# EDGAR Filing Document

**Accession Number:** 0002012139
**File Stem:** 0001193125-26-128496
**Filing Date:** 2026-3
**Character Count:** 1694881
**Document Hash:** 033ff59834753d5ffa0e3086a6956860
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-128496.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-128496

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fortress Private Lending Fund
- **CENTRAL INDEX KEY:** 0002012139

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

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01880
- **FILM NUMBER:** 26805340

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 798-6100

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-K

------

**(Mark One)** 

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

**For the fiscal year ended** **December 31,** 2025

**OR** 

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

**Commission File Number** 814-01880

------

Fortress Private Lending Fund

**(Exact name of Registrant as specified in its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 33-6515727 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 1345 Avenue of the Americas<br>New York**,** New York | 10105 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**212**)** 497-2976

------

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** |

---

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

Class I Shares, par value $0.01 per share<br>

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ No ☒

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of December 31, 2025, there was no established public market for the Registrant's common shares. As of March 27, 2026, the issuer had 40,766,377 Class I shares outstanding. Class I shares outstanding exclude shares issuable in connection with March 2026 subscriptions, which are not yet finalized.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** |  |  |
| &nbsp;&nbsp;Item 1. | [<u>Business</u>](#item1business) | 1 |
| &nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 28 |
| &nbsp;&nbsp;Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 68 |
| &nbsp;&nbsp;Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 68 |
| &nbsp;&nbsp;Item 2. | [<u>Properties</u>](#item_2_properties) | 70 |
| &nbsp;&nbsp;Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 70 |
| &nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 70 |
| **PART II** |  |  |
| &nbsp;&nbsp;Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common) | 71 |
| &nbsp;&nbsp;Item 6. | [<u>\[Reserved\]</u>](#item_6_reserved) | 74 |
| &nbsp;&nbsp;Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_mda) | 75 |
| &nbsp;&nbsp;Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative) | 90 |
| &nbsp;&nbsp;Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements) | 92 |
| &nbsp;&nbsp;Item 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and_disagreements) | 125 |
| &nbsp;&nbsp;Item 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures) | 125 |
| &nbsp;&nbsp;Item 9B. | [<u>Other Information</u>](#item_9b_other_information) | &nbsp;&nbsp;125 |
| &nbsp;&nbsp;Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_disclosure_regarding_foreign) | 125 |
| **PART III** |  |  |
| &nbsp;&nbsp;Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_officers) | 126 |
| &nbsp;&nbsp;Item 11. | [<u>Executive Compensation</u>](#item_11_executive_compensation) | 129 |
| &nbsp;&nbsp;Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership) | 131 |
| &nbsp;&nbsp;Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships) | 132 |
| &nbsp;&nbsp;Item 14. | [<u>Principal Accounting Fees and Services</u>](#item_14_principal_accounting_fees) | 135 |
| **PART IV** |  |  |
| &nbsp;&nbsp;Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item_15_exhibits_financial_statement) | 137 |
| &nbsp;&nbsp;Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10k_summary) | 139 |

---

i

------

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K (this "Form 10-K") contains forward-looking statements, which relate to future events or the future performance or financial condition of Fortress Private Lending Fund (the "Company," "we," "us," or "our"). Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology, although not all forward-looking statements include these words. Some of the statements in this Form 10-K constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Form 10-K may include statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's future operating results and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's business prospects and the prospects of its investments, including the dependence of the Company's future success on general economic and political trends and other external factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the FPLF Management LLC, a Delaware limited liability company (the "Adviser" or "Administrator", as applicable) and an indirect subsidiary of Fortress Investment Group LLC ("Fortress") to identify suitable investments for the Company and to monitor and administer the Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of investments that the Company expects to make and the competition for those investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Company's investments to achieve their expected performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of debt and equity capital and the Company's use of borrowed money to finance a portion of its investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of the Company's financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies' supply chain and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, form and amount of any distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the outcome and impact of any litigation or regulatory proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to qualify and maintain its qualification as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), and as a business development company ("BDC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to recover unrealized losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to deploy any capital raised in its continuous private offering of securities (the "Offering");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding global financial stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general fluctuations in the values of financial assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changes in laws and regulations.

The forward-looking statements contained in this Form 10-K involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Item 1A. Risk Factors" and the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to source high-quality investment opportunities to deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics, government shutdowns or other events having a broad impact on the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periods of disruption and instability in the capital markets, including as a result of United States trade policy developments, tariffs and other trade restrictions;

ii

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and may limit our ability to pay dividends to holders of our Class I common shares of beneficial interest, par value $0.01 per share (the "Shares" and holder of such Shares, "Shareholder");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain economic events may cause our Shareholders to request that we repurchase their Shares, and if we decide to satisfy any or all of such requests, our cash flow and our results of operations and financial condition could be materially adversely affected. Further, our Board of Trustees (the "Board") may make exceptions to modify or suspend our share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer Shares than such repurchase limitations) if it deems such action to be in our best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of our Shares to Fortress affiliates), proceeds from repayments of our debt investments, sales of our liquid investments and, if necessary, sales of our investments and/or assets, and we have no limits on the amounts we may fund from such sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation of our investments may not be certain or transparent as a result of the highly volatile environments we operate in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the purchase prices for our Shares are generally based on our prior month's net asset value ("NAV") and are not based on any public trading market;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise additional funds to enable us to make additional investments and diversify the risk profile of our portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to capitalize on potential investment opportunities on attractive terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to accurately identify or adequately evaluate potential risks in volatile investing environments with limited market liquidity or price transparency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the incurrence of contingent liabilities as a result of our investments, including our assumption of default risk or other third-party risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to forecast correlations between the value of our portfolio and the direction of exchange rates, interest rates and the price of securities in order to effectively or appropriately mitigate risks associated with our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•defaults by borrowers in paying debt service on outstanding indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain risks associated with limitations on our remedies under bankruptcy laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•system failures and cybersecurity breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•substantial compliance costs that may be required to meet the constantly evolving legal and regulatory landscape for data protection and privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential misconduct and unauthorized conduct from third-party providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with state and local laws, statutes, regulations and ordinances relating to pollution, the protection of the environment and human health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with our relationship with Fortress and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes to United States federal income tax laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political and regulatory conditions that contribute to uncertainty and market volatility including the impact of a prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions could also be inaccurate. In light of these and other uncertainties, the inclusion of a forward-looking statement in this Form 10-K should not be regarded as a representation by us that our plans and objectives will be achieved.

You should read this Form 10-K and the documents that we reference herein and have filed as exhibits hereto with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We

iii

------

qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Form 10-K. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Form 10-K, whether as a result of any new information, future events or otherwise.

For more information regarding these and other risks and uncertainties that we face, see the section entitled "Item 1A. Risk Factors" and any such updated factors included in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document. Because the Company is an investment company, the forward-looking statements contained in this Form 10-K are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

iv

------

**SUMMARY RISK FACTORS**

The following is only a summary of the principal risks that may adversely affect our business, financial condition and results of operations and cash flows. The following should be read in conjunction with the complete discussion of risk factors we face, which are set forth below under "Item 1A. Risk Factors." Some of the more significant risks relating to our business and ownership of our shares include:

***Risks Related to Our Business and Structure*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a limited operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are a privately placed BDC and our Shareholders may not be able to transfer or otherwise dispose of our Shares at desired times or prices, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may have difficulty sourcing investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are exposed to risks associated with high rates of inflation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Because our initial Shareholders approved a proposal to allow an asset coverage ratio of 150%, we are subject to 150% asset coverage ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

***Risks Related to the Adviser and its Affiliates*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our fee structure may create a conflict of interest due to the incentives for the Adviser to make speculative investments or use substantial leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.

***Risks Related to Our Investments*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The capital markets may experience periods of disruption and instability, including as a result of United States trade policy developments, tariffs and other trade restrictions. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our investments in portfolio companies may be risky, and we could lose all or part of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.

v

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our portfolio companies may be highly leveraged.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not be able to complete certain desired investments because such investments may be subject to regulatory review and approval requirements, including pursuant to foreign investment regulations and review by governmental entities such as the Committee on Foreign Investment in the United States ("CFIUS"), or may be ultimately prohibited.

***Risks Related to an Investment in our Shares*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The amount of any distributions we may make on our Shares is uncertain. We may not be able to pay distributions, or be able to sustain distributions at any particular level, and our distributions per Share, if any, may not grow over time, and our distributions per Share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, and proceeds from our Offering to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Shares are not listed on an exchange or quoted through a quotation system and will not be listed for the foreseeable future, if ever. Therefore, our Shareholders will have limited liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The NAV of our Shares may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preferred shares could be issued with rights and preferences that would adversely affect our Shareholders, including the right to elect certain members of the Board and have class voting rights on certain matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Certain Shareholders will be subject to Exchange Act filing requirements relating to their beneficial ownership of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Those Shareholders that are obligated to fund drawdowns may need to maintain a substantial portion of the amount of their unfunded capital commitments in assets that can be readily converted to cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholders who default on their capital commitment to us will be subject to significant adverse consequences.

***Risks Related to Federal Income Taxation*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We cannot predict how tax reform legislation will affect us, our investments, or our Shareholders, and any such legislation could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will be subject to corporate-level U.S. federal income tax if we are unable to qualify for and maintain our tax treatment as a RIC (as defined in "Item 1. Business") under Subchapter M of the Code or if we make investments through taxable subsidiaries.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are not treated as a "publicly offered regulated investment company," as defined in the Code following the RIC Election Date, certain U.S. Shareholders will be treated as having received a distribution from us in the amount of such U.S. Shareholders' allocable share of the Management Fees (as defined in "Item 1. Business") and Incentive Fees (as defined in "Item 1. Business") paid to the Adviser and some of our expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholders.

***General Risks*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Economic recessions or downturns could impair our portfolio companies and harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit funds have been the subject of increasing regulatory focus at international and regional levels.

vi

------

**PART I**

**Item 1. Business** 

**Overview** 

Fortress Private Lending Fund (the "Company") is a Delaware statutory trust formed on January 25, 2024. The Company is a "perpetual-life", externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), on August 1, 2025 (the "BDC Election"). Prior to the BDC Election, the Company conducted its investment activities and operations in reliance on an exemption from the definition of "investment company" under Section 3(c)(7) of the 1940 Act.

For U.S. federal income tax purposes, beginning with the tax year ending December 31, 2025, the Company expects to elect to be treated, and the Company intends to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), effective August 1, 2025. As a BDC and a RIC, the Company will be required to comply with certain regulatory requirements.

The Company is managed by FPLF Management LLC (in its capacity as investment adviser, the "Adviser"), an indirect subsidiary of Fortress Investment Group LLC ("Fortress"), which provides management services to the Company pursuant to an amended and restated investment advisory agreement, dated February 10, 2025, between the Adviser and the Company (the "Investment Advisory Agreement"). See further discussion in Note 3 – "Related Party Transactions and Agreements" to our consolidated financial statements. Subject to the overall supervision of the Board of Trustees (the "Board"), the Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring the Company's investments and monitoring its portfolio on an ongoing basis through a team of investment professionals. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC").

FPLF Management LLC (in its capacity as administrator, the "Administrator"), may delegate any of its obligations under the amended and restated administration agreement, dated February 10, 2025, between the Administrator and the Company (the "Administration Agreement") to an affiliate or to a third-party to assist in the provision of administrative services (a "Sub-Administrator"). The Sub-Administrator will receive compensation for its services under a sub-administrative agreement. The Sub-Administrator receives fees, plus out-of-pocket expenses, based on the nature and extent of services provided. The Administrator has retained SEI Global Services, Inc. as the Sub-Administrator to provide administrative and accounting services.

The Company's investment objectives and strategies are to generate current income and, to a lesser extent, capital appreciation, primarily by investing in U.S. middle-market companies through the direct origination or acquisition of first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and, to a lesser extent, second lien senior secured loans. The investment portfolio may also include other interests such as corporate bonds, common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. While most of the Company's investments will be in private U.S. companies (subject to compliance with BDC regulatory requirements to invest at least 70% of the Company's assets in "qualifying assets", as defined in Section 55(a) of the 1940 Act), the Company may invest up to 30% of its portfolio in non-qualifying assets, including companies located outside of the U.S., entities that are operating pursuant to certain exceptions under the 1940 Act, as applicable, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act, as applicable. As of December 31, 2025, non-qualifying assets totaled 14.4% of the Company's total assets. The Company relies on exemptive relief granted by the SEC to the Company, the Adviser and certain affiliates to co-invest with other funds, accounts and clients managed by the Adviser or its affiliates in a manner consistent with our investment objectives. The Company generally considers middle-market companies to consist of companies with $25 million to $250 million of earnings before interest, taxes, depreciation, and amortization, although the Company may from time to time invest in smaller companies and other instruments if the Adviser believes that the opportunity presents attractive investment characteristics and risk-adjusted returns.

**Formation Transactions** 

Prior to the BDC Election, we conducted our investment activities and operations in reliance on an exemption from the definition of "investment company" under Section 3(c)(7) of the 1940 Act. As a private fund, we held closings from time to time of investors who are (i) "accredited investors" within the meaning of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), in reliance on exemptions from the registration requirements of the Securities Act and (ii) "qualified purchasers" as defined under the 1940 Act. At each such closing, each investor made a capital commitment to purchase Shares pursuant to a subscription agreement entered into with the Company. Such investors were required to fund drawdowns to purchase Shares up to the amount of their respective capital commitment on an as-needed basis each time we delivered a drawdown notice.

------

We have conducted, and anticipate that we will continue to conduct, private offerings of our shares on a monthly basis at a per Share price equal to NAV per Share to investors for immediate cash investment. In addition, we may continue to allow certain investors to fund their investment in the Company over time through drawdowns of their capital commitments in lieu of fully funding their investment on the date their subscription agreement is accepted by the Company. With respect to unfunded capital commitments, we will draw down on such commitments over time, on an as-needed basis by delivering a drawdown notice to each investor. All purchases of Shares pursuant to the capital commitments will generally be made pro rata in accordance with remaining capital commitments of all investors at a per Share price equal to NAV per Share.

The Offering will be made pursuant to Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder and other available exemptions from the registration requirements of the Securities Act to investors who are "accredited investors" within the meaning of Regulation D under the Securities Act.

We are initially offering one class of our common shares of beneficial interest–the Class I Shares–and may offer additional classes of our Shares in the future. On November 17, 2025, the Company and the Adviser received exemptive relief from the SEC that permits the Company to offer to sell multiple classes of Shares with varying sales loads and to impose asset-based and/or distribution fees and early withdrawal fees, as applicable (the "Multi-Class Exemptive Relief").

The Company reserves the right to conduct additional offerings of securities in the future in addition to the Offering. In addition, although the Company intends to issue Shares on a monthly basis, the Company retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Company, more or less frequently to one or more investors for regulatory, tax or other reasons.

**Fortress** 

Fortress is a leading global investment management firm. Fortress offers a range of alternative investment strategies, including credit, real estate, and private equity for institutional and private investors around the world. As of September 30, 2025, Fortress had approximately $54 billion in assets under management ("AUM").<sup>2</sup> Fortress is co-headquartered in New York and Dallas, and has offices in Abu Dhabi, Atlanta, Greenwich, Hong Kong, London, Los Angeles, Madrid, Menlo Park, Rome, Sydney and Tokyo.

**Competitive Strengths and Core Competencies** 

***Cycle-Tested Direct Lending Platform.*** Fortress has an over 20-year U.S. direct lending heritage, deploying approximately $35 billion of capital since 2006 through proprietary sourcing channels with sponsors, bankers, advisors and operators. Fortress believes that the majority of its investments will continue to not be intermediated and will be originated without the assistance of banks or other traditional sources.

The Adviser believes that Fortress has developed a reputation as a consistent, complementary solution provider across all economic cycles, remaining authentic to Fortress's principled investment standards. These investment standards have produced attractive risk-adjusted returns while emphasizing the core tenets of Fortress's credit franchise, including portfolio diversification, risk mitigation and capital preservation.

In addition, the Adviser intends to draw upon the resources of the broader Fortress platform in underwriting transactions, performing due diligence, managing assets and optimizing the Company's operations. The Adviser expects the cross-platform collaboration to enhance its and the Company's view of the markets, facilitate origination efforts and provide invaluable insight into current credit market dynamics.

***Robust, Multi-Channel Origination Platform.*** Fortress's long history of credit investing has augmented the variety of its sourcing channels and dynamics, providing differentiated origination volume in any cycle environment. Sourcing and originating are infused in Fortress's DNA and one-team culture, facilitating relationships with existing borrowers and strengthening long-standing relationships with private equity sponsors, banks, advisors and other proprietary networks. These proprietary relationships afford Fortress the ability to develop deep sector expertise and insights, differentiating its value proposition for potential borrowers.

------

<sup>2</sup> Fee-paying AUM plus uncalled and recallable capital as of September 30, 2025. AUM refers to the assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts. AUM equals the sum of: (i) the net asset value ("NAV") of the hedge funds, (ii) the capital commitments, invested capital or net capital base (or NAV, if lower) of the credit PE funds and private equity funds, depending on which measure management fees are being calculated upon at a given point in time, plus uncalled and recallable capital from which Fortress is currently not earning management fees, (iii) the contributed capital or book equity of the publicly traded permanent capital vehicles; and (iv) amounts investors have committed to contribute to certain managed accounts, including unfunded amounts for which Fortress is currently not earning management fees.

------

***Strict Adherence to Credit Underwriting Fundamentals.*** The Adviser intends to take a judicious, disciplined approach to the underwriting and allocation of risk to the Company. The Adviser's investment approach will blend a rigorous analysis of the macroeconomic environment with a deep fundamental understanding of the individual borrowers and sectors in which the Company expects to invest.

***Ability to Control Outcomes with Differentiated Asset Management Capability.*** Fortress believes it has a highly coordinated and robust team of dedicated private corporate lending asset managers (the "Asset Management Team"), focused on the active monitoring of existing credits and proactively identifying and managing potential risks. The Asset Management Team, led by two co-heads with an average of 25 years of experience and 20-year tenure at Fortress, has significant experience and knowledge in restructurings, risk monitoring, due diligence, valuations, and portfolio monitoring and analysis. By leveraging this knowledge, the Adviser will seek to enhance economics in the event of a workout or restructuring event while maintaining the flexibility to step into all levels of the capital structure. The Adviser and Fortress have a rigorous set of processes and procedures, including frequent contact with borrowers, loan agents and other counterparties in order to ascertain a fundamental understanding of the collateral value, cash flows and related risks. These tenets, enforced by its asset management platform, have been instrumental in Fortress's low average annualized net loss rate on realized investments of 0.2% inception-to-date.<sup>3</sup> However, past performance is not a guarantee of future results.

***Skilled Bench of Highly Experienced Senior Leadership.*** The Adviser believes it has a highly experienced Investment Team (as defined below) with an average of 23 years of experience sourcing and underwriting attractive investments with risk-adjusted returns. Their average tenure at Fortress is 16 years, creating a shared institutional knowledge of sourcing and investment expertise. This expertise is supported by the broader Fortress ecosystem which provides the connective tissue for the cross-pollination of solution-oriented investment ideas. The Adviser believes that the broad knowledge of the Investment Team and the Fortress platform of asset classes and credit cycles will provide the Company with differentiated investment and execution expertise.

**The Adviser** 

The Company's investment activities are managed by FPLF Management LLC, an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and an indirect subsidiary of Fortress. Entities controlled by Fortress are the principal owners of the Adviser and its affiliates, and accordingly, Fortress has ultimate decision-making authority with respect to the Adviser. Subject to the overall supervision of the Board, the Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments and monitoring our portfolio on an ongoing basis through a team of investment professionals.

We entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser provides investment advisory services to us. The Adviser's services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to us are not impaired. Under the terms of the Investment Advisory Agreement, we pay the Adviser a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). For a discussion of the Management Fee and Incentive Fee payable by us to the Adviser see "— *Investment Advisory Agreement."* Our Board will monitor the mix and performance of our investments over time and seek to satisfy itself that the Adviser is acting in the Company's interests and that our fee structure appropriately incentivizes the Adviser to do so.

The Adviser is led by substantially the same investment personnel as Fortress. The Adviser's personnel, as well as personnel of Fortress, work on matters related to other funds and accounts. As such, the Adviser has access to the broader resources of Fortress, subject to Fortress's policies and procedures regarding the management of conflicts of interest.

The Adviser's investment team is responsible for managing our business and activities (the "Investment Team") and is led by Fortress's Co-Chief Executive Officer, Jack Neumark, and the Company's Co-Chief Executive Officers, Aaron Blanchette and Brian Stewart, all of whom have substantial experience in credit origination, underwriting and asset management. The Adviser will seek to maximize the unity, cohesiveness and flexibility of the Investment Team to prioritize what it believes to be the most compelling investment opportunities originated by the Investment Team. The Company's investment decisions will be made by a committee, which will include senior personnel of Fortress and the Adviser. The committee (the "Investment Committee") is currently led by Jack Neumark, Aaron Blanchette, Brian Stewart and Drew McKnight.

The Company will be highly dependent on the involvement of Jack Neumark, Drew McKnight, Aaron Blanchette, Brian Stewart, Tim Sloan and Andy Frank (each a "Key Person") in its investment activities. If fewer than three of the Key Persons and/or any additional or replacement person approved by the Board, including a majority of the Independent Trustees (as defined below), remain actively involved in the management and affairs of the Company, a "Key Person Event" will occur; provided, that the Adviser will have the right during the Suspension Period (as defined below) to replace one or more Key Persons with one or more individuals approved by the

------

<sup>3</sup> *Reflects total dollar losses of Fortress's U.S. direct corporate loans, divided by total invested capital (annualized). Calculations of losses include both interest income and principal gains and losses.* 

------

Board, including a majority of the Independent Trustees to address the occurrence of a Key Person Event. In the event of a Key Person Event, the Company shall promptly provide concurrent notice (the "Key Person Notice") to all holders of our Shares (the "Shareholders") consistent with its obligations under the U.S. federal securities laws, and the making of new investments shall be suspended until the earlier of (i) the one hundred twentieth (120<sup>th</sup>) calendar day following the date that the Key Person Notice is provided and (ii) the day on which a replacement person for such Key Person (or Key Persons, as applicable) is approved by the Adviser and the Board, including a majority of the Independent Trustees (the "Suspension Period"). During a Suspension Period, a majority of Shareholders may elect to end the Suspension Period (in which case the making of new investments shall resume immediately following such election). For the avoidance of doubt, during a Suspension Period, the Company may issue drawdowns and utilize its assets to (i) pay Company expenses, (ii) complete any proposed investment (including any follow-on investment and investments pursuant to an investment commitment (in each case with respect to investments in portfolio companies in which the Company was invested as of the date of the Key Person Event) for which the Adviser has, on behalf of the Company, made a commitment, placed a bid (whether binding or not) in a competitive bidding situation or entered into a letter of intent, term sheet, memorandum of understanding or other similar document (whether or not such document created a legally binding obligation to proceed with such investment) or a definitive agreement to proceed with such transaction (collectively, "Actively Pursued Potential Investments") if such Actively Pursued Potential Investment was being actively pursued as of such Key Person Event, (iii) fund any guaranteed obligations and/or (iv) as otherwise necessary for the Company to preserve its tax status. Upon the completion of a Suspension Period, if not already completed, the Board, including a majority of the Independent Trustees, will oversee the appointment of Key Persons and the resumption of the Company's suspended investment operations. The Key Persons have undertaken to, in their own business judgment, be actively involved in the management and affairs of the Company.

The Adviser may serve as an investment adviser to other existing or future investment funds or accounts managed by Fortress or any of its affiliates ("Fortress Managed Accounts") and funds with investment objectives and strategies that overlap with those of the Company. These businesses may also be counterparties or participants in agreements, transactions, or other arrangements with businesses in which other affiliated investment vehicles have made investments that may involve fees and/or servicing payments to the Adviser or its affiliates. In addition, the Company's executive officers and Trustees serve or may serve as officers, trustees or principals of entities, that operate in the same, or a related, line of business as we do or of investment funds, accounts or other investment vehicles managed by Fortress affiliates, including the Adviser. These investment funds, accounts or other investment vehicles may have investment objectives similar to our investment objectives and the Company may compete with entities managed by the Adviser and its affiliates, for capital and investment opportunities. Both Fortress and the Adviser are committed to allocating investment opportunities among the Company and their other clients in a manner that, over time, is on a fair and equitable basis. However, in these circumstances, the Company may receive a smaller allocation of an investment opportunity that falls within its investment objectives and strategies than it would otherwise be allocated, or it may not receive an allocation at all. In addition, expenses may be incurred that are attributable to the Company and other entities managed by the Adviser and its affiliates. For more information on how investments will be allocated and conflicts of interests will be managed see "*—Allocation of Investment Opportunities"* and "Item 7. *Certain Relationships and Related Transactions and Trustee Independence.*"

In addition, entities affiliated with or related to the Adviser, together with certain of the Adviser's investment professionals, from time to time, may make investments in other entities whose investment objectives overlap with ours or which are advised by the Adviser or its affiliates, some of which may have different fee structures (including no fees and lower fees) than those in the Investment Advisory Agreement. We believe that any investment by the Adviser and its affiliates in the Company aligns, to some extent, the interests of the Adviser with our Shareholders, although the Adviser has or may have economic interests in such other entities as well and receive advisory fees or other forms of incentive-based compensation relating to such entities.

**The Administrator** 

FPLF Management LLC serves as our administrator pursuant to an amended and restated administration agreement, dated as of February 10, 2025, between the Administrator and the Company (the "Administration Agreement"). The Administrator provides, or oversees the performance of, certain administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to Shareholders and reports filed with the SEC, preparing materials and coordinating meetings of our Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for its costs, expenses and the Company's allocable portion of compensation of the Administrator's personnel and overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations pursuant to the Administration Agreement.

The Administrator is an indirect subsidiary of Fortress and may provide similar services to other Fortress Managed Accounts. To the extent that the Administrator provides administrative services to other Fortress Managed Accounts, any of the costs and expenses associated with the Administrator's personnel overhead (including rent, office equipment and utilities) or incurred by the Administrator in performing its administrative obligations, will be borne by the Company based on its allocable share of the costs, on an estimated basis. Notwithstanding the foregoing, in circumstances where the Administrator reasonably believes that an allocation of such expenses or the amount allocated to the Company and/or other Fortress Managed Accounts would produce an inequitable result to the Company

------

and/or other Fortress Managed Accounts, the Administrator may allocate such expenses in a fair and equitable manner. See "*— Payment of Our Expenses under the Investment Advisory Agreement and Administration Agreement*" below for a discussion of the fees and expenses we are required to reimburse to the Administrator. The Administrator has delegated its obligations under the Administration Agreement to SEI Global Services, Inc. to assist in the provision of administrative services.

**The Board of Trustees** 

Overall responsibility for the Company's oversight rests with the Board. We are party to an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in our operations in accordance with the provisions of the 1940 Act, the Company's amended and restated bylaws (as such may be amended and/or restated from time to time, the "Bylaws"), the Company's amended and restated declaration of trust (as amended and/or restated from time to time, the "Declaration of Trust") and applicable provisions of state and other laws. The Adviser will keep the Board informed as to the Adviser's activities undertaken on our behalf and our investment operations and provide the Board with additional information as the Board may, from time to time, request. The Board currently has seven members, three of whom, Aaron Blanchette, Brian Stewart and Lucy Munro, are "interested persons" of the Company as defined in Section 2(a)(19) of the 1940 Act and four of whom, Amit Patel, David Brenner, Anne Motsenbocker and Michael Dillard, are not "interested persons" of the Company as defined in Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board (the "Independent Trustees").

**Market Opportunity** 

The Adviser believes that trends in the middle-market lending environment, including the limited availability of capital from traditional regulated financial institutions, strong demand for debt capital and specialized lending requirements, are likely to continue to create favorable opportunities for us to invest at attractive risk-adjusted rates.

Subsequent to the global financial crisis in 2008, the implementation of regulatory changes, tightened risk appetites and reduced the capacity of traditional lenders to serve middle-market companies. We believe that these dynamics create a significant opportunity for us to directly originate investments. We also believe that the large amount of uninvested capital held by private equity firms will continue to drive deal activity, which may in turn create additional demand for debt capital.

This market dynamic is further exacerbated by the specialized due diligence and underwriting capabilities, as well as extensive ongoing monitoring, required for middle-market lending. We believe middle-market lending is generally more labor-intensive than lending to larger companies due to smaller investment sizes and the lack of publicly available information on these companies. As a result, the opportunities for dedicated private lenders, like us, have continued to expand.

We believe an imbalance between the supply of, and demand for, middle-market debt capital creates attractive pricing dynamics for us. The negotiated nature of middle-market financings also generally provides for more favorable terms to the lenders, including stronger covenant and reporting packages, better call protection and lender-protective change of control provisions. We believe that we have flexibility to develop loans that reflect each borrower's distinct situation, provide long-term relationships and a potential source for future capital, which renders us an attractive lender.

**Structure of Investments** 

***Debt Investments.*** The terms of the Company's debt investments will be tailored to the facts and circumstances of each transaction and prospective portfolio company. The Adviser will seek to negotiate the structure of each investment to protect the Company's rights, manage its risks and execute on its business plan. We intend to invest in the following types of debt:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*"Last out" first lien loans.* "Last out" first lien loans have secondary priority behind super senior "first out" first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a "last out" first lien loan are set forth in an "agreement among lenders," which provides lenders with "first out" and "last out" payment streams based on a single lien on the collateral. Since the "first out" lenders generally have priority over the "last out" lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements

------

among lenders, the "last out" lenders bear a greater risk and, in exchange, receive a higher effective interest rate through arrangements among the leaders than the "first out" lenders or lenders in standalone first lien loans. Agreements among lenders also typically provide greater voting rights to the "last out" lenders than the intercreditor agreements to which second lien lenders often are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*"Unitranche" loans.* Unitranche loans are loans that combine features of first lien, second lien and mezzanine debt, generally in a first lien position. In many cases, "unitranche" lenders, including the Company, may provide the issuer most, if not all, of the capital structure above the equity. The primary advantage to the borrower in this scenario is the ability to negotiate an entire debt financing with one lender and eliminate of intercreditor issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*First lien secured bonds.* First lien secured bonds are similar to stand-alone first lien loans. All investors in the bond have equal rights to the collateral that is subject to the first priority security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Second lien debt.* Second lien debt may include second lien secured loans, and, to a lesser extent, second lien secured bonds, with a secondary priority behind first lien debt. Second lien debt typically is senior on a lien basis to other liabilities in the issuer's capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first lien debt secured by those assets. First lien lenders and second lien lenders typically have separate liens on collateral, and an intercreditor agreement provides the first-lien lenders with priority over the second lien lenders' liens on collateral. Generally, the Adviser will focus on second lien investment opportunities in the event that they accompany the Company's primary investment strategy of a first lien, senior secured investment, providing the Company with a fortified position in a borrower's capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Mezzanine or Unsecured debt.* Structurally, mezzanine debt usually ranks subordinate in priority of payment to first lien and second lien debt and may not have the benefit of financial covenants in first lien and second lien debt. Unsecured debt may rank junior in priority as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, both mezzanine and unsecured debt ranks senior to common and preferred equity in an issuer's capital structure. Mezzanine and unsecured debt investments generally offer lenders fixed returns in the form of interest payments and mezzanine debt will often provide lenders an opportunity to participate in the capital appreciation, if any, of an issuer through an equity interest. This equity interest typically takes the form of an equity co-investment or warrants. Due to its higher risk profile, and often less restrictive covenants compared to senior secured loans, mezzanine and unsecured debt generally bears a higher stated interest rate than first lien and second lien debt.

The Company's debt investments will typically be structured with the maximum seniority and collateral that the Company can reasonably obtain while seeking to achieve its total return target. The Adviser seeks to limit the downside potential of the Company's investments by:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mitigating non-credit-related risks on the Company's investments, including call protection provisions to protect future payment income. In addition, most of the Company's investments are expected to be floating rate in nature, which the Adviser believes will help act as a portfolio-wide hedge against inflation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•negotiating covenants in connection with the Company's investments consistent with preservation of the Company's capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, change of control provisions and, depending on the size, nature and performance of the transaction, the Company may occupy a seat or serve as an observer on a portfolio company's board of directors or similar governing body.

Among the types of first lien debt in which the Company intends to invest, we generally will be able to obtain higher effective interest rates on our "last out" first lien loans than on other types of first lien loans, since we expect our "last out" first lien loans to generally be more junior in the capital structure. Within our portfolio, we aim to maintain the appropriate proportion among the various types of first lien loans, as well as second lien debt and mezzanine debt, which will increase our ability to achieve our target returns while maintaining our targeted amount of credit risk.

***Equity Investments.*** Our loans may include equity interests in an issuer, such as warrants or profit participation rights. In certain instances, we also will make equity investments, although those situations will generally be limited to those cases where we are also making an investment in a more senior part of the capital structure of the issuer. In addition, there may be instances where we invest in liquid securities of a company.

------

**Investment Selection** 

The Adviser seeks to adhere to a disciplined approach with respect to sourcing, evaluating and executing prospective investments, consistent with how Fortress manages its investments across its platform.

The Adviser's core investing tenets are anchored in strict observance of fundamental credit underwriting standards and its ability to mitigate risk and ultimately preserve capital. This emphasis on capital preservation generally means that the Company will target investment opportunities which exhibit the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•high margins of safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•low loan to collateral value levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•top of the capital structure, first-dollar risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•call protection and voting control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintenance and incurrence covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•experienced management teams with deep alignment with creditors and equity investors.

The Adviser intends to implement the following investment selection framework to achieve the Company's investment objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Market Category Leader and Sustainable Competitive Advantages.*** The Adviser will seek to invest in companies and management teams that have leading positions within their respective sectors, coupled with differentiated competitive advantages and high barriers to entry. When conducting diligence, the Adviser will generally target investments which demonstrate superior unit economics, often exemplified by a borrower's revenue model, whether recurring or contractual, and consistency of cash flow streams through different cycles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Stable Free Cash Flow, Earnings and Profit Margins.*** The Company will generally target companies with stable and substantial free cash flow, earnings and profit margins, which the Adviser believes is fundamental to borrowers' ability to satisfy debt service requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Aligned Incentives with Experienced Management Teams.*** The Adviser believes that experienced management teams are paramount to long-term value creation and stewardship of both equity and credit stakeholders' capital. Through the Adviser's deep expertise across sectors, it will carefully evaluate the quality and capability of senior management, as well as the incentives in-place to create mutually desirable outcomes. The Adviser believes that proper qualitative and quantitative incentives, mutually agreed upon by management, lenders and sponsor equity, if applicable, are essential to effectively execute on the strategic objectives, and ultimately create enterprise value, of the Company.

**Investment Process Overview** 

The day-to-day activities of the Company are managed by the Adviser and the Investment Team. The process through which an investment is sourced, evaluated and made involves substantial direct origination efforts and extensive research into each company, its industry, its growth prospects and its ability to withstand adverse conditions.

*Sourcing* 

Fortress has a variety of sourcing channels and dynamics augmented by a 20-plus year history of investing relationships. The Adviser has a dedicated sourcing team that utilizes an omni-channel sourcing approach, which includes calling on direct-to-company, financial sponsors, banks, advisors, and proprietary networks. This results in the Adviser's ability to experience robust origination volumes across market environments.

The Adviser will seek to leverage the insights derived from its research, due diligence and risk management efforts and engage its operating partners, advisers and capital partners to increase awareness and coordination across the Adviser's platform to identify direct investment opportunities. The Adviser strives to obtain a thorough understanding of evolving market dynamics and thematic pockets of opportunity which arise at different points in the economic cycle.

*Underwriting* 

------

Upon preliminary review of available materials and dialogue with the counterparties and/or borrowers, the Investment Team will prepare a preliminary analysis of the proposed investment. This will include a bottom-up operating model and implied cash flows along with a thorough review of the legal and financial material prepared by the management team. This process is conducted in concert with other internal and external resources, including operating partners, bankers, advisors, attorneys, accountants, consultants and research firms.

Feedback on the preliminary analysis from select members of the Investment Committee on the proposed structure, implied returns and review of the borrower profile alongside Fortress's strict underwriting tenets will inform the decision as to whether to proceed with diligence or not. If senior professionals and the deal team, which is comprised of select members of the Investment Team, are supportive of advancing the opportunity, the deal team will commence extensive due diligence, including preparation of a comprehensive set of information requests and questions for the counterparty as well as conducting meetings with management. In conjunction with internal efforts, the Investment Team may engage external advisers to conduct quality of earnings analyses or retain business diligence consultants to determine the viability of the borrower's business model, including market share, barriers to entry and quality of the management team.

The culmination of Fortress's underwriting efforts reflects an adherence to its stringent credit fundamentals, which include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•barriers to entry and sustainable competitive advantages of the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the quality and durability of a company's business model and market position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the company's ability to generate free cash flow and earnings to service its financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fortress's position in the capital structure and detachment relative to the implied collateral value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•covenants, consent rights and voting controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the company's equity capitalization, asset and/or enterprise value(s), shareholder(s), management team members and stakeholder incentives, and characteristics of the particular investment instrument(s) that are being evaluated (*e.g.*, economic terms, collateral, seniority, covenants, etc.).

All advanced investment opportunities are subject to a uniformly disciplined underwriting process, which typically takes four to six weeks but may take more or less time depending on the size and complexity of the potential transaction.

The Adviser's underwriting process seeks to benefit from the substantial resources and sector expertise of Fortress and its affiliates and the Investment Team's relationships with management teams, corporate boards, industry experts, consultants and advisors.

Upon completion of full due diligence, the deal team will prepare a comprehensive memorandum that outlines the due diligence conducted and all material findings to reach the investment conclusion (the "Investment Committee Memo"), which will be presented to the Investment Committee.

*Investment Committee* 

The investment activities of the Company are under the direction of the Adviser's Investment Committee, subject to the overall supervision of the Board. The Investment Committee is a highly collaborative and inclusive evaluation engine that scrutinizes the merits of respective deals and ensures a strict adherence to the fundamental investment tenets of Fortress. The Investment Committee is currently led by Jack Neumark, Aaron Blanchette, Brian Stewart and Drew McKnight. The Adviser expects that additional investment professionals may be added to the Investment Committee over time.

The Investment Committee Memo is presented, reviewed, and deliberated by the deal team and the Investment Committee in the Investment Committee meeting, the forum in which the Investment Committee and any Fortress professional can raise questions, counter opinions, and deliberate on an investment opportunity. If the Investment Committee approves the investment opportunity, the deal team and Fortress's business professionals will finalize documentation and issue a commitment.

*Portfolio Management* 

The Adviser has a highly coordinated and robust asset management and portfolio monitoring process which integrates the efforts of the Investment Team and the Asset Management Team. The Asset Management Team is comprised of corporate lending employees focused on the active monitoring of existing credits and proactively identifying and managing potential risks. This affords Fortress the ability to enhance economics in the event of a workout or restructuring event, while maintaining the flexibility to step into all levels of the capital structure. Fortress believes that it has a rigorous set of processes and procedures, including frequent contact with borrowers, loan agents and other counterparties in order to ascertain a fundamental understanding of collateral value, cash flows and related risks.

------

The Adviser's portfolio management process entails frequent bottom-up analysis by the Investment Team and the Asset Management Team focused on understanding collateral value, cash flows and related risks. This assessment, as well as valuation generally, incorporates both internal and external reviews by independent consultants, bankers and/or advisors. Not all of the Investment Team's and the Asset Management Team's employees are dedicated solely to the Adviser.

The Investment Team and the Asset Management Team will routinely conduct dialogue with borrowers, management teams and industry experts in order to obtain not only an accurate depiction of the borrower's current financial condition but also the health and continuity of its day-to-day operations. This subsequently entails monthly and quarterly compliance tests of financial covenants and collateral performance at the investment level, in addition to a comparison to budgeted assumptions. This, along with other counterparty datapoints, allows Fortress to proactively identify issues and concerns and formulate action plans to mitigate risk if necessary.

In the event a problem arises, these monitoring efforts serve as a catalyst to mitigate risks, manage desired outcomes and enhance economics. Fortress believes that it has differentiated in-house workout and restructuring capabilities and looks to actively participate in restructuring processes in order to maximize recoveries.

*Valuation Process* 

Each month, the Adviser will value each investment in the Company's portfolio and, to the extent required by the Exchange Act, disclose such values in quarterly reports filed with the SEC. The Adviser, as the Board's Valuation Designee (as defined in Rule 2a-5 under the 1940 Act), will determine the fair value of such investments in good faith, based on its procedures and subject to the supervision of the Board. See "*—Determination of NAV*" for more information regarding the calculation of our NAV per Share and how our assets are valued.

*Exit* 

In addition to payments of principal and interest, the Adviser expects the primary methods for the Company to realize returns on its investments to include refinancings, sales of portfolio companies and in some cases initial public offerings of portfolio companies and secondary sales. While many debt investments in which the Company will invest have stated maturities of five to eight years, we expect that virtually all would be redeemed or sold prior to maturity. These debt investments generally have call protection that requires an issuer to pay a premium if the debt investment is redeemed in the early years after the initial funding.

There can be no assurance that the Company's investment objectives will be achieved. There can be no assurance that the Company's yield target for investments will be achieved.

**Allocation of Investment Opportunities** 

Fortress and its affiliates, including the Adviser, provide investment management services to real estate investment trusts, investment funds, registered investment companies, client accounts and proprietary accounts and BDCs that Fortress may establish.

Fortress will share any investment and sale opportunities with the Company and its other clients in accordance with the Advisers Act and the Allocation Policy (as defined below). Subject to the Advisers Act and as further set forth herein, certain other clients may receive certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such other clients' respective governing documents.

In addition, as a BDC regulated under the 1940 Act, the Company is subject to certain limitations relating to co-investments and joint transactions with affiliates, which will likely in certain circumstances limit the Company's ability to make investments or enter into other transactions alongside other clients.

The Company, the Adviser and certain of their affiliates have received an exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions.

To address potential conflicts, the Adviser has put in place an investment allocation policy (the "Allocation Policy") that seeks to ensure fair and equitable allocation of investment opportunities over time and address the co-investment restrictions set forth under the 1940 Act. In addition, pursuant to the Co-Investment Exemptive Order, each of the Company and the Adviser have adopted and implemented policies and procedures (each, a "Co-Investment Policy") reasonably designed to ensure that: (i) opportunities to participate in co-investment transactions are allocated in a manner that is fair and equitable to the Company and (ii) when negotiating the co-investment transactions that will be allocated between the Company and other funds or investment vehicles managed by or affiliated with Fortress (each a "Co-Investment Transaction"), the Adviser considers the Company's interests. The Adviser's Co-Investment Policy requires the Adviser to make an independent determination of the appropriateness of a Co-Investment Transaction and the proposed allocation size

------

(and subsequent size of an order placed by the Company) based on each participant's specific investment profile and other relevant characteristics.

**Competition** 

Our primary competitors include public and private funds, commercial and investment banks, commercial finance companies, other BDCs and private equity funds, each of which we may compete with for financing opportunities. Some of our competitors are substantially larger and have considerably greater financial and marketing resources than we do. For example, some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wide variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act will impose on us as a BDC. In addition, new competitors frequently enter the financing markets in which we operate. For more information concerning the competitive risks we face, see "*Item 1A. Risk Factors — Risks Related to Our Business and Structure — We face competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses*."

**Emerging Growth Company** 

We are, and will be an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering pursuant to an effective registration statement under the Securities Act, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"). Also, as we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our Shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company. We cannot predict if investors will find our Shares less attractive because we may rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates.

**Human Capital** 

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates, pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement, as applicable. Most of the services necessary for the sourcing and administration of our investment portfolio are provided by investment professionals employed by the Adviser or its affiliates. None of the Adviser's investment professionals receive any direct compensation from the Company in connection with the management of its portfolio.

**Investment Advisory Agreement** 

Subject to the overall supervision of the Board, the Adviser manages the day-to-day operations of, and provide investment advisory and management services to, the Company pursuant to the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•managing the investment and reinvestment of our assets in accordance with our investment objectives, policies and restrictions, the 1940 Act, the Advisers Act and all other applicable federal and state law, and our Declaration of Trust and Bylaws;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifying, evaluating and negotiating the structure of the investments made by us (including by performing due diligence on prospective investments);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•executing, closing, servicing and monitoring our investments;

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

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

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

*Compensation of the Adviser* 

We pay the Adviser investment advisory fees for its services under the Investment Advisory Agreement consisting of two components: a Management Fee and an Incentive Fee. The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the Shareholders.

**Management Fee** 

The Management Fee is payable at an annual rate of 1.25% of the Company's net assets, payable quarterly in arrears, calculated as of the end of the most recently completed calendar quarter and adjusted for any issuances, repurchases, dividends or distributions of the Company's shares during the relevant calendar quarter. For purposes of determining the Management Fee, the Company's net assets means its total assets less liabilities determined on a consolidated basis in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").

The Adviser has agreed to waive the Management Fee for (i) the period prior to the BDC Election, and (ii) the six-month period following August 1, 2025, the date of the first closing following the BDC Election (the "Initial Fee Waiver"). The Initial Fee Waiver is not subject to recoupment by the Adviser.

The Management Fee for any partial quarter will be appropriately prorated based on the actual number of days elapsed relative to the total number of days in such calendar quarter.

**Incentive Fees** 

We pay to the Adviser an Incentive Fee that will consist of two parts. In any given quarter, one part of the Incentive Fee may be payable while the other is not.

The first part (the "Investment Income Incentive Fee") is calculated and payable on a quarterly basis, in arrears, and will equal 12.5% of Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.50% (i.e., 6.0% annualized), or "Hurdle Rate," measured on a quarterly basis and a "catch-up" feature.

To determine whether Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate, Pre-Incentive Fee Net Investment Income is expressed as a rate on the average daily hurdle calculation value. The average daily hurdle calculation value, on any given day, equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's net assets as of the end of the calendar quarter immediately preceding the applicable day; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the aggregate amount of capital invested (including reinvested) from investors from the beginning of the current quarter to the applicable day; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the aggregate amount of distributions (including share repurchases) made by the Company from the beginning of the current quarter to the applicable day (but only to the extent distributions were not declared and accounted for on the Company's books and records in a previous calendar quarter).

We will pay the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Investment Income Incentive Fee will be payable to the Adviser in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate for such calendar quarter;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 1.715% for that calendar quarter will be payable to the Adviser. We refer to this portion of our Pre-Incentive Fee Net Investment Income as the "catch-up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.715% in any calendar quarter is payable to the Adviser.

"Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence, consulting or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company's operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred shares, but excluding the Incentive Fee). In addition, Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received, or interest in the form of securities received rather than cash, including original issuance discount, payment-in-kind and zero coupon investments.

Because of the structure of the Investment Income Incentive Fee, it is possible that we may pay an Investment Income Incentive Fee in a calendar quarter in which we incur a loss. For example, if we receive Pre-Incentive Fee Net Investment Income in excess of the Hurdle Rate, we will pay the applicable Investment Income Incentive Fee even if we have incurred a loss in that calendar quarter due to realized and unrealized capital losses. In addition, because the calculations used to determine whether the Hurdle Rate has been exceeded is calculated based on our net assets, decreases in our net assets due to realized or unrealized capital losses may increase the likelihood that the Hurdle Rate is reached and therefore the likelihood of us paying an Incentive Fee in a given calendar quarter. In addition, if market interest rates rise, we may be able to invest our funds in debt instruments that provide for a higher return, which would increase our Pre-Incentive Fee Net Investment Income and make it easier for the Adviser to surpass the fixed Hurdle Rate and receive an incentive fee based on such net investment income. Our net investment income used to calculate this component of the Incentive Fee is also included in the amount of our net assets used to calculate the Management Fee because net assets are total assets less liabilities determined on a consolidated basis in accordance with GAAP.

The following is a graphical representation of the calculation of the income-related portion of the incentive fee:

![img17692176_0.jpg](img17692176_0.jpg)

The second part of the Incentive Fee (the "Capital Gains Incentive Fee") is an annual fee that is determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 12.5% of cumulative realized capital gains, if any, determined on a cumulative basis from the commencement of the Company's investment operations (based on the fair value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the commencement of the Company's investment operations (based on the fair value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees.

We 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 Adviser if we were to sell the relevant investment and realize a capital gain.

The fees that are payable under the Investment Advisory Agreement shall be appropriately adjusted for any issuances or repurchases of the Company's Shares during the calendar quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) and except as described above, exclude capital gains, realized loss and unrealized capital appreciation or depreciation.

------

*Term* 

Unless earlier terminated as described below, the Investment Advisory Agreement is effective for a period of two years from the date it first became effective, and remains in effect from year to year thereafter if approved annually by the Board or by the holders of a Majority of the Outstanding Shares of the Company (as defined below) and, in each case, by a majority of the Independent Trustees.

The Investment Advisory Agreement automatically terminates within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). In accordance with the 1940 Act, without payment of penalty, we may terminate the Investment Advisory Agreement with the Adviser upon 60 days' written notice or by vote of the Company's Trustees or the Adviser. In addition, the decision to terminate the agreement may be made by a majority of the Board or the Shareholders holding a Majority of the Outstanding Shares. "Majority of the Outstanding Shares" means the lesser of (1) 67% or more of the outstanding Shares of the Company present at a Shareholder meeting, if the holders of more than 50% of the outstanding Shares are present or represented by proxy or (2) a majority of outstanding Shares of the Company. In addition, without payment of penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days' written notice.

*Limitations of Liability and Indemnification* 

The Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any Affiliated Person (as defined in the 1940 Act) of the Adviser, including the Administrator (each, an "Indemnitee") will not be liable to us for any action taken or not taken by the Adviser in connection with the performance of any of its duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of the Company, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services.

We will indemnify each Indemnitee against any liabilities in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser to the Company. We may pay the expenses incurred by the Indemnitee in defending an actual or threatened civil or criminal action in advance of the final disposition of such action, provided the Indemnitee agrees to repay those expenses if found by adjudication not to be entitled to indemnification. Notwithstanding the foregoing, in accordance with Section 17(i) of the 1940 Act, neither the Adviser nor any of its affiliates, trustees, officers, members, employees, agents or representatives may be protected against any liability to us or our investors to which it would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of its office.

*Board Approval of the Investment Advisory Agreement* 

Our initial sole trustee has approved, and the Board, including our Independent Trustees, has ratified our Investment Advisory Agreement in accordance with applicable 1940 Act requirements, including any SEC exemptive relief, no-action or other guidance issued by the staff of the SEC. The Board was provided with information it required to consider the Investment Advisory Agreement, including: (a) the nature, extent and quality of the advisory and other services that the Adviser will provide to us, including information about the services to be performed and the personnel performing such services under the Investment Advisory Agreement; (b) comparative data with respect to advisory fees or similar expenses paid by any other BDCs and other accounts managed by the Adviser or its affiliates with similar investment objectives; (c) our projected operating expenses and expense ratio compared to any BDCs and other accounts managed by the Adviser or its affiliates with similar investment objectives; (d) any existing and potential sources of indirect income or other benefits to the Adviser or its affiliates from its relationship with us; (e) the financial condition of the Adviser and its affiliates and the estimated profitability of the Investment Advisory Agreement to the Adviser; and (f) any economies of scale arising from the relationship with the Adviser that are, or should be shared with Shareholders. In addition, investors who committed capital to the Company prior to the BDC Election, in connection with the completion of their initial subscription agreements, approved our Investment Advisory Agreement.

**Administration Agreement** 

Our Initial Trustee approved, and our Board, including our Independent Trustees, have ratified, our initial Administration Agreement with our Administrator. In approving the Administration Agreement, the Initial Trustee and the Board considered information with respect to the nature, extent and quality of services to be provided to the Company by the Administrator, the reasonableness of the estimated costs of the services to be provided by the Administrator, whether the Company would be able to obtain similar services at cost from other third-party service providers, and the limited potential for additional benefits to be derived by the Administrator and its affiliates as a result of the Company's proposed relationship with the Administrator. Under the terms of the Administration Agreement, the Administrator performs (or oversees, or arranges for, the performance of) administrative services, which include providing office facilities, equipment, clerical, accounting, bookkeeping and record keeping services; conducting relations with sub-administrators,

------

custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable; making reports to the Board of its performance of services; and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; maintaining financial, accounting and other records of the Company; preparing reports to Shareholders and reports and other materials filed with the SEC or any other regulatory authority; managing the payment of expenses; providing significant managerial assistance to those portfolio companies to which we are required to provide such assistance; assisting us in determining and publishing (as necessary or appropriate) our NAV; providing assistance in accounting, legal, compliance, operations, asset management, technology and investor relations; overseeing the preparation and filing of our tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. We will reimburse the Administrator (and/or one or more of its affiliates) for services performed for us pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate certain of its obligations under the Administration Agreement to an affiliate and/or to a third party and we will reimburse the Administrator (or relevant affiliate(s)) for any services performed for us by such affiliate or third party. To the extent that the Administrator outsources any of its functions we will pay the fees associated with such functions on a direct basis without profit to the Administrator.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for a period of two years from the date it first became effective, and will remain in effect from year to year thereafter if approved annually by the Board or by the holders of a majority of the outstanding Shares of the Company and, in each case, by a majority of the Independent Trustees. We, and the Administrator, may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice. Notwithstanding anything contained herein to the contrary, the Administration Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement.

The Administration Agreement provides that the Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any Affiliated Person (as defined in the 1940 Act) of the Administrator, including the Adviser, are entitled to indemnification from us from and against any claims or liabilities, liabilities in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Administration Agreement or otherwise as an administrator to the Company, except where attributable to willful misfeasance, bad faith or gross negligence in the performance of such person's duties or reckless disregard of such person's obligations and duties under the Administration Agreement.

The Administrator may delegate any of its obligations under the Administration Agreement to a Sub-Administrator. The Sub-Administrator will receive compensation for its services under a sub-administrative agreement. The Sub-Administrator receives fees, plus out-of-pocket expenses, based on the nature and extent of services provided. The Administrator has retained SEI Global Services, Inc. as the Sub-Administrator to provide administrative and accounting services.

**Payment of Our Expenses under the Investment Advisory Agreement and Administration Agreement** 

Except as specifically provided below, we anticipate that all investment professionals and staff of the Adviser (or its affiliates), when and to the extent engaged in providing investment advisory and management services for us, and the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services shall be provided and paid for by the Adviser. We will bear all other costs and expenses of our operations, administration and transactions, including all other costs and expenses of our operations and transactions including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•organization costs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating the NAV of the Company, including the cost and expenses of any independent valuation firms or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses incurred by the Adviser and payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company's investments, performing due diligence on prospective portfolio companies, and if necessary, in respect of enforcing the Company's rights with respect to investments in existing portfolio companies, or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, research and market data services (including an allocable portion of any research or other service that may be deemed to be bundled for the benefit of the Company), any studies commissioned by the Adviser and travel and lodging expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred by the Company to finance its investments, debt service and all other costs of borrowings or other financing arrangements (including fees and other expenses), and expenses related to unsuccessful portfolio acquisition efforts;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•offerings of Shares and other securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management Fees and Incentive Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees and expenses payable under the Administration Agreement and any sub-administration agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any expense reimbursements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees incurred by the Company for escrow agent, transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal and state registration and franchise fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all costs of registration and listing of the Company's securities on any securities exchange, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes, non-U.S. taxes, and related costs and expenses, including costs of tax return preparation and other compliance costs, and costs incurred in connection with any audit or other inquiry, tax litigation or any other contests;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses related to meetings of the Board;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with individual or group Shareholders, including the costs of any Shareholder meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing financial statements and maintaining books and records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission and other regulatory bodies, and other reporting and compliance costs, and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with compliance with Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's allocable portion of any fidelity bond, trustees' and officers' errors and omissions liability insurance policies, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including printing, mailing, long distance telephone, cellular phone and data service, copying, secretarial and other staff, independent auditors and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of effecting sales and any repurchases of the Shares and other securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events), design and website expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•allocable out-of-pocket costs incurred in providing managerial assistance to those portfolio companies that request it;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of information technology and related costs, including costs related to software, hardware and other technological systems (including specialty and custom software);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's allocable portion of costs and expenses of information systems, software and hardware utilized by the Company in connection with asset management services (*e.g.*, providing portfolio collection functions, maintaining financial, accounting and other records for the Company, monitoring of covenant compliance by borrowers and tracking and enforcing payment obligations of such borrowers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extraordinary expenses, including litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with the business of the Company and the amount of any judgment or settlement paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extraordinary expenses or liabilities incurred by the Company outside of the ordinary course of its business;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain costs and expenses relating to distributions paid on the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses, if any, incurred by or on behalf of the Company in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments, including expenses relating to unconsummated investments that may have been attributable to co-investors had such investments been consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with technology integration between the Company's systems and those of the Company's participating intermediaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all travel and related expenses of the Company's and Adviser's trustees, officers, managers, agents and employees incurred in connection with attending meetings of the Board or Shareholders or performing other business activities that relate to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dues, fees and charges of any trade association of which the Company is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with events and trainings of the Board (including travel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by the Company, the Adviser or the Administrator in connection with administering the Company's business, such as the allocable portion of overhead under the Administration Agreement, including rent, and the allocable portion of the cost of the Company's Chief Financial Officer and Chief Compliance Officer and their respective staffs. That overhead may include rent and the allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of the Company's officers who provide operational and administrative services under the Administration Agreement, and their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Administrator or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other "back office" or "middle office" financial, compliance, accounting, asset management, tax, legal, treasury or other operational services to the Company. For clarity, any non-commercial aircraft travel paid for by the Company shall only be up to an amount comparable to business class rates.

To the extent that operational, accounting and information technology services, software, asset management, legal or other assets utilized by the Adviser or the Administrator to provide such services are used by the Company and one or more Fortress Managed Accounts, the Company will bear its respective allocable share of the cost (taking into account salaries, bonuses and fringe benefits) of such services, software or other assets, such allocations to be based on the time which the applicable employees providing such accounting, operational and information technology services devote, on an estimated basis, to the Company and the other Fortress Managed Accounts to which such accounting, operational and information technology services are being provided.

------

Notwithstanding the foregoing, in circumstances where the Adviser or the Administrator reasonably believes that an allocation of such expenses or the amount allocated to the Company and/or other Fortress Managed Accounts pursuant to the above procedures would produce an inequitable result to the Company and/or other Fortress Managed Accounts, the Adviser may allocate such expenses in a fair and equitable manner. Such allocations will be subject to review and approval by the Board on a periodic basis.

In addition, to the extent the Administrator outsources any of its functions, the Company shall pay the fees associated with such functions on a direct basis without profit to the Administrator.

# Amended and Restated Expense Support and Conditional Reimbursement Agreement
The Company entered into an amended and restated expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser as of June 3, 2025, pursuant to which the Adviser may elect to pay certain of the Company's expenses (including organization and offering costs, excluding interest expense and distribution fees) on the Company's behalf (each, an "Expense Payment"). If the Adviser elects to pay certain of the Company's expenses, the Adviser may be entitled to reimbursement of such expenses from the Company, subject to the terms of the Expense Support Agreement, summarized below. Following any calendar quarter the 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 (as further defined below under "Excess Operating Funds"), then the Company will be required make a payment to the Adviser (each a "Reimbursement Payment"). Reimbursement Payments to the Adviser will be accrued as they become probable or estimable or as certain conditions in the Expense Support Agreement are triggered.

Expense Payments are recorded in the Company's Consolidated Statement of Operations, classified under the appropriate operating expense caption offset by the total amount of Expense Payments made by the Adviser captioned as Expense Support. The Company's obligation to make a Reimbursement Payment will be recorded as a payable on the last business day of the applicable calendar quarter, and will be paid as promptly as possible following such applicable calendar quarter and in no event later than forty-five days after the end of such applicable quarter, except to the extent the Adviser has waived its right receive such payment for the applicable quarter.

"Available Operating Funds" are defined as 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).

"Excess Operating Funds" are defined as the calendar quarter when Available Operating Funds 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 Company will utilize such Excess Operating Funds, or a portion thereof, to make a Reimbursement Payment to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of the applicable quarter have been reimbursed. 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 that have not been reimbursed within three years prior to the last business day of such calendar quarter. The Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any 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. Reimbursement Payments are recorded in the Company's Consolidated Statement of Operations as Expense Reimbursement. In a calendar quarter with Excess Operating Funds, a payable is recorded in the Consolidated Statement of Financial Condition for the amount of the Reimbursement Payment due to the Adviser.

**License Agreement** 

We entered into a license agreement (the "License Agreement") with Fortress pursuant to which we were granted a non-exclusive license to use the name "Fortress." Under the License Agreement, we have a right to use the Fortress name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Fortress" name or logo.

**The Offering** 

We have conducted, and anticipate that we will continue to conduct, private offerings of our shares on a monthly basis at a per Share price equal to NAV per Share to investors for immediate cash investment. In addition, we may continue to allow certain investors to fund their investment in the Company over time through drawdowns of their capital commitments in lieu of fully funding their investment on the date their subscription agreement is accepted by the Company. With respect to unfunded capital commitments, we will draw down on such commitments over time, on an as-needed basis by delivering a drawdown notice to each investor. All purchases

------

of Shares pursuant to the capital commitments will generally be made pro rata in accordance with remaining capital commitments of all investors at a per Share price equal to NAV per Share.

The Offering will be made pursuant to Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder and other available exemptions from the registration requirements of the Securities Act to investors who are "accredited investors" within the meaning of Regulation D under the Securities Act.

We are initially offering one class of our common shares of beneficial interest–the Class I Shares–and may offer additional classes of our Shares in the future. On November 17, 2025, the Company and the Adviser received exemptive relief from the SEC that permits the Company to offer to sell multiple classes of Shares with varying sales loads and to impose asset-based and/or distribution fees and early withdrawal fees, as applicable.

The Company reserves the right to conduct additional offerings of securities in the future in addition to the Offering. In addition, although the Company intends to issue Shares on a monthly basis, the Company retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Company, more or less frequently to one or more investors for regulatory, tax or other reasons. Placement activities will be conducted by our, and the Adviser's, officers. We may, from time to time, engage placement or distribution agents and incur placement or distribution fees or sales commissions in connection with the Offering, including in certain jurisdictions outside the United States. The cost of any such placement or distribution fees could be borne directly or indirectly by an investor, by us or by the Adviser or an affiliate thereof. We will not incur any such fees or commissions if the net proceeds received upon a sale of Shares after such costs would be less than the NAV per share of such Shares.

**Perpetual Life BDC** 

We are a perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. The term "perpetual-life BDC" is used to describe an investment vehicle of indefinite duration that does not intend to complete a Liquidity Event (as defined below) within any specific time period, if at all, and whose shares are intended to be sold by the BDC on a continuous monthly basis at a price equal to the BDC's per share NAV.

In this perpetual-life structure, subject to approval by the Board, the Company may offer Shareholders an opportunity to repurchase their Shares on a quarterly basis at NAV, but the Company is not obligated to offer to repurchase any Shares in any particular quarter. See "*— Share Repurchase Program.*" Aside from the potential for limited liquidity offered by quarterly Share repurchases, Shareholders generally should not expect to be able to sell their Shares regardless of how well the Company performs.

The Company believes that its perpetual nature will enable it to execute a patient and opportunistic strategy and invest across different market environments. This may reduce the risk of the Company being a forced seller of assets in market downturns as compared to non-perpetual funds. While the Company may consider a Liquidity Event at any time in the future, it currently does not intend to undertake a Liquidity Event, including, without limitation, an IPO (as defined below) or Exchange Listing (as defined below), and is not obligated by its Declaration of Trust or Bylaws, or otherwise, to effect a Liquidity Event at any time.

The Adviser, subject to the oversight of the Board, will monitor prevailing market conditions and the Company's portfolio composition, and may determine to recommend to the Board that the Company conduct a "Liquidity Event," which may include (i) an initial public offering ("IPO") or other listing of its Shares on a national securities exchange (an "Exchange Listing"), (ii) a Sale Transaction (as defined below) or (iii) an orderly wind down and/or liquidation of the Company's assets. A "Sale Transaction" means (a) the sale of all or substantially all of the Company's assets to, or other Liquidity Event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer. A Sale Transaction also may include a sale, merger or other transaction with one or more affiliated investment companies managed by the Adviser.

Certain Sale Transactions with affiliated parties may be predicated upon the Company receiving exemptive relief from the SEC. For the avoidance of doubt, the Company is under no obligation to commence or consummate a Liquidity Event.

**Leverage** 

The Company may from time to time employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act. We expect to use leverage in the form of borrowings, including loans from certain financial institutions, and the issuance of debt securities. Our initial Shareholders approved a proposal to permit us to reduce our asset coverage from 200% to 150%, which means for every $100 of net assets the Company holds, the Company may raise $200 from borrowing and issuing senior securities (including debt and preferred shares). Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company.

------

In addition, we intend to qualify as a "limited derivatives user" as defined in Rule 18f-4 under the 1940 Act, meaning the Company will limit its derivatives exposure to 10% of its net assets at any time, excluding certain currency and interest rate hedging transactions. The Company may, but is not required to, enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge interest rate, currency, credit and/or other risks. These hedging activities will be subject to the applicable legal and regulatory compliance requirements and the Company does not generally intend to enter into any such derivative agreements for speculative purposes. The Company will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy the Company employs will be successful.

**Regulation** 

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

We have elected to be regulated as a BDC under the 1940 Act. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. The 1940 Act contains prohibitions and restrictions relating to certain transactions between BDCs and certain affiliates (including any investment advisers or sub-advisers), principal underwriters and certain affiliates of those affiliates or underwriters. Among other things, we generally cannot co-invest in any portfolio company in which a fund managed by Fortress or any of its downstream affiliates (other than us and our downstream affiliates) is also co-investing. The Company, the Adviser and certain of their affiliates have applied for an exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions (the "Co-Investment Exemptive Order"). Once the Co-Investment Exemptive Order has been granted, co-investments made under the Co-Investment Exemptive Order will be subject to compliance with certain conditions and other requirements, which could limit our ability to participate in a co-investment transaction. We may also otherwise co-invest with funds managed by Fortress or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and the Adviser's Allocation Policy. See "*— Allocation of Investment Opportunities*" for more information.

The 1940 Act also requires that a majority of our Trustees be Independent Trustees.

Under the 1940 Act, we are not generally able to issue and sell our Shares at a price below NAV per share. We may, however, sell our Shares, or warrants, options or rights to acquire our Shares, at a price below the current NAV per share of our Shares if we comply with the provisions of Section 63(2) of the 1940 Act, including the requirements that our Board determine that such sale is in our best interests and the best interests of our Shareholders and our Shareholders approve such sale.

In accordance with the 1940 Act, a BDC generally is allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, is at least 200% (or 150% if certain requirements under the 1940 Act are met) immediately after such borrowing. As such, we may borrow amounts or issue debt securities or preferred shares, which we refer to collectively as "senior securities," such that our asset coverage, as calculated pursuant to the 1940 Act, equals at least 200% (or 150% if certain requirements under the 1940 Act are met) immediately after such borrowing. Our initial Shareholders approved a proposal to permit us to reduce our asset coverage from 200% to 150%, in which case we will be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us. For a discussion of the risks associated with leverage, see "*Item 1A. Risk Factors — Risks Related to Our Business and Structure — We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us*."

In addition, for federal income tax purposes, the Company expects to elect to be treated as a RIC under Subchapter M of the Code, effective as of the beginning of the day on the date of the BDC Election and intends to qualify annually thereafter as a RIC. We generally intend to distribute, out of our assets legally available for distribution, substantially all of our available earnings, on a monthly basis, as determined by the officers of the Company, in their sole discretion.

We operate and qualify as a "limited derivatives user" as defined in Rule 18f-4 under the 1940 Act, meaning the Company will limit its derivatives exposure to 10% of its net assets at any time, excluding certain currency and interest rate hedging transactions. The Company may, but is not required to, enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge interest rate, currency, credit and/or other risks. These hedging activities will be subject to the applicable legal and regulatory compliance requirements and the Company does not generally intend to enter into any such derivative agreements for speculative purposes. The Company will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy the Company employs will be successful.

------

**Qualifying Assets** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a trustee of the eligible portfolio company; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Securities of any eligible portfolio company controlled by us.

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

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

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

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

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (i), (ii) or (iii) above.

Control, as defined by the 1940 Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company, but may exist in other circumstances based on the facts and circumstances.

The regulations defining qualifying assets may change over time. We may adjust our investment focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative or judicial actions.

**Managerial Assistance to Portfolio Companies** 

A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Therefore, the Company will offer, and will be required to provide upon request, managerial assistance to its portfolio companies. This assistance could involve, among other things, monitoring the operations of the Company's portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and

------

providing other organizational and financial guidance. The Administrator or an affiliate of the Administrator will provide, or arrange for the provision of, such managerial assistance on the Company's behalf to portfolio companies that request this assistance. The Company may receive fees for these services and reimburse the Administrator or an affiliate of the Administrator, as applicable, for its allocated costs in providing such assistance, subject to the review and approval by the Board, including the Independent Trustees.

**Temporary Investments** 

Pending investment in other types of qualifying assets, as described above, our investments could consist of cash, cash equivalents, U.S. government securities or high quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of our assets would be qualifying assets. We may invest in highly rated commercial paper, U.S. Government agency notes, U.S. Treasury bills or in repurchase agreements relating to such securities that are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. Consequently, repurchase agreements are functionally similar to loans. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, the 1940 Act and certain diversification tests in order to qualify as a RIC for federal income tax purposes will typically require us to limit the amounts we invest with any one counterparty. Accordingly, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which we may enter into repurchase agreement transactions.

**Senior Securities; Asset Coverage Ratio** 

As a BDC, we will generally be permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares of beneficial interest senior to the Shares if its asset coverage, as defined in the 1940 Act, would at least equal to 200% immediately after each such issuance. However, a BDC may increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. Our initial Shareholders approved a proposal that allows us to reduce our asset coverage ratio to 150% and, in connection with their Subscription Agreements, our investors acknowledged our ability to operate with an asset coverage ratio that may be as low as 150%. If the Company's asset coverage ratio falls below 150%, the Company's ability to make distributions to Shareholders may be significantly restricted or the Company may not be able to make any such distributions at all. The actual amount of leverage employed by the Company will depend on market conditions and other factors at the time of any proposed borrowing or issuance of debt or preferred shares.

In addition, while any senior securities remain outstanding, we would be required to make provisions to prohibit any distribution to our Shareholders or the repurchase of such securities or shares unless it meets the applicable asset coverage ratios at the time of the distribution or repurchase. We would also be permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities.

**Warrants** 

Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares of capital stock that it may have outstanding at any time. Under the 1940 Act, we will generally only be able to offer warrants provided that (i) the warrants expire by their terms within ten years, (ii) the exercise or conversion price is not less than the current market value at the date of issuance, (iii) Shareholders authorize the proposal to issue such warrants, and the Board approves such issuance on the basis that the issuance is in our and the Shareholder's best interests and (iv) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed.

**Code of Ethics** 

We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that established procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements.

------

**Code of Conduct** 

As a BDC, we are subject to certain regulatory requirements that restrict our ability to engage in certain related-party transactions. We have adopted procedures for the review, approval and monitoring of transactions that involve us and certain of our related persons. For example, we have adopted a code of conduct that generally prohibits our executive officers or Trustees from engaging in any transaction where there is a conflict between such individual's personal interest and the interests of the Company. Waivers to the code of conduct can generally only be obtained from the Chief Compliance Officer, who may consult, as appropriate, with the chairperson of the nominating and governance committee (the "Nominating and Governance Committee", the chairperson of the audit committee of the Company (the "Audit Committee"), counsel to the Company, the Adviser or the Independent Trustees. Any waivers are publicly disclosed as required by applicable law and regulations. In addition, the Audit Committee will be required to review and approve all related-party transactions (as defined in Item 404 of Regulation S-K).

**Affiliated Transactions** 

The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters. We expect to rely on the Co-Investment Exemptive Order. Pursuant to such exemptive relief, we are generally permitted to co-invest with certain of our affiliates pursuant to the conditions of the Co-Investment Exemptive Order, including that the participants in such co-investment transaction acquire or dispose of the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and with substantially the same other terms. In certain cases where a Fortress Managed Account has a pre-existing investment in an issuer in which the Company and the Fortress Managed Accounts will co-invest, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Trustees will be required to take steps set forth in Section 57(f) of the 1940 Act, including approving the transaction on the basis that, in relevant part (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the Shareholders of the Company and do not involve overreaching of the Company or its Shareholders on the part of any person concerned; (ii) the proposed transaction is consistent with the interests of the Company's Shareholders and the Company's policy as recited in filings made by the Company with the SEC and the Company's reports to Shareholders; and (iii) the Company's Trustees record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings. The Allocation Policy and the Co-Investment Policy of each of the Company and the Adviser incorporates the conditions of the exemptive relief. As a result of exemptive relief, there could be significant overlap in our investment portfolio and the investment portfolios of other Fortress Managed Accounts that could avail themselves of the requested exemptive relief.

**Proxy Voting Policies and Procedures** 

The Board has delegated proxy voting responsibility to the Adviser. The proxy voting policies and procedures of the Adviser are set out below. The guidelines will be reviewed periodically by the Adviser and our Independent Trustees, and, accordingly, are subject to change.

As an investment adviser registered under the Advisers Act, the Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Adviser recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients.

These policies and procedures for voting proxies for the Adviser's investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Adviser will vote proxies relating to its clients' securities in the best interest of our clients.

**Other** 

We have adopted an investment policy that complies with the requirements applicable to us as a BDC. As a BDC, we expect to be periodically examined by the SEC for compliance with the 1940 Act and be subject to the periodic reporting and related requirements of the Exchange Act.

We will also be required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we will be prohibited from protecting any Trustee or officer against any liability to our Shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Our Board, including a majority of our independent trustees, has designated a chief compliance officer and we have adopted written policies and procedures reasonably designed to prevent violation of the federal securities laws. Our chief compliance officer will review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

------

We will not be permitted to change the nature of our business so as to cease to be, or to withdraw our election (once made) as, a BDC unless approved by a majority of our outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)67% or more of such company's shares present at a meeting if more than 50% of the outstanding shares of such company are present or represented by proxy, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)more than 50% of the outstanding shares of such company.

None of our investment policies are fundamental, and thus may be changed without Shareholder approval.

As a BDC, we will generally not be able to issue and sell Shares at a price below NAV per share. We may, however, issue and sell Shares, or warrants, options or rights to acquire Shares, at a price below the then-current NAV of Shares if (1) the Board determines that such sale is in our best interests and the best interests of our Shareholders, and (2) our Shareholders have approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of the Board, closely approximates the market value of such securities.

We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the Securities Act. Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies, except that we may enter into hedging transactions to manage the risks associated with interest rate or currency fluctuations. However, we may purchase or otherwise receive warrants to purchase the common stock of our portfolio companies in connection with acquisition financing or other investments. Similarly, in connection with an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances.

As a BDC, we also do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any registered investment company, invest more than 5% of the value of our total assets in the securities of one investment company, or invest more than 10% of the value of our total assets in the securities of more than one investment company. With regard to that portion of our portfolio invested in securities issued by investment companies, if any, it should be noted that such investments might subject Shareholders to additional expenses as they will be indirectly responsible for the costs and expenses of such companies.

In addition, as a BDC, the 1940 Act contains certain restrictions on certain types of investments the Company may make. Specifically, the Company is only able to invest up to 30% of its portfolio in entities that are not considered "eligible portfolio companies" (as defined in the 1940 Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act.

**Compliance with the Sarbanes-Oxley Act of 2002** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Rule 13a-14 of the Exchange Act, our co-principal executive officers and principal financial officer will be required to certify the accuracy of the financial statements contained in our periodic reports;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, beginning with our fiscal year ended December 31, 2026, our periodic reports will be required to disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

------

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

**Foreign Ownership** 

Given that Fortress and the Company qualify as "Foreign Persons" for purposes of CFIUS under the Defense Production Act of 1950 (as amended, including all implementing regulations thereof, the "DPA" (and, together with CFIUS laws, rules, regulations, directives and special measures, and any applicable agreements thereunder, the "CFIUS Regulations")), certain investments made by the Company may be subject to review under CFIUS Regulations.

The Company may be restricted or prohibited by CFIUS Regulations from making certain investments in U.S. businesses or disposing of certain investments in U.S. businesses based on national security concerns. If the Company is permitted to make such investments, the CFIUS Regulations may place restrictions, obligations or conditions on these investments. Furthermore, other U.S. regulatory bodies may also impose ownership, governance and/or control restrictions on investments by non-U.S. persons, resulting in limitations on the structure through which investments may be held. It is expected that investors that are Foreign Persons (including Foreign Persons that are Fortress Affiliates (including, for this purpose, the indirect owner(s) of Fortress, and any person controlling, controlled by or under common control with such indirect owner(s) that is not also controlled by Fortress)) will be restricted from (among other things) accessing, or having governance rights that allow influence over the safekeeping or release of, personally identifiable information (PII), protected health information (PHI) or other similar information in respect of the Company's investments in the possession of Fortress (or otherwise), or from controlling the Company's investments, in each case, as determined by Fortress in its discretion and in a manner consistent with its obligations under the letter and spirit of the CFIUS Regulations. The Adviser and our Board will be authorized, without the consent of any person, including any shareholder, to take such action as it reasonably determines to be necessary or advisable to comply with or reduce risk arising under the CFIUS Regulations.

Additionally, other countries have implemented (or are in the process of implementing) similar "foreign ownership" regulations that may require governmental approval prior to an investment by the Company, limit the amount of investment by the Company in a particular company, asset or sector or restrict investment by the Company to a specific class of securities of a company that have less advantageous terms than the classes available for purchase by nationals. Certain countries may also require Fortress or the Adviser to obtain additional information from its shareholders or investors in connection with a particular investment. If such information is not obtained or provided, the Company may not be able to complete an investment, may be required to dispose of an investment or may be subject to other adverse consequences as a result.

Any or all of the above factors could have a material adverse effect on the Company's business, financial condition, results of operations and prospects, and there can be no assurance that Fortress will be able to (i) obtain all regulatory approvals or agreements with CFIUS that may be required by or warranted pursuant to CFIUS Regulations or otherwise that it does not yet have or that it may require in the future, (ii) obtain any necessary modifications to existing regulatory approvals or agreements with CFIUS, or (iii) maintain required regulatory approvals or agreements with CFIUS. Regulatory impacts on the Company or a delay in obtaining or failure to obtain any regulatory approvals required by the CFIUS Regulations or otherwise, or amendments thereto, or delay or failure to satisfy any regulatory conditions or other applicable requirements could result in an adverse effect on the Company and require attention and resources of Fortress and its executive officers that might otherwise be devoted to the Company.

**Taxation as a Regulated Investment Company** 

We intend to qualify as a RIC effective on the day of the BDC Election (or as soon as reasonably practicable thereafter, determined in the Company's discretion) and to qualify each year thereafter as a RIC. As a RIC, we generally will not have to pay corporate level U.S. federal income taxes on any ordinary income or capital gains that we distribute to the Shareholders as dividends. To qualify as a RIC, we must, among other things, meet certain source of income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax benefits, we must distribute to our Shareholders, for each taxable year, at least 90% of our "investment company taxable income," which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the "Annual Distribution Requirement").

If we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•qualify as a RIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•satisfy the Annual Distribution Requirement,

then we will not be subject to U.S. federal income tax on the portion of our income we distribute (or are deemed to distribute) to Shareholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our Shareholders.

------

We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our net ordinary income for each calendar year, (ii) 98% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax (the "Excise Tax Avoidance Requirement"). The Company may be liable for the excise tax only on the amount by which our distributions do not meet the foregoing Excise Tax Avoidance Requirement.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•qualify as a BDC under the 1940 Act at all times during each taxable year;

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

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

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

ono more than 25% of the value of our assets is invested in the (i) securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) securities of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) securities of one or more "qualified publicly traded partnerships" (the "Diversification Tests").

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with payment-in-kind ("PIK") interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan. Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our Shareholders in order to satisfy the Annual Distribution Requirement, even though we will not have received the corresponding cash amount.

Although we do not presently expect to do so, we are authorized to borrow funds, to sell assets and to make taxable distributions of our stock and debt securities in order to satisfy distribution requirements. Our ability to dispose of assets to meet our distribution requirements may be limited by (i) the illiquid nature of our portfolio and/or (ii) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are unable to obtain cash from other sources to satisfy the Annual Distribution Requirement, we may fail to qualify for tax treatment as a RIC and become subject to tax as an ordinary corporation.

Under the 1940 Act, so long as we are a BDC, we will not be permitted to make distributions to our Shareholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. If we are prohibited from making distributions, we may fail to qualify for tax treatment as a RIC and become subject to tax as an ordinary corporation.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and produce income that will not be qualifying income for purposes of the 90% Income Test described above. We will monitor our transactions and may make certain tax decisions in order to mitigate the potential adverse effect of these provisions.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of net short-term capital gains over net long- term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry

------

forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, we may, for tax purposes, have aggregate taxable income for several years that we are required to distribute and that is taxable to our Shareholders even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, a Shareholder may receive a larger capital gain distribution than it would have received in the absence of such transactions.

Investment income received from sources within foreign countries, or capital gains earned by investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty can be as high as 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of tax or exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of our assets to be invested within various countries is not now known. We do not anticipate being eligible for the special election that allows a RIC to treat foreign income taxes paid by such RIC as paid by its stockholders.

If we purchase shares in a passive foreign investment company (a "PFIC") we may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by us to our Shareholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. If we invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code, or a "QEF," in lieu of the foregoing requirements, we will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to us. Alternatively, we can elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent we do not exceed prior increases included in income. Under either election, we may be required to recognize in a year income in excess of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% U.S. federal excise tax.

Foreign exchange gains and losses realized by us in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to our Shareholders. Any such transactions that are not directly related to our investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future U.S. Treasury regulations, produce income not among the types of "qualifying income" from which a RIC must derive at least 90% of its annual gross income.

**Failure to Qualify as a RIC**

In addition, for federal income tax purposes, the Company expects to be treated as a RIC under Subchapter M of the Code, effective as of the beginning of the day on the date of the BDC Election and intends to qualify annually thereafter as a RIC. We generally intend to distribute, out of our assets legally available for distribution, substantially all of our available earnings, on a monthly basis, as determined by the officers of the Company, in their sole discretion. To the extent that we are a corporation for U.S. tax purposes and do not qualify as a RIC, we will be subject to U.S. federal income tax on such income. We would not be able to deduct distributions to Shareholders, nor would they be required to be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to our Shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate Shareholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate Shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Shareholder's tax basis, and any remaining distributions would be treated as a capital gain. In order to qualify as a RIC, in addition to the other requirements discussed above, we would be required to distribute all of our previously undistributed earnings and profits attributable to any period prior to our becoming a RIC for which we are a corporation for U.S. federal income tax purposes by the end of the first year that we intend to qualify as a RIC. To the extent that we have any net built-in gains allocable to a corporate beneficial owner (including ourselves if we are treated as a corporation prior to the RIC Election Date) in our assets (*i.e.*, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) as of the beginning of the first year that we qualify as a RIC, we would be subject to a corporate-level U.S. federal income tax on such built-in gains if and when recognized over the next five years. Alternatively, we may elect to recognize such built-in gains immediately prior to our qualification as a RIC. Similarly, if we have previously qualified as a RIC, but were subsequently unable to qualify for treatment as a RIC, and certain relief provisions are not applicable, we would be subject to tax on all of our taxable income (including our net capital gains) at regular corporate rates. We would not be able to deduct distributions to Shareholders, nor would they be required to be made. If we fail to requalify as a RIC for a period greater than two taxable years and then seek to requalify as a RIC, we may be required to pay corporate-level tax on the unrealized appreciation recognized during the succeeding five-year period unless we make a special election to recognize gain to the extent of any unrealized appreciation in our assets at the time of requalification.

------

Our qualification and taxation as a RIC depends upon our ability to satisfy on a continuing basis, through actual, annual operating results, distribution, income and asset, and other requirements imposed under the Code. However, no assurance can be given that we will be able to meet the complex and varied tests required to qualify as a RIC or to avoid corporate level tax. In addition, because the relevant laws may change, compliance with one or more of the RIC requirements may be impossible or impracticable. Although we expect to operate in a manner so as to qualify continuously as a RIC following the RIC Election Date, we or our investment adviser may decide in the future that we should be taxed as a C corporation, even if we would otherwise qualify as a RIC, if we determine that treatment as a C corporation for a particular year would be in our best interest.

------

**Item 1A. Risk Factors.**

*Investing in our Shares involves a number of significant risks. The following information is a discussion of material risk factors associated with an investment in our Shares specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, or capital structure similar to ours. In addition to the other information contained in this Form 10-K, you should consider carefully the following information before making an investment in our Shares. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Shares could decline, and you may lose all or part of your investment.* 

**Risks Related to Our Business and Structure** 

***We have a limited operating history.*** 

We are a closed-end management investment company organized as a Delaware statutory trust that has elected to be regulated as a BDC under the 1940 Act. We have a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. We are subject to the business risks and uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objectives and the value of a Shareholder's investment could decline substantially or become worthless. Further, the Adviser has not previously offered a privately offered BDC. While we believe that the past professional experiences of the Adviser's investment team, including investment and financial experience of the Adviser's senior management, will increase the likelihood that the Adviser will be able to manage us successfully, there can be no assurance that this will be the case.

***Our Board may change our operating policies and strategies without prior notice or Shareholder approval, the effects of which may be adverse to our results of operations and financial condition.*** 

Our Board will have the authority to modify or waive our current operating policies, investment criteria and strategies, which authority may be exercised without prior notice and without Shareholder approval unless otherwise required by applicable law. However, as a BDC, absent Shareholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, NAV, operating results and value of our Shares. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment. Moreover, we will have significant flexibility in investing the net proceeds from our continuous offering and may use the net proceeds from our continuous offering in ways with which our investors may not agree or for purposes other than those contemplated in this Form 10-K.

***We are a privately placed BDC and our Shareholders may not be able to transfer or otherwise dispose of our Shares at desired times or prices, or at all.*** 

We are a privately placed BDC. Our Shares may generally only be transferred (i) with the consent of the Company, which may be granted or withheld in the sole discretion of the Adviser, or (ii) as required because of lending arrangements. Additionally, our Shares will not be listed for trading on a stock exchange or other securities market. There is no guarantee that a public market for our Shares will ever develop.

At the discretion of the Board and beginning no later than 12 months following the date on which we made the BDC Election, we intend to commence a share repurchase program in which we intend to offer to repurchase up to 5% of our Shares outstanding (either by number of Shares or aggregate NAV) in each quarter. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our Shareholders. As a result, share repurchases may not be available each quarter, or at all.

***We may have difficulty sourcing investment opportunities.*** 

We have not identified all of the potential investments for our portfolio. We cannot assure investors that we will be able to locate a sufficient number of suitable investment opportunities to allow us to deploy all of our available capital successfully. In addition, privately negotiated investments in loans and illiquid securities of private middle-market companies require substantial due diligence and structuring, and we cannot assure investors that we will achieve our anticipated investment pace. As a result, investors will be unable to evaluate any future portfolio company investments, and the economic merits, transaction terms or other financial or operational data thereof, prior to making a decision to invest. Additionally, the Adviser will select our investments, and our Shareholders will have no input with respect to such investment decisions. Investors, therefore, must rely on the Adviser to implement the Company's investment policies, to evaluate all of its investment opportunities and to structure the terms of its investments. These factors increase the uncertainty, and thus the risk, of investing in our Shares. To the extent we are unable to deploy all of our capital, our investment income and, in turn, our results of operations, will likely be materially adversely affected.

------

In addition, we anticipate that it could take some time to invest substantially all of the capital we expect to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle-market companies. In order to comply with the RIC diversification requirements during the startup period, we may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which we expect will earn yields substantially lower than the interest, dividend or other income that we seek to receive in respect of suitable portfolio investments. Distributions paid during this period may be substantially lower than the distributions we expect to pay when our portfolio is fully invested. The Adviser has agreed to waive the Management Fee for (i) the period prior to the BDC Election, and (ii) the six-month period following the initial closing following the BDC Election. If the Management Fee and our other expenses exceed the return on the temporary investments, our equity capital will be reduced. If we do not produce positive investment returns, expenses and fees will reduce the amount of the original invested capital recovered by the Shareholders to an amount less than the amount invested in the Company by such Shareholders.

***We generally will not control the business operations of our portfolio companies.*** 

We anticipate that we will acquire a significant percentage of our portfolio company investments from privately held companies in directly negotiated transactions. We do not expect to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. While we are obligated to offer to make managerial assistance available to our portfolio companies, there can be assurance that management personnel of our portfolio companies will accept or rely on such assistance. To the extent that we do not hold a controlling equity interest in a portfolio company, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as a debt investor and could decrease the value of our portfolio holdings.

***Due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.*** 

The illiquidity of our expected portfolio company investments may make it difficult or impossible for us to sell investments if the need arises. Many of these investments will be subject to legal and other restrictions on resale or will otherwise be less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, maturity, refinancing, or initial public offering. If we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations. Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.

***We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.*** 

As part of our business strategy, we have and may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. For example, we have entered into a senior secured revolving credit facility (the "Scotiabank Credit Agreement") by and among the Company, the lenders and issuing banks party thereto from time to time and The Bank of Nova Scotia ("Scotiabank"), as administrative agent, for a $400,000,000 senior secured revolving credit facility, which includes a $50,000,000 sublimit for swingline loans and a $30,000,000 sublimit for the issuance of letters of credit. The Company may, at any time, request an increase of the commitments under the Scotiabank Credit Agreement to an amount not exceeding $800,000,000 to the extent the lenders (existing and new lenders) agree to provide the additional commitment. Holders of these senior securities will have fixed-dollar claims on our assets that are senior to the claims of our Shareholders. If the value of our assets decreases, leverage would cause our NAV to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions on our Shares. Although borrowings by us have the potential to enhance overall returns that exceed our cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than our cost of funds.

Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to Shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

------

As a BDC, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, must be at least 150%. If our asset coverage ratio were to fall below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions at all.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our Shareholders, if we have senior debt securities or other credit facilities, any obligations to such creditors may be secured by a pledge of and security interest in some or all of our assets, including our portfolio of investments and/or our cash. In the case of a liquidation event, lenders and other creditors would receive proceeds to the extent of their security interest before any distributions are made to the Shareholders. For example, certain subsidiaries of the Company (each a "Subsidiary Guarantor") will guarantee the obligations of the Company pursuant to the Scotiabank Credit Agreement. The obligations of the Company pursuant to the Scotiabank Credit Agreement and each Subsidiary Guarantor is secured by a first-priority security interest in substantially all of the assets of the Company and any Subsidiary Guarantor.

***Provisions in the agreements governing a credit facility or other borrowings may limit discretion in operating our business and defaults thereunder may adversely affect our business, financial condition, results of operations and cash flows.*** 

We may enter into one or more additional credit facilities or other borrowings, either directly or through one or more subsidiaries. However, there can be no assurance that we will be able to close a credit facility or obtain other financing.

Further, if our borrowing base under the credit facilities or borrowings were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or other borrowings or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

We are also subject to limitations as to how borrowed funds may be used, including restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under the Scotiabank Revolving Credit Facility (as defined below) or another credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition and could lead to cross defaults under other credit facilities and other borrowings. This could reduce our liquidity and cash flow and impair our ability to manage and grow our business.

