list of investments or other assets, financial projections or forecasts, budget, compliance certificate, audit report, draft press release, management letter or accountants' certification delivered hereunder, and (b) as of any date of determination, was received by the Bank in connection with this Credit Agreement and the transactions contemplated herein ("<u>Information</u>"), <u>provided</u>, <u>however</u>, that nothing herein shall limit the disclosure of any such Information (i) on a confidential basis, to such of its respective service providers and Related Parties and including any securitization counterparties and or/insurance providers, (ii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, or requested by any bank regulatory authority (in which case the Bank agrees to use commercially reasonable efforts to inform the Borrower promptly thereof), (iii) on a confidential basis, to prospective lenders, participants and/or their counsel, (iv) to auditors or accountants, and any analogous counterpart thereof, (v) in connection with any litigation to which the Bank is a party, (vi) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Credit Agreement, (B) becomes available to the Bank on a non-confidential basis from a source other than the Borrower, or (C) was available to the Bank on a non-confidential basis prior to its disclosure to the Bank by the Borrower; and (vii) to the extent the Borrower shall have consented to such disclosure in writing. The Bank acknowledges that Information furnished to it pursuant to this Credit Agreement may include material non-public information concerning the Borrower, its Related Parties or the Borrower's securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable Law. Notwithstanding anything to the contrary contained in any Loan Document, no provision thereof shall (1) restrict the Bank from providing information to Federal Reserve supervisory staff, (2) require or permit, without the prior approval of the Federal Reserve, the Bank to disclose to the Borrower or any affiliate that any information will be or was provided to Federal Reserve supervisory staff, or (3) require or permit, without the prior approval of the Federal Reserve, the Bank to inform the Borrower or any affiliate of a current or upcoming Federal Reserve examination or any nonpublic Federal Reserve supervisory initiative or action. Nothing in this Credit Agreement or the Loan Documents shall prevent any of the parties hereto and their respective directors, officers, employees, agents and advisors from disclosing to any and all Persons the Tax treatment and Tax structure of the transactions contemplated by this Credit Agreement.

Section 9.14<u>USA Patriot Act Notice</u>

The Bank hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower,

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which information includes the name and address of the Borrower and other information that will allow the Bank to identify the Borrower in accordance with the Patriot Act.

Section 9.15<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any 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;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Credit Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

[signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be executed by their respective duly authorized representatives as of the date first above written.

**<u>BORROWER</u>:**

**OVERLAND FINANCING B, LLC,** a Delaware limited liability company

By: <br>Name: <br>Title:

**<u>FUND</u>:**

**OVERLAND ADVANTAGE,** a Delaware statutory trust

By: <br>Name: <br>Title:

Overland (Centerbridge) – Credit Agreement

------

**BNP PARIBAS SA**

By: <br>Name: <br>Title:

By: <br>Name: <br>Title:

Overland (Centerbridge) – Credit Agreement

------

SCHEDULE 1

<u>Eligibility Criteria</u>

"<u>Eligibility Criteria</u>" means, with respect to a Collateral Obligation, unless otherwise agreed in writing by the Bank (acting in its sole discretion) each of the following conditions being satisfied on any date of determination:

(a)the Collateral Obligation is a Broadly Syndicated Loan;

(b)the Markit Depth is at least 1;

(c)security has been granted by the Underlying Obligors pursuant to the Underlying Instrument in favour of the creditors of such Collateral Obligation;

(d)the outstanding principal amount of the Collateral Obligation is less than or equal to the lesser of $25,000,000 and 10% of the total tranche size;

(e)the total tranche size of the Collateral Obligation is not less than $350,000,000;

(f)the Current Price of the Collateral Obligation is not less than 60%;

(g)the Collateral Obligation was acquired for a Purchase Price of not less than 80% at the time of acquisition;

(h)the maturity of the Collateral Obligation is equal to or less than 8 years;

(i)the Borrower is the sole legal and beneficial owner of its interest in the Collateral Obligation;

(j)the Underlying Instruments relating thereto require the payment of cash interest annually or more frequently and without any interest deferral mechanisms;