Also, any security interests and/or negative covenants required by a credit facility or other borrowings we enter into may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. For example, under the Scotiabank Credit Agreement, we may not, nor may we permit, as applicable, any of the Subsidiary Guarantors to, without Scotiabank's prior written consent: (i) create, incur, assume or permit to exist any indebtedness, subject to certain exceptions; (ii) create or suffer to exist any mortgage, pledge, security interest, conditional sale or lien upon certain of our or such Subsidiary Guarantor's property, subject to certain exceptions; (iii) merge, divide or consolidate with or into any other entity, subject to certain exceptions; (iv) declare or pay any dividends or distributions, subject to certain exceptions, including distributions required to maintain our status as a RIC or in connection with a tender offer (subject to meeting certain conditions); (v) fail to maintain certain minimum shareholders' equity or asset coverage ratio; or (vi) enter into any agreement or instrument which prohibits or limits our or such Subsidiary Guarantor's ability to create, incur, assume or suffer to exist any lien upon any of our or such Subsidiary Guarantor's properties, subject to certain exceptions.

Any obligations to our creditors under our credit facilities or other borrowings may be secured by a pledge of and a security interest in some or all of our assets, including our portfolio of investments and cash. If we default, we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

------

***We are exposed to risks associated with high rates of inflation.*** 

High rates of inflation and rapid increases in the rate of inflation generally have a negative impact on financial markets and the broader economy. In an attempt to stabilize inflation, governments may impose wage and price controls or otherwise intervene in a country's economy. Governmental efforts to curb inflation, including by increasing interest rates or reducing fiscal or monetary stimuli, often have negative effects on the level of economic activity. Rising inflation in the future may materially and adversely affect our portfolio companies. For example, If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Conversely, as inflation declines, a portfolio company may see its competitors' costs stabilize sooner or more rapidly than its own.

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

General interest rate fluctuations may have a substantial negative impact on our future investments and our future investment returns and, accordingly, may have a material adverse effect on our investment objectives and our net investment income.

Because we borrow and anticipate that we will borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. Rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise and trading prices tend to fluctuate more for fixed-rate securities that have longer maturities. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income.

In periods of rising interest rates, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates (such as a Secured Overnight Financing Rate ("SOFR") floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

If interest rates rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults.

We may enter into certain hedging transactions, such as interest rate swap agreements, in an effort to mitigate our exposure to adverse fluctuations in interest rates and we may increase our floating rate investments to position the portfolio for rate increases. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk or if we will enter into such interest rate hedges. Hedging transactions may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

***We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.*** 

A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the total return swap, which may include a specified security or loan, basket of securities or loans or securities or loan indices during the specified period, in return for periodic payments based on a fixed or variable interest rate. A total return swap is typically used to obtain exposure to a security, loan or market without owning or taking physical custody of such security or loan or investing directly in such market. A total return swap may effectively add leverage to our portfolio because, in addition to our total net assets, we would be subject to investment exposure on the amount of securities or loans subject to the total return swap. A total return swap is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In addition, because a total return swap is a form of synthetic leverage, such arrangements are subject to risks similar to those associated with the use of leverage.

------

***Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.*** 

There is not a public market or active secondary market for many of the types of investments in privately held companies that we intend to hold and make. As a result, we will value these investments monthly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board. In accordance with Rule 2a-5 under the 1940 Act, our Board has designated the Adviser to serve as the Valuation Designee. Subject to the oversight of our Board, the Adviser will value our investments, no less frequently than monthly, including with the assistance of one or more independent valuation firms. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in NAV. Our NAV could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

***Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.*** 

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith in accordance with procedures established by our Board. Decreases in the market values or fair values of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our NAV.

***Failure to maintain our status as a BDC would reduce our operating flexibility.*** 

If we do not remain a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. Furthermore, any failure to comply with the requirements imposed on BDC's by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, any such failure could cause an event of default under our future outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.

***We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.*** 

We intend to operate as a non-diversified investment company within the meaning of the 1940 Act, which means that we will not be limited by the 1940 Act with respect to the proportion of our assets that we may invest in a single issuer. Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. To the extent that we hold large positions in a small number of issuers, or within a particular industry, our NAV may be subject to greater fluctuation. We may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry.

***The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.*** 

As a BDC, the 1940 Act prohibits us from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. In addition, in order to maintain our status as a RIC for U.S. federal income tax purposes, we are required to satisfy certain source-of-income, diversification and distribution requirements. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets, or if necessary to maintain our status as a RIC. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act.

------

If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the then-current value of such investments.

***Because our initial Shareholders approved a proposal to allow an asset coverage ratio of 150%, we are subject to 150% asset coverage ratio.*** 

A BDC may increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150% if certain requirements are met. The reduced asset coverage requirement permits a BDC to borrow up to two dollars for every dollar it has in assets less all liabilities and indebtedness not represented by senior securities issued by it. Because our initial Shareholders approved a proposal to reduce the asset coverage ratio to 150%, the ratio applicable to our senior securities is 150%.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we may use leverage to partially finance our investments, you will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our Shares to increase more sharply than it would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions or pay dividends on our Shares, make scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique. See "*— Risks Related to Our Business and Structure—We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us*."

***We face competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.*** 

We will compete for investments with other BDCs and investment funds (including registered investment companies, private equity or credit funds and mezzanine funds) and other clients of the Adviser or its affiliates, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, continue to increase their investment focus in our target market of privately owned U.S. companies. We may experience increased competition from banks and investment vehicles who may continue to lend to the middle-market. Additionally, the Federal Reserve and other bank regulators may periodically provide incentives to U.S. commercial banks to originate more loans to U.S. middle-market private companies. As a result of these market participants and regulatory incentives, competition for investment opportunities in privately owned U.S. companies is strong and may intensify. Many of our competitors are substantially larger and have considerably greater financial and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments than us. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.

We may lose investment opportunities if we do not match our competitors' pricing, terms, and investment structure criteria. If we are forced to match these competitors' investment terms, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in our target market could force us to accept less attractive investment terms. Furthermore, many competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act will impose on us as a BDC and/or the source of income, asset diversification and distribution requirements we will be required to satisfy to maintain our RIC tax treatment. The competitive pressures we face, and the manner in which we react or adjust to competitive pressures, may have a material adverse effect on our business, financial condition, results of operations, effective yield on investments, investment returns, leverage ratio, and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time. Also, we may not be able to identify and make investments that are consistent with our investment objectives.

***The Company may be the subject of litigation or similar proceedings.*** 

In the ordinary course of its business, the Company may be subject to litigation from time to time. The outcome of such proceedings may materially adversely affect the value of the Company and may continue without resolution for long periods of time. The Company's investment activities may include activities that will subject it to the risks of becoming involved in litigation by third parties. Any litigation may consume substantial amounts of the Adviser's and Fortress's time and attention, and that time and the devotion of these resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation. The adoption of new or the enhancement of existing laws and regulations may further increase the risk of litigation. Any such litigation would likely have a negative financial impact on the Company. For instance, the expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would generally be borne by the Company and would reduce the Company's net assets.

------

***We will be dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.*** 

Our business will be dependent on our and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•events arising from local or larger scale political or social matters, including terrorist acts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•outages due to idiosyncratic issues at specific service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the NAV of our Shares and our ability to pay distributions to our Shareholders.

***Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.*** 

We will depend heavily upon computer systems to perform necessary business functions. Despite implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber incidents. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us or our portfolio companies. These incidents may be an intentional attack, such as unauthorized access, use, alteration, or destruction, from physical and electronic break-ins, or unauthorized tampering, or an unintentional event, such as a natural disaster, an industrial accident, failure of our disaster recovery systems, or employee error. These events could involve gaining unauthorized access to our information systems or those of our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, regulatory penalties, increased cybersecurity protection and insurance costs, litigation and damage to business relationships, reputational damage, and increased costs associated with mitigation of damages and remediation. As our and our portfolio companies' reliance on technology increases, so may the risks posed to our information systems, both internal and those provided by third-party service providers, and the information systems of our portfolio companies. We will implement processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a cyber-incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we will do business may also be sources of cybersecurity or other technological risk. We may outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we will engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incidents that adversely affects our data, resulting in increased costs and other consequences as described above.

***Our business and operations could be adversely affected by developments in artificial intelligence ("AI").***

We may incorporate, directly or through third-party vendors, the use of AI into our business and operations, and anticipate that usage and adoption of AI in the marketplace will continue to grow. Notwithstanding any preventative policies that aim to restrict or govern the use of AI, it is possible that they may be used in contravention of such policies or otherwise misused, and the data and/or outputs of AI could be inaccurate or otherwise flawed or inadequate. It is also possible that use of AI could result in the input of confidential information, and such information subsequently being exposed to other parties, and may be more susceptible to and increase the likelihood of cybersecurity incidents and threats. Such occurrences and events may affect use and reliance on AI, including by organizations connected to us and investments by us and our affiliates, and adversely affect us. Any such developments could impede

------

business activities, strategies, or industries that relied on products or services that AI has caused to be noncompetitive or obsolete, including those of organizations connected to us and investments by us and our affiliates.

The legal and regulatory environment relating to AI is uncertain and rapidly evolving, in the U.S. and internationally, and includes regulation targeted specifically at AI, as well as provisions in intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI. These evolving laws and regulations could require changes in our implementation of AI, increase our compliance costs and the risk of non-compliance, and restrict or impede our ability to develop, adopt and deploy AI efficiently and effectively.

AI and its current and potential future applications, as well as the legal and regulatory frameworks in which they operate, continue to develop, and it is not possible to predict the full extent of current or future risks related thereto or the impact or risk of such evolving technology on our business at this time.

***Compliance with the privacy laws to which we are subject may require the dedication of substantial time and financial resources, and non-compliance with such laws could lead to regulatory action being taken and/or could negatively impact the business, financial condition and operating results of us or our portfolio companies.*** 

We and our portfolio companies, as well as the Adviser and Fortress, may be subject to laws and regulations related to privacy, data protection and information security in the jurisdictions in which we/they do business, including such laws and regulations as enacted, implemented and amended in the United States, the European Union (the "EU") (and its member states), and the United Kingdom (the "UK") (regardless of where the Adviser, Fortress, we and our portfolio companies, and their/our affiliates have establishments) from time to time, including the General Data Protection Regulation (EU 2016/679) (the "GDPR") and the California Consumer Privacy Act of 2018 (as amended, the "CCPA") (collectively, the "Privacy Laws").

Compliance with the applicable Privacy Laws may require adhering to stringent legal and operational obligations and therefore the dedication of substantial time and financial resources by the Adviser, Fortress, us and our portfolio companies, and/ or each of their affiliates, which may increase over time (in particular in relation to any transfers of relevant personal data to third parties located in certain jurisdictions).

Further, failure to comply with the Privacy Laws may lead to the Adviser, Fortress, us and our portfolio companies, and/or our affiliates incurring fines and/or suffering other enforcement action or reputational damage. For example, failure to comply with the GDPR, depending on the nature and severity of the breach (and with a requirement on regulators to ensure any enforcement action taken is proportionate), could (in the worst case) attract regulatory penalties up to the greater of: (i) €20 million / £17.5 million (as applicable); and (ii) 4% of an entire group's total annual worldwide turnover, as well as the possibility of other enforcement actions (such as suspension of processing activities and audits), liabilities from third-party claims.

Our United States operations in particular will be impacted by a growing movement to adopt comprehensive privacy and data protection laws similar to the GDPR, where such laws focus on privacy as an individual right in general. For example, California has passed the CCPA, which took effect on January 1, 2020. The CCPA generally applies to businesses that collect personal information about California consumers, and either meet certain thresholds with respect to revenue or buying and/or selling consumers' personal information. The CCPA imposes stringent legal and operational obligations on such businesses as well as certain affiliated entities that share common branding. The CCPA is enforceable by the California Attorney General. Additionally, if unauthorized access, theft or disclosure of a consumer's personal information occurs, and the business did not maintain reasonable security practices, consumers could file a civil action (including a class action) without having to prove actual damages. Statutory damages range from $100 to $750 per consumer per incident, or actual damages, whichever is greater. The California Attorney General also may impose civil penalties ranging from $2,500 to $7,500 per violation. Further, California passed the California Privacy Rights Act of 2020 (the "CPRA") to amend and extend the protections of the CCPA, effective as of January 1, 2023. The CPRA established a new state agency focused on the enforcement of its privacy laws, which will likely lead to greater levels of enforcement and greater costs related to compliance with the CCPA (and CPRA).

Other states in the United States, have either passed, proposed or are considering similar law and regulations to the GDPR and the CCPA, which could impose similarly significant costs, potential liabilities and operational and legal obligations. Such laws and regulations are expected to vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens, and the potential for significant liability on regulated entities.

------

***Certain investors are limited in their ability to make significant investments in us.*** 

Investment companies regulated under the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting shares (measured at the time of the acquisition), unless these funds comply with an exemption under the 1940 Act as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. Private funds that are excluded from the definition of investment company either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are also subject to this restriction. As a result, certain investors may be precluded from acquiring additional shares at a time that they might desire to do so.

***No Shareholder approval is required for certain mergers, except as required by law.*** 

Our Board may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act and applicable law, as applicable, such mergers may not require Shareholder approval so investors will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of the NAV per Share of the Company. These mergers may involve funds managed by affiliates of the Adviser. The Board may also convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining Board control in the face of dissident Shareholders.

***Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.*** 

We and our portfolio companies will be subject to regulation at the local, state, and federal levels. Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in the Company's offering documents and may shift our investment focus from the areas of expertise of the Adviser. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us.

***Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.*** 

As a result of the Annual Distribution Requirement (as defined below) to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. Under the 1940 Act, we may issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to continuously issue equity securities, which may lead to Shareholder dilution.

For U.S. federal income tax purposes, we will be required to recognize taxable income (such as deferred interest that is accrued as original issue discount) in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to qualify for or maintain our status as a RIC. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay an incentive fee with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

We may borrow to fund investments. If the value of our assets declines, we may be unable to satisfy the asset coverage test that we are required to comply with as a BDC under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in a corporate-level U.S. federal income tax on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous.

In addition, we anticipate that as market conditions permit, we may securitize our loans to generate cash for funding new investments. To securitize loans, we may create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. We would retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses.

------

As a BDC, under the 1940 Act, we generally are prohibited from issuing or selling our shares at a price per share, after deducting selling commissions and dealer manager fees, that is below our NAV per share, which may be a disadvantage as compared with other public companies. We may, however, sell our shares, or warrants, options or rights to acquire our Shares, at a price below the current NAV per share if our Board, including our Independent Trustees, determine that such sale is in our best interests and the best interests of our Shareholders, and our Shareholders, as well as those Shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the fair value of such securities.

**Risks Related to the Adviser and its Affiliates** 

***Our ability to achieve our investment objectives depends on the Adviser's ability to manage and support our investment process.*** 

We do not have any employees. Additionally, we have no internal management capacity other than our appointed executive officers and are dependent upon the investment expertise, skill and network of business contacts of the Adviser and Fortress to achieve our investment objectives. The Adviser will evaluate, negotiate, structure, execute, monitor and service our investments. Our success will depend to a significant extent on the continued service and coordination of the Adviser, including its key professionals. See "*—The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.*" The Adviser will also depend upon investment professionals to obtain access to deal flow generated by Fortress.

Our ability to achieve our investment objectives will also depend on the ability of the Adviser to identify, analyze, invest in, finance, and monitor companies that meet our investment criteria. The Adviser's capabilities in structuring the investment process and providing competent, attentive and efficient services to us will depend on the involvement of investment professionals of adequate number and sophistication to match the corresponding flow of transactions. To achieve our investment objectives, the Adviser may need to retain, hire, train, supervise, and manage new investment professionals to participate in our investment selection and monitoring process. The Adviser may not be able to find qualified investment professionals in a timely manner or at all. Any failure to do so could have a material adverse effect on our business, financial condition and results of operations. The Adviser may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment.

In addition, the Investment Advisory Agreement has a termination provision that allows the agreement to be terminated by us on 60 days' notice without penalty, or by the vote of a Majority of the Outstanding Shares of the Company or by the vote of our Independent Trustees. The Investment Advisory Agreement is generally terminable at any time, without penalty, by the Adviser upon 60 days' notice to us. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of our Shareholders and the Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms prior to the termination of the Investment Advisory Agreement, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objectives may result in additional costs and time delays. Our financial condition, business and results of operations, as well as our ability to meet our payment obligations under any indebtedness and to pay distributions, are likely to be adversely affected, and the value of our Shares may decline.

In addition, the Adviser depends on its relationships with corporations, financial institutions and investment firms, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser fails to maintain its existing relationships or develop new relationships or sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

***The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.*** 

The ability of the Company to achieve its investment objectives will be highly dependent upon the skills of the Adviser in analyzing, acquiring, originating and managing the Company's assets. As a result, the Company is dependent on the experience and expertise of certain individuals associated with the Adviser, any of whom may cease to be associated with the Adviser at any point. The loss of one or more of these individuals could have a material adverse effect on the ability of the Company to achieve its investment objectives. In particular, the Company is highly dependent on the involvement of Jack Neumark, Drew McKnight, Aaron Blanchette, Brian Stewart, Tim Sloan and Andy Frank and in its investment activities. If fewer than three of the Key Persons and/or any additional or replacement person approved by the Board, including a majority of the Independent Trustees, remain actively involved in the management and affairs of the Company, a Key Person Event will occur; provided, that the Adviser will have the right during the Suspension Period to replace one or more Key Persons with one or more individuals approved by the Board, including a majority of the Independent Trustees, to address the occurrence of a Key Person Event. In the event of a Key Person Event, the Company shall promptly provide concurrent

------

notice to all Shareholders in a manner consistent with its obligations under the U.S. federal securities laws, and the making of new investments shall be suspended until the earlier of (i) the one hundred twentieth (120<sup>th</sup>) calendar day following the date that the Key Person Notice is provided and (ii) the day on which a replacement person for such Key Person (or Key Persons, as applicable) is approved by the Adviser and the Board, including a majority of the Independent Trustees; provided, that, during a Suspension Period, a majority of Shareholders may elect to end the Suspension Period (in which case the making of new investments shall resume immediately following such election). For the avoidance of doubt, during a Suspension Period, the Company may issue drawdowns and utilize its assets to (i) pay Company expenses, (ii) complete any proposed investment (including any follow-on investment and investments pursuant to an investment commitment (in each case with respect to investments in portfolio companies in which the Company was invested as of the date of the Key Person Event) for which the Adviser has, on behalf of the Company, made a commitment, placed a bid (whether binding or not) in a competitive bidding situation or entered into a letter of intent, term sheet, memorandum of understanding or other similar document (whether or not such document created a legally binding obligation to proceed with such investment) or a definitive agreement to proceed with such transaction (collectively, "Actively Pursued Potential Investments") if such Actively Pursued Potential Investment was being actively pursued as of the date of such Key Person Event, (iii) fund any guaranteed obligations and/or (iv) as otherwise necessary for the Company to preserve its tax status. Upon the completion of a Suspension Period, if not already completed, the Board, including a majority of the Independent Trustees, will oversee the appointment of Key Persons and the resumption of the Company's suspended investment operations. The Key Persons have undertaken to, in their own business judgment, be actively involved in the management and affairs of the Company.

In addition, individuals not currently associated with the Adviser may become associated with the Adviser and the performance of the Company may also depend on the experience and expertise of such individuals.

***Our fee structure may create a conflict of interest due to the incentives for the Adviser to make speculative investments or use substantial leverage.*** 

The Incentive Fee payable by us to the Adviser may create an incentive for the Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. These compensation arrangements could affect the Adviser's or its affiliates' judgment with respect to investments made by us, which allow the Adviser to earn increased Management Fees and Incentive Fees. The way in which the Incentive Fee is determined may encourage the Adviser to use leverage to increase the leveraged return on our investment portfolio.

The "catch-up" portion of the Incentive Fee may encourage our Adviser to accelerate or defer interest payable by portfolio companies from one calendar quarter to another, potentially resulting in fluctuations in timing and dividend amounts.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, bear our ratable share of any such investment company's expenses, including management and performance fees. We also will remain obligated to pay Management Fees and Incentive Fees to our Adviser with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our Shareholders will bear his or her share of the Management Fees and Incentive Fees of our Adviser as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.

Under certain circumstances, the use of substantial leverage (up to the limits prescribed by the 1940 Act) may increase the likelihood of our defaulting on our borrowings, which would be detrimental to holders of our securities.

***The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.*** 

The Adviser and its affiliates may, from time to time, manage assets for funds and accounts other than us. While the Adviser and its affiliates will seek to manage potential conflicts of interest in good faith, the portfolio strategies employed by the Adviser and its affiliates in managing its other funds and accounts could conflict with the transactions and strategies employed by the Adviser in managing us and may affect the prices and availability of investments. The Adviser and its affiliates may, from time to time, give advice and make investment recommendations to other affiliate-managed investment vehicles that differ from advice given to, or investment recommendations made to, us, even though their investment objectives may be the same or similar to ours. Other affiliate-managed investment vehicles, whether now existing or created in the future, could compete with us for the purchase and sale of investments.

------

With respect to the allocation of investment opportunities among us and other affiliated funds and accounts, the ability of the Adviser to recommend such opportunities to us may be restricted by applicable laws or regulatory requirements (including the 1940 Act) and the Adviser will allocate investment opportunities and realization opportunities between us and other affiliated funds and accounts in a manner that is consistent with the Adviser's Allocation Policy, which may be amended from time to time, designed to ensure allocations of opportunities are made over time on a fair and equitable basis. The outcome of any allocation determination by the Adviser and its affiliates may result in the allocation of all or none of an investment opportunity to us. Fortress's allocation of investment opportunities among us and other affiliated investment funds and accounts in the manner discussed above may not result in proportional allocations, and such allocations may be more or less advantageous to some relative to others.

To the extent the Company and such other funds and accounts invest in the same portfolio investments, actions taken by the Adviser or its affiliates on behalf of such other funds and accounts may be adverse to us and our investments, which could harm our performance. For example, we may invest in the same credit obligations, although, to the extent permitted under the 1940 Act, our investments may include different obligations or levels of the capital structure of the same issuer. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held. Conflicts may also arise because portfolio decisions regarding our portfolio may benefit such funds and accounts. On the other hand, such funds and accounts may pursue or enforce rights with respect to one of our portfolio companies, and those activities may have an adverse effect on us. As a result, prices, availability, liquidity and terms of our investments may be negatively impacted by the activities of such funds and accounts, and transactions for us may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

In addition, a conflict of interest exists to the extent the Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in the Adviser's or its affiliates' employee benefit plans. In these circumstances, the Adviser has an incentive to favor these other investment companies or accounts over us. The Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts.

***The Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers in which we invest and their use of service providers.*** 

Conflicts of interest may exist with respect to the Adviser's selection of brokers, dealers, transaction agents, counterparties and financing sources for the execution of our transactions. When engaging these services, the Adviser may, subject to best execution, take into consideration a variety of factors, including, to the extent applicable, the ability to achieve prompt and reliable execution, competitive pricing, transaction costs, operational efficiency with which transactions are effected, access to deal flow and precedent transactions, and the financial stability and reputation of the particular service provider, as well as other factors that the Adviser deems appropriate to consider under the circumstances. Service providers and financing sources may provide other services that are beneficial to the Adviser and their affiliates, but that are not necessarily beneficial to us, including capital introductions, other marketing assistance, client and personnel referrals, consulting services, and research-related services. These other services and items may influence the Adviser's selection of service providers and financing sources.

In addition, the Adviser or an affiliate thereof may exercise its discretion to recommend to a business in which we have made an investment, that it contract for services with (i) the Adviser or a related person of the Adviser (which may include a business in which we have made an investment); (ii) an entity with which the Adviser or its affiliates and their employees has a relationship or from which the Adviser or its affiliates otherwise derives financial or other benefit, including relationships with joint venturers or co-venturers, or relationships where personnel of the Adviser or its affiliates are seconded, or from which the Adviser or its affiliates receives secondees; or (iii) certain investors (including Shareholders) or their affiliates. Such relationships may influence decisions that Adviser makes with respect to us. Although the Adviser and its affiliates select service providers that it believes are aligned with our operational strategies and will enhance portfolio company performance and, relatedly, our returns, the Adviser has a potential incentive to make recommendations because of its or its affiliates' financial or other business interest. There can be no assurance that no other service provider is more qualified to provide the applicable services or could provide such services at lesser cost.

***The Adviser and its affiliates' personnel will work on other projects and conflicts may arise in the allocation of personnel between us and other funds, accounts or projects.*** 

Our Adviser and its affiliates will devote such time as they deem necessary to conduct our business affairs in an appropriate manner. However, the Adviser's personnel, as well as the personnel of Fortress, will work on matters related to other funds and accounts. Employees of affiliates of the Adviser may also serve as trustees, or otherwise be associated with, companies that are competitors of businesses in which we have made investments. These businesses may also be counterparties or participants in agreements, transactions, or other arrangements with businesses in which other affiliated investment vehicles have made investments that may involve fees and/or servicing payments to the Adviser or its affiliates.

------

In addition, the Adviser and its affiliates may also, from time to time, employ employees of its affiliates with pre-existing ownership interests in businesses owned by us; conversely, former employees of the Adviser and/or its affiliates are expected, from time to time, to serve in significant management roles at businesses or service providers recommended by the Adviser. In such capacity, this may give rise to conflicts to the extent that an employee's fiduciary duties to such business may conflict with our interests, but, because the Adviser and/or affiliates will generally have made a significant investment in such business, it is expected that such interests will generally be aligned.

***Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.*** 

We, directly or through the Adviser, may obtain confidential information about the companies in which we have invested or may invest or be deemed to have such confidential information. The Adviser, including its investment personnel, may come into possession of material, non-public information through its members, officers, trustees, employees, principals or affiliates. The possession of such information may, to our detriment, limit the ability of us and the Adviser to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of the Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of the Adviser come into possession of material non-public information with respect to our investments, such personnel will be restricted by the Adviser's information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of the Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of the Adviser in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with the Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of the Adviser.

***We will be obligated to pay the Adviser an Incentive Fee even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.*** 

The Investment Advisory Agreement entitles the Adviser to receive an Incentive Fee that is based on our Pre-Incentive Fee Net Investment Income regardless of any capital losses. In such case, we may be required to pay the Adviser an Incentive Fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

Any Incentive Fee payable by us that relates to Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (payment-in-kind ("PIK") income). PIK income will be included in the Pre-Incentive Fee Net Investment Income used to calculate the incentive fee to the Adviser even though we do not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not obligated to reimburse us for any part of the Incentive Fee it received that was based on accrued interest income that we never receive as a result of a subsequent default.

The quarterly Incentive Fee on income is recognized and paid without regard to: (i) the trend of Pre-Incentive Fee Net Investment Income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.

For federal income tax purposes, we may be required to recognize taxable income in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our tax treatment as a RIC and/or minimize corporate-level U.S. federal income or excise tax. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay the incentive fee on income with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

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

As a BDC, we are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our Independent Trustees and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of the Board and, in some cases, the SEC. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, including other funds or clients advised

------

by the Adviser or its affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of the Board and, in some cases, the SEC. If a person acquires more than 25% of our outstanding voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or trustees or their affiliates or anyone who is under common control with us. The SEC has interpreted the business development company regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by either of the Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment or disposition opportunities that would otherwise be available to us.

We and certain of our affiliates have received, exemptive relief from the SEC that we intend to rely on to permit us to co-invest with other funds and accounts managed by the Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, we generally expect to be permitted to co-invest with certain of our affiliates pursuant to the conditions of the Co-Investment Exemptive Order, including that the participants in such co-investment transaction acquire or dispose of the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and with substantially the same other terms. In certain cases where a Fortress Managed Account has a pre-existing investment in an issuer in which the Company and the Fortress Managed Accounts will co-invest, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Trustees will be required to take steps set forth in Section 57(f) of the 1940 Act, including approving the transaction on the basis that, in relevant part (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the Shareholders of the Company and do not involve overreaching of the Company or its Shareholders on the part of any person concerned; (ii) the proposed transaction is consistent with the interests of the Company's Shareholders and the Company's policy as recited in filings made by the Company with the SEC and the Company's reports to Shareholders; and (iii) the Company's Trustees record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings.

In addition to co-investing pursuant to the exemptive relief, we may invest alongside affiliates or their affiliates in certain circumstances where doing so is consistent with applicable law and current regulatory guidance. For example, we may invest alongside such investors consistent with guidance promulgated by the SEC staff permitting us and an affiliated person to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that we negotiate no term other than price. We may, in certain cases, also make investments in securities owned by affiliates that we acquire from non-affiliates. In such circumstances, our ability to participate in any restructuring of such investment or other transaction involving the issuer of such investment may be limited, and as a result, we may realize a loss on such investments that might have been prevented or reduced had we not been restricted in participating in such restructuring or other transaction.

In situations when co-investment with the Adviser's or its affiliates' other clients is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of any exemptive relief granted to us by the SEC, the Adviser will need to decide which client or clients will proceed with the investment. Generally, we will not be entitled to make a co-investment in these circumstances and, to the extent that another client elects to proceed with the investment, we will not be permitted to participate. Moreover, except in certain circumstances, we will not invest in any issuer in which an affiliate's other client holds a controlling interest.

***We may make investments that could give rise to a conflict of interest.*** 

We generally do not expect to invest in, or hold securities of, companies that are controlled by an affiliate and/or an affiliate's other clients. However, the Adviser or an affiliate's other clients may invest in, and gain control over, one of our portfolio companies. If the Adviser or an affiliate's other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions the Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, the Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, the Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate's other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned.

***The recommendations given to us by the Adviser may differ from those rendered to their other clients.*** 

The Adviser and its affiliates may, from time to time, give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, us even though such other clients' investment objectives may be similar to ours, which could have an adverse effect on our business, financial condition and results of operations.

------

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

The Adviser will not assume any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board in declining to follow the Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its trustees, officers, shareholders, members, agents, employees, controlling persons, and any Affiliated Person (as defined in the 1940 Act) of the Adviser are not liable to us for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith or gross negligence in the performance of their duties. We will also agree to indemnify, defend and protect the Adviser and its trustees, officers, shareholders, members, agents, employees, controlling persons and any Affiliated Person of the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith or gross negligence in the performance of their duties. However, in accordance with Section 17(i) of the 1940 Act, neither the Adviser nor any of its affiliates, trustees, officers, members, employees, agents, or representatives may be protected against any liability to us or our investors to which it would otherwise be subject by reason of willful malfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of its office. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See "*— Risks Related to the Adviser and its Affiliates — Our fee structure may create a conflict of interest due to the incentives for the Adviser to make speculative investments or use substantial leverage.*"

***Investment by Fortress employees in the Company may lead to conflicts of interest.*** 

Employees of Fortress, including members of the Investment Committee, are permitted to invest, and at times may invest significantly, in Fortress funds, including the Company. Such investments can operate to align the interests of Fortress and their employees with the interests of the Fortress funds and their investors, but will also give rise to conflicts of interest as such employees can have an incentive to favor the Fortress funds in which they participate or from which they are otherwise entitled to share in returns or fees. Further, from time to time, employees of Fortress, or members of their families, could have an interest in a particular transaction, or in securities or other financial instruments of the same kind or class, or a different kind or class, of the same obligor or issuer, that Fortress directs for a Fortress Managed Account, including the Company.

***The Adviser's failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on the Adviser, and thus, us.*** 

A number of U.S. states and municipal pension plans have adopted so-called "pay-to-play" laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If the Adviser or its affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on the Adviser, and thus, us.

***There are risks associated with any potential merger with or purchase of assets of another fund.*** 

The Adviser may in the future recommend to our Board that we merge with or acquire all or substantially all of the assets of one or more funds including a fund that could be managed by the Adviser or its affiliates (including another BDC). We do not expect that the Adviser would recommend any such merger or asset purchase unless it determines that it would be in the best interest of us and our Shareholders, with such determination dependent on factors it deems relevant, which may include our historical and projected financial performance and any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of trustees and common equity holders of both funds. If the Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to the Adviser by us and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to the Adviser as a result of managing a single, larger fund instead of two separate funds.

***Our Administrator can resign from its role as Administrator under the Administration Agreement, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.*** 

Our Administrator has the right to resign under the Administration Agreement upon 60 days' written notice, whether a replacement has been found or not. In addition, the Administration Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement. If our Administrator resigns or the Administration Agreement is terminated, it may be difficult to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If a replacement is not found quickly, our business, results of operations and financial condition are likely to be adversely affected and the value of our Shares may decline. Even if a comparable service provider or individuals to perform such services are

------

retained, whether internal or external, their integration into our business and lack of familiarity with our investment objectives may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

***Any Sub-Administrator that the Administrator engages to assist the Administrator in fulfilling its responsibilities could resign from its role as Sub-Administrator, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.*** 

The Administrator has retained SEI Global Services, Inc. as the Sub-Administrator to provide administrative and accounting services. If such Sub-Administrator resigns, it may be difficult to find a new Sub-Administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If a replacement is not found quickly, our business, results of operations and financial condition are likely to be adversely affected and the value of our Shares may decline. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objectives may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

**Risks Related to Our Investments** 

***The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.*** 

From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular. There can be no assurance these market conditions will not occur or worsen in the future, including as a result of various social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), which may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. In addition, other government actions, including sanctions, export controls, tariffs and trade wars, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. Additionally, the U.S. Government imposes economic sanctions and trade restrictions against certain countries and persons from time to time. If the U.S. Government imposes such tariffs, sanctions, trade restrictions, or other measures against products and materials, it could have a material adverse impact on our business, financial condition, and results of operations. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect our performance. We will continue to monitor developments and seek to manage our investments in a manner consistent with achieving our investment objectives, but there can be no assurance that we will be successful in doing so.

Concerns over future increases in inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility. Volatility and dislocation in the capital markets can create a challenging environment in which to raise or access equity or debt capital. Such conditions could make it difficult to extend the maturity of or refinance any future indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may continue to be at a higher cost, including as a result of the current interest rate environment, and on unfavorable terms and conditions. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make commitments to our portfolio companies. Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our future investments. While most of our investments are not expected to be publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity).

Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations.

------

***Our investments in portfolio companies may be risky, and we could lose all or part of our investments.*** 

We invest in directly originated senior secured loans to middle-market companies domiciled in the United States. The Company's portfolio will consist primarily of direct originations of (i) first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and, to a lesser extent, (ii) second lien senior secured debt and unsecured loans. The Company's investments may be accompanied by junior debt and/or equity or equity-related investments, including common stock, preferred stock, securities convertible into common stock and/or warrants. The securities in which we intend to invest typically are not rated by any rating agency, and if they were rated, they would be below investment grade (rated lower than "Baa3" by Moody's Investor Service, Inc. or lower than "BBB-" by Standard & Poor's Rating Services), which is often referred to as "junk" or "high yield". These "junk" or "high yield" securities have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and are illiquid. In addition, some of the loans in which we may invest may be "covenant-lite" loans. We use the term "covenant-lite" loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Therefore, our investments may result in an above-average amount of risk and volatility or loss of principal. We also may invest in other assets, including U.S. government securities and structured securities. These investments entail additional risks that could adversely affect our investment returns.

*Secured Debt, including First Lien Debt.* When we make a secured debt investment, we will generally take a security interest in the available assets of the portfolio company, including the equity interests of any subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our debt investment may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors, such as trade creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt investment. Consequently, the fact that our debt is secured does not guarantee that we will receive principal and interest payments according to the debt investment's terms, or at all, or that we will be able to collect on the loan, in full or at all, should we enforce our remedies.

*"Last out" First Lien Loans*. "Last out" first lien loans have secondary priority behind super senior "first out" first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a "last out" first lien loan are set forth in an "agreement among lenders," which provides lenders with "first out" and "last out" payment streams based on a single lien on the collateral. Since the "first out" lenders generally have priority over the "last out" lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the "last out" lenders bear a greater risk than leaders than the "first out" lenders or lenders in standalone first lien loans.

*Unitranche Loans*. "Unitranche" loans are first lien loans that may extend deeper in a company's capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in the unitranche loan. In some instances, we may find another lender to provide the "first-out" portion of such loan and retain the "last-out" portion of such loan, in which case, the "first-out" portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the "last-out" portion that we would continue to hold. This may result in an above average amount of risk and loss of principal. In exchange for the greater risk of loss, the "last-out" portion generally earns a higher interest rate than the "first-out" portion.

*Unsecured Debt, including Mezzanine Debt.* Our unsecured debt investments, including mezzanine debt investments, generally will be subordinated to senior debt in the event of an insolvency. This may result in an above average amount of risk and loss of principal. We use the term "mezzanine" to refer to debt that ranks senior only to a borrower's equity securities and ranks junior in right of payment to all of such borrower's other indebtedness.

*Equity Investments.* When we invest in secured debt or unsecured debt, including mezzanine debt, we may acquire equity securities from the company in which we make the investment. In addition, we may invest in the equity securities of portfolio companies independent of any debt investment. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we hold may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore are subject to greater credit risk than more senior debt instruments; and generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board; generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the companies in which we intend to invest generally have less publicly available information about their businesses, operations and financial condition and, if we are unable to uncover the companies in which we invest may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

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

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

------

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

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

Early repayments of our investments may have a material adverse effect on our investment objectives. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity investments may become worthless. There can be no assurance that attempts to provide downside protection through contractual or structural terms with respect to our investments will achieve their desired effect and potential investors should regard an investment in us as being speculative and having a high degree of risk. Furthermore, we have limited flexibility to negotiate terms when purchasing newly-issued investments in connection with a syndication of mezzanine or certain other junior or subordinated investments or in the secondary market.

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

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

***Investing in middle-market companies involves a number of significant risks.*** 

Investing in middle-market companies involves a number of significant risks, including:

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

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•there is generally little public information about these companies and their financial information, they are not subject to the reporting requirements of the Exchange Act and other regulations that govern public companies and we may be unable to uncover all material information about these companies, which may prevent us from making a fully informed investment decision and cause us to lose money on our investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness, including any debt securities held by us, upon maturity.

***Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.*** 

Although equity securities, including common stock, have historically generated higher average total returns than fixed income securities over the long term, equity securities also have experienced significantly more volatility in those returns. Our equity investments may fail to appreciate and may decline in value or become worthless, and our ability to recover our investment will depend on our portfolio company's success. Investments in equity securities involve a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company.

Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.

There are special risks associated with investing in preferred securities, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.

Additionally, when we invest in debt securities, we may acquire warrants or other equity securities as well. The equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and, to the extent we so invest, will bear our ratable share of any such company's expenses, including management and performance fees. We will also remain obligated to pay the Management Fee and Incentive Fee to the Adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our Shareholders will bear his or her share of the Management Fee and Incentive Fee due to the Adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

------

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

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

***We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient, or if the portfolio company has debt that ranks equally with, or senior to, our investments.*** 

To attempt to mitigate credit risks, we intend to take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain or properly perfect our liens.

Where a portfolio company defaults on a secured loan, we will only have recourse to the assets collateralizing the loan. There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. If the underlying collateral value is less than the loan amount, we will suffer a loss. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or that we will be able to collect on the loan should we be forced to enforce our remedies.

Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. For example, certain debt investments that we will make in portfolio companies will be secured on a second priority lien basis by the same collateral securing senior debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, any holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the first priority or second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the first priority or second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and our portfolio company may not have sufficient assets to pay all equally ranking credit even if we hold senior, first-lien debt. Where debt senior to our loan exists, the presence of intercreditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through "standstill" periods) and control decisions made in bankruptcy proceedings relating to the portfolio company.

In addition, we may make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets.

In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to "equitable subordination." This means that depending on the facts and circumstances, including the extent to which we actually provided significant "managerial assistance," if any, to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses.

------

If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value and/or increasing interest rates may hinder a portfolio company's ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance.

***Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences, or we could become subject to lender liability claims.*** 

Certain of our investments could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to certain investments were issued with the intent of hindering, delaying or defrauding creditors, if we were deemed to have provided managerial assistance to that portfolio company or a representative of Fortress or the Adviser sat on the board of trustees of such portfolio company, or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt proceeds are used for a buyout of stockholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors, void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, or require us to repay any amounts received by us with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, we may not receive any repayment on such debt obligations.

In addition, a number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or stockholders. Because of the nature of our investments in portfolio companies (including that, as a BDC, we may be required to provide managerial assistance to those portfolio companies if they so request upon our offer), we may be subject to allegations of lender liability.

***Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.*** 

We will be subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity. This risk will be more acute when interest rates decrease, as we may be unable to reinvest at rates as favorable as when we made our initial investment.

***If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.*** 

The net proceeds from our investments and offerings, including the Offering, will be used for our investment opportunities, and, if necessary, the payment of operating expenses and the payment of various fees and expenses such as Management Fee, Incentive Fee, other expenses and distributions. Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. Pursuant to tax rules that apply to RICs, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our Shareholders. Accordingly, in the event that we need additional capital in the future for investments or for any other reason we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to diversify our portfolio and achieve our investment objectives, which may negatively impact our results of operations and reduce our ability to make distributions to our Shareholders.

------

***The effect of global climate change may impact the operations of our portfolio companies.*** 

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by the exposure to environmental conditions such as droughts, famines, floods, storms, wildfires and other climate change and environmental-related events. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition through, for example, decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

***Our portfolio companies may be highly leveraged.*** 

Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

***Our investments in non-U.S. companies or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S. dollar denominated investments.*** 

Our investment strategy contemplates potential investments in securities of non-U.S. companies to the extent permissible under the 1940 Act. Investing in non-U.S. companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks are likely to be more pronounced for investments in companies located in emerging markets and particularly for middle-market companies in these economies.

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

***The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission ("CFTC") and the SEC may affect our ability to use over-the-counter ("OTC") derivatives for hedging purposes.*** 

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the CFTC and the SEC have issued rules to implement broad new regulatory requirements and broad new structural requirements applicable to OTC derivatives markets and, to a lesser extent, listed commodity futures (and futures options) markets. Similar changes are in the process of being implemented in other major financial markets.

Engaging in OTC derivatives or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of "commodity pool" under the Commodity Exchange Act and related CFTC regulations. The Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator with respect to our operations, with the result that we are limited in our ability to use futures contracts or options on futures contracts or engage in such OTC derivatives transactions. Specifically, we are subject to strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts we have entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. We intend to operate in a manner to be able to rely on the exclusion from the definition of commodity pool operator provided in Rule 4.5 under the Commodity Exchange Act.

The Dodd-Frank Act also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of commodity-based transactions, recordkeeping requirements, mandatory margining of certain OTC derivatives and mandatory central clearing and swap execution facility ("SEF") execution of certain OTC derivatives. At present, certain interest rate derivatives and index credit derivatives are subject to mandatory central clearing and SEF execution. Taken as a whole, these changes could significantly increase the cost of using OTC derivatives to

------

hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.*** 

Rule 18f-4 under the 1940 Act impacts the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. Under Rule 18f-4, BDCs that use derivatives and certain other related instruments and do not qualify as a "limited derivatives user" are subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. We operate and qualify as a "limited derivatives user" and have adopted compliance policies to monitor our derivatives exposure under Rule 18f-4.

As noted herein, we may enter into long and short positions in all types of swaps, including total return swaps, rate of return swaps, credit default swaps (including index credit default swaps) and interest rate swaps. We may also enter into long and short positions in credit linked securities, which is a form of credit derivative structured as a security with an embedded credit default swap. Credit-linked securities and OTC credit default swaps are bilateral agreements between two parties that transfer a defined credit risk from one party to another.

Derivatives transactions, like other financial transactions, involve a variety of significant risks. The specific risks presented by a particular derivative transaction necessarily depend upon the terms of the transaction and our circumstances. In general, however, all derivative transactions involve some combination of market risk, credit risk, counterparty credit risk, funding risk, liquidity risk and operational risk. Highly customized swaps transactions in particular may increase liquidity risk. Highly leveraged transactions generally experience substantial gains or losses in value as a result of relatively small changes in the value or level of an underlying or related market factor. In evaluating the risks and contractual obligations associated with a particular swap transaction, it is important to consider that a swap transaction generally is modified or terminated only by mutual consent of the original parties and subject to agreement on individually negotiated terms. Therefore, it may not be possible for us to modify, terminate or offset our obligations under a swap or our exposure to the risks associated with a swap prior to its scheduled termination date.

We may enter into transactions involving privately negotiated off-exchange derivative instruments, including total return swaps and other derivative instruments. There can be no assurance that a liquid secondary market will exist for any particular derivative instrument at any particular time, including for those derivative instruments that were originally categorized as liquid at the time they were acquired by us. In volatile markets, we may not be able to close out a position without incurring a significant amount of loss. Although OTC derivative instruments are designed to be tailored to meet particular financing needs and, therefore, typically provide more flexibility than exchange-traded products, the risk of illiquidity is also greater as these instruments can generally be closed out only by negotiation with the other party to the instrument. OTC derivative instruments, unlike exchange-traded instruments, are not guaranteed by an exchange or clearinghouse, and thus are generally subject to greater credit risks. In addition, we may not be able to convince its counterparty to consent to an early termination of an OTC derivative contract or may not be able to enter into an offsetting transaction to effectively unwind the transaction. Such OTC derivative contracts generally are not assignable except by agreement between the parties concerned, and a counterparty typically has no obligation to permit such assignments. Even if our counterparty agrees to early termination of such OTC derivatives at any time, doing so may subject us to certain early termination charges.

We may enter into reverse repurchase agreements. When we enter into a reverse repurchase agreement, we will sell an asset and concurrently agree to repurchase such asset (or an equivalent asset) at a date in the future at a price roughly equal to the original purchase price plus a negotiated interest rate. In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed us or, in the case of a reverse repurchase agreement, the assets sold by us, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage and may impact the amount of leverage available to us as a BDC. If we reinvest the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement may adversely affect our returns.

***Defaults by our portfolio companies could jeopardize a portfolio company's ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.*** 

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity investments that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company.

------

As part of our lending activities, we may in certain opportunistic circumstances originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Any such investment would involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower. In addition, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower. See "— *Our investments in portfolio companies may be risky, and we could lose all or part of our investments.*"

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

Beyond the asset diversification requirements associated with our expected qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns.

***An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.*** 

We intend to invest primarily in privately held companies. Investments in private companies pose certain incremental risks as compared to investments in public companies including that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•will have reduced access to the capital markets, resulting in diminished capital resources and ability to withstand financial distress;

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

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

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

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

In addition, investments in private companies tend to be less liquid. The securities of private companies are not publicly traded or actively traded on the secondary market and may instead, trade on a privately negotiated OTC secondary market for institutional investors. These OTC secondary markets may be inactive during an economic downturn or a credit crisis and in any event often have lower volumes than publicly traded securities even in normal market conditions. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. If there is no readily available market for these investments, we will be required to carry these investments at fair value as determined by our Adviser. As a result, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, the Adviser or any of its affiliates have material nonpublic information regarding such portfolio company or where the sale would be an impermissible joint transaction under the 1940 Act. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.

Finally, little public information generally exists about private companies and these companies may not have third-party credit ratings or audited financial statements. We will therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies, and to monitor the activities and performance of these investments. To the extent that we (or other clients of the Adviser) may hold a larger number of investments, greater demands will be placed on the Adviser's time, resources and personnel in monitoring such investments, which may result in less attention being paid to any individual investment and greater risk that our investment decisions may not be fully informed. Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If

------

we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

***Certain investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis.*** 

Investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis to take advantage of certain investment opportunities. While we generally will not seek to make an investment until the Adviser has conducted sufficient due diligence to make a determination as to the acceptability of the credit quality of the investment and the underlying issuer, in such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, the Adviser may rely upon independent consultants in connection with its evaluation of proposed investments. No assurance can be given as to the accuracy or completeness of the information provided by such independent consultants and we may incur liability as a result of such consultants' actions, many of whom we will have limited recourse against in the event of any such inaccuracies.

***We may not have the funds or ability to make additional investments in our portfolio companies.*** 

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we do have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we will be limited in our ability to do so by compliance with BDC requirements in order to maintain our RIC status, once elected, or otherwise. Our ability to make follow-on investments may also be limited by the Adviser's Allocation Policy. Any decision not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful investment or may reduce the expected return to us on the investment.

***The prices of the debt instruments and other securities in which we invest may decline substantially.*** 

Due to market forces or supply/demand imbalances, the prices of the debt instruments and other securities in which we invest may decline substantially. In particular, purchasing debt instruments or other assets at what may appear to be "undervalued" or "discounted" levels is no guarantee that these assets will not be trading at even lower levels at a time of valuation or at the time of sale, if applicable. It may not be possible to predict, or to hedge against, such "spread widening" risk. Additionally, the perceived discount in pricing from previous environments described herein may still not reflect the true value of the assets underlying debt instruments in which the Company invests.

***Because our business model in the future may depend to an extent upon relationships with private equity sponsors and intermediaries, the inability of the Adviser or Fortress to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.*** 

If the Adviser, Fortress or their affiliates fail to maintain their existing relationships or develop new relationships with sponsors or other sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser, Fortress or their affiliates have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

***The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.*** 

Although we expect that most of our investments will not be rated by rating agencies, we expect that some investments will be rated instruments. Rating agencies rate debt securities based upon their assessment of the likelihood of the receipt of principal and interest payments. Rating agencies do not consider the risks of fluctuations in market value or other factors that may influence the value of debt securities. Therefore, the credit rating assigned to a particular instrument may not fully reflect the true risks of an investment in such instrument. Credit rating agencies may change their methods of evaluating credit risk and determining ratings. These changes may occur quickly and often. While we may give some consideration to ratings, ratings may not be indicative of the actual credit risk of our investments in rated instruments.

***We may be liable for unfunded pension liabilities of our portfolio companies.*** 

In at least one circuit, a court found that, in certain circumstances, an investment company could be treated as a "trade or business" for purposes of determining pension liability under the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Therefore, where an investment company owns 80% or more (or, possibly, under certain circumstances, less than 80%) of a portfolio company, such company (and any other 80%-owned portfolio companies of such investment company) might be found liable for certain pension liabilities of such a portfolio company to the extent the portfolio company is unable to satisfy such liabilities. The Company

------

may, from time to time, own an 80% or greater interest in a portfolio company that has unfunded pension fund liabilities. If the Company (or other 80%-owned portfolio companies of the Company) were deemed to be liable for such pension liabilities, this could have a material adverse effect on the operations of the Company and the companies in which the Company invests. This discussion is based on current court decisions, statutes and regulations regarding control group liability under ERISA as in effect as of the date of this Form 10-K, which may change in the future as the case law and guidance develops.

***To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.*** 

Our investments may include original issue discount ("OID") and PIK instruments. To the extent OID and PIK constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with GAAP and taxable income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID instruments may have unreliable reported income because the accruals require judgments about collectability or deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For GAAP purposes, cash distributions to Shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by the Shareholders, the 1940 Act does not require that Shareholders be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The presence of OID and PIK creates the risk of non-refundable cash payments to the Adviser in the form of Incentive Fees on income based on non-cash OID and PIK accruals that may never be realized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the case of PIK, "toggle" debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing Incentive Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash.

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

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

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

***Any acquisition or strategic investments that we pursue are subject to risks and uncertainties.*** 

We may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). The announcement or consummation of any transaction also may adversely impact our business relationships or engender competitive responses.

------

Acquisitions could involve numerous additional risks, such as unanticipated litigation, unexpected costs, liabilities, charges or expenses resulting from a transaction, the inability to generate sufficient revenue to offset acquisition costs and any changes in general economic or industry specific conditions. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable. The failure to integrate successfully or to manage the challenges presented by an integration process may adversely impact our financial results. In addition, the proposal and negotiation of acquisitions or strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser's time, attention and resources from our day-to-day operations.

Our ability to manage our growth through acquisitions or strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.

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

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

***We may not be able to complete certain desired investments because such investments may be subject to regulatory review and approval requirements, including pursuant to foreign investment regulations and review by governmental entities such as the Committee on Foreign Investment in the United States, or may be ultimately prohibited.*** 

Given that Fortress and the Company qualify as Foreign Persons for purposes of CFIUS under the CFIUS Regulations, certain investments made by the Company may be subject to review under CFIUS Regulations.

As a result of such review, the Company may be restricted or prohibited by CFIUS Regulations from making certain investments in U.S. businesses or disposing of certain investments in U.S. businesses based on national security concerns. If the Company is permitted to make such investments, the CFIUS Regulations may place restrictions, obligations or conditions on these investments. Furthermore, other U.S. regulatory bodies may also impose ownership, governance and/or control restrictions on investments by non-U.S. persons, resulting in limitations on the structure through which investments may be held.

It is expected that investors that are Foreign Persons (including Foreign Persons that are affiliates, partners, members, shareholders, officers, directors and employees of Fortress) will be restricted from (among other things) accessing, or having governance rights that allow influence over the safekeeping or release of, personally identifiable information (PII), protected health information (PHI) or other similar information in respect of the Company's investments in the possession of Fortress (or otherwise), or from controlling the Company's investments, in each case, as determined by Fortress in its discretion and in a manner consistent with its obligations under the letter and spirit of the CFIUS Regulations.

The Adviser and our Board will be authorized, without the consent of any person, including any shareholder, to take such action as it reasonably determines to be necessary or advisable to comply with or reduce risk arising under the CFIUS Regulations.

Additionally, other countries have implemented (or are in the process of implementing) similar "foreign ownership" regulations that may require governmental approval prior to an investment by the Company, limit the amount of investment by the Company in a particular company, asset or sector or restrict investment by the Company to a specific class of securities of a company that have less advantageous terms than the classes available for purchase by nationals. Certain countries may also require Fortress or the Adviser to obtain additional information from its shareholders or investors in connection with a particular investment. If such information is not obtained or provided, the Company may not be able to complete an investment, may be required to dispose of an investment or may be subject to other adverse consequences as a result.

Any or all of the above factors could have a material adverse effect on the Company's business, financial condition, results of operations and prospects, and there can be no assurance that Fortress will be able to (i) obtain all regulatory approvals or agreements with CFIUS that may be required by or warranted pursuant to CFIUS Regulations or otherwise that it does not yet have or that it may require in the future, (ii) obtain any necessary modifications to existing regulatory approvals or agreements with CFIUS, or (iii) maintain required regulatory approvals or agreements with CFIUS. Regulatory impacts on the Company or a delay in obtaining or failure to obtain any regulatory approvals required by the CFIUS Regulations or otherwise, or amendments thereto, or delay or failure to satisfy any regulatory

------

conditions or other applicable requirements could result in an adverse effect on the Company and require attention and resources of Fortress and its executive officers that might otherwise be devoted to the Company.

**Risks Related to an Investment in our Shares** 

***Investing in our Shares involves a high degree of risk.*** 

The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options, including volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our Shares may not be suitable for someone with lower risk tolerance.

***The amount of any distributions we may make on our Shares is uncertain. We may not be able to pay distributions, or be able to sustain distributions at any particular level, and our distributions per Share, if any, may not grow over time, and our distributions per Share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, and proceeds from our Offering to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).*** 

Subject to our Board's discretion and applicable legal restrictions, we intend to authorize and declare cash distributions on a monthly basis and pay such distributions on a monthly basis. We expect to pay distributions out of assets legally available for distribution. However, we cannot assure you that we will achieve investment results that will allow us to make a consistent level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC may limit our ability to pay distributions. Distributions from offering proceeds also could reduce the amount of capital we ultimately invest in debt or equity securities of portfolio companies. All distributions are and will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations, Delaware law and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will pay distributions to our Shareholders in the future.

***Our Shares are not listed on an exchange or quoted through a quotation system and will not be listed for the foreseeable future, if ever. Therefore, our Shareholders will have limited liquidity.*** 

Our Shares are illiquid investments for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. Our Shares are not registered under the Securities Act, or any state securities law and will be restricted as to transfer by law. Shareholders generally may not sell, assign or transfer their shares without prior written consent of the Adviser, which the Adviser may grant or withhold in its sole discretion. At the discretion of the Board and beginning no later than 12 months following the date on which we made the BDC Election, we intend to commence a share repurchase program in which we intend to offer to repurchase up to 5% of our Shares outstanding (either by number of Shares or aggregate NAV) in each quarter. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our Shareholders. As a result, Share repurchases may not be available each quarter, or at all. Shareholders must be prepared to bear the economic risk of an investment in us for an indefinite period of time.

***A Shareholder's interest in us will be diluted if we issue additional Shares, which could reduce the overall value of an investment in us.*** 

Our Shareholders do not have preemptive rights to purchase any shares we issue in the future. Our Declaration of Trust authorizes us to issue an indefinite number of Shares. To the extent we issue additional Shares at or below NAV, your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your Shares.

As a BDC, pursuant to the 1940 Act, we are generally prohibited from issuing or selling our Shares at a price below their NAV, which may be a disadvantage as compared with certain public companies. We may, however, sell our Shares, or warrants, options, or rights to acquire our Shares, at a price below the current NAV if our Board, including a majority of the Independent Trustees, determines that such sale is in our best interests and the best interests of our Shareholders, and our Shareholders, including a majority of those Shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing Shares or securities convertible into, or exchangeable for, our Shares, then the percentage ownership of our Shareholders at that time will decrease and you will experience dilution. Depending on the terms and pricing of such offerings and the value of our investments, you may also experience dilution in the NAV and fair value of your Shares.

------

***Our Board may amend our Declaration of Trust without prior Shareholder approval.*** 

So long as an amendment to our Declaration of Trust does not materially alter or change the powers, preferences, or special rights of our Shares so as to affect them adversely, our Board may, without Shareholder vote, subject to applicable federal and state law and certain exceptions, amend or otherwise supplement our Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust, including without limitation to classify the Board upon notice of our first annual meeting of Shareholders, to require super-majority approval of transactions with significant Shareholders or other provisions that may be characterized as anti-takeover in nature.

***Certain provisions of our Declaration of Trust and actions of the Board could deter takeover attempts and have an adverse impact on the value of our Shares.*** 

Our Declaration of Trust, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Under the Declaration of Trust, prior to the earlier of (a) a listing of any class of the Company's shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of Shareholders, each Trustee will hold office for an unlimited term. Upon the occurrence of one of the events listed above, the Board will be divided into three classes and Trustees of each class will hold office for terms ending at the third annual meeting of Shareholders after their election and when their respective successors are elected and qualify. This could prevent Shareholders from removing a majority of trustees in any given election. Additionally, the Board may, without Shareholder action, authorize the issuance of Shares in one or more classes or series, including shares of preferred shares. Our Board will also have the exclusive power to alter, amend or repeal our Bylaws. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of our Shares the opportunity to realize a premium over the value of our Shares.

***The NAV of our Shares may fluctuate significantly.*** 

The NAV of our Shares may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of RIC tax treatment or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributions that exceed our net investment income and net income as reported according to GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our earnings or variations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•departure of the Adviser or certain of its key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of a major funding source.

***Shareholders will experience dilution in their ownership percentage if they do not elect to reinvest their distributions.*** 

All distributions declared in cash payable to Shareholders will generally be automatically reinvested in Shares of the applicable class of our Shares held by the Shareholder, unless otherwise elected by the Shareholder. As a result, Shareholders that do not elect to reinvest their distributions may experience dilution over time.

***Although we expect to adopt a share repurchase program, we have discretion to not repurchase your Shares, to suspend the program, and to cease repurchases.*** 

Our Board may not adopt a share repurchase program, and if such a program is adopted, the Board, including a majority of the Independent Trustees, may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your Shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a liquidity event,

------

and we currently do not intend to undertake a liquidity event, and we are not obligated by our Declaration of Trust or otherwise to effect a liquidity event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price.

***The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our Shareholders.*** 

In the event you choose to participate in our share repurchase program, you will be required to provide us with notice of intent to participate prior to knowing what the NAV per share of the Shares being repurchased will be on the repurchase date. Although Shareholders will have the ability to withdraw their repurchase request prior to the repurchase date, to the extent a Shareholder seeks to sell Shares to us as part of our periodic share repurchase program, the Shareholder will be required to do so without knowledge of what the repurchase price of our Shares will be on the repurchase date.

***If we issue preferred shares or convertible debt securities, the NAV of our Shares may become more volatile.*** 

We cannot assure you that the issuance of preferred shares and/or convertible debt securities would result in a higher yield or return to our Shareholders. The issuance of preferred shares, debt securities or convertible debt would likely cause the NAV of our Shares to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to our Shareholders would be reduced. If the dividend rate on the preferred shares, or the interest rate on the convertible debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of Shares than if we had not issued the preferred shares or convertible debt securities. Any decline in the NAV of our investment would be borne entirely by our Shareholders. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to our Shareholders than if we were not leveraged through the issuance of preferred shares or debt securities. This decline in NAV would also tend to cause a greater decline in the market price, if any, for our Shares.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred shares or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred shares, debt securities or convertible debt. In addition, we would pay (and our Shareholders would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, convertible debt, or any combination of these securities. Holders of preferred shares or convertible debt may have different interests than our Shareholders and may at times have disproportionate influence over our affairs.

***Preferred shares could be issued with rights and preferences that would adversely affect our Shareholders, including the right to elect certain members of the Board and have class voting rights on certain matters.*** 

Under the terms of our Declaration of Trust, the Board is authorized to issue shares of preferred shares in one or more classes or series without Shareholder approval, which could potentially adversely affect the interests of existing Shareholders. For example, the 1940 Act requires that holders of preferred shares must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of distributions or dividends, as applicable, to the holders of our Shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, if any, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes.

***Shareholders will likely have conflicting interests with respect to their investments in the Company.*** 

Shareholders will likely have conflicting investment, tax, and other interests with respect to their investments in the Company, including conflicts relating to the structuring of loans and investment acquisitions and dispositions. As a consequence, conflicts will from time to time arise in connection with decisions made by the Adviser regarding an investment that may be more beneficial to one Shareholder than another, especially with respect to tax matters. The results of the Company's investment activities will affect individual Shareholders differently, depending on their different situations. In structuring and completing investments, the Adviser generally will consider the investment and tax objectives of the Company and its Shareholders as a whole, not the investment, tax, or other objectives of any Shareholder individually. Thus, there can be no assurance that the structure of the Company or any of its investments will be tax efficient for any particular Shareholder or that any particular tax result will be achieved. In particular, the risk of Shareholders being subject to tax inefficiencies, including taxation under controlled foreign corporation rules in their jurisdiction, withholding tax or other

------

taxation that may arise if certain requirements are not met, or tax timing disadvantages as a result of their participation in the Company may occur and will depend on the individual tax circumstances of each Shareholder.

***Our Declaration of Trust provides that state and federal courts in the State of Delaware are the sole and exclusive forum for certain Shareholder litigation matters, which could limit our Shareholders' ability to obtain a favorable or convenient judicial forum for disputes with us or our Trustees and officers.*** 

Our Declaration of Trust provides that, each Trustee, each officer, each Shareholder and each person beneficially owning an interest in any of our Shares (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act (the "Statutory Trust Act"), (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to us or our business and affairs, the Statutory Trust Act, this Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust or the Bylaws, or (B) our duties (including fiduciary duties), obligations or liabilities to the Shareholders or the Trustees, or of officers or the Trustees to us, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration of Trust or the Bylaws relating in any way to the Company or (F) the federal securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. As a result, our Shareholders' ability to obtain a favorable or convenient forum for disputes with us or our Trustees and officers may be limited.

In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of the Declaration of Trust, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. Notwithstanding the foregoing, the exclusive forum provision in our Declaration of Trust does not apply to any claims brought under U.S. federal securities law, or the rules and regulations thereunder.

***Special considerations for certain "benefit plan investors" and other employee benefit plans, accounts and arrangements subject to similar law.*** 

We intend to conduct our affairs so that our assets should not be deemed to constitute "plan assets" under the Department of Labor regulations issued at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Asset Regulations"). In this regard, until such time as all classes of our Shares are considered "publicly offered securities" within the meaning of the Plan Asset Regulations, we intend either to limit investment in our Shares so that "benefit plan investors" hold less than 25% of the total value of each class of our Shares (calculated in accordance with the Plan Asset Regulations) or to operate the Company so as to qualify as an "operating company" (within the meaning of the Plan Asset Regulations).

If, notwithstanding our intent, our assets were deemed to be "plan assets" of any Shareholder that is a "benefit plan investor" under the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence, diversification, delegation of control and other fiduciary responsibility standards of ERISA to investments made by us, if any Shareholder is subject to ERISA, and (ii) the possibility that certain transactions in which we have engaged in or might seek to engage could constitute "prohibited transactions" under ERISA or Section 4975 of the Code. Accordingly, absent an exemption, we could be restricted from acquiring an otherwise desirable investment or from entering into an otherwise favorable transaction. In addition, if our assets were to be treated as including plan assets of a "benefit plan investor," the payment of certain of the fees and/or the allocation of certain of our returns to the Adviser or its affiliates might constitute prohibited transactions under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, the Adviser and/or any other fiduciary that has engaged in the prohibited transaction may be subject to penalties

------

and liabilities under ERISA and Section 4975 of the Code. In addition, the party in interest or disqualified person that has participated in the nonexempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and Section 4975 of the Code. These excise taxes, penalties and liabilities could be substantial.

The Adviser can take any action it determines in good faith so that our assets should not constitute "plan assets" for purposes of ERISA or Section 4975 of the Code. The Adviser's authority to take such action includes the right to: (1) make structural, operating or other changes with respect to the Company; (2) make structural or other changes in any portfolio investment; (3) dissolve the Company; (4) cancel all or part of any Shareholder's uncommitted capital commitment (if any); (5) require the Transfer or withdrawal, in whole or in part, of a Shareholder's Shares; or (6) cause the Company to exercise its Limited Exclusion Right (as defined in the Subscription Agreement) to exclude a Shareholder from purchasing Shares from the Company if, in the sole discretion of the Company, there is a substantial likelihood that such Shareholder's purchase of Shares would, among other things, cause the participation of "benefit plan investors" to be "significant" or our assets to be considered "plan assets" for the purposes of ERISA or Section 4975 of the Code.

The fiduciary of each prospective investor subject to ERISA, Section 4975 of the Code or other applicable laws or regulations that are similar to ERISA or Section 4975 of the Code ("Similar Laws") must independently determine whether our Shares are an appropriate investment for such investor, taking into account any fiduciary obligations under ERISA, Section 4975 of the Code or other Similar Laws and the facts and circumstances of each such investor. Prospective investors should consult with their own advisors as to the consequences of making an investment in us.

***Certain Shareholders will be subject to Exchange Act filing requirements relating to their beneficial ownership of Shares.*** 

Because the Shares will be registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of our Shares will have to be disclosed in a Schedule 13G, Schedule 13D or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, Shareholders who choose to reinvest their distributions may see their percentage stake in us increased to more than 5%, thus triggering this filing requirement. Each Shareholder is responsible for determining their filing obligations and preparing the filings. In addition, our Shareholders who hold more than 10% of our Shares may be subject to Section 16(b) of the Exchange Act, which recaptures for our benefit profits from the purchase and sale of registered stock (and securities convertible or exchangeable into such registered stock) within a six-month period.

***If Shareholders domiciled or having their registered office in the UK or the European Economic Area participate in the Offering, we may be subject to additional reporting, regulatory and compliance obligations pursuant to the AIFMD.*** 

The Alternative Investment Fund Managers Directive (the "AIFMD") regulates the activities of certain private fund managers undertaking fund management activities or marketing fund interests to investors in the European Economic Area (the "EEA") and the UK respectively.

To the extent the Company is actively marketed to investors domiciled or having their registered office in the EEA or the UK: (i) the Company and the Adviser will be subject to certain reporting, disclosure and other compliance obligations under the AIFMD, which will result in the Company incurring additional costs and expenses; (ii) the Company and the Adviser may become subject to additional regulatory or compliance obligations arising under national law in certain EEA jurisdictions or the UK, which would result in the Company incurring additional costs and expenses or may otherwise affect the management and operation of the Company; (iii) the Adviser will be required to make detailed information relating to the Company and its investments available to regulators and third parties; and (iv) the AIFMD will also restrict certain activities of the Company in relation to EEA or UK portfolio companies, including, in some circumstances, the Company's ability to recapitalize, refinance or potentially restructure a portfolio company within the first two years of ownership, which may in turn affect operations of the Company generally. In addition, it is possible that some jurisdictions will elect to restrict or prohibit the marketing of non-EEA funds to investors based in EEA jurisdictions, which may make it more difficult for the Company to raise its targeted amount of capital commitment.

The European Union is implementing a Directive to amend AIFMD ("AIFMD II"). AIFMD II will impose obligations including: (i) minimum substance considerations that EU regulators will need to take into account during the alternative investment fund manager (the "AIFM") authorization process; (ii) enhanced requirements around delegation, including additional reporting requirements in relation to delegation arrangements; (iii) new requirements applying to AIFMs managing funds that originate loans; (iv) increased investor pre-contractual disclosure requirements, notably around fees and charges; and (v) a prohibition on non-EU AIFMs and AIFs established in jurisdictions identified as "high risk" countries under the European Anti-Money Laundering Directive (as amended) or the revised EU list of non-cooperative tax jurisdictions. The final text of AIFMD II was published in the Official Journal of the European Union in March 2024, with AIFMD II due to be implemented by EU Member States from 2026. It is possible that AIFMD II may require additional costs, expenses and/or resources, as well as restricting or prohibiting certain activities, including in relation to loan-originating funds and managers or funds established in jurisdictions outside the EU identified as having anti-money laundering and/or tax failings.

------

***Those Shareholders that are obligated to fund drawdowns may need to maintain a substantial portion of the amount of their unfunded capital commitments in assets that can be readily converted to cash.*** 

Certain Shareholders may be obligated to fund drawdowns to purchase Shares based on their capital commitment made pursuant to subscription agreements entered into with the Company. To satisfy such obligations, Shareholders may need to maintain a substantial portion of their capital commitments in assets that can be readily converted to cash. Failure by a Shareholder to timely fund its capital commitment may result in some of its Shares being forfeited or subject the Shareholder to other remedies available to us. Please see Section 5 of the form of Subscription Agreement attached as an exhibit to this Form 10-K for additional details. Failure of a Shareholder to contribute its capital commitment could also cause us to be unable to realize our investment objectives. A default by a substantial number of Shareholders or by one or more Shareholders who have made substantial capital commitments would limit our opportunities for investment or diversification and would likely reduce our returns.

***Shareholders who default on their capital commitments to us will be subject to significant adverse consequences.*** 

Pursuant to the terms of the subscription agreements entered into between the Company and certain Shareholders, there are significant adverse consequences if a Shareholder defaults on its capital commitment to us. In addition to losing its right to participate in future drawdowns, a defaulting Shareholder may be forced to transfer its Shares to a third party for a price that is less than the NAV of such Shares.

***Shareholders will bear varying total expenses and experience different returns, depending on whether their capital commitments are fully funded at the time their subscription agreements are accepted or drawn down over time by us.*** 

Investors in the Offering will enter into subscription agreements with the Company pursuant to which they will agree to purchase Shares. We may allow certain Shareholders to fund their investment in the Company over time through drawdowns of their capital commitments, in lieu of fully funding their investment at one time on the date their subscription agreements are accepted. In addition, from time to time, although purchases pursuant to drawdown notices will generally be made pro rata among Shareholders who are funding drawdowns over time, we may only issue drawdown notices to certain Shareholders and require a purchase of Shares by such Shareholders in amounts determined by us. As a result, depending on when a Shareholder funds its investment, and when drawdown notices are issued by us over time, Shareholders will bear varying expenses and experience different returns.

Shareholders that fully fund their investment in connection with the acceptance of their subscription agreements may bear a disproportionately greater share of our expenses, including the Management Fee and any Incentive Fee, than Shareholders who have their capital commitment called over time. Conversely, Shareholders who fully fund their investment during periods where the Adviser has elected to assume Expense Payments pursuant to the Expense Support Agreement may bear a disproportionately lesser share of our expenses than Shareholders whose capital is called during periods where the Adviser is not bearing those Expense Payments. We cannot predict when we will issue drawdown notices or in what amounts we will call capital from Shareholders. We also cannot predict if or when the Adviser may assume Expense Payments or if or when Reimbursement Payments will be made by us, and, indirectly, Shareholders.

Similarly, depending on when a Shareholder's investment is funded, relative expenses of ours that are indirectly borne by that Shareholder, and the availability of suitable investment opportunities, Shareholders that fund their investments at different times will experience different rates of return. Depending on the timing of, and our ability to source and make investments, our performance over time, and the costs associated with an investment in our Shares, any one Shareholder may experience a better or worse rate of return than other Shareholders.

**Risks Related to Federal Income Taxation** 

***We cannot predict how tax reform legislation will affect us, our investments, or our Shareholders, and any such legislation could adversely affect our business.*** 

All statements contained herein concerning the U.S. federal income tax (or other tax) consequences of an investment in the Company are based on existing law and interpretations thereof. Changes in U.S. federal income tax (and other) tax laws could materially affect the tax consequences of a Shareholder's investment in the Company, the tax treatment of the Company's investments and our ability to qualify for tax treatment as a RIC. U.S. and other tax legislation may be enacted in the future, and administrative tax guidance may also be issued in the future, in each case possibly with retroactive effect. While certain changes in tax laws may be beneficial, others could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our Shareholders of such qualification, or could have other adverse consequences. Accordingly, no assurance can be given that the currently anticipated tax consequences of an investment in the Company, or of the Company's investments, will not be modified by legislative, judicial or administrative changes, including with retroactive effect. Shareholders are urged to consult with tax advisors regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

------

***We will be subject to corporate-level U.S. federal income tax if we are unable to qualify for and maintain our tax treatment as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries.*** 

To qualify for and maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements. See "*Item 1. Business — Taxation as a Regulated Investment Company.*"

The Annual Distribution Requirement for a RIC will be satisfied if we distribute to our Shareholders on an annual basis at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by disbursing distributions relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M. We would be taxed, at regular corporate rates, on retained income and/or gains, including any short-term capital gains or long-term capital gains. Because we may use debt financing, we will be subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose to, or are required to, retain a portion of our taxable income or gains, we could (1) be required to pay income and/or excise taxes or (2) fail to qualify for RIC tax treatment, and thus become subject to corporate-level income tax on all our taxable income (including gains) regardless of whether or not such income and gains are distributed to Shareholders.

The income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to securities loans, gains from the sale of stock or securities, net income derived from an interest in a "qualified publicly traded partnership," or other income derived from the business of investing in stock or securities.

The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, at least 50% of the value of our assets must consist of cash, cash-equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities if such securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.

We may invest in certain debt and equity investments through wholly-owned taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. Such wholly-owned taxable subsidiaries are controlled by the Company and therefore the Company's principal investment strategies and risks constitute the principal investment strategies or risks of the subsidiary. To the extent applicable to the investment activities of such wholly-owned taxable subsidiary, the subsidiary will follow the same compliance policies and procedures as the Company. We would "look through" any such subsidiary to determine compliance with our investment policies, and would expect to consolidate any such wholly-owned taxable subsidiary for purposes of our financial statements and compliance with the 1940 Act (including, but not limited to, the provisions governing capital structure and leverage such that the Company treats the subsidiary's debt as its own, provisions relating to affiliated transactions, and provisions relating to custody). Notwithstanding the foregoing, the taxable income of these subsidiaries will be subject to U.S. federal and state income taxes imposed at corporate rates. We may invest in certain non-U.S. debt and equity investments which could be subject to non-U.S. taxes (such as income tax, withholding, and value added taxes).

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

For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK, secondary market purchases of debt securities at a discount to par, interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as "passive foreign investment companies" and/or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to

------

ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate-level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances this could require us to recognize income where we do not receive a corresponding payment in cash.

Unrealized appreciation on derivatives, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby, we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay a 4% excise tax on such undistributed taxable income, as required. In such cases we could still rely upon the "spillback provisions" to maintain RIC tax treatment.

We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discounts with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual for taxable years, including and following the taxable year that begins on the RIC Election Date, we may be required to make a distribution to our Shareholders in order to satisfy the Annual Distribution Requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

***If we are not treated as a "publicly offered regulated investment company," as defined in the Code, certain U.S. Shareholders will be treated as having received a dividend from us in the amount of such U.S. Shareholders' allocable share of the Management Fee and Incentive Fees paid to the Adviser and some of our expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholders.*** 

In order to be treated as a "publicly offered regulated investment company" our Shares must be (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will constitute a publicly offered RIC as of the RIC Election Date, there can be no assurance that we will in fact so qualify for any of our taxable years. Unless and until we are treated as a publicly offered regulated investment company for any calendar year, each U.S. Shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. Shareholder's allocable share of the Management Fee and Incentive Fees paid to the Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholder. Under current law, most miscellaneous itemized deductions are disallowed for non-corporate taxpayers.

------

**General Risk Factors** 

***We may experience fluctuations in our operating results.*** 

We may experience fluctuations in our operating results due to a number of factors, some of which may be beyond our control, including our ability or inability to make investments in companies that meet our investment criteria, interest rates and default rates on the debt investments we make, the level of our expenses, variations in and the timing of the recognition of realized gains or losses, unrealized appreciation or depreciation, the degree to which we encounter competition in our markets, and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. These occurrences could have a material adverse effect on our results of operations, the value of your investment in us and our ability to pay distributions to you and our other Shareholders.

***We will expend significant financial and other resources to comply with the requirements of being a reporting entity under the Exchange Act.*** 

As a BDC, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We will implement procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to reporting companies. These activities may divert management's attention from other business concerns, and may require significant expenditures, each of which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We also expect to incur significant additional annual expenses related to these steps, and, among other things, trustees' and officers' liability insurance, Trustee fees, reporting requirements to the SEC, transfer agent fees, additional administrative expenses payable to our Administrator to compensate them for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and other similar expenses. We cannot be certain when these activities will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.

The systems and resources necessary to comply with applicable reporting requirements will increase further once we cease to be an "emerging growth company" under the JOBS Act. As long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other reporting companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. See "— *We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Shares less attractive to investors.*"

***We do not currently have comprehensive documentation of our internal controls.*** 

We will not be required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute ("Section 404"), and will not be required to comply with all of those requirements until we have been subject to the reporting requirements of the Exchange Act until the earlier of (i) our Annual Report on Form 10-K for the year ended December 31, 2026 or (ii) the date we are no longer an emerging growth company under the JOBS Act. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We are in the process of building out our internal controls over financial reporting and establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Company.

Additionally, we will begin the process of documenting our internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of its internal controls over financial reporting. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an emerging growth company under the JOBS Act or become a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act. Because we do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. As a public entity, we will be required to complete our initial assessment in a timely manner. If we are not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the

------

covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting.

Our internal controls over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

***We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Shares less attractive to investors.*** 

We are and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering pursuant to an effective registration statement under the Securities Act, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our shares less attractive because we may rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our common shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company.

We cannot predict if investors will find our Shares less attractive because we will rely on some or all of these exemptions. Investors may be unable to compare our business with other companies in our industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected.

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.*** 

Our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty with respect to trade policies, treaties, and tariffs, was, and imposition by the U.S. and other countries of sanctions or other restrictive actions, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future.

In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions, including rising interest rates, also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results.

------

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company's secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company's ability to meet its obligations under the debt that we hold. See "*Risks Related to Our Investments* — *Defaults by our portfolio companies could jeopardize a portfolio company's ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results*." We may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

***We are subject to the risk that one or more of the Financial Institutions or some or all of our portfolio assets experience a Distress Event.*** 

An investment in the Company is subject to the risk that one of the banks, brokers, hedging counterparties, lenders or other custodians (each, a "Financial Institution") of some or all of the Company's (or any portfolio company's) assets fails to timely perform its obligations or experiences insolvency, closure, receivership or other financial distress or difficulty (each, a "Distress Event"). Distress Events can be caused by factors including eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance or accounting irregularities. If a Financial Institution experiences a Distress Event, the Adviser, the Company or one of its portfolio companies may not be able to access deposits, borrowing facilities or other services, either permanently or for an extended period of time. Although assets held by regulated Financial Institutions in the United States frequently are insured up to stated balance amounts by organizations such as the Federal Deposit Insurance Corporation, in the case of banks, and the Securities Investor Protection Corporation, in the case of certain broker-dealers, amounts in excess of the relevant insurance are subject to risk of total loss, and any non-U.S. Financial Institutions that are not subject to similar regimes pose increased risk of loss. While in recent years governmental intervention has often resulted in additional protections for depositors and counterparties during Distress Events, there can be no assurance that such intervention will occur in a future Distress Event or that any such intervention undertaken will be successful or avoid the risks of loss, substantial delays or negative impact on banking or brokerage conditions or markets.

Any Distress Event has a potentially adverse effect on the ability of the Adviser to manage the Company's investments, and on the ability of the Adviser, the Administrator, the Company and any portfolio company to maintain operations, which in each case could result in significant losses and in unconsummated investment acquisitions and dispositions. Such losses could include: a loss of funds; an obligation to pay fees and expenses in the event the Company is not able to close a transaction (whether due to the inability to draw capital on a credit line provided by a Financial Institution experiencing a Distress Event or otherwise); the inability of the Company to acquire or dispose of investments, or acquire or dispose of such investments at prices that the Adviser believes reflect the fair value of such investments; and the inability of portfolio companies to make payroll, fulfill obligations or maintain operations. If a Distress Event leads to a loss of access to a Financial Institution's services, it is also possible that the Company or a portfolio company will incur additional expenses or delays in putting in place alternative arrangements or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital, or otherwise). To the extent the Adviser is able to exercise contractual remedies under agreements with Financial Institutions in the event of a Distress Event, there can be no assurance that such remedies will be successful or avoid losses, delays or other impacts. The Company and its portfolio companies are subject to similar risks if a Financial Institution utilized by investors in the Company or by suppliers, vendors, service providers or other counterparties of the Company or a portfolio company becomes subject to a Distress Event, which could have a material adverse effect on the Company.

Many Financial Institutions require, as a condition to using their services (including lending services), that the Adviser and/or the Company maintain all or a set amount or percentage of their respective accounts or assets with the Financial Institution, which heightens the risks associated with a Distress Event with respect to such Financial Institutions. The Adviser is under no obligation to use a minimum number of Financial Institutions with respect to the Company or to maintain account balances at or below the relevant insured amounts.

Further, Distress Events such as the current turmoil of the U.S. banking system raise fears of broader financial contagion, and it is not certain what impact this will have on financial markets. Any deterioration of the global financial markets (particularly the U.S. debt markets), any possible future failures of certain financial services companies and a significant rise in market perception of counterparty default risk, interest rates or taxes will likely significantly reduce investor demand and liquidity for investment grade, high-yield and senior bank debt, which in turn is likely to lead some investment banks and other lenders to be unwilling or significantly less willing to finance new investments or to offer less favorable terms than had been prevailing in the recent past. The tightening of availability of credit to businesses generally could lead to an overall weakening of the U.S. and global economies, which in turn is likely to adversely affect the ability of the Company to sell or liquidate investments at favorable times or at favorable prices or otherwise have an adverse effect on the business and operations of the Company. In addition, valuations of the Company's investments are subject to heightened uncertainty as the result of market volatility and disruption. To the extent the Company is unable to obtain favorable financing terms for

------

its portfolio investments or sell investments on favorable terms, the Company's ability to generate attractive investment returns for its Shareholders is expected to be adversely affected.

***Credit funds have been the subject of increasing regulatory focus at international and regional levels.*** 

Credit funds have been the subject of increasing regulatory focus at international and regional levels. To the extent that the Company is engaged in lending activity, it may be subject to restrictions on its activities and be obliged to comply with regulatory reporting and disclosure requirements in accordance with AIFMD II and/or other future regulatory initiatives. This may impact upon the activities and/or returns of the Company, lead to additional costs and expenses, and/or require the commitment of additional resources.

The International Organisation of Securities Commissions (IOSCO) and the Financial Stability Board (FSB) have called on regulators to consider issues arising from the rapid growth in private finance, including in relation to systemic risk, transparency, leverage, liquidity, and conflicts of interest. It is likely that regulators will continue to focus on the credit funds sector and may introduce further regulatory requirements in the future.

From 2026, AIFMD II will introduce rules in respect of funds that originate loans, including in relation to (a) leverage limits, (b) liquidity requirements for open-ended loan-originating funds, (c) a limit on exposure to a single financial institution, (d) a prohibition on lending to certain entities and/or individuals that may give rise to conflicts of interest, (e) a ban on 'originate-to-distribute' strategies, (f) a risk retention requirement, (g) mandatory disclosures and reporting, and (h) policies and procedures for loan origination.

It is not yet confirmed whether or not the AIFMD II requirements in respect of funds originating loans will apply to non-EEA AIFMs. The Company may or may not, therefore, be required to comply with the AIFMD II restrictions on funds originating loans. If the Company is required to comply with the AIFMD II restrictions, this could affect the Company's investment portfolio, require the implementation of policies and procedures for loan origination and lead to an increase in the resources and costs necessary for compliance.

***We are subject to risks related to ESG matters.*** 

Depending on the investment, the impact of developments connected with environmental, social and governance ("ESG") factors, including worker health and safety, environmental compliance, and bribery and corruption, could have a material effect on the return and risk profile of the investment. The act of selecting and evaluating material ESG factors is subjective by nature, and the Adviser may be subject to competing demands from different investors and other stakeholder groups with divergent views on ESG matters, including the role of ESG in the investment process. There is no guarantee that the criteria utilized or judgment exercised by the Adviser or a third-party ESG advisor will reflect the beliefs or values, internal policies or preferred practices of any particular Shareholder or other asset managers or reflect market trends. Conversely, anti-ESG sentiment also has gained momentum across the U.S., with several states and Congress having proposed or enacted "anti-ESG" policies, legislation or initiatives and certain states having issued related legal guidance and advisory opinions. Additionally, asset managers have been subject to recent scrutiny related to ESG-focused industry working groups, initiatives and associations, including organizations advancing action to address climate change or climate-related risk. Such scrutiny could expose Fortress to the risk of antitrust investigations or challenges by state or federal authorities, result in reputational harm, require certain investors to divest or discourage certain investors from investing in Fortress funds. There are also significant differences in interpretations of what ESG characteristics mean by region, industry and topic, as well as interpretations of their scope and materiality.

Considering ESG factors when evaluating an investment in certain circumstances could, to the extent material risks associated with an investment are identified, cause the Adviser not to make an investment that it would have made or to make a management decision with respect to an investment differently than it would have made in the absence of such consideration, which carries the risk that the Company could perform differently than investment funds that do not take ESG factors into account. Additionally, ESG factors are only some of the many factors that the Adviser expects to consider in making an investment. Although the Adviser will consider application of ESG considerations to be an opportunity to enhance or protect the performance of its investments over the long-term, the Adviser cannot guarantee that doing so, which will include qualitative judgments, will positively impact the performance of any individual investment or the Company as a whole.

The materiality of ESG risks and impacts on an individual asset or issuer and on a portfolio as a whole depends on many factors, including the relevant industry, location, asset class and investment style. In evaluating a prospective investment's ESG practices, the Adviser may depend upon information and data provided by the entity or obtained via third-party reporting or advisors, which could be incomplete or inaccurate and could cause the Adviser to incorrectly identify, prioritize, assess or analyze the entity's ESG practices and/or related risks and opportunities. In addition, the Adviser's ESG framework, including associated procedures and practices, is expected to change over time.

------

Finally, there is also growing regulatory interest, particularly in the U.S., UK, and EU (which may be looked to as models in growth markets), in improving transparency around how asset managers define and measure ESG performance, in order to allow investors to validate and better understand sustainability claims. There could also be an increase in related enforcement through efforts such as those of the SEC's Climate and ESG Enforcement Task Force, established in March 2021. The Adviser's ESG practices and the Adviser could become subject to additional regulation in the future, and the Adviser cannot guarantee that its current approach or the Company's investments will meet future regulatory requirements or predict the manner in which any such future requirements (including any enforcement with respect thereto) could affect the Company or its investments, including with respect to future administrative burdens and costs.

**Item 1B. Unresolved Staff Comments.**

Not applicable.

**Item 1C. Cybersecurity.** 

Our operations are highly dependent on the information systems and technology of Fortress, the indirect affiliate of our Adviser, which has implemented a cybersecurity management program. Below are details Fortress has provided to us regarding its cybersecurity program that are relevant to us. The Company uses Fortress's cybersecurity program to assess, identify and manage material cybersecurity risks affecting the Company and its operations.

**Cybersecurity Processes and Risk Assessment**

Fortress's cybersecurity program is focused on (i) protecting the confidentiality of business, client, investors in its funds and its employee information; (ii) maintaining the security and availability of systems and data; (iii) supporting compliance with applicable laws and regulations; (iv) documenting cybersecurity incidents and its responses; and (v) notification of cybersecurity incidents to, and communications with, appropriate internal and external parties.

Fortress has implemented an information security governance policy governing cybersecurity risk, which is designed to facilitate the protection of sensitive or confidential business, client, investor and any employee information that it stores or processes, and the maintenance of critical services and systems. Fortress's cybersecurity program is managed by Fortress's Chief Information Security Officer and Fortress's Chief Technology Officer (together, "Fortress IT Management"), who report to Fortress's Chief Financial Officer. Fortress IT Management and their team are responsible for implementing Fortress's monitoring and alert response processes, vulnerability management, changes made to its critical systems, including software and network changes, and various other technological and administrative safeguards. These processes and systems are designed to protect against unauthorized access of information, including by cyber-attacks, and Fortress's policy and processes include, as appropriate, encryption, data loss prevention technology, authentication technology, entitlement management, access control, anti-virus and anti-malware software, and transmission of data over private networks. Fortress's processes and systems aim to prevent or mitigate two main types of cybersecurity risk: first, cybersecurity risks associated with its physical and digital devices and infrastructure and second, cybersecurity risks associated with third parties, such as people and organizations who have access to its devices, infrastructure or confidential or sensitive information. The cybersecurity-control principles that form the basis of Fortress's cybersecurity program are informed by the National Institute of Standards and Technology Cybersecurity Framework.

Fortress's cybersecurity program includes review and assessment by third parties of the cybersecurity processes and systems. These third parties assess and report on Fortress's deployment of cybersecurity best practices and industry frameworks and help to identify areas for continued focus and improvement. Annual penetration testing of its network, including critical systems and systems that store confidential or sensitive information, is conducted with third party consultants and vulnerabilities are reviewed by Fortress IT Management for remediation. When Fortress engages vendors and other third-party partners who will have access to sensitive data or client systems and facilities, its infrastructure technology team assesses their cybersecurity programs and processes.

Fortress also provides its employees with cybersecurity awareness training at onboarding and annually, as well as interim security reminders and alerts. Fortress conducts regular phishing tests and provides additional training as appropriate.

------

**Governance and Oversight of Cybersecurity Risks**

Fortress has developed an incident response framework to identify, assess and manage cybersecurity events. The framework is managed and implemented by Fortress's Enterprise Security Steering Committee (the "ESSC"), a cross-functional management committee that includes its General Counsel, Chief Financial Officer, Chief Operating Officer, Chief Compliance Officer, Chief Human Resources Officer and Fortress IT Management. The ESSC is responsible for gathering information with respect to a cybersecurity incident, assessing its severity and potential responses, as well as communicating with business heads and senior management, as appropriate. This framework contemplates conducting simulated cybersecurity incident response exercises with members of senior management on an interim basis in coordination with external cyber counsel.

Fortress's cybersecurity program, which is overseen by the ESSC, is managed by an internal team that is responsible for enterprise-wide cybersecurity strategy, policies, engineering and processes. The team is led by Fortress's Chief Technology Officer, who has over 30 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and Fortress's Chief Information Security Officer, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. The ESSC meets regularly and forms cross-enterprise teams, as needed, to manage and implement key policies and initiatives of Fortress's cybersecurity program.

The Company's board of trustees has delegated the primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management to an audit committee of the board of trustees (the "Audit Committee"). The Company's CFO periodically reports to the Audit Committee as well as the full board of trustees as appropriate, on cybersecurity matters. Such reporting includes updates on Fortress's cybersecurity program, the external threat environment and Fortress's programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on Fortress's preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.

**Impact of Cybersecurity Risks**

We are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion of the risks posed by cybersecurity threats, see "Part I. Item 1A. Risk Factors—Risks Related to Our Business and Operations—Our business and operations could suffer in the event of system failures or cybersecurity breaches."

------

**Item 2. Properties.**

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 1345 Avenue of the Americas, New York, New York 10105 and are provided by our Administrator or one of its affiliates in accordance with the terms of the Administration Agreement.

**Item 3. Legal Proceedings.**

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

**Item 4. Mine Safety Disclosures.**

Not applicable.

------

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

**Market Information** 

We have issued one class of our Shares, designated as Class I shares. The Company's Shareholders are entitled to one vote for each Share held on all matters submitted to a vote of Shareholders, and to receive distributions declared by the Board. The rights of Shareholders are subject to the Declaration of Trust and the Bylaws.

Our Shares will be offered and sold (i) in the United States under the exemption from registration under the Securities Act provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, and (ii) outside of the United States in accordance with Regulation S or Regulation D of the Securities Act. See "*Item 10. Recent Sales of Unregistered Securities*" for more information. Our Shares are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our Shares currently, and we do not currently expect that one will develop.

Because our Shares are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our Shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Adviser gives consent, or the transfer is permitted under the Subscription Agreement, including transfers to the Company in connection with the Company's planned Share Repurchase Program, and (ii) the transfer is made in accordance with the transfer restrictions contained in the Subscription Agreement and the Shares are registered under applicable securities laws or specifically exempted from registration (in which case the Shareholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Shares until we accept their repurchase or transfer or we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of Shares may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on Shares and to execute such other instruments or certifications as are reasonably required by us.

**Holders**

As of March 27, 2026, there were 40,766,377 holders of record of our Shares. Holders of record exclude any new holders who purchased Shares in the March 2026 subscription.

The purchase price per Share is equal to the then-current transaction price, which will generally be our prior month's NAV per Share as of the last calendar day of such month. Our NAV is determined by dividing the value of total assets of the attributable class minus liabilities of the attributable class by the total number of Shares of the attributable class outstanding at the date as of which the determination is made. See "—Determination of NAV" for more information about the calculation of NAV.

The following table presents our monthly NAV per share for each class of our common shares for the period from August 31, 2025 (the "Initial Share Issuance") to December 31, 2025:

---

| | |
|:---|:---|
| **Period from Initial Share Issuance to December 31, 2025** | **NAV Per Share** |
| August 1, 2025 | $25.00 |
| August 31, 2025 | 25.02 |
| September 30, 2025 | 25.01 |
| October 31, 2025 | 24.89 |
| November 30, 2025 | 24.84 |
| December 31, 2025 | 24.64 |

---

**Unregistered Sales of Equity Securities**

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 Form 10-K that were not registered under the Securities Act.

**Determination of NAV** 

The NAV per share of our outstanding Shares is determined monthly by dividing the value of total assets of the attributable class minus liabilities of the attributable class by the total number of Shares of the attributable class outstanding at the date as of which the

------

determination is made. Pursuant to Rule 2a-5 under the 1940 Act, our Board has designated the Adviser as its Valuation Designee, subject to the oversight of the Board.

The Company records its investments and derivatives at fair value, in accordance with GAAP. Fair value is defined under GAAP as the expected price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The value of any investment or other asset held by the Company as of any date is determined by the Adviser in good faith and in accordance with the principles set forth below and shall include the marked-to-market value of any hedges effected in connection with such investment, and the Adviser will determine, in its discretion, the appropriate hedge positions intended for such investment. Investment transactions will be recorded on the trade date. Realized gains or losses will be measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses will primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investments that are listed on a national securities exchange (including such investments when traded in the after-hours market) are valued at their last sales price on the date of determination on the largest securities exchange (by trading volume in such investment) on which such investments will have traded on such date. If no such sales of such investments occurred on the date of determination, such investments will be valued at the midpoint between the "bid" and the "asked" price for long positions and at the "asked" price for short positions on the largest securities exchange (by trading volume in such investment) on which such investments are traded, on the date of determination. Investments that are not listed on an exchange but are traded over-the-counter will be valued at the representative "bid" quotations if held long and at representative "asked" quotations if held short, unless included in the NASDAQ National Market System, in which case they will be valued based upon their last sales prices (if such prices are available).

Investments that are not listed on an exchange and are not traded over-the-counter but for which external pricing or valuation sources are available will be valued in accordance with such external pricing or valuation sources; provided, however, that such valuations may be adjusted by the Adviser to account for recent trading activity or other information that may not have been reflected in pricing obtained from external sources. Privately negotiated derivative investments, such as interest rate swaps, credit default swaps and various basket indices typically shall be valued at the midpoint between the "bid" and "asked" prices by third party pricing services and/or trading counterparties, or based on proprietary pricing models used by the Adviser or independent service providers.

The value of investments that are not listed on an exchange, are not traded over-the-counter and for which no third party pricing sources are available (which may include trade claims, mortgage loans, corporate loans, consumer loans, leases, property, private securities and other receivables and assets), as is expected to be the case for substantially all of our investments, are valued at fair value as determined in good faith by (A) the Adviser, who has been appointed as the Board's Valuation Designee (as defined in Rule 2a-5 under the 1940 Act), no less frequently than monthly and (B) by one or more independent valuation agents selected by the Adviser no less frequently than quarterly (with certain de minimis exceptions), and such valuations shall reflect any credit risk associated with such investments where deemed appropriate. When the Adviser deems it necessary or advisable, investments may be valued based on proprietary pricing models developed by the Adviser or independent valuation agents. All assets and liabilities initially are valued in the applicable local currency and then translated into U.S. dollars using the applicable exchange rate on the date of determination.

The value of any cash on hand or on deposit, bills, demand notes, overnight financing transactions, receivables and payables will be deemed to be the full amount thereof; provided, however, that if such cash, bills, demand notes, overnight financing transactions, receivables and payables are unlikely, in the opinion of the Adviser, to be paid or received in full, then the value will be equal to the full amount thereof adjusted as is considered appropriate to reflect the true value thereof.

Notwithstanding anything herein to the contrary, with respect to any distribution by the Company of investments which are "marketable securities" (investments that can easily be bought, sold or traded on public exchanges) that are traded on a national securities exchange or over-the-counter, such marketable securities will be valued based on the average of the closing prices for such securities during the ten-trading-day period ending on the date of distribution.

If the Adviser determines that the value of any investments as determined pursuant to this section does not accurately reflect the fair value of such investments, the Adviser shall value such investments as it reasonably determines. If the Adviser determines that any investment is so thinly traded that the Company would be unable to dispose of the Company's position in such investment within a reasonable time frame at the market price, then the Company may apply a discount to the value of such investment in an amount that it, in its discretion, deems appropriate. The Adviser's valuation committee approves final investment valuations.

The Adviser may determine in its discretion whether any assets of the Company should be the subject of a write-down, write-off or write-up in connection with any distribution pursuant to and upon the occurrence of any event contemplated, and, notwithstanding

------

anything to the contrary in this Form 10-K, any such assets that have been written off or written down to a de minimis amount will not be required to be valued by an independent valuation firm.

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

**Distributions** 

We intend to make distributions to our Shareholders on a monthly basis out of assets legally available for distribution. Any distributions we make will be at the sole discretion of our Board, who will consider factors such as our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations, Delaware law and such other factors as our Board may deem relevant from time to time. As a result, our distribution rates and payment frequency may vary from time to time.

The following tables summarize the Company's distributions with a record date during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date**<sup>1</sup> | **Record Date** | **Payment Date** | **Shares<br>Outstanding** | **Distribution<br>Per Share** | **Total<br>Distributions<br>Declared** |
| August 27, 2025 | August 31, 2025 | September 30, 2025 | 30501210 | 0.1458 | $4448 |
| September 30, 2025 | September 30, 2025 | October 31, 2025 | 30566728 | 0.1512 | 4621 |
| October 23, 2025 | October 31, 2025 | November 25, 2025 | 31960592 | 0.1563 | 4995 |
| November 19, 2025 | November 30, 2025 | December 23, 2025 | 33002936 | 0.1659 | 5476 |
| December 17, 2025 | December 31, 2025 | January 27, 2026 | 34892021 | 0.1708 | 5958 |
| **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | $25499 |

---

<sup>1</sup>*On January 25, 2026, the Company declared a distribution per share of $0.1708 for holders of record as of January 31, 2026 paid on February 26, 2026. On February 20, 2026, the Company declared a distribution per share of $0.1708 for holders of record as of February 28, 2026 to be paid on or around March 31, 2026.*

The Company funds its cash distributions to Shareholders from any source of funds available to it, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

**Distribution Reinvestment Plan** 

The Company has adopted a distribution reinvestment plan that will provide for reinvestment of distributions on behalf of Shareholders, unless a Shareholder elects to receive cash distributions. As a result, if the officers of the Company authorize, and the Company declares, a cash distribution, then the Shareholders who have not "opted out" of the distribution reinvestment plan will have their cash distribution automatically reinvested in additional Shares of the applicable class, rather than receiving the cash distribution.

No action will be required on the part of registered Shareholders to have their distribution reinvested in our Shares. A registered Shareholder may elect to receive an entire distribution in cash by notifying the Company or SS&C GIDS, Inc., the plan administrator, who acts as the Company's transfer agent, in writing so that such notice is received by the plan administrator no later than the record date for distributions to Shareholders. Those Shareholders whose Shares are held by a broker or other financial intermediary may receive distributions in cash by notifying their broker or other financial intermediary of their election.

The Company will use newly-issued Shares of the attributable class to implement the distribution reinvestment plan, with such Shares to be issued at the applicable NAV. The number of Shares to be issued to a Shareholder will be determined by dividing the total dollar amount of the distribution payable to such Shareholder by the then-current NAV per Share of the attributable class (subject to adjustment to the extent required by Section 23 of the 1940 Act). The number of Shares to be outstanding after giving effect to payment of a distribution cannot be established until the value per share at which additional Shares will be issued has been determined and the elections of Shareholders have been tabulated. There will be no brokerage or other charges to Shareholders who participate in the plan. The distribution reinvestment plan administrator's fees under the plan will be paid by the Company.

Participants may terminate their accounts under the plan by notifying the Company or the plan administrator at SS&C GIDS, Inc. The plan may be terminated by the Company upon notice in writing mailed to each participant at least 30 days prior to any record date for

------

the payment of any distribution by the Company. All correspondence concerning the plan should be directed to the plan administrator at SS&C GIDS, Inc.

**Share Repurchase Program** 

We do not intend to list our Shares on a securities exchange and we do not expect there to be a public market for our Shares. As a result, if you purchase our Shares, your ability to sell your Shares will be limited.

At the discretion of the Board and beginning no later than 12 months following August 1, 2025, the date on which we made the BDC Election, we intend to commence a share repurchase program in which we intend to offer to repurchase up to 5% of our Shares outstanding (either by number of Shares or aggregate NAV) in each quarter. Our Board, including a majority of the Independent Trustees, may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our Shareholders. As a result, Share repurchases may not be available each quarter, or at all. We will conduct any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act, with the terms of such tender offer published in a tender offer statement to be sent to all Shareholders and filed with the SEC on Schedule TO.

Under our share repurchase program, to the extent we offer to repurchase Shares in any particular quarter, we expect to repurchase Shares pursuant to tender offers using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by our Board, except that the Company deducts 2.0% from such NAV for Shares that have not been outstanding for at least one year (the "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The Early Repurchase Deduction will not apply to Shares acquired through the Fund's dividend reinvestment plan. The Early Repurchase Deduction will apply uniformly to all Shares regardless of class. The Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of a Shareholder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold our Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a Shareholder's Shares are repurchased because the Shareholder has failed to maintain the minimum account balance, if any. The Early Repurchase Deduction may also be waived when required by law, regulation, or similar requirement and in other circumstances where the Board determines that doing so is in the best interests of the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining Shareholders.

We will have no obligation to repurchase Shares, including if the repurchase would violate the restrictions on distributions under federal law or Delaware law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter. Our share repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market.

There is no assurance that the Board will exercise its discretion to offer to repurchase Shares or that there will be sufficient funds available to accommodate all of our Shareholders' requests for repurchase. As a result, we may repurchase less than the full amount of Shares that you request to have repurchased. If we do not repurchase the full amount of your Shares that you have requested to be repurchased, or we determine not to make repurchases of our Shares, you will likely not be able to dispose of your Shares, even if we under-perform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act.

We may fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. Should making repurchase offers, in our good faith judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in self-originated loans or other illiquid investments rather than repurchasing our Shares is in the best interests of the Company and its Shareholders as a whole, then we may choose to offer to repurchase fewer shares than described above, or none at all.

Payment for repurchased Shares may require us to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates.

For the fiscal year ended December 31, 2025, no repurchase of our Shares was made by or on behalf of the Company.

**Defaults Upon Senior Securities**

None.

**Item 6. [Reserved]**

------

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

*The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in the section entitled "Item 1A. Risk Factors."*

**Overview**

Fortress Private Lending Fund (the "Company") is a Delaware statutory trust formed on January 25, 2024. The Company is a "perpetual-life", externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), on August 1, 2025 (the "BDC Election"). Prior to the BDC Election, the Company conducted its investment activities and operations in reliance on an exemption from the definition of "investment company" under Section 3(c)(7) of the 1940 Act.

For U.S. federal income tax purposes, beginning with the tax year ending December 31, 2025, the Company expects to elect to be treated, and the Company intends to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), effective August 1, 2025. As a BDC and a RIC, the Company will be required to comply with certain regulatory requirements.

The Company is managed by FPLF Management LLC (in its capacity as investment adviser, the "Adviser"), an indirect subsidiary of Fortress Investment Group LLC ("Fortress"), which provides management services to the Company pursuant to an amended and restated investment advisory agreement, dated February 10, 2025, between the Adviser and the Company (the "Investment Advisory Agreement"). See further discussion in Note 3 – "Related Party Transactions and Agreements" to our consolidated financial statements. Subject to the overall supervision of the Board of Trustees (the "Board"), the Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring the Company's investments and monitoring its portfolio on an ongoing basis through a team of investment professionals. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC").

FPLF Management LLC (in its capacity as administrator, the "Administrator"), may delegate any of its obligations under the amended and restated administration agreement, dated February 10, 2025, between the Administrator and the Company (the "Administration Agreement") to an affiliate or to a third-party to assist in the provision of administrative services (a "Sub-Administrator"). The Sub-Administrator will receive compensation for its services under a sub-administrative agreement. The Sub-Administrator receives fees, plus out-of-pocket expenses, based on the nature and extent of services provided. The Administrator has retained SEI Global Services, Inc. as the Sub-Administrator to provide administrative and accounting services.

The Company's investment objectives and strategies are to generate current income and, to a lesser extent, capital appreciation, primarily by investing in U.S. middle-market companies through the direct origination or acquisition of first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and, to a lesser extent, second lien senior secured loans. The investment portfolio may also include other interests such as corporate bonds, common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. While most of the Company's investments will be in private U.S. companies (subject to compliance with BDC regulatory requirements to invest at least 70% of the Company's assets in "qualifying assets", as defined in Section 55(a) of the 1940 Act), the Company may invest up to 30% of its portfolio in non-qualifying assets, including companies located outside of the U.S., entities that are operating pursuant to certain exceptions under the 1940 Act, as applicable, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act, as applicable. As of December 31, 2025, non-qualifying assets totaled 14.4% of the Company's total assets. The Company relies on exemptive relief granted by the SEC to the Company, the Adviser and certain affiliates to co-invest with other funds, accounts and clients managed by the Adviser or its affiliates in a manner consistent with our investment objectives. The Company generally considers middle-market companies to consist of companies with $25 million to $250 million of earnings before interest, taxes, depreciation, and amortization, although the Company may from time to time invest in smaller companies and other instruments if the Adviser believes that the opportunity presents attractive investment characteristics and risk-adjusted returns.

During August 2025, the Company sold 30,501,210 of its Shares for aggregate consideration of $762.5 million (the "Initial Share Issuance"). The Initial Share Issuance was comprised of the $638 million of capital called from the Seed Investors, $0.6 million of capital allocation to the Seed Investors and $123.9 million of subscriptions from the Company's continuous public offering priced at $25.00 per share.

------

The Company's investments will consist primarily of first lien debt and may be accompanied by junior debt and/or equity or equity-related investments, including common stock, preferred stock, securities convertible into common stock and/or warrants. The Company's investments are expected to have the potential to achieve significant investment income and, to a lesser extent, capital appreciation. These investments will generally have maturities of three to eight years; however, there is no limit on the maturity or duration of any security the Company may hold in its portfolio. Loans and securities purchased in the secondary market will generally have shorter remaining terms to maturity than directly originated investments.

The Company expects that most of its debt investments will be unrated. When rated by a nationally recognized statistical ratings organization, the Company expects that its debt investments will generally carry a rating below investment grade (rated lower than "Baa3" by Moody's Investor Service, Inc. or lower than "BBB-" by Standard & Poor's Rating Services), which is often referred to as "junk' or "high yield." These "junk" or "high yield" securities have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and are illiquid.

The Company's investment strategy is expected to benefit from Fortress's reputation and ability to transact in scale with speed and certainty and its long-standing and extensive relationships with private equity firms as well as direct borrowers that require attractive financing for their transactions.

In addition, the Company may, in the sole discretion of the Adviser, pursue investments outside of the categories described above to take advantage of prevailing market conditions.

**Market Conditions and Trends**

2025 was marked by the persistence of both elevated inflation and interest rates, in conjunction with tariff risks, political uncertainty (including the impact of a prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration), and geopolitical uncertainty. This uncertainty has continued to weigh on merger and acquisition and sponsor deal activity and market valuations.

We are continuing to closely monitor developments related to the macroeconomic factors that have contributed to market volatility, and to assess the impact of these factors on financial markets and on our business. Our future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment. It remains difficult to predict the ultimate effects of these events on the financial markets, overall economy, and our financial statements. See "Item 1A. Risk Factors—Risks Related to Our Business and Structure."

**Recent Developments**

*Subscriptions*

The Company received proceeds from the issuance of Shares in the amounts set forth in the table below:

---

| | | |
|:---|:---|:---|
| **Date of Unregistered Sales** | **Amount of Shares** | **Total<br>Consideration<br>($ in thousands)** |
| As of January 1, 2026 (number of Class I common shares finalized on January 21, 2026) | 4928630 | $121458 |
| As of February 1, 2026 (number of Class I common shares finalized on February 20, 2026) | 855330 | $20866 |

---

*Distributions*

The Company declared distributions set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution<br>Per Share** |
| January 25, 2026 | January 31, 2026 | February 26, 2026 | $0.1708 |
| February 20, 2026 | February 28, 2026 | March 31, 2026 | $0.1708 |

---

------

*Investor Commitments* 

As of March 27, 2026, the Company had $53.3 million of unfunded capital commitments.

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 Form 10-K that were not registered under the Securities Act.

**Portfolio and Investment Activity**

Our investment activity for the three months ended December 31, 2025 is presented below.

---

| | |
|:---|:---|
| *($ in thousands)* | **December 31, 2025** |
| **New investment commitments:**<sup>1</sup> |  |
| Total new investment commitments<sup>2</sup> | $677240 |
| Less: investment commitments exited<sup>3</sup> | (99050) |
| Net change in investment commitments | $578190 |
| **Principal amount of investments funded:** |  |
| First lien loans | $612196 |
| Equity | 15500 |
| Total | $627696 |
| **Principal amount of investments sold or repaid:**<sup>3</sup> |  |
| First lien loans | $(96343) |
| Equity |  |
| Total | $(96343) |
| Weighted average remaining term for investment commitments (in months) | 55 |
| Percentage of new investment commitments at floating rates | 97.71% |
| **Weighted average yield:**<sup>4</sup> |  |
| Funded during the period at amortized cost | 10.12% |
| Funded during the period at fair value | 10.12% |
| Exited or repaid during the period at amortized cost | 8.46% |
| Exited or repaid during the period at fair value | 8.49% |
| <sup>1</sup>*Includes both funded and unfunded commitments.* | <sup>1</sup>*Includes both funded and unfunded commitments.* |
| <sup>2</sup>*Of these new investments, we funded approximately $592 million for the three months ended December 31, 2025.* | <sup>2</sup>*Of these new investments, we funded approximately $592 million for the three months ended December 31, 2025.* |
| <sup>3</sup>*Includes scheduled paydowns* | <sup>3</sup>*Includes scheduled paydowns* |
| <sup>4</sup> *"Weighted average yield" is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization* | <sup>4</sup> *"Weighted average yield" is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization* |
| *of original issue discount or premium earned on the relevant accruing investments, divided by (b) the total accruing investments* | *of original issue discount or premium earned on the relevant accruing investments, divided by (b) the total accruing investments* |
| *at amortized cost or fair value, as applicable.* | *at amortized cost or fair value, as applicable.* |

---

The table below presents the Company's investments at amortized cost and fair value as of December 31, 2025 expressed in thousands:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **% Fair<br>Value** | **Amortized<br>Cost** | **% Amortized<br>Cost** |
| First lien debt investments | $1472716 | 98.9% | $1486855 | 98.9% |
| Preferred equity investments | 16140 | 1.1% | 15959 | 1.1% |
| **Total** | $**1488856** | **100.0%** | $**1502814** | **100.0%** |

---

As of December 31, 2025, the Company's portfolio was approximately $1.5 billion based on fair market value across 76 portfolio companies and 33 industries. Based on fair value, the Company's portfolio consisted of approximately 98.9% first lien, floating rate debt investments. The Company's portfolio's directly originated debt investments had a median EBITDA of $84.3 million, a weighted average net loan-to-value and interest coverage of 45.0% and of 3.1x, respectively. The weighted average yield at fair market value of directly originated debt investments was 10.2% and the weighted average yield at fair market value of the overall portfolio was 9.7%.

As of December 31, 2025, all of our debt investments were performing and are current on their interest payments. As of December 31, 2024, the Company had not yet commenced investment operations.

------

The Adviser has a highly coordinated and robust asset management and portfolio monitoring process, which involves frequent contact with borrowers, loan agents and other counterparties in order to ascertain a fundamental understanding of collateral value, cash flows and related risks. The Adviser's portfolio management process entails frequent bottom-up analysis focused on understanding collateral value, cash flows and related risks. This assessment, as well as valuation generally, incorporates both internal and external reviews by independent consultants, bankers and/or advisors. The Adviser will routinely conduct dialogue with borrowers, management teams and industry experts in order to obtain not only an accurate depiction of the borrower's current financial condition but also the health and continuity of its day-to-day operations. This subsequently entails monthly and quarterly compliance tests of financial covenants and collateral performance at the investment level, in addition to a comparison to budgeted assumptions. This, along with other counterparty datapoints, allows Fortress to proactively identify issues and concerns and formulate action plans to mitigate risk if necessary. In the event a problem arises, these monitoring efforts serve as a catalyst to mitigate risks, manage desired outcomes and enhance economics. The Adviser believes that Fortress has differentiated in-house workout and restructuring capabilities and looks to actively participate in restructuring processes in order to maximize recoveries.

As part of the monitoring process, our Adviser has developed risk assessment policies pursuant to which it regularly assesses the risk profile of each of our debt investments and rates each of them based on the following categories, which we refer to as "Internal Risk Ratings." Pursuant to these risk policies, an Internal Risk Rating of 1 to 4, which ratings are defined below, is assigned to each debt investment in our portfolio. Key drivers of internal risk ratings include financial metrics, financial covenants, liquidity and enterprise value coverage.

**Internal Risk Ratings Definitions**

Our Adviser monitors and, when appropriate, changes the risk ratings assigned to each investment in our portfolio. Our Adviser reviews our investment ratings in connection with our quarterly valuation process. Our internal risk ratings are defined as follows:

1) The borrower is performing above the underwritten range of expectations, and the trends and risk factors of a particular investment since origination / acquisition, are generally favorable.

2) The borrower is generally performing within the expected range of likely outcomes underwritten prior to origination / acquisition of the investment, and the risk factors impacting our ability to recoup the cost basis of our investment are neutral. All new investments are initially assessed a rating of 2.

3) The borrower is performing below our range of expectations. The risk we do not recoup the cost basis of our investment has increased materially since origination / acquisition. The borrower may be or is increasingly likely to be out of compliance with debt covenants; however, debt service payments are generally not more than 120 days past due.

4) It is unlikely that we will fully recoup our cost basis, and in some cases, we may realize a substantial loss of principal upon exit. The borrower is likely out of compliance with one or more debt covenants. Debt service payments are likely to be substantially delinquent (more than 120 days past due).

Our Adviser grades the investments in our portfolio at least each quarter and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments with a grade of 3 or 4, the Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The table below presents the composition of our portfolio on the 1 to 4 rating scale for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| *($ in thousands)* |  |  |
| **Investment Rating** | **Fair Value** | **Percentage** |
| 1 | $46488 | 3.1% |
| 2 | 1416485 | 95.1 |
| 3 | 25883 | 1.7 |
| 4 |  |  |
| **Total** | $**1488856** | **100.0%** |

---

------

**Non-Accrual Assets** 

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of December 31, 2025, and December 31, 2024 we had no non-accrual debt investments.

**Emerging Growth Company Status**

We are and will remain an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering pursuant to an effective registration statement under the Securities Act, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"). We cannot predict if investors will find our Shares less attractive because we may rely on some or all of these exemptions. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our Shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates.

**Basis of Presentation**

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results may ultimately differ materially from those estimates.

**Income**

We generate current income and, to a lesser extent, capital appreciation, primarily by investing in U.S. middle-market companies through the direct origination or acquisition of first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and, to a lesser extent, second lien senior secured loans.

**Expenses**

The services of all investment professionals of our Adviser and its staff, when and to the extent engaged in providing investment advisory services to us and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our Adviser. Under the Investment Advisory Agreement, we bear all other costs and expenses of our operations and transactions.

From time to time, our Adviser, our Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse our Adviser, our Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, our Adviser or our Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

**Results of Operations**

The following table sets forth the results of our operations for the year ended December 31, 2025. As investment operations had not yet commenced, no comparative data was presented as it represents zero values.

------

*Income*

Interest income (including payment-in-kind interest income) is derived from our investment portfolio and also includes other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns.

Other income consists of fees received during the life of the investment such as commitment fees, letter of credit fees and amendment fees. The upfront fees received in connection with investments that are deemed to be an adjustment to yield are capitalized and amortized over the term of the investment.

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Interest income | $48111 |
| Payment-in-kind interest income | 170 |
| Other income | 767 |
| **Total investment income** | $**49048** |

---

For the year ended December 31, 2025, total investment income was $49.0 million, as a result of the launch and subsequent ramp up in our investment portfolio, which had a fair value of $1.5 billion. PIK interest income represents 0.35% of total investment income for the year ended December 31, 2025 . Other income represents 1.56% of total investment income for the year ended December 31, 2025.

*Expenses*

We will reimburse the Adviser for its costs, expenses and our allocable portion of compensation of the Administrator's personnel and overhead pursuant to the Administration Agreement. Interest expense relates to cost of borrowing on our debt facilities. In addition, management and incentive fees due to the Adviser per the Investment Advisory Agreement are accrued monthly and paid quarterly. We will bear expenses relating to the organization of the Company which include the cost of regulatory compliance, formation, including legal fees related to the creation and organization of the Company and its organizational documents, as well as its BDC Election.

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Interest expense | $12718 |
| Organization costs | 5330 |
| Management fees | 4199 |
| Investment income incentive fee | 4085 |
| Administration fees | 1687 |
| Professional fees | 902 |
| Offering costs | 442 |
| Other expenses | 726 |
| **Total Operating Expenses** | $**30089** |

---

For the year ended December 31, 2025, total operating expenses were $30.1 million. The balance was primarily attributable to interest expense associated with borrowings under our outstanding credit facilities.

*Expense Support/ Reimbursement and Fee Waivers* 

Per the Expense Support Agreement, the Adviser may elect to pay certain of our expenses (including organization and offering costs) on the Company's behalf. Additionally, the Adviser can elect to waive management and incentive fees. Furthermore, the Adviser has agreed to waive the management fee for (i) the period prior to the BDC Election, and (ii) the 6-month period following the date of the first closing following the BDC Election.

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Expense support (Note 3) | $(5309) |
| Management fees waiver | (4199) |
| Investment income incentive fee waiver | (221) |
| **Net Operating Expenses** | $**20360** |

---

For the year ended December 31, 2025, net operating expenses was $20.4 million. Since inception, the Adviser has elected to pay certain organization costs under the Expense Support Agreement. As noted above, the management fee for the period has been waived under

------

the Initial Fee Waiver. The Company recorded an Investment Income Incentive Fee waiver for the year ended December 31, 2025, representative of fees waived by the Adviser for June 2025 and July 2025 income, as the Adviser elected to waive in the period prior to the BDC Election.

*Net Realized and Unrealized Gain (Loss) on Investments*

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Total net realized gain (loss) | $(68) |
| Total net change in unrealized gain (loss) | (14325) |
| **Total Net Realized and net change in Unrealized Gain (Loss)** | $**(14393)** |

---

The table below represents the contributors to the total net realized gain (loss) for the for the year ended December 31, 2025.

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Net realized gain from investments | $297 |
| Net realized (loss) from investments | (279) |
| **Total net realized gain (loss) from investments** | $**18** |
| Foreign currency transactions | 93 |
| Forward foreign currency contracts | (179) |
| **Total net realized gain (loss)** | $**(68)** |

---

The table below represents the contributors to the total net change in unrealized gain (loss) for the for the year ended December 31, 2025.

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Total change in unrealized gains from investments | $4433 |
| Total change in unrealized loss from investments | (18390) |
| **Total change in net unrealized gain (loss) from investments** | $**(13957)** |
| Foreign currency translation on loans payable | (648) |
| Foreign currency transactions | 113 |
| Forward foreign currency contracts | 167 |
| **Total change in net unrealized gain (loss)** | $**(14325)** |

---

**Financial Condition, Liquidity and Capital Resources**

We generate cash primarily from (i) the net proceeds received from the Offering, (ii) cash flows from our operations and (iii) proceeds from our debt facilities. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our Shareholders, we may from time to time enter into one or more additional credit facilities including revolving credit facilities, increase the size of an existing credit facility or issue additional senior securities. In accordance with the 1940 Act, with certain limited exceptions, as a BDC, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, our asset coverage ratio is at least 150%. Any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As of December 31, 2025, the Company's asset coverage ratio was 231%.

------

In addition, we may raise capital from future offerings of our debt or equity securities, and any financing arrangements we may enter into in the future, including by securitizing certain of our investments, including through the formation of one or more collateralized loan obligations or warehouse facilities, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity to purchaser on a non-recourse or limited basis.

Our primary uses of cash are for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying our Adviser and Administrator, as applicable), (iii) the cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Shares. We believe that our current cash and cash equivalents on hand and our anticipated cash flows from operations will be adequate to meet the needs of our operations for at least the next twelve months.

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Net cash provided by/(used in) operating activities | $(1402068) |
| Net cash provided by/(used in) financing activities | 1497281 |
| Net increase/(decrease) in cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents | 95213 |
| Cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents at beginning of year |  |
| **Cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents at end of year** | $**95213** |

---

For the period ended December 31, 2025, cash and cash equivalents increased $95.2 million. Net cash and cash equivalents used in operating activities primarily relates to net cash investment activity of $1,402.1 million related to the purchase, sale and paydown of portfolio investments. Cash provided by financing activities was $1,497.3 million due to proceeds from issuance of Shares of $868.3 million and net borrowings of $657.5 million.

The table below presents outstanding debt obligations as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Amount<br>Available**<sup>1</sup> | **Unamortized<br>Debt Issuance<br>Costs** | **Net<br>Carrying<br>Value** |
| Scotiabank Revolving Credit Facility | $400000 | $211500 | $188500 | $(4399) | $207101 |
| BAML ABL Credit Facility | 150000 | 146700 | 3300 | (738) | 145962 |
| Scotiabank ABL Facility | 600000 | 299286 | 300714 | (4752) | 294534 |
| **Total Debt** | $**1150000** | $**657486** | $**492514** | $**(9889)** | $**647597** |

---

<sup>1</sup>*The amount available may be subject to limitations related to each credit facility's borrowing base.*

*Subscription Facility* 

On March 7, 2025, the Company entered into a revolving credit facility (the "Subscription Facility") with Scotiabank for a total commitment of $400 million. The scheduled maturity date of the Subscription Facility was March 6, 2026. The Subscription Facility can be drawn upon, at the discretion of the Company, for any purpose expressly permitted in the Company's organizational and offering documents, including to purchase portfolio investments and for working capital purposes. The Subscription Facility is secured by the unfunded commitments of the Seed Investors. The interest rate generally applicable to the loans advanced under the Subscription Facility is the applicable SOFR rate plus 2.35% per annum.

On April 28, 2025, the Company entered into an amendment to the Subscription Facility to add a lender and increase the total lender commitment to $470 million ("Tranche A").

On June 25, 2025 (the "Second Amendment Effective Date"), the Company entered into a second amendment to the Subscription Facility to add a new tranche of subordinated debt, in an amount up to $70 million, ("Tranche B") increasing the total lender commitment to $540 million. The interest rate generally applicable to the loans advanced under the new tranche is the applicable SOFR rate plus 2.70% per annum, increasing by 20 basis points per annum on each quarterly anniversary of the Second Amendment Effective Date.

On August 1, 2025, all outstanding borrowings under the Subscription Facility were repaid and all lender commitments thereunder were terminated.

------

*Scotiabank Revolving Credit Facility*

On August 5, 2025, the Company, as borrower, entered into a Senior Secured Revolving Credit Agreement (the "Scotiabank Revolving Credit Agreement"), by and among the Company, the lenders and issuing banks party thereto from time to time and Scotiabank, as administrative agent, which provides for a senior secured revolving credit facility (the "Scotiabank Revolving Credit Facility") with a total commitment of $400 million, which includes a $50 million sublimit for swingline loans and a $30 million sublimit for the issuance of letters of credit. The Company may request an increase to the commitment up to $800 million to the extent the lenders (existing and new lenders) agree to provide the additional commitment. The scheduled maturity date of the Scotiabank Revolving Credit Facility is August 5, 2030 (the availability period under the Scotiabank Revolving Credit Facility will terminate on August 3, 2029). The Scotiabank Revolving Credit Facility can be drawn upon, at the discretion of the Company, for general corporate purposes, including the funding of portfolio investments. The Company may borrow amounts in U.S. dollars or certain other permitted currencies.

The interest rate under the Scotiabank Revolving Credit Facility is either Daily Simple RFR, Term SOFR (or other term benchmark rate) or Alternate Base Rate (defined as the greater of (a) zero and (b) the highest of (i) the prime rate as last quoted by The Wall Street Journal, (ii) the federal funds effective rate for such day plus 0.5% and (iii) the rate per annum equal to Term SOFR plus 1.00%) plus an applicable margin equal to (I) (a) if the gross borrowing base (as of the most recently delivered borrowing base certificate delivered under the Scotiabank Revolving Credit Agreement) is less than 1.60 times the Combined Debt Amount, (i) with respect to any ABR Loan, 1.100% per annum and (ii) with respect to any Term SOFR, other term benchmark or Daily Simple RFR Loan, 2.100% per annum; or (b) if the gross borrowing base (as of the most recently delivered borrowing base certificate delivered under the Scotiabank Revolving Credit Agreement) is greater than or equal to 1.60 times the Combined Debt Amount, (i) with respect to any ABR Loan, 0.975% per annum and (ii) with respect to any Term SOFR, other term benchmark or Daily Simple RFR Loan, 1.975% per annum. The Company will also pay a fee of 0.325% on average daily undrawn amounts under the Scotiabank Revolving Credit Facility.

The Scotiabank Credit Agreement includes financial and other affirmative and negative covenants, events of default and remedies typical for this type of credit facility, including certain limitations on the incurrence of additional indebtedness, ability to make Restricted Payments (as defined in the Scotiabank Credit Agreement), transactions with Affiliates (as defined in the Scotiabank Credit Agreement) and certain financial covenants related to the Company's asset coverage ratio and minimum shareholders' equity and other maintenance covenants.

The obligations of the Company pursuant to the Scotiabank Revolving Credit Agreement is secured by a first-priority security interest in substantially all of the assets of the Company (not pledged to other facilities).

*BAML ABL Credit Facility*

On September 29, 2025, the Company, (through wholly owned subsidiaries FPLF BA Holdings Finance LLC, as borrower and FPLF BA Holdings Finance CM LLC, as servicer) entered into a Credit Agreement (the "BAML ABL Credit Agreement") with Bank of America, N.A., as administrative agent and each of the lenders from time to time party thereto, which provides for a revolving credit facility (the "BAML ABL Credit Facility") with a total commitment of $150 million. On March 29, 2026, the total commitment will increase to $300 million. The scheduled maturity date of the BAML ABL Credit Facility is March 29, 2029. Borrowings under the BAML ABL Credit Agreement may take the form of base rate loans, SOFR loans, alternative currency daily rate loans, alternative currency term rate loans or Canadian prime rate loans.

Base rate loans will bear interest at a rate per annum equal to (A) the Base Rate plus (B) 1.40% per annum. SOFR loans will bear interest at a rate per annum equal to (A) Daily SOFR plus (B) 1.40% per annum. Alternative currency daily rate loans will bear interest at a rate per annum equal to (A) the Alternative Currency Daily Rate plus (B) 1.40% per annum. Alternative currency term rate loans will bear interest at a rate per annum equal to (A) the Alternative Currency Term Rate plus (B) 1.40% per annum. Canadian prime rate loans will bear interest at a rate per annum equal to (A) the Canadian Prime Rate plus (B) 1.40% per annum.

The BAML ABL Credit Agreement includes financial and other affirmative and negative covenants, events of default and remedies typical for this type of credit facility, including certain limitations on the incurrence of additional indebtedness, ability to make Restricted Payments, transactions with Affiliates and certain financial covenants related to the Company's borrowing base and interest coverage ratio.

The obligations of the Company pursuant to the BAML ABL Credit Agreement is secured by a first-priority security interest in certain assets of the Company (not pledged to other facilities).

*Scotiabank ABL Credit Facility* 

On November 7, 2025, the Company and its direct or indirect wholly owned subsidiaries, FPLF NS Holdings Finance LLC and FPLF NS Holdings Finance DAC entered into a Credit Agreement (the "Scotiabank ABL Credit Agreement") with Scotiabank, as initial lender

------

and administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as custodian, FPLF NS Holdings Finance CM LLC, as servicer and each of the loan parties thereto, which provides for a revolving and term loan credit facility (the "Scotiabank ABL Facility") with a total commitment of $600 million. The scheduled maturity date of the Scotiabank ABL Credit Facility is November 7, 2034 (the reinvestment period ends May 7, 2028). The Scotiabank ABL Facility will be used to finance the acquisition of certain loans, participation interests and other assets, expected to predominately consist of U.S. middle market commercial loans.

Borrowings under the Scotiabank ABL Credit Agreement will bear interest at a rate per annum equal to the Applicable Rate based upon the Alternate Base Rate defined said agreement. Generally, the Applicable Rate is calculated to include an applicable margin above the applicable Benchmark, which applicable margin will vary between 1.40% and 1.775% depending on the make-up of the portfolio, and increasing by 0.50% after the Reinvestment Period. In all cases, the Benchmark is subject to a floor of 0%.

The obligations of the Company pursuant to the Scotiabank ABL Credit Agreement is secured by a first-priority perfected lien on, and security interest in, certain assets of the Company (not pledged to other facilities).

***Equity Capital Activities***

The Company intends to continue holding monthly closings in connection with the Offering, in which the Company will issue Shares to investors for immediate cash investment. In addition, we may continue to allow certain investors to fund their investment in the Company over time through drawdowns of their capital commitments in lieu of fully funding their investment on the date their subscription agreement is accepted by the Company. Each of the Company's closings in connection with the Offering will be conducted in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, and other exemptions from the registration requirements of the Securities Act. The Company reserves the right to conduct additional offerings of securities in the future in addition to the Offering. Moreover, although the Company intends to issue Shares on a monthly basis, the Company retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Company, more or less frequently to one or more investors for regulatory, tax or other reasons.

The Shares are not subject to upfront selling commissions or annual ongoing shareholder servicing fees.

We may continue to allow certain investors to fund their investment in the Company over time through drawdowns of their capital commitments in lieu of fully funding their investment on the date their subscription agreement is accepted by the Company. With respect to unfunded capital commitments, we will draw down on such commitments over time, on an as-needed basis by delivering a drawdown notice to each investor. All purchases of Shares pursuant to the capital commitments will generally be made pro rata in accordance with remaining capital commitments of all investors at a per Share price equal to NAV per Share as of the previous month close.

*Capital Activity* 

The table below summarizes the Shares issued and net proceeds during the following periods:

---

| | | |
|:---|:---|:---|
|  |  | *($ in thousands)* |
| **Subscriptions Effective** | **Shares Issued** | **Net Proceeds** |
| **Year ended December 31, 2025** |  |  |
| August 1, 2025 | 30501210 | $762530 |
| September 1, 2025 | 31969 | 800 |
| October 1, 2025 | 1358688 | 33976 |
| November 1, 2025 | 1004436 | 25000 |
| December 1, 2025 | 1852351 | 46010 |
|  | 34748654 | $868316 |

---

As of December 31, 2025, the Company had $94.3 million of unfunded capital commitments.

------

*Net Asset Value* 

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as its "valuation designee", which includes calculating the net asset value per share.

The Company issues Shares at the net asset value per share, determined monthly by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the respective month end. The Company will determine NAV for our Shares as of the last day of each calendar month. Shares issuances related to monthly subscriptions are effective the first calendar day of each month. The below table details net asset value per Share since the Initial Share Issuance:

---

| | |
|:---|:---|
| **Period from Initial Share Issuance to December 31, 2025** | **NAV Per Share** |
| August 1, 2025 | $25.00 |
| August 31, 2025 | 25.02 |
| September 30, 2025 | 25.01 |
| October 31, 2025 | 24.89 |
| November 30, 2025 | 24.84 |
| December 31, 2025 | 24.64 |

---

*Distributions*

The Company intends to declare monthly distribution amounts per share of beneficial interest, payable monthly in arrears. To the extent the Company's taxable earnings fall below the total amount of its distributions for any given fiscal year, a portion of those distributions may be deemed to be a return of capital to Shareholders for U.S. federal income tax purposes.

The following tables summarize the Company's distributions with a record date during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date**<sup>1</sup> | **Record Date** | **Payment Date** | **Shares<br>Outstanding** | **Distribution<br>Per Share** | **Total<br>Distributions<br>Declared** |
| August 27, 2025 | August 31, 2025 | September 30, 2025 | 30501210 | 0.1458 | $4448 |
| September 30, 2025 | September 30, 2025 | October 31, 2025 | 30566728 | 0.1512 | 4621 |
| October 23, 2025 | October 31, 2025 | November 25, 2025 | 31960592 | 0.1563 | 4995 |
| November 19, 2025 | November 30, 2025 | December 23, 2025 | 33002936 | 0.1659 | 5476 |
| December 17, 2025 | December 31, 2025 | January 27, 2026 | 34892021 | 0.1708 | 5958 |
| **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | $25499 |

---

<sup>1</sup>*On January 25, 2026, the Company declared a distribution per share of $0.1708 for holders of record as of January 31, 2026 paid February 26, 2026. On February 20, 2026, the Company declared a distribution per share of $0.1708 for holders of record as of February 28, 2026 to be paid on or around March 31, 2026.*

The Company funds its cash distributions to Shareholders from any source of funds available to it, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

*Distribution Reinvestment Plan* 

The Board approved the distribution reinvestment plan ("DRIP") on July 14, 2025. The DRIP provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the DRIP. Shareholders who have enrolled in the DRIP will have their cash distribution automatically reinvested in additional Shares, rather than receiving the cash distribution.

------

The following table summarizes the Company's distributions reinvested for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | *($ in thousands)* |
| **Record Date** | **Reinvest Date** | **DRIP Shares Issued** | **Amount ($) per share** | **DRIP Shares Value** |
| August 31, 2025 | September 1, 2025 | 33548 | $25.02 | $840 |
| September 30, 2025 | October 1, 2025 | 35175 | 25.01 | 880 |
| October 31, 2025 | November 1, 2025 | 37908 | 24.89 | 944 |
| November 30, 2025 | December 1, 2025 | 36735 | 24.84 | 912 |
|  |  | 143367 |  | $3575 |

---

*Share Repurchase Program* 

At the discretion of the Board and beginning no later than 12 months following August 1, 2025, the date on which the Company made its BDC Election, the Company intends to commence a share repurchase program in which the Company intends to offer to repurchase up to 5% of its Shares outstanding (either by number of Shares or aggregate net asset value) in each quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company's best interest and the best interest of the Shareholders. The Company will conduct any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act, with the terms of such tender offer published in a tender offer statement to be sent to all Shareholders and filed with the SEC on Schedule TO.

Under the share repurchase program, to the extent the Company offers to repurchase Shares in any particular quarter, the Company expects to repurchase Shares pursuant to tender offers using a purchase price equal to the net asset value per share as of the last calendar day of the applicable month designated by the Board, less 2.0% from such net asset value for Shares that have not been outstanding for at least one year (the "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the repurchase date. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The Early Repurchase Deduction will not apply to Shares acquired through the Fund's dividend reinvestment plan. The Early Repurchase Deduction will apply uniformly to all Shares regardless of class. The Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of a Shareholder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold our Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a Shareholder's Shares are repurchased because the Shareholder has failed to maintain the minimum account balance, if any. The Early Repurchase Deduction may also be waived when required by law, regulation, or similar requirement and in other circumstances where the Board determines that doing so is in the best interests of the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining Shareholders. In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis.

***Off-Balance Sheet Arrangement***

In the ordinary course of our business, we enter into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of December 31, 2025 for any such exposure.

We currently are and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments.

------

As of December 31, 2025, the Company had unfunded commitments to investments of approximately $113.3 million, of which, $82.9 million related to term loans and delayed draw term loans and $30.4 million related to revolving credit facilities. Not all unfunded commitments stated are eligible to be drawn due to limitations under the borrower credit agreement.

---

| | |
|:---|:---|
| **Company** | **Unfunded<br>Commitment** |
| MidCon Development Finance, LLC | $13994 |
| EXEMPLIS LLC | 13628 |
| Ruby Bidco Holdings Limited | 10193 |
| GT Independence Buyer, Inc. | 9801 |
| CD&R Reign Topco, Inc. | 9770 |
| Jupiter Refuel Canada Buyer, Inc. | 7832 |
| GS AcquisitionCo, Inc. | 7295 |
| Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc. | 7248 |
| Superior Intermediate LLC | 5081 |
| Riser Fitness, LLC | 4378 |
| Steele Solutions, Inc. | 3512 |
| Solidcore Topco, LLC | 2887 |
| Olo Parent, Inc. | 2734 |
| LeadVenture Inc. | 2191 |
| Xponential Fitness LLC | 2068 |
| Fabletics, Inc. | 2027 |
| Urban Gym Group B.V. | 2009 |
| GC FERRY ACQUISITION I INC | 1750 |
| Amy's Kitchen, LLC | 1284 |
| BB PEP Bidco, LLC | 1071 |
| FR Refuel, LLC | 933 |
| Jupiter Refuel US Buyer, Inc. | 563 |
| Cendyn Group, LLC | 381 |
| Shrieve Chemical Company, LLC | 347 |
| MRI Software LLC | 327 |
| **Total** | $**113305** |

---

Investments in forward foreign currency contracts subject the Company to off-balance sheet market risk, where future changes in foreign currency rates may cause the fair value to differ from the amount recognized in the Consolidated Statement of Financial Condition. The below table details the Company's current positions expressed in thousands:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>to be<br>purchased** | **Notional<br>amount<br>to be<br>purchased** | **Notional<br>amount<br>to be<br>sold** | **Notional<br>amount<br>to be<br>sold** | **Settlement<br>Date** | **Fair Value**<br> *($ in<br>thousands)* | **Balance Sheet<br>Location of<br>Net Amounts** |
| Bank of Nova Scotia | £nan | 5844 | $— | 7729 | 5/14/2026 | $147 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia |  | 11426 | $— | 8234 | 5/14/2026 | 136 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia |  | 14779 | $— | 17410 | 5/14/2026 | 61 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 22441 | £nan | 16620 | 3/11/2026 | 41 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 28050 |  | 23868 | 2/2/2026 | (37) | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 8172 |  | 6972 | 4/27/2026 | (64) | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 24298 |  | 33275 | 6/29/2026 | (117) | Unrealized gain on forward foreign currency contracts |
|  |  |  |  |  | **Total** | $**167** |  |

---

------

***Related Party Transactions***

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Expense Support Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the license agreement by and between the Company and Fortress, dated as of July 14, 2025.

The Company, the Adviser and certain of their affiliates received an exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions (the "Co-Investment Exemptive Order"). Co-investments made under the Co-Investment Exemptive Order will be subject to compliance with certain conditions and other requirements, which could limit our ability to participate in a co-investment transaction.

In June 2025, we purchased a group of loans totaling $165.1 million of commitments from a fund managed by an affiliate of the Adviser and in which certain of our trustees and officers and members of the Investment Committee may have indirect pecuniary interests. The loans were purchased at fair value for $147.5 million, which was determined or confirmed by third party independent valuation agents.

**Critical Accounting Estimates**

The preparation of our financial statements requires our management 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. The critical accounting estimates should be read in conjunction with "Item 1A. Risk Factors." See our consolidated financial statements that are included elsewhere in this Form 10-K for more information on critical accounting policies.

**Fair Value Measurements**

Investments held by the Company are valued in accordance with the provisions of ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"). ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosure of fair value measurements. Assets and liabilities recorded at fair value are classified and disclosed based upon a fair value hierarchy as described below. The fair value hierarchy prioritizes and ranks the levels of observability of inputs used in measuring investments at fair value. The observability of inputs is impacted by multiple factors, including the type of investment and the characteristics specific to the investment. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Levels are based on the lowest level of significant input to valuation.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1 – price quotes (unadjusted) for identical assets or liabilities that are available in active markets to which the Company has access to at the measurement date. The Company classifies unrestricted securities listed in active markets as Level 1. The Company does not adjust the quoted price for these assets or liabilities, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price.

Level 2 – pricing inputs, other than quoted prices included within Level 1, which are directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets (including actionable bids from third parties for privately held assets or liabilities), and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivative contracts or other assets or liabilities. The Company classifies swaps and forward foreign currency contracts with observable inputs as Level 2.

Level 3 – unobservable inputs for the asset or liability are used where there is little, if any, market activity for the asset or liability at the measurement date and is based upon the Adviser or third-party's assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private or real estate companies or assets valued using the market and/or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, discount rates, interest rate volatility, recovery rates, multiple on invested capital

------

("MOIC") and market multiples, such as TEV/EBITDA multiples. Valuations based upon information from third parties, such as broker quotes and third-party valuation services, in consultation with management, which are based significantly on unobservable inputs or are otherwise not supportable as Level 2 inputs are classified as Level 3. Level 3 investments also include certain investments in affiliates whereby the underlying investments within the affiliated entities can be classified under Level 1, 2 or 3.

The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASC 825-10"), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of our choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value.

**Recent Accounting Pronouncements**

See "Notes to Condensed Consolidated Financial Statements—2. Summary of Significant Accounting Policies" for a discussion concerning recent accounting pronouncements.

------

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk**

In the ordinary course of business, the Company may encounter significant credit, market and liquidity risks. Credit risk is the risk of default of investments including loans, securities or derivatives, as applicable, which result from a borrower's or counterparty's inability or unwillingness to make required or expected payments.

Market risk reflects adverse changes in the value of investments loans, securities or derivatives, as applicable, due to changes in interest rates, prevailing credit spreads, foreign currency exchange rates, general economic conditions, financial market conditions, domestic or international economic or political events (including wars, terrorist acts or security operations), developments or trends in any particular industry, natural disasters, pandemics or health crises and the financial condition of the obligors on the Company's assets.

The Company's borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit facilities.

***Investment Valuation Risk*** 

There is not a public market or active secondary market for many of the types of investments in privately held companies that we intend to hold and make. As a result, we will value these investments monthly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board. In accordance with Rule 2a-5 under the 1940 Act, our Board has designated the Adviser to serve as the Valuation Designee as defined in Rule 2a-5 under the 1940 Act. Subject to the oversight of our Board, the Adviser will value our investments, no less frequently than monthly, including with the assistance of one or more independent valuation firms. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

***Liquidity Risk*** 

Liquidity risk is the risk that the Company may not be able to sell assets when it desires to do so or to realize what it estimates to be their fair value in the event of a sale. Due to the nature of the Company's strategy, the Company's portfolio includes relatively illiquid investments having a greater amount of both market and credit risk than other investments. These investments trade in a limited market, may not be able to be immediately liquidated and can be involved in litigation or have regulatory restrictions. The value assigned to these investments may differ from the values that would have been used had a broader market for such investments existed or had such legal and regulatory circumstances not existed. The sale of illiquid assets and restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or on the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restriction on resale.

***Credit Risk*** 

The Company invests in fixed income financial instruments. Until such investments are sold or matured, the Company is exposed to credit risk relating to whether the issuer will meet its obligation when it becomes due.

***Interest Rate Risk*** 

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund portions of our investments with borrowings. Our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We will regularly measure our exposure to interest rate risk. We will assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we will determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

------

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Based on our Consolidated Statement of Financial Condition as of December 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate election and there are no changes in our investment and borrowing structure:

---

| | | | |
|:---|:---|:---|:---|
| *($ in thousands)* | **Interest<br>Income** | **Interest<br>Expense** | **Net Income**<sup>1</sup> |
| Up 300 basis points | $44895 | $(19705) | $25190 |
| Up 200 basis points | 29930 | (13137) | 16793 |
| Up 100 basis points | 14965 | (6568) | 8397 |
| Down 100 basis points | (14470) | 6568 | (7902) |
| Down 200 basis points | (27605) | 13137 | (14468) |
| Down 300 basis points | (38357) | 19705 | (18652) |

---

<sup>1</sup>*Excludes the impact of income based fees.*

***Regulatory Risk*** 

The Company may also invest in securities of companies and assets located outside of the United States (considered non-qualifying investments under Section 55(a) of the 1940 Act). The Company's international investments are subject to the same risks associated with its United States investments as well as additional risks, such as fluctuations in foreign currency exchange rates, potentially adverse tax consequences and the burden of complying with foreign laws. The Company is subject to the risk of restrictions imposed by foreign governments on the repatriation of cash and to political or economic uncertainties as a result of investing in financial instruments issued in foreign countries. To remain in compliance with BDC regulatory requirements the Company will invest no more than 30% of the portfolio in non-qualifying assets.

***Operational Risk*** 

There is no clearing house for bank loans and other interests, nor is there a depository for custody of any such interests. The processes by which these interests are cleared, settled and held in custody are individually negotiated between the parties to the transaction. This subjects the Company to operational risk to the extent that there are delays and failure in these processes. The Company invests in loans, including loans issued by or related to companies that are experiencing various forms of financial, operational, legal, and/or other distress or impairment. The Company's investments may be noninterest bearing, unsecured, and/or subordinated to other claimants. Until the investments are sold or mature, the Company is exposed to credit risk relating to whether the obligor will meet its obligation when it comes due. The terms of the bank loans may require the Company to extend to a borrower additional credit, or provide funding for any undrawn amount of such bank loans at the request of the borrower.

***Foreign Currency Risk***

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.

------

**Item 8. Financial Statements and Supplementary Data.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [<u>Report of Independent Registered Accounting Firm (PCAOB ID No.</u> 42<u>)</u>](#report_of_independent_registered_public) | 93 |
| [<u>Consolidated Statement of Financial Condition for the years ended December 31, 2025 and December 31, 2024</u>](#consolidated_statement_of_financial) | 94 |
| [<u>Consolidated Statement of Operations for the years ended December 31, 2025 and December 31, 2024</u>](#consolidated_statement_of_operations) | 95 |
| [<u>Consolidated Statement of Changes in Net Assets for the years ended December 31, 2025 and December 31, 2024</u>](#consolidated_statement_of_changes) | 96 |
| [<u>Consolidated Statement of Cash Flows for the years ended December 31, 2025 and December 31, 2024</u>](#consolidated_statement_of_cash_flows) | 97 |
| [<u>Consolidated Schedule of Investments as of December 31, 2025</u>](#consolidated_schedule_investments) | 98 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_fs) | 103 |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Fortress Private Lending Fund

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statements of financial condition of Fortress Private Lending Fund (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations, changes in its net assets, and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the custodian, brokers, the underlying portfolio companies and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of the Company since 2025.

New York, New York

March 27, 2026

------

# Fortress Private Lending Fund

# Consolidated Statem ent of Financial Condition

---

| | | |
|:---|:---|:---|
| *($ in thousands, except per share data)* | **As of December 31,** | **As of December 31,** |
| **Assets** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $1,494,668 and $0, respectively) | $1480750 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost of $8,146 and $0, respectively) | 8106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value | 1488856 |  |
| &nbsp;&nbsp;&nbsp;Cash | 4247 |  |
| &nbsp;&nbsp;&nbsp;Foreign currencies | 502 |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents | 26937 |  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 2364 |  |
| &nbsp;&nbsp;&nbsp;Restricted foreign currencies | 1100 |  |
| &nbsp;&nbsp;&nbsp;Restricted cash equivalents | 60063 |  |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 700 |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 11503 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 13960 |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain on forward foreign currency contracts | 167 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 698 |  |
| **Total assets** | $1611097 | $— |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $9,889 and $0, respectively) | $647597 | $— |
| &nbsp;&nbsp;&nbsp;Distribution payable | 5958 |  |
| &nbsp;&nbsp;&nbsp;Incentive fee payable | 2530 |  |
| &nbsp;&nbsp;&nbsp;Interest payable | 2823 |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 89767 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 2567 |  |
| **Total liabilities** | $751242 | $— |
| Commitments and Contingencies (Note 12) |  |  |
| **Net Assets** |  |  |
| Common shares, $0.01 par value, unlimited authorized, 34,892,021 and 0 shares issued and outstanding, respectively | 349 |  |
| Paid in capital in excess of par value | 871542 |  |
| Distributable earnings (accumulated loss) | (12036) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 859855 |  |
| &nbsp;&nbsp;&nbsp;Total Liabilities and Net Assets | $1611097 | $— |
| Net asset value per share | $24.64 | $— |

---

*[See accompanying notes to the consolidated financial statements.]*

------

# Fortress Private Lending Fund

# Consolidated State ment of Operations

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** |
| *($ in thousands, except per share data)* | **December 31, 2025** | **December 31, 2024** |
| **Investment income** |  |  |
| From non-controlled, non-affiliated investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $47826 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 762 |  |
| Total investment income from non-controlled, non-affiliated investments | 48758 |  |
| From non-controlled, affiliated investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 5 |  |
| Total investment income from non-controlled, affiliated investments | 290 |  |
| **Total investment income** | $49048 |  |
| **Operating Expenses** |  |  |
| Interest expense | $12718 | $— |
| Organization costs | 5330 |  |
| Management fees | 4199 |  |
| Investment income incentive fee | 4085 |  |
| Administration fees | 1687 |  |
| Professional fees | 902 |  |
| Offering Costs | 442 |  |
| Other expenses | 726 |  |
| **Total operating expenses before expense support and waivers** | 30089 |  |
| Expense support (Note 3) | (5309) |  |
| Management fees waiver | (4199) |  |
| Investment income incentive fee waiver | (221) |  |
| **Net Operating Expenses** | 20360 |  |
| **Net investment income (loss) before taxes** | 28688 |  |
| Income taxes, including unincorporated business tax expense | 174 |  |
| **Net investment income (loss)** | 28514 |  |
| **Net realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (179) |  |
| **Total net realized gain (loss)** | (68) |  |
| **Net change in unrealized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (13917) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (40) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation on loans payable | (648) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 167 |  |
| **Total net change in unrealized gain (loss)** | (14325) |  |
| **Total net realized and change in unrealized gain (loss)** | (14393) |  |
| **Total Net Increase (Decrease) in Net Assets Resulting from Operations** | $14121 | $— |
| **Net investment income per share (basic and diluted):** |  |  |
| Net investment income per share (basic and diluted) | $0.8859 |  |
| Earnings per share (basic and diluted) | $0.4387 |  |
| Weighted average shares outstanding | 32184697 |  |

---

# *[See accompanying notes to the consolidated financial statements.]* 

------

# Fortress Private Lending Fund

# Consolidated Statemen t of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** |
| *($ in thousands)* | **December 31, 2025** | **December 31, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $28514 | $— |
| &nbsp;&nbsp;&nbsp;Total net realized gain (loss) | (68) |  |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized gain (loss) | (14325) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $14121 | $— |
| **Distributions** |  |  |
| Class I | $(25499) | $— |
| Capital allocation | (658) |  |
| Net increase (decrease) in net assets resulting from distributions | $(26157) | $— |
| **Capital Share Transactions** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Shares | $868316 | $— |
| &nbsp;&nbsp;&nbsp;Reinvestment of shareholders' distributions | 3575 |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital share transactions | $871891 | $— |
| Total increase (decrease) in net assets | 859855 |  |
| Net assets at beginning of year |  |  |
| Net assets at end of year | $859855 | $— |

---

*[See accompanying notes to the consolidated financial statements.]*

------

# Fortress Private Lending Fund

# Consolidated Stat ement of Cash Flows

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** |
| *($ in thousands)* | **December 31, 2025** | **December 31, 2024** |
| **Cash flows from operating activities** |  |  |
| Net increase/(decrease) in Net Assets resulting from operations | $14121 | $— |
| Adjustments to reconcile net increase/(decrease) in Net Assets resulting from<br> operations to net cash, cash equivalents provided by/(used in)<br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance and financing costs | 1362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion/amortization of original issue discount/premium on investments | (1198) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest on investments | (170) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain/(loss) on investments | 13957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain/(loss) on forward foreign currency contracts | (167) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain/(loss) on foreign currency translation on loans payable | 648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments and derivatives | (1673093) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 171664 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in interest receivable | (11503) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in receivable for investments sold | (13960) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in deferred offering costs | (700) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in other assets | (698) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in interest payable | 2823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in due to payable for investments purchased | 89767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in incentive fee payable | 2530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses and other liabilities | 2567 |  |
| Net cash provided by/(used in) operating activities | $(1402068) |  |
| **Cash flows from financing activities** |  |  |
| Proceeds from issuance of common shares | 871891 |  |
| Distribution paid to Shareholders, net of distribution payable | (19541) |  |
| Capital Allocation paid to Shareholders | (658) |  |
| Payment for debt issuance and financing costs | (11251) |  |
| Drawdown on loans | 1382540 |  |
| Repayment of loans | (725700) |  |
| Net cash provided by/(used in) financing activities | $1497281 |  |
| Net increase/(decrease) in cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents | 95213 |  |
| Cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents at beginning of year |  |  |
| Cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents at end of year | $95213 | $— |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid during the period for interest | $8533 | $— |
| Cash paid during the period for taxes | 30 |  |
| Distributions declared for the year | 25499 |  |
| **Supplemental disclosure of non-cash financing activities:** |  |  |
| Shares issued in connection with the reinvestment plan | $3575 | $— |
| Change in distribution payable | 5958 |  |

---

*[See accompanying notes to the consolidated financial statements.]*

------

# Fortress Private Lending Fund

# Consolidated Sc hedule of Investments

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Note** | **Note** | **Investment** | **Reference<br>Rate and<br>Spread (1)** | **Note** | **Note** | **Interest Rate (%)** | **Maturity<br>Date** | **Par/Shares (2)** | **Amortized Cost (35)** | **Fair<br>Value (45)** | **Fair<br>Value (45)** | **% of Net<br>Assets** |
| **Investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Non-controlled, non-affiliated investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Debt investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ***<u>Automobiles & Components</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Champions Fing Inc |  |  | First Lien - Term Loan | SOFR+475 | (10) | (7) | 8.4 | 2/23/2029 | $11441919 | $10927 | $— | 10825 | 1.3 |
|  |  |  |  |  |  |  |  |  |  | 10927 |  | 10825 | 1.3 |
| ***<u>Capital Goods</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| A-AG US GSI Bidco, Inc. |  |  | First Lien - Term Loan | SOFR+500 | (10) |  | 8.7 | 10/31/2031 | $2694943 | $2647 | $— | 2697 | 0.3 |
| Albion Fortress Intermediate Holdings LLC | (6) | (18) | First Lien - Term Loan | EURIBOR+575 | (14) |  | 7.8 | 7/31/2031 | 23533714 | $26209 | $— | 27173 | 3.2 |
| Blue Raven Solutions, LLC |  |  | First Lien - Term Loan | SOFR+826 | (9) |  | 12.0 | 12/21/2026 | $17397993 | 17548 |  | 17398 | 2.0 |
| Crown Subsea Communications Holding, Inc. |  |  | First Lien - Term Loan | SOFR+350 | (9) | (7) | 7.2 | 1/30/2031 | 5000000 | 5041 |  | 5033 | 0.6 |
| Echo Transaction Company, LLC |  |  | First Lien - Term Loan | SOFR+550 | (10) |  | 9.2 | 5/30/2031 | 12791899 | 12559 |  | 12553 | 1.5 |
| Merlin Buyer Inc. |  |  | First Lien - Term Loan | SOFR+400 | (10) | (7) | 7.7 | 12/14/2028 | 24935233 | 24892 |  | 25146 | 2.9 |
| Steele Solutions, Inc. |  |  | First Lien - Term Loan | SOFR+575 | (10) |  | 9.4 | 3/18/2030 | 24551696 | 24338 |  | 24333 | 2.8 |
| Steele Solutions, Inc. | (20) |  | First Lien - Revolving Credit Facility | SOFR+575 | (10) |  | 9.4 | 3/18/2030 |  | (30) |  | (31) |  |
| Superior Intermediate LLC |  |  | First Lien - Term Loan | SOFR+550 | (9) |  | 9.2 | 12/18/2029 | 9357460 | 9194 |  | 9197 | 1.1 |
| Superior Intermediate LLC | (20) |  | First Lien - Revolving Credit Facility | SOFR+550 | (9) |  | 9.2 | 12/18/2029 |  | (24) |  | (25) |  |
| Superior Intermediate LLC | (20) |  | First Lien - Delayed Draw Term Loan | SOFR+550 | (9) |  | 9.2 | 12/18/2029 |  | (61) |  | (62) | (0.0) |
|  |  |  |  |  |  |  |  |  |  | 122313 |  | 123412 | 14.4 |
| ***<u>Commercial & Professional Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Access CIG, LLC |  |  | First Lien - Term Loan | SOFR+400 | (9) | (7) | 7.7 | 8/19/2030 | $2570845 | $2589 | $— | 2474 | 0.3 |
| AMCP Clean Acquisition Company, LLC |  |  | First Lien - Delayed Draw Term Loan | SOFR+425 | (10) |  | 7.9 | 6/15/2030 | 9000000 | 9000 |  | 8865 | 1.0 |
| EagleView Technology Corporation | (8) |  | First Lien - Term Loan | SOFR+650 | (10) | (7) | 10.2 | 8/14/2028 | 48393544 | 47422 |  | 46488 | 5.4 |
| EXEMPLIS LLC | (20) |  | First Lien - Term Loan | SOFR+525 | (9) |  | 8.9 | 12/22/2032 | 57917936 | 57049 |  | 57049 | 6.6 |
| EXEMPLIS LLC | (20) |  | First Lien - Revolving Credit Facility | SOFR+525 | (9) |  | 8.9 | 12/23/2030 |  | (204) |  | (204) | (0.0) |
| Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc. |  |  | First Lien - Term Loan | SOFR+525 | (9) |  | 8.9 | 12/31/2029 | 60661747 | 59565 |  | 59903 | 7.0 |
| Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc. |  |  | First Lien - Delayed Draw Term Loan | SOFR+525 | (9) |  | 8.9 | 12/31/2029 | 3200000 | 3161 |  | 3160 | 0.4 |
| Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc. |  |  | First Lien - Revolving Credit Facility | SOFR+525 | (9) |  | 8.9 | 12/31/2029 | 1360000 | 1328 |  | 1327 | 0.2 |
| Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc. | (20) |  | First Lien - Delayed Draw Term Loan | SOFR+525 | (9) |  | 8.9 | 12/31/2029 |  | (61) |  | (78) | (0.0) |
|  |  |  |  |  |  |  |  |  |  | 179849 |  | 178984 | 20.8 |
| ***<u>Consumer Durables & Apparel</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fabletics, Inc. |  |  | First Lien - Term Loan | SOFR+750 | (10) |  | 11.2 | 10/31/2030 | $50672444 | $50059 | $— | 49684 | 5.8 |
| Fabletics, Inc. | (20) |  | First Lien - Delayed Draw Term Loan | SOFR+750 | (10) |  | 11.2 | 10/30/2030 |  | - |  | (40) |  |
| Olibre Borrower LLC |  |  | First Lien - Term Loan | SOFR+575 | (10) |  | 9.4 | 1/3/2030 | 14850000 | 14525 |  | 14516 | 1.7 |
| Step2 Discovery, LLC (Backyard Leisure Intermediate Parent, LLC) |  |  | First Lien - Term Loan | SOFR+600 | (10) |  | 9.7 | 12/23/2030 | 54186054 | 53242 |  | 53238 | 6.2 |
|  |  |  |  |  |  |  |  |  |  | 117826 |  | 117398 | 13.7 |
| ***<u>Consumer Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BB PEP Bidco, LLC |  |  | First Lien - Term Loan | SOFR+675 | (11) |  | 10.3 | 1/13/2030 | $11697321 | $11451 | $— | 11495 | 1.3 |
| BB PEP Bidco, LLC |  |  | First Lien - Delayed Draw Term Loan | SOFR+675 | (10) |  | 10.4 | 1/13/2030 | 2137589 | 2093 |  | 2101 | 0.2 |
| BB PEP Bidco, LLC | (20) |  | First Lien - Revolving Credit Facility | SOFR+675 | (10) |  | 10.4 | 1/13/2030 |  | (23) |  | (19) |  |
| CV Borrower, LLC |  |  | First Lien - Term Loan | SOFR+550 | (10) |  | 9.2 | 8/30/2030 | 6034323 | 5966 |  | 5968 | 0.7 |
| Grand Circle Corporation, Grand Circle LLC and The Grand Circle River Cruise Lines LLC |  |  | First Lien - Term Loan | SOFR+536 | (9) |  | 9.1 | 9/19/2030 | 63819918 | 63351 |  | 63447 | 7.4 |
| Riser Fitness, LLC |  |  | First Lien - Delayed Draw Term Loan | SOFR+685 | (9) |  | 10.5 | 3/14/2030 | 4710482 | 4440 |  | 4475 | 0.5 |
| Riser Fitness, LLC | (20) |  | First Lien - Revolving Credit Facility | SOFR+685 | (9) |  | 10.5 | 3/14/2030 |  | (12) |  | (9) |  |
| Ruby Bidco Holdings Limited | (6) | (18) | First Lien - Term Loan | SONIA+500 | (15) |  | 9.0 | 9/12/2032 | £16203704 | $21561 | $— | 21487 | 2.5 |
| Ruby Bidco Holdings Limited | (6) | (18) | First Lien - Delayed Draw Term Loan | SONIA+500 | (15) |  | 9.0 | 9/12/2032 |  | (73) |  | (166) | (0.0) |
| Solidcore Topco, LLC |  |  | First Lien - Term Loan | SOFR+575 | (10) |  | 9.4 | 11/4/2030 | $21481900 | 21134 |  | 21072 | 2.5 |
| Solidcore Topco, LLC |  |  | First Lien - Delayed Draw Term Loan | SOFR+575 | (10) |  | 9.4 | 11/4/2030 | 3344823 | 3313 |  | 3281 | 0.4 |
| Solidcore Topco, LLC | (20) |  | First Lien - Revolving Credit Facility | SOFR+575 | (10) |  | 9.4 | 11/4/2030 |  | (12) |  | (18) |  |
| Solidcore Topco, LLC | (20) |  | First Lien - Delayed Draw Term Loan | SOFR+575 | (10) |  | 9.4 | 11/4/2030 |  | (24) |  | (37) |  |
| Urban Gym Group B.V. | (6) | (18) | First Lien - Term Loan | EURIBOR+675 | (14) |  | 8.8 | 10/28/2031 | 6410257 | $7325 | $— | 7387 | 0.9 |
| Urban Gym Group B.V. | (6) | (18) | First Lien - Delayed Draw Term Loan | EURIBOR+675 | (14) |  | 8.8 | 10/28/2031 | 427350 | 474 |  | 454 | 0.1 |
| Xponential Fitness LLC | (6) |  | First Lien - Term Loan | SOFR+675 | (10) |  | 10.4 | 12/9/2030 | $43429404 | 42789 |  | 42832 | 5.0 |
| Xponential Fitness LLC | (6) | (20) | First Lien - Revolving Credit Facility | SOFR+675 | (10) |  | 10.4 | 12/9/2030 |  | (31) |  | (28) |  |
|  |  |  |  |  |  |  |  |  |  | 183722 |  | 183722 | 21.4 |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Note** | **Investment** | **Reference<br>Rate and<br>Spread (1)** | **Note** | **Note** | **Interest Rate (%)** | **Maturity<br>Date** | **Par/Shares (2)** | **Amortized Cost (35)** | **Fair<br>Value (45)** | **Fair<br>Value (45)** | **% of Net<br>Assets** |
| ***<u>Energy</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Halcon Holdings, LLC |  | First Lien - Term Loan | SOFR+790 | (10) |  | 11.6 | 12/26/2028 | $13875000 | $13549 | $— | 13460 | 1.6 |
| HighPeak Energy, Inc. | (6) | First Lien - Term Loan | SOFR+765 | (10) |  | 11.3 | 9/29/2028 | 47927914 | 47838 |  | 47452 | 5.5 |
| MidCon Development Finance, LLC |  | First Lien - Delayed Draw Term Loan | SOFR+600 | (10) |  | 9.7 | 9/28/2029 | 11661500 | 11430 |  | 11384 | 1.3 |
| Phoenix Operating, LLC |  | First Lien - Term Loan | SOFR+710 | (10) |  | 10.8 | 10/27/2028 | 33047911 | 32491 |  | 33014 | 3.8 |
| Phoenix Operating, LLC |  | First Lien - Delayed Draw Term Loan | SOFR+710 | (10) |  | 10.8 | 10/27/2028 | 19506689 | 19471 |  | 19487 | 2.3 |
| Roxo Energy Partners IV, LLC |  | First Lien - Term Loan | SOFR+815 | (10) |  | 11.8 | 10/29/2027 | 12956961 | 12752 |  | 12695 | 1.5 |
|  |  |  |  |  |  |  |  |  | 137531 |  | 137492 | 16.0 |
| ***<u>Equity Real Estate Investment Trusts (REITs)</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| North America Data Center Acquisition LLC |  | First Lien - Term Loan | SOFR+500 | (12) |  | 8.9 | 5/8/2030 | $12681250 | $12596 | $— | 12632 | 1.5 |
|  |  |  |  |  |  |  |  |  | 12596 |  | 12632 | 1.5 |
| ***<u>Financial Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Advisor Group Holdings, Inc. |  | First Lien - Term Loan | SOFR+300 | (11) | (7) | 6.6 | 7/30/2032 | $9000000 | $8979 | $— | 9032 | 1.1 |
| Apex Group Treasury LLC |  | First Lien - Term Loan | SOFR+350 | (10) | (7) | 7.2 | 2/27/2032 | 24874687 | 24804 |  | 23343 | 2.7 |
| Aretec Group, Inc. (fka RCS Capital Corporation) |  | First Lien - Term Loan | SOFR+300 | (9) | (7) | 6.7 | 8/9/2030 | 4987437 | 4998 |  | 5003 | 0.6 |
| Daintree Bidco Pty Limited | (6) | First Lien - Term Loan |  | (16) |  |  | 11/25/2032 | 9000000 | 8865 |  | 8933 | 1.0 |
| DS Admiral Bidco, LLC | (20) | First Lien - Term Loan | SOFR+425 | (10) |  | 7.9 | 6/26/2031 | 7978777 | 7919 |  | 7819 | 0.9 |
| Edelman Financial Engines Center, LLC, The |  | First Lien - Term Loan | SOFR+300 | (9) | (7) | 6.7 | 4/7/2028 | 5969849 | 5989 |  | 5995 | 0.7 |
| GC FERRY ACQUISITION I INC |  | First Lien - Term Loan | SOFR+350 | (10) | (7) | 7.2 | 8/16/2032 | 10250000 | 10102 |  | 10228 | 1.2 |
| GC FERRY ACQUISITION I INC | (20) | First Lien - Delayed Draw Term Loan | SOFR+350 | (10) | (7) | 7.2 | 8/16/2032 |  | - |  | (4) |  |
| Global Holdings Interco Parent LLC |  | First Lien - Term Loan | SOFR+560 | (9) |  | 9.3 | 9/16/2027 | 1589546 | 1590 |  | 1589 | 0.2 |
| OneDigital Borrower LLC |  | First Lien - Term Loan | SOFR+300 | (9) | (7) | 6.7 | 7/2/2031 | 4656414 | 4656 |  | 4662 | 0.5 |
|  |  |  |  |  |  |  |  |  | 77902 |  | 76600 | 8.9 |
| ***<u>Food, Beverage & Tobacco</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Amy's Kitchen, LLC |  | First Lien - Term Loan | SOFR+685 | (9) |  | 10.5 | 1/31/2030 | $5099160 | $4906 | $— | 4889 | 0.6 |
| Amy's Kitchen, LLC | (20) | First Lien - Delayed Draw Term Loan | SOFR+685 | (9) |  | 10.5 | 1/31/2030 |  | (48) |  | (53) | (0.0) |
| Badger Finance, LLC |  | First Lien - Term Loan | SOFR+650 | (9) |  | 10.2 | 11/29/2029 | 14625000 | 14016 |  | 14543 | 1.7 |
|  |  |  |  |  |  |  |  |  | 18874 |  | 19379 | 2.3 |
| ***<u>Health Care Equipment & Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| CD&R Reign Topco, Inc. |  | First Lien - Term Loan | SOFR+525 | (9) |  | 8.9 | 11/1/2030 | $68980263 | $67495 | $— | 67774 | 7.9 |
| CD&R Reign Topco, Inc. | (20) | First Lien - Delayed Draw Term Loan | SOFR+525 | (9) |  | 8.9 | 11/1/2030 |  | (199) |  | (171) | (0.0) |
| GT Independence Buyer, Inc. |  | First Lien - Term Loan | SOFR+500 | (10) |  | 8.7 | 11/18/2031 | 62071406 | 61455 |  | 61606 | 7.2 |
| GT Independence Buyer, Inc. |  | First Lien - Revolving Credit Facility | SOFR+500 | (10) |  | 8.7 | 11/18/2031 | 5717103 | 5644 |  | 5662 | 0.7 |
| GT Independence Buyer, Inc. | (20) | First Lien - Delayed Draw Term Loan | SOFR+500 | (10) |  | 8.7 | 11/18/2031 |  | (40) |  | (61) | (0.0) |
| MJH HEALTHCARE HOLDINGS, LLC |  | First Lien - Term Loan | SOFR+275 | (9) | (7) | 6.4 | 1/29/2029 | 4975000 | 4985 |  | 4448 | 0.5 |
|  |  |  |  |  |  |  |  |  | 139340 |  | 139258 | 16.2 |
| ***<u>Household & Personal Products</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Arkas Bidco Limited | (6) | First Lien - Term Loan | SOFR+600 | (10) |  | 9.7 | 11/18/2032 | $25000000 | $24504 | $— | 24500 | 2.9 |
| Sweet Oak Parent LLC |  | First Lien - Term Loan | SOFR+575 | (10) |  | 9.4 | 8/5/2030 | 18354154 | 18148 |  | 18152 | 2.1 |
|  |  |  |  |  |  |  |  |  | 42652 |  | 42652 | 5.0 |
| ***<u>Insurance</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC |  | First Lien - Term Loan | SOFR+300 | (9) | (7) | 6.7 | 11/6/2030 | $16914573 | $16951 | $— | 16883 | 2.0 |
| Acrisure, LLC |  | First Lien - Term Loan | SOFR+325 | (9) | (7) | 6.9 | 6/20/2032 | 4975000 | 4998 |  | 4973 | 0.6 |
| Alera Group, Inc. |  | First Lien - Term Loan | SOFR+325 | (9) | (7) | 6.9 | 5/30/2032 | 17955000 | 18081 |  | 18031 | 2.1 |
| TRUCORDIA INS HLDGS LLC |  | First Lien - Term Loan | SOFR+325 | (9) |  | 6.9 | 6/17/2032 | 12967500 | 13071 |  | 12870 | 1.5 |
|  |  |  |  |  |  |  |  |  | 53101 |  | 52757 | 6.1 |
| ***<u>Materials</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Alltech, Inc. |  | First Lien - Term Loan | SOFR+436 | (9) | (7) | 8.1 | 8/13/2030 | $2984962 | $3000 | $— | 3001 | 0.4 |
| Closure Systems International Group Inc. | (20) | First Lien - Term Loan | SOFR+300 | (9) | (7) | 6.7 | 3/22/2029 | 8977215 | 8955 |  | 8991 | 1.1 |
| Clydesdale Acquisition Holdings, Inc. |  | First Lien - Term Loan | SOFR+318 | (9) | (7) | 6.9 | 4/13/2029 | 20000000 | 20020 |  | 20003 | 2.3 |
| G-3 Chickadee Purchaser, LLC |  | First Lien - Term Loan | SOFR+575 | (10) |  | 9.4 | 10/31/2031 | 50000000 | 48779 |  | 48781 | 5.7 |
| Iris Holding, Inc. |  | First Lien - Term Loan | SOFR+485 | (10) | (7) | 8.5 | 6/28/2028 | 7689708 | 7574 |  | 7445 | 0.9 |
| Shrieve Chemical Company, LLC |  | First Lien - Term Loan | SOFR+600 | (9) |  | 9.7 | 10/30/2030 | 7249988 | 7149 |  | 7105 | 0.8 |
| Shrieve Chemical Company, LLC |  | First Lien - Revolving Credit Facility | SOFR+600 | (9) |  | 9.7 | 10/30/2030 | 168410 | 161 |  | 158 | 0.0 |
| Trident TPI Holdings, Inc. |  | First Lien - Term Loan | SOFR+375 | (10) | (7) | 7.4 | 9/15/2028 | 9949749 | 9854 |  | 9539 | 1.1 |
|  |  |  |  |  |  |  |  |  | 105492 |  | 105023 | 12.2 |
| ***<u>Pharmaceuticals, Biotechnology & Life Sciences</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| CB Biotechnology, LLC |  | First Lien - Term Loan | SOFR+660 | (9) |  | 10.3 | 3/21/2030 | $44991769 | $44556 | $— | 44473 | 5.2 |
|  |  |  |  |  |  |  |  |  | 44556 |  | 44473 | 5.2 |
| ***<u>Real Estate Management & Development</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| CoreLogic, Inc. (fka First American Corporation, The) |  | First Lien - Term Loan | SOFR+361 | (9) | (7) | 7.3 | 6/2/2028 | $8976563 | $8968 | $— | 8973 | 1.0 |
|  |  |  |  |  |  |  |  |  | 8968 |  | 8973 | 1.0 |
| ***<u>Software & Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Asurion, LLC |  | First Lien - Term Loan | SOFR+410 | (9) | (7) | 7.8 | 8/19/2028 | $11969072 | $11993 | $— | 11977 | 1.4 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Note** | **Note** | **Investment** | **Reference<br>Rate and<br>Spread (1)** | **Note** | **Note** | **Interest Rate (%)** | **Maturity<br>Date** | **Par/Shares (2)** | **Amortized Cost (35)** | **Fair<br>Value (45)** | **Fair<br>Value (45)** | **% of Net<br>Assets** |
| Cendyn Group, LLC |  |  | First Lien - Term Loan | SOFR+550 | (10) |  | 9.2 | 6/23/2031 | 15527475 | 15236 |  | 15236 | 1.8 |
| Cendyn Group, LLC |  |  | First Lien - Revolving Credit Facility | SOFR+550 | (10) |  | 9.2 | 6/23/2031 | 1522488 | 1488 |  | 1487 | 0.2 |
| GS AcquisitionCo, Inc. |  |  | First Lien - Term Loan | SOFR+525 | (10) |  | 8.9 | 5/25/2028 | 8218449 | 8218 |  | 7972 | 0.9 |
| GS AcquisitionCo, Inc. |  |  | First Lien - Revolving Credit Facility | SOFR+525 | (10) |  | 8.9 | 5/25/2028 | 22476 | 22 |  | 21 |  |
| GS AcquisitionCo, Inc. | (20) |  | First Lien - Delayed Draw Term Loan | SOFR+525 | (10) |  | 8.9 | 5/25/2028 |  | (14) |  | (218) | (0.0) |
| Kaseya Inc. |  |  | First Lien - Term Loan | SOFR+300 | (9) | (7) | 6.7 | 3/20/2032 | 22470259 | 22617 |  | 22473 | 2.6 |
| KnowBe4 Inc. |  |  | First Lien - Term Loan | SOFR+375 | (10) |  | 7.4 | 7/23/2032 | 9000000 | 8981 |  | 8994 | 1.1 |
| LeadVenture Inc. |  |  | First Lien - Term Loan | SOFR+525 | (10) |  | 8.9 | 6/23/2032 | 10725514 | 10572 |  | 10605 | 1.2 |
| LeadVenture Inc. |  |  | First Lien - Delayed Draw Term Loan | SOFR+525 | (10) |  | 8.9 | 6/23/2032 | 674175 | 660 |  | 651 | 0.1 |
| LeadVenture Inc. |  |  | First Lien - Revolving Credit Facility | SOFR+525 | (10) |  | 8.9 | 6/23/2032 | 204808 | 191 |  | 193 | 0.0 |
| MRI Software LLC |  |  | First Lien - Term Loan | SOFR+475 | (10) |  | 8.4 | 2/10/2028 | 6912761 | 6933 |  | 6878 | 0.8 |
| MRI Software LLC |  |  | First Lien - Delayed Draw Term Loan | SOFR+475 | (10) |  | 8.4 | 2/10/2028 | 39822 | 39 |  | 38 |  |
| MRI Software LLC |  |  | First Lien - Revolving Credit Facility | SOFR+475 | (10) |  | 8.4 | 2/10/2028 | 8849 | 9 |  | 7 |  |
| Olo Parent, Inc. |  |  | First Lien - Term Loan | SOFR+450 | (10) |  | 8.2 | 9/13/2032 | 29521743 | 29390 |  | 29522 | 3.4 |
| Olo Parent, Inc. | (20) |  | First Lien - Revolving Credit Facility | SOFR+450 | (10) |  | 8.2 | 9/13/2032 |  | (13) |  |  |  |
| SonicWall, Inc. |  |  | First Lien - Term Loan | SOFR+500 | (10) | (7) | 8.7 | 5/18/2028 | 24009640 | 23838 |  | 15336 | 1.8 |
| SonicWall, Inc. |  |  | First Lien - Term Loan | SOFR+550 | (10) |  | 9.2 | 5/18/2028 | 14062614 | 13823 |  | 10547 | 1.2 |
|  |  |  |  |  |  |  |  |  |  | 153983 |  | 141719 | 16.5 |
| ***<u>Technology Hardware & Equipment</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Watchguard Technologies, Inc. |  |  | First Lien - Term Loan | SOFR+525 | (9) | (7) | 8.9 | 7/2/2029 | $6716446 | $6721 | $— | 6695 | 0.8 |
|  |  |  |  |  |  |  |  |  |  | 6721 |  | 6695 | 0.8 |
| ***<u>Telecommunication Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| GTT Communications, Inc. |  |  | First Lien - Term Loan | SOFR+600 | (9) |  | 9.7 | 4/15/2031 | $7398484 | $7261 | $— | 7262 | 0.8 |
| Intermedia Holdings, Inc. |  |  | First Lien - Term Loan | SOFR+525 | (9) |  | 8.9 | 4/4/2029 | 10509274 | 10345 |  | 10430 | 1.2 |
| Zacapa S.a r.l. | (6) | (20) | First Lien - Term Loan | SOFR+375 | (10) | (7) | 7.4 | 3/22/2029 | 9974114 | 9949 |  | 9975 | 1.2 |
|  |  |  |  |  |  |  |  |  |  | 27555 |  | 27667 | 3.2 |
| ***<u>Transportation</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Jupiter Refuel Canada Buyer, Inc. | (6) | (18) | First Lien - Term Loan | CORRA+525 | (13) |  | 7.5 | 6/30/2031 | 31710241 | $22958 | $— | 22981 | 2.7 |
| Jupiter Refuel Canada Buyer, Inc. | (6) | (18) | First Lien - Revolving Credit Facility | CORRA+525 | (13) |  | 7.5 | 6/30/2031 | 767868 | 517 |  | 542 | 0.1 |
| Jupiter Refuel Canada Buyer, Inc. | (6) | (18) | First Lien - Delayed Draw Term Loan | CORRA+525 | (13) |  | 7.5 | 6/30/2031 |  | (35) |  | (27) |  |
| Jupiter Refuel US Buyer, Inc. | (6) |  | First Lien - Term Loan | SOFR+525 | (10) |  | 8.9 | 6/30/2031 | $2584245 | 2547 |  | 2571 | 0.3 |
| Jupiter Refuel US Buyer, Inc. | (6) |  | First Lien - Delayed Draw Term Loan | SOFR+525 | (10) |  | 8.9 | 6/30/2031 |  | (4) |  | (3) |  |
|  |  |  |  |  |  |  |  |  |  | 25983 |  | 26064 | 3.0 |
| ***<u>Utilities</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lackawanna Energy Center LLC |  |  | First Lien - Term Loan | SOFR+300 | (10) | (7) | 6.7 | 8/5/2032 | $8838403 | $8818 | $— | 8885 | 1.0 |
|  |  |  |  |  |  |  |  |  |  | 8818 |  | 8885 | 1.0 |
| **Total non-controlled, non-affiliated debt investments** |  |  |  |  |  |  |  |  |  | $1478709 |  | 1464610 | 170.3 |
| **Equity investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ***<u>Consumer Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Riser Fitness, LLC | (19) | (20) | Warrants | N/A |  |  | N/A | N/A | $194344 | $194 | $— | 441 | 0.1 |
|  |  |  |  |  |  |  |  |  |  | 194 |  | 441 | 0.1 |
| ***<u>Financial Services</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ripple Labs Inc. | (19) |  | Class A Common Units | N/A |  |  | N/A | N/A | $60000 | $15001 | $— | 14925 | 1.7 |
|  |  |  |  |  |  |  |  |  |  | 15001 |  | 14925 | 1.7 |
| ***<u>Food, Beverage & Tobacco</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amy's Kitchen, LLC | (19) | (20) | Warrants | N/A |  |  | N/A | N/A | $2296 | $264 | $— | 258 | 0.0 |
|  |  |  |  |  |  |  |  |  |  | 264 |  | 258 | 0.0 |
| ***<u>Household & Personal Products</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Arkas Topco Limited | (19) | (6) | Preferred Shares | N/A |  |  | N/A | N/A | $498852 | $499 | $— | 498 | 0.1 |
| Arkas Topco Limited | (19) | (6) | Ordinary Shares | N/A |  |  | N/A | N/A | 1148 | 1 |  | 18 |  |
|  |  |  |  |  |  |  |  |  |  | 500 |  | 516 | 0.1 |
| **Total non-controlled, non-affiliated equity investments** |  |  |  |  |  |  |  |  |  | $15959 |  | 16140 | 1.9 |
| **Total non-controlled, non-affiliated investments** |  |  |  |  |  |  |  |  |  | $1494668 |  | 1480750 | 172.2 |
| **Non-controlled, affiliated investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Debt investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ***<u>Consumer Discretionary Distribution & Retail</u>*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| FR Refuel, LLC |  |  | First Lien - Term Loan | SOFR+486 | (9) |  | 8.6 | 11/8/2028 | $7552354 | $7524 | $— | 7496 | 0.9 |
| FR Refuel, LLC |  |  | First Lien - Delayed Draw Term Loan | SOFR+475 | (9) |  | 8.4 | 11/8/2028 | 621887 | 622 |  | 610 | 0.1 |
|  |  |  |  |  |  |  |  |  |  | $8146 |  | 8106 | 0.9 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Note** | **Investment** | **Reference<br>Rate and<br>Spread (1)** | **Interest Rate (%)** | **Maturity<br>Date** | **Par/Shares (2)** | **Amortized Cost (35)** | **Fair<br>Value (45)** | **% of Net<br>Assets** |
| **Total non-controlled, affiliated debt investments** |  |  |  |  |  |  | $8146 | 8106 | 0.9 |
| **Total non-controlled, affiliated investments** |  |  |  |  |  |  | $8146 | 8106 | 0.9 |
| **Total investments** |  |  |  |  |  |  | $1502814 | 1488856 | 173.1 |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| BlackRock Liquidity Funds Treasury Trust | (17) |  | N/A | 3.6 | N/A | $86794571 | $86795 | 86795 | 10.1 |
| Goldman Sachs USD Treasury Liquid Reserves Fund | (17) |  | N/A | 3.6 | N/A | $205463 | 205 | 205 | 0.0 |
| **Total cash equivalents** |  |  |  |  |  |  | $87000 | 87000 | 10.1 |
| **Total investments and cash equivalents** |  |  |  |  |  |  | $1589814 | 1575856 | 183.3 |
| **<u>Derivative Instrument</u>** |  |  |  |  | **Settlement Date** | **Notional amount to be purchased** | **Notional amount to be sold** | **Fair<br>Value** | **% of Net<br>Assets** |
| Foreign currency forward contract | (6) |  |  |  | 5/14/2026 | £5844 | $7729 | 147 | 0.0 |
| Foreign currency forward contract | (6) |  |  |  | 5/14/2026 | 11426 | $8234 | 136 | 0.0 |
| Foreign currency forward contract | (6) |  |  |  | 5/14/2026 | 14779 | $17410 | 61 | 0.0 |
| Foreign currency forward contract | (6) |  |  |  | 3/11/2026 | $22441 | £16620 | 41 |  |
| Foreign currency forward contract | (6) |  |  |  | 2/2/2026 | $28050 | 23868 | (37) |  |
| Foreign currency forward contract | (6) |  |  |  | 4/27/2026 | $8172 | 6972 | (64) | (0.0) |
| Foreign currency forward contract | (6) |  |  |  | 6/29/2026 | $24298 | 33275 | (117) | (0.0) |
| **Total foreign currency forward contracts** |  |  |  |  |  |  |  | $167 | 0.0 |

---

(1)For each loan, the Company has indicated the reference rate used and provided the spread in effect as of December 31, 2025.