(k)upon acquisition, it is capable of being, and will be, the subject of a charge, assignment or other security in favour of the Bank for the benefit of the Secured Parties;

(l)it is capable of being transferred, assigned or participated to the Bank (or their nominees), together with any associated security, without any breach of applicable restrictions on transfers or assignments, but subject to customary restrictions on transfer applicable to assets in the nature of the Collateral Obligations;

(m)in respect of which no Investment Default has occurred and is continuing;

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(n)the Borrower is not prohibited under the terms of the Underlying Instrument from disclosing the country of classification, industry and size of the Collateral Obligation to the Bank;

(o)to the actual knowledge of the Borrower, such Collateral Obligation was originated by the applicable lead investor(s) in accordance with customary due diligence practices;

(p)the governing law of the Underlying Instrument is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the law of the United States or any state thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)English law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the law of the jurisdiction of incorporation or establishment of the Underlying Obligor; provided such jurisdiction is an Eligible Country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the law of such other jurisdiction as may be agreed to between the Borrower and the Bank;

(q)the language of the Underlying Instrument is English (or includes an appropriate translation to English);

(r)it is denominated in an Eligible Currency;

(s)it is not a distressed or rescue loan, as determined by the Borrower in accordance with the Fundamental Policies;

(t)it is not an equity or equity-like instrument (as determined by the Borrower in accordance with the Fundamental Policies) and is not by its terms convertible into or exchangeable for equity at the option of the Borrower or the Underlying Obligor;

(u)it is not "margin stock" (as defined under Regulation U issued by the Board of Governors of the United States Federal Reserve System);

(v)the Domicile and country of risk as defined in Bloomberg field ID DX129 of the relevant Underlying Obligor is an Eligible Country and is not in a Sanctioned Jurisdiction;

(w)no Underlying Obligor is a Sanctioned Person;

(x)no Underlying Obligor or Underlying Obligor Affiliate is operating in a Prohibited Industry;

(y)it is not a Structured Finance Obligation unless otherwise consented to by the Bank in writing;

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(z)it is not a Second Lien Loan;

(aa)it is not a PIK Loan;

(bb)it is not a Revolving Credit Facility Loan; and

(cc)it is not junior mezzanine or subordinated debt which is subordinated (whether structurally subordinated or otherwise) in right of payment to any other obligation of the relevant Underlying Obligor (other than pursuant to a Permitted Lien or with respect to trade claims, capitalized leases, other similar obligations or and customary waterfall provisions contained in the applicable loan agreement or indenture), unless otherwise consented to by the Bank.

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SCHEDULE 2

<u>Concentration Limits</u>

"<u>Concentration Limits</u>" means, on each date of determination on or after March 3, 2025, the following limitations as applied (unless expressly waived in writing by the Bank) to the Aggregate Portfolio Criteria Amount using the Collateral Value of each Eligible Collateral Obligation:

(dd)not more than 5% consists of Eligible Collateral Obligations of any Underlying Obligor (together with its Underlying Obligor Affiliates), except that up to 7% may consist of Eligible Collateral Obligations of the largest single Underlying Obligor (together with its Underlying Obligor Affiliates);

(ee)not more than 5% consists of Eligible Collateral Obligations with a Tranche/Issue size lower than $500,000,000;

(ff)not more than 10% consists of Eligible Collateral Obligations which are in any single Bloomberg Industry Group, except that (i) up to 30% may consist of Eligible Collateral Obligations which are in a single Bloomberg Industry Group and (ii) up to 15% may consist of Eligible Collateral Obligations which are in two other Bloomberg Industry Groups;

(gg)the aggregate Principal Balance of any Eligible Collateral Obligation in relation to a single LXID is not greater than 10% of the aggregate principal balance of the applicable tranche of which such Collateral Obligation is part;

(hh)not more than 7% consists of Eligible Collateral Obligations which have a Markit Depth of less than 3;

(ii)not more than 5% consists of Eligible Collateral Obligations that are Delayed Drawdown Loans;

(jj)not more than 10% consists of Eligible Collateral Obligations with a Domicile and country of risk as defined in Bloomberg field ID DX129 that is not the United States; and

(kk)not more than 5% consists of Eligible Collateral Obligations that meet the following ratings requirements (based on the lowest such rating, 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;(i)an S&P Rating of less than 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;(ii)a Moody's Rating of less than B3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)with no rating.