(2)The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

(3)$ in thousands. All debt investments are shown at amortized cost.

(4)$ in thousands. Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments. All determinations of fair value of investments are reviewed and approved by the Board. Refer to Note. 5 Fair Value Measurements.

(5)Negative fair value indicate investment had an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.

(6)Considered non-qualifying when subject to Section 55(a) of the 1940 Act. As of December 31, 2025, total non-qualifying assets, including respective interest receivable, totaled 14.4% of the Company's total assets.

(7)Investment is valued using observable inputs and considered a Level 2 investment.

(8)Investment earned part of investment income as paid-in-kind interest income. Interest rate includes 1.00% of PIK.

(9)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(10)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(11)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

(12)The interest rate on these loans is subject to daily SOFR, which as of December 31, 2025 was 3.87%.

(13)The interest rate on these loans is subject to 3 month CORRA, which as of December 31, 2025 was 2.26%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.

(15)The interest rate on these loans is subject to 3 month SONIA, which as of December 31, 2025 was 3.98%.

(16)As of December 31, 2025, the deal was unsettled globally and as such no contract information was available.

(17)The rate shown is the seven-day yield as of December 31, 2025.

(18)Please see below table detailing fair value and amortized cost for non-USD denominated investments in local currencies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer | Investment Type | Currency | Cost | FMV |
| Albion Fortress Intermediate Holdings LLC | First Lien - Term Loan | EUR | 22966 | 23122 |
| Jupiter Refuel Canada Buyer, Inc. | First Lien - Term Loan | CAD | 31263 | 31543 |
| Jupiter Refuel Canada Buyer, Inc. | First Lien - Revolving Credit Facility | CAD | 704 | 743 |
| Jupiter Refuel Canada Buyer, Inc. | First Lien - Delayed Draw Term Loan | CAD | (48) | (37) |
| Ruby Bidco Holdings Limited | First Lien - Term Loan | GBP | 15968 | 15940 |
| Ruby Bidco Holdings Limited | First Lien - Delayed Draw Term Loan | GBP | (54) | (123) |
| Urban Gym Group B.V. | First Lien - Term Loan | EUR | 6286 | 6286 |
| Urban Gym Group B.V. | First Lien - Delayed Draw Term Loan | EUR | 407 | 386 |

---

------

(19)These investments qualify as restricted investments under Reg S-X 210.12-12 due to contractual limitations on trading and transfers as private warrants.

See additional information regarding these securities below:

---

| | |
|:---|:---|
| Issuer | Acquisition Date |
| Ripple Labs Inc. | 11/6/2025 |
| Amy's Kitchen, LLC | 6/30/2025 |
| Riser Fitness, LLC | 3/14/2025 |
| Arkas Topco Limited | 11/19/2025 |

---

(20)All of these debt investments are not pledged as collateral under any of the Company's credit facilities (see Note 6- "Debt"). For all other debt investments, which are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.

*[See accompanying notes to the consolidated financial statements.]*

------

**Fortress Private Lending Fund**

**Notes to Consolidated Financial Statements**

**1. Organization and Business Purpose**

Fortress Private Lending Fund (the "Company") is a Delaware statutory trust formed on January 25, 2024. The Company is a "perpetual-life", externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), on August 1, 2025 (the "BDC Election"). Prior to the BDC Election, the Company conducted its investment activities and operations in reliance on an exemption from the definition of "investment company" under Section 3(c)(7) of the 1940 Act.

For U.S. federal income tax purposes, beginning with the tax year ending December 31, 2025, the Company expects to elect to be treated, and the Company intends to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), effective August 1, 2025. As a BDC and a RIC, the Company will be required to comply with certain regulatory requirements.

The Company is managed by FPLF Management LLC (in its capacity as investment adviser, the "Adviser"), an indirect subsidiary of Fortress Investment Group LLC ("Fortress"), which provides management services to the Company pursuant to an amended and restated investment advisory agreement, dated February 10, 2025, between the Adviser and the Company (the "Investment Advisory Agreement"). See further discussion in Note 3 – "Related Party Transactions and Agreements" to our consolidated financial statements. Subject to the overall supervision of the Board of Trustees (the "Board"), the Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring the Company's investments and monitoring its portfolio on an ongoing basis through a team of investment professionals. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC").

FPLF Management LLC (in its capacity as administrator, the "Administrator"), may delegate any of its obligations under the amended and restated administration agreement, dated February 10, 2025, between the Administrator and the Company (the "Administration Agreement") to an affiliate or to a third-party to assist in the provision of administrative services (a "Sub-Administrator"). The Sub-Administrator will receive compensation for its services under a sub-administrative agreement. The Sub-Administrator receives fees, plus out-of-pocket expenses, based on the nature and extent of services provided. The Administrator has retained SEI Global Services, Inc. as the Sub-Administrator to provide administrative and accounting services.

The Company's investment objectives and strategies are to generate current income and, to a lesser extent, capital appreciation, primarily by investing in U.S. middle-market companies through the direct origination or acquisition of first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and, to a lesser extent, second lien senior secured loans. The investment portfolio may also include other interests such as corporate bonds, common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. While most of the Company's investments will be in private U.S. companies (subject to compliance with BDC regulatory requirements to invest at least 70% of the Company's assets in "qualifying assets", as defined in Section 55(a) of the 1940 Act), the Company may invest up to 30% of its portfolio in non-qualifying assets, including companies located outside of the U.S., entities that are operating pursuant to certain exceptions under the 1940 Act, as applicable, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act, as applicable. As of December 31, 2025, non-qualifying assets totaled 14.4% of the Company's total assets. The Company relies on exemptive relief granted by the SEC to the Company, the Adviser and certain affiliates to co-invest with other funds, accounts and clients managed by the Adviser or its affiliates in a manner consistent with our investment objectives. The Company generally considers middle-market companies to consist of companies with $25 million to $250 million of earnings before interest, taxes, depreciation, and amortization, although the Company may from time to time invest in smaller companies and other instruments if the Adviser believes that the opportunity presents attractive investment characteristics and risk-adjusted returns.

During August 2025, the Company sold 30,501,210 of its Shares for aggregate consideration of $762.5 million (the "Initial Share Issuance"). The Initial Share Issuance was comprised of the $638 million of capital called from the Seed Investors, $0.6 million of capital allocation to the Seed Investors and $123.9 million of subscriptions from the Company's continuous public offering priced at $25.00 per share.

------

**2. Summary of Significant Accounting Policies**

The Company believes the following significant accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of the financial statements.

# Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The Company is an investment company for U.S. GAAP purposes and follows accounting and reporting guidance in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 – *Financial Services- Investment Companies*. The Adviser has evaluated this guidance and determined that the Company meets the criteria to be classified as an investment company. The Company's fiscal year ends on December 31.

# Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results may ultimately differ materially from those estimates.

# Consolidation
The Company generally consolidates its investments in investment companies (which included affiliated investment companies while operating as a private lending fund), which are wholly owned and controlled by the Company. If the underlying company is an operating company, consolidation is generally not appropriate. The consolidated financial statements include the accounts of the Company and its wholly owned and controlled subsidiaries after elimination of intercompany balances and transactions. The Company may utilize the subsidiaries to facilitate the investment activities or structures within the overall investment objective. The accounts of the subsidiaries are prepared for the same reporting period end as the Company using consistent accounting policies.

# Segment Reporting
In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. The Company has an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is comprised of the Company's co-chief executive officers and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in net assets resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net investment income as a key metric in determining the amount of distributions to the Company's Shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the Consolidated Statement of Financial Condition as "Total Net Assets" and the significant segment expenses are listed on the Consolidated Statement of Operations as "Operating Expenses."

# Restricted Cash, Restricted Foreign Currencies and Restricted Cash Equivalents
Restricted cash, restricted foreign currencies and restricted cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company's financing transactions. Restricted cash and restricted cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. See reconciliation under "Cash, Foreign Currencies and Cash Equivalents" for totals as of December 31, 2025.

# Cash, Foreign Currencies and Cash Equivalents
Cash and cash equivalents represent cash on hand, cash held in banks and liquid investments with original maturities of three months or less and money market funds that are not held for investment purposes. A portion of the Company's cash may be swept into an overnight sweep account of the financial institution where the Company's cash is held. Cash equivalents, other than money market funds, are carried at cost plus accrued interest, which approximates fair value. Money market funds are carried at net asset value, which approximates fair value. The Company is subject to credit risk should a financial institution be unable to fulfill its obligations. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk.

------

The table below details cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies and restricted cash equivalents as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| *($ in thousands)* | **Restricted<br>cash, foreign<br>currencies<br>and cash<br>equivalents** | **Cash, foreign<br>currencies<br>and cash<br>equivalents** | **Total**<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Cash | $2364 | $4247 | $6611 |
| &nbsp;&nbsp;&nbsp;Foreign currencies | 1100 | 502 | 1602 |
| &nbsp;&nbsp;&nbsp;Cash equivalents<sup>1</sup> | 60063 | 26937 | 87000 |
| **Total** | $**63527** | $**31686** | $**95213** |
| <sup>1</sup>Total cash equivalents agrees to amounts disclosed in the Consolidated Schedule of Investments. | <sup>1</sup>Total cash equivalents agrees to amounts disclosed in the Consolidated Schedule of Investments. | <sup>1</sup>Total cash equivalents agrees to amounts disclosed in the Consolidated Schedule of Investments. | <sup>1</sup>Total cash equivalents agrees to amounts disclosed in the Consolidated Schedule of Investments. |
| <sup>2</sup>Total cash, foreign currencies, cash equivalents and restricted cash, restricted currencies, restricted cash equivalents agrees to amounts disclosed in the Consolidated Statement of Cash Flows. | <sup>2</sup>Total cash, foreign currencies, cash equivalents and restricted cash, restricted currencies, restricted cash equivalents agrees to amounts disclosed in the Consolidated Statement of Cash Flows. | <sup>2</sup>Total cash, foreign currencies, cash equivalents and restricted cash, restricted currencies, restricted cash equivalents agrees to amounts disclosed in the Consolidated Statement of Cash Flows. | <sup>2</sup>Total cash, foreign currencies, cash equivalents and restricted cash, restricted currencies, restricted cash equivalents agrees to amounts disclosed in the Consolidated Statement of Cash Flows. |

---

# Investments at Fair Value
The Company records investment transactions on a trade date basis. Investments are recorded at fair value on the Consolidated Statement of Financial Condition and changes in the fair value of investments are reflected on the Consolidated Statement of Operations as net change in unrealized gain/(loss) on investments. Realized gain/(loss) on investments are recorded on the specific identification method. Realized gains are recognized to the extent sales proceeds exceed the cost basis. Realized losses are recognized when the cost basis exceeds sales proceeds.

The Company records its investments at fair value, in accordance with U.S. GAAP. Fair value is defined under U.S. GAAP as the expected price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See further discussion in Note 5 - "Fair Value Measurements."

The value of any investment or other asset held by the Company as of any date will be determined by the Adviser in good faith and in accordance with the principles set forth below and the Adviser will determine, in its discretion, the appropriate hedge positions intended for such investment. Investment transactions will be recorded on the trade date. Realized gains or losses will be measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to net change in unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses will primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investments that are listed on a national securities exchange (including such investments when traded in the after hours market) will be valued at their last sales price on the date of determination on the largest securities exchange (by trading volume in such investment) on which such investments will have traded on such date. If no such sales of such investments occurred on the date of determination, such investments will be valued at the midpoint between the "bid" and the "asked" price for long positions and at the "asked" price for short positions on the largest securities exchange (by trading volume in such investment) on which such investments are traded, on the date of determination. Investments that are not listed on an exchange but are traded over-the-counter will be valued at the representative "bid" quotations if held long and at representative "asked" quotations if held short, unless included in the NASDAQ National Market System, in which case they will be valued based upon their last sales prices (if such prices are available).

Investments that are not listed on an exchange and are not traded over-the-counter but for which external pricing or valuation sources are available will be valued in accordance with such external pricing or valuation sources; provided, however, that such valuations may be adjusted by the Adviser to account for recent trading activity or other information that may not have been reflected in pricing obtained from external sources. Privately negotiated derivative investments, such as interest rate swaps, credit default swaps and various basket indices typically shall be valued at the midpoint between the "bid" and "asked" prices by third party pricing services and/or trading counterparties, or based on proprietary pricing models used by the Adviser or independent service providers.

The value of investments that are not listed on an exchange, are not traded over-the-counter and for which no third party pricing sources are available (which may include trade claims, mortgage loans, corporate loans, consumer loans, leases, property, private securities and other receivables and assets), as is expected to be the case for substantially all of our investments, will be valued at fair value as determined in good faith by our Adviser, who, following the BDC Election, was appointed as the Board's Valuation Designee (as defined in Rule 2a-5 under the 1940 Act), no less frequently than monthly. The determination of fair market value may be aided by one or more independent valuation agents selected by the Adviser no less frequently than quarterly (with certain de minimis exceptions),

------

and such valuations shall reflect any credit risk associated with such investments where deemed appropriate. When the Adviser deems it necessary or advisable, investments may be valued based on proprietary pricing models developed by the Adviser or independent valuation agents. All assets and liabilities initially will be valued in the applicable local currency and then translated into U.S. dollars using the applicable exchange rate on the date of determination.

If the Adviser determines that the value of any investments as determined pursuant to this section does not accurately reflect the fair value of such investments, the Adviser shall value such investments as it reasonably determines. If the Adviser determines that any investment is so thinly traded that the Company would be unable to dispose of the Company's position in such investment within a reasonable time frame at the market price, then the Company may apply a discount to the value of such investment in an amount that it, in its discretion, deems appropriate. The Adviser's valuation committee approves final investment valuations.

**Forward Foreign Currency Contracts and Other Derivative Instruments**

The Company uses forward foreign currency contracts in order to manage its foreign exchange risk. Forward foreign currency contracts represent future commitments to purchase or sell currencies at a specified time. These contracts are recorded at fair value utilizing an industry standard pricing model, see further discussion below.

Net realized and net change in unrealized gain/(loss) on forward foreign currency contracts are reflected in the Consolidated Statement of Operations. The below table details the Company's reconciliation of gross to net balances expressed in thousands:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts<br>of Recognized<br>Assets/(Liabilities)** | **Gross Amounts<br>offset in the<br>Consolidated<br>Statement of<br>Financial Condition** | **Net Amount of<br>Asset/(Liabilities)<br>Presented on the<br>Consolidated<br>Statement of<br>Financial Condition** | **Cash<br>Collateral<br>(Received)<br>/Pledged** | **Net Amount** |
| Bank of Nova Scotia | $385 | $(218) | $167 | $— | $167 |
| Bank of Nova Scotia | (218) | 218 |  |  |  |
| **Total** | $**167** | $**—** | $**167** | $**—** | $**167** |

---

Investments in forward foreign currency contracts subject the Company to off-balance sheet market risk, where future changes in foreign currency rates may cause the fair value to differ from the amount recognized in the Consolidated Statement of Financial Condition. The below table details the Company's current positions expressed in thousands:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>to be<br>purchased** | **Notional<br>amount<br>to be<br>purchased** | **Notional<br>amount<br>to be<br>sold** | **Notional<br>amount<br>to be<br>sold** | **Settlement<br>Date** | **Fair Value**<br> *($ in<br>thousands)* | **Balance Sheet<br>Location of<br>Net Amounts** |
| Bank of Nova Scotia | £nan | 5844 | $— | 7729 | 5/14/2026 | $147 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia |  | 11426 | $— | 8234 | 5/14/2026 | 136 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia |  | 14779 | $— | 17410 | 5/14/2026 | 61 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 22441 | £nan | 16620 | 3/11/2026 | 41 | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 28050 |  | 23868 | 2/2/2026 | (37) | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 8172 |  | 6972 | 4/27/2026 | (64) | Unrealized gain on forward foreign currency contracts |
| Bank of Nova Scotia | $— | 24298 |  | 33275 | 6/29/2026 | (117) | Unrealized gain on forward foreign currency contracts |
|  |  |  |  |  | **Total** | $**167** |  |

---

------

An unrealized gain/(loss) on derivative instruments is generally recorded based upon market changes in the underlying asset, calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or otherwise determined notional amount, adjusted for other factors such as liquidity and counterparty credit risk. A realized gain/(loss) is recognized at the reset date, if any, or at the termination of the agreement. Net realized and net change in unrealized gain/(loss) is presented on the Consolidated Statement of Operations.

Following its BDC Election, the Company complies with Rule 18f-4 under the 1940 Act, which requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as "limited derivatives users" from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. The Company qualifies and intends to continue to qualify as a "limited derivatives user." The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

The private warrants held by the Company and included in the Consolidated Schedule of Investments are classified as equity investments not as a derivative instrument. See further discussion in Note 2 - "Summary of Significant Accounting Policies" under the "Investments" section.

**Interest Income**

Interest income (including paid-in-kind interest) and interest expense is recognized as earned on an accrual basis and is earned or incurred from fixed income securities, certain financing arrangements and broker balances, and includes accretion of discounts and amortization of premiums calculated using the effective yield method, where applicable. Generally, investments are placed on non-accrual status when a borrower has missed multiple payments and the Company believes future payments are doubtful. Expenses are recognized as incurred on an accrual basis.

The Company will reduce current interest income by charging off any interest receivable (or cost basis of investments in the case of paid-in-kind interest) when the collection of all or a portion of such interest becomes doubtful or where credit quality restricts the ability to reasonably estimate cash flows. Other factors such as purchase price, fair value and current market conditions are also considered when determining non-accrual status for investments. The Company does not accrete discounts or amortize premiums or recognize paid-in-kind interest on investments that are placed on non-accrual status.

As of December 31, 2025, and December 31, 2024, the Company had no non-accrual debt investments.

**Other Income**

When the Company purchases an investment, it may receive fees during the life of the investment such as commitment fees, letter of credit fees and amendment fees. The upfront fees received in connection with investments that are deemed to be an adjustment to yield are capitalized and amortized over the term of the investment. Other fees that are received, but not deemed to be an adjustment to yield may be recognized as earned and are included in other income on the Consolidated Statement of Operations. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

**Organization and Offering Costs**

Organization costs include the cost of regulatory compliance, formation, including legal fees related to the creation and organization of the Company and its organizational documents, as well as its election to be regulated as a BDC. For the avoidance of doubt, organization costs shall not include sales loads, commissions or placement agent fees. Organization costs are expensed as incurred on the Consolidated Statement of Operations.

For the year ended December 31, 2025, the Company recorded $5.3 million of organization costs in the Consolidated Statement of Operations.

Offering costs include legal, accounting, third party transfer agent, printing and other expenses associated with the preparation of a registration statement in connection with the Initial Share Offering and any subsequent offering of Shares. Offering costs are capitalized as deferred offering costs on the Consolidated Statement of Financial Condition and amortized to expense over a twelve-month period. For deferred offering costs incurred prior to the Initial Share Issuance, amortization commenced upon August 1, 2025.

As of December 31, 2025, the Company recorded $0.7 million of deferred offering costs, capitalized, within the Consolidated Statement of Financial Condition. Upon the Initial Share Issuance, the Company began amortizing the deferred offering costs over a 12 month

------

period. As of the year ended December 31, 2025, $0.4 million of offering costs were amortized in the Consolidated Statement of Operations.

Since inception, the Adviser has elected to pay certain organization costs under the Amended and Restated Expense Support and Conditional Reimbursement Agreement ("Expense Support Agreement"). Expense support amounts fronted by the Adviser will be subject to recoupment under to terms of the Expense Support Agreement. See discussion in Note 3 - "Related Party Transactions and Agreements" for additional disclosure.

**Debt Issuance and Financing Costs** 

Debt issuance and financing costs generally relate to lender fees and legal fees associated with the establishment of the financing vehicles consolidated by the Company. Debt issuance and financing costs also include extension fees and upfront fees on loans or revolving credit facilities held by the Company. These costs are capitalized and are amortized over the term of the financing arrangements, revolving credit and loan facilities, as applicable. The deferred debt issuance and financing costs are netted with their respective liabilities on the Consolidated Statement of Financial Condition.

**Foreign Currency Translation** 

Assets and liabilities that are denominated in foreign currencies were translated into U.S. dollars at the closing rates of exchange on December 31, 2025. Transactions during the period are translated at the rate of exchange prevailing on the date of the transaction. The Company includes that portion of the results of operations resulting from changes in foreign exchange rates on investments in net realized and unrealized gain/(loss) on investments in the Consolidated Statement of Operations. All other foreign currency translation gain/(loss) is included in the net realized and net change in unrealized foreign currency translation gain/(loss) on the Consolidated Statement of Operations.

# Income Taxes
For tax periods prior to the effective date of the Company's election to be treated as a RIC under Subchapter M of the Code (such election, the "RIC Election"), the Company expects to be classified as a partnership for U.S. federal income tax purposes. As a partnership, the Company generally will not pay U.S. federal income taxes, but each of the Company's investors will generally be required to file U.S. income tax returns and pay income taxes on the income and gains allocated to it in respect of its interest in the Company (whether or not distributed).

The Company expects to make a RIC Election when it files its U.S. federal income tax return for the taxable year that begins, August 1, 2025 ending December 31, 2025. As of the BDC Election, it is expected the Company will be treated as a RIC for U.S. federal income tax purposes. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes (at least annually) to its shareholders as distributions. Rather, any U.S. federal income tax liability related to amounts distributed by the Company represents obligations of the Company's shareholders.

If the Company fails to distribute in a timely manner an amount at least equal to the sum of (i) 98% of the Company's ordinary income for the calendar year, (ii) 98.2% of the amount by which the Company's capital gains exceed its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax (collectively, the "Excise Tax Distribution Requirements"), the Company will be subject to a 4% nondeductible U.S. federal excise tax on the amount by which it does not meet the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year-end (or earlier if estimated taxes are paid). See further discussion in Note 9- "Federal Income Tax Matters."

**New Accounting Pronouncements**

On December 14, 2023, the FASB issued Accounting Standards update ("ASU"), ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aimed to improve transparency of tax information for investors and enhance income tax disclosures. The update requires the Company to provide a breakdown of total income tax paid, net of refunds, by jurisdiction if the amount exceeds materiality. The amendments under this ASU were effective for fiscal year ends beginning after December 31, 2024 and hence the Company adopted this ASU for the year ending December 31, 2025. Total income taxes paid during the period were all related to U.S. federal tax liability requirements, and no jurisdictional breakdown was required.

Other than the aforementioned guidance, the Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

------

**3. Related Party Transactions and Agreements** 

**The Adviser**

The Company is managed by the Adviser which provides management services to the Company pursuant to the Investment Advisory Agreement. Subject to the overall supervision of the Board, the Adviser is responsible for managing the Company's business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring the Company's investments and monitoring the Company's portfolio on an ongoing basis through a team of investment professionals.

As investment operations had not yet commenced, no fees or corresponding waivers were recorded for the year ended December 31, 2024.

# Management Fee
The Company pays to the Adviser a management fee (the "Management Fee") at an annual rate of 1.3% of the Company's net assets, payable quarterly in arrears, calculated as of the end of the most recently completed calendar quarter and adjusted for any Share issuances, repurchases, dividends or distributions during the relevant calendar quarter. For purposes of determining the Management Fee, the Company's net assets means its total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. The Adviser has agreed to waive the Management Fee for (i) the period prior to the BDC Election, and (ii) the 6-month period following the date of the first closing following the BDC Election (the "Initial Fee Waiver"). The Initial Fee Waiver is not subject to recoupment by the Adviser. The Management Fee for any partial quarter will be appropriately prorated based on the actual number of days elapsed relative to the total number of days in such calendar quarter.

For the year ended December 31, 2025, the Company recorded the management fee of $4.2 million and corresponding management fee waiver pursuant to the Initial Fee Waiver of $4.2 million within the Consolidated Statement of Operations.

# Incentive Fee
The Company pays to the Adviser an incentive fee that consists of two parts. In any given quarter, one part of the incentive fee may be payable while the other is not. The first part of the incentive fee (the "Investment Income Incentive Fee") is calculated and payable on a quarterly basis, in arrears, and equals 12.5% of Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.5% (i.e., 6.0% annualized), or "Hurdle Rate," measured on a quarterly basis and a "catch-up" feature.

To determine whether Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate, Pre-Incentive Fee Net Investment Income is expressed as a rate on the average daily hurdle calculation value. The average daily hurdle calculation value, on any given day, equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's net assets as of the end of the calendar quarter immediately preceding the applicable day; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the aggregate amount of capital invested (including reinvested) from investors from the beginning of the current quarter to the applicable day; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the aggregate amount of distributions (including Share repurchases) made by the Company from the beginning of the current quarter to the applicable day (but only to the extent distributions were not declared and accounted for on the Company's books and records in a previous calendar quarter).

The Company will pay the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Investment Income Incentive Fee will be payable to the Adviser in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate for such calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 1.715% for that calendar quarter will be payable to the Adviser. The Company refers to this portion of the Pre-Incentive Fee Net Investment Income as the "catch-up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.715% in any calendar quarter is payable to the Adviser.

"Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence, consulting or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company's

------

operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred shares, but excluding the incentive fee). In addition, Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received, or interest in the form of securities received rather than cash, including original issuance discount ("OID"), payment-in-kind and zero coupon investments.

For the year ended December 31, 2025, the Company recorded the Investment Income Incentive Fee of $4.1 million, and corresponding investment income fee waiver of $0.2 million, within the Consolidated Statement of Operations. The Company recorded an Investment Income Incentive Fee waiver for the year ended December 31, 2025, representative of fees waived by the Adviser for June 2025 and July 2025 income, as the Adviser elected to waive in the period prior to the BDC Election.

For the year ended December 31, 2025, the Company paid $1.3 million of Investment Income Incentive Fees. The Company recorded an Investment Income Incentive Fee payable of $2.5 million, as of December 31, 2025.

The second part of the incentive fee (the "Capital Gains Incentive Fee") is an annual fee that is determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 12.5% of cumulative realized capital gains, if any, determined on a cumulative basis from the commencement of the Company's investment operations (based on the fair value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the commencement of the Company's investment operations (based on the fair value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains 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 Adviser if the Company were to sell the relevant investment and realize a capital gain.

As of December 31, 2025, there was no Capital Gains Incentive Fee accrued. As investment operations had not yet commenced, no Capital Gains Incentive Fee was recorded as of December 31, 2024.

The fees that will be payable under the Investment Advisory Agreement are appropriately adjusted for any Share issuances or repurchases during the calendar quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) and except as described above, exclude capital gains, realized loss and unrealized capital appreciation or depreciation.

# Amended and Restated Expense Support and Conditional Reimbursement Agreement
The Company entered into an amended and restated expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser as of June 3, 2025, pursuant to which the Adviser may elect to pay certain of the Company's expenses (including organization and offering costs, excluding interest expense and distribution fees) on the Company's behalf (each, an "Expense Payment"). If the Adviser elects to pay certain of the Company's expenses, the Adviser may be entitled to reimbursement of such expenses from the Company, subject to the terms of the Expense Support Agreement, summarized below. Following any calendar quarter the 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 (as further defined below under "Excess Operating Funds"), then the Company will be required make a payment to the Adviser (each a "Reimbursement Payment"). Reimbursement Payments to the Adviser will be accrued as they become probable or estimable or as certain conditions in the Expense Support Agreement are triggered.

Expense Payments are recorded in the Company's Consolidated Statement of Operations, classified under the appropriate operating expense caption offset by the total amount of Expense Payments made by the Adviser captioned as Expense Support. The Company's obligation to make a Reimbursement Payment will be recorded as a payable on the last business day of the applicable calendar quarter, and will be paid as promptly as possible following such applicable calendar quarter and in no event later than forty-five days after the end of such applicable quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter.

"Available Operating Funds" are defined as 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).

"Excess Operating Funds" are defined as the calendar quarter when Available Operating Funds 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 Company will utilize such Excess Operating Funds, or a portion thereof, to make a Reimbursement Payment to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of the applicable quarter have been reimbursed. 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 that have not been reimbursed within three years prior to the last business day of such calendar quarter. The Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any 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. Reimbursement Payments are recorded in the Company's Consolidated Statement of Operations as Expense Reimbursement. In a calendar quarter with Excess Operating Funds, a payable is recorded in the Consolidated Statement of Financial Condition for the amount of the Reimbursement Payment due to the Adviser.

For the year ended December 31, 2025, the Company recorded $5.3 million of expense support in the Consolidated Statement of Operations. The total amount of expense support was related to the Company's organization costs. See further discussion in Note 2 - Summary of Significant Accounting Policies under the "Organization and Offering Costs" section.

Excess Operating Funds were generated for the quarters ending September 30, 2025 and December 31, 2025, however, the Adviser elected to waive its right to receive any Reimbursement Payment and as such, no corresponding payable was recorded in the Statement of Financial Condition. The Expense Payments remain eligible for Reimbursement Payment in the future in accordance with the recoupment period defined in the Expense Support Agreement.

# The Administrator
The Administrator provides, or oversees the performance of, certain administrative and compliance services pursuant to the "Administration Agreement." The Company will reimburse the Administrator for its costs, expenses and the Company's allocable portion of compensation of the Administrator's personnel and overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations pursuant to the Administration Agreement. The Administrator is an affiliate of Fortress and may provide (including through its affiliates) similar services to other existing or future investment funds or accounts managed by Fortress or any of its affiliates (the "Fortress Managed Accounts"), provided that, except where otherwise specifically stated in the Company's registration statement on Form 10, Fortress Managed Accounts shall not include investment funds and accounts managed by (i) the indirect owner(s) of Fortress or (ii) any person controlling, controlled by or under common control with such indirect owner(s) that is not also controlled by Fortress). To the extent that the Administrator provides administrative services to other Fortress Managed Accounts, any of the costs and expenses associated with the Administrator's personnel overhead (including rent, office equipment and utilities) or incurred by the Administrator in performing its administrative obligations, will be borne by the Company based on its allocable share of the costs, on an estimated basis. Notwithstanding the foregoing, in circumstances where the Administrator reasonably believes that an allocation of such expenses or the amount allocated to the Company and/or other Fortress Managed Accounts would produce an inequitable result to the Company and/or other Fortress Managed Accounts, the Administrator may allocate such expenses in a fair and equitable manner. Such allocations will be subject to review and approval by the Board on a periodic basis.

**Transaction with an Affiliate** 

In June 2025, the Company purchased a group of loans totaling $165.1 million of commitments from a fund managed by an affiliate of the Adviser and in which certain of our trustees and officers and members of the Investment Committee may have indirect pecuniary interests. The loans were purchased at fair value for $147.5 million, which was determined by management with the use of third party independent valuation agents.

**4. Investments**

The table below presents the Company's investments at amortized cost and fair value as of December 31, 2025 expressed in thousands:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **% Fair<br>Value** | **Amortized<br>Cost** | **% Amortized<br>Cost** |
| First lien debt investments | $1472716 | 98.9% | $1486855 | 98.9% |
| Preferred equity investments | 16140 | 1.1% | 15959 | 1.1% |
| **Total** | $**1488856** | **100.0%** | $**1502814** | **100.0%** |

---

------

The Company uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The table below presents investments by industry composition based on fair value as of December 31, 2025 expressed in thousands:

---

| | | |
|:---|:---|:---|
| **Industry** | **Fair Value** | **% Fair Value** |
| Consumer Services | $184163 | 12.4% |
| Commercial & Professional Services | 178984 | 12.0 |
| Software & Services | 141719 | 9.5 |
| Health Care Equipment & Services | 139258 | 9.4 |
| Energy | 137492 | 9.2 |
| Capital Goods | 123412 | 8.3 |
| Consumer Durables & Apparel | 117398 | 7.9 |
| Materials | 105023 | 7.1 |
| Financial Services | 91525 | 6.2 |
| Insurance | 52757 | 3.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | 44473 | 3.0 |
| Household & Personal Products | 43168 | 2.9 |
| Telecommunication Services | 27667 | 1.9 |
| Transportation | 26064 | 1.8 |
| Food, Beverage & Tobacco | 19637 | 1.3 |
| Equity Real Estate Investment Trusts (REITs) | 12632 | 0.9 |
| Automobiles & Components | 10825 | 0.7 |
| Real Estate Management & Development | 8973 | 0.6 |
| Utilities | 8885 | 0.6 |
| Consumer Discretionary Distribution & Retail | 8106 | 0.5 |
| Technology Hardware & Equipment | 6695 | 0.5 |
| **Total** | $**1488856** | **100**% |

---

The table below presents investments by geographic composition based on fair value as of December 31, 2025 expressed in thousands:

---

| | | |
|:---|:---|:---|
| **Geographic Risk** | **Fair Value** | **% Fair Value** |
| United States | $1362534 | 91.5% |
| United Kingdom | 73509 | 4.9 |
| Canada | 26064 | 1.8 |
| Panama | 9975 | 0.7 |
| Australia | 8933 | 0.6 |
| Netherlands | 7841 | 0.5 |
| **Total** | $**1488856** | **100.0**% |

---

**5. Fair Value Measurements**

Assets and liabilities recorded at fair value are classified and disclosed based upon a fair value hierarchy as described below. The fair value hierarchy prioritizes and ranks the levels of observability of inputs used in measuring investments at fair value. The observability of inputs is impacted by multiple factors, including the type of investment and the characteristics specific to the investment. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Levels are based on the lowest level of significant input to valuation. See further disclosure related to valuation in Note 2- Summary of Significant Accounting Policies.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1 – price quotes (unadjusted) for identical assets or liabilities that are available in active markets to which the Company has access to at the measurement date. The Company classifies unrestricted securities listed in active markets as Level 1. The Company does not adjust the quoted price for these assets or liabilities, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price.

Level 2 – pricing inputs, other than quoted prices included within Level 1, which are directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets (including actionable bids from third parties for privately held assets or liabilities), and observable

------

inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivative contracts or other assets or liabilities. The Company classifies swaps and forward foreign currency contracts with observable inputs as Level 2.

Level 3 – unobservable inputs for the asset or liability are used where there is little, if any, market activity for the asset or liability at the measurement date and is based upon the Adviser or third-party's assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private or real estate companies or assets valued using the market and/or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, discount rates, interest rate volatility, recovery rates, multiple on invested capital ("MOIC") and market multiples, such as TEV/EBITDA multiples. Valuations based upon information from third parties, such as broker quotes and third-party valuation services, in consultation with management, which are based significantly on unobservable inputs or are otherwise not supportable as Level 2 inputs are classified as Level 3. Level 3 investments also include certain investments in affiliates whereby the underlying investments within the affiliated entities can be classified under Level 1, 2 or 3.

The following table presents the valuation of the Company's investment portfolio at fair value as of December 31, 2025 by level within the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt investments | $— | $325853 | $1146863 | $1472716 |
| Preferred equity investments |  |  | 16140 | 16140 |
| Foreign currency forward transactions |  | 167 |  | 167 |
| Cash equivalents | 87000 |  |  | 87000 |
| **Total Assets and Liabilities at Fair Value** | $**87000** | $**326020** | $**1163003** | $**1576023** |

---

The following tables present a roll forward of the amounts in the Consolidated Statement of Financial Condition of the Company's investment portfolio for the period from January 1, 2025 to December 31, 2025, classified by the Company within Level 3 of the fair value hierarchy. When a determination is made to classify an investment within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. The Level 3 gain/(loss) in the following tables is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statement of Operations for the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| *($ in thousands)* | **First lien debt<br>investments** | **Preferred<br>equity <br>investments** | **Total** |
| Fair value, December 31, 2024 | $**—** | $**—** | $**—** |
| Purchases/Borrowings | 1215930 | 15959 | 1231889 |
| Sales and Settlements/Paydowns | (67694) |  | (67694) |
| Accretion of discount/amortization of premium | 1004 |  | 1004 |
| Total net realized and net change in unrealized gain/(loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;on investments | (2377) | 181 | (2196) |
| **Fair value, December 31, 2025** | $**1146863** | $**16140** | $**1163003** |

---

The following table presents quantitative and qualitative information about the significant unobservable inputs used in determining the fair value of the Company's Level 3 investments. The table displays the range of significant unobservable inputs used by valuation techniques for each Level 3 asset category. Certain inputs may not be significant inputs used in the valuation of all investments within the Level 3 asset category. Additionally, the range of such inputs presented in the table may not be applicable to the valuation of each individual asset within a category. The categorization of assets in the below table is determined by each individual asset's valuation characteristics. With the exception of Level 3 investments that have been valued without management generated inputs, including but not limited to, broker quotations or pricing services, the following table includes all investments included in Level 3 as displayed in the fair value measurement table presented earlier.

As of December 31, 2025, all Level 3 investments were included in the following table.

------

Certain asset categories, fair value amounts, valuation techniques and significant unobservable inputs are disclosed in the table and represent investments held directly by the Company, it is not intended to be all inclusive. The asset categories presented within the table may be more disaggregated than the categories presented within the Consolidated Schedule of Investments in order to further describe the valuation characteristics and align with the fair value methods described herein.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Asset Category** | **Fair Value**<sup>2</sup> | **Valuation Technique** | **Significant<br>Unobservable Inputs** | **Range of Inputs** | **Weighted Average**<sup>1</sup> |
| First lien debt investments | $963798 | Discounted Cash Flow | Discount Rate | 8.3%-25.4% | 10.2% |
|  |  |  | Interest Rate Volatility | 30.0% | 30.0% |
|  | 129827 | Broker Quotes | Broker Quotes | N/A | N/A |
|  | 53238 | Transactional Value | Transaction Price | N/A | N/A |
| Preferred equity investments | $14925 | Monte-Carlo Simulation | Comparable Company Quotes | 137.15 | 137.15 |
|  |  |  | Call Option Term | 4 years | 4 years |
|  |  |  | Drift | 14.5% | 14.5% |
|  |  |  | Volatility | 82.5% | 82.5% |
|  | 717 | Valuation Multiple | LTM EBITDA | 7.3x-12.3x | 8.3x |
|  |  |  | Illiquidity Discount | 10.0% | 10.0% |
|  | 498 | Discounted Cash Flow | Discount Rate | 10.1% | 10.1% |

---

<sup>1</sup>*Unobservable inputs were weighted by the relative fair value of these investments* 

<sup>2</sup>*$ expressed in thousands*

As of December 31, 2025, the majority of the investments purchased by the Company were purchased alongside other funds, accounts and clients managed by the Adviser or its affiliates pursuant to the conditions of the Co-Investment Exemptive Order, as applicable.

**6. Debt** 

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 December 31, 2025, the Company's asset coverage ratio was 231%.

The table below presents outstanding debt obligations as of the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Amount<br>Available**<sup>1</sup> | **Unamortized<br>Debt Issuance<br>Costs** | **Net<br>Carrying<br>Value** |
| Scotiabank Revolving Credit Facility | $400000 | $211500 | $188500 | $(4399) | $207101 |
| BAML ABL Credit Facility | 150000 | 146700 | 3300 | (738) | 145962 |
| Scotiabank ABL Facility | 600000 | 299286 | 300714 | (4752) | 294534 |
| **Total Debt** | $**1150000** | $**657486** | $**492514** | $**(9889)** | $**647597** |

---

<sup>1</sup>*The amount available may be subject to limitations related to each credit facility's borrowing base.*

As of December 31, 2024, the Company had not entered into any debt obligations.

As of December 31, 2025, the Company's debt obligations are carried at cost which approximates fair value. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to the present value using an estimated market yield. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3.

------

The table below presents the components of interest expense for all debt obligations for the period presented:

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Interest expense | $11356 |
| Amortization of debt issuance costs | 1362 |
| **Total Interest Expense** | $**12718** |
| Weighted average interest rate<sup>1</sup> | 6.1% |
| Weighted average daily outstanding borrowings | $201498 |

---

<sup>1</sup>*Averages are calculated based on annualized amounts.* 

*Subscription Facility* 

On March 7, 2025, the Company entered into a revolving credit facility (the "Subscription Facility") with Scotiabank for a total commitment of $400 million. The scheduled maturity date of the Subscription Facility was March 6, 2026. The Subscription Facility can be drawn upon, at the discretion of the Company, for any purpose expressly permitted in the Company's organizational and offering documents, including to purchase portfolio investments and for working capital purposes. The Subscription Facility is secured by the unfunded commitments of the Seed Investors. The interest rate generally applicable to the loans advanced under the Subscription Facility is the applicable SOFR rate plus 2.35% per annum.

On April 28, 2025, the Company entered into an amendment to the Subscription Facility to add a lender and increase the total lender commitment to $470 million ("Tranche A").

On June 25, 2025 (the "Second Amendment Effective Date"), the Company entered into a second amendment to the Subscription Facility to add a new tranche of subordinated debt, in an amount up to $70 million, ("Tranche B") increasing the total lender commitment to $540 million. The interest rate generally applicable to the loans advanced under the new tranche is the applicable SOFR rate plus 2.70% per annum, increasing by 20 basis points per annum on each quarterly anniversary of the Second Amendment Effective Date.

On August 1, 2025, all outstanding borrowings under the Subscription Facility were repaid and all lender commitments thereunder were terminated.

*Scotiabank Revolving Credit Facility*

On August 5, 2025, the Company, as borrower, entered into a Senior Secured Revolving Credit Agreement (the "Scotiabank Revolving Credit Agreement"), by and among the Company, the lenders and issuing banks party thereto from time to time and Scotiabank, as administrative agent, which provides for a senior secured revolving credit facility (the "Scotiabank Revolving Credit Facility") with a total commitment of $400 million, which includes a $50 million sublimit for swingline loans and a $30 million sublimit for the issuance of letters of credit. The Company may request an increase to the commitment up to $800 million to the extent the lenders (existing and new lenders) agree to provide the additional commitment. The scheduled maturity date of the Scotiabank Revolving Credit Facility is August 5, 2030 (the availability period under the Scotiabank Revolving Credit Facility will terminate on August 3, 2029). The Scotiabank Revolving Credit Facility can be drawn upon, at the discretion of the Company, for general corporate purposes, including the funding of portfolio investments. The Company may borrow amounts in U.S. dollars or certain other permitted currencies.

The interest rate under the Scotiabank Revolving Credit Facility is either Daily Simple RFR, Term SOFR (or other term benchmark rate) or Alternate Base Rate (defined as the greater of (a) zero and (b) the highest of (i) the prime rate as last quoted by The Wall Street Journal, (ii) the federal funds effective rate for such day plus 0.5% and (iii) the rate per annum equal to Term SOFR plus 1.00%) plus an applicable margin equal to (I) (a) if the gross borrowing base (as of the most recently delivered borrowing base certificate delivered under the Scotiabank Revolving Credit Agreement) is less than 1.60 times the Combined Debt Amount, (i) with respect to any ABR Loan, 1.100% per annum and (ii) with respect to any Term SOFR, other term benchmark or Daily Simple RFR Loan, 2.100% per annum; or (b) if the gross borrowing base (as of the most recently delivered borrowing base certificate delivered under the Scotiabank Revolving Credit Agreement) is greater than or equal to 1.60 times the Combined Debt Amount, (i) with respect to any ABR Loan, 0.975% per annum and (ii) with respect to any Term SOFR, other term benchmark or Daily Simple RFR Loan, 1.975% per annum. The Company will also pay a fee of 0.325% on average daily undrawn amounts under the Scotiabank Revolving Credit Facility.

The Scotiabank Credit Agreement includes financial and other affirmative and negative covenants, events of default and remedies typical

------

for this type of credit facility, including certain limitations on the incurrence of additional indebtedness, ability to make Restricted Payments (as defined in the Scotiabank Credit Agreement), transactions with Affiliates (as defined in the Scotiabank Credit Agreement) and certain financial covenants related to the Company's asset coverage ratio and minimum shareholders' equity and other maintenance covenants.

The obligations of the Company pursuant to the Scotiabank Revolving Credit Agreement is secured by a first-priority security interest in substantially all of the assets of the Company (not pledged to other facilities).

*BAML ABL Credit Facility*

On September 29, 2025, the Company, (through wholly owned subsidiaries FPLF BA Holdings Finance LLC, as borrower and FPLF BA Holdings Finance CM LLC, as servicer) entered into a Credit Agreement (the "BAML ABL Credit Agreement") with Bank of America, N.A., as administrative agent and each of the lenders from time to time party thereto, which provides for a revolving credit facility (the "BAML ABL Credit Facility") with a total commitment of $150 million. On March 29, 2026, the total commitment will increase to $300 million. The scheduled maturity date of the BAML ABL Credit Facility is March 29, 2029. Borrowings under the BAML ABL Credit Agreement may take the form of base rate loans, SOFR loans, alternative currency daily rate loans, alternative currency term rate loans or Canadian prime rate loans.

Base rate loans will bear interest at a rate per annum equal to (A) the Base Rate plus (B) 1.40% per annum. SOFR loans will bear interest at a rate per annum equal to (A) Daily SOFR plus (B) 1.40% per annum. Alternative currency daily rate loans will bear interest at a rate per annum equal to (A) the Alternative Currency Daily Rate plus (B) 1.40% per annum. Alternative currency term rate loans will bear interest at a rate per annum equal to (A) the Alternative Currency Term Rate plus (B) 1.40% per annum. Canadian prime rate loans will bear interest at a rate per annum equal to (A) the Canadian Prime Rate plus (B) 1.40% per annum.

The BAML ABL Credit Agreement includes financial and other affirmative and negative covenants, events of default and remedies typical for this type of credit facility, including certain limitations on the incurrence of additional indebtedness, ability to make Restricted Payments, transactions with Affiliates and certain financial covenants related to the Company's borrowing base and interest coverage ratio.

The obligations of the Company pursuant to the BAML ABL Credit Agreement is secured by a first-priority security interest in certain assets of the Company (not pledged to other facilities).

*Scotiabank ABL Credit Facility* 

On November 7, 2025, the Company and its direct or indirect wholly owned subsidiaries, FPLF NS Holdings Finance LLC and FPLF NS Holdings Finance DAC entered into a Credit Agreement (the "Scotiabank ABL Credit Agreement") with Scotiabank, as initial lender and administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as custodian, FPLF NS Holdings Finance CM LLC, as servicer and each of the loan parties thereto, which provides for a revolving and term loan credit facility (the "Scotiabank ABL Facility") with a total commitment of $600 million. The scheduled maturity date of the Scotiabank ABL Credit Facility is November 7, 2034 (the reinvestment period ends May 7, 2028). The Scotiabank ABL Facility will be used to finance the acquisition of certain loans, participation interests and other assets, expected to predominately consist of U.S. middle market commercial loans.

Borrowings under the Scotiabank ABL Credit Agreement will bear interest at a rate per annum equal to the Applicable Rate based upon the Alternate Base Rate defined said agreement. Generally, the Applicable Rate is calculated to include an applicable margin above the applicable Benchmark, which applicable margin will vary between 1.40% and 1.775% depending on the make-up of the portfolio, and increasing by 0.50% after the Reinvestment Period. In all cases, the Benchmark is subject to a floor of 0%.

The obligations of the Company pursuant to the Scotiabank ABL Credit Agreement is secured by a first-priority perfected lien on, and security interest in, certain assets of the Company (not pledged to other facilities).

------

**7. Net Assets**

*Subscriptions*

The Company holds monthly closings in connection with the Offering, in which the Company will issue Shares to investors for immediate cash investment. Each of the Company's closings in connection with the Offering will be conducted in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended ("1933 Act"), including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder, and other exemptions from the registration requirements of the 1933 Act. In addition, we may continue to allow certain investors to fund their investment in the Company over time through drawdowns of their capital commitments in lieu of fully funding their investment on the date their subscription agreement is accepted by the Company. The Company reserves the right to conduct additional offerings of securities in the future in addition to the Offering. Moreover, although the Company intends to issue Shares on a monthly basis, the Company retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Company, more or less frequently to one or more investors for regulatory, tax or other reasons.

The Shares are not subject to upfront selling commissions or annual ongoing shareholder servicing fees.

We may continue to allow certain investors to fund their investment in the Company over time through drawdowns of their capital commitments in lieu of fully funding their investment on the date their subscription agreement is accepted by the Company. With respect to unfunded capital commitments, we will draw down on such commitments over time, on an as-needed basis by delivering a drawdown notice to each investor. All purchases of Shares pursuant to the capital commitments will generally be made pro rata in accordance with remaining capital commitments of all investors at a per Share price equal to NAV per Share as of the previous month close.

*Capital Activity*

The table below summarizes the Shares issued and net proceeds during the following periods:

---

| | | |
|:---|:---|:---|
|  |  | *($ in thousands)* |
| **Subscriptions Effective** | **Shares Issued** | **Net Proceeds** |
| **Year ended December 31, 2025** |  |  |
| August 1, 2025 | 30501210 | $762530 |
| September 1, 2025 | 31969 | 800 |
| October 1, 2025 | 1358688 | 33976 |
| November 1, 2025 | 1004436 | 25000 |
| December 1, 2025 | 1852351 | 46010 |
|  | 34748654 | $868316 |

---

As of December 31, 2025, the Company had $94.3 million of unfunded capital commitments.

*Net Asset Value* 

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as its "valuation designee", which includes calculating the net asset value per share.

The Company issues Shares at the net asset value per share, determined monthly by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the respective month end. The Company will determine NAV for our Shares as of the last day of each calendar month. Shares issuances related to monthly subscriptions are effective the first calendar day of each month. The below table details net asset value per Share since the Initial Share Issuance:

---

| | |
|:---|:---|
| **Period from Initial Share Issuance to December 31, 2025** | **NAV Per Share** |
| August 1, 2025 | $25.00 |
| August 31, 2025 | 25.02 |
| September 30, 2025 | 25.01 |
| October 31, 2025 | 24.89 |
| November 30, 2025 | 24.84 |
| December 31, 2025 | 24.64 |

---

------

*Distributions*

The Company intends to declare monthly distribution amounts per share of beneficial interest, payable monthly in arrears. To the extent the Company's taxable earnings fall below the total amount of its distributions for any given fiscal year, a portion of those distributions may be deemed to be a return of capital to Shareholders for U.S. federal income tax purposes.

The following tables summarize the Company's distributions with a record date during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date**<sup>1</sup> | **Record Date** | **Payment Date** | **Shares<br>Outstanding** | **Distribution<br>Per Share** | **Total<br>Distributions<br>Declared** |
| August 27, 2025 | August 31, 2025 | September 30, 2025 | 30501210 | 0.1458 | $4448 |
| September 30, 2025 | September 30, 2025 | October 31, 2025 | 30566728 | 0.1512 | 4621 |
| October 23, 2025 | October 31, 2025 | November 25, 2025 | 31960592 | 0.1563 | 4995 |
| November 19, 2025 | November 30, 2025 | December 23, 2025 | 33002936 | 0.1659 | 5476 |
| December 17, 2025 | December 31, 2025 | January 27, 2026 | 34892021 | 0.1708 | 5958 |
| **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | **Total distributions declared for from the period of Initial Share Issuance to December 31, 2025** | $25499 |

---

The Company funds its cash distributions to Shareholders from any source of funds available to it, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

*Distribution Reinvestment Plan* 

The Board approved the distribution reinvestment plan ("DRIP") on July 14, 2025. The DRIP provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the DRIP. Shareholders who have enrolled in the DRIP will have their cash distribution automatically reinvested in additional Shares, rather than receiving the cash distribution.

The following table summarizes the Company's distributions reinvested for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | *($ in thousands)* |
| **Record Date** | **Reinvest Date** | **DRIP Shares Issued** | **Amount ($) per share** | **DRIP Shares Value** |
| August 31, 2025 | September 1, 2025 | 33548 | $25.02 | $840 |
| September 30, 2025 | October 1, 2025 | 35175 | 25.01 | 880 |
| October 31, 2025 | November 1, 2025 | 37908 | 24.89 | 944 |
| November 30, 2025 | December 1, 2025 | 36735 | 24.84 | 912 |
|  |  | 143367 |  | $3575 |

---

*Share Repurchase Program* 

At the discretion of the Board and beginning no later than 12 months following August 1, 2025, the date on which the Company made its BDC Election, the Company intends to commence a share repurchase program in which the Company intends to offer to repurchase up to 5% of its Shares outstanding (either by number of Shares or aggregate net asset value) in each quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company's best interest and the best interest of the Shareholders. The Company will conduct any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act, with the terms of such tender offer published in a tender offer statement to be sent to all Shareholders and filed with the SEC on Schedule TO.

Under the share repurchase program, to the extent the Company offers to repurchase Shares in any particular quarter, the Company expects to repurchase Shares pursuant to tender offers using a purchase price equal to the net asset value per share as of the last calendar day of the applicable month designated by the Board, less 2.0% from such net asset value for Shares that have not been outstanding for at least one year (the "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the repurchase date. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The Early Repurchase Deduction will not apply to Shares acquired through the Fund's dividend reinvestment plan. The Early Repurchase Deduction will apply uniformly to all Shares regardless of class. The Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of a Shareholder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold our Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a Shareholder's Shares are repurchased because the Shareholder has failed to maintain the

------

minimum account balance, if any. The Early Repurchase Deduction may also be waived when required by law, regulation, or similar requirement and in other circumstances where the Board determines that doing so is in the best interests of the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining Shareholders. In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis.

**8. Earnings per Share**

The following information sets forth the computation of the net increase in net assets per share resulting from operations:

---

| | |
|:---|:---|
|  | **For the Year Ended** |
| *($ in thousands, except share amounts)* | **December 31, 2025** |
| Earnings available to shareholders | $14121 |
| Basic and diluted weighted average shares outstanding | 32184697 |
| Basic and diluted earnings per share | $0.4387 |

---

**9. Federal Income Tax Matters**

The Company expects to make a RIC Election when it files its U.S. federal income tax return for the taxable year that begins, August 1, 2025 ending December 31, 2025. The Company currently qualifies and intends to qualify annually for the tax treatment applicable to RICs. A RIC generally is not subject to U.S. federal income taxes on distributed income and gains so long as it meets certain source-of-income and asset diversification requirements and it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. So long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. Rather, any tax liability related to income earned by the Company represents obligations of the Company's investors and will not be reflected in the financial statements of the Company. The Company intends to make sufficient distributions to maintain its RIC status each year and it does not anticipate paying any material United States federal income taxes in the future.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that its estimated current year taxable income will exceed its estimated distributions for the current year from such income, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. For the year ended December 31, 2025, the Company recorded an expense of $0.1 million, for U.S. federal excise tax, which is included in tax expense in the Consolidated Statement of Operations. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. Permanent tax differences are reclassified from accumulated undistributed earnings to paid-in-capital at the end of each year and have no impact on total net assets. For the year ended December 31, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to non-deductible excise taxes paid, non-deductible offering costs, and various differences associated with conversion from being taxed as a partnership as follows:

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Additional paid-in capital | $1462 |
| Accumulated undistributed earnings | (1462) |

---

For U.S. federal income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Ordinary Income | $25499 |

---

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized gain (loss) on investments for federal income tax purposes:

------

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| **Tax cost of investments** | $**1503544** |
| Unrealized appreciation | $3751 |
| Unrealized depreciation | (18489) |
| **Net unrealized appreciation/(depreciation)** | $**(14738)** |

---

At December 31, 2025, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company's Statements of Financial Condition by temporary and other book/tax differences, primarily relating to the tax adjustments on the basis of underlying assets on conversion from a partnership, as follows:

---

| | |
|:---|:---|
| *($ in thousands)* | **For the Year Ended <br>December 31, 2025** |
| Undistributed ordinary income | $1722 |
| Other accumulated losses | (534) |
| Net change in unrealized appreciation (depreciation) | (14738) |
| **Accumulated undistributed earnings on a tax basis** | $**(13550)** |

---

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. For the fiscal year ending December 31, 2025, the Company did not defer any capital losses.

For tax purposes, the Company may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of December 31, 2025, the Company did not elect to defer any ordinary losses, short-term capital losses or long-term capital losses.

FPL Equity Holdings LLC, a wholly owned subsidiary or (the "Corporate Subsidiary"), is subject to U.S. federal and state income taxes. The taxable entity is not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect on temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and tax loss carryforwards.

The Corporate Subsidiary recorded a provision for income tax expense (benefit) for the year ending December 31, 2025. This provision for income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

---

| | | | |
|:---|:---|:---|:---|
| *($ in thousands)* | **Current** | **Deferred** | **Total** |
| Tax Expense/(Benefit) |  | 50 | **50** |

---

Components of the Corporate Subsidiary's deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
| *($ in thousands)* |  |
| **Deferred Tax Liabilities:** |  |
| Net unrealized appreciation/(depreciation) on investments | $51 |
| **Deferred Tax Assets:** |  |
| Net operating loss carried forward | (1) |
| **Net Deferred Tax (Asset)/Liability** | $**50** |

---

The Corporate Subsidiary reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future income, realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any ordinary losses that may be generated by the Corporate Subsidiary may be carried forward indefinitely, subject to a limitation of 80% of taxable income each year.

Total income tax (current and deferred) is computed by applying the federal statutory income tax rate of 21% and estimated applicable state tax statutory rates (net of federal benefit) to net investment income and realized and unrealized gains/(losses) on investments before taxes:

------

---

| | |
|:---|:---|
| *($ in thousands)* |  |
| Income tax expense at federal statutory rate of 21% | $50 |
| Other differences |  |
| **Total Income Tax Expense** | $**50** |

---

The Corporate Subsidiary recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Corporate Subsidiary's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S tax returns and state tax returns filed since inception of the Corporate Subsidiary. The Corporate Subsidiary is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

**10. Financial Highlights**

The following represents ratios to net assets for the period from January 1, 2025 to December 31, 2025. No ratios have been calculated for the period from January 25, 2024 (inception) to December 31, 2024 because there was no investment activity.

---

| | |
|:---|:---|
| **Per Share Data**<sup>1</sup> | **Year Ended<br>December 31, 2025** |
| Net asset value at Initial Share Issuance | $25.00 |
| Net investment income (loss) | 0.89 |
| Net change in unrealized gains (loss) and net realized gains (losses) | (0.44) |
| **Net increase (decrease) in net assets from operations** | 25.45 |
| **Capital Activity** |  |
| Distributions | (0.81) |
| **Net increase (decrease) in capital activity** | (0.81) |
| Net asset value at end of period | $24.64 |
| **Total return** | 4.2% |
| **Ratios**<sup>3</sup> |  |
| Ratio of expenses before expense support and fee waivers to average net assets | 9.1% |
| Expense support and fee waivers to average net assets<sup>2</sup> | (2.9) |
| Ratio of expenses after expense support and fee waivers to average net assets | 6.2 |
| Ratios of net investment income (loss) to average net assets | 8.5 |
| Portfolio turnover rate | 30.1% |

---

<sup>1</sup> *The per share data was derived by using the weighted average shares outstanding for the period August 1, 2025 through December 31, 2025. August 1, 2025 constitutes the Initial Share Issuance.*

<sup>'2</sup> *Represents expenses the Adviser has elected to pay (in accordance with the Expense Support Agreement) and fees elected to waive on behalf of the Company.*

<sup>'3</sup>*The ratios to average net assets were calculated using the average net assets for the year ended December 31, 2025. As the Company did not issue shares until August 1, 2025, the average net assets is lower and the ratios are higher than if the Company had issued capital at the beginning of the year.*

Income and expenses have not been annualized in calculating these ratios.

**11. Risks and Uncertainties**

In the ordinary course of business, the Company may encounter significant credit, market and liquidity risks. Credit risk is the risk of default of investments including loans, securities or derivatives, as applicable, which result from a borrower's or counterparty's inability or unwillingness to make required or expected payments.

Market risk reflects adverse changes in the value of investments loans, securities or derivatives, as applicable, due to changes in interest rates, prevailing credit spreads, foreign currency exchange rates, general economic conditions, financial market conditions, domestic or international economic or political events (including wars, terrorist acts or security operations), developments or trends in any particular industry, natural disasters, pandemics or health crises and the financial condition of the obligors on the Company's assets.

------

The Company's borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit facilities.

Liquidity risk is the risk that the Company may not be able to sell assets when it desires to do so or to realize what it estimates to be their fair value in the event of a sale. Due to the nature of the Company's strategy, the Company's portfolio includes relatively illiquid investments having a greater amount of both market and credit risk than other investments. These investments trade in a limited market, may not be able to be immediately liquidated and can be involved in litigation or have regulatory restrictions. The value assigned to these investments may differ from the values that would have been used had a broader market for such investments existed or had such legal and regulatory circumstances not existed. The sale of illiquid assets and restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or on the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restriction on resale.

The Company invests in fixed income financial instruments. Until such investments are sold or matured, the Company is exposed to credit risk relating to whether the issuer will meet its obligation when it becomes due.

The Company may also invest in securities of companies and assets located outside of the United States (considered non-qualifying investments under Section 55(a) of the 1940 Act). The Company's international investments are subject to the same risks associated with its United States investments as well as additional risks, such as fluctuations in foreign currency exchange rates, potentially adverse tax consequences and the burden of complying with foreign laws. The Company is subject to the risk of restrictions imposed by foreign governments on the repatriation of cash and to political or economic uncertainties as a result of investing in financial instruments issued in foreign countries. As a BDC, to remain in compliance with BDC regulatory requirements the Company will invest no more than 30% of the portfolio in non-qualifying assets.

There is no clearing house for bank loans and other interests, nor is there a depository for custody of any such interests. The processes by which these interests are cleared, settled and held in custody are individually negotiated between the parties to the transaction. This subjects the Company to operational risk to the extent that there are delays and failure in these processes. The Company invests in loans, including loans issued by or related to companies that are experiencing various forms of financial, operational, legal, and/or other distress or impairment. The Company's investments may be noninterest bearing, unsecured, and/or subordinated to other claimants. Until the investments are sold or mature, the Company is exposed to credit risk relating to whether the obligor will meet its obligation when it comes due. The terms of the bank loans may require the Company to extend to a borrower additional credit, or provide funding for any undrawn amount of such bank loans at the request of the borrower. This exposes the Company to potential liabilities that are not reflected in the Consolidated Statement of Changes in Net Assets. Refer to Note 11 - "Commitments and Contingencies" for additional disclosure.

**12. Commitments and Contingencies**

As an inherent part of its investment objective, the Company may enter into agreements which contemplate the need for additional financial support, whether contractual or at the discretion of the Adviser, to carry out approved business plans or operating budgets with respect to certain investments. While the Company generally has discretion with respect to such additional financial support, if any, the timing and amount of additional financial support cannot be predicted with any certainty.

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, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

In the ordinary course of business, the Company may provide, or agree to provide either directly or indirectly certain financial guarantees or indemnities including without limitation springing and/or nonrecourse carve-out guarantees (collectively the "Guaranty Obligations") typically associated with nonrecourse debt financings of real property investments held by or through its UIVs. Common carve-outs include the borrower's fraud, misrepresentation, bankruptcy, misapplication of insurance proceeds, waste, failure to maintain separateness covenants, environmental/hazardous substance contamination and intentional destruction of property (each a "Bad Act"). The Guaranty Obligations would generally be enforceable upon the occurrence of a Bad Act and could result in (i) the loan becoming fully recourse to the guarantor(s) and/or (ii) guarantor liability for losses incurred by the lender. Generally, the Company's maximum exposure under such guarantees or indemnities is not stated and is unknown as this would involve future claims that may be made against the Company that have not yet occurred. Additionally, certain indemnities may survive the term of the related debt financing. Although the maximum exposure under such Guaranty Obligations could be significant to the Company, based on its history, the Company expects the likelihood of such Guaranty Obligations being enforced against the Company and the risk of material loss to be remote.

------

As of December 31, 2025, the Company had unfunded commitments to investments of approximately $113.3 million, of which, $82.9 million related to term loans and delayed draw term loans and $30.4 million related to revolving credit facilities. Not all unfunded commitments stated are eligible to be drawn due to limitations under the respective borrower credit agreements.

---

| | |
|:---|:---|
| **Company** | **Unfunded<br>Commitment** |
| MidCon Development Finance, LLC | $13994 |
| EXEMPLIS LLC | 13628 |
| Ruby Bidco Holdings Limited | 10193 |
| GT Independence Buyer, Inc. | 9801 |
| CD&R Reign Topco, Inc. | 9770 |
| Jupiter Refuel Canada Buyer, Inc. | 7832 |
| GS AcquisitionCo, Inc. | 7295 |
| Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc. | 7248 |
| Superior Intermediate LLC | 5081 |
| Riser Fitness, LLC | 4378 |
| Steele Solutions, Inc. | 3512 |
| Solidcore Topco, LLC | 2887 |
| Olo Parent, Inc. | 2734 |
| LeadVenture Inc. | 2191 |
| Xponential Fitness LLC | 2068 |
| Fabletics, Inc. | 2027 |
| Urban Gym Group B.V. | 2009 |
| GC FERRY ACQUISITION I INC | 1750 |
| Amy's Kitchen, LLC | 1284 |
| BB PEP Bidco, LLC | 1071 |
| FR Refuel, LLC | 933 |
| Jupiter Refuel US Buyer, Inc. | 563 |
| Cendyn Group, LLC | 381 |
| Shrieve Chemical Company, LLC | 347 |
| MRI Software LLC | 327 |
| **Total** | $**113305** |

---

From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of December 31, 2025, the Company is not aware of any pending or threatened litigation.

------

**13. Subsequent Events**

*Subscriptions*

The Company received proceeds from the issuance of Shares in the amounts set forth in the table below:

---

| | | |
|:---|:---|:---|
| **Date of Unregistered Sales** | **Amount of Shares** | **Total<br>Consideration<br>($ in thousands)** |
| As of January 1, 2026 (number of Class I common shares finalized on January 21, 2026) | 4928630 | $121458 |
| As of February 1, 2026 (number of Class I common shares finalized on February 20, 2026) | 855330 | $20866 |

---

*Distributions*

The Company declared distributions set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution<br>Per Share** |
| January 25, 2026 | January 31, 2026 | February 26, 2026 | $0.1708 |
| February 20, 2026 | February 28, 2026 | March 31, 2026 | $0.1708 |

---

*Investor Commitments* 

As of March 1, 2026, the Company had $53.3 million of unfunded capital commitments.

------

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.**

There are not and have not been any disagreements between us and our accountant on any matter of accounting principles, practices, or financial statement disclosure, nor have there been any changes in our accountant.

**Item 9A. Controls and Procedures.**

***Disclosure Controls and Procedures***

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Exchange Act), as of the end of the period covered by this Form 10-K was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers ("Co-CEOs"), who are our principal executive officers, and our Chief Financial Officer ("CFO"), who is our principal financial officer. Based upon this evaluation, our Co-CEOs and CFO have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-CEOs and CFO, as appropriate to allow timely decisions regarding required disclosure.

***Management's Report on Internal Control over Financial Reporting***

This Form 10-K does not include a report of management's assessment regarding internal controls over financial reporting or an attestation report of the Company's registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

***Changes in Internal Control over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during the period ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information.**

For the fiscal quarter ended December 31, 2025, no trustee or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not Applicable.

------

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

Our business and affairs are managed under the direction of the Board. The responsibilities of the Board include, among other things, the oversight of our investment activities, the oversight of the monthly valuation of our assets by our Adviser (our Board's valuation designee), oversight of our financing arrangements and corporate governance activities.

The Board consists of seven members, four of whom are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act and are Independent Trustees. The Board elects our executive officers, who will serve at the discretion of the Board.

Under the Declaration of Trust, prior to the earlier of (a) a listing of any class of the Company's shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of Shareholders, each trustee will hold office for an unlimited term. Upon the occurrence of one of the events listed above, the Board will be divided into three classes and trustees of each class will hold office for terms ending at the third annual meeting of Shareholders after their election and when their respective successors are elected and qualify. The initial members of the three classes of trustees will have initial terms ending at the first, second and third annual meeting of Shareholders, respectively.

**Trustees** 

Information regarding our Trustees is as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** |
| Aaron Blanchette | 1974 | Co-Chief Executive Officer and Trustee |
| Brian Stewart | 1981 | Co-Chief Executive Officer and Trustee |
| Lucy Munro | 1984 | Chief Operating Officer and Trustee |
| David Brenner | 1975 | Trustee |
| Michael Dillard | 1958 | Trustee |
| Anne Motsenbocker | 1961 | Trustee |
| Amit Patel | 1971 | Trustee |

---

**Executive Officers Who are Not Trustees** 

Information regarding our executive officers and certain other officers who are not Trustees is as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** |
| David Brooks | 1971 | Chief Legal Officer |
| Avraham Dreyfuss | 1973 | Chief Financial Officer |
| Peter Simons | 1976 | Chief Compliance Officer |

---

**Biographical Information** 

The following is information concerning the experience of our Board, executive officers and certain other officers.

*Board of Trustees—Interested Trustees* 

*Aaron Blanchette* has served as our Co-Chief Executive Officer and Trustee since August 2025. Mr. Blanchette is also the Global Co-Head of Corporate Credit at Fortress. Mr. Blanchette joined the Fortress Credit Funds business at Fortress in 2005 as an investment analyst within the Corporate Loan and Corporate Securities groups. Mr. Blanchette has been focused on underwriting and originating middle-market loans for the past 20 years for the Fortress Credit Funds. Prior to joining Fortress, Mr. Blanchette was a Portfolio Analyst with Highland Capital Management where he was responsible for covering the technology, healthcare and financial services industries for Highland's distressed hedge fund and CLOs. Before that, Mr. Blanchette was a Director in Ernst & Young LLP's restructuring and transaction advisory services group where he advised debtors, senior lenders and unsecured creditor committees in various distressed situations and financing transactions. Mr. Blanchette attended Baylor University where he received a B.B.A in Accounting and a M.B.A, with a concentration in Accounting.

------

*Brian Stewart* has served as our Co-Chief Executive Officer and Trustee since August 2025. Mr. Stewart is also Managing Director of the Fortress Credit Funds business and is Co-CIO of the Fortress Lending Funds. Mr. Stewart participates in origination, execution and asset management of private corporate credit investments across industries. Mr. Stewart has 17 years of experience investing in middle-market corporate credit. Prior to joining Fortress in 2014, Mr. Stewart was a Managing Director at Levine Leichtman Capital Partners, a middle-market private equity and credit investment firm, where Mr. Stewart led origination, execution and portfolio management for the direct lending, distressed debt and hybrid capital strategies. Mr. Stewart has served on the board of directors for Alamo Drafthouse Cinema, Euramax International, IAP Worldwide Services, Bertuccis Corporation and Jonathan Engineered Solutions. Before that, Mr. Stewart was an analyst at Houlihan Lokey in the financial restructuring group. Mr. Stewart attended the University of Southern California where he received a B.S. in Business Administration with an emphasis in Finance.

*Lucy Munro* has served as our Chief Operating Officer since August 2025 and trustee of the Company since October 2025. Ms. Munro is also a Managing Director at Fortress. Prior to joining Fortress in 2024, Ms. Munro was Head of Credit Product, Global Wealth at Apollo Global Management Inc. from 2022 to 2023, and prior to that, she was Head of Investor Relations at Sixth Street Partners from 2015 to 2022.Ms. Munro has over 15 years of experience in the credit investment industry, particularly in leveraged finance at Deutsche Bank and UBS. Ms. Munro received a B.A. in Economics from the University of Chicago and a M.B.A. with a focus on Finance and Entrepreneurship from the University of Chicago Booth School of Business.

*Board of Trustees—Independent Trustees*

*David Brenner* has served as our Trustee since August 2025. Mr. Brenner has been a public and private investor for more than 25 years and is a Managing Member of Pattern Value Management LLC, an investment management research and strategic and financial advisory firm, since March 2017. From December 2019 to November 2021, Mr. Brenner was the Chief Financial Officer and Chief Operating Officer of Green Park Capital Partners, LP, a family office for the portfolio manager of a long/short equity hedge fund. Mr. Brenner served as Vice President of Business Development at The Queen Casino & Entertainment Inc. and Standard Media Group LLC, two private portfolio companies owned by the distressed-for-control hedge fund Standard General L.P., from November 2023 to March 2025, and November 2021 to November 2023, respectively. Mr. Brenner received his M.B.A from Columbia University and his B.A. in Economics from Princeton University.

*Michael Dillard* has served as our Trustee since August 2025. Mr. Dillard was a founding partner of the Houston office of Latham & Watkins LLP ("Latham"), an international law firm, and was the Global Practice Chair of Latham's Mergers & Acquisitions group prior to his retirement in January 2021. While at Latham, Mr. Dillard's practice was focused on corporate and securities law, with special emphasis on mergers and acquisitions and securities offerings for companies in the energy industry. Mr. Dillard has extensive experience with corporate finance transactions, including high yield offerings and IPOs, and was involved in mergers and acquisitions transactions valued in excess of $250 billion. Mr. Dillard is currently a director of Sable Offshore Corp., where he serves as a member of the audit committee, as well as chair of the nominating and corporate governance committee. Mr. Dillard received his B.A. in Mathematics from Southern Methodist University and his J.D. from Southern Methodist University Dedman School of Law.

*Anne Motsenbocker* has served as our Trustee since August 2025. Ms. Motsenbocker was a Managing Director of J.P. Morgan Chase, a global financial services company, until her retirement in 2021. During her time at J.P. Morgan Chase, she served as Managing Director and functional CEO of the Southwest Middle Market Segment of the Commercial Bank. She was responsible for growing the commercial and investment banking activities in a multi-state region with a balance sheet of $15 billion and over $500 million in revenue. Ms. Motsenbocker is currently a director of CSW Industrials, Inc. a diversified industrial growth company, as chair of the audit committee, and of U.S. Physical Therapy Inc., a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, as chair of the audit committee and a member of the compensation committee. From 2016 to 2022, Ms. Motsenbocker was a director of Children's Health System of Texas, where she served as the chair of the human resources and compensation committee and as a member of the audit committee. Ms. Motsenbocker received her B.B.A. in Finance and International Business from the University of Texas and completed graduate business courses at Smith College.

*Amit Patel* has served as our Trustee since August 2025. Mr. Patel is a Managing Partner of Paceline Partners, overseeing the firm's investment activities, and has held this role since January 2015. Prior to Paceline Partners, Mr. Patel worked at Houlihan Lokey for over 15 years, serving as a Managing Director for the partners' co-investment fund, as well as serving as a Managing Director in Houlihan Lokey's Financial Restructuring Group. Before that, Mr. Patel worked in Goldman Sachs Group, Inc.'s Special Situations Group, leading the firm's west coast distressed investing efforts, and held various operating roles at PRAM Filtration Corp. Mr. Patel has served on the boards of 4Front Ventures Corp. and LPF Holdco, LLC d/b/a Loudpack, a California cannabis company, until its merger with Harborside Inc. in April 2022. Mr. Patel chaired Loudpack's compensation committee and was a member of the company's audit committee. From August 2016 to May 2022, Mr. Patel served on the Limited Partner Advisory Committee of PowerPlant Ventures Fund I, a plant-based emerging consumer company investment fund. Mr. Patel received his B.S. from the Wharton School of the University of Pennsylvania.

------

*Executive Officers*

*David Brooks* has served as our Chief Legal Officer since August 2025. Mr. Brooks is a member of Fortress's Leadership Committee and is also General Counsel of Fortress, and has served in this role since 2004. Prior to joining Fortress in April 2004 as the Deputy General Counsel, Mr. Brooks spent nearly eight years at Cravath, Swaine & Moore LLP, where he specialized in mergers and acquisitions, capital markets transactions, including initial public offerings and high-yield debt issuances, and providing corporate governance advice to large public companies. Mr. Brooks received a B.S. in Economics from Texas A&M University and a J.D. from the University of Texas School of Law.

*Avraham Dreyfuss* has served as our Chief Financial Officer since August 2025. Mr. Dreyfuss is also the Chief Financial Officer of Fortress Net Lease REIT since May 2023, and Chief Financial Officer and Managing Director of Fortress Credit Realty Income Trust since November 2024, both affiliates of the Company. Mr. Dreyfuss joined Fortress in April 2010. Prior to joining Fortress, Mr. Dreyfuss was the CFO at HG Vora Capital, a distressed credit hedge fund in New York City. Mr. Dreyfuss has extensive experience in the alternative investment industry working at various funds including his work as the Controller for the Lehman Brothers Absolute Strategies Division. Mr. Dreyfuss received a B.A. in Accounting and Information Systems from Queens College of the City University of New York, and a CPA designation.

*Peter Simons* has served as our Chief Compliance Officer since August 2025. Mr. Simons is also the Director of Compliance for the Fortress Private Wealth Solutions business and has over 27 years of experience in various compliance and regulatory roles. Prior to joining Fortress in 2023, Mr. Simons worked at the SEC within the Division of Examinations from 2012 to 2025, specifically focused on investigations and examinations of registered investment advisors, investment companies, BDCs, and broker-dealers. Before his time at the SEC, Mr. Simons worked at KPMG, the Financial Industry Regulatory Authority, Alliance Bernstein, and began his career at Goldman Sachs & Co. in 1998. Mr. Simons received a B.S. in Finance from The College of New Jersey and a M.B.A. in Finance from Rutgers University.

**Leadership Structure and Oversight Responsibilities** 

Overall responsibility for the Company's oversight will rest with the Board. The Company has entered the Investment Advisory Agreement with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Board will be responsible for overseeing the Adviser and other service providers in our operations in accordance with the provisions of the 1940 Act, the Company's Declaration of Trust and Bylaws and applicable provisions of state and other laws. As described below, the Board has established an Audit Committee and a Nominating and Governance Committee and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

Under our Bylaws, the Board may designate a chairperson to preside over meetings of Shareholders and to perform such other duties as may be assigned to the chairperson by the Board. We do not expect to have a fixed policy as to whether the chairperson of the Board should be an Independent Trustee and believe that we should maintain the flexibility to select the chairperson and reorganize the leadership structure, from time to time, based on criteria

that are in our and our Shareholders' best interests at such times. The chairperson's role is to preside at all meetings of the Board and to act as a liaison with the Adviser, counsel and other Trustees generally between meetings. The chairperson also may perform such other functions as may be delegated by the Board from time to time. The Board will review matters related to its leadership structure annually. The Board has determined that its leadership structure is appropriate because it will allow the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among committees of Trustees and the full Board in a manner that enhances effective oversight.

We will be subject to a number of risks, including investment, compliance, operational, conflicts of interests and valuation risks, among others. Risk oversight will form part of our general oversight by the Board and will be addressed as part of various Board and committee activities. Day-to-day risk management functions will be subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), who carry out our investment management and business affairs. The Adviser and other service providers will employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each of the Adviser and other service providers has their own independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. It is not possible to identify all of the risks that may affect us or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight, the Board will interact with and review reports from, among others, the Adviser, our Chief Compliance Officer, our independent registered public accounting firm and counsel, as appropriate, regarding risks faced by us and applicable risk controls. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

------

**Committees** 

The Board has established an Audit Committee and a Nominating and Governance Committee and may form additional committees in the future.

***Audit Committee*** 

The Audit Committee is comprised of Amit Patel, David Brenner, Anne Motsenbocker, and Michael Dillard, each of whom is an Independent Trustee. David Brenner serves as the Chair of the Audit Committee. The Board designated each of Amit Patel and David Brenner as an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K.

In accordance with its written charter, the Audit Committee (a) assists the Board with monitoring the integrity of our financial statements, the independent registered public accounting firm's qualifications, performance and independence, the performance of our internal audit function and our compliance with legal and regulatory requirements; (b) prepares an audit committee report, if required by the SEC, to be included in our annual proxy statement; (c) oversees the scope of our annual audit of our financial statements, the quality and objectivity of our financial statements, accounting and financial reporting policies and internal controls; (d) determines the selection, appointment, retention and termination of our independent registered public accounting firm, as well as approving the compensation thereof; (e) pre-approves all audit and non-audit services provided to us and certain other persons by such independent registered public accounting firm; (f) acts as a liaison between our independent registered public accounting firm and the Board; and (g) conducts reviews of any potential related party transactions brought to its attention and, during these reviews, consider any conflicts of interest brought to its attention.

***Nominating and Governance Committee*** 

The Nominating and Governance Committee is comprised of Amit Patel, David Brenner, Anne Motsenbocker, and Michael Dillard, each of whom is an Independent Trustee. Anne Motsenbocker serves as the Chair of the Nominating and Governance Committee.

In accordance with its written charter, the Nominating and Governance Committee recommends to the Board persons to be nominated by the Board for election at our meetings of Shareholders, special or annual, if any, or to fill any vacancy on the Board that may arise between Shareholder meetings. The Nominating and Governance Committee is also responsible for overseeing an annual evaluation of the Board and its committees to determine whether the Board and its committees are functioning effectively. The Nominating and Governance Committee considers nominations to the Board submitted by Shareholders or from other sources it deems appropriate.

**Indemnification Agreements** 

We entered into indemnification agreements with our Trustees and executive officers. The indemnification agreements are intended to provide our Trustees and officers the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides that we will indemnify the Trustee or executive officer who is a party to the agreement including the advancement of legal expenses, if, by reason of his or her corporate status, such Trustee or executive officer is, or is threatened to be, made a party to, or a witness in, any threatened, pending, or completed proceeding, subject to certain limitations on indemnification.

**Portfolio Managers** 

The management of our investment portfolio is the responsibility of the Adviser. The Adviser will be responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments and monitoring our portfolio on an ongoing basis through a team of investment professionals.

Subject to the overall supervision of the Board, the Adviser's Investment Team is responsible for managing our business and activities and is led by Fortress's Co-Chief Executive Officer, Drew McKnight and Jack Neumark, and the Company's Co-Chief Executive Officers, Aaron Blanchette and Brian Stewart, all of whom have substantial experience in credit origination, underwriting and asset management. The Adviser will seek to maximize the unity, cohesiveness and flexibility of the Investment Team to prioritize what it believes to be the most compelling investment opportunities originated by the Investment Team. The Company's investment decisions will be made by the Investment Committee, which will include senior personnel of Fortress and the Adviser. The Investment Committee is currently led by Jack Neumark, Aaron Blanchette, Brian Stewart and Drew McKnight.

**Item 11. Executive Compensation.**

**Compensation of Executive Officers** 

Our executive officers do not receive any direct compensation from us. We do not currently have any employees and do not currently expect to have any employees. Services necessary for our business are provided by individuals who are employees or other affiliates of the Adviser or the Administrator, pursuant to the terms of our Investment Advisory Agreement and our Administration Agreement,

------

respectively. Each of our executive officers is an employee or other affiliate of the Adviser or the Administrator. Our day-to-day investment operations are managed by the Adviser. Most of the services necessary for the origination and administration of our investment portfolio are provided by individuals employed by the Adviser or the Administrator. In addition, we reimburse the Administrator for its allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including its allocable portion of the cost of certain of our officers and their respective staffs, and the Adviser for certain expenses under the Investment Advisory Agreement. We are also party to an Expense Support Agreement with the Adviser pursuant to which, among other things, the Adviser has agreed to advance all of our estimated organization and initial offering expenses.

**Compensation of Trustees** 

The Independent Trustees receive a cash annual fee for their service on the Board of $125,000. The Independent Trustees also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board and committee meeting, both in person and virtually. In addition, the chair of the Audit Committee receives an additional cash annual fee of $7,500 and the chair of the Nominating and Governance Committee receives an additional cash annual fee of $2,500. We will also obtain Trustees' and officers' liability insurance on behalf of our trustees and officers. No compensation is expected to be paid to Trustees who are "interested persons" of the Company (as such term is defined in Section 2(a)(19) of the 1940 Act).

The following table sets forth the compensation earned by or paid to our non-employee Trustees for fiscal year 2025 in thousands:

---

| | | |
|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash**<sup>1</sup> | **Fees Earned or Paid in Cash**<sup>1</sup> |
| Aaron Blanchette | $\* | \* |
| Brian Stewart | \* | \* |
| Lucy Munro | \* | \* |
| David Brenner |  | 66 |
| Michael Dillard |  | 63 |
| Anne Motsenbocker |  | 64 |
| Amit Patel |  | 63 |
| *\* No allocated fees paid by Fortress Private Lending Fund.* | *\* No allocated fees paid by Fortress Private Lending Fund.* | *\* No allocated fees paid by Fortress Private Lending Fund.* |
| <sup>1</sup>*Amounts in this column represent the cash annual retainer earned by the applicable non-employee Trustee during fiscal year 2025 (as well as any additional committee cash annual retainers earned during fiscal year 2025, as applicable).* | <sup>1</sup>*Amounts in this column represent the cash annual retainer earned by the applicable non-employee Trustee during fiscal year 2025 (as well as any additional committee cash annual retainers earned during fiscal year 2025, as applicable).* | <sup>1</sup>*Amounts in this column represent the cash annual retainer earned by the applicable non-employee Trustee during fiscal year 2025 (as well as any additional committee cash annual retainers earned during fiscal year 2025, as applicable).* |

---

------

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

As of March 27, 2026, the following table sets out certain ownership information with respect to our Shares for those persons who directly or indirectly own, control or hold with the power to vote more than 5% of our outstanding common shares, each of our trustees and named executive officers and all executive officers and trustees as a group. As of March 27, 2026, there were a total of 40,766,377 Shares issued and outstanding. Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof, or has the right to acquire such powers within 60 days. Unless otherwise stated, the address for each of the persons named below is in care of our principal executive offices at 1345 Avenue of the Americas, New York, NY 10105.

---

| | | |
|:---|:---|:---|
|  | **Number of Shares<br>Beneficially<br>Owned** | **Percentage<br>of Shares<br>Beneficially<br>Owned** |
| ***Beneficial Owner of More than 5%*** |  |  |
| FTS SIP II L.P. <sup>1</sup> | 8008249 | 19.65% |
| APO Corp. <sup>2</sup> | 7207424 | 17.68% |
| Liberty Mutual Holding Company Inc. <sup>3</sup> | 6006187 | 14.73% |
| PQ Canadian Access Fund <sup>4</sup> | 3893260 | 9.55% |
| Heising-Simons Foundation <sup>5</sup> | 3329277 | 8.17% |
| ***Trustees and Named Executive Officers*** |  |  |
| **Interested Trustees** |  |  |
| Aaron Blanchette | 83 | \* |
| Brian Stewart | 83 | \* |
| Lucy Munro | 83 | \* |
| **Independent Trustees** |  |  |
| David Brenner |  | \* |
| Michael Dillard | 20538 | \* |
| Anne Motsenbocker |  | \* |
| Amit Patel <sup>6</sup> | 2000 | \* |
| **Named Executive Officers Who Are Not Trustees** |  |  |
| David Brooks | 42 | \* |
| Avraham Dreyfuss | 42 | \* |
| Peter Simons | 42 | \* |
| **All current executive officers and Trustees as a group (11 persons)** | **22912** | **0.00000%** |
| \*Represents less than 1% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) As reported on a Schedule 13G filed with the SEC on November 14, 2025, FTS SIP II L.P. has the sole power to vote and dispose of 8,008,249 Shares. The address of FTS SIP II L.P. is 22 Grenville Stree, St. Helier, Jersey, JE4 8PX.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As reported on a Schedule 13D filed with the SEC on August 28, 2025, each of (i) AP Fresco Aggregator, L.P. ("AP Fresco"); (ii) AP Fresco Aggregator GP, LLC; (iii) Apollo Principal Holdings B, L.P.; (iv) Apollo Principal Holdings B GP, LLC; (v) MAPS Equity Holdings, LLC; (vi) MAPS TopCo Holdings, LLC; (vii) MAPS Borrower, LLC; (viii) Apollo S3 Private Markets Fund; (ix) Apollo S3 RIC Management, L.P.; (x) Sliders Management GP, LLC; (xi) Apollo Capital Management, L.P.; (xii) Apollo Capital Management GP, LLC; (xiii) Apollo Management Holdings, L.P.; (xiv) Apollo Management Holdings GP, LLC; and (xv) APO Corp. share the power to vote and dispose 7,207,424 Shares. The address of each of the reporting persons is 9 West 57th Street, 41st Floor, New York, NY 10019. AP Fresco entered into an agreement with the Company which provided that in the event that AP Fresco owns, controls or holds the power to vote 5% or more of the Company's outstanding Shares, AP Fresco foregoes and waives any voting rights it has in respect of the Shares to the extent the voting rights of the equal or exceed 5% of the voting rights of the Shareholders of the Company.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) As reported on a Schedule 13G filed with the SEC on September 5, 2025, 2,402,475 Shares are held directly by Liberty Mutual Insurance Company ("LMIC") and may be deemed to be beneficially owned by Liberty Mutual Holding Company Inc. ("LMHC") because LMIC is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these Shares. 1,201,237 Shares are held directly by Peerless Insurance Company ("Peerless") and may be deemed to be beneficially owned by LMHC because Peerless is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these Shares. 600,619 Shares are held directly by Safeco Insurance Company of America ("SICA") and may be deemed to be beneficially owned by LMHC because SICA is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these Shares. 600,619 Shares are held directly by The Ohio Casualty Insurance Company ("OCIC") and may be deemed to be beneficially owned by LMHC because OCIC is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these Shares. 600,619 Shares are held directly by Employers Insurance Company of Wausau ("EICOW") and may be deemed to be beneficially owned by LMHC because EICOW is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these Shares. 600,619 Shares are held directly by Liberty Mutual Fire Insurance Company ("LMFIC") and may be deemed to be beneficially owned by LMHC because LMFIC is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these Shares. The address of LMIC is 175 Berkeley Street, Boston, MA 02116.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) To the Company's knowledge, based on the books and records of the Company, as of March 27, 2026, PQ Canadian Access Fund has sole voting power and sole dispositive power with respect to the shares shown. The address of PQ Canadian Access Fund is 333 Bay Street, SUITE 830, BAY ADELAIDE CENTRE – WEST TOWER, Toronto, Ontario M5H 2R2, Canada.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) To the Company's knowledge, based solely on the books and records of the Company, as of March 27, 2026, Heising-Simons Foundation has sole voting power and sole dispositive power with respect to the shares shown. The address of Heising-Simons Foundation is 400 Main Street, Suite 200, Los Altos, CA 94022.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(6) As reported on a Form 4 filed with the SEC on October 27, 2025, the Shares are held by Patel Family Investment LLC. Mr. Patel has voting and dispositive control over the Shares but disclaims beneficial ownership except to the extent of his pecuniary interest therein.*

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Except as otherwise noted below, each person named in the following table has sole voting and investment power with respect to the Shares that they beneficially own.

The address for each of the trustees, executive officers and certain other officers who are not trustees listed in the table above is c/o Fortress Private Lending Fund, 1345 Avenue of the Americas, New York, New York 10105.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

In June 2025, the Company purchased a group of loans totaling $165.1 million of commitments from a fund managed by an affiliate of the Adviser and in which certain of our trustees and officers and members of the Investment Committee may have indirect pecuniary interests. The loans were purchased at fair value for $147.5 million, which was determined by management with the use of third party independent valuation agents.

**Investment Advisory Agreement; Administration Agreement** 

We are party to the Investment Advisory Agreement with the Adviser pursuant to which we will pay management fees and incentive fees to the Adviser. In addition, pursuant to the Investment Advisory Agreement and the Administration Agreement, we will reimburse the Adviser for certain expenses as they occur. See *"Item 1. Business — Investment Advisory Agreement*," "*Item 1. Business — Administration Agreement*" and "*Item 1. Business — Payment of Our Expenses under the Investment Advisory Agreement and Administration Agreement*." The Investment Advisory Agreement and the Administration Agreement were approved by the Company's initial sole trustee and have been ratified by the Board. Unless earlier terminated, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by the Board or by a Majority of the Outstanding Shares and, in each case, a majority of the Independent Trustees.

**Expense Support Agreement** 

We entered into the Expense Support Agreement with the Adviser, pursuant to which the Adviser may elect to pay certain of the Company's expenses (including organization and offering costs) on the Company's behalf. If the Adviser elects to pay certain of the Company's expenses, the Adviser may be entitled to reimbursement of such expenses from the Company, subject to the terms of the Expense Support Agreement. Reimbursement payments to the Adviser under the Expense Support Agreement will be accrued as they become probable or estimable or as certain conditions in the Expense Support Agreement are triggered. The Adviser may also elect to pay certain of the Expense Payments, provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or shareholder servicing fees. Any Expense Payment that the Adviser commits to pay will be required to be paid by the Adviser to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

**License Agreement** 

We entered into the License Agreement with Fortress pursuant to which it granted us a non-exclusive license to use the name "Fortress." Under the License Agreement, we have a right to use the Fortress name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Fortress" name or logo.

**Dealer Manager Agreement**

We entered into a Dealer Manager Agreement with Fortress Wealth Solutions LLC, a subsidiary of Fortress, pursuant to which Fortress Wealth Solutions LLC serves as the dealer manager for the Offering (in such capacity, the "Dealer Manager"). Although we will not pay any fees to the Dealer Manager, we will indemnify the Dealer Manager in connection with its activities. Pursuant to the Dealer Manager Agreement, the Dealer Manager has access to the officers and employees of the Adviser and its affiliates, to conduct Offering activities. The Dealer Manager may retain affiliated and unaffiliated broker-dealers to act as selling agents in the Offering.

**Relationship with the Adviser and Potential Conflicts of Interest** 

------

We entered into the Investment Advisory Agreement and the Expense Support Agreement with our Adviser, an entity in which certain Trustees and officers of the Company and members of the Investment Committee may have indirect ownership and pecuniary interests. Pursuant to the Investment Advisory Agreement, we will pay our Adviser a Management Fee and an Incentive Fee. See "*Item 1. Business — Investment Advisory Agreement — Compensation of the Adviser*" for a description of how the fees payable to the Adviser will be determined. Pursuant to the Administration Agreement, we will reimburse our Administrator, at cost, for our allocable portion of overhead and other expenses (including travel expenses) incurred by our Administrator in performing its obligations under the Administration Agreement. See "*Item 1. Business — Investment Advisory Agreement"* and "*Item 1. Business — Administration Agreement*" for a description of how the expenses reimbursable to our Administrator will be determined.

The Adviser and its affiliates may provide management or investment advisory services to entities that have overlapping objectives with us. The Company's executive officers and Trustees serve or may serve as officers, directors, trustees or principals of entities, that operate in the same, or a related, line of business as we do or of investment funds, accounts or other investment vehicles managed by Fortress affiliates, including the Adviser. These investment funds, accounts or other investment vehicles may have investment objectives similar to our investment objectives and the Company may compete with entities managed by the Adviser and its affiliates, for capital and investment opportunities. However, in order to fulfill its fiduciary duties to the Company and its other clients, the Adviser intends to allocate investment opportunities in a manner that is fair and equitable over time and consistent with its Allocation Policy so that we are not disadvantaged in relation to any other client, taking into account such factors as the relative amounts of capital available for new investments, cash on hand, existing commitments and reserves, the investment programs and portfolio positions of the participating investment accounts, the clients for which participation is appropriate, targeted leverage level, targeted asset mix and any other factors deemed appropriate. However, in these circumstances the Company may receive a smaller allocation of an investment opportunity that falls within its investment objectives and strategies than it would otherwise be allocated, or it may not receive an allocation at all.

In addition, expenses may be incurred that are attributable to the Company and other Fortress Managed Accounts. To the extent that such expenses are incurred that are attributable to us and other Fortress Managed Accounts, the Company will bear its respective allocable share of the cost (taking into account salaries, bonuses and fringe benefits) of such services, software, or other assets. Such allocations will be based on the time the applicable employees providing such accounting, legal, asset management, operational and information technology services devote, on an estimated basis, to the Company and the other Fortress Managed Accounts to which such accounting, operational and information technology services are being provided. Notwithstanding the foregoing, in circumstances where the Adviser reasonably believes that an allocation of such expenses or the amount allocated to the Company and/or other Fortress Managed Accounts pursuant to the above procedures would produce an inequitable result to the Company and/or other Fortress Managed Accounts, the Adviser may allocate such expenses in a fair and equitable manner.

**Policies and Procedures for Managing Conflicts** 

The Adviser intends to allocate investment opportunities in a manner that, over time, is fair and equitable and is consistent with its Allocation Policy. The Adviser intends to allocate common expenses among the Company and other clients of the Adviser and its affiliates in a manner that, over time, is fair and equitable and in accordance with policies adopted by the Adviser and the Investment Advisory Agreement. Fees and expenses generated in connection with potential portfolio investments that are not consummated will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Adviser and the Investment Advisory Agreement.

The Adviser has put in place the Allocation Policy and the Co-Investment Policy, consistent with the Co-Investment Exemptive Order, that will seek to ensure the equitable allocation of investment opportunities over time and addresses the co-investment restrictions set forth under the 1940 Act. When we engage in co-investments as permitted by the exemptive relief described below, we will do so in a manner consistent with the Allocation Policy and the Co-Investment Policy of each of the Company and the Adviser. In situations where co-investment with other entities managed by the Adviser or its affiliates is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer, the Adviser will need to decide whether we or such other entity or entities will proceed with the investment.

The Adviser's allocation of investment opportunities among us and other affiliated investment vehicles may result in the allocation of all or none of an investment opportunity to us, or a disproportional allocation among such persons, with such allocations being more or less advantageous to some such persons relative to other such persons. There can be no assurance that our actual allocation of an investment opportunity, if any, or the terms on which such allocation is made, will be as favorable as they would be if the conflicts of interest to which the Adviser likely will be subject, did not exist. There can be no assurance that we will have an opportunity to participate in all investments that fall within our investment objectives and strategies.

In general, pursuant to the Allocation Policy, the process for making an allocation determination will include an assessment as to whether a particular investment opportunity (including any follow-on investment in, or disposition from, an existing portfolio company held by us or another investment fund or account) is suitable or appropriate for us or another investment fund or account. The Adviser will make allocation determinations based on its expectations at the time such investments are made; however, investments and their characteristics

------

may change and there can be no assurance that an investment may prove to have been more suitable for another investments fund or account managed by the Adviser in hindsight.

Pursuant to the Allocation Policy, if it is determined that an investment opportunity is appropriate for multiple investment funds or accounts, the Adviser generally will determine the appropriate size of the opportunity for each such investment fund or account as further described herein.

It is expected that most or all of the officers and employees responsible for managing us will have responsibilities with respect to other funds or accounts managed by the Adviser or its affiliates, including funds and accounts that may be raised in the future. Substantial time will be spent by such officers and employees monitoring the investments of such funds and accounts. Conflicts of interest may arise in allocating time, services or functions of these officers and employees.

There will be numerous perceived and actual conflicts of interest among us and the Adviser and its affiliates. The conflicts of interest that we may encounter include those discussed here and elsewhere throughout this Form 10-K, although such discussions do not describe all of the conflicts that may be faced by us. Dealing with conflicts of interest is complex and difficult, and new and different types of conflicts may subsequently arise.

For a more comprehensive discussion of the foregoing conflicts, including the related risks, see "*Item 1A. Risk Factors — Risks Related to the Adviser and its Affiliates — The Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers in which we invest and their use of service providers*" and "*Item 1A. Risk Factors — Risks Related to the Adviser and its Affiliates — The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us*."

**Co-Investment Restrictions** 

As a BDC, we are subject to certain regulatory restrictions in negotiating certain investments with entities with which we may be restricted from doing so under the 1940 Act, such as the Adviser and its affiliates, unless we obtain an exemptive order from the SEC.

If the Co-Investment Exemptive Order is granted we expect to co-invest with other funds and accounts managed by the Adviser or its affiliates, in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, we generally expect to be permitted to co-invest with certain of our affiliates pursuant to the conditions of the Co-Investment Exemptive Order, including that the participants in such co-investment transaction acquire or dispose of the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and with substantially the same other terms. In certain cases where a Fortress Managed Account has a pre-existing investment in an issuer in which the Company and the Fortress Managed Accounts will co-invest, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Trustees will be required to take steps set forth in Section 57(f) of the 1940 Act, including approving the transaction on the basis that, in relevant part (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the Shareholders of the Company and do not involve overreaching of the Company or its Shareholders on the part of any person concerned; (ii) the proposed transaction is consistent with the interests of the Company's Shareholders and the Company's policy as recited in filings made by the Company with the SEC and the Company's reports to Shareholders; and (iii) the Company's trustees record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings. The Allocation Policy and the Co-Investment Policy of each of the Company and the Adviser incorporates the conditions of the exemptive relief. As a result of exemptive relief, there could be significant overlap in our investment portfolio and the investment portfolios of other Fortress Managed Accounts that could avail themselves of the requested exemptive relief.

**Certain Business Relationships** 

Certain of our Trustees and officers are directors or officers of the Adviser or its affiliates and other Fortress Managed Accounts.

**Code of Conduct** 

As a BDC, we are subject to certain regulatory requirements that restrict our ability to engage in certain related-party transactions. We will adopt procedures for the review, approval and monitoring of transactions that involve us and certain of our related persons. For example, we have adopted a code of conduct that generally prohibits our executive officers or Trustees from engaging in any transaction where there is a conflict between such individual's personal interest and the interests of the Company. Waivers to the code of conduct can generally only be obtained from our Chief Compliance Officer, who may consult, as appropriate, with the chairperson of the Nominating and Governance Committee, the chairperson of the Audit Committee, counsel to the Company, the Adviser or the Independent Trustees. Any waivers are publicly disclosed as required by applicable law and regulations. In addition, the Audit Committee will be required to review and approve all related-party transactions (as defined in Item 404 of Regulation S-K).

**Code of Ethics** 

------

We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code will be permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements.

**Trustee Independence** 

As a BDC, the 1940 Act requires that at least a majority of our Trustees not be "interested persons" of the Company as defined in Section 2(a)(19) of the 1940 Act. The Board uses the definition of "interested person" in Section 2(a)(19) of the 1940 Act in determining the independence of trustees. On an annual basis, each member of our Board will be required to complete an independence questionnaire designed to provide information to assist our Board in determining whether the Trustee is independent under the 1940 Act. For the fiscal year ended December 31, 2025, our Board determined that each of our Trustees, other than Aaron Blanchette, Brian Stewart and Lucy Munro, are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act. Our Nominating and Governance Committee will review the continued Board membership of a Trustee upon any change in circumstance that could cause his or her status as an Independent Trustee to change. Our Board limits membership on the Audit Committee and the Nominating and Governance Committee to Independent Trustees.

**Item 14. Principal Accounting Fees and Services.**

**Independent Auditors**

For the year ended December 31, 2025, Ernst & Young LLP ("EY") served as our independent auditor.

**Audit and Non-Audit Fees**

The following table sets forth the fees accrued for audit and non-audit fees as of the date of this filing for the year ended December 31, 2025:

---

| | |
|:---|:---|
|  | **Year Ended** |
| *($ in thousands)* | **December 31, 2025** |
| Audit fees | $275 |
| Audit-related fees |  |
| Tax fees | 38 |
| All other fees |  |
| **Total** | $**313** |

---

*Audit Fees*

The Audit Committee was advised that there were no services provided by EY that were unrelated to the audit of the annual fiscal year-end financial statements and the review of interim financial statements that could impair EY from maintaining its independence as our independent auditor and concluded that it was independent.

Audit fees include fees for services that normally would be provided by EY in connection with statutory and regulatory filings or engagements and that generally only an independent accountant can provide. In addition to fees for the audit of our annual financial statements and the review of our quarterly financial statements in accordance with generally accepted auditing standard, this category contains fees for comfort letters, statutory audits, consents, and assistance with and review of documents filed with the SEC.

*Audit-related services*

Audit-related services consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

*Tax Fees*

Tax fees consist of fees billed for professional services primarily for related compliance associated with the Company's RIC status.

*All other fees*

These are fees for any services not included in the above-described categories.

------

**Audit Committee Pre-Approval Policies and Procedures**

In accordance with our Audit Committee pre-approval policy, all audit and non-audit services performed for us by our independent registered public accounting firm were pre-approved by the Audit Committee of our Board, which concluded that the provision of such services by EY was compatible with the maintenance of that firm's independence in the conduct of its auditing functions.

The pre-approval policy provides for categorical pre-approval of specified audit and permissible non-audit services. Services to be provided by the independent registered public accounting firm that are not within the category of pre-approved services must be approved by the Audit Committee prior to engagement, regardless of the service being requested or the dollar amount involved.

Requests or applications for services that require specific separate approval by the Audit Committee are required to be submitted to the Audit Committee, and must include a description of the services to be provided and a statement by the independent registered public accounting firm and principal accounting officer of the Company confirming that the provision of the proposed services does not impair the independence of the independent registered public accounting firm.

The Audit Committee may delegate pre-approval authority to one or more of its members or a subcommittee. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate to management its responsibilities to pre-approve services to be performed by the independent registered public accounting firm.

------

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

**(a)(1) Financial Statements**

The consolidated financial statements of the Company are filed as part of this Form 10-K under Part II, Item 8. Financial Statements and Supplementary Data.

**(a)(2) Schedules**

All schedules are omitted because they are not applicable, not required, or because the required information is included in the consolidated financial statements or notes thereto.

------

**(a)(3) Exhibits**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [<u>Restated Certificate of Trust, as filed with the Secretary of State of the State of Delaware on June 4, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on June 6, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125021803/ny20050048x1_ex3-1.htm) |
| 3.2 | [<u>Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10/A (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex3-2.htm) |
| 3.3 | [<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form 10/A (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex3-3.htm) |
| 4.1+ | [<u>Form of Subscription Agreement+ (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex4-1.htm) |
| 4.2\* | [<u>Description of Securities\*</u>](ck0002012139-ex4_2.htm) |
| 10.1 | [<u>Amended and Restated Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on June 6, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125021803/ny20050048x1_ex10-1.htm) |
| 10.2 | [<u>Amended and Restated Administration Agreement (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on June 6, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125021803/ny20050048x1_ex10-2.htm) |
| 10.3 | [<u>Form of Distribution Reinvestment Plan (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-3.htm) |
| 10.4 | [<u>Form of Indemnification Agreement (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-4.htm) |
| 10.5+ | [<u>Custody Agreement+ (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-5.htm) |
| 10.6+ | [<u>Document Custody Agreement+ (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-6.htm) |
| 10.7 | [<u>License Agreement (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-7.htm) |
| 10.8 | [<u>Amended and Restated Expense Support and Conditional Reimbursement Agreement (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-8.htm) |
| 10.9+ | [<u>Dealer Manager Agreement+ (incorporated by reference to Exhibit 10.9 to the Company's Registration Statement on Form 10 (File No. 000-56756) filed with the SEC on July 23, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125026803/ny20050048x2_ex10-9.htm) |
| 10.10 | [<u>Senior Secured Revolving Credit Agreement, dated as of August 5, 2025, by and among Fortress Private Lending Fund, the lenders and issuing banks party thereto from time to time and The Bank of Nova Scotia, as administrative agent (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on August 8, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000114036125029879/ef20053557_ex10-1.htm) |
| 10.11 | [<u>Credit Agreement, dated as of September 29, 2025, by and among FPLF BA Holdings Finance LLC, as borrower, FPLF BA Holdings Finance CM LLC, as servicer, Fortress Private Lending Fund, as borrower parent, Bank of America, N.A., as administrative agent and each of the lenders from time to time party thereto (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on October 1, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2012139/000119312525225411/ck0002012139-ex10_1.htm) |
| 10.12\* | [<u>Credit Agreement, dated as of November 7, 2025, by and among FPLF NS Holdings Finance LLC, as borrower, FPLF NS Holdings Finance DAC, as subsidiary guarantor, the lenders from time to time party thereto, The Bank of Nova Scotia, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent and custodian\*</u>](ck0002012139-ex10_12.htm) |
| 14.1\* | [<u>Code of Ethics\*</u>](ck0002012139-ex14_1.htm) |
| 19.1\* | [<u>Insider Trading Policy\*</u>](ck0002012139-ex19_1.htm) |
| 21.1\* | [<u>Subsidiaries of the Registrant\*</u>](ck0002012139-ex21_1.htm) |
| 31.1\* | [<u>Certification of the Co-Chief Executive Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith\*</u>](ck0002012139-ex31_1.htm) |
| 31.2\* | [<u>Certification of the Co-Chief Executive Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith\*</u>](ck0002012139-ex31_2.htm) |
| 31.3\* | [<u>Certification of the Chief Financial Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith\*</u>](ck0002012139-ex31_3.htm) |
| 32.1\*\* | [<u>Certification of the Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, filed herewith\*\*</u>](ck0002012139-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of the Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, filed herewith\*\*</u>](ck0002012139-ex32_2.htm) |

---

------

---

| | |
|:---|:---|
| 32.3\*\* | [<u>Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, filed herewith\*\*</u>](ck0002012139-ex32_3.htm) |
| 101.INS\* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its 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 (formatted as Inline XBRL and contained in Exhibit 101)\* |

---

\* Filed herewith.

\*\* The certifications furnished in Exhibits 32.1, 32.2 and 32.3 hereto are deemed to accompany this Form 10-K and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.

+The schedules, appendices and/or exhibits to this agreement have been omitted pursuant to Item 601(a) (5) of Regulation S-K. A copy of any omitted schedule, appendix and/or exhibit will be furnished to the SEC upon request.

**Item 16. Form 10-K Summary**

None.

------

**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.

---

| | | |
|:---|:---|:---|
|  | **FORTRESS PRIVATE LENDING FUND** | **FORTRESS PRIVATE LENDING FUND** |
| Dated: March 27, 2026 | By: | /s/ Avraham Dreyfuss |
|  | Name: | Avraham Dreyfuss |
|  | Title: | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Name | Position | Date |
| /s/ Aaron Blanchette | Co-Chief Executive Officer and Trustee (*Principal Executive Officer*) | March 27, 2026 |
| Aaron Blanchette | Co-Chief Executive Officer and Trustee (*Principal Executive Officer*) | March 27, 2026 |
| /s/ Brian Stewart | Co-Chief Executive Officer and Trustee (*Principal Executive Officer*) | March 27, 2026 |
| Brian Stewart | Co-Chief Executive Officer and Trustee (*Principal Executive Officer*) | March 27, 2026 |
| /s/ Avraham Dreyfuss | Chief Financial Officer (*Principal Financial Officer*) | March 27, 2026 |
| Avraham Dreyfuss | Chief Financial Officer (*Principal Financial Officer*) | March 27, 2026 |
| /s/ Lucy Munro | Chief Operating Officer and Trustee  | March 27, 2026 |
| Lucy Munro | Chief Operating Officer and Trustee  | March 27, 2026 |
| /s/ David Brenner | Trustee | March 27, 2026 |
| David Brenner | Trustee | March 27, 2026 |
| /s/ Michael Dillard | Trustee  | March 27, 2026 |
| Michael Dillard | Trustee  | March 27, 2026 |
| /s/ Anne Motsenbocker | Trustee  | March 27, 2026 |
| Anne Motsenbocker | Trustee  | March 27, 2026 |
| /s/ Amit Patel | Trustee | March 27, 2026 |
| Amit Patel | Trustee | March 27, 2026 |

---

------

## Exhibit 4.2

**Exhibit 4.2**

**DESCRIPTION OF OUR COMMON SHARES**

*The following is a description based on relevant portions of Delaware law and on Fortress Private Lending Fund's (the "Company," "we," "us" or "our") Amended and Restated Declaration of Trust (as such may be amended and restated from time to time, the "Declaration of Trust") and Amended and Restated Bylaws (as such may be amended and restated from time to time, the "Bylaws"), each of which is filed as an exhibit to our Annual Report on Form 10-K (the "Annual Report") of which this Exhibit 4.2 is a part. This summary is not necessarily complete, and we refer you to Delaware law, our Declaration of Trust and our Bylaws for a more detailed description of the provisions summarized below.*

**General**

The terms of the Declaration of Trust authorize the Company to issue an unlimited number of Class I common shares of beneficial interest, par value $0.01 per share (the "Shares"), and an unlimited number of preferred shares, with such par value as may be authorized from time to time by members (each, a "Trustee" and, together, the "Trustees") of the board of trustees of the Company (the "Board") in their sole discretion without approval from the holders of the Shares (the "Shareholders"). The Declaration of Trust also provides that the Board may classify or reclassify any Shares or preferred shares into one or more classes or series of Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to distributions, qualifications, or terms or conditions of redemption of the shares. There is currently no market for our Shares, and we can offer no assurances that a market for our Shares will develop in the future. We do not intend for our Shares to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our Shares. No Shares have been authorized for issuance under any equity compensation plans. Under the terms of our Declaration of Trust, Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law. Our Declaration of Trust provides that no Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Other than as required by applicable law and except as may be provided by the Board in setting the terms of any class or series of Shares, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

**Shares**

Under the terms of the Declaration of Trust, all Shares have equal rights as to dividends, other distributions and voting and, when they are issued, will be fully paid and nonassessable. Dividends and other distributions may be paid to Shareholders if, as and when authorized by the Board and declared by us out of funds legally available therefor. Shares have no preemptive, exchange, conversion or redemption rights and Shareholders have no appraisal rights. Shareholders may not transfer Shares unless (i) the Adviser gives consent, or the transfer is permitted under an applicable subscription agreement, including transfers to the Company in connection with the Company's planned Share Repurchase Program and (ii) the transfer is made in accordance with the transfer restrictions contained in the applicable subscription agreement and applicable securities law.

In the event of our liquidation, dissolution or winding up, each Share would be entitled to share ratably in all of our assets that are legally available for distribution after we pay or otherwise provide for all claims and obligations and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each Share will be entitled to one vote on all matters submitted to a vote of Shareholders, including the election of Trustees.

There will be no cumulative voting in the election of Trustees. Cumulative voting entitles a Shareholder to as many votes as equals the number of votes which such holder would be entitled to cast for the election of Trustees multiplied by the number of Trustees to be elected and allows a Shareholder to cast a portion or all of the Shareholder's votes for

------

one or more candidates for seats on the Board. Without cumulative voting, a minority Shareholder may not be able to elect as many trustees as the Shareholder would be able to elect if cumulative voting were permitted.

**Preferred Shares**

We do not currently have any preferred shares outstanding. However, under the terms of the Declaration of Trust, our Board may authorize us to issue preferred shares in one or more classes or series without Shareholder approval, to the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act"). The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred shares. We do not currently anticipate issuing preferred shares in the near future. In the event we issue preferred shares, we will make any required disclosure to Shareholders. We will not offer preferred shares to the Adviser or our affiliates except on the same terms as offered to all other Shareholders.

Preferred shares could be issued with terms that would adversely affect the Shareholders, provided that we may not issue any preferred shares that would limit or subordinate the voting rights of holders of our Shares. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to Shares and before any purchase of Shares is made, such preferred shares together with all other senior securities must not exceed an amount equal to 50% of our total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of preferred shares, if any are issued, must be entitled as a class voting separately to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

The issuance of any preferred shares must be approved by a majority of our Independent Trustees not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel.

**Limitation on Liability of Trustees and Officers; Indemnification and Advancement of Expenses**

The Delaware Statutory Trust Act (the "Statutory Trust Act") permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever.

The Declaration of Trust provides that the Trustees and former Trustees of the Board and officers and former officers of the Company shall not be liable to the Company or any of the Shareholders for any loss or damage occasioned by any act or omission in the performance of their services as such in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office or as otherwise required by applicable law. The Declaration of Trust also contains provisions for the indemnification, to the extent permitted by law, of the Trustees and former Trustees of the Board and officers and former officers of the Company (as well as certain other related parties) by the Company (but not by the Shareholders individually) against any liability and expense to which any of them may be liable that arise in connection with the performance of their activities on behalf of the Company. The rights of indemnification and exculpation provided under the Declaration of Trust shall not be construed so as to limit liability or provide for indemnification of the Trustees and former Trustees of the Board, officers and former officers of the Company, and the other persons entitled to such indemnification for any liability (including liability under applicable federal or state securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification or limitation on liability would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of the Declaration of Trust to the fullest extent permitted by law.

------

In addition, the Declaration of Trust permits the Company to advance reasonable expenses to such indemnified persons, and we will do so in advance of final disposition of a proceeding if all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (c) upon the Company's receipt of (i) a written affirmation by such person of their good faith belief that they have met the standard of conduct necessary for indemnification by the Company and (ii) a written undertaking by such person to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that such person is not entitled to indemnification.

The indemnification provisions described above in the Declaration of Trust are subject to the limitations of applicable federal securities laws.

In addition to the indemnification provided for in the Declaration of Trust, the Company has entered into indemnification agreements with each of its Trustees and executive officers. The indemnification agreements are intended to provide our Trustees and officers the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides, among other things, that we will indemnify the Trustee or executive officer who is a party to the agreement including the advancement of legal expenses, if, by reason of his or her corporate status, such Trustee or executive officer is, or is threatened to be, made a party to, or a witness in, any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Company.

**Delaware Law and Certain Declaration of Trust Provisions**

*Organization and Duration*

We were formed in Delaware on January 25, 2024, and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

*Purpose*

Under the Declaration of Trust, **t**he purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Statutory Trust Act as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company, as such terms are defined in the 1940 Act, subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under the Declaration of Trust. In furtherance of the foregoing, the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

Our Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. Our Board may, without Shareholder action, authorize the issuance of Shares in one or more classes or series, including preferred shares and our Declaration of Trust provides that, while we do not intend to list our Shares on any securities exchange, if any class of our Shares is listed on a national securities exchange, our Board will be divided into three classes of trustees serving staggered terms of three years each. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

*Special Voting Requirements*

Our Declaration of Trust provides that the number of Trustees will be set only by our Board in accordance with our Bylaws. Our Bylaws provide that a majority of our entire Board may at any time increase or decrease the number of Trustees by a majority vote or written consent. Subject to the applicable requirements of the 1940 Act, and except as may be provided by our Board in setting the terms of any class or series of preferred shares, any and all vacancies on

------

the our Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a successor is elected by our Shareholders and qualified.

Our Declaration of Trust provides that a Trustee may be removed with or without cause by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an interested person, a majority of the remaining Trustees that are not interested persons).

The Shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under the Declaration of Trust, the Company is not required to hold annual meetings and the Bylaws provide that a meeting of Shareholders will not be required in any year in which the election of trustees is not required to be held under the 1940 Act. The failure to hold an annual meeting will not invalidate the Company's existence or affect any otherwise valid corporate act of the Company.

In the event of a Shareholder vote on election of trustees, trustees shall be elected by a plurality of the vote of all holders of the outstanding Shares, provided that, in the case where the number of nominees for the trusteeships exceeds the number of such Trustees to be elected, a majority of all votes cast shall be required to elect such nominee.

Notwithstanding the foregoing, the holders of outstanding preferred shares, if any, will be entitled, voting as a separate class, to elect two Trustees of the Company at all times. In addition, the holders of outstanding preferred shares, if any, will be entitled, voting as a separate class, to elect a majority of the Board (i) if, at the close of business on any distribution payment date, distributions (whether or not declared) on outstanding preferred shares are unpaid in an amount equal to at least two full years' distributions on the preferred shares, or (ii) if at any time holders of preferred shares are otherwise entitled under the 1940 Act to elect a majority of the Board.

A special meeting of the Shareholders may be called at any time by a majority of the Board, the chief executive officer or the holders of more than twenty-five percent (25%) of the outstanding shares of the Company entitled to vote at a meeting (regardless of class or series).

*Amendment of the Declaration of Trust; No Approval by Shareholders*

The Board may, without Shareholder vote (subject to applicable state and federal securities laws requirements), amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust. Shareholders will only have the right to vote on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Board in good faith or is submitted to them by the Board. Notwithstanding the foregoing, in connection with a listing of the Shares on a national securities exchange, the Board may, without the approval or vote of the Shareholders, amend or supplement the Declaration of Trust in any manner, including, without limitation, to classify the Board, to impose super-majority approval for certain types of transactions and to otherwise add or modify provisions that may be deemed to be adverse to Shareholders. A proposed amendment to the Declaration of Trust requires the affirmative vote of a majority of the Board for adoption.

An amendment duly adopted by the requisite vote of the Board and, if required, the Shareholders as aforesaid, will become effective at the time of such adoption or at such other time as may be designated by the Board or Shareholders, as the case may be.

*Derivative Actions*

Our Declaration of Trust provides that no person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company. No Shareholder may maintain a derivative action on behalf of the Company unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action.

------

In addition to the requirements set forth in Section 3816 of the Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees will only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of trustees who are not "independent trustees" (as that term is defined in the Statutory Trust Act); and (ii) unless a demand is not required under clause (i) above, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees will be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Company for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this paragraph, the Trustees may designate a committee of one or more Trustees to consider a pre-suit demand by the Shareholder or Shareholders.

*Exclusive Delaware Jurisdiction*

Our Declaration of Trust provides that, each Trustee, each officer, each Shareholder and each person legally or beneficially owning an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Company or its business and affairs, the Statutory Trust Act, the Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Trustees, or of officers or the Trustees to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, the Declaration of Trust or the Bylaws relating in any way to the Company or (F) the federal securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of this paragraph, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. This paragraph does not apply to any claims brought under the U.S. federal securities laws, or the rules and regulations thereunder.

*Determinations by our Board*

Our Declaration of Trust contains a provision that codifies the authority of our Board to manage our business and affairs. This provision enumerates certain matters and states that the determination as to any such enumerated matters made in good faith by or pursuant to the direction of our Board (consistent with our Declaration of Trust) is final, conclusive, and binding upon us and our Shareholders. This provision does not alter the duties our Board owes to us

------

or our Shareholders pursuant to our Declaration of Trust and under Delaware law or under applicable federal securities laws.

*Construction and Governing Law*

Our Declaration of Trust provides that the Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders, shall be governed by and construed and enforced in accordance with the Statutory Trust Act and the laws of the State of Delaware. Under the terms of our Declaration of Trust, to the fullest extent permitted by law, the Shareholders and the Trustees of the Company will be deemed to have waived any non-mandatory rights of beneficial owners or trustees under the Statutory Trust Act or general trust law, and that the Company, the Shareholders, and the Trustees shall not be subject to any applicable provisions of law pertaining to trusts that, in a manner inconsistent with the express terms of our Declaration of Trust or Bylaws, relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust,(iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of Trustees as set forth or referenced in our Declaration of Trust.

*Access to Records*

Shareholders shall have access to records of the Company as provided in Section 3819 of the Statutory Trust Act.

*Conflict with the 1940 Act*

Our Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

*Dissolution, and Liquidation*

The Company shall be dissolved: (i) upon the affirmative vote to dissolve the Company by a majority of the Board; or (ii) as required by operation of law.

Upon the occurrence of any event of dissolution, the Board or the Adviser, acting as liquidator under appointment by the Board (or another liquidator, if the Board does not appoint one or more Trustees of the Board or the Adviser to act as liquidator or is unable to perform this function) is charged with winding up the affairs of the Company and liquidating its assets. Upon the dissolution of the Company the Board shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the Delaware Statutory Trust Statute (which requires the Company to pay or make reasonable provision to pay all claims and obligations, including all contingent, conditional or unmatured claims and obligations), including the distribution to the Shareholders of any assets of the Company.

------

## Exhibit 10.12

**Exhibit 10.12**

**CREDIT AGREEMENT**

**dated as of November 7, 2025**

**among**

**FPLF NS Holdings Finance LLC**,<br>**as Borrower**,

**FPLF NS Holdings Finance DAC, as Subsidiary Guarantor, FPLF NS Holdings Finance CM LLC, as Servicer, the Lenders Referred to Herein**,

**the Membership Interest Holders Referred to Herein, The Bank of Nova Scotia**,**<br>as Administrative Agent**,

**U.S. Bank Trust Company, National Association**,**<br>as Collateral Agent**

**and** 

**U.S. Bank National Association**,**<br>as Custodian**

------

**TABLE OF CONTENTS**

<u>Page</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Article I DEFINITIONS AND INTERPRETATION** | &nbsp;&nbsp;&nbsp;&nbsp;**Article I DEFINITIONS AND INTERPRETATION** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Definitions. The following terms, as used herein, have the following meanings: | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Accounting Terms and Determinations and UCC Terms. | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 | Assumptions and Calculations with respect to Collateral Loans. | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 | Cross-References; References to Agreements. | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.5 | Reference to Secured Parties and S&P. | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.6 | Currency Equivalents. | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.7 | Rates. | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article II THE LOANS** | &nbsp;&nbsp;&nbsp;&nbsp;**Article II THE LOANS** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | The Commitments. | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Making of the Loans. | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Evidence of Indebtedness; Notes. | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Maturity of Loans. | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Interest Rates. | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Commitment Fees. | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Reduction of Commitments; Prepayments. | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | General Provisions as to Payments. | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Funding Losses. | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Computation of Interest and Fees; Payments Generally. | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Increased Commitments; Additional Loans. | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | No Cancellation of Indebtedness. | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Loans Held by Borrower Affiliated Lenders. | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 | [Reserved]. | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15 | Conversion of Class A-R Loans to Class A-T Loans. | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16 | Subordination. | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article III CONDITIONS TO BORROWINGS** | &nbsp;&nbsp;&nbsp;&nbsp;**Article III CONDITIONS TO BORROWINGS** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Effectiveness of Commitments. | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Borrowings. | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Effectiveness of Increased Commitments and Additional Loans. | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article IV REPRESENTATIONS AND WARRANTIES OF THE BORROWER AND THE SUBSIDIARY GUARANTOR** | &nbsp;&nbsp;&nbsp;&nbsp;**Article IV REPRESENTATIONS AND WARRANTIES OF THE BORROWER AND THE SUBSIDIARY GUARANTOR** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Existence and Power. | 115 |

---

i

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Power and Authority. | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | No Violation. | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Litigation. | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Compliance with ERISA. | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Environmental Matters. | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7 | Taxes. | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8 | Full Disclosure. | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9 | Solvency. | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Use of Proceeds; Margin Regulations. | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11 | Governmental Approvals. | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.12 | Investment Company Act. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.13 | Representations and Warranties in Loan Documents. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.14 | Patents, Trademarks, Etc. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.15 | Ownership of Assets. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.16 | No Default. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.17 | Labor Matters. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.18 | Subsidiaries; Equity Interests. | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.19 | Ranking. | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.20 | Representations Concerning Collateral. | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.21 | Risk Retention. | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.22 | Ordinary Course. | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.23 | Financial Information. | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.24 | Anti-Terrorism and Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions. | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article V AFFIRMATIVE AND NEGATIVE COVENANTS OF THE BORROWER AND THE SUBSIDIARY GUARANTOR** | &nbsp;&nbsp;&nbsp;&nbsp;**Article V AFFIRMATIVE AND NEGATIVE COVENANTS OF THE BORROWER AND THE SUBSIDIARY GUARANTOR** | **122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Information. | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Payment of Obligations. | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Maintenance of Property; Insurance. | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Good Standing. | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Compliance with Laws. | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Inspection of Property, Books and Records; Audits; Etc. | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Existence. | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 | Subsidiaries; Equity Interests. | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 | Investments. | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 | Restriction on Fundamental Changes. | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 | ERISA. | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 | Liens. | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13 | Business Activities. | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14 | Fiscal Year; Fiscal Quarter. | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15 | Margin Stock. | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.16 | Indebtedness. | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.17 | Use of Proceeds. | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.18 | Bankruptcy Remoteness; Separateness. | 130 |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.19 | Amendments, Modifications and Waivers to Collateral Loans. | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.20 | Hedging. | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.21 | Title Covenants. | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.22 | Further Assurances. | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.23 | Costs of Transfer; Taxes; and Expenses. | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.24 | Collateral Agent May Perform. | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.25 | Notice of Name Change. | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.26 | Procurement and Renewal of Credit Estimates. | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.27 | Filing Fees, etc. | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.28 | Credit Standards. | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.29 | Delivery of Proceeds. | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.30 | Performance of Obligations. | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.31 | Limitation on Dividends. | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.32 | Collateral Loan Documentation; Approved Appraisal Firm. | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.33 | Annual Rating Review. | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.34 | [Reserved]. | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.35 | Transactions With Affiliates. | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.36 | Reports by Independent Accountants. | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.37 | Risk Retention. | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.38 | Tax Matters as to the Borrower and the Subsidiary Guarantor. | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.39 | [Reserved]. | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.40 | Anti-Money Laundering and Anti-Terrorism Finance Laws; Foreign Corrupt Practices Act; Sanctions Laws. | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.41 | Pool Concentrations. | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.42 | Transfer of Membership Interests. | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.43 | S&P Rating. | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.44 | Beneficial Ownership Certification. | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article VI EVENTS OF DEFAULT** | &nbsp;&nbsp;&nbsp;&nbsp;**Article VI EVENTS OF DEFAULT** | **140** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Events of Default. | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Remedies. | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Additional Collateral Provisions. | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Application of Proceeds. | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article VII THE AGENTS** | &nbsp;&nbsp;&nbsp;&nbsp;**Article VII THE AGENTS** | **149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Appointment and Authorization. | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Agents and Affiliates. | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Actions by Agent. | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Delegation of Duties; Consultation with Experts. | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Liability of Agents. | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | Indemnification. | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | Credit Decision. | 154 |

---

iii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | Successor Agent*.* | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | Erroneous Payments*.* | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article VIII ACCOUNTS AND COLLATERAL** | &nbsp;&nbsp;&nbsp;&nbsp;**Article VIII ACCOUNTS AND COLLATERAL** | **157** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Collection of Money. | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Collection Accounts. | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | Payment Accounts; Lender Collateral Account; Closing Expense Account; Future Funding Reserve Accounts. | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 | Custodial Accounts. | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 | Acquisition of Collateral Loans and Eligible Investments. | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 | Release of Security Interest in Sold Collateral Loans and Eligible Investments; Release of Security Interest on Termination; Release of Security Interest by the Administrative Agent. | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 | Method of Collateral Transfer. | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 | Continuing Liability of the Borrower. | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 | Reports. | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article IX APPLICATION OF MONIES** | &nbsp;&nbsp;&nbsp;&nbsp;**Article IX APPLICATION OF MONIES** | **171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Disbursements of Funds from Payment Accounts. | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article X SALE OF COLLATERAL LOANS; ELIGIBILITY CRITERIA** | &nbsp;&nbsp;&nbsp;&nbsp;**Article X SALE OF COLLATERAL LOANS; ELIGIBILITY CRITERIA** | **176** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Sale of Collateral Loans. | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Purchase of Additional Collateral Loans. | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3 | Conditions Applicable to All Sale and Purchase Transactions. | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4 | Restrictions on Exchanges and Deemed Acquisitions. | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5 | Optional Repurchase or Substitution. | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article XI CHANGE IN CIRCUMSTANCES** | &nbsp;&nbsp;&nbsp;&nbsp;**Article XI CHANGE IN CIRCUMSTANCES** | **183** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | Basis for Determining Interest Rate Inadequate or Unfair. | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Illegality. | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Increased Cost and Reduced Return. | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Taxes. | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Replacement of Lenders; Downgraded Lenders; Defaulting Lenders. | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Benchmark Replacement; Conforming Changes. | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article XII MISCELLANEOUS** | &nbsp;&nbsp;&nbsp;&nbsp;**Article XII MISCELLANEOUS** | **194** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 | Notices. | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 | No Waivers. | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 | Expenses; Indemnification. | 195 |

---

iv

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 | Sharing of Set-Offs. | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.5 | Amendments and Waivers. | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.6 | Successors and Assigns. | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.7 | Representations and Covenants of the Lenders. | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.8 | Governing Law; Submission to Jurisdiction. | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.9 | Marshalling; Recapture. | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.10 | Counterparts; Integration; Effectiveness. | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.11 | WAIVER OF JURY TRIAL. | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.12 | Survival. | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.13 | Domicile of Loans. | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.14 | Limitation of Liability. | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.15 | Recourse; Non-Petition. | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.16 | Confidentiality. | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.17 | Provisions Applicable to CP Lenders. | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.18 | Direction of Collateral Agent. | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.19 | Liability of Borrower, the Subsidiary Guarantor and SPV Subsidiaries. | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.20 | Acknowledgement and Consent to Bail-In of EEA Financial Institutions. | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.21 | Acknowledgement Regarding Any Supported QFCs. | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.22 | Usury Savings Clause. | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.23 | No Advisory or Fiduciary Responsibility. | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Article XIII SERVICER PROVISIONS** | &nbsp;&nbsp;&nbsp;&nbsp;**Article XIII SERVICER PROVISIONS** | **212** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 | Designation of the Servicer. | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 | Duties of the Servicer. | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 | Authorization of the Servicer. | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 | Servicer's Collection of Payments. | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.5 | Servicer Compensation. | 216 |

---

v

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Servicer shall not receive a fee. A Replacement Servicer that is not an Affiliate of the initial Servicer shall be entitled to receive the Replacement Servicer Fee; provided that, payment of such fee shall be subject to the Administrative Expense Cap. The "Replacement Servicer Fee" means, the fee payable to any Replacement Servicer, which will accrue, commencing upon the appointment of such Replacement Servicer, quarterly in arrears on each Payment Date pursuant to the Priority of Payments, in an amount equal to 0.15% per annum (calculated on the basis of the actual number of days in the applicable Due Period divided by 360) of the Fee Basis Amount at the beginning of the Due Period relating to such Payment Date; provided that the Replacement Servicer Fee due on any Payment Date shall not include any such fee (or any portion thereof) that has been waived by the Replacement Servicer. To the extent the Replacement Servicer is appointed other than at the commencement of an Interest Period, the Replacement Servicer Fee will be prorated for the related Interest Period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Servicer shall not receive a fee. A Replacement Servicer that is not an Affiliate of the initial Servicer shall be entitled to receive the Replacement Servicer Fee; provided that, payment of such fee shall be subject to the Administrative Expense Cap. The "Replacement Servicer Fee" means, the fee payable to any Replacement Servicer, which will accrue, commencing upon the appointment of such Replacement Servicer, quarterly in arrears on each Payment Date pursuant to the Priority of Payments, in an amount equal to 0.15% per annum (calculated on the basis of the actual number of days in the applicable Due Period divided by 360) of the Fee Basis Amount at the beginning of the Due Period relating to such Payment Date; provided that the Replacement Servicer Fee due on any Payment Date shall not include any such fee (or any portion thereof) that has been waived by the Replacement Servicer. To the extent the Replacement Servicer is appointed other than at the commencement of an Interest Period, the Replacement Servicer Fee will be prorated for the related Interest Period. | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.6 | Payment of Certain Expenses by the Servicer. | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.7 | Servicer Not to Resign. | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.8 | Servicer Termination Events. | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.9 | Obligations of Servicer. | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.10 | Representations, Warranties and Covenants of the Servicer. The Servicer represents and warrants to each Agent and Lender, on the Closing Date and as of the date of any Increased Commitment or incurrence of Additional Loans, that the following statements are true and correct: | 219 |

---

**SCHEDULES AND EXHIBITS**

Schedule A - Approved Appraisal Firms

Schedule B - [Reserved]

Schedule C - Diversity Score

Schedule D - Moody's Rating Definitions

Schedule E - S&P Recovery Rate and Default Rate Tables

Schedule F - S&P Recovery Rate Matrix

Schedule G - S&P Weighted Average Life Matrix

Schedule H - List of Initial Collateral Loans

Schedule I - S&P Industry Classifications

Schedule J - Loan Allocations

Exhibit A-1 - Form of Note for Class A-R Loans

Exhibit A-2 - Form of Note for Class A-T Loans

Exhibit A-3 - Form of Note for Swingline Loans

Exhibit B - Form of Notice of Borrowing

Exhibit C - Form of Assignment and Assumption Agreement

vi

------

Exhibit D - Scope of Collateral Reports

Exhibit E - Scope of Payment Date Reports

Exhibit F - Scope of Asset-Level Reporting to Lenders

Exhibit G - Form of EU/UK Retention Letter

Exhibit H - Form of Prepayment/Commitment Reduction Notice

Exhibit I - Structure Chart

Exhibit J - Transaction Summary

Exhibit K - Form of Transparency Reporting Request

Exhibit L - Form of Subsidiary Guaranty

vii

------

**CREDIT AGREEMENT**

THIS CREDIT AGREEMENT dated as of November 7, 2025, is entered into by and among FPLF NS HOLDINGS FINANCE LLC, a limited liability company organized under the laws of the State of Delaware, as Borrower, FPLF NS HOLDINGS FINANCE DAC, an Irish designated activity company incorporated under the laws of Ireland, as Subsidiary Guarantor, FPLF NS HOLDINGS FINANCE CM LLC, a limited liability company organized under the laws of the State of Delaware, as Servicer, the Lenders party hereto from time to time, the Membership Interest Holders party hereto, THE BANK OF NOVA SCOTIA, as Administrative Agent for the Lenders, U.S. Bank Trust Company, National Association, as Collateral Agent and U.S. Bank National Association, as Custodian.

W I T N E S S E T H:

WHEREAS, the Borrower desires that the Lenders make Loans, in the case of the Class A-R Loans and the Swingline Loans, on a revolving basis, and in the case of the Class A-T Loans (as applicable), on a term loan basis, to the Borrower on the terms and subject to the conditions set forth in this Agreement, and each Lender may from time to time make Loans to the Borrower on the terms and subject to the conditions set forth in this Agreement;

WHEREAS, the proceeds of the Loans made by the Lenders to the Borrower on the date hereof shall be used by the Borrower (i) to acquire and originate Collateral Loans, (ii) to invest in the Subsidiary Guarantor for the purpose of acquiring or originating Collateral Loans or (iii) as otherwise specified pursuant to <u>Section 5.17</u>;

NOW, THEREFORE, the Loan Parties, the Lenders, the Administrative Agent and the Collateral Agent hereby agree as follows:

GRANTING CLAUSE

To secure the due and punctual payment and performance of all Secured Obligations, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing or due or to become due, in accordance with the terms thereof, each Loan Party hereby Grants to the Collateral Agent for the benefit of the Secured Parties a security interest in all of such Loan Party's right, title and interest in and to the following, whether now owned or hereafter acquired (collectively, the "<u>Pledged Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Collateral Loans, all other loans and securities of such Loan Party whether or not such loans and securities constitute Collateral Loans, all Related Contracts and Collections with respect thereto, all collateral security granted under any Related Contracts, and all interests in any of the foregoing, whether now or hereafter existing;

&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) (i) the Custodial Accounts and all Collateral which is delivered to the Collateral Agent pursuant to the terms hereof and all payments thereon or with respect thereto, (ii) each of the other Covered Accounts and the Account Control Agreement and (iii) Eligible Investments or other investments (whether or not such investments constitute Eligible Investments) acquired with funds on deposit in the Covered Accounts, and all income from the investment of funds in the Covered Accounts;

------

&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) monies, securities, reserves and other property now or at any time in the possession of such Loan Party or which is delivered to, or received by, the Collateral Agent or its bailee, agent or custodian (including, without limitation, all Eligible Investments and other investments with respect to any Collateral or 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 liens, security interests, property or assets securing or otherwise relating to any Collateral Loan, Eligible Investment, other investment, Collateral, or any Related Contract;

&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 Interest Hedge Agreements, the Sale Agreements, the Collateral Administration Agreement and, if delivered, the EU/UK Retention Letter;

&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 PPNs and all payments and rights 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;(g) all other accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights and other supporting obligations relating to the foregoing (in each case as defined in the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all other tangible and intangible personal property whatsoever of such Loan Party and all other agreements of such Loan Party; 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) all products, proceeds, rents and profits of any of the foregoing, all substitutions therefor and all additions and accretions thereto (whether the same now exist or arise or are acquired), including, without limitation, proceeds of insurance policies insuring any or all of the foregoing, any indemnity or warranty payable by reason of loss or damage to or otherwise in respect of any of the foregoing or any guaranty.

Except as set forth in the Priority of Payments, the definition of "Administrative Expenses", <u>Section 2.16</u> and <u>Section 4.19</u>, the Loans are secured by the foregoing Grant equally and ratably without prejudice, priority or distinction between any Loan and any other Loans by reason of difference in time of borrowing or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of Payments, the payment of all amounts due on the Loans in accordance with their terms, the payment by the Borrower or the Subsidiary Guarantor of all other sums payable under this Agreement and the other Loan Documents and compliance with the provisions of this Agreement and the other Loan Documents, all as provided herein.

Article I<br>DEFINITIONS AND INTERPRETATION

Section 1.1 <u>Definitions.</u> The following terms, as used herein, have the following meanings:

"<u>Account Control Agreement</u>" means each of (i) the Account Control Agreement, dated on or about the date hereof, among the Borrower, as debtor, U.S. Bank Trust Company, National Association, as secured party and U.S. Bank National Association, as custodian and securities intermediary and (ii) the Account Control Agreement, dated on or about the date hereof,

------

among the Subsidiary Guarantor, as debtor, U.S. Bank Trust Company, National Association, as secured party and U.S. Bank National Association, as custodian and securities intermediary.

"<u>Accountants' Report</u>" means an agreed upon procedures report prepared by a firm of Independent certified public accountants of recognized national reputation appointed by the Borrower.

"<u>Additional Lender</u>" means a Lender that has made an Additional Loan or provided an Increased Commitment hereunder.

"<u>Additional Loans</u>" has the meaning assigned to such term in <u>Section 2.11(a)</u>.

"<u>Adjusted Collateral Principal Amount</u>" means, as of any date of determination, (a) the Aggregate Principal Balance of the Collateral Loans (excluding Excepted Current Pay Obligations, Deferring Loans, Defaulted Loans, Specified Non-Paying Loans and Adjusted Value Loans, each as to which the applicable rule below shall apply), *plus* (b) without duplication, the amounts on deposit in the Collection Accounts representing Principal Proceeds (including Eligible Investments therein and including capital contributions or proceeds deposited therein by any Membership Interest Holder), *plus* (c) with respect to each Excepted Current Pay Obligation, the S&P Recovery Amount therefor, *plus* (d) for all Defaulted Loans, the Defaulted Loan Balance, *plus* (e) for all Deferring Loans, the Defaulted Loan Balance, *plus* (f) with respect to each Adjusted Value Loan, the product of (i) the outstanding principal amount of such Adjusted Value Loan as of such date, *multiplied by* (ii) the purchase price of such Adjusted Value Loan (expressed as a percentage of par), excluding accrued interest and any syndication or upfront fees paid to the applicable Loan Party, but including, at the discretion of the Borrower, the amount of any related transaction costs (including assignment fees) paid by the applicable Loan Party to the seller of the Collateral Loan or its agent, *plus* (g) for each Specified Non-Paying Loan, the lowest of (x) the Principal Balance of such Specified Non-Paying Loan and (y) the Market Value thereof, *minus* (h) the Excess CCC Adjustment Amount; *provided*, that with respect to any Collateral Loan that satisfies more than one of the definitions under clauses (c) through (h) above, such Collateral Loan shall, for the purposes of this definition, be treated as belonging to the category of Collateral Loans which results in the lowest Adjusted Collateral Principal Amount on any date of determination; *provided*, *further*, the Adjusted Collateral Principal Amount of any Collateral Loan held in the form of a Transferred Participation after the date that is 60 days after the date such Transferred Participation was acquired will be the lower of (A) the Market Value thereof and (B) the S&P Recovery Amount thereof*; provided, further*, that, with respect to any Collateral Loan held by an SPV Subsidiary, for purposes of this definition and the calculation of the Overcollateralization Ratio, such Collateral Loan will have an Adjusted Collateral Principal Amount of zero unless such SPV Subsidiary has pledged its assets to the Collateral Agent for the benefit of the Secured Parties.

"<u>Adjusted Value Loan</u>" means any Collateral Loan that is acquired by a Loan Party at a price that is less than 97% of par; *provided* that such Collateral Loan will cease to be an Adjusted Value Loan at such time as the Market Value (expressed as a percentage of par) of such Collateral Loan, for any period of 30 consecutive days since the acquisition by such Loan Party of such Collateral Loan, equals or exceeds 100.0% of the Principal Balance of such Collateral Loan.

------

"<u>Administrative Agent</u>" means Scotiabank in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity.

"<u>Administrative Agent Fee</u>" means the fee payable to the Administrative Agent in arrears on each Payment Date in accordance with the Priority of Payments in an amount specified in the Administrative Agent Fee Letter.

"<u>Administrative Agent Fee Letter</u>" means the fee letter dated on or about the Closing Date, between the Borrower, the Servicer and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time.

"<u>Administrative Agent's Office</u>" means the Administrative Agent's address as set forth at the address listed on the signature pages hereto, and, as appropriate, the account, or such other address or account as the Administrative Agent may from time to time notify to the Loan Parties and the Lenders.

"<u>Administrative Expense Cap</u>" means, with respect to any Payment Date, an amount equal to (x) $150,000 *plus* (y) 0.02% *multiplied* by the sum of, without duplication, (i) the Aggregate Principal Balance of all Collateral Loans, *plus* (ii) the aggregate amount of funds on deposit in the Collection Accounts, including Eligible Investments and capital contributions or proceeds deposited therein by any Membership Interest Holder, constituting Principal Proceeds, *plus* (iii) the Net Aggregate Exposure Amount, in each case, measured as of the Calculation Date immediately preceding such Payment Date (prorated for the related Interest Period on the basis of a 360-day year comprised of twelve 30-day months).

"<u>Administrative Expenses</u>" means, without duplication, fees, expenses (including indemnities) and other amounts due or accrued with respect to any Payment Date and any other date fixed for payment of such amounts (including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date) and payable in the following order by the Borrower or the Subsidiary Guarantor, as applicable, 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) <u>first</u>, to the Collateral Agent in respect of the Collateral Agent Fee and any fees owed to the Collateral Administrator, the Custodian and U.S. Bank NA as securities intermediary (if any), and for the reimbursement of other reasonable and documented out-of-pocket expenses and disbursements (including, without limitation, indemnities payable pursuant to the Loan Documents) incurred by the Collateral Agent, the Collateral Administrator, the Custodian and U.S. Bank NA as securities intermediary under any Loan Documents in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Administrative Agent in respect of the Administrative Agent Fee and for the reimbursement of reasonable and documented out-of-pocket expenses and disbursements incurred by the Administrative Agent or the Lenders in accordance with the provisions of this Agreement, the Administrative Agent Fee Letter or any other Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, on a *pro rata* basis, the following amounts (excluding indemnities unless otherwise noted) to the following parties:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (u) the reimbursement to the Parent for payment of amounts due in respect of actions taken on or before the Closing Date or in connection with the closing of the transactions contemplated by this Agreement (including all reasonable and documented fees and out-of-pocket costs and expenses of legal counsel for the Agents and the Lenders), (v) the reimbursement of reasonable and documented out-of-pocket expenses and disbursements incurred by the Borrower, the Subsidiary Guarantor and the Servicer in accordance with the provisions of this Agreement and any other Loan Document, including appraisal fees, fees and expenses of a firm of independent certified public accountants appointed pursuant to <u>Section 5.36</u> and other out-of-pocket expenses incurred in connection with the Collateral Loans, Eligible Investments and other Collateral and payable to third parties, (w) any amounts payable by the Borrower, the Subsidiary Guarantor and the Servicer in connection with any advances made to protect or preserve rights against an Obligor or to indemnify an agent or representative for lenders pursuant to any Related Contracts, (x) any expenses related to an SPV Subsidiary, (y) fees and expense reimbursements payable by the Borrower, the Subsidiary Guarantor or the Retention Provider to any Independent director or any Independent Review Party or member thereof, in each case, in accordance with their respective Constituent Documents and (z) to the Independent Directors for the fees and expenses of such Independent Directors (as defined in the LLC Agreement) pursuant to the LLC Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) S&P for fees and reasonable expenses in connection with any rating of the Loans or the Collateral Loans, including fees related to the obtaining of credit estimates by S&P and ongoing rating agency surveillance fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other Person in respect of any governmental fee, charge or tax incurred on behalf of the Loan Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other Person in respect of any other fees or expenses (including, but not limited to Excepted Advances) expressly permitted under this Agreement and the documents delivered pursuant to or in connection with this Agreement and 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;(d) <u>fourth</u>, on a *pro rata* basis, indemnities payable to any Person permitted under this Agreement and the documents delivered pursuant to or in connection with this Agreement and the Loan Documents not otherwise paid;

*provided* that Administrative Expenses shall not include (i) any salaries of any employees of the Loan Parties (for the avoidance of doubt, neither Loan Party pays any salaries) or the Servicer, (ii) any Increased Costs or (iii) any Replacement Servicer Fees.

"<u>Administrative Officer</u>" means, (i) when used with respect to the Collateral Agent (in each of its capacities), any vice president, assistant vice president, treasurer, assistant treasurer, trust officer, associate or any other officer of the Collateral Agent who shall have direct responsibility for the administration of this Agreement or to whom any corporate trust matter is referred within the Corporate Trust Office because of his or her knowledge of and familiarity with

------

the particular subject and (ii) when used with respect to the Administrative Agent, any officer within the office of the Administrative Agent at the address listed on the signature pages hereto, including any vice president, assistant vice president, officer of the Administrative Agent customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at such location because of his or her knowledge of and familiarity with the particular subject.

"<u>Administrative Questionnaire</u>" means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative Agent (with a copy to the Borrower) duly completed by such Lender.

"<u>Affected Lender</u>" means (i) a Lender that is subject to regulation under the EU Securitisation Regulation from time to time or party to liquidity or credit support arrangements provided by a financial institution that is subject to such regulation (an "<u>EU Affected Lender</u>") or (ii) a Lender that is subject to regulation under the UK Securitisation Regulation from time to time or party to liquidity or credit support arrangements provided by a financial institution that is subject to such regulation (a "<u>UK Affected Lender</u>"), in each case, as identified to the Borrower by such Lender (or the Administrative Agent on such Lender's behalf).

"<u>Affiliate</u>" or "<u>Affiliated</u>" means, with respect to any Person, (a) any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (b) any other Person who is a director, officer or employee (i) of such Person, (ii) of any subsidiary or parent company of such Person or (iii) of any Person described in clause (a) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50.0% of the securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"<u>Agents</u>" means the Administrative Agent, the Collateral Agent, the Custodian and U.S. Bank NA, as securities intermediary, and "<u>Agent</u>" means any of them.

"<u>Aggregate Maximum Principal Balance</u>" means, when used with respect to all or a portion of the Collateral Loans, the sum of the Maximum Principal Balances of all or of such portion of such Collateral Loans.

"<u>Aggregate Participation Exposure</u>" means, at any time, the Maximum Principal Balance of all Collateral Loans that are in the form of Participation Interests owned by the Loan Parties at such time.

"<u>Aggregate Principal Balance</u>" means, when used with respect to all or a portion of the Collateral Loans or other Pledged Collateral, the sum of the Principal Balances (in U.S. Dollars or U.S. Dollar Equivalents) of all or of such portion of the Collateral Loans or Pledged Collateral, respectively.

"<u>Aggregate Undrawn Amount</u>" means, at any time, the excess, if any, of (i) the Class A-R Commitments (whether or not utilized) over (ii) the aggregate outstanding amount of the Class A-R Loans at such time.

------

"<u>Agreement</u>" means this Credit Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing, and shall refer to the Agreement as the same may be in effect at the time such reference becomes operative.

"<u>Agreement Currency</u>" has the meaning assigned to such term in <u>Section 2.10(d)</u>.

"<u>Alternate Base Rate</u>" means, for any day,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to Loans denominated in U.S. Dollars, Euro or GBP, a fluctuating rate of interest per annum equal to the highest of (a) the Prime Rate in effect on such day and (b) the Federal Funds Rate in effect on such day *plus* ½ of 1% per annum; 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 Loans denominated in CAD, the Canadian Prime Rate;

*provided,* that if, in any case, the Alternate Base Rate as so determined shall ever be less than zero, then the Alternate Base Rate shall be deemed to be zero.

Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the Canadian Prime Rate shall be effective from and including the effective day of such change.

The Alternate Base Rate is in all cases a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest calculated with respect to Loans denominated in U.S. Dollars pursuant to clause (i)(a) above will be determined based on a year of 365 days or 366 days, as applicable, and actual days elapsed, and interest calculated with respect to Loans denominated in U.S. Dollars pursuant to clause (i)(b) above will be determined based on a year of 360 days and actual days elapsed. Interest calculated with respect to Loans denominated in an Alternative Currency shall be computed on the basis of a year of 360 days (other than interest on Loans denominated in CAD, which shall be calculated on the basis of a year of 365 days) and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

"<u>Alternative Currency</u>" means each of Euro, GBP and CAD.

"<u>Alternative Currency Equivalent</u>" means, at any time, with respect to any amount denominated in U.S. Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent in its sole discretion by reference to the exchange rate for the purchase of such Alternative Currency with U.S. Dollars by its principal foreign exchange trading office on the date as of which the foreign exchange computation is made; *provided*, however, that if no such rate is available, the "Alternative Currency Equivalent" shall be determined by the Administrative Agent using any reasonable method of determination it deems appropriate in its sole discretion (and such determination shall be conclusive absent manifest error).

"<u>Alternative Currency Sublimit</u>" means an amount equal to 30% of the sum of (a) the aggregate outstanding principal amount of the Class A-T Loans *plus* (b) the total amount of

------

the Class A-R Commitments. The Alternative Currency Sublimit is part of, and not in addition to, the Total Class A-R Commitments and the Total Class A-T Commitments.

"<u>Anti-Corruption Laws</u>" has the meaning assigned to such term in <u>Section 4.24(b)</u>.

"<u>Anti-Terrorism Laws</u>" has the meaning assigned to such term in <u>Section 4.24(a)</u>.

"<u>Applicable Law</u>" has the meaning specified in <u>Section 7.5(g)</u>.

"<u>Applicable Lending Office</u>" means, with respect to any Lender, the office or offices designated as its "Lending Office" opposite its name in <u>Schedule J</u> or such other office of such Lender as such Lender may from time to time specify in writing to the Borrower and the Administrative Agent.

"<u>Applicable Margin</u>" means, with respect to the Loans: (i) the sum of the Daily Rates for each day of the applicable Due Period *divided by* (ii) the number of days in such Due Period, where the "<u>Daily Rate</u>" for each day in the applicable Due Period means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (I) on any day prior to and including the last day of the Reinvestment Period, 1.40% per annum multiplied by the BSL Ratio or (II) on any day after the end of the Reinvestment Period, 1.90% multiplied by the BSL Ratio; *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) (I) on any day prior to and including the last day of the Reinvestment Period, 1.775% per annum multiplied by (100% minus the BSL Ratio) or (II) on any day after the end of the Reinvestment Period, 2.275% multiplied by (100% minus the BSL Ratio);

*provided* that the BSL Ratio, for purposes of calculating the Daily Rate, will be no greater than 10%.

"<u>Applicable Rate</u>" means, with respect to each Loan, for each day during each Interest Period applicable thereto, (i) with respect to any CP Conduit that is a Lender with respect to such Loan and is not a CP SOFR Lender, the sum of (x) the Cost of Funds Rate for such Loan *plus* (y) the Applicable Margin; and (ii) if any other Person is a Lender with respect to such Loan or is a CP SOFR Lender, the sum of (x) the applicable Benchmark for such Interest Period *plus* (y) the Applicable Margin for such Loan; *provided* in the case of this clause (ii) that, in the case of any Interest Period on or after the first day on which the Majority Lenders shall have notified the Administrative Agent and the Borrower in writing (with a copy to the Collateral Agent) pursuant to <u>Section 11.1(a)(2)</u> that the Benchmark applicable to any Loan will not adequately and fairly reflect the cost to such Lender of funding such Loans for such Interest Period or shall have notified the Administrative Agent and the Borrower in writing (with a copy to the Collateral Agent) pursuant to <u>Section 11.2</u> that it is not permitted to fund Loans at any Benchmark (and such Lender shall not have subsequently notified the Administrative Agent and the Borrower in writing (with a copy to the Collateral Agent) that the circumstances giving rise to such situation no longer exist), the Applicable Rate with respect to such Loans shall be a rate per annum equal to the sum of (1) the applicable Alternate Base Rate in effect on each day of such Interest Period *plus* (2) the Applicable Margin for such Loans).

------

"<u>Appraisal</u>" means (a) with respect to any Defaulted Loan, an appraisal of the assets securing such Defaulted Loan that is conducted by an Approved Appraisal Firm on the basis of the fair market value of such assets (that is, the price that would be paid by a willing buyer to a willing seller of such assets in an expedited sale on an arm's-length basis), which may be in the form of an update or reaffirmation by an Approved Appraisal Firm of an Appraisal previously performed by an Approved Appraisal Firm or (b) with respect to any Collateral Loan (other than a Defaulted Loan), an appraisal on the basis of the fair market value of such Collateral Loan (that is, the price that would be paid by a willing buyer to a willing seller of such Collateral Loan in a sale on an arm's-length basis) that is conducted by an Approved Appraisal Firm, which may be in the form of an update or reaffirmation by an Approved Appraisal Firm of an Appraisal previously performed by an Approved Appraisal Firm.

"<u>Appraised Value</u>" means (a) with respect to any Defaulted Loan, the value of the assets securing such Defaulted Loan, net of estimated costs of their liquidation as determined by the applicable Approved Appraisal Firm or (b) with respect to any Collateral Loan (other than a Defaulted Loan), the value of such Collateral Loan, in each case as set forth in the related Appraisal or, if a range of values is set forth therein, the midpoint of such values. With respect to any Defaulted Loan, if the applicable Loan Party owns less than 100% of the total lenders' interests secured by the assets securing such Defaulted Loan or has sold participation interests in such Defaulted Loan, the Appraised Value with respect to such Defaulted Loan will be reduced *pro rata* to reflect the proportionate interests of all other lenders or participants secured by such assets (taking into account the relative seniority of all such lenders and participants) that rank *pari passu* with such Loan Party's interest under such Defaulted Loan and if the security interest of the Defaulted Loan in such assets is not a first priority security interest, the Appraised Value with respect to such Defaulted Loan will be reduced by the amount of all obligations secured by such assets at a higher level of priority than such Loan Party's interest in such assets under such Defaulted Loan.

"<u>Approved Appraisal Firm</u>" means those entities whose names are set forth on Schedule A, as it may be amended from time to time in accordance with <u>Section 5.32(b)</u>; *provided* that (a) any such entity shall be an Independent appraisal firm (i) recognized as being experienced in conducting valuations of loans of the type constituting Collateral Loans and (ii) that the Borrower, the Subsidiary Guarantor or the Servicer, in accordance with the Servicing Standard, determines is qualified with respect to each Collateral Loan and (b) at no time may the Borrower, the Subsidiary Guarantor, the Servicer or any Affiliate thereof be an Approved Appraisal Firm.

"<u>Approved Fund</u>" means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"<u>Approved Lender</u>" means any of (a) each Initial Lender, (b) with respect to any Revolving Lender that is not a CP Conduit, a financial institution (including a securities broker-dealer or Affiliate thereof) or other institutional lender with a short-term rating by S&P of at least "A-1" (or an entity whose obligations hereunder are absolutely and unconditionally guaranteed by an entity that has a short-term rating by S&P of at least A-1 and meets then-current S&P guarantee criteria at such time) and (c) with respect to any Revolving Lender that is a CP Lender, (x) whose

------

Commercial Paper Notes are rated at least A-1 by S&P and (y) that is provided liquidity support by an entity with a short-term rating by S&P of at least A-1; *provided* that (x) in each case that any Revolving Lender that has fully funded its Lender Collateral Account in accordance with the provisions set forth in <u>Sections 8.3(c)</u> and <u>11.5(b)(i)</u> shall be an Approved Lender notwithstanding that its (or any such parent guarantor's or its Commercial Paper Notes') ratings are below such levels and (y) with respect to any Lender that is not an Initial Lender or an Approved Lender and so long as the Rating Condition is satisfied, the Borrower and the Administrative Agent by mutual agreement (each of the Borrower and the Administrative Agent being entitled to agree or dissent to such designation in its sole discretion) may, but in no event shall be obligated to, upon written notice to such Lender, deem such Lender to be an Approved Lender; *provided further* that after the Class A-R Commitment Period, all Revolving Lenders shall be Approved Lenders.

"<u>ARRC</u>" means the Alternative Reference Rates Committee convened by the Federal Reserve, together with any successor organization.

"<u>Assignee</u>" has the meaning assigned to such term in <u>Section 12.6(c)</u>.

"<u>Assignment and Assumption</u>" means an Assignment and Assumption Agreement in substantially the form of <u>Exhibit C</u> hereto (or such other form as approved by the Administrative Agent), entered into by a Lender, an assignee, the Borrower (if applicable) and the Administrative Agent (if applicable).

"<u>Assumed Reinvestment Rate</u>" means, at any time, the Benchmark *minus* 1.00% per annum; *provided* that the Assumed Reinvestment Rate shall not be less than 0.00%.

"<u>Authorized Officer</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each of the Borrower, the Subsidiary Guarantor, the Retention Provider, FPLF Management and the Servicer, those of its respective officers, members, directors, partners, managers and agents whose signatures and incumbency shall have been certified to the Agents on the Closing Date pursuant to the documents delivered pursuant to <u>Section 3.1</u> or thereafter from time to time in substantially similar form; 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) with respect to either Agent or any other bank or trust company acting as trustee of an express trust or as custodian, an Administrative Officer thereof.

Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement 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 11.6(d)</u>.

------

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

"<u>Bail-In Legislation</u>" means, (a) at any time, the then applicable Commission Delegated Regulation (if any) supplementing the Bank Recovery and Resolution Directive in relation to Article 55 thereof, and (b) with respect to any EEA Member Country implementing Article 55 of the Bank Recovery and Resolution Directive, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

"<u>Bank Recovery and Resolution Directive</u>" means Directive 2014/59/EU of the European Parliament and of the Council of the European Union.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code, entitled "Bankruptcy", as amended from time to time, and any successor statute or statutes.

"<u>Base Rate Loans</u>" means Loans accruing interest at an Applicable Rate based upon the Alternate Base Rate.

"<u>Benchmark</u>" means, with respect to any Interest Period, a rate per annum (expressed as a percentage) equal to (a) with respect to USD Loans, Term SOFR, (b) with respect to GBP Loans, Daily Simple SONIA, (c) with respect to Euro Loans, EURIBOR and (d) with respect to CAD Loans, Term CORRA, *provided* that if a Benchmark Transition Event has occurred with respect to the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior Benchmark rate pursuant to Section 11.6(a). Notwithstanding the foregoing, on any date of determination, if any Benchmark is below 0%, such Benchmark shall be deemed to be 0% on such date of determination.

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; *provided* that in the case of any Loans denominated in an Alternative Currency, "Benchmark Replacement" shall mean the alternatives set forth in clause (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for U.S. dollar-denominated (or applicable Alternative Currency-denominated) syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment.

------

If the Benchmark Replacement as determined pursuant to clauses (a) or (b) above would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar-denominated (or applicable Alternative Currency-denominated) syndicated credit facilities at such time.

"<u>Benchmark Replacement Date</u>" means a date and time determined by the Administrative Agent in consultation with the Borrower, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of 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 such Benchmark (or such component thereof) or, if such Benchmark is a term rate, 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 all Available Tenors of such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; *provided* that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, if such Benchmark is a term rate, 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 with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, 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 such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, 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 such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, 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, if such Benchmark is a term rate, 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 the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 11.6</u> and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 11.6</u>.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

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

------

"<u>Benefit Plan Investor</u>" means any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, or (c) any entity whose underlying assets are treated as "plan assets" (for purposes of ERISA or Section 4975 of the Code) by reason of any such employee benefit plan's or plan's investment in the entity.

"<u>BHC Act Affiliate</u>" has the meaning specified in <u>Section 12.21(b)</u>.

"<u>Borrower</u>" means FPLF NS Holdings Finance LLC, a limited liability company organized under the laws of the State of Delaware.

"<u>Borrower Affiliated Lender</u>" means any Lender that is (or has granted a participation (but only to the extent of such participation) to or for the benefit of) the Borrower, the Subsidiary Guarantor, FPLF Management, an Affiliate thereof or any account, fund, client or portfolio established and controlled by FPLF Management or an Affiliate thereof or for which FPLF Management or an Affiliate thereof acts as the investment adviser or with respect to which FPLF Management or an Affiliate thereof exercises discretionary control thereover; *provided* that, in determining whether any Agent shall be protected in relying on any request, demand, authorization, direction, notice, consent, or waiver, only Loans that an Administrative Officer of such Agent has actual knowledge to be held or beneficially owned by a Borrower Affiliated Lender shall be taken into consideration.

"<u>Borrowing Date</u>" means the date of a Borrowing.

"<u>Borrowings</u>" has the meaning assigned to such term in <u>Section 2.1</u>.

"<u>Bound Party</u>" has the meaning specified in <u>Section 12.17(a)</u>.

"<u>Break-Even Default Rate</u>" means, with respect to the Loans, the maximum percentage of defaults, at any time, that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined by S&P, through application of the S&P CDO Monitor chosen by the Servicer in accordance with this Agreement that is applicable to the portfolio of Collateral Loans, which, after giving effect to S&P's assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient funds remaining for the payment of the Loans in full.

"<u>Bridge Loan</u>" means any obligation or debt security incurred or issued in connection with a merger, acquisition, consolidation, sale of all or substantially all of the assets of a person or entity, restructuring or similar transaction, which obligation or security by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (other than (x) any additional borrowing or refinancing if one or more financial institutions shall have provided the Obligor of such obligation or security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the outstanding principal amount of the Bridge Loan and (ii) such committed replacement facility has a maturity of at least one year and cannot be extended beyond such one year maturity pursuant to the terms thereof or (y) an obligation or debt security that has a nominal maturity date of one year

------

or less from the incurrence thereof but has a term-out or other provision whereby (automatically or at the sole option of the Obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date).

"<u>BSL Loan</u>" means a Collateral Loan that, at the time of acquisition by a Loan Party, (1) is a broadly syndicated commercial loan; (2) is secured by a pledge of collateral, which security interest is validly perfected and either first or second priority under applicable law; (3) has a collateral value or enterprise value securing such Collateral Loan (as determined in good faith by the Servicer on or about the time of origination) that is equal to or in excess of (x) the outstanding principal balance of such Collateral Loan *plus* (y) the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; (4) (x) has a total indebtedness of $250,000,000 or greater and (y) is issued by an Obligor that has an EBITDA for the prior calendar months of $50,000,000 or greater (after giving pro forma effect to any acquisition in connection therewith); and (5) is publicly rated by S&P or Moody's (or the obligor is publicly rated by S&P or Moody's) at the time of acquisition by such Loan Party.

"<u>BSL Ratio</u>" means, as determined on each BSL Ratio Reset Date, a percentage that is equal to (a) the Aggregate Principal Balance of the BSL Loans *plus* the aggregate amount of funds on deposit in the Collection Accounts, including Eligible Investments, constituting Principal Proceeds *divided by* (b) the Aggregate Principal Balance of all of the Collateral Loans *plus* the aggregate amount of funds on deposit in the Collection Accounts, including Eligible Investments, constituting Principal Proceeds. The BSL Ratio shall be determined on each BSL Ratio Reset Date and shall apply from, and including, the applicable BSL Ratio Reset Date to, but excluding, the next BSL Ratio Reset Date that occurs.

"<u>BSL Ratio Reset Date</u>" means, each Calculation Date, each day that a prepayment or reduction in Commitments is made in accordance with Section 2.7, each Borrowing Date, and each Collateral Report Determination Date; *provided* that if any such date is not a Business Day, such BSL Ratio Reset Date shall be the next succeeding Business Day.

"<u>Business Day</u>" means (a) for purposes of determining the Benchmark, (I) with respect to calculation of EURIBOR, any TARGET2 Settlement Date, (II) with respect to calculation of CORRA, any day on which banks are open for general business in Toronto, Canada, (III) with respect to calculation of Daily Simple SONIA, any day on which banks are open for general business in London, United Kingdom and (IV) with respect to calculation of SOFR, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities, and (b) for all other purposes, a day on which commercial banks and foreign exchange markets settle payments in New York City and Toronto, Canada, and on which commercial banks are not authorized to close under the laws of, or are in fact not closed in, the state where the Collateral Agent's office is located (initially being Chicago, Illinois); *provided* that, if the location of the Corporate Trust Office of the Collateral Agent changes at any time, the Collateral Agent shall provide prompt written notice of such change to the Borrower, the Administrative Agent, the Membership Interest Holders and the Lenders.

"<u>CAD</u>" means the lawful currency of Canada.

------

"<u>CAD Loan</u>" means a Loan denominated in CAD.

"<u>Calculation Date</u>" means the date that is the last day of each calendar month.

"<u>Canadian Prime Rate</u>" means, with respect to a CAD Loan, on any day the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the annual rate of interest announced from time to time by the Administrative Agent as being its reference rate then in effect on such day for determining interest rates on CAD denominated commercial loans made by it in Canada; 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) Term CORRA for an interest period of one month in effect on such day plus 100 basis points per annum;

*provided*, that in no event shall the Canadian Prime Rate be less than zero for the purposes of this Agreement. The Canadian Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customary. Any change in the Canadian Prime Rate determined by the Administrative Agent shall be effective on the date the change becomes effective generally.

"<u>Cash</u>" means such coin or currency of the United States of America as at the time shall be legal tender for payment of all public and private debts.

"<u>CCC Collateral Loan</u>": A Collateral Loan (other than a Defaulted Loan) with an S&P Rating of "CCC+" or lower.

"<u>CCC Excess</u>": The amount equal to the excess, if any, of (x) the Aggregate Principal Balance of all CCC Collateral Loans over (y) 25.0% of the Total Capitalization as of such date of determination; *provided* that in determining which of the CCC Collateral Loans will be included in the CCC Excess, the CCC Collateral Loans with the lowest Market Value expressed as a percentage of par will be deemed to constitute such CCC Excess.

"<u>CFTC</u>" means the Commodity Futures Trading Commission.

"<u>Change in Law</u>" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any governmental authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of <u>Section 11.3</u>, by any lending office of such Lender or by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any governmental authority made or issued after the date of this Agreement.

"<u>Change of Control</u>" means an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar governing body) of Borrower or to direct the management policies and decisions of Borrower or (ii) shall cease, directly or indirectly, to own and control legally and beneficially all of the equity interests of Borrower, or

------

(B) FPLF Management or its Affiliates shall cease to be the investment advisor of the Parent, or (C) the PPNs issued by the Subsidiary Guarantor shall cease to be 100% beneficially owned by the Borrower.

"<u>Class</u>" means each class of Loans that may be made hereunder, which are the Class A-R Loans, the Class A-T Loans and the Swingline Loans.

"<u>Class A-R Borrowing</u>" has the meaning assigned to such term in <u>Section 2.1</u>.

"<u>Class A-R Commitment</u>" means, with respect to each Class A-R Lender, the obligation of such Class A-R Lender to make, on and subject to the terms and conditions hereof, Class A-R Loans to the Borrower pursuant to <u>Section 2.1</u> in an aggregate principal amount at any one time outstanding up to but not exceeding the amount set forth opposite the name of such Class A-R Lender on <u>Schedule J</u> hereto or pursuant to an Assignment and Assumption, pursuant to which such Class A-R Lender shall have assumed its Class A-R Commitment, as applicable, as such amount may be increased or reduced from time to time (including increases resulting from any Increased Commitments and, during the Class A-R Commitment Period, reductions resulting from any conversions pursuant to <u>Section 2.15</u>).

"<u>Class A-R Commitment Period</u>" means the period commencing on the Closing Date and ending on the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the time at which the Class A-R Commitments are terminated or reduced to zero as provided in this Agreement (whether pursuant to Article II, Article VI or otherwise); 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 last day of the Reinvestment Period;

*provided* that the Class A-R Commitment Period shall not end unless and until (i) no Swingline Loans are outstanding and (ii) if applicable, the Borrowing under the Future Funding Reserve Loan has been made.

"<u>Class A-R Lender</u>" means a Lender with a Class A-R Commitment or which holds any Class A-R Loan.

"<u>Class A-R Loan</u>" has the meaning assigned to such term in <u>Section 2.1(a)</u>.

"<u>Class A-T Borrowing</u>" has the meaning assigned to such term in <u>Section 2.1(c)</u>.

"<u>Class A-T Commitment</u>" means, with respect to each Class A-T Lender, the obligation of such Class A-T Lender to make, on and subject to the terms and conditions hereof, Class A-T Loans to the Borrower pursuant to <u>Section 2.1</u> in an aggregate principal amount at any one time outstanding up to but not exceeding the amount set forth opposite the name of such Class A-T Lender on <u>Schedule J</u> hereto or pursuant to an Assignment and Assumption, pursuant to which such Class A-T Lender shall have assumed its Class A-T Commitment, as applicable, as such amount may be increased or reduced from time to time. For the avoidance of doubt, the Class A-T Commitment as of the Closing Date is $0, but may be increased pursuant to <u>Section 2.11</u> or <u>Section 12.5</u>.

------

"<u>Class A-T Lender</u>" means a Lender with a Class A-T Commitment or that holds any Class A-T Loan.

"<u>Class A-T Loan</u>" has the meaning assigned to such term in <u>Section 2.1(c)</u>.

"<u>Closing Date</u>" means November 7, 2025.

"<u>Closing Expense Account</u>" means the securities account established pursuant to <u>Section 8.3(d)</u>.

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

"<u>Collateral</u>" means the Pledged Collateral and all other property and/or rights on or in which a Lien is or is to be granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement, any of the Loan Documents or any other instruments provided for herein or therein or delivered or to be delivered hereunder or thereunder or in connection herewith or therewith.

"<u>Collateral Administration Agreement</u>" means the Collateral Administration Agreement dated as of the Closing Date among the Borrower, the Servicer and the Collateral Administrator, as amended from time to time.

"<u>Collateral Administrator</u>" means U.S. Bank Trust Company, National Association, in its capacity as collateral administrator under the Collateral Administration Agreement, and any successor thereto.

"<u>Collateral Agent</u>" means U.S. Bank Trust Company, National Association, in its capacity as collateral agent under this Agreement and any other Loan Document, and its successors in such capacity.

"<u>Collateral Agent Fee</u>" means the fee payable to the Collateral Agent in arrears on each Payment Date pursuant to the Collateral Agent Fee Letter and calculated on the basis of the actual number of days in the applicable Due Period divided by 360 and based on the sum of the Aggregate Principal Balance of the Collateral Loans at the beginning of the Due Period relating to such Payment Date.

"<u>Collateral Agent Fee Letter</u>" means the fee letter dated as of October 28, 2025, between the Borrower and the Collateral Agent, as amended, restated, supplemented or otherwise modified from time to time.

"<u>Collateral Interest Amount</u>" means, as of any date of determination, without duplication, the aggregate amount of Interest Proceeds that has been received or that is expected to be received (other than Interest Proceeds expected to be received from Defaulted Loans, Deferrable Loans and, other than as included in clause (y) below, Partial Deferrable Loans, but including (x) Interest Proceeds actually received from Defaulted Loans (in accordance with the definition of "Interest Proceeds") and Deferrable Loans (in accordance with the definition of "Interest Proceeds") and (y) Interest Proceeds expected to be received of the type described in clause (a) of the definition of "Partial Deferrable Loan"), in each case during the Due Period (and,

------

if such Due Period does not end on a Business Day, the next succeeding Business Day) in which such date of determination occurs (or after such Due Period but on or prior to the related Payment Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Due Period).

"<u>Collateral Loan</u>" means a Senior Secured Loan, a Second Lien Loan or a Participation Interest therein that, in each case, as of the date of acquisition or origination by a Loan Party satisfies each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provides such Loan Party with a valid, perfected security interest in the related collateral at the level of priority indicated in the applicable Related Contracts; constitutes the legal and enforceable obligation of the applicable Obligor (except as enforceability may be limited by applicable insolvency, bankruptcy or other laws affecting creditors' rights generally, or general principles of equity, whether such enforceability is considered in a proceeding in equity or at law); is owned by such Loan Party free and clear of adverse claims (other than Permitted Liens); may be pledged and, subject to customary requirements included in commercial loan documentation (including agent consent and, where applicable, loan party consent) assigned freely by such Loan Party (including transfer permitted by operation of the applicable Uniform Commercial Code); with respect to which all steps required by <u>Section 8.7</u> have been taken and in which the Collateral Agent holds a first priority perfected security interest for the benefit of the Secured Parties (subject to Permitted Liens); and, at the time such Collateral Loan was purchased or originated, was not subject to set-off or defense (other than a discharge in the event of a subsequent bankruptcy) by the related Obligor and, together with the documentation relating thereto, does not contravene in any material respect any applicable law, rule or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) is U.S. Dollar denominated or denominated in an Alternative Currency and is not convertible by such Loan Party or the Obligor of such Collateral Loan into any other currency, with any payments under such Collateral Loan to be made only in U.S. Dollars or such Alternative Currency (as applicable); and (ii) is governed by the law of a state of the United States or the law of the applicable country in which the Obligor is Domiciled (which must be a Group Country);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not a Defaulted 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;(d) is not a lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is not (i) a Structured Finance Obligation, (ii) a Synthetic Security, (iii) an obligation subject to a Securities Lending Agreement or (iv) a Specified Non-Paying 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;(f) (i) if a Deferrable Loan, is not currently deferring payment of any accrued and unpaid interest which would otherwise have been due and continues to remain unpaid unless interest at least equal to the Benchmark or the applicable index with respect to which interest on such Deferrable Loan is calculated is being paid currently in cash or (ii) if a Partial Deferrable Loan, is not currently in default with respect to the portion of the interest due thereon to be paid in Cash on each payment date with respect thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provides for a fixed amount of principal payable on scheduled payment dates and/or at maturity and does not by its terms provide for earlier amortization or prepayment at a price of less than par;

&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) does not constitute Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provides for payments that do not, at the time the obligation is acquired, subject such Loan Party to withholding tax or other tax (except for (i) withholding taxes on (x) fees received with respect to Revolving Collateral Loans or Delayed Funding Loans and (y) amendment fees, waiver fees, consent fees, extension fees or other similar fees, and (ii) withholding taxes imposed under FATCA) unless the related Obligor is required to make "gross up" payments that ensure that the net amount actually received by such Loan Party (after payment of all taxes, whether imposed on such Obligor or such Loan Party) will equal the full amount that such Loan Party would have received had no such taxes been imposed;

&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) has an S&P Rating of at least "CCC-";

&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) is not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) matures no later than the Stated 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;(m) except for Delayed Funding Loans and Revolving Collateral Loans, is not an obligation pursuant to which any future advances or payments, other than Excepted Advances, to the Obligor thereof may be required to be made by such 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;(n) does not have an "f," "p," "sf" or "t" subscript assigned by S&P;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [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;(p) will not require such Loan Party or the pool of Collateral to be registered as an investment company under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) is not subject to an Offer for a price less than its purchase price plus all accrued and unpaid interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) is not issued by an Emerging Market 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;(s) is not a (i) Zero Coupon Loan, (ii) finance lease or (iii) chattel paper;

&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) is not scheduled to pay interest less frequently than semi-annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) is not an equity security or a component of an equity security; or (ii) is not exchangeable or convertible into equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is not a Credit Risk 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;(w) unless otherwise approved in writing by the Administrative Agent, the acquisition price (exclusive of the portion thereof attributable to accrued interest) of such Collateral Loan paid by such Loan Party therefor is not less than 70% of the principal balance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) is not issued by a sovereign, or by a corporate issuer located in a country, which sovereign or country on the date on which such Loan Party enters into the commitment to acquire such obligation, imposes foreign exchange controls that effectively limit the available or use of U.S. Dollars to make when due the scheduled payments of principal thereof and interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) is issued by an Obligor that is (i) Domiciled in the United States, Canada, a Group I Country, a Group II Country, a Group III Country or a Tax Advantaged Jurisdiction and (ii) not Domiciled in Greece, Italy, Portugal or Spain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) is Registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) is not a Bridge 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;(bb) is not a Related 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;(cc) if such Collateral Loan is a Participation Interest (other than a Transferred Participation), then such Participation Interest is acquired from a Selling Institution (i) incorporated or organized under the laws of the United States (or any state thereof), any U.S. branch of a Selling Institution incorporated or organized outside the United States or (ii) incorporated or organized in a Group Country or a Tax Advantaged Jurisdiction, and in each case for clauses (i) and (ii), to the extent such Selling Institution satisfies the S&P Counterparty Criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) is not a Real Estate Loan or an obligation consisting of, or supported by, Real Estate Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) is not, or does not support (except in the case of an unfunded reimbursement obligation under a Revolving Collateral Loan), a letter of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) is not (i) Subordinated Debt, (ii) unsecured debt or (iii) a bond, a note or any other type of security; 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;(gg) is not an obligation of an Obligor Affiliated with the Servicer, the Parent or any Seller.