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SCHEDULE 3

<u>Authorized Dealers</u>

ABN

Antares Capital Advisors, LLC

Bank of America Merrill Lynch

Bank of America N.A.

Bank of New York Mellon

Bank of NY Mellon (BNYM Capital Markets)

Barclays Bank PLC

Barclays Capital Inc.

BMO Capital Markets

BNP Paribas SA

BNP Paribas Securities Corp.

BofA Distributors, Inc.

BTIG LLC

Cantor Fitzgerald

Cantor Fitzgerald & Co.

Citicorp Securities Services, Inc.

Citigroup Global Markets Inc.

Citigroup, Inc.

CommerzBank AG

Credit Agricole

Credit Suisse AG

Credit Suisse Securities (USA) LLC

Daiwa Capital Markets America Inc.

Deutsche Bank

Deutsche Bank AG

Deutsche Bank Securities Inc.

FBR Capital Markets & Co.

Fidelity Brokerage Services LLC

Fidelity Capital Markets

Global Hunter Securities LLC

Goldman Sachs

Goldman, Sachs & Co.

Guggenheim Securities LLC

HSBC

HSBC Securities (USA) Inc.

Imperial Capital

Imperial Capital LLC

ING Financial Markets LLC

J.P. Morgan Securities Inc.

Jefferies

Jeffries & Company, Inc.

JP Morgan Chase & Co.

------

Key Bank

Lazard Freres & Co. LLC

Macquarie Capital USA Inc.

Merrill Lynch & Co., Inc.

Merrill Lynch Government Securities Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mitsubishi UFJ Securities USA Inc.

Mizuho Securities USA Inc.

Morgan Stanley

Morgan Stanley & Co. Incorporated

Natixis Global Asset Management

Nomura Securities International, Inc.

Oppenheimer & Co Inc

RBC Capital Markets

Robert W. Baird

Royal Bank of Canada

RW Baird

Scotia Bank

Scotiabank

Societe General

Societe Generale SA

State Street Bank

Stifel Financial Corp

Truist Banks

TD Securities

UBS AG

UBS Financial Services Inc.

UBS Securities LLC

US Bancorp

Wells Fargo & Company

Wells Fargo Advisors, LLC

Wells Fargo Investments, LLC

Wells Fargo Securities, LLC

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Gavin R. Baiera, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Overland Advantage;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all

material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| &nbsp;&nbsp;Date: November 7, 2025<br>|
| &nbsp;&nbsp;/s/ Gavin R. Baiera |
| &nbsp;&nbsp;Gavin R. Baiera |
| &nbsp;&nbsp;Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Kimberly A. Terjanian, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Overland Advantage;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all

material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| &nbsp;&nbsp;Date: November 7, 2025<br>|
| &nbsp;&nbsp;/s/ Kimberly A. Terjanian |
| &nbsp;&nbsp;Kimberly A. Terjanian |
| &nbsp;&nbsp;Chief Financial Officer |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION of CHIEF EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Overland Advantage (the "Company") for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), Gavin R. Baiera, as Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Form 10-Q of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)), as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| &nbsp;&nbsp;Date: November 7, 2025<br>|
| &nbsp;&nbsp;/s/ Gavin R. Baiera |
| &nbsp;&nbsp;Gavin R. Baiera |
| &nbsp;&nbsp;Chief Executive Officer |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION of CHIEF FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Overland Advantage (the "Company") for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), Kimberly A. Terjanian, as Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Form 10-Q of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)), as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| &nbsp;&nbsp;Date: November 7, 2025<br>|
| &nbsp;&nbsp;/s/ Kimberly A. Terjanian |
| &nbsp;&nbsp;Kimberly A. Terjanian |
| &nbsp;&nbsp;Chief Financial Officer |

---

------