"<u>Collateral Principal Amount</u>" means, as of any date of determination, the result of the sum of, without duplication (a) the Aggregate Principal Balance of the Collateral Loans, (b) the amounts, including Eligible Investments, on deposit in the Collection Accounts representing Principal Proceeds, (c) the amounts, including Eligible Investments, on deposit in the Future Funding Reserve Accounts and (d) any Aggregate Undrawn Amounts; *provided*, that for purposes of calculating clauses (a)(i) and (c) of the Concentration Limitations, the amounts specified in clauses (c) and (d) of this definition shall not be included; *provided, further*, that, with respect to

------

any Collateral Loan held by an SPV Subsidiary, for purposes of this definition such Collateral Loan will have a Collateral Principal Amount of zero unless such SPV Subsidiary has pledged its assets to the Collateral Agent for the benefit of the Secured Parties.

"<u>Collateral Quality Test</u>" means a test that is satisfied if, as of any date of determination (or, in the case of the S&P CDO Monitor Test, on or after the S&P Rating Effective Date), in the aggregate, the Collateral Loans owned (or in relation to a proposed purchase of a Collateral Loan, both owned and proposed to be owned) by the Loan Parties satisfy each of the tests set forth below, calculated in each case in accordance with <u>Section 1.3</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 Minimum Weighted Average Spread Test;

&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 Minimum Fixed Coupon Test;

&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 Minimum Weighted Average S&P Recovery Rate Test;

&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 Maximum Weighted Average Life Test;

&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 CDO Monitor Test; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Diversity Score Test.

"<u>Collateral Report</u>" has the meaning assigned to such term in <u>Section 5.1(h)</u>.

"<u>Collateral Report Determination Date</u>" means the date that is the last day of each calendar month.

"<u>Collection Accounts</u>" means, collectively, the securities accounts established pursuant to <u>Section 8.2(a)</u>.

"<u>Collections</u>" means, with respect to any Collateral, all principal payments, interest payments, fees and other payments received by the Borrower or the Subsidiary Guarantor with respect thereto and all other amounts paid with respect to such Collateral that are payable to the Borrower or the Subsidiary Guarantor, as applicable, including dividends of any type, distributions with respect thereto and any proceeds of collateral for, or any guaranty of, such Collateral or the relevant Obligor's obligation to make payments with respect thereto.

"<u>Commercial Paper Funding</u>" means, with respect to any Loan funded by a CP Lender, at any time, the funding by a CP Lender of all or a portion of the outstanding principal amount of such Loan with funds provided by the issuance of Commercial Paper Notes.

"<u>Commercial Paper Funding Period</u>" means, with respect to any Loan funded by a CP Conduit, a period of time during which all or a portion of the outstanding principal amount of such Loan is funded by a Commercial Paper Funding.

"<u>Commercial Paper Notes</u>" means commercial paper notes or secured liquidity notes issued by a CP Conduit or a conduit providing funding to a CP Conduit in the commercial paper market from time to time.

------

"<u>Commercial Paper Rate</u>" means, with respect to any Commercial Paper Funding, a rate per annum equal to the sum of (i) the rate or, if more than one rate, the weighted average of the rates, determined if necessary by converting to an interest-bearing equivalent rate per annum (based on a year of 360 days and actual days elapsed) the discount rate (or rates) at which Commercial Paper Notes are sold by any placement agent or commercial paper dealer of a CP Conduit providing funding to a CP Conduit, *plus* (ii) if not included in the calculations in clause (i), the commissions, fees and charges charged by such placement agent or commercial paper dealer with respect to such Commercial Paper Notes, incremental carrying costs incurred with respect to such Commercial Paper Notes maturing on dates other than those on which corresponding funds are received by such CP Conduit, other borrowings by such CP Conduit and any other costs (such as interest rate or currency swaps, the cost of funding odd lots or small dollar amounts) associated with the issuance of Commercial Paper Notes that are allocated, in whole or in part, by such CP Conduit or its Program Manager or funding agent to fund or maintain such portion of the applicable Loan (and which may be also allocated in part to the funding of other assets of such CP Conduit) and discount on Commercial Paper Notes issued to fund the discount on maturing Commercial Paper Notes, in all cases expressed as a percentage of the face amount thereof and converted to an interest-bearing equivalent rate per annum (based on a year of 360 days and actual days elapsed).

"<u>Commitment Fee</u>" has the meaning assigned to such term in Section 2.6(a).

"<u>Commitment Shortfall</u>" means the amount by which the aggregate Unfunded Amount exceeds the sum of (a) the Total Class A-R Commitment *minus* the aggregate principal amount of Class A-R Loans and Swingline Loans outstanding at such time, *plus* (b) amounts on deposit in the Collection Accounts, including Eligible Investments credited thereto and capital contributions or proceeds deposited therein by any Membership Interest Holder, representing Principal Proceeds, *plus* (c) amounts on deposit in the Future Funding Reserve Accounts, including Eligible Investments credited thereto.

"<u>Commitment Shortfall Test</u>" means a test that will be satisfied at any time (or after giving effect to any event) if there is no Commitment Shortfall at such time (or would result after giving effect to such event).

"<u>Commitments</u>" means, collectively, the Class A-R Commitments and the Class A-T Commitments.

"<u>Concentration Limitations</u>" means limitations that are satisfied if, as of any date of determination, in the aggregate, the Principal Balance of the Collateral Loans owned (or, in relation to a proposed purchase or origination of a Collateral Loan, proposed to be owned) by the Loan Parties comply with all of the requirements set forth below (or, in connection with a proposed purchase or origination, if not in compliance, the relevant requirements are maintained or improved as a result of such purchase or origination), calculated as a percentage of the Total Capitalization (unless otherwise specified) and in each case in accordance with the procedures set forth in <u>Section 1.3</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) (i) not less than 70.0% may consist of Cash or obligations of Obligors Domiciled in the United States and (ii) no more than the percentage listed below may be

------

issued by Obligors Domiciled in the country or countries set forth opposite such percentage:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**% Limit** | &nbsp;&nbsp;**Country or Countries** |
| &nbsp;&nbsp;&nbsp;&nbsp;30.0% | &nbsp;&nbsp;All countries (in the aggregate) other than the United States; |
| &nbsp;&nbsp;&nbsp;&nbsp;22.5% | &nbsp;&nbsp;All Tax Advantaged Jurisdictions in the aggregate; |
| &nbsp;&nbsp;&nbsp;&nbsp;30.0% | &nbsp;&nbsp;All Group I Countries in the aggregate; |
| &nbsp;&nbsp;&nbsp;&nbsp;30.0% | &nbsp;&nbsp;Any individual Group I Country; |
| &nbsp;&nbsp;&nbsp;&nbsp;30.0% | &nbsp;&nbsp;All Group II Countries in the aggregate; |
| &nbsp;&nbsp;&nbsp;&nbsp;15.0% | &nbsp;&nbsp;Any individual Group II Country; |
| &nbsp;&nbsp;&nbsp;&nbsp;22.5% | &nbsp;&nbsp;All Group III Countries in the aggregate; |
| &nbsp;&nbsp;&nbsp;&nbsp;15.0% | &nbsp;&nbsp;Any individual Group III Country; |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;Any country other than the United States, a Group Country or a Tax Advantaged Jurisdiction; and  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;Greece, Italy, Portugal and Spain. |

---

&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) not more than 10.0% may consist of (i) unfunded commitments under Delayed Funding Loans and (ii) unfunded and funded commitments under Revolving Collateral Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not less than 90.0% may consist of Collateral Loans that are Senior Secured Loans, *plus* Cash and Eligible Investments constituting Principal Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not more than 10.0% may consist of Collateral Loans that are Second Lien Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not more than 5.0% may consist of Fixed Rate Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not more than 10.0% may consist of Deferrable Loans and Partial Deferrable Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not more than 10.0% may consist of DIP Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not more than 3.0% may consist of obligations issued by a single Obligor (and Affiliates thereof), except that obligations (other than First Lien Last-Out Loans and Second Lien Loans) issued by (i) the largest three Obligors (and their respective Affiliates) may each constitute up to 5.0% and (2) the next largest three Obligors after the Obligors in clause (i) (and their respective Affiliates) may each constitute up to 4.0%; *provided,* that an Obligor shall not be considered an Affiliate of another Obligor solely because they are controlled by the same Financial Sponsor;

&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) not more than 20.0% may consist of Collateral Loans that are in the process of receiving a Credit Estimate from S&P (other than Collateral Loans where the Borrower

------

has submitted available Required S&P Credit Estimate Information in respect of such Collateral Loan to S&P);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [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;(k) not more than 12.5% may consist of Collateral Loans in the same S&P Industry Classification group, except that, without duplication (i) Collateral Loans in the largest S&P Industry Classification group may constitute up to 20.0%, (ii) Collateral Loans in the second largest S&P Industry Classification group may constitute up to 17.5% and (iii) Collateral Loans in the third and fourth largest S&P Industry Classification groups may each constitute up to 15.0%;

&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) (i) the Aggregate Participation Exposure (other than Transferred Participations) is not more than 10.0% and (ii) not more than 15.0% may consist of Transferred Participations (other than Transferred Participations made on the Closing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not more than 5.0% may consist of Collateral Loans that are required or permitted to pay interest less frequently than quarterly;

&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) not more than 5.0% may consist of Current Pay Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) not more than 5.0% may consist of Step-Down Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not more than 20.0% may consist of Collateral Loans with an S&P Rating of "CCC+" or below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) not more than 20.0% may consist of Discount Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) not more than 10.0% may consist of Collateral Loans with an S&P Rating derived from a rating by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) not more than 20.0% may consist of Collateral Loans whose Obligors have (at the time such Collateral Loan was acquired by the applicable Loan Party and disregarding any subsequent changes) a trailing twelve-month EBITDA of less than $12,500,000 (or EBITDA is not capable of being measured for such Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) not more than 5.0% may consist of Step-Up Loans; 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;(u) not more than 50.0% may consist of Cov-Lite Loans.

"<u>Conduit Assignee</u>" means any multi-seller commercial paper conduit or special purpose entity funded by a multi-seller commercial paper conduit which is, in either case, administered by a common manager or an Affiliate of a CP Conduit, or the collateral trustee of such entity.

"<u>Conduit Rating Agency</u>" means each nationally recognized investment rating agency that is then rating the Commercial Paper Notes of any CP Conduit.

------

"<u>Conduit Support Provider</u>" means, without duplication, (i) a provider of a Credit Facility or Liquidity Facility to or for the benefit of any CP Conduit, and any guarantor of such provider or (ii) an entity that issues commercial paper or other debt obligations, the proceeds of which are used (directly or indirectly) to fund the obligations of any CP Conduit, and in the case of both clauses (i) and (ii), has at least an investment grade rating from S&P and/or Moody's.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of 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, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Increased Costs and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other 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>Constituent Documents</u>" means in respect of any Person, the certificate or articles of formation or organization, the certificate of incorporation, the limited liability company agreement, memorandum and articles of association, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other organizational documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership and other agreement, or similar instrument filed or made in connection with its formation or organization, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

"<u>Contingent Obligation</u>" as to any Person means, without duplication, (i) any contingent obligation of such Person required to be shown on such Person's balance sheet in accordance with GAAP, and (ii) any obligation required to be disclosed in the footnotes to such Person's financial statements in accordance with GAAP, guaranteeing partially or in whole any non-recourse Indebtedness, lease, dividend or other obligation, exclusive of contractual indemnities (including, without limitation, any indemnity or price-adjustment provision relating to the purchase or sale of securities or other assets) and guarantees of non-monetary obligations (other than guarantees of completion) which have not yet been called on or quantified, of such Person or of any other Person. The amount of any Contingent Obligation described in clause (ii)

------

shall be deemed to be (a) with respect to a guaranty of interest or interest and principal, or operating income guaranty, the sum of all payments required to be made thereunder (which in the case of an operating income guaranty shall be deemed to be equal to the debt service for the note secured thereby), calculated at the applicable interest rate, through (i) in the case of an interest or interest and principal guaranty, the stated date of maturity of the obligation (and commencing on the date interest could first be payable thereunder), or (ii) in the case of an operating income guaranty, the date through which such guaranty will remain in effect, and (b) with respect to all guarantees not covered by the preceding clause (a), an amount equal to the stated or determinable amount of the primary obligation in respect of which such guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as recorded on the balance sheet and on the footnotes to the most recent financial statements of the Borrower required to be delivered pursuant to <u>Section 5.1</u> hereof. Notwithstanding anything contained herein to the contrary, guarantees of completion shall not be deemed to be Contingent Obligations unless and until a claim for payment or performance has been made thereunder by the person entitled to performance or payment thereunder, at which time any such guaranty of completion shall be deemed to be a Contingent Obligation in an amount equal to any such claim. Subject to the preceding sentence, (i) in the case of a joint and several guaranty given by such Person and another Person (but only to the extent such guaranty is directly or indirectly recourse to such Person), the amount of the guaranty, to the extent it is directly or indirectly recourse to such Person, shall be deemed to be 100% thereof unless and only to the extent that such other Person has delivered Cash or cash equivalents to secure all or any part of such Person's guaranteed obligations and (ii) in the case of any other guaranty, (whether or not joint and several) of an obligation otherwise constituting Indebtedness of such Person, the amount of such guaranty shall be deemed to be only that amount in excess of the amount of the obligation constituting Indebtedness of such Person.

"<u>Corporate Trust Office</u>" means the corporate trust office of the Collateral Agent currently located at 190 S. LaSalle Street, Chicago, Illinois 60603, Attention: Global Corporate Trust – FPLF NS Holdings Finance LLC, or such other address as the Collateral Agent may designate from time to time by notice to the Borrower, the Administrative Agent, the Membership Interest Holders and the Lenders or the principal corporate trust office of any successor Collateral Agent.

"<u>CORRA</u>" means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

"<u>Cost of Funds Rate</u>" means, with respect to any Loan funded by a CP Lender that is not a CP SOFR Lender, the weighted average of the Commercial Paper Rate, the Liquidity Funding Rate and the Credit Funding Rate at any time and from time to time based upon the portion of the outstanding principal amount of such Loan that is funded by Commercial Paper Funding, Liquidity Funding or Credit Funding for one or more Commercial Paper Funding Periods, Liquidity Funding Periods or Credit Funding Periods, respectively; *provided* that in no event shall the Cost of Funds Rate for any period exceed the Cost of Funds Rate Cap for such period. For purposes of this definition and its use in this Agreement, the Commercial Paper Rate established by a CP Lender shall be associated with the Commercial Paper Funding undertaken by such CP Lender.

------

"<u>Cost of Funds Rate Cap</u>" means the sum, for any Interest Period, of (i) the Benchmark applicable to such Interest Period *plus* (ii) 0.25% per annum; *provided* that, if, pursuant to <u>Section 11.1(a)</u>, the Administrative Agent is unable to obtain a quotation for Term SOFR, the Cost of Funds Rate Cap shall mean the sum, for each day in any Interest Period, of (i) the Alternate Base Rate applicable to such day *plus* (ii) 0.25% per annum.

"<u>Cov-Lite Loan</u>" means a loan that is not subject to financial covenants unless the underlying obligor is required to comply with a Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by the Related Contracts); *provided* that, other than for purposes of the S&P Recovery Rate, a loan that contains a cross-default or cross-acceleration provision to, or is *pari passu* with, another loan of the underlying obligor that requires the underlying obligor to comply with a financial covenant or a Maintenance Covenant will be deemed not to be a Cov-Lite Loan; *provided further*, that, other than for purposes of the S&P Recovery Rate, any loan that is capable of being described as a "Cov-Lite Loan" only for a certain period of time or for so long as there is no funded balance thereunder, shall not be a Cov-Lite Loan.

"<u>Coverage Tests</u>" means each of the Overcollateralization Ratio Test and Interest Coverage Ratio Test.

"<u>Covered Accounts</u>" means, collectively, the Collection Accounts, the Custodial Accounts, the Payment Accounts, the Lender Collateral Account, the Closing Expense Account, the Future Funding Reserve Accounts and any subaccounts of each of the foregoing.

"<u>Covered Entity</u>" has the meaning specified in <u>Section 12.21(b)</u>.

"<u>Covered Party</u>" has the meaning specified in <u>Section 12.21(a)</u>.

"<u>CP Conduit</u>" means any limited-purpose entity established to use the direct or indirect proceeds of the issuance of Commercial Paper Notes to finance financial assets.

"<u>CP Lender</u>" means a CP Conduit that is a Lender.

"<u>CP SOFR Lender</u>" means a CP Conduit that determines in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of commercial paper notes in the commercial paper market of the United States to finance its making or maintenance of its portion of any Loan or any portion thereof (which determination may be based on any allocation method employed in good faith by such CP Conduit) and has therefore elected in a written notice to the Borrower and the Agents to have its Loans accrue interest by reference to the Benchmark. If the circumstances giving rise to such election shall cease to exist, such CP Conduit shall promptly notify the Borrower and the Agents and shall thereupon cease to be a CP SOFR Lender.

"<u>Credit Estimate</u>" means, with respect to any Collateral Loan, a credit estimate obtained from S&P in accordance with the Required S&P Credit Estimate Information.

------

"<u>Credit Facility</u>" means, with respect to any Loan by any CP Lender, a credit asset purchase agreement or other similar facility that provides credit support for defaults in respect of the failure to make such Loan, and any guaranty of any such agreement or facility.

"<u>Credit Funding</u>" means, with respect to any Loan by any CP Lender, at any time, funding by a CP Lender of all or a portion of the outstanding principal amount of such Loan with funds provided under a Credit Facility.

"<u>Credit Funding Period</u>" means, with respect to any Loan by any CP Lender, a period of time during which all or a portion of the outstanding principal amount of such Loan is funded by a Credit Funding.

"<u>Credit Funding Rate</u>" means, with respect to any Credit Funding for any period, the per annum rate of interest equal to the rate of interest provided for in the relevant Credit Facility at such time.

"<u>Credit Improved Loan</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as a Restricted Trading Period is not in effect, any Collateral Loan that in the Borrower's commercially reasonable business judgment has significantly improved in credit quality from the condition of its credit at the time of acquisition which judgment may (but need not) be based on one or more of the following facts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) it has a market price that is greater than the price that is warranted by its terms and credit characteristics, or improved in credit quality since its acquisition by the applicable 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 Obligor in respect of such Collateral Loan has shown improved financial results since the published financial reports first produced after it was acquired by the applicable 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;(iii) the Obligor in respect of such Collateral Loan since the date on which such Collateral Loan was acquired by the applicable Loan Party has raised significant equity capital or has raised other capital that has improved the liquidity or credit standing of such Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to which one or more of the following criteria applies: (A) such Collateral Loan has been upgraded or put on a watch list for possible upgrade by S&P since the date on which such Collateral Loan was acquired by the applicable Loan Party; (B) if such Collateral Loan is a loan, the Disposition Proceeds (excluding Disposition Proceeds that constitute Interest Proceeds) of such loan would be at least 101.00% of its purchase price; (C) if such Collateral Loan is a loan, the price of such loan has changed during the period from the date on which it was acquired by the applicable Loan Party to the proposed sale date by a percentage either at least 0.25% more positive, or 0.25% less negative, as the case may be, than the percentage change in the average price of the applicable Eligible Loan Index over the same period; (D) if such Collateral Loan is a loan, the spread

------

over the applicable reference rate for such Collateral Loan has been decreased in accordance with the underlying Collateral Loan since the date of acquisition by (1) 0.25% or more (in the case of a loan with a spread (prior to such decrease) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with a spread (prior to such decrease) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of a loan with a spread (prior to such decrease) greater than 4.00%) due, in each case, to an improvement in the related Obligor's financial ratios or financial results; or (E) with respect to fixed-rate Collateral Loans, there has been a decrease in the difference between its yield compared to the yield on the relevant United States Treasury security of more than 7.5% since the date of acquisition; 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) if a Restricted Trading Period is in effect, any Collateral 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;(i) that in the Borrower's commercially reasonable business judgment has significantly improved in credit quality from the condition of its credit at the time of acquisition and with respect to which one or more of the criteria referred to in clause (a)(iv) above applies; 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;(ii) with respect to which the Majority Lenders vote to treat such Collateral Loan as a Credit Improved Loan.

"<u>Credit Risk Loan</u>" means any Collateral Loan that in the Borrower's commercially reasonable business judgment has a significant risk of declining in credit quality and, with a lapse of time, becoming a Defaulted Loan, and if a Restricted Trading Period is in effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Collateral Loan as to which one or more of the following criteria applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Collateral Loan has been downgraded or put on a watch list for possible downgrade or on negative outlook by S&P since the date on which such Collateral Loan was acquired by the applicable 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) if such Collateral Loan is a loan, the price of such loan has changed during the period from the date on which it was acquired by the applicable Loan Party to the proposed sale date by a percentage either at least 0.25% more negative, or at least 0.25% less positive, as the case may be, than the percentage change in the average price of an Eligible Loan Index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 such Collateral Loan is a loan, the Market Value of such Collateral Loan has decreased by at least 1.00% of the price paid by the applicable Loan Party for such Collateral 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;(iv) if such Collateral Loan is a loan, (A) the spread over the applicable reference rate for such Collateral Loan has been increased in accordance with the applicable Related Contracts since the date of acquisition by (1) 0.25% or more (in the case of a loan with a spread (prior to such increase) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with a spread (prior to such increase)

------

greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of a loan with a spread (prior to such increase) greater than 4.00%) due, in each case, to a deterioration in the related Obligor's financial ratios or financial results; 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;(v) with respect to fixed-rate Collateral Loans, an increase since the date of acquisition of more than 7.5% in the difference between the yield on such Collateral Loan and the yield on the relevant United States Treasury security; 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) with respect to which the Majority Lenders consent to treat such Collateral Loan as a Credit Risk Loan.

"<u>Currency</u>" means U.S. Dollars or any Alternative Currency.

"<u>Current Pay Obligation</u>" means any Collateral Loan (other than a DIP Loan) that (i) would otherwise be a Defaulted Loan but for the exclusion of Current Pay Obligations from the definition of Defaulted Loan pursuant to the proviso at the end of such definition, (ii) (a) if the Obligor of such Collateral Loan is subject to a bankruptcy, insolvency, receivership or other analogous proceeding, the relevant court or other relevant official has authorized the Obligor to make payments of principal and interest on such Collateral Loan and no such payments that are due and payable are unpaid (and no other payments authorized by the court or official that are due and payable are unpaid), and (b) otherwise, no interest payments or scheduled principal payments are due and payable that are unpaid (*provided* that for each of clause (a) and (b) above any forbearance or grace period in excess of 90 days shall be disregarded with respect to any payment that is unpaid but would be due and payable but for such forbearance or grace period) and (iii) with respect to which the Borrower has certified to the Collateral Agent (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable business judgment, that (1) the S&P Additional Current Pay Criteria are satisfied and (2) the Obligor of such Collateral Loan will continue to make all payments of interest (and/or fees, as applicable, in the case of a Delayed Funding Loan or Revolving Collateral Loan) thereon and will pay the principal thereof by maturity or as otherwise contractually due; *provided*, that to the extent the Aggregate Principal Balance of all Collateral Loans that would otherwise be Current Pay Obligations exceeds 5.0% in Aggregate Principal Balance of the Current Portfolio, such excess over 5.0% shall constitute Defaulted Loans; *provided*, *further*, that in determining which of the Collateral Loans shall be included in such excess, the Collateral Loans with the lowest Market Value expressed as a percentage shall be deemed to constitute such excess.

"<u>Current Portfolio</u>" means, at any time, the portfolio of Collateral Loans and Eligible Investments representing Principal Proceeds, then held by the Loan Parties.

"<u>Custodial Accounts</u>" means, collectively, the custodial accounts at the Custodian, established in the name of the Collateral Agent pursuant to <u>Section 8.4(a)</u>.

"<u>Custodian</u>" has the meaning assigned to such term in <u>Section 8.4(a)</u>.

"<u>Cut-Off Date</u>" means each date on or after the Closing Date on which a Collateral Loan is transferred to the applicable Loan Party.

------

"<u>Daily Rate</u>" has the meaning assigned to such term in the definition of "Applicable Margin".

"<u>Daily Report</u>" has the meaning assigned to such term in <u>Section 8.9(a)</u>.

"<u>Daily Simple SOFR</u>" means for any day, SOFR, with the conventions for this rate (which will include a lookback of no more than 5 Business Days) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for leveraged loans; *provided*, that if the Administrative Agent decides that any such convention is not administratively feasible, then the Administrative Agent may establish another convention in its reasonable discretion.

"<u>Daily Simple SONIA</u>" means, for any day (a "<u>SONIA Rate Day</u>"), a rate per annum equal to, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, GBP, SONIA for the day (such day, a "<u>SONIA Determination Day</u>") that is five (5) Business Days prior to (x) if such SONIA Rate Day is a Business Day, such SONIA Rate Day or (y) if such SONIA Rate Day is not a Business Day, the Business Day immediately preceding such SONIA Rate Day, in each case, as such SONIA is published by the SONIA Administrator on the SONIA Administrator's Website by 12:00 p.m. (London, United Kingdom time). If by 5:00 p.m. (London, United Kingdom time) on the second (2nd) Business Day immediately following the SONIA Determination Day, SONIA in respect of such SONIA Determination Day has not been published on the SONIA Administrator's Website and a SONIA Replacement Date has not occurred, then the SONIA for such SONIA Determination Day will be the SONIA as published in respect of the first (1st) preceding Business Day for which such SONIA was published on the SONIA Administrator's Website; *provided that* any SONIA determined pursuant to this sentence shall be utilized for purposes of calculating Daily Simple SONIA for no more than three (3) consecutive SONIA Rate Days; *provided*, *further*, that any calculation of Daily Simple SONIA shall be rounded to four decimal places and if that rate is less than zero, the Daily Simple SONIA shall be deemed to be zero. Any change in Daily Simple SONIA due to a change in the SONIA shall be effective from and including the effective date of such change in the SONIA without notice to the Borrower.

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

"<u>Default Differential</u>" means, with respect to the Loans at any time, the rate calculated by subtracting the Scenario Default Rate for the Loans at such time from the Break-Even Default Rate for the Loans at such time.

"<u>Defaulted Loan</u>" means any Collateral Loan as to which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default as to the payment of principal and/or interest has occurred and is continuing with respect to such Collateral Loan (without regard to any grace period applicable thereto, or waiver thereof, after the passage (in the case of a default that in the Borrower's judgment, as certified to the Agents in writing, is not due to credit-related

------

causes) of five Business Days or seven calendar days, whichever is greater, measured from the date of such 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) a default as to the payment of principal and/or interest has occurred and is continuing on another debt obligation of the same Obligor which is senior or *pari passu* in right of payment to such Collateral Loan after the passage (in the case of a default that in the Borrower's judgment, as certified to the Agents in writing, is not due to credit-related causes) of three Business Days or five calendar days, whichever is greater, measured from the date of such default, but only to the extent the applicable Loan Party has been notified or otherwise has knowledge of such default (*provided* that both such Collateral Loan and such other debt obligation are full recourse obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Obligor or others have instituted proceedings to have the Obligor adjudicated as bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Obligor has filed for protection under Chapter 11 of the Bankruptcy Code;

&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 Obligor with respect to such Collateral Loan has (x) an S&P Rating of lower than "CCC-" or a public Moody's Rating of lower than "Caa3", (y) an S&P Rating of "D" or "SD" or (z) a public "probability of default" rating assigned by Moody's of "D" or "LD" or, in each case, had any such rating immediately before such rating was withdrawn by S&P or Moody's, 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;(e) such Collateral Loan is *pari passu* or subordinate in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has (i) (x) an S&P Rating of lower than "CCC-" or (y) a public Moody's Rating of lower than "Caa3", (ii) an S&P Rating of "SD" or (iii) a public Moody's probability of default rating (as published by Moody's) of "D" or "LD", or, in each case, had such ratings before they were withdrawn by S&P or Moody's, as applicable, and in each case such other debt obligation remains outstanding (*provided*, that both the Collateral Loan and such other debt obligation are full recourse obligations of the applicable Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Servicer has received written notice or has knowledge that a default has occurred under the Related Contracts and any applicable grace period has expired and the holders of such Collateral Loan have accelerated the repayment of such Collateral Loan (but only until such acceleration is rescinded) in the manner provided in the Related Contracts;

&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) such Collateral Loan is a Participation Interest with respect to which the Selling Institution has defaulted in the performance of any of its payment obligations under the Participation Interest (except to the extent such defaults were cured within the applicable grace period under the Related Contracts of the Obligor thereof) after the passage (in the case of a default that in the Borrower's judgment, as certified to the Agents in writing, is not due to credit-related causes) of five Business Days or seven calendar days, whichever is greater, measured from the date of such 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;(h) such Collateral Loan is a Participation Interest in a loan that would, if such loan were a Collateral Loan, constitute a "Defaulted Loan" (other than under this clause (h)) or with respect to which the applicable Selling Institution has an S&P Rating of lower than "CCC-", "D" or "SD", a public Moody's Rating of lower than "Caa3" or a public Moody's probability of default rating (as published by Moody's) of "D" or "LD" or, in each case, had such rating immediately before such rating was withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Distressed Exchange has occurred in connection with such Collateral 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;(j) the Borrower has (with notice of such designation to the Agents and the Collateral Administrator) in its reasonable commercial judgment otherwise declared such Collateral Loan to be a Defaulted 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;(k) such Collateral Loan is a Deferring Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) such Collateral Loan is deemed a Defaulted Loan pursuant to <u>Section 5.19</u>;

*provided* that a Collateral Loan shall not constitute a Defaulted Loan pursuant to clauses (a) through (f) above if: (x) in the case of such clauses (a) through (f), such Collateral Loan is a Current Pay Obligation (*provided* that, clause (a) shall only be applicable for a Current Pay Obligation until the earlier of (1) the end of any grace period with respect to any payment that is unpaid but would be due and payable but for such grace period and (2) if the applicable grace period in clause (1) is longer than 30 days, 30 days), or (y) in the case of clauses (b), (c) and (e), such Collateral Loan is a DIP Loan.

"<u>Default Right</u>" has the meaning specified in <u>Section 12.21(b)</u>.

"<u>Defaulted Loan Balance</u>" means, for any Defaulted Loan or Deferring Loan that a Loan Party has owned (i) for less than one year after it becomes a Defaulted Loan or Deferring Loan, as applicable, will be the lower of (A) the Market Value thereof and (B) the S&P Recovery Amount thereof and (ii) for one year or more than one year after it becomes a Defaulted Loan or Deferring Loan, as applicable, will be zero.

"<u>Defaulting Lender</u>" means a Revolving Lender that has (a) failed to (I) fund all or any portion of its Revolving Loans within two Business Days of the date such Revolving Loans were required to be funded hereunder (other than failures to fund (i) solely as a result of a bona fide dispute as to whether the conditions to borrowing were satisfied on the relevant Borrowing Date, but only for such time as such Revolving Lender is continuing to engage in good faith discussions regarding the determination or resolution of such dispute, and such Lender has notified the Administrative Agent in writing of its intention not to fund and has specifically identified such condition precedent to funding that was not satisfied or (ii) solely as a result of a failure to disburse due to an administrative error or omission by such Revolving Lender, and such failure is cured within five Business Days after such Revolving Lender receives written notice or has actual knowledge of such administrative error or omission) or (II) pay to the Administrative Agent, the Collateral Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) at any time notified the Borrower and the

------

Administrative Agent in writing, or made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's dispute as to the satisfaction of any condition precedent pursuant to the foregoing clause (i)) or generally under other agreements under which it shall have committed to extend credit or (c) become or is insolvent or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; *provided* that a Revolving Lender shall not be a Defaulting Lender solely by virtue of clause (c) so long as such Revolving Lender continues to meet its funding obligations under this Agreement and certifies to the Administrative Agent that it will continue to meet its funding obligations under this Agreement.

"<u>Deferrable Loan</u>" means a Collateral Loan (excluding a Partial Deferrable Loan) which by its terms permits the deferral or capitalization of payment of accrued and unpaid interest.

"<u>Deferring Loan</u>" means a Deferrable Loan that is deferring the payment of interest due thereon and has been so deferring the payment of interest due thereon (a) with respect to Collateral Loans that have an S&P Rating of at least "BBB-", for the shorter of two consecutive accrual periods or one year, and (ii) with respect to Collateral Loans that have an S&P Rating of "BB+" or below, for the shorter of one accrual period or six consecutive months, which deferred capitalized interest has not, as of the date of determination, been paid in cash; *provided*, however, that such Deferrable Loan will cease to be a Deferring Loan at such time as it (i) ceases to defer or capitalize the payment of interest, (ii) pays in cash all accrued and unpaid interest and (iii) commences payment of all current interest in cash.

"<u>Delayed Funding Loan</u>" means a Collateral Loan that (a) requires the applicable Loan Party to make one or more future advances to the Obligor under the Related Contracts relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder; *provided* that any such Collateral Loan will be a Delayed Funding Loan only until all commitments by such Loan Party to make advances to the Obligor expire or are terminated or reduced to zero and only to the extent of the unfunded portion thereof.

"<u>DIP Loan</u>" means any interest in a loan or financing facility that has a public or private facility rating from S&P and is purchased directly or by way of assignment (a) which is an obligation of (i) a debtor in possession as described in §1107 of the Bankruptcy Code or (ii) a trustee if appointment of such trustee has been ordered pursuant to §1104 of the Bankruptcy Code (in either such case, a "<u>Debtor</u>") organized under the laws of the United States or any state therein, or (b) on which the related Obligor is required to pay interest on a current basis and, with respect to either clause (a) or (b) above, the terms of which have been approved by an order of the United States Bankruptcy Court, the United States District Court, or any other court of competent jurisdiction in the United States, the enforceability of which order is not subject to any pending contested matter or proceeding (as such terms are defined in the Federal Rules of Bankruptcy Procedure) and which order provides that: (i) (A) such DIP Loan is fully secured by liens on the Debtor's otherwise unencumbered assets pursuant to §364(c)(2) of the Bankruptcy Code or (B)

------

such DIP Loan is secured by liens of equal or senior priority on property of the Debtor's estate that is otherwise subject to a lien pursuant to §364(d) of the Bankruptcy Code and (ii) such DIP Loan is fully secured based upon a current valuation or appraisal report. Notwithstanding the foregoing, such a loan will not be deemed to be a DIP Loan following the emergence of the related debtor in possession from bankruptcy protection under Chapter 11 of the Bankruptcy Code.

"<u>Discount Loan</u>" means any Collateral Loan that the Borrower determines is either: (a) a Senior Secured Loan that has an S&P Rating of "B-" or above and that is acquired by a Loan Party at a price that is less than 80% of par; or (b) a Senior Secured Loan that has an S&P Rating below "B-" and that is acquired by a Loan Party at a price that is less than 85% of par; or (c) an obligation that is not a Senior Secured Loan that is acquired by a Loan Party for a purchase price of (A) less than 75% of its Principal Balance if it has an S&P Rating of "B-" or above or (B) less than 80% of its Principal Balance if it has an S&P Rating below "B-"; *provided* that such Collateral Loan will cease to be a Discount Loan at such time as (x) for a Senior Secured Loan, as the Market Value (expressed as a percentage of par) of such Collateral Loan, for any period of 30 consecutive days since the acquisition by such Loan Party of such Collateral Loan, equals or exceeds 90% of the Principal Balance of such Collateral Loan or (y) for an obligation that is not a Senior Secured Loan, the Market Value (expressed as a percentage of par) of such Collateral Loan, for any period of 30 consecutive days since the acquisition by such Loan Party of such Collateral Loan, equals or exceeds 85% of the Principal Balance of such Collateral Loan.

"<u>Discretionary Sale</u>" has the meaning assigned to such term in <u>Section 10.1(g)</u>.

"<u>Disposition Proceeds</u>" means proceeds received with respect to sales of Collateral Loans, Eligible Investments, Equity Securities or other Collateral and the termination of any Interest Hedge Agreement, in each case, net of reasonable out-of-pocket expenses and disposition costs in connection with such sales.

"<u>Distressed Exchange</u>" means, in connection with any Collateral Loan, a distressed exchange or other debt restructuring has occurred, as reasonably determined by the Borrower, pursuant to which the Obligor of such Collateral Loan has issued to the holders of such Collateral Loan a new security or package of securities or obligations that, in the sole judgment of the Borrower, amounts to a diminished financial obligation or has the purpose of helping the Obligor of such Collateral Loan avoid default; *provided* that no Distressed Exchange shall be deemed to have occurred if the securities or obligations received by the applicable Loan Party in connection with such exchange or restructuring satisfy the definition of "Collateral Loan".

"<u>Distressed Exchange Offer</u>" means an offer by the issuer of a Collateral Loan to exchange one or more of its outstanding debt obligations for a different debt obligation or to repurchase one or more of its outstanding debt obligations for Cash, or any combination thereof; *provided* that any outstanding debt obligation that is repurchased for Cash must be retired by the issuer of such Collateral Loan.

"<u>Distribution</u>" means any payment of principal or interest or any dividend or premium payment made on, or any other distribution in respect of, a Collateral Loan or other security.

------

"<u>Diversity Score</u>": A single number that indicates collateral concentration in terms of both issuer and industry concentration, calculated as set forth on <u>Schedule C</u> hereto.

"<u>Diversity Score Test</u>": A test that will be satisfied on any date of determination if the Diversity Score (rounded to the nearest whole number) equals or exceeds 20.

"<u>Domicile</u>" or "<u>Domiciled</u>" means, with respect to any Obligor with respect to a Collateral Loan, (a) except as provided in clause (b) and (c) below, its country of organization; or (b) if it is organized in a Tax Advantaged Jurisdiction, each of such jurisdiction and the country in which a substantial portion of its operations are located or from which a substantial portion of its revenue is derived, in each case directly or through subsidiaries; or (c) if its payment obligations in respect of such Collateral Loan are fully, irrevocably and unconditionally guaranteed by a person or entity that is organized in the United States, then the United States (*provided* that such guarantee complies with the applicable S&P criteria with respect to guarantees).

"<u>Downgraded Lender</u>" means a Revolving Lender that fails to be an Approved Lender in accordance with the terms of such definition.

"<u>Due Date</u>" means each date on which a Distribution is due on a Collateral Loan.

"<u>Due Period</u>" means, with respect to any Payment Date, the period commencing on the last day of the immediately preceding Due Period (or, in the case of the initial Due Period, the period commencing on the Closing Date) and ending on (and including) the Calculation Date immediately preceding such Payment Date (or, in the case of the Due Period that is applicable to the Payment Date occurring on the Stated Maturity, ending on the day preceding such Payment Date).

"<u>EBITDA</u>" means earnings before interest, taxes, depreciation and amortization (determined, for any Collateral Loan, in the manner provided in the Related Contracts).

"<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>Eligibility Criteria</u>" means, in connection with each acquisition or origination of a Collateral Loan, each of the following is true:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Concentration Limitation is satisfied after giving effect to such acquisition or origination (or, if not satisfied immediately prior to such acquisition or origination, compliance with such Concentration Limitation is maintained or improved after giving effect to such acquisition or origination);

&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 Quality Test is satisfied after giving effect to such acquisition or origination (or, if not satisfied immediately prior to such acquisition or origination, compliance with the Collateral Quality Test is maintained or improved after giving effect to such acquisition or origination);

&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 Coverage Test and the Commitment Shortfall Test is satisfied after giving effect to such acquisition or origination (or, in the case of any Coverage Test, if not satisfied immediately prior to such acquisition or origination, compliance with such Coverage Test is maintained or improved after giving effect to such acquisition or origination);

&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 Portfolio Advance Rate Test is satisfied after giving effect to such acquisition or origination;

&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 of the criteria in the definition of "Collateral Loan" is satisfied with regard to such acquisition or origination;

&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) in the case of additional Collateral Loans purchased with the proceeds from the sale of a Credit Improved Loan or a Discretionary Sale, or with Principal Proceeds received from scheduled distributions of principal with respect to any Collateral Loan or from any Unscheduled Principal Payments, the Reinvestment Balance Criteria will be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the case of additional Collateral Loans purchased with the proceeds from the sale of a Credit Risk Loan or a Defaulted Loan sold at the discretion of the Borrower, after giving effect to such purchases either (i) the Aggregate Principal Balance of all additional Collateral Loans purchased with the proceeds from such sale shall at least equal the related Disposition Proceeds, or (ii) the Reinvestment Balance Criteria will be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no Event of Default shall have occurred and be continuing.

"<u>Eligible Account Bank</u>" means, with respect to any specified account, a financial institution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that if such account is either a fully segregated trust account with the trust department or corporate trust department of such financial institution or a securities account established with such financial institution, such financial institution has a long-term issuer rating of at least "A" and a short-term issuer rating of at least "A-1" by S&P (or at least "A+" by S&P if such institution has no short-term issuer rating); *provided* that if such financial institution ceases to have a long-term issuer rating of at least "A" and a short-term issuer rating of at least "A-1" by S&P (or at least "A+" by S&P if such institution has

------

no short-term issuer rating), it is replaced within 60 days by a financial institution with long-term issuer rating of at least "A" and a short-term issuer rating of at least "A-1" by S&P (or at least "A+" by S&P if such institution has no short-term issuer rating); 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) as to which the Rating Condition is satisfied and the Borrower and the Majority Lenders have consented to such financial institution constituting an "Eligible Account Bank" hereunder.

"<u>Eligible Investment Required Ratings</u>" means, in the case of each Eligible Investment, a short-term credit rating of at least "A-1" (or, in the absence of a short-term credit rating, "AA-" or better) from S&P.

"<u>Eligible Investments</u>" means any investment denominated in U.S. Dollars or an Alternative Currency that, at the time it is delivered to the Collateral Agent (directly or through a financial intermediary or bailee), is one or more of the following obligations or securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations of which are expressly backed by the full faith and credit of the United States of America and which satisfy the Eligible Investment Required Ratings;

&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) demand and time deposits in, certificates of deposit of, trust accounts with, bankers' acceptances issued by, or federal funds sold by any depositary institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by federal and/or state banking authorities so long as the commercial paper and/or the debt obligations of such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings;

&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) commercial paper with the Eligible Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 183 days from their date of issuance; *provided* that this clause (iii) shall not include extendible commercial paper or asset backed commercial paper;

&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) money market funds which funds have, at all times, the highest S&P credit ratings assignable at such time; 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;(v) any other investment similar to those described in clauses (i) through (iv) above, (a) as to which the Rating Condition is satisfied, (b) which has the Eligible Investment Required Ratings at the time of such investment and (c) which has been approved by the Majority Lenders;

and, in the case of clauses (i) through (iii) and (v) above, with a stated maturity (after giving effect to any applicable grace period) no later than the earlier of (1) 60 days and (2) the Business Day

------

immediately preceding the Payment Date next following the Interest Period in which the date of investment occurs; *provided* that none of the foregoing obligations or securities shall constitute Eligible Investments if (a) such obligation or security has an "f", "r", "p", "q" or "t" subscript assigned by S&P, (b) all, or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (c) such obligation or security is subject to U.S. withholding or foreign withholding tax unless the issuer of the security is required to make "gross-up" payments for the full amount of such withholding tax, (d) such obligation or security is secured by real property, (e) such obligation or security is purchased at a price greater than 100% of the principal or face amount thereof, (f) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action or (g) in the Borrower's or the Borrower's judgment, such obligation or security is subject to material non-credit related risks. Eligible Investments may include, without limitation but subject to the restrictions set forth in this definition, those investments for which an Agent or an affiliate of an Agent provides services. Any investment, which otherwise qualifies as an Eligible Investment, may (1) be made by the Collateral Agent or any of its Affiliates and (2) be made in securities of any entity for which the Collateral Agent or any of its Affiliates receives compensation or serves as offeror, distributor, investment advisor or other service provider.

"<u>Eligible Loan Index</u>" means, with respect to each Collateral Loan that is a loan, one of the following indices as selected by the Borrower upon the acquisition of such Collateral Loan: the Credit Suisse Leveraged Loan Indices (formerly the DLJ Leveraged Loan Index Plus), the Deutsche Bank Leveraged Loan Index, the Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index, the Merrill Lynch Leveraged Loan Index, the S&P/LSTA Leveraged Loan Indices or any replacement or other comparable nationally recognized loan index; *provided* that the Borrower may change the index applicable to a Collateral Loan at any time following the acquisition thereof (so long as the same index applies to all Collateral Loans for which this definition applies) after giving notice to S&P, the Agents and the Collateral Administrator.

"<u>Emerging Market Obligor</u>" means any obligor Domiciled in a country (other than the United States, Canada, United Kingdom or Luxembourg) that (a) is not a Tax Advantaged Jurisdiction and (b) is not any other country as to which the foreign currency issuer credit rating is, at the time the applicable Loan Party commits to acquire the relevant Collateral Loan, at least "AA" by S&P (other than any country referenced in clause (a) of the definition of "Concentration Limitations").

"<u>Ensuing Payment Date</u>" has the meaning specified in <u>Section 2.7(h)</u>.

"<u>Environmental Claim</u>" means, with respect to any Person, any written notice, claim, demand or similar communication by any other Person having jurisdiction alleging potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damage, property damages, personal injuries, fines or penalties arising out of, based on or resulting from (i) the presence, or release into the environment, of any Hazardous Substances at any location, whether or not owned by such Person or (ii) circumstances forming the basis of any violation, of any applicable Environmental Law, in each case as to which there is a reasonable possibility of an adverse determination with respect thereto and which, if adversely determined, would have a Material Adverse Effect.

------

"<u>Environmental Laws</u>" means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to the environment, the effect of the environment on human health or to emissions, discharges or releases of pollutants, contaminants, Hazardous Substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, Hazardous Substances or wastes or the clean-up or other remediation thereof.

"<u>Equity Interests</u>" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.

"<u>Equity Security</u>" means any equity security or any other security or loan that is not eligible for purchase by a Loan Party as a Collateral Loan and any security purchased by a Loan Party as part of a "unit" with a Collateral Loan and which itself is not eligible for purchase by a Loan Party as a Collateral Loan.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as amended, or any successor statute, and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Group</u>" means each controlled group of corporations or trades or businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code with the Borrower.

"<u>Erroneous Payment</u>" has the meaning specified in Section 7.9(a).

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning specified in Section 7.9(d).

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>EU Excluded Liability</u>" means any liability that is excluded under the Bail-In Legislation from the scope of any Bail-In Action including, without limitation, any liability excluded pursuant to Article 44 of the Bank Recovery and Resolution Directive.

"<u>EU Risk Retention Requirements</u>" means Article 6 of the EU Securitisation Regulation, including any implementing regulation, technical standards and official guidance related thereto.

"<u>EU Securitisation Regulation</u>" means Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised securitisation, as amended, varied

------

or substituted from time to time including any implementing regulation, technical standards and official guidance related thereto.

"<u>EU/UK Retention Letter</u>" means a letter agreement relating to the retention of net economic interest, to be executed and delivered on the first date on which any Affected Lender becomes a party hereto, in substantially the form of <u>Exhibit G</u> hereto (relating to the EU/UK Risk Retention Requirements), from the Retention Provider and addressed to each Affected Lender, the Administrative Agent and the Borrower, as amended, updated or replaced from time to time.

"<u>EU/UK Retention Obligations</u>" means the requirements and obligations of the Retention Provider as set forth in the EU/UK Retention Letter.

"<u>EU/UK Risk Retention Requirements</u>" means, together, the EU Risk Retention Requirements and the UK Risk Retention Requirements.

"<u>EURIBOR</u>" means, for any day during an Interest Period, with respect to any Euro Loan (or portion thereof), the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the page of the Reuters Screen (or any applicable successor page) at approximately 11:00 a.m., London time, on such day that displays an average European Money Markets Institute Settlement Rate (such page currently being EURIBOR01) for deposits in Euros with a term equivalent to three months; *provided* that if such rate is not available at any such time for any reason, then "EURIBOR" with respect to any Loan shall be the rate at which Euro deposits of €5,000,000 and for a three-month maturity are offered by the principal London office of the Administrative Agent or the principal London office of any bank reasonably selected by the Administrative Agent in immediately available funds in the Euro-zone interbank market at approximately 11:00 a.m., London time, on the applicable day (or, if such day is not a Business Day, on the immediately preceding Business Day); *provided*, *further*, that, in the event that the rate as so determined above shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. EURIBOR shall always be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

"<u>Euro</u>" means the lawful currency of the Member States of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended from time to time; *provided* that if any member state or states ceases to have such single currency as its lawful currency (such member state(s) being the "<u>Exiting State(s)</u>"), such term shall mean the single currency adopted and retained as the lawful currency of the remaining member states and shall not include any successor currency introduced by the Exiting State(s).

"<u>Euro Loan</u>" means a Loan denominated in Euro.

"<u>Event of Default</u>" has the meaning assigned to such term in <u>Section 6.1</u>.

"<u>Excepted Advances</u>" means customary advances made to protect or preserve rights against the Obligor under a Collateral Loan or to indemnify an agent or representative for lenders pursuant to the applicable Related Contracts.

------

"<u>Excepted Current Pay Obligation</u>" means any Current Pay Obligation with respect to which the Market Value thereof is determined in accordance with the provisions of clause (iv)(x)(A) of the definition of "Market Value".

"<u>Excess CCC Adjustment Amount</u>" means, as of any date of determination, an amount equal to the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* the Aggregate Principal Balance of all Collateral Loans included in the CCC Excess; *over* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of the Market Values of all Collateral Loans included in the CCC Excess.

"<u>Excess Reserve Amount</u>" means, on any date, the excess (if any) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount standing to the credit of the Future Funding Reserve Accounts on such date *over* 

&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) (i) the aggregate Unfunded Amount on such date *minus* (ii) if such date is prior to the last day of the Reinvestment Period, the excess (if any) of (x) the Total Class A-R Commitment on such date *over* (y) the aggregate principal amount of the Class A-R Loans and Swingline Loans outstanding on such date.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

"<u>Excluded Liabilities</u>" means contingent obligations of the Loan Parties consisting of customary and non-accrued indemnification, expenses, reimbursement or similar obligations contained in its Constituent Documents or the Related Contracts relating to the Collateral Loans, including obligations to members, managers, agents, custodians, trustees, deposit banks, escrow agents and co-lenders and not otherwise prohibited under the Loan Documents.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under <u>Section 11.5</u>) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 11.4</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender

------

immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with <u>Section 11.4(e)</u> and (d) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Exposure Amount</u>" as of any date means, with respect to any Revolving Collateral Loan or Delayed Funding Loan, the excess of (a) the Borrower's maximum funding commitment thereunder over (b) the outstanding principal balance of such Revolving Collateral Loan or Delayed Funding Loan. For the avoidance of doubt, Exposure Amounts in respect of a Defaulted Loan shall be included in the calculation of the Exposure Amount only if the Borrower is at such time subject to contractual funding obligations with respect to such Defaulted Loan.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted to give effect to any intergovernmental agreement entered into thereunder, and any agreement entered into pursuant to Section 1471(b) of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the FRBNY on the Business Day next succeeding such day, *provided* that (i) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the immediately preceding Business Day as so published on the next succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average (rounded upward, if necessary, to the next 1/100th of 1%) of the quotations for such day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. Notwithstanding the foregoing or any other provision of this Agreement, the rate calculated pursuant to this definition shall not be less than 0%.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System as constituted from time to time.

"<u>Fee Basis Amount</u>" means, as of any date of determination, the sum of (a) the Collateral Principal Amount and (b) aggregate amount of all Principal Financed Accrued Interest.

"<u>Fee Letters</u>" means the Upfront Fee Letter, the Administrative Agent Fee Letter and the Collateral Agent Fee Letter.

"<u>Financial Sponsor</u>" means any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding and selling investments (including controlling interests) in otherwise unrelated companies that are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are Independent of the other companies so owned by such Person or such Subsidiary.

------

"<u>First Lien Last-Out Loan</u>" means a Collateral Loan as to which, in the case of an event of default under the applicable Related Contract, the lenders thereunder will be paid after one or more tranches of first lien loans (inclusive of any revolving loan commitments) funded under such Related Contract (for which purposes an Obligor's obligations in respect of its trade claims, accounts receivables, inventory, capitalized leases or similar obligations shall be deemed not to constitute such first lien loans) issued by the same Obligor have been paid in full in accordance with a specified waterfall of payments. For purposes of this Agreement, a First Lien Last-Out Loan shall be deemed to constitute a Senior Secured Loan unless otherwise specified.

"<u>Fixed Rate Obligation</u>" means any Collateral Loan that bears a fixed rate of interest.

"<u>Floating Rate Obligation</u>" means any Collateral Loan that bears a floating rate of interest.

"<u>Foreign Official</u>" has the meaning assigned to such term in <u>Section 4.24(b)</u>.

"<u>FPLF Management</u>" means FPLF Management LLC, a Delaware limited liability company.

"<u>FRBNY</u>" means the Federal Reserve Bank of New York.

"<u>Fronting Exposure</u>" means, at any time there is a Defaulting Lender, with respect to any Swingline Lender, such Defaulting Lender's Percentage Share of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender's participation obligation has been reallocated to other Class A-R Lenders.

"<u>Future Funding Reserve Accounts</u>" means, collectively, the securities accounts established pursuant to <u>Section 8.3(e)</u>.

"<u>Future Funding Reserve Loan</u>" has the meaning assigned to such term in <u>Section 2.1(a)</u>.

"<u>GAAP</u>" means generally accepted accounting principles in effect from time to time in the United States.

"<u>GBP</u>" means the lawful currency of the United Kingdom.

"<u>GBP Loan</u>" means a Loan denominated in GBP.

"<u>Grant</u>" means to grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of set-off against, deposit, set over and confirm. A Grant of the Collateral, or of any other instrument, shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including without limitation the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Collateral, and all other Moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the

------

granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

"<u>Group</u>" means the Borrower and its Subsidiaries.

"<u>Group Country</u>" means any Group I Country, Group II Country or Group III Country.

"<u>Group I Country</u>" means Australia, Canada, The Netherlands, New Zealand and the United Kingdom.

"<u>Group II Country</u>" means Germany, Sweden and Switzerland.

"<u>Group III Country</u>" means Austria, Belgium, Denmark, Finland, France, Iceland, Ireland, Liechtenstein, Luxembourg and Norway.

"<u>Hazardous Substances</u>" means any toxic, radioactive, caustic or otherwise hazardous substance, identified as such as a matter of Environmental Law, including petroleum, its derivatives, by-products and other hydrocarbons, or any substance having any constituent elements displaying any of the foregoing characteristics.

"<u>Immediate Payment Date</u>" has the meaning assigned to such term in <u>Section 2.7(h)</u>.

"<u>Increased Commitment Date</u>" means the date of the effectiveness of the Increased Commitments and/or Additional Loans pursuant to the terms of this Agreement.

"<u>Increased Commitments</u>" has the meaning assigned to such term in <u>Section 2.11(a)</u>.

"<u>Increased Costs</u>" means any amounts due pursuant to <u>Section 2.9</u> and/or <u>Section 11.3</u>.

"<u>Incurrence Covenant</u>" means a covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

"<u>Indebtedness</u>" of any Person means, without duplication, (a) as shown on such Person's balance sheet (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property and (ii) all indebtedness of such Person evidenced by a note, bond, debenture or similar instrument (whether or not disbursed in full), (b) the face amount of all letters of credit issued for the account of such Person and, without duplication, all unreimbursed amounts drawn thereunder, (c) all Contingent Obligations of such Person, and (d) all payment obligations of such Person under any interest rate protection agreement (including, without limitation, any interest rate swaps, caps, floors, collars and similar agreements) and currency swaps and similar agreements which were not entered into specifically in connection with Indebtedness set forth in clauses (a), (b) or (c) hereof.

------

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

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 12.3(b)</u>.

"<u>Independent</u>" means, as to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. "Independent" when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no manager or director of any Person will fail to be Independent solely because such Person acts as an independent director or independent manager thereof or of any such Person's Affiliates. Any pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this Agreement must satisfy the criteria above with respect to the Borrower, the Subsidiary Guarantor and the Servicer.

"<u>Independent Review Party</u>" means a conflicts review board or an Independent third party established by or appointed by the Borrower to act on behalf of any Loan Party with respect to Principal Transactions.

"<u>Ineligible Collateral Loan</u>" means any Collateral Loan with respect to which the Borrower has discovered that there has been a breach of any of the representations or warranties under the applicable Related Contracts which materially and adversely affects the value of such Collateral Loan or the interest therein of any Loan Party.

"<u>Initial Lender</u>" means Scotiabank, any of their respective Affiliates and any CP Conduit managed or supported by Scotiabank (or any of its Affiliates).

"<u>Initial Rating</u>" means the rating given to the Loans by S&P as of the S&P Rating Effective Date.

"<u>Interest Coverage Ratio</u>" means, as of any Measurement Date, the ratio (expressed as a percentage) obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Collateral Interest Amount <u>less</u> (ii) all amounts payable (or expected to be payable) on the related Payment Date pursuant to clauses (A) through (D) of <u>Section 9.1(a)(i)</u> by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of (i) all interest due on the Loans on the related Payment Date and (ii) the Commitment Fees due on the related Payment Date.

------

"<u>Interest Coverage Ratio Test</u>" means a test satisfied on any Measurement Date after the second Payment Date if the Interest Coverage Ratio is greater than or equal to 135% on such date.

"<u>Interest Hedge Agreement</u>" means an interest rate protection agreement that may be entered into between a Loan Party and an Interest Hedge Counterparty after the Closing Date in accordance with <u>Section 5.20</u>, for the sole purpose of hedging interest rate risk between the portfolio of Collateral Loans and the Loans, as amended from time to time in accordance with the terms hereof and thereof, with respect to which the Rating Condition is satisfied.

"<u>Interest Hedge Counterparty</u>" means a counterparty satisfying, at the time of entry by the applicable Loan Party into an Interest Hedge Agreement, the then-current S&P criteria for hedge counterparties (or, with respect to any counterparty not satisfying such criteria at such time, any counterparty whose obligations in respect of such Interest Hedge Agreement are absolutely and unconditionally guaranteed by an Affiliate of such counterparty meeting the then-current S&P guarantee criteria at such time), together with any permitted assignee or successor (which meets the then-current S&P criteria for hedge counterparties) under such Interest Hedge Agreement with respect to which the Rating Condition is satisfied.

"<u>Interest Period</u>" means, with respect to any Payment Date, the period commencing on the last day of the immediately preceding Due Period (or, in the case of the initial Due Period, the period commencing on the Closing Date) and ending on (and including) the Calculation Date immediately preceding such Payment Date (or, in the case of the Due Period that is applicable to the Payment Date occurring on the Stated Maturity, ending on the day preceding such Payment Date).

"<u>Interest Proceeds</u>" means, with respect to any Due Period or Calculation Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all payments of interest and other income received (other than any interest due on any Deferrable Loan or Partial Deferrable Loan that has been deferred or capitalized at the time of acquisition) by the Loan Parties during the related Due Period on the Collateral Loans and Eligible Investments, including the accrued interest received in connection with a sale thereof during the related Due Period, <u>less</u> any such amount that represents Principal Financed Accrued 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;(ii) all principal and interest payments received by the Loan Parties during the related Due Period on Eligible Investments purchased with Interest Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all amendment and waiver fees, late payment fees and other fees received by the Loan Parties during the related Due Period, except for those in connection with (a) the lengthening of the maturity of the related Collateral Loan or (b) the reduction of the par of the related Collateral 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;(iv) commitment fees and other similar fees received by the Loan Parties during such Due Period in respect of Revolving Collateral Loans and Delayed Funding Loans;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any payment received with respect to any Interest Hedge Agreement other than (a) an upfront payment received upon entering into such Interest Hedge Agreement or (b) a payment received as a result of the termination of any Interest Hedge Agreement to the extent not used by the applicable Loan Party to enter into a new or replacement Interest Hedge Agreement (for purposes of this subclause (v), any such payment received or to be received on or before 10:00 a.m. New York time on the last day of the Due Period in respect of such Payment Date will be deemed received in respect of the preceding Due Period and included in the calculation of Interest Proceeds received in such Due 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;(vi) any payments received as repayment for Excepted Advances (other than Excepted Advances made from Principal Proceeds); 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;(vii) any amounts deposited in the Collection Accounts (and designated as Interest Proceeds) from any other Covered Account pursuant to the terms of this Agreement;

*provided* that (x) any amounts received in respect of any Defaulted Loan (or any Equity Security received in exchange for a Defaulted Loan) will constitute (A) Principal Proceeds (and not Interest Proceeds) until the aggregate of all recoveries in respect of such Defaulted Loan since it became a Defaulted Loan equals the outstanding Principal Balance of such Collateral Loan when it became a Defaulted Loan, and then (B) Interest Proceeds thereafter and (y) with respect to a Collateral Loan that has been amended after the Reinvestment Period, (1) if such amendment extended the maturity of such Collateral Loan, any amounts received in respect of such Collateral Loan will constitute Principal Proceeds (and not Interest Proceeds) and (2) if such amendment modified the amount of interest payable on such Collateral Loan (but did not extend the maturity thereof), any additional interest that is payable as a result of such amendment (in the case of an amendment that increased the rate of interest on such Collateral Loan), all interest (in the case of an amendment that reduced the rate of interest on such Collateral Loan) and all fees received in respect of such Collateral Loan will constitute Principal Proceeds (and not Interest Proceeds); *provided further* that clause (y) above shall only apply with respect to any such amended Collateral Loans in excess of 10% of the Collateral Principal Amount. Notwithstanding the foregoing, in the Borrower's sole discretion (to be exercised on or before the related Calculation Date), on any date after the first Payment Date, Interest Proceeds in any Due Period may be deemed to be Principal Proceeds.

"<u>Interpolated Rate</u>" means, with respect to the initial Payment Date, for the first Interest Period beginning on the Closing Date to but excluding the initial Payment Date, the rate shall be determined by interpolating linearly between the rate for the next shorter period of time for which rates are published by the Term SOFR Administrator and the rate for the next longer period of time for which rates are published by the Term SOFR Administrator.

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

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

------

"<u>Irish Collateral Deed</u>" means the Irish law governed security deed dated on or about the date hereof and entered into between the Borrower and the Collateral Agent for the benefit of the Secured Parties, as amended from time to time.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>Judgment Currency</u>" has the meaning assigned to such term in <u>Section 2.10(d)</u>.

"<u>Lender</u>" means each Person signatory hereto that is listed as a "Lender" on the signature pages hereto and on <u>Schedule J</u>, any Person that shall have become a party hereto pursuant to an Assignment and Assumption, each Additional Lender and, in each case, their respective successors, in each case other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term "Lenders" includes the Swingline Lender.

"<u>Lender Collateral Account</u>" means the securities account established pursuant to <u>Section 8.3(c)(i)</u>.

"<u>Lender Collateral Subaccount</u>" has the meaning assigned to such term in <u>Section 8.3(c)(ii)</u>.

"<u>Lien</u>" means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other type of preferential arrangement that has the practical effect of creating a security interest, in respect of such asset. For the purposes of this Agreement, any Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.

"<u>Liquidity Facility</u>" means, with respect to any Loan by any CP Lender, a liquidity asset purchase agreement, swap transaction or other facility that provides liquidity for Commercial Paper Notes, and any guaranty of any such agreement or facility.

"<u>Liquidity Funding</u>" means, with respect to any Loan by any CP Lender, at any time, funding by a CP Lender of all or a portion of the outstanding principal amount of such Loan with funds provided under a Liquidity Facility.

"<u>Liquidity Funding Period</u>" means, with respect to any Loan by any CP Lender, a period of time during which all or a portion of the outstanding principal amount of such Loan is funded through a Liquidity Funding.

"<u>Liquidity Funding Rate</u>" means with respect to any Liquidity Funding under a Liquidity Facility for any period, the per annum rate of interest equal to the rate of interest provided for in the relevant Liquidity Facility at such time.

"<u>LLC Agreement</u>" means the Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of November 7, 2025, by and among Parent, as the member and the Independent Directors party thereto, as further amended, restated or otherwise modified from time to time.

------

"<u>Loan Documents</u>" means this Agreement, the Account Control Agreements, the Collateral Administration Agreement, the Notes, the Interest Hedge Agreements (if any), the Sale Agreements, the LLC Agreement, the Administrative Agent Fee Letter, the Subsidiary Guaranty and, if delivered, the EU/UK Retention Letter.

"<u>Loan Party</u>" means, the Borrower and the Subsidiary Guarantor, individually or collectively, as the context requires.

"<u>Loan Party Order</u>" means a written order (which may be a standing order and may be provided via email) or request dated and signed (or, if applicable, sent) in the name of the Borrower or the Subsidiary Guarantor, by an Authorized Officer of the Borrower or the Subsidiary Guarantor, as applicable, or by an Authorized Officer of the Servicer on behalf of the Borrower or the Subsidiary Guarantor, as applicable.

"<u>Loans</u>" means, collectively, the Class A-R Loans, the Class A-T Loans and the Swingline Loans.

"<u>Maintenance Covenant</u>" means a covenant by any borrower to comply with one or more financial covenants during each reporting period, whether or not such borrower has taken any specified action.

"<u>Majority</u>" means, with respect to the Loans, the Commitments or the Lenders, the Majority Lenders.

"<u>Majority Lenders</u>" means the Lender or Lenders holding, collectively, more than 50% of the sum of (a) the aggregate principal amount of all of the Loans outstanding at such time *plus* (b) the Aggregate Undrawn Amounts at such time; *provided* that for so long as any Initial Lender is a Lender hereunder, the "Majority Lenders" of such Loans shall always be deemed to include such Initial Lender, it being understood that, accordingly, any vote or action to be taken by the Majority Lenders hereunder while any Initial Lender is a Lender shall require the corresponding vote or action, as the case may be, of such Initial Lender (in addition to, and not instead of, the vote or action otherwise required from the Lender or Lenders holding, collectively, more than 50% of the sum of (x) the aggregate principal amount of the Loans outstanding at such time <u>plus</u> (y) the aggregate Undrawn Commitments in respect of the Loans at such time). In determining whether the Majority Lenders have consented to or approved any action or inaction, (x) the vote of any Borrower Affiliated Lender shall not be taken into account and the outstanding principal amounts and aggregate unutilized commitments held by each Borrower Affiliated Lender shall be excluded from the amounts set forth in clauses (a) and (b) of this definition and (y) the vote of any Defaulting Lender shall not be taken into account to the extent provided in <u>Section 11.5(b)(ii)</u>. In addition, if as the result of a Bail-In Action a Lender's Commitment is reduced or a Lender is not permitted to fund all or a portion of its Commitment, the vote of any such Lender shall be commensurately and proportionately reduced, unless such Lender is the only Lender, in which case such Lender will retain its voting rights.

"<u>Margin Stock</u>" shall have the meaning provided such term in Regulation U of the Board of Governors of the Federal Reserve Board.

------

"<u>Market Value</u>" means, as of any date of determination, with respect to any loans or other assets, the amount (determined by the Borrower) equal to the product of the principal amount thereof and the price determined in the following manner:

&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 quote determined by any of Loan Pricing Corporation, MarkIt Partners or any other nationally recognized pricing service selected by the Borrower with notice to the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such quote described in clause (i) is not available, the average of the bid-side quotes determined by three broker-dealers active in the trading of such asset that are Independent (with respect to each other and the Borrower); 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;(A) if only two such bids can be obtained, the lower of the bid-side quotes of such two 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;(B) if only one such bid can be obtained, such bid; 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) if a "Market Value" cannot be determined in accordance with clauses (i) or (ii) above (in that order), then, the Appraised Value based on an Appraisal that has been obtained from an Approved Appraisal Firm within the preceding 90 days; *provided* that, for purposes of determining the Market Value of any Collateral Loan being sold to an Affiliate of the Borrower, such Appraisal shall have been obtained within the preceding 45 days; *provided further* that, if such Collateral Loan was originated by an Affiliate of a Loan Party, then, for purposes of determining the Market Value of such Collateral Loan when it is being sold to an Affiliate of the Borrower or when a participation granted therein is terminated pursuant to the applicable Sale Agreement, from the date of origination and until the earlier of 45 days after such Loan Party acquires such Collateral Loan and the date an Appraisal is obtained, the "Market Value" of such Collateral Loan shall be as reasonably determined by the Borrower in the manner set forth in clause (iv)(y) below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if such quote, bid or appraisal described in clause (i), (ii) or (iii) is not available, then the Market Value of such Collateral Loan shall be the lower of (x) the higher of (A) the S&P Recovery Rate and (B) 70% of the outstanding principal amount of such Collateral Loan, and (y) the Market Value determined by the Borrower exercising reasonable commercial judgment, consistent with the manner in which it would determine the market value of an asset for purposes of other funds or accounts managed by it; *provided*, that, such Market Value assigned by the Borrower to such Collateral Loan shall not exceed the value that the Borrower assigns to such Collateral Loan for all other purposes; *provided further* that, the Market Value of any such asset may not be determined in accordance with this clause (iv) for more than thirty days; 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;(v) if the Market Value of an asset is not determined in accordance with clause (i), (ii), (iii) or (iv) above, then the Market Value shall be deemed to be zero until such determination is made in accordance with clause (i), (ii), (iii) or (iv) above.

------

"<u>Material Adverse Effect</u>" means a material adverse effect individually or in the aggregate with other adverse effects on the ability of the Borrower, the Subsidiary Guarantor or the Servicer to perform its respective obligations under any of the Loan Documents or the rights, interests or remedies (taken as a whole) of the Agents, any Membership Interest Holder or any Lender under any of the Loan Documents.

"<u>Material Covenant Default</u>" means a default by an Obligor with respect to any Collateral Loan, and subject to any grace periods contained in the applicable Related Contract, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Loan.

"<u>Maximum Advance Rate</u>" means 65.0%.

"<u>Maximum Principal Balance</u>" means, as of any date of determination and with respect to all or any specified portion of the Collateral Loans, the sum of (a) the Principal Balance of such Collateral Loans as of such date and (b) in the case of any such Collateral Loans that are Revolving Collateral Loans or Delayed Funding Loans, the Exposure Amounts thereof.

"<u>Maximum Weighted Average Life Test</u>" means a test that is satisfied on any Measurement Date if the Weighted Average Life of all Collateral Loans as of such date is less than the number of years (rounded to the nearest one hundredth thereof) from such Measurement Date to November 7, 2033.

"<u>Measurement Date</u>" means (i) any day on which a Loan Party purchases, or enters into a commitment to purchase, a Collateral Loan, or any day on which a default with respect to a Collateral Loan occurs, (ii) any Calculation Date, (iii) each Collateral Report Determination Date and (iv) any other Business Day pursuant to the request of the Majority Lenders or S&P.

"<u>Membership Interest</u>" means, the limited liability company membership interests in the Borrower pursuant to the LLC Agreement.

"<u>Membership Interest Holder</u>" means, collectively, Parent and any other Person holding a Membership Interest from time to time, in accordance with the terms of the Loan Documents and the LLC Agreement.

"<u>Minimum Fixed Coupon</u>" means 7.00%.

"<u>Minimum Fixed Coupon Test</u>" means a test that is satisfied as of any Measurement Date if the Weighted Average Coupon as of such date of determination equals or exceeds the Minimum Fixed Coupon.

"<u>Minimum Weighted Average S&P Recovery Rate Test</u>" means the test that will be satisfied (i) on any date of determination prior to the S&P Rating Effective Date, if the Weighted Average S&P Recovery Rate for the Collateral Loans equals or exceeds 40%, and (ii) on any date of determination on or after the S&P Rating Effective Date, if the Weighted Average S&P Recovery Rate for the Collateral Loans equals or exceeds the S&P CDO Monitor Recovery Rate.

"<u>Minimum Weighted Average Spread Test</u>" means a test that will be satisfied (i) on any Measurement Date prior to the S&P Rating Effective Date, if the Weighted Average Spread

------

equals or exceeds 5%, and (ii) on any Measurement Date on or after the S&P Rating Effective Date, if the Weighted Average Spread equals or exceeds the S&P Minimum Floating Spread.

"<u>Money</u>" shall have the meaning specified in Section 1-201(24) of the UCC.

"<u>Moody's</u>" means Moody's Investors Service, Inc. and any successor thereto.

"<u>Moody's Rating</u>" means, with respect to any Collateral Loan that is a BSL Loan, the rating determined for such Collateral Loan pursuant to <u>Schedule D</u> hereto.

"<u>Multiemployer Plan</u>" means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions.

"<u>Net Aggregate Exposure Amount</u>" means the excess (if any) of (i) the aggregate Unfunded Amount on such date *over* (ii) the sum of (x) amounts on deposit in the Future Funding Reserve Accounts on such date and (y) amounts on deposit in the Collection Accounts on such date, including Eligible Investments and capital contributions or proceeds deposited therein by any Membership Interest Holder, representing Principal Proceeds.

"<u>Net Purchased Collateral Loan Balance</u>" means, as of any date of determination, an amount equal to (a) the Aggregate Principal Balance of all Collateral Loans conveyed to the Loan Parties under the Sale Agreements prior to such date, calculated as of the respective Cut-Off Dates of such Collateral Loans, <u>plus</u> (b) the Aggregate Principal Balance of all Collateral Loans acquired by the Loan Parties other than directly or indirectly as set forth in clause (a) prior to such date, <u>minus</u> (c) the Aggregate Principal Balance of all Collateral Loans (other than Ineligible Collateral Loans) repurchased or substituted prior to such date.

"<u>Non-Consenting Lender</u>" means any Lender that has failed to approve any proposed amendment, modification, consent or waiver that has been approved by the Majority Lenders and that requires the approval of all Lenders or all affected Lenders in accordance with <u>Section 12.5</u> (for so long as such Lender fails to give such approval).

"<u>Non-Funding Lender</u>" has the meaning specified in <u>Section 2.2(e)</u>.

"<u>Note</u>" means each promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of this Agreement, substantially in the respective form set forth on <u>Exhibit A-1</u>, <u>A-2</u> or <u>A-3</u> hereto, as the same may from time to time be amended, supplemented, waived or modified.

"<u>Notice of Borrowing</u>" has the meaning assigned to such term in <u>Section 2.2(a)</u>.

"<u>Notice of Conversion</u>" has the meaning assigned to such term in <u>Section 2.15(b)</u>.

"<u>Obligations</u>" means all Secured Obligations and all other obligations, liabilities and Indebtedness of every nature of the Loan Parties, from time to time owing to the Agents, the Interest Hedge Counterparties, the Lenders, the Membership Interest Holders and the Secured

------

Parties under or in connection with this Agreement and the other Loan Documents, including, without limitation, (a) the unpaid principal amount of, and interest on (including interest which, but for the commencement of an insolvency, reorganization or bankruptcy case or proceeding or any receivership, liquidation, reorganization or other similar case or proceeding with respect to either Loan Party or with respect to any of its assets, would have accrued on any Obligation, whether or not a claim is allowed against such Loan Party for such interest in any such case or proceeding), all Loans then outstanding and (b) all fees, expenses, premiums, indemnity payments and other amounts owed to any Secured Party or any Membership Interest Holder pursuant to this Agreement and the other Loan Documents, in each case, whether or not then due and payable.

"<u>Obligor</u>" means, with respect to a Collateral Loan, any Person who is obligated to repay such Collateral Loan (including, if applicable, a guarantor thereof), and whose assets are principally relied upon by the applicable Loan Party at the time such Collateral Loan was originated or purchased by such Loan Party as the source of repayment of such Collateral Loan.

"<u>OFAC</u>" has the meaning assigned to such term in <u>Section 4.24(c)</u>.

"<u>Offer</u>" means with respect to any security, any offer by the Obligor of such security or by any other Person made to all of the holders of such security to purchase or otherwise acquire such security (other than pursuant to any redemption in accordance with the terms of the applicable Related Contracts) or to convert or exchange such security into or for Cash, securities or any other type of consideration.

"<u>Originator Requirement</u>" means a condition that will be satisfied as of the date of execution and delivery of the EU/UK Retention Letter (if applicable) and as of the date of any Increased Commitment or incurrence of Additional Loans, if the nominal amount of Collateral Loans acquired (or committed to be acquired) or originated by a Loan Party for which the Retention Provider:

&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) either itself or through related entities (including any Loan Party), directly or indirectly, was involved or will be involved in negotiating the original agreements which created or will create such Collateral Loan; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is the seller thereof to the applicable Loan Party and the Retention Provider previously purchased (and, for not less than 30 days, held) such Collateral Loan for its own account prior to selling such Collateral Loan to such Loan Party and that each of such purchase and sale are made at the respective Market Value thereof at such time,

is more than 10% of the Total Capitalization.

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

------

"<u>Other Taxes</u>" has the meaning assigned to such term in <u>Section 11.4(b)</u>.

"<u>Overcollateralization Ratio</u>" means, as of any Measurement Date, the ratio (expressed as a percentage) obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of (i) the Adjusted Collateral Principal Amount as of such date *plus* (ii) the Net Aggregate Exposure Amount (excluding any Unsettled Amounts to the extent already included in the amount in clause (i)) for all Collateral Loans as of such date, *plus* (iii) amounts on deposit in the Future Funding Reserve Accounts on such date; by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of (i) the aggregate outstanding principal amount of the Loans as of such date *plus* (ii) the Net Aggregate Exposure Amount for all Collateral Loans as of such date.

"<u>Overcollateralization Ratio Test</u>" means a test that is satisfied on any Measurement Date if the Overcollateralization Ratio equals or exceeds 151.85%.

"<u>Parent</u>" means Fortress Private Lending Fund, a Delaware statutory trust.

"<u>Parent SPV Subsidiary</u>" means a directly or indirectly wholly-owned subsidiary of the Parent or an entity in which the Parent otherwise owns (directly or indirectly) all of the interests constituting the economic equity in such entity, and which Parent SPV Subsidiary or other entity is structured to be bankruptcy remote.

"<u>Partial Deferrable Loan</u>" means any Collateral Loan with respect to which under the applicable Related Contracts, (a) a portion of the interest due thereon is required to be paid in Cash on each payment date therefor and is not permitted to be deferred or capitalized (which portion shall at least be equal to the Benchmark or the applicable index with respect to which interest on such Collateral Loan is calculated (or, in the case of a Fixed Rate Obligation, at least equal to the forward swap rate for a designated maturity equal to the scheduled maturity of such Collateral Loan)) *plus* 3.00%, (b) the Obligor thereon may defer or capitalize the remaining portion of the interest due thereon and (c) such deferral is accomplished by the issuance of additional loans identical to such loan or through additions to the principal amount thereof.

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 12.6(b)(i)</u>.

"<u>Participant Register</u>" has the meaning assigned to such term in <u>Section 12.6(b)(ii)</u>.

"<u>Participation Interest</u>" means a participation interest in a loan originated by a bank or financial institution that, at the time of acquisition by a Loan Party, or such Loan Party's commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Collateral Loan were it acquired directly, (ii) the Selling Institution is a lender on the loan, (iii) the aggregate participation in the loan granted by such Selling Institution to any one or more participants does not exceed the principal amount or commitment with respect to which the Selling Institution is a lender under such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the selling institution holds in the loan or commitment that is the subject of the participation, (v) the entire purchase

------

price for such participation is paid in full (without the benefit of financing from the selling institution or its affiliates) at the time of such Loan Party's acquisition (or, to the extent of a participation in the unfunded commitment under a Revolving Collateral Loan or Delayed Funding Loan, at the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) other than in the case of a Transferred Participation, such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any loan.

"<u>Payment Accounts</u>" means, collectively, the securities accounts established pursuant to <u>Section 8.3(a)</u>.

"<u>Payment Date</u>" means the 20th day of January, April, July and October in each year, commencing in January 2026, and the last Payment Date occurring on the Stated Maturity; *provided* that, if any such date is not a Business Day, such Payment Date shall be the next succeeding Business Day.

"<u>Payment Date Report</u>" has the meaning assigned to such term in <u>Section 9.1(c)</u>.

"<u>Payment Recipient</u>" has the meaning specified in Section 7.9(a).

"<u>Percentage Share</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a Class A-R Lender's obligation to make Class A-R Loans, fund its share of Swingline Loans and receive payments of interest, fees, principal and other amounts with respect thereto, the percentage obtained by dividing (i) such Class A-R Lender's Class A-R Commitment by (ii) the Total Class A-R Commitment, *provided* that, if the Total Class A-R Commitment has been reduced to zero, the numerator shall be the aggregate unpaid principal amount of such Class A-R Lender's Class A-R Loans and the denominator shall be the aggregate unpaid principal amount of all Class A-R Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a Class A-T Lender's obligation to make Class A-T Loans and receive payments of interest, fees, principal and other amounts with respect thereto, the percentage obtained by dividing (i) such Class A-T Lender's Class A-T Commitment by (ii) the Total Class A-T Commitment, *provided* that, if the Total Class A-T Commitment has been reduced to zero, the numerator shall be the aggregate unpaid principal amount of such Class A-T Lender's Class A-T Loans and the denominator shall be the aggregate unpaid principal amount of all Class A-T Loans; 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) with respect to all other matters in relation to a Lender at any time, the percentage obtained by dividing (i) the sum of such Lender's undrawn Commitments *plus* the aggregate outstanding principal amount of Loans held by such Lender at such time by (ii) the sum of all Lenders' undrawn Commitments *plus* the aggregate outstanding principal amount of all Loans at such time.

------

"<u>Permitted Indebtedness</u>" means (a) the Obligations, (b) Excluded Liabilities and (c) in the case of the Subsidiary Guarantor, the PPNs.

"<u>Permitted Liens</u>" means (a) Liens in favor of the Collateral Agent for the benefit of the Secured Parties granted pursuant to this Agreement and any other Loan Document; (b) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently pursued (*provided* that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor); (c) the interests of lessees and lessors under leases of real or personal property made in the ordinary course of business which interests would not have a Material Adverse Effect; and (d) restrictions on transfer with respect to any Collateral Loan or any other Pledged Collateral (x) imposed by law or (y) contained in the Related Contracts and which are customary for instruments similar to such Collateral Loan or such other Pledged Collateral (such as a requirement to receive the consent of the relevant agent or Obligor prior to any transfer).

"<u>Permitted RIC Distribution</u>" means distributions to the Parent from the USD Collection Account of the Borrower on any Business Day to the extent required to allow the Parent to make sufficient distributions to qualify as a regulated investment company within the meaning of Section 851 of the Code and to otherwise eliminate federal or state income or excise taxes payable by the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); *provided* that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Parent shall not exceed 115% of the amounts that the Borrower would have been required to distribute to the Parent to: (i) allow the Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower's liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto) or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Borrower's liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Borrower had qualified to be taxed as a regulated investment company under the Code; (B) with respect to any distributions made on any Business Day other than a Payment Date, such Permitted RIC Distributions shall be permitted only so long as: (I) all Coverage Tests are satisfied immediately prior to and immediately after giving effect to such Permitted RIC Distribution, (II) the Borrower and the Servicer certify that immediately after giving effect to such Permitted RIC Distribution, there will be sufficient Interest Proceeds and/or Principal Proceeds available on the next Payment Date to pay in full all amounts the Borrower and the Servicer reasonably expect in good faith to be due and payable under clauses (A) through (F) of <u>Section 9.1(a)(i)</u> with respect to Interest Proceeds applied to make a Permitted RIC Distribution and under clauses (A) and (B) of <u>Section 9.1(a)(ii)</u> with respect to Principal Proceeds applied to make a Permitted RIC Distribution on such Payment Date based on the then-current outstanding principal amount of the Loans and other costs and expenses invoiced as of such date or expected to be invoiced prior to the next Payment Date; (III) the Borrower gives at least one (1) Business Day's prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator and (IV) the

------

Borrower and the Servicer confirm in writing (which may be by email) to the Administrative Agent, the Collateral Agent and the Collateral Administrator that the conditions to a Permitted RIC Distribution set forth herein are satisfied immediately prior to and immediately after giving effect to such Permitted RIC Distribution (unless otherwise consented to by the Administrative Agent in its sole discretion); *provided* that no Permitted RIC Distribution may be made at any time an Event of Default has occurred and is continuing (unless otherwise consented to by the Administrative Agent in its sole discretion).

"<u>Person</u>" means an individual, a corporation, a partnership, an exempted company, an association, a trust, a limited liability company, member or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Plan</u>" means at any time an employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code or Section 302 of ERISA and either (i) is sponsored, maintained, or contributed to, or required to be contributed to, by the Borrower or a member of its ERISA Group or (ii) has at any time within the preceding five plan years been sponsored, maintained, or contributed to, or required to be contributed to, by the Borrower or a member of its ERISA Group.

"<u>Pledged Collateral</u>" has the meaning specified in the Granting Clause hereof.

"<u>Portfolio Advance Rate</u>" means, as of any Measurement Date (or other applicable date), the ratio (expressed as a percentage) obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> the sum of (i) the aggregate outstanding principal amount of all Loans as of such date *plus* (ii) the Net Aggregate Exposure Amount for all Collateral Loans as of such date; 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;<u>(b)</u> the sum of (i) the Adjusted Collateral Principal Amount as of such date *plus* (ii) the Net Aggregate Exposure Amount (excluding any Unsettled Amounts to the extent already included in the amount in clause (i)) for all Collateral Loans as of such date, *plus* (iii) amounts on deposit in the Future Funding Reserve Accounts on such date.

"<u>Portfolio Advance Rate Test</u>" means a test that is satisfied if, on the date of determination, the Portfolio Advance Rate is less than or equal to the Maximum Advance Rate.

"<u>Post-Default Rate</u>" has the meaning assigned to such term in <u>Section 2.5(c)</u>.

"<u>PPNs</u>" means the $1,000,000,000 Profit Participating Notes due 2075 issued by the Subsidiary Guarantor to the Borrower, as amended, restated, supplemented or otherwise modified from time to time (including any replacement notes).

"<u>Prime Rate</u>" means, for any day, the rate of interest in effect for such day that is identified and normally published by The Wall Street Journal as the "Prime Rate" (or, if more than one rate is published as the Prime Rate, then the highest of such rates), with any change in Prime Rate to become effective as of the date the rate of interest which is so identified as the "Prime

------

Rate" is different from that published on the preceding Business Day. If The Wall Street Journal no longer reports the Prime Rate, or if the Prime Rate no longer exists, or the Administrative Agent determines in good faith that the rate so reported no longer accurately reflects an accurate determination of the prevailing Prime Rate, then the Administrative Agent may select a reasonably comparable index or source to use as the basis for the Prime Rate (with notice to the Collateral Agent). Notwithstanding the foregoing or any other provision of this Agreement, the rate calculated pursuant to this definition shall not be less than 0%.

"<u>Principal Allocation Formula</u>" means, with respect to any prepayment of the Loans on a Payment Date pursuant to <u>Section 9.1(a)(i)</u> and <u>Section 9.1(a)(ii)</u>:

<u>first</u>, to the Class A-R Loans in an amount equal to the excess, if any, of (x) the Net Aggregate Exposure Amount on such Payment Date *over* (y) the difference between the Total Class A-R Commitment and the aggregate principal amount of the Revolving Loans outstanding on such Payment Date;

<u>second</u>, if the Principal Sharing Percentage of the Class A-T Loans on such Payment Date (determined immediately prior to the application provided for in this clause second) is higher than the Principal Sharing Percentage calculated on the Closing Date, then to the Class A-T Loans until the Principal Sharing Percentage of the Class A-T Loans on such date (determined immediately after giving effect to the application provided for in this clause second) equals the Principal Sharing Percentage calculated on the Closing Date; and

<u>third</u>, to each of the Class A-R Loans and Class A-T Loans in accordance with their respective Principal Sharing Percentages (determined immediately prior to the application provided for in this clause third);

*provided*, that in each case, that if the Principal Allocation Formula would result in the allocation of a payment of principal to the Class A-R Loans in excess of the aggregate outstanding principal amount thereof, then the amount of such excess shall be deposited into the applicable Future Funding Reserve Account.

"<u>Principal Balance</u>" means, subject to <u>Section 1.3</u>, with respect to (a) any Pledged Collateral other than a Revolving Collateral Loan or Delayed Funding Loan, as of any date of determination, the outstanding principal amount of such Pledged Collateral and (b) any Revolving Collateral Loan or Delayed Funding Loan, as of any date of determination, the outstanding principal amount of such Revolving Collateral Loan or Delayed Funding Loan; *provided* that, for all purposes (i) the Principal Balance of any Equity Security shall be deemed to be zero, (ii) the Principal Balance of any Collateral Loan that, at the time of its acquisition by a Loan Party, was subject to an Offer for a price of less than its par amount, shall be, until the expiration of such Offer in accordance with its terms, the Offer price (expressed as a U.S. Dollar amount) of such Collateral Loan, (iii) the Principal Balance of a Deferrable Loan or Partial Deferrable Loan (x) shall not include any deferred interest that has been added to principal since its acquisition and remains unpaid and (y) shall only include interest that has been deferred or capitalized at the time of acquisition if, in the Borrower's commercially reasonable business judgment, such interest remains unpaid other than due to the related Obligor's ability to repay such amounts, (iv) the

------

Principal Balance of any Defaulted Loan that is not sold or terminated within one year after becoming a Defaulted Loan shall be deemed to be zero, (v) the Principal Balance of any Collateral held by the Loan Parties with a stated maturity later than the Stated Maturity shall be deemed to be zero and (vi) the Principal Balance of any asset held by an SPV Subsidiary that is not Collateral shall be deemed to be zero.

"<u>Principal Financed Accrued Interest</u>" means, with respect to: (i) any Collateral Loan owned or purchased by a Loan Party on the Closing Date, an amount equal to the unpaid interest on such Collateral Loan that accrued prior to the Closing Date that is due to be paid to such Loan Party and remains unpaid as of the Closing Date (other than that portion of accrued interest that was included in the purchase price of such Collateral Loan) and (ii) any Collateral Loan purchased after the Closing Date, the amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on such Collateral Loan; *provided*, <u>however</u>, in the case of this clause (ii), Principal Financed Accrued Interest shall not include any accrued interest purchased with Interest Proceeds deemed to be Principal Proceeds as set forth in the definition of "Interest Proceeds."

"<u>Principal Proceeds</u>" means, with respect to any Due Period or Calculation Date, (a) all amounts received by the Loan Parties during the related Due Period that do not constitute Interest Proceeds; and (b) any cash capital contributions made to the Borrower (or proceeds received by the Borrower from the Membership Interest Holders) and applied pursuant to <u>Section 10.2(d)</u> (except to the extent that such capital contributions (or issuance or sale proceeds) are to be treated as Interest Proceeds in accordance with <u>Section 10.2(d)</u>). All sales of Participation Interests or assignments pursuant to <u>Section 10.1</u> shall be for cash the proceeds of which shall be deemed to be Principal Proceeds for all purposes hereunder. No amounts that are required by the terms of any participation agreement to be paid by a Loan Party to any Person to whom such Loan Party has sold a Participation Interest shall constitute "Principal Proceeds" hereunder.

"<u>Principal Sharing Percentage</u>" means, with respect to any payment of principal of the Loans that is to be allocated according to the Principal Allocation Formula, a fraction, 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;(a) the numerator of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Class A-T Loans, the aggregate principal amount of the Class A-T Loans outstanding on such date; 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;(ii) in the case of the Class A-R Loans, the lesser of (x) the sum of (A) the aggregate principal amount of the Revolving Loans outstanding on such date and (B) the Net Aggregate Exposure Amount on such date and (y) the amount of the Total Class A-R Commitment on such date, *provided* that, if the Total Class A-R Commitment has been reduced to zero, then the amount determined pursuant to this clause (ii) shall equal the aggregate principal amount of the Revolving Loans outstanding on such 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;(b) the denominator of which is the sum 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate principal amount of the Class A-T Loans outstanding on such 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;(ii) the lesser of (x) the sum of (A) the aggregate principal amount of the Revolving Loans outstanding on such date and (B) the Net Aggregate Exposure Amount on such date and (y) the amount of the Total Class A-R Commitment on such date, *provided* that if the Total Class A-R Commitment has been reduced to zero, the amount determined pursuant to this clause (ii) shall equal the aggregate principal amount of the Revolving Loans outstanding on such date.

"<u>Principal Transaction</u>" means a principal transaction requiring the consent of the Borrower under Section 206(3) of the Investment Advisers Act.

"<u>Priority of Payments</u>" has the meaning assigned to such term in <u>Section 9.1(a)</u>, *provided* that, at all times after the Majority Lenders have exercised their right to direct the liquidation of the Collateral under Article VI, "Priority of Payments" shall mean the priorities set forth in <u>Section 6.4</u> hereof.

"<u>Proceeding</u>" means any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Program Manager</u>" means the investment manager, administrator or funding agent (or other Person acting in a similar capacity) of a CP Lender, as applicable.

"<u>Prohibited Consideration</u>" has the meaning assigned to such term in <u>Section 4.18(b)</u>.

"<u>Prohibited Transaction</u>" means (i) a transaction described in Section 406(a) of ERISA or Section 4975 of the Code, that is not exempted by a statutory or administrative or individual exemption pursuant to Section 408 of ERISA or Section 4975(d) of the Code or (ii) a transaction prohibited under Similar Law.

"<u>Proposed Portfolio</u>" means the portfolio of Collateral Loans and Eligible Investments resulting from the proposed purchase, sale, maturity or other disposition of a Collateral Loan or a proposed reinvestment in an additional Collateral Loan, as the case may be.

"<u>QFC</u>" has the meaning specified in <u>Section 12.21(b)</u>.

"<u>QFC Credit Support</u>" has the meaning specified in <u>Section 12.21</u>.

"<u>Qualified Purchaser</u>" means a Person that is a "qualified purchaser" as defined in the Investment Company Act.

"<u>Rating Condition</u>" means, with respect to any action taken or to be taken by or on behalf of the Borrower, a condition that is satisfied if S&P has confirmed in writing (which may take the form of a press release, electronic messages, facsimile, posting to its internet website, other written communication or other means then considered industry standard) that such action will not cause the then-current rating of the Loans of any Class by S&P to be reduced or withdrawn;

------

*provided* that the Rating Condition will not be required with respect to any such action if (i) at the time of determination, no Loans of any Class are then rated by S&P; (ii) the Agents and all of the Lenders provide their written approval as to such action and written notice thereof is given to S&P; (iii) S&P has made a public statement to the effect that it will no longer review events or circumstances of the type requiring satisfaction of the Rating Condition in this Agreement for purposes of evaluating whether to confirm the then-current ratings (or Initial Ratings) of the Loans rated by S&P; or (iv) S&P has communicated to the Borrower, the Servicer or either Agent (or their respective counsel) that it will not review such event or circumstances for purposes of evaluating whether to confirm the then-current ratings (or Initial Ratings).

"<u>Real Estate Loan</u>" means any debt obligation that is primarily secured, directly or indirectly, by a mortgage or deed of trust or any lien interest, in each case, on residential, commercial, office, retail or industrial property, is underwritten as a mortgage loan and is not otherwise associated with an operating business.

"<u>Recipient</u>" means (a) the Administrative Agent and (b) any Lender, as applicable.

"<u>Refinancing</u>" has the meaning assigned to such term in <u>Section 2.7(c)</u>.

"<u>Register</u>" has the meaning assigned to such term in <u>Section 12.6(f)</u>.

"<u>Registered</u>" means in registered form for U.S. federal income tax purposes and issued after July 18, 1984, *provided* that a certificate of interest in a grantor trust shall not be treated as Registered unless each of the obligations or securities held by the trust was issued after that date.

"<u>Regulation U</u>" means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time.

"<u>Reinvestment Balance Criteria</u>" means any of the following requirements, in each case determined after giving effect to the proposed purchase of Collateral Loans and all other sales or purchases previously or simultaneously committed to: (1) the Adjusted Collateral Principal Amount is maintained or increased or (2) the Aggregate Principal Balance of the Collateral Loans and Eligible Investments constituting Principal Proceeds is maintained or increased.

"<u>Reinvestment Overcollateralization Test</u>" means a test that applies only during the Reinvestment Period, which test will be satisfied as of any Measurement Date if the Overcollateralization Ratio as of such Measurement Date equals or exceeds 152.35%.

"<u>Reinvestment Period</u>" means the period from and including the Closing Date to and including the earliest of (a) the date that is 30 months after the Closing Date, (b) the date of the acceleration of the maturity of the Loans or the termination of the Commitments pursuant to <u>Section 6.2</u> and (c) any date on which the Borrower reasonably determines that the Loan Parties can no longer purchase or originate additional Collateral Loans appropriate for inclusion in the Collateral in accordance with the terms of this Agreement (*provided* that, in the case of this clause (c), an Authorized Officer of the Servicer shall provide a written certification as to such determination to the Agents, the Lenders, the Membership Interest Holders and S&P at least five

------

Business Days prior to such date); *provided, that*, (i) the Reinvestment Period may be extended upon written consent of the Administrative Agent and the Majority Lenders (such consent to be given in the Administrative Agent and Majority Lenders' sole discretion) and (ii) the Reinvestment Period will be automatically suspended in accordance with <u>Section</u> <u>5.43</u>, unless such suspension is waived in writing by the Majority Lenders; *provided, further that*, for the avoidance of doubt, during any such suspension, the Reinvestment Period shall still be considered ongoing for purposes of the Priority of Payments (unless otherwise terminated on a permanent basis in accordance with the terms of this Agreement).

"<u>Related Contracts</u>" means all credit agreements, indentures, promissory notes, security agreements, leases, financing statements, guaranties, and other contracts, agreements, instruments and other papers evidencing, securing, guaranteeing or otherwise relating to any Collateral Loan or other obligation of the Borrower, the Subsidiary Guarantor or Eligible Investment or other investment with respect to any Collateral or proceeds thereof, together with all of the Borrower's or the Subsidiary Guarantor's right, title and interest in and to all property or assets securing or otherwise relating to any Collateral Loan or other obligation of the Borrower, the Subsidiary Guarantor or Eligible Investment or other investment with respect to any Collateral or proceeds thereof or any Related Contract.

"<u>Related CP Issuer</u>" means a multi-seller commercial paper conduit that issues commercial paper, the proceeds of which are loaned to or are otherwise the CP Lender's source of funding for the CP Lender's acquisition or maintenance of its funding obligations hereunder.

"<u>Related Obligation</u>" means an obligation issued by (a) FPLF Management, any of its Affiliates or any other Person whose investments are primarily managed by FPLF Management or any of its Affiliates or (b) an entity 25% or more of which is owned by an entity described in the preceding clause (a).

"<u>Relevant Governmental Body</u>" means the (i) with respect to a Benchmark Replacement in respect of Loans denominated in U.S. Dollars, 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 (including, for the avoidance of doubt, the ARRC) or any successor thereto and (ii) with respect to a Benchmark Replacement in respect of Loans denominated in any Alternative Currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

"<u>Replacement Servicer</u>" has the meaning specified in <u>Section 13.8(a)</u>.

"<u>Replacement Servicer Fee</u>" has the meaning specified in <u>Section 13.5</u>.

------

"<u>Replacement Servicer Fee Shortfall Amount</u>" means, to the extent the Replacement Servicer Fee is not paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Replacement Servicer), the Replacement Servicer Fee due on such Payment Date (or the unpaid portion thereof, as applicable). Such amount shall be automatically deferred for payment on the succeeding Payment Date, with interest at the rate specified in Article XIII of this Agreement, as certified to the Agents by the Replacement Servicer, in accordance with the Priority of Payments.

"<u>Repurchase and Substitution Limit</u>" has the meaning assigned to such term in <u>Section 10.5(a)</u>.

"<u>Requested Amount</u>" has the meaning assigned to such term in <u>Section 2.2(a)</u>.

"<u>Required S&P Credit Estimate Information</u>" means S&P's "Anatomy of a Credit Estimate: What It Means and How We Do It" dated January 14, 2021 and any other available information S&P reasonably requests in order to produce a credit estimate for a particular asset.

"<u>Restricted Person</u>" has the meaning assigned to such term in <u>Section 4.24(c)</u>.

"<u>Restricted Trading Period</u>" means the period during which the S&P rating of the Loans is one or more subcategories below its Initial Rating or has been withdrawn and not reinstated; *provided* that (1) such period will not be a Restricted Trading Period (so long as such S&P rating has not been further downgraded, withdrawn or put on watch for potential downgrade) upon the direction of the Majority Lenders, which direction shall remain in effect until the earlier of (i) a further downgrade or withdrawal of such S&P rating that, disregarding such direction, would cause the conditions set forth above to be true and (ii) a subsequent direction to the Borrower (with a copy to the Agents and the Collateral Administrator) by the Majority Lenders declaring the beginning of a Restricted Trading Period; and (2) no Restricted Trading Period will restrict any sale of a Collateral Loan entered into by any Loan Party at a time when a Restricted Trading Period was not in effect, regardless of whether such sale has settled.

"<u>Retained Expense Amount</u>" with respect to any Payment Date means the amount, if any, by which (x) the sum of the amount determined pursuant to the definition of "Administrative Expense Cap" for such Payment Date and each of the three prior Payment Dates exceeds (y) the sum of (i) the aggregate payments made under <u>Section 9.1(a)(i)(B)(1)</u> on such Payment Date and each of the three prior Payment Dates and (ii) Administrative Expenses paid pursuant to <u>Section 8.2(d)</u> during each of the Due Periods prior to each of the three prior Payment Dates.

"<u>Retention Interest</u>" has the meaning as defined in the EU/UK Retention Letter.

"<u>Retention Provider</u>" means the Parent.

"<u>Revised Templates</u>" means such templates as shall be introduced by the European Commission in its proposal to amend the technical standards under Article 7 of the EU Securitisation Regulation in order to introduce new simplified reporting templates for private securitisations to make it easier for sell-side parties from third countries to provide the required information.

------

"<u>Revolving Borrowings</u>" has the meaning assigned to such term in <u>Section 2.1</u>.

"<u>Revolving Borrowing Date</u>" means the date of a Revolving Borrowing.

"<u>Revolving Collateral Loan</u>" means a Collateral Loan (other than a Delayed Funding Loan) that is a loan (including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines, unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be made to the Obligor by a Loan Party; *provided* that any such Collateral Loan will be a Revolving Collateral Loan only until all commitments to make advances to the Obligor expire or are terminated or irrevocably reduced to zero.

"<u>Revolving Lender</u>" means, collectively, Class A-R Lenders and the Swingline Lender.

"<u>Revolving Loans</u>" has the meaning assigned to such term in <u>Section 2.1(b)</u>.

"<u>S&P</u>" means S&P Ratings Services, an S&P Financial Services LLC business, and any successor thereto.

"<u>S&P Additional Current Pay Criteria</u>" means criteria satisfied with respect to any Collateral Loan (other than a DIP Loan) if either (i) the issuer of such Collateral Loan has made a Distressed Exchange Offer and the Collateral Loan is already held by the Borrower or the Subsidiary Guarantor, as applicable, and is subject to the Distressed Exchange Offer and ranks equal to or higher in priority than the obligation subject to the Distressed Exchange Offer, or (ii) such Collateral Loan has a Market Value of at least 80% of its par value (without taking into consideration clause (iii) of the definition of the term "Market Value").

"<u>S&P CDO Monitor</u>" means the dynamic, analytical computer model developed by S&P used to calculate the default frequency in terms of the amount of debt assumed to default as a percentage of the original principal amount of the Collateral Loans consistent with a specified benchmark rating level based upon certain assumptions (including the Weighted Average S&P Recovery Rate) and S&P's proprietary corporate default studies, as may be amended by S&P from time to time upon notice to the applicable Loan Party, the Administrative Agent and the Collateral Administrator. Inputs for the S&P CDO Monitor will be chosen by the Borrower (with notice to the Collateral Administrator) and associated with either (x) a recovery rate for the Loans from the S&P Recovery Rate Matrix, a "Weighted Average Life Value" from the S&P Weighted Average Life Matrix and a "Weighted Average Floating Spread" from the S&P Weighted Average Floating Spread Matrix or (y) a weighted average recovery rate for the Loans, a weighted average life and a weighted average floating spread selected by the Borrower (with notice to the Collateral Administrator) and confirmed by S&P; *provided* that the Borrower shall not be permitted to select a spread higher than the current Weighted Average Spread, a recovery rate higher than the current Weighted Average S&P Recovery Rate or a weighted average life shorter than the current Weighted Average Life.

------

"<u>S&P CDO Monitor Recovery Rate</u>" means the weighted average recovery rate applicable as of any date of determination determined pursuant to clause (x) or (y) of the definition of "S&P CDO Monitor".

"<u>S&P CDO Monitor Test</u>" means a test that shall be satisfied if on any Measurement Date and during the Reinvestment Period following receipt by the applicable Loan Party and the Collateral Administrator of the S&P CDO Monitor input files, if, after giving effect to the purchase of a Collateral Loan, the Default Differential of the Proposed Portfolio with respect to the Loans is positive. The S&P CDO Monitor Test shall be considered to be improved if the Default Differential of the Proposed Portfolio that is not positive is greater than the Default Differential of the Current Portfolio.

"<u>S&P Counterparty Criteria</u>" means with respect to any Participation Interest, a criterion that will be met if immediately after giving effect to such acquisition, the percentage of the Aggregate Principal Balance of the Collateral Loans that consists in the aggregate of Participation Interests with Selling Institutions with the relevant agent bank that have the same or a lower credit rating, does not exceed the "Aggregate Percentage Limit" (in the case of all Selling Institutions) or "Individual Percentage Limit" (in the case of a Selling Institution) set forth below for such credit rating

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P credit rating of <br>Selling Institution (at or below) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Percentage Limit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Percentage Limit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A\*\*\* and A- and below | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

_______________

\*\* Only for so long as the Selling Institution or agent, as applicable, has an S&P long-term unsecured debt rating of at least A and a short-term unsecured debt rating of at least A-1. If such Selling Institution or agent, as applicable, does not have an S&P short-term unsecured debt rating or has an S&P short-term unsecured debt rating of less than A-1, then the minimum S&P rating for purposes of the S&P Counterparty Criteria will be A+.

\*\*\* If the Selling Institution or agent, as applicable, does not have a short-term unsecured debt rating by S&P of at least A-1.

"<u>S&P Industry Classification</u>" means the S&P Industry Classifications set forth in <u>Schedule I</u>, and such industry classifications shall be updated at the sole option of the Borrower if S&P publishes revised industry classifications.

------

"<u>S&P Minimum Floating Spread</u>" means the weighted average floating spread applicable as of any date of determination determined pursuant to clause (x) or (y) of the definition of "S&P CDO Monitor".

"<u>S&P Rating</u>" means with respect to any Collateral Loan, as of any date of determination, the rating determined in accordance with the following methodology:

&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) with respect to a Collateral Loan that is not a DIP Loan, (i) if there is an issuer credit rating of the issuer of such Collateral Loan by S&P as published by S&P, or the guarantor which unconditionally and irrevocably guarantees such Collateral Loan pursuant to a form of guaranty meeting applicable then-current S&P guarantee criteria, then the S&P Rating will be such rating (regardless of whether there is a published rating by S&P on the Collateral Loans of such issuer held by a Loan Party) or (ii) if there is no issuer credit rating of the issuer by S&P but (A) if there is a senior unsecured rating on any obligation or security of the issuer, the S&P Rating of such Collateral Loan will equal such rating; (B) if there is a senior secured rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Loan will be one subcategory below such rating; and (C) if there is a subordinated rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Loan will be one subcategory above such rating;

&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) with respect to any Collateral Loan that is a DIP Loan, the S&P Rating thereof will be the credit rating assigned to such issue by S&P, or if such DIP Loan was assigned a point-in-time rating by S&P that was withdrawn, such withdrawn rating may be used for 12 months after the assignment of such rating (*provided* that if any such Collateral Loan that is a DIP Loan is newly issued and the Borrower expects an S&P credit rating within 90 days, the S&P Rating of such Collateral Loan shall be "CCC-" until such credit rating is obtained from S&P); 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) if the S&P Rating is not determined pursuant to clauses (a) or (b), then the S&P Rating shall be the S&P equivalent of the public rating by Moody's (or any other nationally recognized statistical (or investment) rating organization selected by the Borrower and approved by the Administrative Agent) of such obligation or issuer except that the S&P Rating of such obligation will be (A) one subcategory below the S&P equivalent of such public rating if such public rating is "Baa3" (or its equivalent, with respect to any other nationally recognized statistical (or investment) rating organization) or higher and (B) two subcategories below the S&P equivalent of such public rating if such public rating is "Ba1" (or its equivalent, with respect to any other nationally recognized statistical (or investment) rating organization) or lower; 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) if the S&P Rating is not determined pursuant to clauses (a), (b) or (c), the S&P Rating may be based on a Credit Estimate provided by S&P, and in connection therewith, the Borrower or the issuer of such Collateral Loan shall, prior to or within 30 days after the acquisition of such Collateral Loan, apply (and concurrently submit all available Required S&P Credit Estimate Information in respect of such application) to S&P for a Credit Estimate which will be its S&P Rating; *provided* that, until the receipt from S&P of such estimate, such Collateral Loan will have an S&P Rating as determined by the Borrower in its sole discretion if the Borrower certifies to the Administrative Agent that it believes that such S&P Rating determined by the Borrower is commercially reasonable and will be at least equal to such rating; *provided*, *further*, that if such Required S&P Credit Estimate Information is not submitted within such 30-day period,

------

then, pending receipt from S&P of such estimate, the Collateral Loan will have (1) the S&P Rating as determined by the Borrower for a period of up to 90 days after acquisition of such Collateral Loan and (2) an S&P Rating of "CCC-" following such 90 day period; unless, during such 90 day period, the Borrower has requested the extension of such period and S&P, in its sole discretion, has granted such request; *provided*, *further*, that such confirmed or updated Credit Estimate will expire on the 12-month anniversary of such confirmation or update, unless confirmed or updated prior thereto; 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) if the S&P Rating is not determined pursuant to clauses (a), (b), (c) or (d), (I)(x) with respect to a DIP Loan, the S&P Rating of such Collateral Loan will be "CCC-" and (y) with respect to a Current Pay Obligation, the S&P Rating will be "CCC", and (II) with respect to a Collateral Loan that is not a DIP Loan or a Current Pay Obligation, the S&P Rating of such Collateral Loan will at the election of the Borrower be "CCC-"; *provided* that (i) the Borrower expects the Obligor in respect of such Collateral Loan to continue to meet its payment obligations under such Collateral Loan, (ii) neither such Obligor or any of its Affiliates is currently in reorganization or bankruptcy (for this purpose, an Obligor shall not be considered an Affiliate of another entity solely because they are controlled by the same Financial Sponsor), (iii) such Obligor has not defaulted on any of its debts during the immediately preceding two year period and (iv) at any time that more than 10% of the Total Capitalization consists of Collateral Loans with S&P Ratings determined pursuant to this clause (e), the Borrower will submit all available Required S&P Credit Estimate Information in respect of such Collateral Loans to S&P;

*provided* that for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an obligor or its obligations is on "credit watch positive" by S&P, such rating will be treated as being one subcategory above such assigned rating and (y) if the applicable rating assigned by S&P to an obligor or its obligations is on "credit watch negative" by S&P, such rating will be treated as being one subcategory below such assigned rating.

"<u>S&P Rating Effective Date</u>" means, the initial date on which S&P provides, at the direction of the Borrower, a rating for the Loans in accordance with <u>Section 5.43</u>.

"<u>S&P Rating Factor</u>" means, for each Collateral Loan, the number set forth to the right of the applicable S&P Rating of such Collateral Loan:

---

| | |
|:---|:---|
| &nbsp;&nbsp;S&P Rating | &nbsp;&nbsp;S&P Rating Factor |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;13.51 |
| &nbsp;&nbsp;AA+ | &nbsp;&nbsp;26.75 |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;46.36 |
| &nbsp;&nbsp;AA- | &nbsp;&nbsp;63.90 |
| &nbsp;&nbsp;A+ | &nbsp;&nbsp;99.50 |
| &nbsp;&nbsp;A | &nbsp;&nbsp;146.35 |
| &nbsp;&nbsp;A- | &nbsp;&nbsp;199.83 |
| &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;271.01 |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;361.17 |
| &nbsp;&nbsp;BBB- | &nbsp;&nbsp;540.42 |
| &nbsp;&nbsp;BB+ | &nbsp;&nbsp;784.92 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;S&P Rating | &nbsp;&nbsp;S&P Rating Factor |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;1233.63 |
| &nbsp;&nbsp;BB- | &nbsp;&nbsp;1565.44 |
| &nbsp;&nbsp;B+ | &nbsp;&nbsp;1982.00 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;2859.50 |
| &nbsp;&nbsp;B- | &nbsp;&nbsp;3610.11 |
| &nbsp;&nbsp;CCC+ | &nbsp;&nbsp;4641.40 |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;5293.00 |
| &nbsp;&nbsp;CCC- | &nbsp;&nbsp;5751.10 |
| &nbsp;&nbsp;CC | &nbsp;&nbsp;10000.00 |

---

"<u>S&P Recovery Amount</u>" means with respect to any Collateral Loan, an amount equal to the product 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;(f) the S&P Recovery Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Principal Balance of such Collateral Loan.

"<u>S&P Recovery Rate Matrix</u>" means the S&P Recovery Rate Matrix set forth on <u>Schedule F</u>.

"<u>S&P Recovery Rate</u>" means with respect to a Collateral Loan, the recovery rate determined in the manner set forth in <u>Schedule E</u> hereto.

"<u>S&P Recovery Rating</u>" means with respect to a Collateral Loan for which an S&P Recovery Rate is being determined, the "Recovery Rating" assigned by S&P to such Collateral Loan.

"<u>S&P Weighted Average Floating Spread Matrix</u>": A spread between 2.00% and 6.00% (in increments of .01%) without exceeding the current Weighted Average Spread (determined as if all Discount Loans instead constituted Collateral Loans that are not Discount Loans) as of such Measurement Date.

"<u>S&P Weighted Average Life Matrix</u>" means the S&P Weighted Average Life Matrix set forth on <u>Schedule G</u>.

"<u>S&P Weighted Average Rating Factor</u>" means the quotient equal to 'A divided by B', where:

A = the sum of the products, for all Collateral Loans (excluding Defaulted Loans) of (i) the Principal Balance of the Collateral Loans and (ii) the S&P Rating Factor of the Collateral Loan; and

B = the Aggregate Principal Balance of all Collateral Loans (excluding Defaulted Loans).

------

"<u>Sale Agreement</u>" means (i) the Master Sale and Participation Agreement, dated as of the Closing Date, between the Parent, as seller, the Borrower, as buyer and each Parent SPV Subsidiary that may be joined to such agreement as a seller from time to time in accordance with the terms thereof and (ii) the Master Sale and Participation Agreement, dated as of the Closing Date, between the Parent, as seller, the Subsidiary Guarantor, as buyer and each Parent SPV Subsidiary that may be joined to such agreement as a seller from time to time in accordance with the terms thereof, each as amended, restated, supplemented or otherwise modified from time to time.

"<u>Sanctions</u>" means sanctions administered or enforced by the United States, (including without limitation OFAC), the U.S. Department of State, the European Union, Canada, the United Nations Security Council, the United Kingdom (including without limitation His Majesty's Treasury), or any other relevant sanctions authority.

"<u>Scenario Default Rate</u>" means, with respect to the Loans at any time, an estimate of the cumulative default rate for the Current Portfolio or the Proposed Portfolio, as applicable, consistent with S&P's Initial Rating of the Loans, determined by application by the Borrower and the Collateral Administrator of the S&P CDO Monitor at such time.

"<u>Scheduled Distribution</u>" means, with respect to any Collateral Loan, for each Due Date, the scheduled payment of principal and/or interest and/or fee due on such Due Date with respect to such Collateral Loan, determined in accordance with the assumptions specified in <u>Section 1.3</u>.

"<u>Scotiabank</u>" means The Bank of Nova Scotia.

"<u>Second Lien Loan</u>" means any assignment of or Participation Interest in or other interest in a loan that (i) is secured by a valid second priority perfected security interest or lien to or on specified collateral securing the Obligor's obligations under the loan, which security interest or lien is not subordinate to the security interest or lien securing any other debt for borrowed money other than a Senior Secured Loan on such specified collateral, and (ii) has the most senior priority of all pre-petition obligations for borrowed money (including on a *pari passu* basis with other senior obligations of the Obligor for borrowed money), other than obligations under any Senior Secured Loan, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings.

"<u>Secured Obligations</u>" means all obligations, liabilities and Indebtedness of every nature of the Loan Parties (collectively and individually), from time to time owing to the Agents, the Interest Hedge Counterparties, the Lenders and the other Secured Parties, under or in connection with this Agreement and the other Loan Documents, including, without limitation, (a) the unpaid principal amount of, and interest on (including interest which, but for the commencement of an insolvency, reorganization or bankruptcy case or proceeding or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Loan Party or with respect to such Loan Party's (or the Loan Parties') assets, would have accrued on any Secured Obligation, whether or not a claim is allowed against such Loan Party or the Loan Parties for such interest in any such case or proceeding), all Loans then outstanding, and (b) all

------

fees, expenses, indemnity payments and other amounts owed to any Secured Party pursuant to this Agreement and the other Loan Documents, in each case, whether or not then due and payable.

"<u>Secured Parties</u>" means, collectively, the Agents, the Collateral Administrator, the Custodian and the Lenders.

"<u>Securities Lending Agreement</u>" means an agreement pursuant to which a Loan Party agrees to loan any securities lending counterparty one or more assets and such securities lending counterparty agrees to post collateral with the Collateral Agent or a securities intermediary to secure its obligation to return such assets to such Loan Party.

"<u>Securitisation Regulations</u>" means, together, the EU Securitisation Regulation and the UK Securitisation Regulation (each, as applicable, a "<u>Securitisation Regulation</u>").

"<u>Seller</u>" means the Parent and each other Person that executes a joinder agreement and becomes a "Seller" under a Sale Agreement pursuant to the terms thereof (together with each of their respective successors and assigns in such capacity).

"<u>Selling Institution</u>" means an entity obligated to make payments to a Loan Party under the terms of a Participation Interest.

"<u>Senior Authorized Officer</u>" means, with respect to any Person, any officer of such Person that is a chief executive officer, chief operating officer, director, chief credit officer, credit committee member, executive vice president or president (or, in each case, any other officer with a position analogous to those identified above and in the case of any limited liability company, any manager) or any other officer responsible for the administration of the Collateral or the performance of such Person's obligations under the Loan Documents.

"<u>Senior Secured Loan</u>" means any assignment of, Participation Interest in or other interest in a loan (which shall include, except as otherwise explicitly stated herein, a First Lien Last-Out Loan) that (i) is secured by a first priority perfected security interest or lien on specified collateral (subject to customary exemptions for Permitted Liens, including, without limitation, any tax liens) and (ii) has the most senior priority of all pre-petition obligations for borrowed money (including on a *pari passu* basis with other senior obligations of the Obligor for borrowed money) in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings.

"<u>Servicer</u>" means FPLF NS Holdings Finance CM LLC, a limited liability company organized under the laws of the State of Delaware, or any successor or assign in such capacity in accordance with this Agreement and the other Loan Documents.

"<u>Servicer Termination Event</u>" means the occurrence of any of the following with respect to the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Servicer shall willfully and intentionally violate or breach any material provision of this Agreement applicable to it (not including a willful and intentional breach

------

that results from a good faith dispute regarding reasonable alternative courses of action or interpretation of instructions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Servicer shall breach any provision of this Agreement o applicable to it (other than as covered by <u>clause (a)</u> and it being understood that failure to meet any Concentration Limitation, Collateral Quality Test, Coverage Test or Reinvestment Overcollateralization Test is not a breach for purposes of this <u>clause (b)</u>), which breach would reasonably be expected to have a material adverse effect on any Class of Lenders and shall not cure such breach (if capable of being cured) within thirty (30) days after the earlier to occur of a Responsible Officer of the Servicer receiving notice or having actual knowledge of such breach, unless, if such breach is remediable, the Servicer has taken action commencing the cure thereof within such thirty (30) day period that the Servicer believes in good faith will remedy such breach within sixty (60) days after the earlier to occur of a Responsible Officer receiving notice or having actual knowledge thereof and cures such breach within such sixty (60) day 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) the failure of any representation, warranty, certification or statement made or delivered by the Servicer in or pursuant to this Agreement to be correct in any material respect when made which failure (A) would reasonably be expected to have a material adverse effect on any Class of Lenders and (B) is not corrected by the Servicer within thirty (30) days of a Responsible Officer of the Servicer receiving notice of such failure, unless, if such failure is remediable, the Servicer has taken action commencing the cure thereof within such thirty (30) day period that the Servicer believes in good faith will remedy such failure within sixty (60) days after the earlier to occur of a Responsible Officer receiving notice thereof or having actual knowledge thereof and cures such breach within such sixty (60) day 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;(d) the Servicer is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver, administrator, administrative receiver, trustee or similar officer; or the Servicer (A) ceases to be able to, or admits in writing its inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any composition or arrangement with, its creditors generally; (B) applies for or consents (by admission of material allegations of a petition or otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of the Servicer or of any substantial part of its properties or assets in connection with any winding-up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law, or authorizes such an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application against the Servicer and continue undismissed for sixty (60) days; (C) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material allegations of a petition or otherwise) to the application of any bankruptcy, winding-up, reorganization, arrangement, readjustment of debt, insolvency, dissolution, or similar law, or authorizes such application or consent, or proceedings to such end are instituted against the Servicer without such authorization, application or consent and are approved as properly instituted and remain undismissed for sixty (60) days or result in adjudication of bankruptcy or insolvency or the issuance of an

------

order for relief; or (D) permits or suffers all or any substantial part of its properties or assets to be sequestered or attached by court order and the order (if contested in good faith) remains undismissed for sixty (60) 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) the occurrence and continuation of an Event of Default pursuant to Section 6.1(a), (b), (c) or (d) that results primarily from any material breach by the Servicer of its duties under this Agreement which breach or default is not cured within any applicable cure 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;(f) (A) the occurrence of an act by the Servicer that constitutes fraud or criminal activity in the performance of its obligations under this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the Servicer being indicted for a criminal offense materially related to its business of providing asset management services, or (B) any Key Personnel of the Servicer primarily responsible for the performance by the Servicer of its obligations under this Agreement (in the performance of his or her investment management duties) is indicted for a criminal offense materially related to the business of the Servicer providing asset management services and continues to have responsibility for the performance by the Servicer under this Agreement for a period of ten (10) days after such indictment;

&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) one or more judgments or decrees shall be entered against the Servicer involving in the aggregate a liability of $1,000,000 or more in excess of the amounts paid or fully covered by insurance and the same shall not have been vacated, satisfied, undischarged, stayed or bonded pending appeal within 10 days from the entry 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;(h) the occurrence of any event that results in (A) Parent (or any other fund managed by Fortress Investment Group LLC or an Affiliate thereof) no longer holding, directly or indirectly, 100% of the Membership Interest in the Borrower or (B) any other Equity Interests of the Borrower being transferred or issued at any time after the Closing Date, except for transfers of such Equity Interests to a trust or special purpose entity or for other administrative reasons specified by Parent, which transfer or issuance does not result in an economic change, and except for transfers of Membership Interests to the Investors.

"<u>Servicer Termination Notice</u>" has the meaning specified in <u>Section 13.8(a)</u>.

"<u>Services Agreement</u>" means the Services Agreement, dated as of the Closing Date, between the Servicer and the Services Provider, as amended, restated, replaced or otherwise modified from time to time.

"<u>Services Provider</u>" means FPLF Management, or any successor in such capacity.

"<u>Servicing Standard</u>" means, with respect to any Loan, to service and administer such Loan on behalf of the Loan Parties in accordance with the Related Contracts and all customary and usual servicing practices which are consistent with the higher of: (i) the customary and usual servicing practices that a prudent loan investor or lender would use in servicing loans like the Loans for its own account and (ii) the same care, skill, prudence and diligence with which the

------

Servicer and the Services Provider service and administer loans for their own account or for the account of others.

"<u>SIFMA Website</u>" means the internet website of the Securities Industry and Financial Markets Association, currently located at https://www.sifma.org/resources/general/holiday-schedule, or such successor website as identified by the Servicer to the Collateral Agent.

"<u>Similar Law</u>" means any federal, state, local or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code.

"<u>SOFR</u>" means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York's Website.

"<u>SOFR Loans</u>" means Loans accruing interest at an Applicable Rate based upon the Benchmark.

"<u>SONIA</u>" means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator's Website.

"<u>SONIA Administrator</u>" means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

"<u>SONIA Administrator's Website</u>" means the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

"<u>SONIA Determination Day</u>" has the meaning assigned to such term in the definition of "Daily Simple SONIA."

"<u>SONIA Rate Day</u>" has the meaning assigned to such term in the definition of "Daily Simple SONIA."

"<u>SONIA Replacement Date</u>" means the earliest to occur of the following events with respect to Daily Simple SONIA:

&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 later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of Daily Simple SONIA (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of Daily Simple SONIA (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) the first date on which Daily Simple SONIA (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of Daily Simple SONIA (or such component thereof) to be no longer representative; *provided*, that such non-representativeness will be determined by reference to the

------

most recent statement or publication and even if any Available Tenor of Daily Simple SONIA (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (A) if the event giving rise to the SONIA Replacement Date for Daily Simple SONIA occurs on the same day as, but earlier than, the SONIA Determination Day in respect of any determination, the SONIA Replacement Date will be deemed to have occurred prior to the SONIA Determination Day for Daily Simple SONIA and for such determination and (B) the "SONIA Replacement Date" will be deemed to have occurred in the case of clauses (a) or (b) with respect to Daily Simple SONIA upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of Daily Simple SONIA (or the published component used in the calculation thereof).

"<u>Specified Amendment</u>" means, with respect to any Collateral Loan, any amendment, waiver or modification which would:

&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) modify the amortization schedule with respect to such Collateral Loan in a manner that (i) reduces the U.S. Dollar amount of any Scheduled Distribution by more than the greater of (x) 25% and (y) $250,000, (ii) postpones any Scheduled Distribution by more than two payment periods or (iii) causes the Weighted Average Life of the applicable Collateral Loan to increase by more than 25%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduce or increase the cash interest rate payable by the Obligor thereunder by more than 100 basis points (excluding any increase in an interest rate arising by operation of a default or penalty interest clause under a Collateral Loan or as a result of an increase in the interest rate index for any reason other than such amendment, waiver or modification);

&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) extend the stated maturity date of such Collateral Loan by more than 24 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) contractually or structurally subordinate such Collateral Loan by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the underlying collateral securing such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) release any party from its obligations under such Collateral Loan, if such release would have a material adverse effect on the Collateral Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reduce the principal amount of the applicable Collateral Loan.

"<u>Specified Change</u>" means any amendment, consent, modification or waiver of, or supplement to, any Related Contract that (a) extends the final maturity of a Collateral Loan beyond the Stated Maturity, (b) reduces or forgives the principal amount of a Collateral Loan (other than a Defaulted Loan that has been a Defaulted Loan for one year or more), (c) reduces the rate of interest payable on a Collateral Loan by more than 25% for a Credit Risk Loan or a Defaulted Loan and more than 50% for other Collateral Loans, (d) postpones the Due Date of any Scheduled Distribution in respect of a Collateral Loan, unless the Maximum Weighted Average Life Test is

------

satisfied after giving effect to such change, (e) subordinates (in right of payment, with respect to liquidation preferences or otherwise) a Collateral Loan if such subordination causes any of the Concentration Limitations, the Coverage Tests or the Collateral Quality Test to cease to be in compliance (or, if any of the Concentration Limitations, the Coverage Tests or the Collateral Quality Test are not satisfied prior to such subordination, causes any such Concentration Limitations, Coverage Test or Collateral Quality Test to be worsened), (f) releases any material guarantor or co-Obligor of a Collateral Loan from its obligations, (g) releases a material portion of the collateral securing such Collateral Loan (excluding Defaulted Loans and any such releases associated with a prepayment) or (h) changes any of the provisions of such Related Contract specifying the number or percentage of lenders required to effect any of the foregoing.

"<u>Specified Non-Paying Loan</u>" means any Collateral Loan, determined by the Borrower or the Servicer, that (x) is the subject of a currently existing and effective amendment, forbearance agreement, no-action agreement or non-enforcement agreement and (y) would constitute a Defaulted Loan were the agreement or agreements specified in the foregoing clause (x) not in existence and effect.

"<u>Spot Rate</u>" means, as of any date of determination and with respect to any Alternative Currency, (x) with respect to actual currency exchange between U.S. Dollars and any Alternative Currency and the calculations made pursuant to Section 1.6(b), the applicable currency-U.S. Dollar rate available through the Collateral Agent's banking facilities at the time of such exchange or calculation and agreed by the Administrative Agent and (y) with respect to all other purposes between U.S. Dollars and any Alternative Currency, the applicable currency-U.S. Dollars spot rate that appeared on the BFIX page of Bloomberg Professional Service (or any successor thereto) (or such other recognized service or publication used by the Administrative Agent for purposes of determining currency spot rates in the ordinary course of its business from time to time) for such currency at 5:00 p.m. New York City time on the immediately preceding Business Day, as determined by the Collateral Agent and agreed by the Administrative Agent. The determination of the Spot Rate shall be conclusive absent manifest error.

"<u>SPV Subsidiary</u>" has the meaning assigned to such term in <u>Section 4.18(a)</u>.

"<u>Stated Maturity</u>" means November 7, 2034.

"<u>Step-Down Loan</u>" means an obligation the Related Contracts of which contractually mandate a decrease in coupon payments or spread solely as a function of the passage of time; *provided* that, an obligation providing for payment of a constant rate of interest or in the spread over the applicable index or benchmark rate at all times after the date of acquisition by the applicable Loan Party shall not constitute a Step-Down Loan. For the avoidance of doubt, decreases that are conditioned upon an improvement in the creditworthiness of the Obligor or changes in a pricing grid or based on improvements in financial ratios or other similar coupon or spread-reset features shall not be considered in determining whether an obligation is a Step-Down Loan.

"<u>Step-Up Loan</u>" means an obligation the Related Contracts of which contractually mandate an increase in coupon payments or spread solely as a function of the passage of time; *provided* that, an obligation providing for payment of a constant rate of interest or in the spread

------

over the applicable index or benchmark rate at all times after the date of acquisition by the applicable Loan Party shall not constitute a Step-Up Loan. For the avoidance of doubt, increases that are based upon a deterioration in the creditworthiness of the Obligor or changes in a pricing grid or based on deterioration in financial ratios or other similar coupon or spread-reset features shall not be considered in determining whether an obligation is a Step-Up Loan.

"<u>Structured Finance Obligation</u>" means an obligation (a) issued by a special purpose vehicle, (b) secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any Obligor, including collateralized debt obligations and mortgage-backed securities, and (c) the owner of such obligation has no recourse to any material guarantor, collateral (other than collateral owned by such special purpose vehicle) or other credit support; *provided*, for the avoidance of doubt, that the presence of any monoline guaranty or other third party credit enhancement provider will not be considered "recourse" under this clause (c).

"<u>Stub Period</u>" means the period from and including each Calculation Date to but excluding the related Immediate Payment Date.

"<u>Subordinated Debt</u>" means a loan of any corporation, partnership, trust or other business entity which is (whether by its terms or otherwise) subordinate in right of payment or lien priority to any First Lien Last-Out Loan, Second Lien Loan or unsecured loan of the Obligor under such loan.

"<u>Subsidiary</u>" means any corporation, limited partnership, limited liability company, or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Borrower, provided that Subsidiary shall also include the Subsidiary Guarantor.

"<u>Subsidiary Guarantor</u>" means FPLF NS Holdings Finance DAC, an Irish designated activity company incorporated under the laws of Ireland, with company number 799873 and having its registered office at 32 Molesworth Street Dublin 2, Ireland.

"<u>Subsidiary Guaranty</u>" means the Guaranty, dated as of the Closing Date, made by the Subsidiary Guarantor in favor of the Administrative Agent for the benefit of the Lenders, as amended, restated, supplemented or otherwise modified from time to time.

"<u>Substitute Collateral Loan</u>" has the meaning assigned to such term in <u>Section 10.5(a)</u>.

"<u>Substitution Event</u>" has the meaning assigned to such term in <u>Section 10.5(a)</u>.

"<u>Supported QFC</u>" has the meaning specified in <u>Section 12.21</u>.

"<u>Swingline Borrowing</u>" has the meaning assigned to such term in <u>Section 2.1</u>.

"<u>Swingline Facility End Date</u>" has the meaning assigned to such term in <u>Section 2.1(b)</u>.

------

"<u>Swingline Lender</u>" means The Bank of Nova Scotia, in its capacity as lender of Swingline Loans hereunder, and its successors and assigns.

"<u>Swingline Loan</u>" has the meaning assigned to such term in <u>Section 2.1(b)</u>.

"<u>Swingline Refinancing Date</u>" has the meaning assigned to such term in <u>Section 2.2(c)</u>.

"<u>Swingline Refinancing Loans</u>" has the meaning assigned to such term in <u>Section 2.2(c)</u>.

"<u>Syndicated Borrowing</u>" means a Borrowing of Syndicated Loans hereunder.

"<u>Syndicated Loan</u>" means each Class A-R Loan and each Class A-T Loan.

"<u>Synthetic Security</u>" means a security or swap transaction other than a Participation Interest that has payments associated with either payments of interest and/or principal on a reference obligation or the credit performance of a reference obligation.

"<u>TARGET2</u>" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.

"<u>TARGET2 Settlement Date</u>" means any day on which TARGET2 is open for the settlement of payments in Euros.

"<u>Tax Advantaged Jurisdiction</u>" means (a) each of the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Jersey, Singapore or the U.S. Virgin Islands or (b) with the consent of the Administrative Agent (such consent not to be unreasonably withheld) and upon satisfaction of the Rating Condition with respect to the treatment of another jurisdiction as a Tax Advantaged Jurisdiction, such other jurisdiction; *provided* that, in each case, such jurisdiction has a foreign currency issuer credit rating that is, at the time the applicable Loan Party commits to acquire the relevant Collateral Loan, at least "AA" by S&P; *provided further* that, (1) with respect to any applicable Obligor that is organized or incorporated in such jurisdiction, in the Borrower's good faith estimate, a substantial portion of the operations of such Obligor is located in, or a substantial portion of such Obligor's revenue or value is derived from, in each case directly and not through any subsidiaries (which shall be any jurisdiction and country known at the time of designation by the Borrower to be the source of the majority of revenues, if any, of such Obligor), the United States or a Group Country, or (2) (x) such Obligor's payment obligations in respect of such Collateral Loan are guaranteed by an entity that is organized in the United States or a Group Country and the related Collateral Loan is supported by United States or applicable Group Country revenue sufficient to service such Collateral Loan and all obligations senior to or pari passu with such Collateral Loan and (y) such guarantee satisfies the then-current S&P domicile guarantee criteria; *provided further* that if such operations are located in, or revenues are derived from, a Group Country, then, for purposes of calculating the Concentration Limitations, the applicable Collateral Loan shall be included in clause (a) thereof.

------

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

"<u>Term CORRA</u>" means, for each Interest Period relating to a Loan denominated in CAD, the Term CORRA Reference Rate for a tenor of three (3) months, as such rate is published by the Term CORRA Administrator on the Term CORRA Determination Date for such Interest Period; *provided*, however, that if as of 1:00 p.m. (Toronto time) on the Term CORRA Determination Date the Term CORRA Reference Rate for such tenor has not been published by the Term CORRA Administrator, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator; *provided*, *further*, that, in the event that Term CORRA is less than zero, such rate shall be deemed to be the zero for purposes of this Agreement; *provided*, *however,* that if as of 1:00 p.m. (Toronto time) on any Term CORRA Determination Day, the Term CORRA Reference Rate for the three month tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Term CORRA Determination Day (notice of which shall be provided to S&P).

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term CORRA Determination Date</u>" means with respect to each Interest Period, the day that is two (2) Business Days prior to the first day of such Interest Period.

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

"<u>Term SOFR</u>" means, as of any date of determination, the Term SOFR Reference Rate for a three month tenor on the day (such day, the "<u>Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of each Interest Period, as such rate is published by the Term SOFR Administrator; *provided*, that if Term SOFR as so determined shall ever be less than zero, then Term SOFR shall be deemed to be zero; *provided further* that for the first Interest Period beginning on the Closing Date, the rate shall be determined in accordance with the definition of Interpolated Rate; *provided*, *however,* that if as of 5:00 p.m. (New York City time) on any Term SOFR Determination Day, the Term SOFR Reference Rate for the three month 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 Term SOFR Determination Day (notice of which shall be provided to S&P).

"<u>Term SOFR Administrator</u>" means the CME Group Benchmark Administration Limited (CBA), or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent (in its reasonable discretion).

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

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

"<u>Total Capitalization</u>" means, at any time, the sum of (without duplication), (a) the Aggregate Principal Balance of the Collateral Loans (excluding any Defaulted Loans and, other than with respect to the determination of the Concentration Limitations, Excess Concentration Amounts), *plus* (b) the Defaulted Loan Balance of the Defaulted Loans, *plus* (c) the Aggregate Undrawn Amount, *plus* (d) the amount of all cash and Eligible Investments in the Collection Account and in the Future Funding Reserve Account, in each case constituting Principal Proceeds (excluding any Unsettled Amounts to the extent already included in the amount in clause (a)), *minus* (e) the Exposure Amount.

"<u>Total Class A-R Commitment</u>" means, as of any date of determination, the aggregate amount of the Class A-R Commitments (funded or unfunded) on such date, which as of the Closing Date is the amount indicated in <u>Schedule J</u> (as such amount may be reduced from time to time pursuant to <u>Section 2.7</u> or <u>Section 2.15</u>) or increased from time to time pursuant to <u>Section 2.11</u>).

"<u>Total Class A-T Commitment</u>" means, as of any date of determination, the aggregate amount of the Class A-T Commitments (funded or unfunded) on such date, which as of the Closing Date is the amount indicated in <u>Schedule J</u> and such amount will be reduced to zero upon the funding of the Class A-T Loans on the Closing Date. The amount of the Class A-T Commitments may be increased from time to time pursuant to <u>Section 2.11</u> or, if increased after the date hereof, subsequently reduced from time to time pursuant to <u>Section 2.7</u>.

"<u>Transfer Deposit Amount</u>" means, on any date of determination with respect to any Collateral Loan, an amount equal to the sum of the outstanding principal balance of such Collateral Loan, together with accrued interest thereon through such date of determination, and in connection with any Substitute Collateral Loan which is a Revolving Collateral Loan or a Delayed Funding Loan, an amount equal to the Net Aggregate Exposure Amount thereof as of the applicable Cut-Off Date.

"<u>Transferred Participation</u>" means any Collateral Loan held in the form of a Participation Interest acquired by a Loan Party from (i) the Parent or (ii) any Parent SPV Subsidiary that becomes party to a Sale Agreement in accordance with the terms thereof.

------

"<u>Transparency and Reporting Requirements</u>" means the transparency requirements contained in Article 7 of the EU Securitisation Regulation, as may be amended from time to time.

"<u>Transparency Reports</u>" has the meaning set forth in <u>Section 5.1(m)</u>.

"<u>Transparency Reporting Effective Date</u>" means the date reasonably agreed to by the Borrower, the Administrative Agent, the Collateral Agent and the Servicer after delivery of a Transparency Reporting Request; *provided*, that the Transparency Reporting Effective Date shall be no later than 30 days after delivery of a Transparency Reporting Request.

"<u>Transparency Reporting Request</u>" means a written request from the Administrative Agent (at the direction of an Affected Lender) for the Borrower, as the designated reporting party, to comply with the Transparency and Reporting Requirements, substantially in the form of <u>Exhibit K</u> hereto, delivered to the Borrower, the Collateral Agent, the Custodian and the Servicer.

"<u>U.S. Bank</u>" means U.S. Bank Trust Company, National Association.

"<u>U.S. Bank NA</u>" means U.S. Bank National Association.

"<u>U.S. Dollar Equivalent</u>" means, with respect to any Loan denominated in an Alternative Currency, the amount of U.S. Dollars that would be required to purchase the amount of such Alternative Currency using the reciprocal foreign exchange rates obtained as described in the definition of the term Spot Rate and as determined by the Administrative Agent.

"<u>U.S. Dollars</u>" and "<u>$</u>" mean lawful money of the United States of America.

"<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 as indicated on the SIFMA Website.

"<u>U.S. Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Special Resolution Regime</u>" has the meaning specified in <u>Section 12.21</u>.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>UK</u>" means the United Kingdom.

"<u>UK PRASR</u>" means the Securitisation Part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England.

------

"<u>UK Risk Retention Requirements</u>" means UK SECN 5 and Article 6 of Chapter 2 of the UK PRASR together with Chapter 4 of the UK PRASR, in each case, as may be amended, modified, supplemented, varied or substituted from time to time.

"<u>UK Securitisation Regulation</u>" means (a) the UK SR 2024, (b) the UK SECN XE "UKSECN" , (c) the UK PRASR and (d) the relevant provisions of the Financial Services Markets Act 2023 (in each case as amended, supplemented or replaced from time to time).

"<u>UK SECN</u>" means the securitisation sourcebook of the handbook of rules and guidance adopted by the Financial Conduct Authority of the UK.

"<u>UK SR 2024</u>" means the Securitisation Regulations 2024 (SI 2024/102).

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

"<u>Unfunded Amount</u>" means, at any time, the sum of (i) the aggregate Exposure Amount at such time *plus* (ii) the aggregate Unsettled Amount at such time.

"<u>United States</u>" or "<u>U.S.</u>" means the United States of America, including the states and the District of Columbia, but excluding its territories and possessions.

"<u>Unscheduled Principal Payments</u>" means any principal payments received with respect to a Collateral Loan during and after the Reinvestment Period as a result of optional redemptions, exchange offers, tender offers, consents or other payments or prepayments made at the option of the Obligor thereof.

"<u>Unsettled Amount</u>" means, as of any date, all amounts due in respect of any Collateral Loans that the applicable Loan Party has entered into a binding commitment to originate or purchase but has not yet settled.

"<u>Upfront Fee Letter</u>" means the fee letter dated on or about the Closing Date, between the Borrower, the Servicer and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time.

"<u>USD Collection Account</u>" has the meaning specified in <u>Section 8.2(a)</u>.

"<u>USD Loan</u>" means a Loan denominated in U.S. Dollars.

"<u>USD Payment Account</u>" has the meaning specified in <u>Section 8.3(a)</u>.

"<u>Weighted Average Coupon</u>" means, with respect to Fixed Rate Obligations (excluding Defaulted Loans), as of any date, the number obtained by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) summing (i) the sum of the products obtained by multiplying the cash-pay portion of the interest coupon of each such Fixed Rate Obligation (*plus* any other fees (such as anniversary fees, commitment fees, etc.) that are contractually required to be paid) as of such date by the Principal Balance of each such Collateral Loan as of such date and (ii) the

------

sum of the products obtained by multiplying, with respect to each such Collateral Loan that is a Revolving Collateral Loan or a Delayed Funding Loan, the related commitment or undrawn fee as of such date by the Exposure Amount of each such Collateral Loan as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) dividing such sum by the sum of the Aggregate Principal Balance *plus* the Exposure Amount of all such Fixed Rate Obligations, and rounding the result up to the nearest 0.001%; *provided* that if the foregoing amount is less than 6.00%, then all or a portion of the Weighted Average Coupon Adjustment, if any, as of such date, to the extent not exceeding such shortfall, shall be added to such result.

"<u>Weighted Average Coupon Adjustment</u>" means, as of any date, a fraction (expressed as a percentage), the numerator of which is equal to the product of (i) the excess, if any, of the Weighted Average Spread for such date over the S&P Minimum Floating Spread and (ii) the Aggregate Principal Balance *plus* the Exposure Amount of all Floating Rate Obligations (excluding Defaulted Loans), and the denominator of which is the Aggregate Principal Balance *plus* Exposure Amount of all Fixed Rate Obligations (excluding Defaulted Loans). In computing the Weighted Average Coupon Adjustment on any date, the Weighted Average Spread for such Measurement Date shall be computed as if the Weighted Average Spread Adjustment was equal to zero.

"<u>Weighted Average Life</u>" means, as of any Measurement Date, the number obtained by (a) for each Collateral Loan (other than a Defaulted Loan), multiplying the amount of each Scheduled Distribution of principal (treating each Revolving Collateral Loan and Delayed Funding Loan as if the same were fully funded) to be paid after such Measurement Date by the number of years (rounded to the nearest hundredth) from such Measurement Date until such Scheduled Distribution of principal is due; (b) summing all of the products calculated pursuant to clause (a); and (c) dividing the sum calculated pursuant to clause (b) by the sum of all successive Scheduled Distributions of principal on all the Collateral Loans (other than Defaulted Loans) as of such Measurement Date.

"<u>Weighted Average S&P Recovery Rate</u>" means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by (a) multiplying the outstanding Maximum Principal Balance of each Collateral Loan by its corresponding recovery rate as determined separately for each Collateral Loan in accordance with Section 1 of <u>Schedule E</u> hereto, (b) dividing such sum by the Aggregate Maximum Principal Balance of all of the Collateral Loans, and (c) rounding to the nearest tenth of a percent.

"<u>Weighted Average Spread</u>" means, with respect to Floating Rate Obligations (in each case excluding Defaulted Loans), as of any date, the number obtained by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) summing (i) the sum of the products obtained by multiplying the excess of the cash-pay portion of the interest rate payable on such Collateral Loan (*plus* for any Collateral Loan, any other fees (such as anniversary fees, commitment fees, etc.) that are contractually required to be paid) (such rate stated as a per annum rate) over Term SOFR multiplied by the Principal Balance of each Floating Rate Obligation as of such date and (ii) the sum of the products obtained by multiplying, with respect to each such Collateral Loan that is a

------

Revolving Collateral Loan or Delayed Funding Loan, the related commitment or undrawn fee as of such date by the Exposure Amount of each such Collateral Loan as of such 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;(y) dividing such sum by the Aggregate Principal Balance *plus* the Exposure Amount of all such Floating Rate Obligations, and rounding the result up to the nearest 0.001%; *provided* that, if the foregoing amount is less than the S&P Minimum Floating Spread, then all or a portion of the Weighted Average Spread Adjustment, if any, as of such date, to the extent not exceeding such shortfall, shall be added to such result.

"<u>Weighted Average Spread Adjustment</u>" means, as of any date, a fraction (expressed as a percentage), the numerator of which is equal to the product of (i) the excess, if any, of the Weighted Average Coupon for such date over 7.00% and (ii) the Aggregate Principal Balance plus the Exposure Amount of all Fixed Rate Obligations (in each case excluding Defaulted Loans), and the denominator of which is the Aggregate Principal Balance *plus* the Exposure Amount of all Floating Rate Obligations as of such date (in each case excluding Defaulted Loans). In computing the Weighted Average Spread Adjustment on any Measurement Date, the Weighted Average Coupon for such date shall be computed as if the Weighted Average Coupon Adjustment was equal to zero.

"<u>Write-Down and Conversion Powers</u>" means, 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.

"<u>Zero Coupon Loan</u>" means any obligation that at the date of determination does not by its terms provide for the payment of cash interest; *provided* that if, after the receipt by the applicable Loan Party of such obligation, such obligation provides for the payment of cash interest, it shall cease to be a Zero Coupon Loan. A Zero Coupon Loan may only be acquired by a Loan Party as part of a Distressed Exchange.

Section 1.2 <u>Accounting Terms and Determinations and UCC Terms</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 otherwise specified herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified herein and unless the context requires a different meaning, all terms used herein that are defined in Articles 8 and 9 of the UCC are used herein as so defined.

&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 references to an S&P rating of the Loans and any references related thereto (but, for the avoidance of doubt, excluding S&P Ratings, including credit estimates, on the Collateral Loans, which shall be required at all times in accordance with the terms hereof) including all notices, conditions, confirmations, requests, consents, obligations or requirements in connection therewith shall not be effective or impose any obligations or duties on any party or confer any right upon S&P, unless and until the S&P Rating Effective Date and shall be subject to <u>Section 5.43</u>. Any reference herein to notice or other delivery to be provided to S&P shall no longer

------

be applicable if after the S&P Rating Effective Date, S&P is no longer rating any Loans (whether or not so specified herein). For the avoidance of doubt, the Rating Condition shall be applicable only on and after the S&P Rating Effective Date and only for so long as S&P is rating any Loans.

Section 1.3 <u>Assumptions and Calculations with respect to Collateral Loans</u>.

In connection with all calculations required to be made pursuant to this Agreement with respect to Scheduled Distributions on any Collateral Loans, or any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral Loans, and with respect to the income that can be earned on Scheduled Distributions on such Collateral Loans and on any other amounts that may be received for deposit in any Collection Account, the provisions set forth in this <u>Section 1.3</u> shall be applied. The provisions of this <u>Section 1.3</u> shall be applicable to any determination or calculation that is covered by this <u>Section 1.3</u>, whether or not reference is specifically made to <u>Section 1.3</u>, unless some other method of calculation or determination is expressly specified in the particular provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All calculations with respect to Scheduled Distributions on the Pledged Collateral securing the Loans shall be made on the basis of information as to the terms of such Pledged Collateral and upon report of payments, if any, received on such Pledged Collateral that are furnished by or on behalf of the Obligor in respect of such Pledged Collateral and, to the extent they are not manifestly in error, such information or report may be conclusively relied upon in making such calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating the Coverage Tests and the Reinvestment Overcollateralization Test, except as otherwise specified in the Coverage Tests and the Reinvestment Overcollateralization Test, such calculations shall not include scheduled interest and principal payments on Defaulted Loans unless or until such payments are actually 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;(c) For each Due Period and as of any date of determination, the Scheduled Distribution on any Pledged Collateral (other than a Defaulted Loan, which, except as otherwise provided herein, shall be assumed to have a Scheduled Distribution of zero) shall be the sum of (i) the total amount of payments and collections to be received during such Due Period in respect of such Pledged Collateral (including the proceeds of the sale of such Pledged Collateral received and, in the case of sales which have not yet settled, to be received during the Due Period and not reinvested in additional Collateral Loans or Eligible Investments or retained in the Collection Accounts for subsequent reinvestment pursuant to <u>Section 10.2</u>) that, if paid as scheduled, shall be available in the applicable Collection Account at the end of the Due Period and (ii) any such amounts received by the applicable Loan Party in prior Due Periods that were not disbursed on a previous Payment 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) Each Scheduled Distribution receivable with respect to any Pledged Collateral shall be assumed to be received on the applicable Due Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the applicable Collection Account to earn interest at the Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until the date on which they are required to be available in the applicable Collection Account for application, in accordance with the terms hereof, to payments of principal of or interest

------

on the Loans or other amounts payable pursuant to this Agreement. For the avoidance of doubt, all amounts calculated pursuant to this <u>Section 1.3(d)</u> are estimates and may differ from the actual amounts available to make distributions hereunder, and no party shall have any obligation to make any payment hereunder due to the assumed amounts calculated under this <u>Section 1.3(d)</u> being greater than the actual amounts available. For purposes of the applicable determinations required by the Priority of Payments, Article X and the definition of "Interest Coverage Ratio," the expected interest on the Loans and any Floating Rate Obligations shall be calculated using the then current interest rates applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [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;(f) References in the Priority of Payments to calculations made on a "pro forma basis" shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or include the clause in which such calculation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [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;(h) Except as otherwise provided herein, Defaulted Loans shall not be included in the calculation of the Collateral Quality Test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration Limitations, Defaulted Loans and Deferring Loans shall be held at their Defaulted Loan Balance.

&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) For purposes of calculating compliance with the Eligibility Criteria, upon the direction of the Borrower by notice to the Agents and the Collateral Administrator, any Eligible Investment representing Principal Proceeds received upon the maturity, redemption, sale or other disposition of Collateral Loans shall be deemed to have the characteristics of such Collateral Loans until reinvested in additional Collateral Loans. Such calculations shall be based upon the principal amount of such Collateral Loans, except in the case of Defaulted Loans and Credit Risk Loans, in which case the calculations shall be based upon the Principal Proceeds received on the disposition or sale of such Defaulted Loans or Credit Risk Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) For purposes of calculating the Disposition Proceeds of a Collateral Loan in sale transactions, Disposition Proceeds shall include any Principal Financed Accrued Interest received in respect of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For purposes of calculating clause (c) of the definition of "Concentration Limitations", the amounts on deposit in the Collection Accounts (including Eligible Investments therein and capital contributions or proceeds deposited therein by any Membership Interest Holder) representing Principal Proceeds shall be deemed to be a Floating Rate Obligation that is a Senior Secured 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;(m) With respect to any reinvestment of (i) Disposition Proceeds, (ii) Unscheduled Principal Payments or (iii) Principal Proceeds received upon the maturity of a Collateral Loan, in order to determine whether the Maximum Weighted Average Life Test is

------

satisfied or, if not satisfied, maintained or improved, after such reinvestment, the Maximum Weighted Average Life Test as calculated prior to such sale for Disposition Proceeds and prior to the receipt of such Unscheduled Principal Payments or Principal Proceeds shall be compared to the Maximum Weighted Average Life Test as calculated after such reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [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;(o) For purposes of calculating compliance with each of the Concentration Limitations, all calculations will be rounded to the nearest 0.1%. Unless otherwise specified, all other test calculations that evaluate to a percentage shall be rounded to the nearest ten-thousandth and test calculations that evaluate to a number shall be rounded to the nearest one-hundredth.

&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) Unless otherwise specifically provided herein, all calculations or determinations required to be made and all reports which are to be prepared pursuant to this Agreement shall be made on the basis of the trade 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;(q) The Maximum Weighted Average Life Test will be calculated by using the actual number of days over 360.

&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) Determination of the purchase price of a Collateral Loan shall be made independently each time such Collateral Loan is purchased by the applicable Loan Party and pledged to the Collateral Agent, without giving effect to whether such Loan Party has previously purchased such Collateral Loan (or an obligation of the related Obligor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Scheduled interest due on Collateral on which payments are subject to withholding taxes, including on any Collateral held by an SPV Subsidiary, will be the minimum net amount to be received after giving effect to the maximum permitted withholding and to any "gross-up" payments required to be made by the related Obligor pursuant to such loan's Related Contracts; *provided* that, with respect to any asset held by an SPV Subsidiary, any scheduled interest on such asset will be deemed to have a value of zero unless such SPV Subsidiary has pledged such asset to the Collateral Agent for the benefit of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Any portion of a Collateral Loan or other obligation owned of record by a Loan Party that has been assigned by such Loan Party to a third party and released from the Lien of this Agreement in accordance with the terms hereof shall no longer constitute Collateral or a Collateral Loan 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;(u) References in this Agreement to a Loan Party's "purchase" or "acquisition" of a Collateral Loan include references to such Loan Party's making or origination of such Collateral Loan. Portions of the same Collateral Loan acquired or originated by such Loan Party on different dates (whether through purchase, receipt by contribution or the making or origination thereof, but excluding subsequent draws under Revolving Collateral Loans or Delayed Funding Loans) will, for purposes of determining the purchase price of such Collateral Loan, be treated as separate purchases on separate dates (and not a weighted average purchase price for any particular Collateral Loan).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For purposes of calculating the Weighted Average Spread or Weighted Average Coupon, (i) a Collateral Loan that is a Step-Down Loan will be treated as having the lowest per annum interest rate or spread over the applicable index or benchmark rate over the remaining maturity of such Collateral Loan and (ii) a Collateral Loan that is a Step-Up Loan will be treated as having the then current per annum interest rate or spread over the applicable index or benchmark 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;(w) If a Collateral Loan included in the Collateral would be deemed a Current Pay Obligation but for the applicable percentage limitation in the proviso to the definition of "Current Pay Obligation", then the Current Pay Obligations with the lowest Market Value (assuming that such Market Value is expressed as a percentage of the Principal Balance of such Current Pay Obligations as of the date of determination) shall be deemed Defaulted Loans. Each such Defaulted Loan will be treated as a Defaulted Loan for all purposes until such time as the Aggregate Principal Balance of Current Pay Obligations would not exceed, on a *pro forma* basis including such Defaulted Loan, the applicable percentage of the Aggregate Principal Balance of the Current Portfolio.

Section 1.4 <u>Cross-References; References to Agreements.</u> "Herein," "hereof" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision. Unless otherwise specified, references in this Agreement to any Article, Section, Schedule or Exhibit are references to such Article or Section of, or Schedule or Exhibit to, this Agreement, and references in any Article, Section, Schedule or definition to any subsection or clause are references to such subsection or clause of such Article, Section, Schedule or definition. Unless otherwise specified, all references herein to any agreement or instrument shall be interpreted as references to such agreement or instrument as it may be amended, supplemented or restated from time to time in accordance with its terms and the terms of this Agreement and the other Loan Documents.

Section 1.5 <u>Reference to Secured Parties and S&P.</u> In each case herein where any payment or distribution is to be made or notice is to be given to the "Secured Parties", such payments and distributions in respect of the Lenders shall be made to the Collateral Agent and such notices in respect of the Lenders shall be made to the applicable Administrative Agent.

Any reference herein to notice or other delivery to be provided to S&P shall no longer be applicable if S&P is no longer rating any Loans (whether or not so specified herein).

Section 1.6 <u>Currency Equivalents.</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) Except as set forth in clause (b) below, for purposes of all valuations and calculations under the Loan Documents, (i) the principal amount of all Collateral Loans denominated in an Alternative Currency, (ii) proceeds of the Collateral denominated in an Alternative Currency on deposit in any Covered Account, (iii) for the purposes of any Coverage Test, Portfolio Advance Rate Test, Collateral Quality Test, Concentration Limitation or any other ratio, test or calculation made hereunder and (iv) the aggregate outstanding principal amount of Loans and any A-R Commitments and A-T Commitments denominated in an Alternative Currency, the outstanding aggregate principal amount of Loans, in each case denominated in an

------

Alternative Currency, shall be converted to U.S. Dollars at the Spot Rate in accordance with the definition of such term on the applicable date of valuation or calculation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 2.10(c), for purposes of determining (i) whether the amount of any Loan, together with all other Loans then outstanding or to be made at the same time as such Loans, would exceed the aggregate amount of the Total A-R Commitment or Total A-T Commitment, (ii) the aggregate unutilized amount of the Commitments and (iii) the Alternative Currency Sublimit shall be deemed to be the U.S. Dollar Equivalent of the amount of the Alternative Currency on the date of determination. Wherever in this Agreement in connection with a Loan, an amount, such as a required minimum or multiple amount, is expressed in U.S. Dollars, but such Loan is denominated in an Alternative Currency, such amount shall be the Alternative Currency Equivalent of such U.S. Dollar amount (rounded to the nearest 1,000 units of the applicable Alternative Currency).

Section 1.7 <u>Rates.</u> The Administrative Agent does not warrant or accept any 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 the ABR, the Term SOFR Reference Rate, Term SOFR, EURIBOR, Daily Simple SONIA, Term CORRA or any other Benchmark, 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 ABR, Term SOFR, EURIBOR, Daily Simple SONIA, Term CORRA, such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of ABR or a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Loan Partiees. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain ABR, any Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to any Loan Party, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Article II<br>THE LOANS

Section 2.1 <u>The Commitments</u>.

On the terms and subject to the applicable conditions hereinafter set forth, including, without limitation, Article III:

------

&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 Class A-R Lender severally agrees (i) to make loans in U.S. Dollars or in one or more Alternative Currencies to the Borrower (each, a "<u>Class A-R Loan</u>") from time to time on any Business Day during the period from the Closing Date until the end of the Class A-R Commitment Period, in each case in an aggregate principal amount at any one time outstanding up to but not exceeding such Lender's Class A-R Commitment and, as to all Class A-R Lenders, in an aggregate principal amount up to but not exceeding the Total Class A-R Commitment as then in effect and (ii) if applicable, on the last day of the Reinvestment Period (except if the Reinvestment Period terminates pursuant to clause (b) of the definition thereof as a result of an Event of Default), to make a Class A-R Loan (and the Borrower hereby directs that such Loan be made) in an amount equal to its Percentage Share of (x) the Unfunded Amount less (y) the amount on deposit in the Future Funding Reserve Accounts, in each case as of the date such Class A-R Loan is made (such Class A-R Loan, the "<u>Future Funding Reserve Loan</u>"), but only to the extent that its Percentage Share does not exceed its unfunded Class A-R Commitment, and the Borrower shall deposit the proceeds of such Future Funding Reserve Loan in the applicable Future Funding Reserve Account such that the amounts on deposit in the Future Funding Reserve Accounts equal the Unfunded Amount; *provided* that at no time shall the sum of (i) the U.S. Dollar Equivalent of the aggregate outstanding Class A-T Loans denominated in Alternative Currencies plus (ii) the U.S. Dollar Equivalent of the aggregate outstanding Class A-R Loans denominated in Alternative Currencies exceed the Alternative Currency Sublimit;

&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 Swingline Lender agrees to make loans (each, a "<u>Swingline Loan</u>" and, together with the Class A-R Loans, the "<u>Revolving Loans</u>") to the Borrower in U.S. Dollars from time to time on any Business Day during the period from the Closing Date until the date that is five Business Days prior to the end of the Class A-R Commitment Period (the "<u>Swingline Facility End Date</u>") in an aggregate principal amount at any one time outstanding that will not result in either (i) the aggregate principal amount of all outstanding Swingline Loans exceeding $25,000,000 or (ii) the aggregate principal amount of all outstanding Revolving Loans (including such Swingline Loan and all other then-outstanding Swingline Loans) exceeding the Total Class A-R Commitment as then in effect; *provided*, that the Swingline Lender shall not be required to (but may, in its sole discretion) make more than three Swingline Loans to the Borrower in any calendar month; 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) each Class A-T Lender severally agrees to make loans to the Borrower (each, a "<u>Class A-T Loan</u>") on the Closing Date and, as applicable, from time to time in accordance with <u>Section 2.11</u>, <u>Section 2.15</u> and <u>Section 3.3</u>, in each case, in a principal amount equal to such Class A-T Lender's Class A-T Commitment and, as to all Class A-T Lenders, in an aggregate principal amount equal to the Total Class A-T Commitment; *provided* that the sum of the U.S. Dollar Equivalent of the aggregate principal amount of Class A-T Loans denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. For the avoidance of doubt, the Total Class A-T Commitment as of the Closing Date is $0 and such amount may be increased pursuant to <u>Section 2.11</u> or <u>Section 12.5</u>.

Each such borrowing of a Class A-R Loan on any single day is referred to herein as a "<u>Class A-R Borrowing</u>"; each such borrowing of a Swingline Loan on any single day is referred to herein as a "<u>Swingline Borrowing</u>"; Class A-R Borrowings and Swingline Borrowings are referred to herein collectively as "<u>Revolving Borrowings</u>"; the borrowing of the Class A-T

------

Loans is referred to herein as the "<u>Class A-T Borrowing</u>"; and Revolving Borrowings and Class A-T Borrowings are referred to herein collectively as "<u>Borrowings</u>".

Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Revolving Loans under this <u>Section 2.1</u> and prepay Revolving Loans under <u>Section 2.7</u>, *provided* that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Class A-T Loans once repaid may not be reborrowed.

Notwithstanding any of the foregoing in this <u>Section 2.1</u> or any other provision of this Agreement or the other Loan Documents, but without limiting the obligation of any Conduit Support Provider, each Lender that is a CP Conduit shall only be required to make Loans to the extent it has funds available therefor.

Notwithstanding the foregoing provisions of this <u>Section 2.1</u> or any other provision herein or in any other Loan Document to the contrary, from and after the nine-month anniversary of the Closing Date, if the S&P Rating Effective Date has not occurred, no fundings shall be made under this Agreement.

Section 2.2 <u>Making of the 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) If the Borrower desires to make a Borrowing under this Agreement it shall give the Agents a written notice in substantially the form set forth on <u>Exhibit B</u> hereto (each, a "<u>Notice of Borrowing</u>"), which Notice of Borrowing shall promptly be sent by the Administrative Agent to each applicable Lender, for such Borrowing not later than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (1) in the case of Syndicated Borrowings after the Closing Date, 1:00 p.m. (New York City time) at least two Business Days prior to the day of the requested Borrowing for Borrowings in U.S. Dollars and at least three Business Days prior to the day of the requested Borrowing for Borrowings in any other Currency and (2) in the case of Syndicated Borrowings on the Closing Date, 1:00 p.m. (New York City time) on the Closing 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;(ii) in the case of Swingline Borrowings, 10:00 a.m. (New York City time) on the day of the requested Swingline Borrowing; *provided*, that the Swingline Lender shall not be required to (but may, in its sole discretion) make more than three Swingline Loans to the Borrower in any calendar month.

Each Notice of Borrowing shall be substantially in the form of <u>Exhibit B</u> hereto, dated the date the request for the related Borrowing is being made, signed by an Authorized Officer of the Borrower and otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be (x) in the case of the Borrowing of Class A-T Loans, a Business Day, (y) in the case of a Borrowing of Class A-R Loans, a Business Day falling on or prior to the end of the Class A-R Commitment Period and (z) in the case of Swingline Borrowings, a Business Day falling on or prior to the Swingline Facility End Date. The amount of the Borrowing requested in each Notice of Borrowing (the "<u>Requested Amount</u>") shall be equal to (in the case of the Borrowing of Class A-T Loans) the full amount of the Class A-T Commitments

------

and (in all other cases) at least $1,000,000 or an integral multiple of $100,000 in excess thereof (or, if less, the remaining unfunded Class A-R Commitments hereunder).

Each Notice of Borrowing (other than Notices of Borrowing that request Swingline Loans and related Swingline Refinancing Loans) shall be revocable by the Borrower only if notice of such revocation is given to the Lenders and the Administrative Agent no later than 10:00 a.m. (New York City time) on the date that is (i) one Business Day before the date of the related Borrowing for Borrowings in U.S. Dollars or (ii) three Business Days before the date of the related Borrowing for Borrowings in any other Currency. Notices of Borrowing shall otherwise be irrevocable.

&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 Lender shall, not later than 1:00 p.m. (New York City time) on each Borrowing Date (including the Closing Date) in respect of the Loans to be made by it hereunder, make its Percentage Share of the applicable Requested Amount available to the Borrower by disbursing such funds in the applicable Currency to the Collateral Agent (with notice to the Administrative Agent) on such Borrowing Date. The Swingline Lender shall, not later than 1:00 p.m. (New York City time) on each Revolving Borrowing Date in respect of Swingline Loans, make the applicable Requested Amount available to the Borrower by disbursing such funds in U.S. Dollars to the Collateral Agent (with notice to the Administrative Agent) on such Borrowing Date; *provided* that the Swingline Lender shall have no obligation hereunder to make any Swingline Loan at any time if (x) one or more of the other Class A-R Lenders is a Defaulting Lender at such time or (y) at such time, one or more Class A-R Lenders (whether or not constituting Approved Lenders or Defaulting Lenders) has announced that it is not obligated (or has disputed, in good faith or otherwise, whether it is obligated) to make additional Class A-R Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Notice of Borrowing for a Swingline Loan shall also be deemed to constitute a Notice of Borrowing for Class A-R Loans (such Class A-R Loans, "<u>Swingline Refinancing Loans</u>"), in the same Requested Amount in U.S. Dollars, but with a Revolving Borrowing Date falling on the day (the "<u>Swingline Refinancing Date</u>") that is two Business Days after the date on which such Swingline Borrowing is made. Notwithstanding anything to the contrary contained herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Class A-R Lender hereby agrees to make Class A-R Loans on each Swingline Refinancing Date in an amount equal to its Percentage Share of such Requested Amount and (unless it is the Swingline Lender) shall disburse such funds in U.S. Dollars to the Collateral Agent for the exclusive benefit of the Swingline Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Agent shall promptly apply all amounts received from the Class A-R Lenders under clause (i) above to the repayment of the outstanding Swingline Loans by paying the same to the Swingline Lender.

If the Swingline Lender is also a Class A-R Lender, it will be deemed to have automatically funded its portion of each Swingline Refinancing Loan on the relevant Swingline Refinancing Date. The obligations of the Class A-R Lenders under clause (i) above, and the obligations of the Collateral Agent to apply amounts received from the Class A-R Lenders under clause (ii) above, shall be absolute and unconditional, shall not be affected by any event or

------

circumstance whatsoever, including the occurrence and continuance of a Default or Event of Default or reduction or termination of the Class A-R Commitments (whether pursuant to Article VI or otherwise), shall be made without any offset, abatement, withholding or reduction whatsoever, and shall survive the termination of this Agreement.

At any time that there shall exist a Defaulting Lender under this Agreement, within two (2) Business Days of the written request of the applicable Swingline Lender, the Borrower shall repay the outstanding Swingline Loans made by such Swingline Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such Swingline Loans. Notwithstanding anything to the contrary herein, the Borrower may withdraw funds on deposit in the USD Collection Account representing Principal Proceeds for the purpose of repaying the outstanding Swingline Loans pursuant to this paragraph so long as no Commitment Shortfall results therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Collateral Agent has been notified that any applicable condition specified in Article III or otherwise has not been satisfied, the Collateral Agent will make the funds so received from the Lenders available to the Borrower on the date of each Borrowing not later than 4:00 p.m. (New York City time) at the Collateral Agent's address.

&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) Unless the Collateral Agent and the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Collateral Agent such Lender's Percentage Share of such Borrowing, the Collateral Agent may assume that such Lender has made such Percentage Share available to the Collateral Agent on the date of such Borrowing in accordance with subsection (b) of this <u>Section 2.2</u> and the Collateral Agent (upon the direction of the Administrative Agent) may (but shall have no obligation to until receipt of good funds), in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. In such event, if a Lender has not in fact made its Percentage Share of the applicable Borrowing available to the Collateral Agent (such Lender, a "<u>Non-Funding Lender</u>"), then such Non-Funding Lender and the Borrower severally agree to pay to any Initial Lender that voluntarily funds on behalf of such Non-Funding Lender forthwith on demand (x) such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Initial Lender, at (i) in the case of a payment to be made by such Non-Funding Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by the Borrower, the Alternate Base Rate and (y) a nonrefundable fee payable by the Non-Funding Lender of $20,000 within 2 Business Days after the date of such Borrowing in which the Non-Funding Lender did not make its Percentage Share of such Borrowing available. If the Borrower and such Non-Funding Lender shall pay such interest to the Initial Lender for the same or an overlapping period, the Initial Lender shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Non-Funding Lender subsequently pays its Percentage Share of the Requested Amount to the Collateral Agent, then the amount so paid shall constitute such Non-Funding Lender's Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Collateral Agent. The failure of any Lender to make any Loan on a date of Borrowing hereunder shall not relieve any other Lender of any obligation hereunder to make a Loan on such date. Notwithstanding the foregoing and any other provision

------

to the contrary contained herein, if any Lender shall have failed to fund its Percentage Share of a previously requested Loan on the applicable date of Borrowing and the Borrower provides a new Notice of Borrowing as a result of such failure to fund, then, in each such case, if necessary to make such Borrowing, the Borrower shall be permitted a single additional Loan without regard to the minimum borrowing limit set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The allocations of the Class A-R Loans and the Class A-T Loans as of the Closing Date are set forth in <u>Schedule J</u>.

Section 2.3 <u>Evidence of Indebtedness; Notes</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 Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Loans made by such Lender to the Borrower, from time to time, including the amounts of principal and interest thereon and paid to it, from time to time hereunder. Notwithstanding any provision herein to the contrary, the parties hereto intend that the Loans made hereunder shall constitute a "loan" and not a "security" for purposes of Section 8-102(15) of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall maintain, in accordance with its usual practices, accounts in which it will record (i) the amount of each Loan made hereunder to the Borrower, (ii) the amount and Class of any principal due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any principal sum paid by the Borrower hereunder and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The entries maintained in the accounts maintained pursuant to clauses (a) and (b) of this <u>Section 2.3</u> shall be *prima facie* evidence of the existence and amounts of the Loans therein recorded; *provided* that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement; *provided*, *further*, that in the event that any such entries conflict with the information contained in the Register, the records contained in the Register shall control 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) Any Lender may request that its Loans of any Class to the Borrower be evidenced by a Note of such Class that is consistent with the Administrative Agent's records maintained in accordance with <u>Section 12.6(f</u>). In such event, the Borrower shall promptly prepare, execute and deliver to such Lender a Note of such Class payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and otherwise appropriately completed and the Administrative Agent shall record such delivery in the Register. Thereafter, the Loans of such Class of such Lender evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant to <u>Section 12.6</u>) be represented by one or more Notes of such Class payable to such Lender (or registered assigns pursuant to <u>Section 12.6</u>), except to the extent that such Lender (or registered assignee) subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in clauses (a) and (b) of this <u>Section 2.3</u>. At the time of any payment or prepayment in full of the Loans evidenced by any Note, such Note shall be surrendered to the Administrative Agent, with notice of such surrender to the Collateral Agent, promptly (but no more than 10 Business Days) following such

------

payment or prepayment in full. Any such Note shall be cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

Section 2.4 <u>Maturity of Loans</u>.

100% of the outstanding principal amount of each Loan, together with all accrued and unpaid interest thereon, shall be payable on the Stated Maturity.

Section 2.5 <u>Interest Rates</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 Syndicated Loan shall bear interest on the unpaid principal amount thereof, for each day such Loan is outstanding during each Interest Period applicable thereto, at a rate per annum equal to the Applicable Rate with respect thereto. Such interest shall be payable for each Interest Period on the Payment Date immediately following the end of such Interest 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;(b) Each Swingline Loan shall bear interest on the unpaid principal amount thereof, for each day such Swingline Loan is outstanding, at a rate per annum equal to the Applicable Rate with respect thereto. Accrued interest on each Swingline Loan shall be payable in arrears on each Payment 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;(c) In the event that an Event of Default shall have occurred and (x) the Borrower is required to provide notice of such Event of Default pursuant to <u>Section 5.1(d)</u>, (y) any Agent or Lender has notified the Borrower or the Servicer of the occurrence of such Event of Default or (z) an Authorized Officer of the Borrower or the Servicer otherwise has knowledge of such Event of Default, and thereafter, for so long as such Event of Default shall be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest for each day at the annual rate of the sum of (i) the Applicable Rate for such Loan for such day *plus* (ii) two percent (the "<u>Post-Default Rate</u>" for such 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;(d) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder for any Interest Period or portion thereof pursuant to this <u>Section 2.5</u> and the related definitions; *provided* that the relevant CP Lender or its Program Manager shall determine and announce to the Administrative Agent and the Collateral Agent the Cost of Funds Rate (if any) for each Loan that is made by a CP Lender, such determination to be conclusive absent manifest error. The Administrative Agent shall give prompt notice to the Borrower, the Collateral Agent and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, the Collateral Agent or any Lender, deliver to the Borrower, the Collateral Agent or such Lender, as the case may be, a statement showing the quotations and demonstrating the calculations used by the CP Lender or its Program Manager, or the Administrative Agent (as applicable) in determining any interest rate pursuant to this <u>Section 2.5</u>.

Section 2.6 <u>Commitment Fees</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>Commitment Fees Payable</u>. The Borrower shall pay to the Class A-R Lenders pursuant to Section 6.4 or 9.1, as applicable, ratably in proportion to their respective Percentage Shares, a commitment fee (a "<u>Commitment Fee</u>") which shall accrue on the Aggregate Undrawn Amount for each day from and including the Closing Date to but excluding the date that the Class A-R Commitments terminate, expire or are permanently reduced to zero at a per annum rate equal to 0.50%; *provided* that if as the result of a Bail-In Action the Commitment of any Class A-R Lender is reduced or any Class A-R Lender is not permitted to fund all or a portion of its Commitment, the Commitment Fee payable to such Class A-R Lender shall be calculated based on its Commitment as so reduced or not permitted to be funded; *provided further* that any Class A-R Lender shall not be entitled to a Commitment Fee for each day during any period in which such Class A-R Lender is a Defaulting Lender (but, for the avoidance of doubt, payment of the Commitment Fee to such Class A-R Lender shall recommence at such time when such Class A-R Lender is no longer a Defaulting Lender).

Commitment Fees accrued during each Due Period shall be payable on the related Payment Date and shall be calculated by the Administrative Agent pursuant to <u>Section 2.10</u>. The

Commitment Fees shall accrue for each day from, and including, the first day of each Due Period to but excluding the last day of such Due Period. All payments by or on behalf of the Borrower under this <u>Section 2.6</u> shall be made in accordance with the Priority of Payments.

&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>Fees Non-Refundable</u>. All fees set forth in this <u>Section 2.6</u> shall be deemed to have been earned on the date such payment is due in accordance with the provisions of this Agreement and shall be non-refundable. The obligation of the Borrower to pay such fees in accordance with the provisions of this Agreement shall be binding upon the Borrower and shall inure to the benefit of the Class A-R Lenders regardless of whether any Class A-R Loans are actually made.

Section 2.7 <u>Reduction of Commitments; Prepayments</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>Automatic Reduction and Termination of Commitments</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;(i) The Total Class A-R Commitment (and the Class A-R Commitment of each Lender) shall be automatically reduced to zero at the close of business (New York City time) on the last day of the Class A-R Commitment Period. Upon the making of the Class A-T Loans on the Closing Date, the amount of the Total Class A-T Commitments shall be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date occurring after the end of the Reinvestment Period but during the Class A-R Commitment Period (and after giving effect to the payments made under the Priority of Payments on such date), the Total Class A-R Commitments will be reduced automatically and without any further action by any Person to an amount equal to (i) the aggregate principal amount of all Revolving Loans then outstanding *plus* (ii) the Net Aggregate Exposure Amount (which shall be determined including any Revolving Collateral Loans and Delayed Funding Loans that the Borrower entered into binding commitments before the end of the Reinvestment Period to purchase after the end of the Reinvestment Period) at such time *plus* (iii) the purchase price of any Collateral Loans as to which the Borrower entered into binding commitments before the end of the

------

Reinvestment Period to purchase such Collateral Loans. The Borrower shall provide written notice of such reduction of the Total Class A-R Commitment to the Agents at least two Business Days prior thereto (in substantially the form attached hereto as <u>Exhibit H</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory Prepayments</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;(i) The Loans shall be prepaid in whole or in part on each Payment Date in accordance with the Priority of Payments, but only to the extent applicable under the Priority of Payments on any such Payment Date. Each such prepayment of the Loans may be made without notice, except (i) as may be required by the related Payment Date Report, (ii) during the Reinvestment Period, the Borrower will give not less than two Business Days' prior written notice (in substantially the form attached hereto as <u>Exhibit H</u>) as to whether (x)(I) only the Revolving Loans are being prepaid on such Payment Date or (II) both the Revolving Loans and the Class A-T Loans are being prepaid on such Payment Date and (y) if only the Revolving Loans are being prepaid on such Payment Date, then whether such prepayment shall result in the termination or reduction, as applicable, of the Class A-R Commitments on a U.S. Dollar-for-U.S. Dollar basis, (iii) if any Revolving Loans are to be prepaid on a Payment Date, the Borrower shall give not less than two Business Days' prior written notice (in substantially the form attached hereto as <u>Exhibit H</u>) thereof to the Agents and the Revolving Lenders (or such lesser prior notice as shall be acceptable to such parties), (iv) in the case of all prepayments, not less than two Business Days' prior written notice (in substantially the form attached hereto as <u>Exhibit H</u>) shall be given to the Administrative Agent (or such lesser prior notice as shall be acceptable to the Administrative Agent) and (v) notice of any prepayment that results in a permanent reduction of the Commitments shall be given to S&P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Administrative Agent notifies the Borrower at any time that the U.S. Dollar Equivalent of the aggregate amount of all Loans denominated in Alternative Currencies at such time exceeds an amount equal to 105% of the Alternative Currency Sublimit then in effect, then, within two Business Days after receipt of such notice, the Borrower shall prepay Loans in an aggregate amount sufficient to reduce such amount as of such date of payment to an amount not to exceed 100% of the Alternative Currency Sublimit then 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;(c) <u>Voluntary Prepayments</u>. Subject to the other provisions of this Agreement, (except as provided in clause (iii) below), the Borrower may effect a prepayment of the Loans by any of the following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time, upon at least two Business Days' notice (in substantially the form attached hereto as <u>Exhibit H</u>) to the Agents (or such lesser prior notice as shall be acceptable to the Agents), prepay all or any portion of the Loans then outstanding on any Business Day that is not a Payment Date (other than during a Stub Period) by paying to the Collateral Agent for the account of the Lenders the principal amount to be prepaid (with accrued interest thereon to the date of such prepayment and any Commitment Fees and amounts due pursuant to <u>Section 2.9</u> to

------

be paid on the following Payment Date); *provided* that (x) any prepayments of Class A-R Loans made pursuant to this clause (i) shall result in the termination or reduction, as applicable, of the Class A-R Commitments on a U.S. Dollar-for-U.S. Dollar basis and (y) in the case of a prepayment of the Loans in whole, no such prepayment shall be permitted unless (A) sufficient amounts are on deposit in the Collection Accounts to prepay the Loans and all other amounts owing hereunder in full, (B) the Borrower shall direct the sale of all or part of the Collateral Loans and, if applicable, any other Collateral in an amount sufficient that the proceeds from such sale or sales and all other funds available for such purpose in the applicable Collection Account and the applicable Payment Account (including the net proceeds of any Refinancing (as defined below)) will be at least sufficient to prepay the Loans in full together with all other amounts owing hereunder or (C) the Borrower shall obtain a Refinancing such that the proceeds from the Refinancing, all proceeds from the sale of Collateral Loans and any other Collateral pursuant to clause (B) above and all other available funds will be at least sufficient to prepay the Loans in full together with all other amounts owing hereunder, in each case on the date identified by the Borrower as the prepayment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time during the Reinvestment Period, upon at least two Business Days' notice (in substantially the form attached hereto as <u>Exhibit H</u>) to the Agents (or such lesser prior notice as shall be acceptable to the Agents), the Borrower may prepay all or any portion of the Class A-R Loans then outstanding on any Business Day that is not a Payment Date by paying the principal amount to be prepaid (with the accrued interest thereon to the date of prepayment and any amounts due pursuant to <u>Section 2.9</u> to be paid on the following Payment Date); *provided* that any prepayments of the Class A-R Loans made pursuant to this clause (ii) shall not result in any reduction in the Class A-R Commitments at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding the timing and notice provisions and the prepayment allocations between the Class A-R Loans and the Class A-T Loans in accordance with the Principal Allocation Formula otherwise provided for herein, in connection with any voluntary prepayment by the Borrower, with the prior written consent (in substantially the form attached hereto as <u>Exhibit H</u>) of the Administrative Agent and each Revolving Lender (with notice to S&P), the Borrower may prepay on the applicable prepayment date all or part of the Class A-T Loans then outstanding by paying the principal amount to be prepaid (with accrued interest thereon to the date of prepayment and any Commitment Fees and amounts due pursuant to <u>Section 2.9</u> to be paid on the following Payment Date) on a *pro rata* and *pari passu* basis; *provided* that any prepayments of Class A-T Loans made pursuant to this clause (iii): (x) shall not require any prepayment of the Class A-R Loans or reduction of the Class A-R Commitments, (y) may only be made so long as (A) each Coverage Test, each Collateral Quality Test and the Concentration Limitations are satisfied or, if not satisfied, are maintained or improved after giving effect thereto, or (B) the Rating Condition is satisfied and (z) must be made on a *pro rata* and *pari passu* basis; and/or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time, upon at least five Business Days' notice (in substantially the form attached hereto as <u>Exhibit H</u>) to the Agents (or such lesser prior notice as shall be acceptable to the Agents), the Borrower, with the prior written consent of the Administrative Agent and each Revolving Lender, may prepay all or any portion of the Class A-R Loans and the Class A-T Loans, *pro rata*, then outstanding on any Business Day that is not a Payment Date by paying the principal amount to be prepaid (with accrued interest thereon to the date of prepayment and any Commitment Fees and amounts due pursuant to <u>Section 2.9</u> to be paid on the following Payment Date); *provided* that any prepayments of the Class A-R Loans made pursuant to this clause (iv) shall not result in any reduction in the Class A-R Commitments at such time.

For purposes of this <u>Section 2.7(c)</u>, a "<u>Refinancing</u>" means a refinancing provided pursuant to a loan, issuance or capital contribution, or from one or more financial institutions, equityholders or other purchasers; *provided* that no borrowing may occur in connection with a Refinancing prior to the date identified by the Borrower as the prepayment date.

All prepayments of Loans pursuant to this <u>Section 2.7(c)</u> shall be applied in accordance with the procedures set forth in <u>Section 2.7(f</u>) and shall not be subject to the Priority of Payments (unless any such prepayment of Loans pursuant to this <u>Section 2.7(c)</u> occurs on a Payment Date). Any sale of Collateral Loans in connection with a prepayment of the Loans pursuant to this <u>Section 2.7(c)</u> shall be carried out in accordance with <u>Section 10.1(e)</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) Upon receipt of a notice of reduction or prepayment from the Borrower pursuant to <u>Section 2.7(a)</u>, <u>2.7(b)</u> or <u>2.7(c)</u>, the Administrative Agent shall promptly forward such notice to each Lender (if such Lender was not already an addressee thereof), and of such Lender's ratable share (if any) of such reduction or prepayment and such notice shall thereafter be revocable by the Borrower no later than 10:00 a.m. (New York City time) three Business Days before the date set forth by the Borrower in the applicable notice of reduction or prepayment as the reduction or prepayment date. Upon the expiration of such time period, the notice of reduction or prepayment shall be irrevocable.

All reductions of the Class A-R Commitments shall be applied to the Class A-R Commitments of each Class A-R Lender ratably in accordance with their relevant applicable Percentage Shares, and all prepayments of the Loans of any Class shall be applied to the Loans of such Class of each applicable Lender in accordance with their relevant applicable Percentage Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All reductions of the Commitments pursuant to this <u>Section 2.7</u> shall be permanent, and the Commitments, once reduced, shall not be reinstated. Any amount of Revolving Loans prepaid pursuant to clause (i) of the first paragraph of <u>Section 2.7(c)</u> may be not reborrowed, and shall result in a permanent reduction in the Class A-R Commitment in the amount of such prepayment. Any amount of Revolving Loans prepaid pursuant to clause (ii) of the first paragraph of <u>Section 2.7(c)</u> may be reborrowed to the extent permitted by the terms of this Agreement (including <u>Sections 2.1</u> and <u>3.2</u>). Class A-T Loans, once prepaid, cannot be reborrowed.

------

&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) All prepayments of Loans hereunder (other than pursuant to clauses (ii) or (iii) of the first paragraph of <u>Section 2.7(c)</u>) shall be applied <u>first</u> to Swingline Loans until such Swingline Loans are repaid in full, and <u>then</u> to the Syndicated Loans (with respect to principal, in accordance with the Principal Allocation Formula, and otherwise on a *pro rata* basis) until all Syndicated Loans are repaid in full (and any deposits in the Future Funding Reserve Accounts required herein are 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;(g) In the event of a prepayment in whole (but not in part) with the proceeds of a sale or sales of Collateral Loans, and, if applicable, any other Collateral, pursuant to clause (y)(B) of the proviso to <u>Section 2.7(c)(i)</u>, no Loans may be optionally prepaid unless (i) at least five Business Days before the prepayment date the Borrower or the Servicer shall have certified to the Agents that the Borrower, or the Servicer on behalf of the Borrower, has entered into a binding agreement or agreements with a financial or other institution or institutions whose short-term unsecured debt obligations (other than such obligations whose rating is based on the credit of a person other than such institution) are rated (or whose obligations are fully supported and guaranteed by a financial or other institution whose short-term unsecured debt obligations are rated) "A-1" by S&P to purchase (directly or by participation or other arrangement), not later than the Business Day immediately preceding the scheduled prepayment date in immediately available funds, all or part of the Collateral Loans and/or any Interest Hedge Agreements and other Collateral at a purchase price at least equal to an amount sufficient, together with the Eligible Investments maturing, redeemable (or putable to the issuer thereof at par) on or prior to the scheduled prepayment date, Eligible Investments redeemed by the Borrower, any payments to be received in respect of any Interest Hedge Agreements and all capital contributions or proceeds from the Membership Interest Holders received by the Borrower, to pay all Administrative Expenses (regardless of the Administrative Expense Cap) and other fees and expenses payable in accordance with the Priority of Payments that are senior to the repayment of the Loans and to repay all of the Loans in full on the scheduled prepayment date, or (ii) prior to selling any Collateral Loans or other Collateral, the Borrower shall certify to the Agents that, in its judgment in accordance with the Servicing Standard, the aggregate sum of (A) expected proceeds from the termination or novation of the Interest Hedge Agreements, (B) for each Collateral Loan, the product of its principal balance and its market value (expressed as a percentage of its principal balance), (C) the expected proceeds from the sale of any other Collateral and (D) all capital contributions or proceeds from the Membership Interest Holders received by the Borrower, shall at least equal the sum of (x) the aggregate outstanding amount due in respect of the Loans (including principal, accrued interest, accrued Commitment Fees, breakage amounts and all other amounts due in respect of the Loans hereunder) and (y) all Administrative Expenses (regardless of the Administrative Expense Cap) and other fees and expenses payable pursuant to the Priority of Payments that are senior to the repayment of the Loans; *provided* that if the amounts available pursuant to clauses (A) through (D) above would not be sufficient to pay in full all amounts referred to in clauses (x) and (y) above, the Loans may not be prepaid pursuant to this clause (ii). Subject to <u>Section 10.1(e)</u>, the Borrower, in its sole discretion, may effect the sale of all or any part of the Collateral Loans or other Collateral through the direct sale of such Collateral Loans or other Collateral or by participation or other arrangement. Any certification delivered by the Borrower pursuant to this <u>Section 2.7(g)</u> shall include (1) the prices of, and expected proceeds from, the sale (directly or by participation or other arrangement) of any Collateral Loans or other

------

Collateral, and/or the termination or novation of any Interest Hedge Agreements and (2) all calculations required by this <u>Section 2.7(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, if a Borrowing is made during a Stub Period, the interest accrued in respect of such Borrowing during such Stub Period shall not be due and payable on the Payment Date occurring at the end of such Stub Period (such Payment Date, the "<u>Immediate Payment Date</u>") and shall instead be due and payable on the Payment Date immediately following the Immediate Payment Date (such Payment Date, the "<u>Ensuing Payment Date</u>"), along with all accrued interest, accrued Commitment Fees and other amounts that are otherwise due and payable on such Ensuing Payment Date.

Section 2.8 <u>General Provisions as to Payments</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 failure of any Lender to make any Loan to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Loan on such date, neither Agent shall be responsible for the failure of any Lender to make any Loan, and no Lender shall be responsible for the failure of any other Lender to make a Loan to be made by such other Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in <u>Section 2.7(c)</u>, all payments by the Borrower pursuant to this Agreement or any of the Loan Documents in respect of principal of, or interest on or other amounts owing in respect of, the Loans shall be made in U.S. Dollars or the applicable Alternative Currency pursuant to the Priority of Payments. All amounts payable to the Administrative Agent or the Collateral Agent, as the case may be, under this Agreement or otherwise (including, but not limited to, fees) shall be paid to the Administrative Agent or the Collateral Agent for the account of the Person entitled thereto. All payments hereunder or under the other Loan Documents shall be made, without setoff or counterclaim, in funds immediately available in New York City, to the Administrative Agent or the Collateral Agent, as the case may be, at its address referred to in <u>Section 12.1</u>. All payments hereunder or under the other Loan Documents to the Agents shall be made not later than 1:00 p.m. (New York City time) on the date when 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;(c) The Collateral Agent will promptly distribute to each Lender its ratable share, if any, of each payment received hereunder by the Collateral Agent for the account of the Lenders without setoff or counterclaim. Whenever any payment of principal of, or interest on, the Loans or any other amount hereunder shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case the date for payment thereof shall be the immediately preceding Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended 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;(d) If any Non-Funding Lender shall fail to make any payment required to be made by it pursuant to <u>Section 2.2(e)</u>, then the Initial Lender may, in its discretion and notwithstanding any contrary provision hereof direct the Collateral Agent, (i) to apply any amounts thereafter received by the Collateral Agent for the account of such Non-Funding Lender for the benefit of the Initial Lender to satisfy such Non-Funding Lender's obligations to the Initial Lender until all such unsatisfied obligations are fully paid or (ii) hold any such amounts in a segregated

------

account as cash collateral for, and for application to, any future funding obligations of such Non-Funding Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Initial Lender in its discretion.

Section 2.9 <u>Funding Losses.</u> In the event of (a) the payment of any principal of any Loan other than on a Payment Date (including as a result of an Event of Default), (b) the conversion of any Loan other than on a Payment Date (including as a result of an Event of Default), (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under <u>Section 2.2(a)</u> or <u>Section 2.7(d)</u>, as applicable, and is revoked in accordance therewith), or (d) the assignment of any Loan other than on a Payment Date applicable thereto as a result of a request by the Borrower pursuant to Section 11.5, then, in any such event, the Borrower shall compensate each Lender for any loss, cost and expense attributable to such event, including any loss, cost or expense arising from the liquidation or redeployment of funds or from any fees payable or from a CP Lender's inability to retire the source of the Borrowing being prepaid simultaneously with the prepayment, but excluding in any event the loss of anticipated profits. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate (which shall constitute Increased Costs) on the next Payment Date pursuant to the Priority of Payments.

Section 2.10 <u>Computation of Interest and Fees; Payments Generally</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) Except as otherwise expressly provided herein, interest and fees payable pursuant to this Agreement shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day, except in the case of interest or fees calculated on the basis of an Interest 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;(b) All amounts payable under this Agreement and each other Loan Document shall be paid in U.S. Dollars, other than payments of interest and principal made in respect of Loans denominated in an Alternative Currency, which shall be made in such Alternative Currency. At any time during the continuance of an Event of Default, the Administrative Agent may in its sole discretion direct the Collateral Agent to exchange amounts attributable to the Borrower in any Alternative Currency for U.S. Dollars, or exchange amounts attributable to the Borrower in U.S. Dollars for any Alternative Currency, in each case, at the Spot Rate for application hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at least four (4) Business Days prior to any Payment Date or the Maturity Date, the Collateral Administrator shall have notified the Borrower, the Collateral Agent and the Administrative Agent that the Borrower does not have a sufficient amount of funds in a Currency on deposit that will be needed (1) to pay to the Lenders all of the amounts required to be paid on such date and/or (2) to pay any expenses required to be paid in accordance with the Priority of Payments, in each case, in such Currency as required for such payment (a "<u>Currency Shortfall</u>"), then, so long as (i) no Event of Default shall have occurred and be continuing and (ii) each Coverage Test is satisfied after giving effect to such exchange, the Borrower shall exchange (or shall direct the Collateral Agent to exchange) amounts in another Currency in any account of the Borrower for the Currency in respect of which there is a Currency Shortfall in an amount necessary

------

to cure such Currency Shortfall. Each such exchange shall occur no later than one Business Day prior to such Payment Date or the Maturity Date, as applicable, and shall be made at the Spot Rate at the time of conversion. If for any reason the Borrower shall have failed to effect any such currency exchange by such date, then the Administrative Agent shall be entitled to (but shall not be obligated to) direct such currency exchange 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;(d) If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such Currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under Applicable Law).

Section 2.11 <u>Increased Commitments; Additional 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) At any time during the Reinvestment Period, with the consent of the Administrative Agent, the Borrower may propose that the Commitments of the Class A-R Loans be increased and/or the aggregate principal amount of Class A-R Loans and/or Class A-T Loans be increased (each such increase being "<u>Increased Commitments</u>" and any loans made to the Borrower pursuant to the Increased Commitments, "<u>Additional Loans</u>") by notice to the Agents, S&P and the Lenders; *provided* that (i) the Borrower shall comply with the requirements of <u>Section 3.3</u>, (ii) the net proceeds of any Additional Loans are used (x) to purchase or originate additional Collateral Loans, (y) to pay fees and expenses of the Agents and the Lenders in connection therewith and/or (z) as Principal Proceeds for purposes permitted hereunder, (iii) the Rating Condition for each Class of the existing Loans is satisfied after giving effect to any such Increased Commitments, (iv) immediately prior to, and after giving effect to, such increase and the application of the proceeds of the Additional Loans, each Coverage Test is satisfied and the Collateral Quality Test is satisfied (or, only with respect to the Collateral Quality Test, if not satisfied, maintained or improved), (v) immediately prior to, and after giving effect to, such increase and the application of the proceeds of the Additional Loans, the Overcollateralization Ratio Test is not worsened, (vi) no Lender shall have any obligation to increase its Commitment hereunder, and any election to do so shall be in the sole discretion of each Lender and (vii) each

------

Lender so increasing its Commitment or the aggregate principal amount of its Loan has consented thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms and conditions (other than the Applicable Margin and any administrative changes deemed necessary or appropriate by the Administrative Agent in connection with such Additional Loans (including, without limitation, the addition of any p*ari passu* tranches of Loans)) of the Additional Loans of any Class issued pursuant to this <u>Section 2.11</u> will be identical to those of the initial Loans of that Class (except that (i) the interest and commitment fees due on the Additional Loans will accrue from the issue date of such Additional Loans and (ii) the interest rate, commitment fee rate and other fees and premiums in respect of such Additional Loans do not have to be identical to those of the initial Loans; *provided* that the interest rate and commitment fee rate in respect of such Additional Loans shall not be higher than that of the Loans unless the Rating Condition is satisfied). Interest on the Additional Loans will be payable commencing on the first applicable Payment Date following the issue date of such Additional Loans. The Additional Loans of a Class will rank *pari passu* in all respects with the initial Loans of such Class.

&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 Additional Loans issued pursuant to this <u>Section 2.11</u> will be offered first to the existing Lenders in writing (which may be via email), in such amounts as are necessary to preserve their *pro rata* holdings of the Loans, which Lenders may be required by the Borrower to respond within a specified time period (which shall not be less than 15 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;(d) Each Additional Lender with respect to the Class A-R Loans shall be required to be an Approved Lender (or shall fully fund its aggregate undrawn Commitment into the Lender Collateral Account) and, upon the making of an Additional Loan or the extension of an Increased Commitment, each Additional Lender shall be deemed to be a Lender for all purposes 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;(e) The issuance of Additional Loans shall be proportional such that the cumulative amount of the Additional Loans and the Borrower's Additional Equity shall be in compliance with the requirements in the table set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Additional Loans | &nbsp;&nbsp;No greater than the Maximum Advance Rate, *multiplied* by the aggregate Additional Amounts |
| &nbsp;&nbsp;Borrower's Additional Equity | &nbsp;&nbsp;No less than 1 *minus* the Maximum Advance Rate, *multiplied* by the aggregate Additional Amounts |

---

For purposes of this <u>Section 2.11(e)</u>, the following definitions shall apply:

"<u>Additional Amounts</u>" means as of any date, the sum of (a) the aggregate U.S. Dollar amount of all Additional Loans made to the Borrower as of such date *plus* (b) the Borrower's Additional Equity as of such date.

------

"<u>Borrower's Additional Equity</u>" means as of any date, the aggregate U.S. Dollar amount of (a) all Membership Interests purchased, or capital contributions otherwise made in respect thereof, after the Closing Date and (b) any other equity investments in the Borrower made after the Closing Date, (i) in Cash that constitutes Principal Proceeds and/or (ii) in the form of Collateral Loans (valued at the Market Value of all such Collateral Loans at the time of issuance); *provided* that such Collateral Loans shall not be Defaulted Loans.

Section 2.12 <u>No Cancellation of Indebtedness.</u> Notwithstanding anything to the contrary herein, no Loan may be cancelled, surrendered, abandoned or forgiven except for payment as provided herein.

Section 2.13 <u>Loans Held by Borrower Affiliated Lenders.</u> Notwithstanding anything to the contrary herein, in determining whether Lenders constituting the requisite outstanding amount of Loans and Commitments have given any request, demand, authorization, direction, notice, consent or waiver hereunder, any Loans or Commitments held by Borrower Affiliated Lenders shall be disregarded and deemed not to be outstanding.

Section 2.14 <u>[Reserved].</u>

Section 2.15 <u>Conversion of Class A-R Loans to Class A-T 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) So long as no Default or Event of Default has occurred and is continuing, the Borrower shall have the option on any Business Day to convert all or a portion of the outstanding principal amount of any Class A-R Loans of any one or more Lenders into Class A-T Loans, subject to the written consent of each applicable Lender, the Borrower and the Administrative Agent; *provided* that (i) no such conversion shall occur during any Stub Period and (ii) each such conversion shall be in an aggregate amount not less than $1,000,000 or an integral multiple of $100,000 in excess 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) Each such conversion shall be effected by the Borrower providing the Agents, the Borrower and S&P with a written notice at least one Business Day prior to the date of the requested conversion (each, a "<u>Notice of Conversion</u>"), and the requisite consents set forth in clause (a) above having been provided. Each Notice of Conversion shall specify (i) the principal amount of Class A-R Loans to be so converted into Class A-T Loans, (ii) the applicable Lenders in respect of such Class A-R Loans and (iii) the proposed date of conversion. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion affecting any of its Class A-R Loans. Each Notice of Conversion shall be irrevocable and binding on 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) Upon the effectiveness of the conversion of all or a portion of the outstanding principal amount of any Class A-R Loans into Class A-T Loans: (i) during the Class A-R Commitment Period, the amount of the Class A-R Commitments shall be automatically reduced by the amount so converted, (ii) the outstanding principal amount of the converted Class A-R Loans shall be automatically reduced by the amount so converted, (iii) the outstanding principal amount of the Class A-T Loans into which Class A-R Loans are converted shall be

------

automatically increased by the amount so converted and (iv) converted Class A-R Loans shall become Class A-T Loans for all purposes hereunder and under any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that converted Class A-R Loans or Class A-T Loans into which Class A-R Loans are converted are evidenced by a Note, the holder thereof may endorse on Schedule J annexed thereto the amount and date of such conversion, or may request a new Note or Notes evidencing such conversion.

&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) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the aggregate outstanding principal amount of the Class A-T Loans is the amount indicated in <u>Schedule J</u> as of the Closing Date. The aggregate outstanding principal amount of the Class A-T Loans may be increased pursuant to <u>Section 2.11</u> or this <u>Section 2.15</u>.

Section 2.16 <u>Subordination.</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) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, the Borrower, the Agents and the Membership Interest Holders agree for the benefit of the Lenders and the Agents that the Membership Interests shall be subordinate and junior to the Loans to the extent and in the manner set forth in this Agreement (including, but not limited to, as set forth in <u>Section 4.19</u>, <u>Section 6.4</u> and <u>Section 9.1</u>). The Membership Interest Holders agree, for the benefit of the Lenders and the Agents, not to cause the filing of a petition in bankruptcy against the Borrower for failure to pay to them amounts due hereunder or otherwise in respect of the Membership Interests until such time as the Loans (and all other amounts owning hereunder to the Lenders) have been repaid (or paid, as the case may be) in full and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period then in effect plus one day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default has not been cured or waived and acceleration of the Loans occurs in accordance with <u>Article VI</u>, including as a result of an Event of Default specified in <u>Section 6.1(f)</u> or <u>(g)</u>, and on the Stated Maturity, the interest, Commitment Fees and principal and all other amounts owing in respect of the Loans (other than contingent obligations for which no claim has been made) shall be paid in full in Cash (or, to the extent all of the Lenders consent, other than in Cash) before any further payment or distribution is made on account of the Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, notwithstanding the provisions of this Agreement, any Membership Interest Holder shall have received any payment or distribution in respect of the Membership Interests contrary to the provisions of this Agreement, then, unless and until all amounts payable to the Lenders (other than contingent obligations for which no claim has been made) shall have been paid in full in Cash (or to the extent all of the Lenders consent, other than in Cash), such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Collateral Agent, which shall pay and deliver the same to the Lenders in accordance with this Agreement; *provided*, that if any such payment or distribution is made other than in Cash, it shall be held by the Collateral Agent as part of the Collateral and subject in all respects to the provisions of this Agreement, including this <u>Section 2.16</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Membership Interest Holder agrees with the Lenders that each such Membership Interest Holder shall not demand, accept or receive any payment or distribution in respect of its Membership Interests in violation of the provisions of this Agreement (including, but not limited to, this <u>Section 2.16</u>); *provided*, that after the date on which all principal, interest, fees and any other amounts owing in respect of the Loans (other than contingent obligations as to which no claim has been made) have been paid in full, (x) the Membership Interest Holders shall be fully subrogated to the rights of the Lenders and (y) any payment or distribution received by any Lender, Scotiabank or any of their respective Affiliates shall be received and held in trust by such Person for the benefit of, and shall forthwith be paid over and delivered to, the Collateral Agent, which shall pay and deliver the same to the Membership Interest Holders in accordance with this Agreement; *provided*, *further*, that if any such payment or distribution is made other than in Cash, it shall be held by the Collateral Agent as part of the Collateral and subject in all respects to the provisions of this Agreement. For the avoidance of doubt, nothing in this Section 2.16 shall limit the right or ability of the Borrower to make a Permitted RIC Distribution.

Article III<br>CONDITIONS TO BORROWINGS

Section 3.1 <u>Effectiveness of Commitments.</u>The effectiveness of the Commitments shall occur when each of the following conditions is satisfied (or waived by the Administrative Agent, the Collateral Agent and each Lender), each document to be dated the Closing Date (unless otherwise indicated) and delivered to the relevant Persons indicated below, and each document and other condition or evidence to be in form and substance reasonably satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agents shall have received counterparts of (i) this Agreement duly executed and delivered by all of the parties hereto and (ii) each of the other Loan Documents and the Services Agreement, each duly executed and delivered by all of the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agents shall have received (i) proper financing statements, duly filed on (or within one Business Day after) the Closing Date (and the Borrower and the Subsidiary Guarantor each hereby consents to such filing by the Collateral Agent or the Administrative Agent) under the Uniform Commercial Code in all jurisdictions that the Administrative Agent deems necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement and any other Loan Documents and (ii) copies of proper financing statements, if any, necessary to release all security interests and other rights of any Person in the Collateral previously granted by the Borrower, the Subsidiary Guarantor or any other transferor.

&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 Agents shall have received legal opinions (addressed to each of the Secured Parties and S&P) from (i) McDermott Will & Schulte LLP, special New York counsel to the Borrower, the Subsidiary Guarantor, the Servicer and the Retention Provider, (ii) Richards, Layton & Finger, P.A., special Delaware counsel to the Borrower and the Parent, (iii) Maples and Calder (Ireland) LLP, special Irish counsel to the Subsidiary

------

Guarantor and (iv) Alston & Bird LLP, counsel to the Collateral Agent, each covering such matters as the Administrative Agent and its counsel shall reasonably request (and including, without limitation, true sale and non-consolidation opinions from counsel to the Borrower and the Subsidiary Guarantor).

&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 Administrative Agent shall have received evidence reasonably satisfactory to it that (i) all of the Covered Accounts shall have been established, (ii) the Account Control Agreements shall have been executed and delivered by the respective parties thereto and shall be in full force and effect and (iii) all amounts (if any) required to be deposited in any of the Covered Accounts (including the Closing Expense Account) as of the Closing Date pursuant to <u>Section 8.3</u> shall have been so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent shall have received (i) UCC, tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized, (ii) UCC lien searches or equivalent reports or searches for each Seller indicating that there are no effective lien notices or comparable documents filed against such Seller with respect to the Collateral in the jurisdiction in which such Seller is organized and (iii) such other searches that the Administrative Agent deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall have paid (i) the fees to be received by The Bank of Nova Scotia (or any designated Affiliate) and the Administrative Agent on the Closing Date pursuant to the Upfront Fee Letter and the Administrative Agent Fee Letter, as applicable, and (ii) except as otherwise agreed between the Administrative Agent and the Borrower, all reasonable and documented fees and out-of-pocket costs and expenses of the Agents, the Lenders, respective legal counsel and each other Person payable under and in accordance with the Fee Letters and as otherwise agreed by the parties hereto, in connection with the preparation, execution and delivery of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agents shall have received evidence satisfactory to them and the Lenders that (i) the grant of security pursuant to the Granting Clause herein and the Irish Collateral Deed, as applicable, of all of the Loan Parties' right, title and interest in and to the Collateral pledged to the Collateral Agent on the Closing Date shall be effective in all relevant jurisdictions, (ii) delivery of such Collateral (including any promissory notes, executed assignment agreements and word or pdf copies of the principal credit agreement for each initial Collateral Loan to be acquired on the Closing Date, to the extent in the possession of the Borrower or the Subsidiary Guarantor) to the Custodian shall have been effected and (iii) the Collateral Agent (for the benefit of the Secured Parties) shall have a security interest in such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agents shall have received a certificate of an Authorized Officer of the Borrower, the Subsidiary Guarantor, the Parent, the Servicer, the Retention Provider, the other Sellers and FPLF Management (*provided* that the certification regarding clauses (i)(A) and (i)(C) below shall be delivered by the Borrower and the Servicer only):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the effect that, as of the Closing Date (A) all conditions set forth in this <u>Section 3.1</u> have been fulfilled; (B) all representations and warranties of the Borrower, the Subsidiary Guarantor, the Parent, the Servicer, the Retention Provider, the other Sellers or FPLF Management, as applicable, set forth in this Agreement, each of the other Loan Documents and the Services Agreement are true and correct in all material respects or, with respect to all representations and warranties that are qualified as to "materiality", "Material Adverse Effect" or similar language, are true and correct in all respects, in each case on such respective dates (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects or in all respects, as applicable, as of such earlier date); and (C) no Default or Event of Default has occurred and is continuing; 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) certifying as to and attaching (A) its Constituent Documents; (B) its resolutions or other action of its board of directors, managers or members approving this Agreement, the other Loan Documents to which it is a party and the transactions contemplated thereby; (C) the incumbency and specimen signature of each of its Authorized Officers authorized to execute the Loan Documents to which it is a party; and (D) a good standing certificate, or in the case of the Subsidiary Guarantor, a letter of status, from its state or jurisdiction of incorporation or organization and any other state or jurisdiction in which it is qualified to do business in which the failure to be so qualified could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Agents shall have received a certificate of an Authorized Officer of each Loan Party, to the effect that, in the case of each item of Collateral pledged to the Collateral Agent by such Loan Party, on the Closing Date and immediately prior to the delivery thereof on, or prior to, the Closing Date, (A) such Loan Party is the owner of such Collateral free and clear of any liens, claims or encumbrances of any nature whatsoever except for (i) those which are being released on, or prior to, the Closing Date, (ii) those granted pursuant to this Agreement and (iii) Permitted Liens; (B) such Loan Party has acquired its ownership in such Collateral in good faith without notice of any adverse claim (as such term is defined in Section 8-102(a)(1) of the UCC), except as described in clause (A) above; (C) such Loan Party has not assigned, pledged or otherwise encumbered any interest in such Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released or is being released on the Closing Date) other than the interests granted pursuant to this Agreement and Permitted Liens; (D) such Loan Party has full right to grant a security interest in and assign and pledge such Collateral to the Collateral Agent; and (E) upon grant by such Loan Party and the taking of all steps required by <u>Section 8.7</u>, the Collateral Agent has a first priority perfected security interest in the Collateral, except as permitted by this Agreement, which matters (solely with respect to clauses (A), (B) and (E) of this <u>Section 3.1(i)</u>) shall be confirmed in writing by the Servicer to such 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;(j) The Agents shall have received a certificate of an Authorized Officer of the each Loan Party, to the effect that, as of the Closing Date, (A) the Collateral Loans of such

------

Loan Party identified on <u>Schedule H</u> are (i) free and clear of any liens, claims or encumbrances of any nature whatsoever, except for those which are being released on the Closing Date and Permitted Liens and (ii) owned by such Loan Party as the holder and lender of record in respect of such Collateral Loans and (B) each of the Coverage Tests, Collateral Quality Tests and Concentration Limitations are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Agents shall have received a certificate of each Loan Party certifying that such Loan Party does not have outstanding debt prior to the Closing Date (other than Permitted Indebtedness), and is not at such time party to, any interest rate hedging agreements or currency hedging agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Administrative Agent shall have received a secretary's certificate from the Collateral Agent, which shall include the incumbency and specimen signature of each of its Authorized Officers authorized to execute the Loan Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If applicable, the Agents and the Affected Lenders shall have received a EU/UK Retention Letter.

&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) The Administrative Agent shall have received the structure chart set out as <u>Exhibit I</u> hereto, and the transaction summary set out as <u>Exhibit J</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Agents shall have received from each Loan Party either (A) a certificate thereof or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction over such Loan Party, together with an opinion of counsel to such Loan Party, as applicable, that no other authorization, approval or consent of any governmental body is required for the making of the Loans contemplated hereby, or (B) an opinion of counsel of such Loan Party that no such authorization, approval or consent of any governmental body is required for the making of the Loans contemplated hereby except as have been given.

&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) (i) To the extent requested by the Administrative Agent, the Collateral Agent or any Lender, the Administrative Agent, Collateral Agent or such Lender, as the case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>PATRIOT Act</u>") and other applicable "know your customer" and anti-money laundering rules and regulations and (ii) to the extent the Company qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, the Administrative Agent and the Collateral Agent shall have received from each Loan Party a satisfactorily completed Beneficial Ownership Certification.

&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) All legal matters incident to this Agreement and the other Loan Documents shall be satisfactory to the Borrower, the Agents, the Lenders and their respective counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Agents shall have received such other opinions, instruments, certificates and documents from the Loan Parties as the Agents or any Lender shall have reasonably requested; *provided* that sufficient notice of such request has been given to the Loan Parties.

------

Section 3.2 <u>Borrowings.</u> The obligation of any Lender to make a Loan on the occasion of any Borrowing (excluding, for the avoidance of doubt, any Borrowing of Swingline Refinancing Loans) is subject to the satisfaction (or waiver by the Administrative Agent, the Collateral Agent and each Lender) 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) in the case of the initial Borrowing hereunder, the conditions precedent set forth in <u>Section 3.1</u> shall have been fully satisfied (or waived by the Administrative Agent, the Collateral Agent and each Lender) on or prior to the applicable Borrowing 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 Administrative Agent shall have received (x) a Notice of Borrowing as required by <u>Section 2.2</u> and the conditions set forth in clause (c) below are met in connection with such Borrowing (as evidenced by a certificate of an Authorized Officer of the Borrower) and (y) a schedule or other document setting forth (i) the intended use for the proceeds of such Borrowing (including the Collateral Loans intended to be acquired using such proceeds) and (ii) with respect to each such Collateral Loan, (A) the settlement date thereof and (B) the information set forth under each of the sub-items for item 9 of <u>Exhibit D</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately after such Borrowing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Borrowing of Revolving Loans, the aggregate outstanding principal amount of the Revolving Loans shall not exceed the Total Class A-R Commitment as in effect on such Borrowing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Borrowing of Swingline Loans, the aggregate outstanding principal amount of Swingline Loans shall not exceed the limit for outstanding Swingline Loans set forth in <u>Section 2.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a Borrowing of Class A-T Loans, the aggregate principal amount of the Class A-T Loans made as part of such Borrowing shall be equal to the Total Class A-T Commitment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Borrowing in an Alternative Currency, the aggregate principal amount of the Loans made in Alternative Currencies shall not exceed the Alternative Currency Sublimit;

&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) immediately before and after such Borrowing, no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the representations and warranties of the Loan Parties contained in this Agreement and each of the other Loan Documents shall be true and correct in all material respects or, with respect to all representations and warranties that are qualified as to "materiality", "Material Adverse Effect" or similar language, are true and correct in all respects, in each case on and as of the date of such Borrowing (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects or in all respects, as applicable, as of such earlier date) both before and after giving effect to the making of such Loans;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no law or regulation shall have been adopted, no order, judgment or decree of any governmental authority shall have been issued, and no litigation shall be pending or, to the actual knowledge of a Senior Authorized Officer of any Loan Party, threatened, which does or, with respect to any threatened litigation, seeks to enjoin, prohibit or restrain, the making or repayment of the Loans or the consummation of the transactions among the Borrower, the Subsidiary Guarantor, the Servicer, the Lenders and the Agents contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each of the Loan Documents that has been executed remains in full force and effect and is the binding and enforceable obligation of the Loan Parties and the Servicer (except as set forth in <u>Section 4.2</u> and except for those provisions of any Loan Document not material, individually or in the aggregate with other affected provisions, to the interests of any of the Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) immediately after giving effect to the requested Borrowing, (i) each Coverage Test shall be satisfied and (ii) the Portfolio Advance Rate shall not exceed the Maximum Advance Rate on such Borrowing Date, each as demonstrated in a writing attached to such Notice of Borrowing; 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) immediately after giving effect to such Borrowing, the Commitment Shortfall Test is satisfied.

Section 3.3 <u>Effectiveness of Increased Commitments and Additional Loans.</u> The effectiveness of the Increased Commitments and the obligation of any Lender to make an Additional Loan on the occasion of any Borrowing (excluding, for the avoidance of doubt, any Borrowing of Swingline Refinancing Loans) is each subject to the satisfaction (or waiver by the Administrative Agent, the Collateral Agent and each Lender with notice to S&P) 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 Agents shall have received a certificate of an Authorized Officer of the each Loan Party and the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the effect that, as of the Increased Commitment Date (A) all conditions set forth in this <u>Section 3.3</u> have been fulfilled; (B) all representations and warranties of each Loan Party or Servicer, as applicable, set forth in this Agreement and each of the other Loan Documents and the Services Agreement are true and correct in all material respects or, with respect to all representations and warranties that are qualified as to "materiality", "Material Adverse Effect" or similar language, are true and correct in all respects, in each case on the Increased Commitment Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects or in all respects, as applicable, as of such earlier date); and (C) no Default or Event of Default has occurred and is continuing; 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) certifying as to and attaching (A) its Constituent Documents; (B) its resolutions or other action of its board of directors or members approving this Agreement, the other Loan Documents to which it is a party and the transactions

------

contemplated thereby, the Increased Commitments, the Additional Loans and any other matters related thereto; (C) the incumbency and specimen signature of each of its Authorized Officers authorized to execute the Loan Documents to which it is a party; and (D) a good standing certificate from its state or jurisdiction of incorporation or organization and any other state or jurisdiction in which it is qualified to do business in which the failure to be so qualified could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agents shall have received legal opinions (addressed to each of the Secured Parties and S&P) from counsel to the Loan Parties in New York, Delaware, Ireland and any other applicable jurisdictions (as reasonably determined by the Agents), dated the Increased Commitment Date, substantially in the form of the legal opinions delivered at the Closing Date (other than as to non-consolidation (unless there are changes to the structure of the transaction contemplated hereby) and true sale (unless new Collateral is being transferred from any Affiliate to any Loan Party), each with additions or deletions reflecting the Increased Commitments and Additional Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agents shall have received a certificate of an Authorized Officer of each Loan Party, to the effect that, in the case of each item of Collateral pledged to the Collateral Agent by such Loan Party, as of the Increased Commitment Date, (A) such Loan Party is the owner of such Collateral free and clear of any liens, claims or encumbrances of any nature whatsoever except for Permitted Liens; (B) such Loan Party has acquired its ownership in such Collateral in good faith without notice of any adverse claim, except as described in clause (A) above; (C) such Loan Party has not assigned, pledged or otherwise encumbered any interest in such Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than Permitted Liens; (D) such Loan Party has full right to grant a security interest in and assign and pledge such Collateral to the Collateral Agent; and (E) upon grant by such Loan Party and the taking of all steps required by <u>Section 8.7</u>, the Collateral Agent has or will have a first priority perfected security interest in the Collateral, except as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) So long as the S&P Rating Effective Date has occurred, the Agents shall have received a letter from S&P addressed to the Loan Parties (or other confirmation from S&P) confirming that the S&P rating of each Class of Loans is not lower than the Initial Rating and will not be lowered as a result of such increase of the Commitments and the making of the Additional Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agents shall have received from each Loan Party either (A) a certificate thereof or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction over such Loan Party, together with an opinion of counsel of such Loan Party that no other authorization, approval or consent of any governmental body is required for the making of the Loans contemplated hereby, or (B) an opinion of counsel of such Loan Party that no such authorization, approval or consent of any governmental body is required for the making of the Loans except as have been given.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If applicable, the Administrative Agent and each Affected Lender shall have received a EU/UK Retention Letter (or a refreshed EU/UK Retention Letter, 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;(g) The Borrower shall have paid all reasonable and documented fees and out-of-pocket expenses (including reasonable and documented fees and out-of-pocket expenses of respective counsel to the Agents and the Lenders) in connection with such increase of the Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agents shall have received such other documents as they may reasonably require in connection with such increase of the Commitments.

Article IV<br>REPRESENTATIONS AND WARRANTIES OF THE BORROWER AND THE SUBSIDIARY GUARANTOR

In order to induce the Administrative Agent and each of the Lenders party to this Agreement to make the Loans, each of the Borrower and the Subsidiary Guarantor makes the following representations and warranties as of the Closing Date and as of the date of any Increased Commitment or incurrence of Additional Loans. Such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the other Loan Documents and the making of the Loans and shall be deemed to be reaffirmed as being true and correct in all material respects or, with respect to all representations and warranties that are qualified as to "materiality", "Material Adverse Effect" or similar language, are true and correct in all respects, in each case as of the date of each Borrowing (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be deemed to be reaffirmed as being true and correct in all material respects or in all respects, as applicable, as of such earlier date).

Section 4.1 <u>Existence and Power.</u> Each Loan Party is duly formed or duly incorporated, as applicable, and validly existing and in good standing under the laws of the jurisdiction of its organization. As of the date hereof, the Borrower's chief place of business is c/o Fortress Investment Group, 1345 Avenue of the Americas, 46<sup>th</sup> Floor, New York, New York 10105. The Borrower's registered office is at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. As of the date hereof, the Subsidiary Guarantor's chief place of business is 32 Molesworth Street, Dublin 2, Ireland. The Subsidiary Guarantor's registered office is at 32 Molesworth Street, Dublin 2, Ireland. Each Loan Party has all powers and all material governmental licenses, authorizations, consents and approvals required to own its property and assets and carry on its business as now conducted or as it presently proposes to conduct it, and has been duly qualified and is in good standing (as applicable) in every jurisdiction in which the failure to be so qualified and/or in good standing is likely to have a Material Adverse Effect.

Section 4.2 <u>Power and Authority.</u> Each Loan Party has the power and authority to execute, deliver and carry out the terms and provisions of each of the Loan Documents and has taken all necessary action to authorize the execution, delivery and the performance of such Loan Documents. Each Loan Party has duly executed and delivered each Loan Document to which it is a party, and each Loan Document constitutes the legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, except as enforceability may be limited by

------

applicable insolvency, bankruptcy or other laws affecting creditors' rights generally, or general principles of equity, whether such enforceability is considered in a proceeding in equity or at law.

Section 4.4 <u>Litigation</u>. There is no action, suit or proceeding pending against, or to the actual knowledge of a Senior Authorized Officer of the Borrower, after due inquiry, threatened against or adversely affecting, (i) the Borrower, the Subsidiary Guarantor or the Servicer, (ii) the Loan Documents or any of the transactions contemplated by the Loan Documents or (iii) any of the Loan Parties' assets, before any court, arbitrator or any governmental body, agency or official which has had or could reasonably be expected to have a Material Adverse Effect.

Section 4.5 <u>Compliance with ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Loan Party nor any member of their respective ERISA Groups sponsors, maintains or contributes to (or has an obligation to contribute to), or in the past five years has sponsored, maintained or contributed to (or had an obligation to contribute to), or has any material liability or obligation with respect to, any Plan or any Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the assets of any Loan Party nor the Collateral are treated as "plan assets" for purposes of Section 3(42) of ERISA or as the assets of any governmental, church, non-U.S. or other plan that is subject to Similar Law. The Loan Parties have not taken, or omitted to take, any action which would result in (i) any Collateral being treated as "plan assets" for purposes of Section 3(42) of ERISA or as the assets of any governmental, church, non-U.S. or other plan that is subject to Similar Law or (ii) the occurrence of any Prohibited Transaction in connection with the transaction contemplated hereunder.

Section 4.6 <u>Environmental 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) Each Loan Party's operations comply in all material respects with all applicable Environmental Laws.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Loan Parties' operations are the subject of a federal or state investigation evaluating whether any remedial action involving expenditures, is needed to respond to a release of any Hazardous Substances into the environment.

&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 Loan Party has any material contingent liability in connection with any release of any Hazardous Substances into the environment.

Section 4.7 <u>Taxes.</u> The Loan Parties have filed, and have caused any SPV Subsidiary to file, all U.S. federal and other material Tax returns and reports required to be filed by them and has paid all Taxes levied or imposed on them or their property, income or assets, except such Taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been provided on the books of the Loan Parties or SPV Subsidiary, as applicable.

Section 4.8 <u>Full Disclosure.</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 information heretofore furnished by or on behalf of the Loan Parties to the Agents, any Membership Interest Holder or any Lender in writing with respect to the initial portfolio of Collateral Loans pursuant to the express terms of this Agreement, is and all such information hereafter furnished by it to the Agents, any Membership Interest Holder or any Lender will be (to the best knowledge of the Borrower or the Subsidiary Guarantor, in the case of information obtained by such Loan Party from Obligors or other unaffiliated third parties) true and accurate in all material respects.

&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) On the Closing Date, the information included in the Beneficial Ownership Certification provided by the Borrower is true and correct in all respects.

Section 4.9 <u>Solvency.</u> On the Closing Date, on the date of each Borrowing and on the date of any Increased Commitment or incurrence of Additional Loans, and after giving effect to the transactions contemplated by the Loan Documents, each Loan Party will be solvent.

Section 4.10 <u>Use of Proceeds; Margin Regulations.</u> All proceeds of the Loans and the Membership Interests will be used by the Borrower and the Subsidiary Guarantor only in accordance with the provisions of this Agreement and the other Loan Documents. No part of the proceeds of any Loan or any Membership Interests will be used by the Borrower or the Subsidiary Guarantor in any manner, whether directly or indirectly, that causes such Loan or the application of such proceeds to violate or be inconsistent with the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve Board. No Loan Party owns or intends to carry or purchase, and no proceeds from the advances hereunder will be used to carry or purchase, any Margin Stock or to extend "purpose credit" within the meaning of Regulation U.

Section 4.11 <u>Governmental Approvals.</u> No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance of any Loan Document or the consummation of any of the transactions contemplated thereby other than those that have

------

already been duly made or obtained and remain in full force and effect or those recordings and filings in connection with the Liens granted to the Collateral Agent under the Loan Documents.

Section 4.12 <u>Investment Company Act.</u> Each Loan Party is not (i) an "investment company" or a company "controlled" by an "investment company", within the meaning of the Investment Company Act or (ii) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money or (iii) required to register as an investment company under the Investment Company Act. The Parent has elected to be treated as a business development company for purposes of the Investment Company Act.

Section 4.13 <u>Representations and Warranties in Loan Documents.</u> All representations and warranties made by the Loan Parties in the Loan Documents are true and correct in all material respects or, with respect to all representations and warranties that are qualified as to "materiality", "Material Adverse Effect" or similar language, are true and correct in all respects, in each case as of the date of this Agreement and as of any date that a Loan Party is deemed to reaffirm the same under this Agreement (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects or in all respects, as applicable, as of such earlier date).

Section 4.14 <u>Patents, Trademarks, Etc.</u> Each Loan Party has obtained and holds in full force and effect all patents, trademarks, service marks, trade names, copyrights and other such rights, free from any burdensome restrictions, which are necessary for the operation of its business as presently conducted, the impairment of which has had or could reasonably be expected to have a Material Adverse Effect.

Section 4.15 <u>Ownership of Assets.</u> Each Loan Party owns all of its properties and assets, of any nature whatsoever, free and clear of all Liens, except Permitted Liens.

Section 4.16 <u>No Default.</u> No Default or Event of Default exists under or with respect to any Loan Document. No Loan Party is in default under or with respect to any material agreement, instrument or undertaking to which it is a party or by which it or any of its properties is bound in any respect, the existence of which default has had or could reasonably be expected to have a Material Adverse Effect.

Section 4.17 <u>Labor Matters.</u> There is no labor controversy pending with respect to or, to the best knowledge of a Senior Authorized Officer of the Borrower, threatened against any Loan Party, which has had or could reasonably be expected to have a Material Adverse Effect.

Section 4.18 <u>Subsidiaries; Equity Interests.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party (i) owns no Equity Interest in any other entity except (x) as permitted under clause (ii) below and (y) any Equity Interest received in lieu of a Collateral Loan or portion thereof in connection with the exercise of remedies against a related Obligor or through a restructuring of such Obligor; and (ii) has no Subsidiaries except (x) in the case of the Borrower, the Subsidiary Guarantor, (y) any Subsidiary that (1) meets the then-current general criteria of S&P for bankruptcy remote entities, (2) does not obtain title to real property or hold or obtain a controlling interest in an entity that owns real property, (3) is formed for the purpose of holding

------

(and holds solely) (A) Equity Interests received in a workout of a Defaulted Loan that was previously acquired by such Loan Party or otherwise acquired in connection with a workout of a Collateral Loan that was previously acquired by such Loan Party or (B) other assets realized upon foreclosure or other exercise of remedies against any collateral of an Obligor, except as set forth in clause (2) above, and (4) includes customary "non-petition" and "limited recourse" provisions in any agreement to which it is a party (any such Subsidiary, an "<u>SPV Subsidiary</u>"), and (z) any Subsidiary acquired pursuant to clause (i) above, provided that subclause (2) of this clause (ii) is complied with. For the avoidance of doubt, the Subsidiary Guarantor shall not constitute an SPV Subsidiary.

&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 will use commercially reasonable efforts to ensure that any consideration that is due and payable to such Loan Party as a result of any workout, restructuring or foreclosure upon a Collateral Loan is transferred to such Loan Party or an SPV Subsidiary, other than where (i) the express terms of this Agreement (including, without limitation, with respect to real property) or applicable law would prohibit such transfer to such Loan Party or any SPV Subsidiary or (ii) the Borrower reasonably determines, based upon written advice of counsel, that such transfer to such Loan Party or any SPV Subsidiary would have any adverse regulatory, tax or other consequence to such Loan Party (such consideration that is subject to clause (i) and/or (ii) above, "<u>Prohibited Consideration</u>"); *provided* that the Loan Parties shall use commercially reasonable efforts to sell any applicable Collateral Loan prior to the receipt of any Prohibited Consideration; *provided further* that if the Loan Parties fail to sell such Collateral Loan in accordance with the foregoing proviso, the Loan Parties will (x) cause such Prohibited Consideration (other than with respect to real property) to be owned by an SPV Subsidiary and not by any Loan Party; *provided* that, for the avoidance of doubt, (i) no SPV Subsidiary that has not Granted to the Collateral Agent for the benefit of the Secured Parties a security interest in all of its right, title and interest in and to all of its assets shall own or hold any Collateral Loans and (ii) neither the Loan Parties nor any SPV Subsidiary shall obtain title to real property or hold or obtain a controlling interest in an entity that owns real property and (y) comply with <u>Section 10.1(h)</u> with respect to such Prohibited Consideration.

Section 4.19 <u>Ranking.</u> All Obligations (other than Obligations in respect of the Membership Interests), including the obligations to pay principal of, interest on and any other amounts in respect of, the Loans, constitute senior indebtedness of each of the Loan Parties. The Membership Interests are subordinated to the Obligations owing to the Lenders to the extent set forth herein, including <u>Section 2.16</u>.

Section 4.20 <u>Representations Concerning Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon each transfer of Collateral in the manner specified in <u>Section 8.7</u> and after the other actions described in <u>Section 8.7</u> have been taken by the appropriate parties, the Collateral Agent in accordance with <u>Section 8.7</u>, for the benefit of the Secured Parties, will have a perfected pledge of and security interest in such Collateral and all proceeds thereof (subject to § 9-315(c) of the UCC), which security interest shall be prior to all other interests in such Collateral, other than (i) certain Permitted Liens that are prior to the security interest of the Secured Parties by operation of law and (ii) Liens in favor of the Custodian or U.S. Bank NA as securities intermediary granted pursuant to this Agreement or any other Loan Document. No filings other

------

than those described or referred to in <u>Section 8.7</u> or any other action other than those described in <u>Section 8.7</u> will be necessary to perfect such security 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;(b) Immediately before giving effect to each transfer of Collateral Loans, Eligible Investments and other Collateral by the Loan Parties to the Collateral Agent in accordance with <u>Section 8.7</u>, the Loan Parties will be the beneficial owners of such Collateral Loans, Eligible Investments and other Collateral, and the Loan Parties will have the right to receive all Collections on such Collateral Loans, Eligible Investments and other Collateral, in each case free and clear of all Liens, security interests and adverse claims other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the Obligors and administrative agents, as applicable, in respect of the Collateral Loans, or Selling Institutions in respect of Participation Interests, have been instructed to make payments with respect thereto to the applicable Collection Account.

Section 4.21 <u>Risk Retention.</u> At all times on and after the execution and delivery of the EU/UK Retention Letter (if applicable), the Retention Provider (i) has held the Retention Interest in accordance with the EU/UK Retention Letter, (ii) has not changed the manner in which it retains the Retention Interest, except to the extent permitted under the EU/UK Retention Letter and (iii) has not entered into any credit risk mitigation, short position or any other credit risk hedge or credit risk hedging arrangement of any kind with respect to the Retention Interest to the extent prohibited by the EU/UK Retention Letter.

Section 4.22 <u>Ordinary Course.</u> Each payment of principal or interest under this Agreement shall be (x) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower with respect to its relationship with the Lenders and (y) made in the ordinary course of business or financial affairs of the Borrower with respect to its relationship with the Lenders.

Section 4.23 <u>Financial Information.</u> (i) Immediately prior to the Closing Date, each Loan Party has no assets, liabilities or contingent liabilities (other than the PPNs, to the extent issued prior to the Closing Date) and (ii) since the Closing Date, (x) there has been no change that has had a Material Adverse Effect and (y) each Loan Party has not incurred any Indebtedness or Contingent Obligation except pursuant to the Loan Documents or Permitted Indebtedness.

Section 4.24 <u>Anti-Terrorism and Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions.</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 is and has been in compliance, in all material respect, with anti-money laundering laws and anti-terrorism finance laws including (x) the Bank Secrecy Act, as amended by the PATRIOT Act and (y) where applicable, on and after the date that a Lender is subject to Sanctions administered or enforced by Canada, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (the "<u>Anti-Terrorism Laws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Borrower and the Subsidiary Guarantor, and to the knowledge of the Borrower or the Subsidiary Guarantor, as applicable, its directors, officers, employees and other agents acting on its behalf in connection with the Loans, (x) is and has been in compliance with all Anti-Corruption Laws, and (y) shall not use any part of the proceeds of the Loans, directly

------

or indirectly: (1) to offer, pay, promise, use, authorize, or give any payment, bribe, rebate, promise, payoff, influence payment, kickback, or other transfer, either directly or indirectly, of any funds, money, assets, or anything of value (including gifts, meals, entertainment, charitable or political contributions, and similar items) to any official or employee of any foreign government department or agency or instrumentality or government-owned entity, to any foreign political party or party official or political candidate or to any official or employee of a public international organization, or to anyone else acting in an official capacity (collectively, "<u>Foreign Official</u>"), in order to obtain, retain or direct business by (i) influencing any act or decision of such Foreign Official in his official capacity, (ii) inducing such Foreign Official to do or omit to do any act in violation of the lawful duty of such Foreign Official, (iii) securing any improper advantage, (iv) assisting the Borrower or the Subsidiary Guarantor in obtaining or retaining business or (v) inducing such Foreign Official to use his influence with a foreign government or instrumentality to affect or influence any act or decision of such government or instrumentality; (2) to cause any party to this Agreement to violate (i) the U.S. Foreign Corrupt Practices Act of 1977 or (ii) where applicable, on and after the date that a Lender is subject to Sanctions administered or enforced by Canada, the Corruption of Foreign Public Officials Act (Canada); or (3) to cause any party to this Agreement to violate any other anti-corruption law applicable to such party (all laws referred to in <u>clauses (2)</u> and <u>(3)</u> above being "<u>Anti-Corruption Laws</u>"). In addition, there are no claims, actions, litigations, suits, investigation, inquiries or other proceedings against the Borrower concerning or relating to Anti-Corruption Laws in any capacity.

&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) None of the Borrower, the Subsidiary Guarantor, and to the knowledge of the Borrower or the Subsidiary Guarantor, as applicable, its Affiliates, directors, officers, employees or other of its agents acting or benefitting in any capacity in connection with the Loans is any of the following (each, a "<u>Restricted Person</u>"): (i) a Person with whom dealings are prohibited or restricted under any Sanctions; (ii) a Person that is named as a "specially designated national and blocked person" on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control ("<u>OFAC</u>") at its official website or any replacement website or other replacement official publication of such list or similarly named by any similar foreign governmental authority; (iii) a Person that is subject to Sanctions as a result of any relationship of ownership or control with any such Person otherwise described in this <u>Section 4.24</u>; (iv) a Person that derives more than 10% of its annual revenue from investments in or transactions with any Person described in the foregoing clauses <u>(i)</u> through <u>(iii)</u>; or (v) a resident, located, domiciled, operating or organized in a country or territory which is itself the subject or target of comprehensive, country- or territory-wide Sanctions, including those administered by Canada, OFAC or the U.S. Department of State (such jurisdictions, as of the date hereof, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk and Luhansk regions of Ukraine).

&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) Neither the Borrower the Subsidiary Guarantor, nor to the knowledge of the Borrower or the subsidiary Guarantor, as applicable, any Affiliate, director, officer, employee or any agent acting on its behalf in connection with the Loans, (x) has engaged in any activities (i) in breach of Sanctions, or (ii) directly or indirectly with or for the benefit of Restricted Persons or (y) will use any of the proceeds from the Loans, directly or indirectly, to finance or facilitate any transaction with, investment in, or any activities dealing with, or for the benefit of, a Restricted Person, in each case, that could reasonably be expected to result in a violation by any party to this Agreement 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;(e) In addition, none of the Borrower, the Subsidiary Guarantor, their directors, officers, employees, or, the knowledge of the Borrower or the Subsidiary Guarantor, each of the Borrower's and the Subsidiary Guarantor's Affiliates, brokers, and other agents acting on its behalf in connection with the Loans has received notice of or is otherwise aware of any claim, action, litigation, suit, investigation, inquiry, or other proceeding against the Borrower or the Subsidiary Guarantor concerning or relating to Sanctions in any capacity.

&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) Each of the Borrower, the Subsidiary Guarantor, and to the knowledge of the Borrower or the Subsidiary Guarantor, as applicable, its Affiliates, directors, officers, employees and other agents acting on its behalf in connection with the Loans, maintain policies and procedures that are reasonably designed to ensure compliance with Sanctions and Anti-Corruption Laws.

Article V<br>AFFIRMATIVE AND NEGATIVE COVENANTS OF THE BORROWER AND THE SUBSIDIARY GUARANTOR

Each of the Borrower and the Subsidiary Guarantor covenants and agrees that, so long as any Lender has any Commitment hereunder or any Obligations (other than any Obligation in respect of the Membership Interests and any Obligation that expressly survives the termination of this Agreement) remain unpaid, and unless the Majority Lenders shall otherwise consent in writing:

Section 5.1 <u>Information.</u> The Borrower will deliver (or cause to be delivered by the Servicer) the following to the Agents and S&P (and the Administrative Agent shall furnish copies thereof to each of the Lenders); *provided* that (1) the information described in clauses (b), (e) and (j) below will not be required to be delivered to S&P, (2) the information described in clause (k) below will be required to be furnished solely to each of the Lenders, (3) the Borrower shall procure the delivery by the Retention Provider of information described in clause (l) below, which will be required to be furnished solely to the Administrative Agent for distribution to each Affected Lender, (4) the information described in clause (m) shall be the responsibility of both the Borrower and the Retention Provider, (5) the information described in clause (o) below will be required to be furnished solely to the Person requesting such information or posted to a website to which such requesting Person has access and (6) no copies shall be furnished to S&P prior to the S&P Rating Effective Date or if S&P is no longer rating any Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [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;(b) (i) as soon as available, but in any event within 150 days after the end of each fiscal year of Parent, a consolidated balance sheet of Parent and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, partners' capital and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing, (ii) as soon

------

as available, but in any event within 60 days after the end of each of each fiscal quarter of each fiscal year of Parent, a balance sheet of Parent as of the end of such quarter and the related statements of operations for such quarter and for the portion of the Parent's fiscal year ended at the end of such quarter and (iii) as soon as available and in any event within 60 days after receipt of such request, such other information reasonably requested by the Agents or the Majority Lenders in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) simultaneously with the delivery of each July Payment Date Report, a certificate of the Borrower certifying that an Authorized Officer of the Borrower has reviewed the terms of the Loan Documents and has made, or caused to be made under his or her supervision, a review in reasonable detail of the business and condition of the Borrower during the period beginning on the date through which the last such review was made pursuant to this <u>Section 5.1(c)</u> (or, in the case of the first certification pursuant to this <u>Section 5.1(c)</u>, the Closing Date) and ending on a date not more than 10 Business Days prior to the date of such delivery and that on the basis of such review, no Default or Event of Default has occurred and is continuing or, if any such Default or Event of Default has occurred and is then continuing, specifying the nature and extent thereof and, if continuing, the action the Borrower is taking or proposes to take in respect 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) (i) promptly, but in no event longer than seven days, after a Senior Authorized Officer of the Borrower or the Subsidiary Guarantor obtains actual knowledge of any Default, if such Default is then continuing, a certificate of such Senior Authorized Officer setting forth the details thereof and the action which the Borrower or the Subsidiary Guarantor is taking or proposes to take with respect thereto; (ii) promptly, but in no event longer than two Business Days, after a Senior Authorized Officer of the Borrower or the Subsidiary Guarantor obtains actual knowledge of any Event of Default, if such Event of Default is then continuing, a certificate of such Senior Authorized Officer setting forth the details thereof and the action which the Borrower or the Subsidiary Guarantor is taking or proposes to take with respect thereto; (iii) promptly, and in any event within ten days after such Senior Authorized Officer obtains knowledge thereof, notice of any (x) litigation or governmental proceeding pending or actions threatened against the Borrower or the Subsidiary Guarantor or its or their rights in the Collateral Loans or other Collateral which have had or could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect, and (y) any other event, act or condition which has had or could reasonably be expected to have a Material Adverse Effect; and (iv) promptly, and in any event within ten days after a Senior Authorized Officer of the Borrower or the Subsidiary Guarantor obtains knowledge that any loan included in the Collateral does not qualify as a "Collateral Loan," notice setting forth the details with respect to such disqualification;

&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) promptly upon the sending thereof, copies of all reports, notices or documents that the Borrower or the Subsidiary Guarantor sends to any governmental body, agency or regulatory authority (excluding any periodic or routine reports, notices, documents or filings) and not otherwise required to be delivered hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly and in any event within ten Business Days after a Senior Authorized Officer of the Borrower or the Subsidiary Guarantor obtains actual knowledge of any of the following events, a certificate of the Borrower or the Subsidiary Guarantor,

------

as applicable, executed by a Senior Authorized Officer thereof, specifying the nature of such condition and the Borrower's or the Subsidiary Guarantor's proposed response thereto: (i) the receipt by the Borrower or the Subsidiary Guarantor of any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Borrower or the Subsidiary Guarantor is not in compliance with applicable Environmental Laws, and such noncompliance had or could reasonably be expected to have a Material Adverse Effect, (ii) the Borrower or the Subsidiary Guarantor has actual knowledge that there exists any Environmental Claim pending or threatened against the Borrower or the Subsidiary Guarantor that has had or could reasonably be expected to have a Material Adverse Effect or (iii) the Borrower or the Subsidiary Guarantor has actual knowledge of any release, emission, discharge or disposal of any Hazardous Substances that has had or could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) within ten Business Days after receipt of any material notices or correspondence from any company or administrative agent for any company providing insurance coverage to the Borrower or the Subsidiary Guarantor relating to any material loss of the Borrower or the Subsidiary Guarantor, copies of such notices and correspondence;

&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) not later than 10 Business Days after the Collateral Report Determination Date for each calendar month excluding each month in which a Payment Date occurs, a report concerning the Collateral Loans and Eligible Investments (the "<u>Collateral Report</u>"); the first Collateral Report shall be delivered on or before February 13, 2026 and shall be determined with respect to the Collateral Report Determination Date occurring on January 31, 2026; the Collateral Report for each such calendar month shall contain the information with respect to the Collateral Loans and Eligible Investments described in <u>Exhibit D</u>, and shall be determined as of the Collateral Report Determination Date for such calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on each Payment Date, a Payment Date Report in accordance with <u>Section 9.1(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) from time to time such additional information regarding the Collateral or the financial position or business of the Loan Parties as the Agents, on either their own initiative or at the request of the Majority Lenders or S&P, may reasonably request in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the information described in <u>Exhibit F</u>, at the times indicated therein, which shall be subject to adjustment with the prior written consent of the Borrower and the Majority Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) following the Transparency Reporting Effective Date, the following with respect to the EU/UK Retention Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a monthly basis (concurrent with the delivery of each Collateral Report), a certificate from an Authorized Officer of the Retention Provider confirming, (x) continued compliance with the EU/UK Risk Retention

------

Requirements, (y) continued compliance with the obligations set forth in the EU/UK Retention Letter, and (z) the continued accuracy of the representations of the Retention Provider set forth in the EU/UK Retention Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) upon any written request therefor by or on behalf of any Affected Lender delivered as a result of (1) a material change in (x) the performance of the Loans, the Collateral Loans and/or the Eligible Investments or (y) the risk characteristics of the transaction contemplated by the Loan Documents, (2) the breach of the EU/UK Retention Letter or any Loan Document to which the Retention Provider is a party or (3) the occurrence of an Event of Default, confirmation from the Retention Provider of its continued compliance with the requirements set forth in the EU/UK Retention Letter delivered on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly following a request by any Affected Lender which is received in connection with (x) a material amendment of any Loan Document or (y) any Additional Loan or Increased Commitment, a refreshed EU/UK Retention Letter from the Retention Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) promptly upon an authorized officer of the Retention Provider having actual knowledge thereof, written notice by the Retention Provider of (1) any failure to satisfy the EU/UK Retention Obligations at any time or (2) any of the representations of the Retention Provider under the EU/UK Retention Letter failing to be true at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) upon the request of any Affected Lender or the Administrative Agent, such information as may be reasonably required to satisfy the EU/UK Risk Retention Requirement, Article 5 of the EU Securitisation Regulation and/or Article 5 of Chapter 2 of the UK PRASR, UK SECN 4 and regulations 32B and 32C of UK SR 2024, to the extent such information is reasonably available to the Retention Provider without additional third-party out-of-pocket cost or expense and is not subject to a duty of court confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If the Transparency Reporting Effective Date has occurred (other than with respect to clause (iv)), (i) for delivery to any Affected Lender, information in the form of full standardized reporting templates required pursuant to the Transparency and Reporting Requirements in the forms prescribed by the technical standards applicable as at the Transparency Reporting Effective Date or as may be amended from time to time (Commission Delegated Regulation (EU) 2020/1224 and Commission Implementing Regulation (EU) 2020/1225) as Annex IV and Annex XII (the "<u>Transparency Reports</u>"), commencing no later than the date that is three months following the Transparency Reporting Effective Date and thereafter on a quarterly basis and within one month after each Payment Date and if and until compliance with the following clause (ii) commences; (ii) provide (no earlier than one month following the implementation of the Revised Templates unless a shorter period is agreed by the Borrower, the Servicer, and the Collateral Agent) information in the form of the Revised Templates, on a quarterly basis and within one month after each Payment Date; (iii) provide information (such information

------

to be provided without delay) on "significant events" required to be disclosed under Article 7(1)(g) of the EU Securitisation Regulation or Article 7(1)(g) of Chapter 2 of the UK PRASR; and (iv) provide documentation and information referred to in paragraphs (1)(b) and (c) of Article 7 of the EU Securitisation Regulation, paragraphs (1)(b) and (c) of Article 7 of Chapter 2 of the UK PRASR and UK SECN 4.2.1R on the Closing Date; *provided*, that the Servicer and the Borrower shall be obligated to provide such information set forth in clauses (i), (ii) and (iii) above, to the extent such information is not subject to any national law governing the protection of confidentiality of information or the processing of personal data or any confidentiality obligation (including, for the avoidance of doubt, any rule or regulation adopted by the SEC or any other applicable regulatory authority); *provided further*, however, that, if information is not provided pursuant to the foregoing proviso, the Borrower and/or the Servicer shall anonymize or aggregate such information for the purposes of the disclosure required herein; *provided further*, notwithstanding anything contained in this Agreement to the contrary, the Affected Lenders may waive (including via email) delivery of the reports required to be delivered pursuant to clauses (i) and (ii) above in their sole discretion without the consent of any other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) promptly, but in no event longer than five Business Days after a request from the Administrative Agent or any Lender, financial information with respect to any or all Obligors (which may be summary financial information or complete financial statements) as may be requested by the Administrative Agent or such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) within five Business Days of the receipt thereof, copies of any letters received from S&P in respect of Credit Estimates; 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;(p) (1) on each BSL Ratio Reset Date, the BSL Ratio (including, if such BSL Ratio Reset Date is a Borrowing Date, an identification of such Collateral Loan as a BSL Loan in the related Notice of Borrowing if such Borrowing is being used to acquire such Collateral Loan) and (2) on each Calculation Date, (x) a list of the BSL Ratio as of each BSL Ratio Reset Date that occurred in the applicable Due Period ending on such Calculation Date and (y) the average BSL Ratio for the applicable Due Period ending on such Calculation Date (in each case, as evidenced in a calculation statement that sets forth the method of calculation for the average BSL Ratio for the applicable Due Period ending on such Calculation Date).

Any Person accepting the benefits of <u>Section 5.1(l)</u> shall be deemed to have agreed to the terms set forth therein and each Affected Lender hereby represents that it is not relying on the Borrower, the Retention Provider or Parent, or any of their respective Affiliates, for any financial, tax, legal, accounting or regulatory advice, including in connection with the matters set forth in <u>Sections 3.1(n), 5.1(l) and 5.1(m)</u>.

Each recipient of information pursuant to Section 5.1(m) (i) is deemed to represent that it is an Affected Lender, (ii) agrees to keep confidential such information provided to it in accordance with Section 12.16; *provided* that any such Affected Lender may share such information with any governmental body, agency or official (including any bank regulatory agency) with jurisdiction over such Affected Lender and (iii) acknowledges that its receipt of such

------

information may constitute receipt of material non-public information under applicable securities laws.

Section 5.2 <u>Payment of Obligations.</u> Each Loan Party will pay and discharge, at or before maturity, all its respective material obligations and liabilities, including, without limitation, any material obligation pursuant to any agreement by which it or any of its properties or assets is bound and any material tax liabilities, except where such liabilities may be contested in good faith by appropriate proceedings, and will maintain in accordance with GAAP, appropriate reserves for the accrual of any of the same.

Section 5.3 <u>Maintenance of Property; Insurance.</u> Each Loan Party will maintain and preserve all its property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted, and make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not have a Material Adverse Effect.

Section 5.4 <u>Good Standing.</u> Each Loan Party will remain qualified to do business and in good standing (as applicable) in every jurisdiction in which the nature of its businesses so requires, except where the failure to be so qualified and in good standing (other than in the State of Delaware) could not reasonably be expected to have a Material Adverse Effect.

Section 5.5 <u>Compliance with Laws.</u> Each Loan Party will comply in all material respects with all applicable material laws, ordinances, rules, regulations, and requirements of governmental authorities (including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except where the necessity of compliance therewith is contested in good faith by appropriate proceedings. Each Loan Party will comply in all respects with all Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.

Section 5.6 <u>Inspection of Property, Books and Records; Audits; Etc</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 will keep proper books of record and accounts in which full, true and correct entries in accordance with GAAP shall be made of all material financial matters and transactions in relation to its business and activities; and will permit representatives of the Administrative Agent and the Collateral Agent (in each case at the Borrower's expense, in the case of not more than one inspection during any fiscal half-year period, except during the pendency or continuance of an Event of Default, in which case unlimited inspections will be at the Borrower's expense) to visit and inspect any of its properties, to examine any of its books and records and to discuss its affairs, finances and accounts with its officers, employees and Independent public accountants, in each case other than (x) materials and affairs protected by attorney client privilege and (y) materials which such person may not disclose without violation of any applicable law or contractual obligations, all during normal business hours, in a manner so as to not unduly disrupt the business of the Loan Parties, upon reasonable prior notice to the Loan Parties and as often as may reasonably be desired.

&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 requested by the Majority Lenders, each Loan Party agrees that representatives of the Majority Lenders (or an Independent third party auditing firm selected by the Majority Lenders) shall (at the Borrower's expense) conduct an audit and/or field examination

------

of each Loan Party and the Servicer, at reasonable times upon reasonable prior notice to the Loan Parties and the Servicer, in a manner so as to not unduly disrupt the business of the Loan Parties or the Servicer, for the purpose of examining the servicing and administration of the Collateral Loans, the results of which audit and/or field examination shall be promptly provided to the Lenders, *provided* that no more than one such audit or field examination shall be conducted during any fiscal year 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) If reasonably requested by the Administrative Agent or the Majority Lenders, each Loan Party and the Servicer shall participate in meetings with the Administrative Agent and the Lenders from time to time, each such meeting to be held at a location in New York City and at a time reasonably determined by the Borrower and the Servicer following such request.

Section 5.7 <u>Existence.</u> Each Loan Party shall do or cause to be done, all things necessary to preserve and keep in full force and effect its existence, its material rights, and its material privileges, obligations, licenses and franchises.

Section 5.8 <u>Subsidiaries; Equity Interests.</u> None of the Loan Parties shall directly or indirectly own any subsidiary or any Equity Interest in any entity other than as otherwise permitted pursuant to <u>Section 4.18</u>. The Borrower shall ensure that any SPV Subsidiary (i) is wholly owned by the Borrower, (ii) will not sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur or suffer such to exist), any part of its assets, except in compliance with the Borrower's rights and obligations under this Agreement and with such subsidiary's Constituent Documents, (iii) will not have any subsidiaries unless complying with the terms of clause (ii) above, this clause (iii) or clauses (iv) through (vii) below, (iv) will comply with the restrictions set forth in <u>Sections 5.4</u>, <u>5.5</u>, <u>5.9</u> through <u>5.16</u> and Section <u>5.18</u> of this Agreement, (v) will not incur or guarantee any indebtedness and will not hold itself out as being liable of the debts of any other Person, (vi) will include in its Constituent Documents (A) a limitation on its business such that it may only engage in the acquisition of assets permitted under this Agreement and the disposition of such assets and the proceeds thereof to the Borrower or the Subsidiary Guarantor (and activities ancillary thereto) and (B) provisions ensuring the separate existence of such SPV Subsidiary from any other Person, (vii) will have at least one director that is an Independent director complying with any applicable rating agency criteria and that is required to consider the interests of the Lenders with respect to such SPV Subsidiary and (viii) will distribute 100% of the proceeds of the assets acquired by it (net of applicable taxes and expenses payable by it) to the Borrower. The Borrower shall provide S&P and the Agents with prior written notice of the formation of any SPV Subsidiary and of the transfer of any asset to any SPV Subsidiary.

Section 5.9 <u>Investments.</u> (a) None of the Loan Parties shall make any investment other than in Collateral Loans, Eligible Investments or as otherwise permitted by this Agreement. On and after the Closing Date through the end of the Reinvestment Period, none of the Loan Parties shall purchase or originate any debt obligation unless, at the time of such purchase or origination and after giving effect thereto, the Eligibility Criteria are satisfied. None of the Loan Parties shall originate, purchase, acquire or fund any debt obligations after the Reinvestment Period except for (i) the funding of Exposure Amounts of Revolving Collateral Loans and Delayed Funding Loans that were acquired or originated prior to the end of the Reinvestment Period and (ii) the acquisition or origination of a Collateral Loan where the commitment to make such purchase or origination

------

was made prior to the end of the Reinvestment Period, so long as such commitment provided for settlement in accordance with customary procedures in the relevant markets, but in any event for a settlement period no longer than three months following the date of such commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Loan Parties shall at any time obtain or maintain title to any real property or obtain or maintain a controlling interest in an entity that owns any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Loan Parties shall commit to acquire or originate any Collateral Loan in contravention of (i) this Agreement, (ii) the EU/UK Risk Retention Requirements or (iii) the terms of the applicable Sale Agreement, which shall include the satisfaction of the Originator 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;(d) Notwithstanding the foregoing provisions of this <u>Section 5.9</u> or any other provision herein or in any other Loan Document to the contrary, from and after the nine-month anniversary of the Closing Date, if the S&P Rating Effective Date has not occurred, no commitments to make investments (other than Eligible Investments) or acquisition of any Collateral Loan shall be made by a Loan Party under this Agreement unless the Majority Lenders consent not to suspend the Reinvestment Period, in accordance with <u>Section 5.43</u> or waive the requirements of this <u>Section 5.9(d)</u>.

Section 5.10 <u>Restriction on Fundamental 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 enter into any merger, consolidation, division or other reorganization. No Loan Party shall liquidate, wind-up or dissolve (or suffer any liquidation or dissolution), discontinue its business or convey, lease, sell, transfer or otherwise dispose of, in one transaction or series of transactions, all or any part of its business or property, whether now or hereafter acquired, except for transfers of its property expressly permitted by the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Loan Party shall amend its Constituent Documents in any manner that is adverse to (i) any Agent, without such Agent's prior written consent or (ii) the Lenders, without the prior written consent of the Majority Lenders. Each Loan Party shall provide written notice to the Agents and the Lenders and (y) unless S&P is no longer rating any Loans, S&P, in each case at least 15 Business Days prior to executing any amendment to its Constituent Documents (or such lesser prior notice as shall be acceptable to the Agents and the Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than the issuance of additional PPNs with notice to the Administrative Agent, no Loan Party shall make any material amendment to any PPN without the prior written consent of the Administrative Agent.

Section 5.11 <u>ERISA.</u> Neither a Loan Party nor any member of its ERISA Group shall establish, maintain or contribute to, or be required to contribute to, any Plan or Multiemployer Plan or become a guarantor with respect to any such plan. Each Loan Party shall ensure that no transfer of any interest in any Loan Party and no admittance of additional Membership Interest Holders or equityholders or redemption of Membership Interest Holders or other equity interests will cause (i) the assets of a Loan Party or the Collateral to be treated as "plan assets" for purposes of Section 3(42) of ERISA or as the assets of any governmental, church, non-U.S. or other plan that is subject to Similar Law or (ii) the occurrence of any Prohibited Transaction.

------

Section 5.12 <u>Liens.</u> No Loan Party shall at any time directly or indirectly create, incur, assume or permit to exist, on any of its property, any Lien for borrowed monies or any other Lien except for Permitted Liens.

Section 5.13 <u>Business Activities.</u> No Loan Party shall engage in any business activity other than the making, purchase, origination, maintenance and disposition of Collateral Loans, the ownership and disposition of Equity Interests, the ownership of any SPV Subsidiaries, borrowing the Loans, issuing the Membership Interests, pledging the Collateral and performing its obligations under the Loan Documents, in each case in compliance with the terms of this Agreement and the other Loan Documents.

Section 5.14 <u>Fiscal Year; Fiscal Quarter.</u> The Borrower shall not change its fiscal year or any of its fiscal quarters, without the Administrative Agent's prior written consent, which consent shall not be unreasonably conditioned, withheld or delayed.

Section 5.15 <u>Margin Stock.</u> None of the proceeds of any Loan or any Membership Interests will be used by the Borrower or the Subsidiary Guarantor, directly or indirectly, for the purpose of buying or carrying any Margin Stock.

Section 5.16 <u>Indebtedness.</u> No Loan Party shall incur or suffer to exist any Indebtedness other than Permitted Indebtedness.

Section 5.17 <u>Use of Proceeds.</u> The Borrower shall use the proceeds of the Loans and the Membership Interests solely (a) for the purchase and origination of Collateral Loans during the Reinvestment Period (and after the Reinvestment Period only for the purchase and origination of Collateral Loans committed to during the Reinvestment Period, subject to <u>Section 5.9</u>); *provided* that (i) the proceeds of any Loan made in an Alternative Currency may only be used to purchase and originate Collateral Loans in such Alternative Currency and (ii) Collateral Loans originated in an Alternative Currency may only be purchased using the proceeds of Loans made in such Alternative Currency or proceeds of a Collateral Loan in such Alternative Currency, (b) to invest in the Subsidiary Guarantor, which will use such proceeds for the purchase and origination of Collateral Loans during the Reinvestment Period (and after the Reinvestment Period only for the purchase and origination of Collateral Loans committed to during the Reinvestment Period, subject to <u>Section 5.9</u>); *provided* that that (i) the proceeds of any Loan made in an Alternative Currency and invested in the Subsidiary Guarantor may only be used to purchase and originate Collateral Loans in such Alternative Currency and (ii) Collateral Loans originated in an Alternative Currency may only be purchased using the proceeds of Loans made in such Alternative Currency or proceeds of a Collateral Loan in such Alternative Currency, (c) to pay costs and expenses related to this Agreement, (d) as provided in <u>Section 5.31</u> and/or (e) in the case of the Class A-R Loans made after the Closing Date, to (i) refinance outstanding Swingline Loans, (ii) fund Unfunded Amounts or (iii) fund the Future Funding Reserve Accounts (subject to the terms of <u>Section 2.1(a)</u>), all on and subject to the terms and conditions set forth in this Agreement and the other Loan Documents.

Section 5.18 <u>Bankruptcy Remoteness; Separateness</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>Limited Purpose Entity</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;(i) Each Loan Party at all times since its formation has been, and will continue to be, duly organized or duly incorporated, as applicable and validly existing under the laws of the jurisdiction of its organization. Each Loan Party at all times since its formation has been, and will continue to be, duly qualified in each jurisdiction in which such qualification was or may be necessary for the conduct of its business, except where the failure to be so qualified in any jurisdiction (other than in the State of Delaware) could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Loan Party at all times since its formation has complied, and will continue to comply, with the provisions of its Constituent Documents and the laws of the jurisdiction of its formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all customary formalities regarding the existence of each Loan Party have been observed at all times since its formation and will continue to be observed;

&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 Loan Party has been adequately capitalized at all times since its formation and will continue to be adequately capitalized in light of the nature of its 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;(v) No Loan Party has at any time since its formation assumed or guaranteed, and it will not assume or guarantee, the liabilities of any other Persons (other than the endorsement of instruments for collection in the ordinary course of business or as otherwise permitted under this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No Loan Party has at any time since its formation entered into and was not a party to, and, it will not enter into or be a party to, any transaction with any Affiliate except as contemplated by the Loan Documents or its Constituent Documents or except in the ordinary course of business of such Loan Party on terms which are no less favorable to such Loan Party than would be obtained in a comparable arms' length transaction with an unrelated third 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;(b) <u>No Bankruptcy Filing</u>. No Loan Party is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws of any jurisdiction or the liquidation of all or a major portion of its assets or property, and it has no knowledge of any Person contemplating the filing of any such petition against it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Separate Existence</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;(i) At all times since its formation, each Loan Party has accurately maintained, and will continue to accurately maintain, in all material respects, its financial statements, accounting records and other corporate documents, as applicable, separate from those of the Servicer and any other Person. No Loan Party has at any time since its formation commingled, and it will not commingle, its assets with those of the Servicer or any other Person. Each Loan Party has at all times since its formation accurately maintained, in all material respects, and will continue to accurately maintain in all material respects, its own bank accounts and separate books of 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;(ii) Each Loan Party has at all times since its formation paid, and will continue to pay, its own liabilities from its own separate 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;(iii) Except for U.S. tax purposes, each Loan Party has at all times since its formation identified itself, and will continue to identify itself, in all dealings with the public, under its own name and as a separate and distinct entity. Except for U.S. tax purposes, no Loan Party has at any time since its formation identified itself, and it will not identify itself, as being a division or a part of any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Borrower will comply at all times with the Applicable Provisions (as such term is defined in the LLC Agreement) of the LLC Agreement in effect on the Closing Date without regard to subsequent amendments thereto unless consented to by the Borrower's Independent Directors and the Majority Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Subsidiary Guarantor will comply at all times with the Bankruptcy Remoteness Provisions (as such term is defined in the Constitution, dated as of November 7, 2025 in effect on the Closing Date (the "<u>Constitution</u>") of the Constitution, unless consented to by the board of directors of the Subsidiary Guarantor and the Majority Lenders.

Section 5.19 <u>Amendments, Modifications and Waivers to Collateral Loans.</u>In the performance of its obligations hereunder, each Loan Party may enter into any amendment or waiver of or supplement to any Related Contract; *provided* that the prior written consent of the Majority Lenders to any such amendment, waiver or supplement shall be required if (i) an Event of Default has occurred and is continuing or would result from such amendment, waiver or supplement or (ii) such amendment, waiver or supplement, individually or together with all other such amendments, waivers and/or supplements, would result in a Material Adverse Effect. Any Collateral Loan that, as a result of any amendment, waiver or supplement thereto, ceases to qualify as a Collateral Loan, will thereafter have a value equal to zero when calculating the Adjusted Collateral Principal Amount for purposes of the Overcollateralization Ratio Test for so long as it remains unqualified to be a Collateral Loan by the terms of this Agreement. In the event of an amendment, waiver or supplement to a Collateral Loan (a) that is not consented to by the Majority Lenders and that results in the failure of the Maximum Weighted Average Life Test (but would otherwise qualify as a Collateral Loan), such Collateral Loan will thereafter be treated as a Defaulted Loan hereunder until such time as the Maximum Weighted Average Life Test is satisfied (*provided* that, if at the time of such satisfaction of the Maximum Weighted Average Life Test, such Collateral Loan would otherwise be considered a Defaulted Loan in accordance with the terms of this Agreement, such Collateral Loan will continue to be treated as a Defaulted Loan hereunder), (b) that, without consent of the Majority Lenders, constitutes a Specified Change that modifies the characteristics of such Collateral Loan for purposes of (i) the calculation of any Coverage Test or Collateral Quality Test or (ii) compliance with Concentration Limitations, then such Collateral Loan will, on and after the date of such amendment, waiver or supplement, be treated as such recharacterized Collateral Loan for all purposes hereunder or (c) that constitutes any other Specified Change and the Majority Lenders have not provided their consent to such amendment, waiver or supplement, then such Collateral Loan will thereafter be treated as a Defaulted Loan hereunder for purposes of calculating the Overcollateralization Ratio Test and the Portfolio Advance Rate; *provided* that, if at any time the Majority Lenders consent to such

------

amendment, waiver or supplement, then such Collateral Loan will no longer be treated as a Defaulted Loan hereunder (unless such Collateral Loan would otherwise be considered a Defaulted Loan in accordance with the terms of this Agreement.

Section 5.20 <u>Hedging</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 may, at any time and from time to time, enter into any Interest Hedge Agreements (and may amend, replace or otherwise modify any Interest Hedge Agreement), subject in each case to satisfaction of the Rating Condition (except in the case of a rollover or extension of an Interest Hedge Agreement, the Rating Condition is not required to be satisfied and prior written notice thereof shall be provided to S&P) and the prior written consent of the Majority Lenders. Each Loan Party (or the Servicer on behalf of such Loan Party) shall promptly provide written notice of entry into, and the amendment or replacement of, any Interest Hedge Agreement to the Agents. Notwithstanding anything to the contrary contained herein, no Loan Party (nor the Servicer on behalf of such Loan Party) shall enter into any Interest Hedge Agreement unless either (i) such Loan Party or the Servicer is registered as a commodity pool operator with the CFTC or (ii) such Loan Party obtains (A) a certification from the Servicer (which such Loan Party shall provide to the Agents, the Membership Interest Holders and the Lenders) that (1) the written terms of such Interest Hedge Agreement directly relate to the Collateral Loans and the Loans and (2) such Interest Hedge Agreement reduces the interest rate and/or foreign exchange risks related to the Collateral Loans and the Loans and (B) written advice of nationally recognized legal counsel (which such Loan Party shall provide to the Agents, the Membership Interest Holders and the Lenders) that such Interest Hedge Agreement will not cause such Loan Party or the Servicer to be required to register as a commodity pool operator with the CFTC or that such Loan Party and the Servicer would be eligible for an exemption to the requirement to register as a commodity pool operator with the CFTC.

&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 Interest Hedge Agreement shall contain appropriate limited recourse and non-petition provisions equivalent (*mutatis mutandis*) to those contained in <u>Section 12.15</u>. Each Interest Hedge Counterparty shall be required to satisfy, at the time that any Interest Hedge Agreement to which it is a party is entered into, the then-current S&P criteria for hedge counterparties with respect to any Interest Hedge Agreements shall be subject to the Priority of Payments specified in Section 9.1(a) and Section 6.4. Payments with respect to any Interest Hedge Agreements shall be subject to Article IX. Each Interest Hedge Agreement (i) shall contain an acknowledgement by the Interest Hedge Counterparty that the obligations of the applicable Loan Party to the Interest Hedge Counterparty under the relevant Interest Hedge Agreement shall be payable in accordance with Article IX and (ii) shall provide that it may not be terminated due to the occurrence of an Event of Default until liquidation of the Collateral has commenced.

Section 5.21 <u>Title Covenants.</u> Each Loan Party covenants that at no time shall it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create, permit or suffer to be created any Lien or security interest in the Collateral other than Permitted Liens; 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) except as otherwise expressly permitted herein sell, transfer, assign, deliver or otherwise dispose of any Collateral or any interest therein.

------

Each Loan Party further covenants and agrees to defend the Collateral against the claims and demands of all other parties to the extent necessary to preserve the first priority security interest of the Collateral Agent in the Collateral subject to Permitted Liens.

Section 5.22 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party shall at its sole expense file, record, make, execute and deliver all such notices, instruments, statements and other documents, and take such acts, as the Collateral Agent may reasonably request from time to time to register in the name of the Collateral Agent, and to perfect, preserve, continue or otherwise protect the security interest of the Collateral Agent, for the benefit of the Secured Parties in, the Collateral or any part thereof, or to give effect to the rights, powers and remedies of the Collateral Agent hereunder, including but not limited to execution and delivery of financing statements, continuation statements and amendments to financing statements. Each Loan Party shall be obligated to perform its obligations under this Agreement notwithstanding the ability of the Collateral Agent to take such actions pursuant to the provisions of <u>Section 5.24</u>. No Loan Party shall permit the validity or effectiveness of this Agreement or any grant of Collateral hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement, in each case, to the extent the same would be an Event of Default hereunder.

Section 5.23 <u>Costs of Transfer; Taxes; and Expenses</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 pay all transfer taxes and other costs incurred in connection with all transfers of Collateral that are not paid by the applicable obligor of such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Loan Party agrees to pay the Collateral Agent the reasonable and documented out-of-pocket costs and expenses, including but not limited to reasonable attorneys' fees and other charges, incurred by the Collateral Agent in connection with making collections on any Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Party agrees to pay and discharge when due all U.S. federal and other material Taxes imposed on it or on its income or profits or with respect to any of its assets, except for any such Tax the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained on the books of the Loan Parties in accordance with GAAP.

------

Section 5.24 <u>Collateral Agent May Perform</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 either Loan Party fails to perform any agreement contained herein to be performed by it related to perfection, preservation or protection of the security interest of the Collateral Agent for the benefit of the Secured Parties, the Collateral Agent may, upon the written instructions of the Majority Lenders, itself file, record, make, execute and deliver all such notices, instruments, statements and other documents, and take such acts, as the Majority Lenders may determine to be necessary or desirable from time to time to perfect, preserve or otherwise protect the security interest of the Collateral Agent, for the benefit of itself and the Secured Parties and otherwise perform, or cause performance of, any other such actions as the Majority Lenders shall determine is necessary or desirable, and the reasonable and documented out-of-pocket expenses of the Collateral Agent incurred in connection therewith to the extent provided under <u>Section 12.3</u> shall be payable by the applicable Loan Party and shall be part of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The powers conferred on the Collateral Agent hereunder are solely to protect its interest (on behalf of the Secured Parties) in the Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against third parties or any other rights pertaining to any Collateral.

Section 5.25 <u>Notice of Name Change.</u> Each Loan Party shall give the Collateral Agent and S&P not less than 30 days' notice of any change of its name and not less than 30 days' notice of any change of its principal place of business (or in each case, such lesser prior notice as shall be acceptable to the Collateral Agent) and will take all steps necessary to preserve the first priority perfected security interest of the Collateral Agent in the Collateral (subject to Permitted Liens). No Loan Party shall change its type of organization, jurisdiction of organization or other legal structure without the prior written consent of the Majority Lenders (which consent shall not be unreasonably withheld, delayed or conditioned), and, unless S&P is no longer rating any Loans, will provide notice thereof to S&P.

Section 5.26 <u>Procurement and Renewal of Credit Estimates.</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 at any time a Collateral Loan does not have an S&P Rating, then the applicable Loan Party shall, within 30 days after (x) the purchase or origination of such Collateral Loan or (y) the withdrawal of an S&P Rating from such Collateral Loan, apply to S&P for a Credit Estimate (and promptly notify the Collateral Agent of such application); *provided*, that, if the S&P Rating of a Collateral Loan is determined based on a Credit Estimate pursuant to clause (d) of the definition of "S&P Rating" herein, (i) such Credit Estimate must be renewed at least annually and (ii) the applicable Loan Party shall notify S&P within 10 Business Days of any amendment to the Related Contracts for such Collateral Loan. Promptly following the receipt of a Credit Estimate from S&P, the applicable Loan Party shall notify the Collateral Agent and provide the Collateral Agent with the details of such Credit Estimate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each Collateral Loan with a Credit Estimate provided by S&P, the applicable Loan Party shall submit such Required S&P Credit Estimate Information as is required by S&P to renew such Credit Estimate within the 12 month period following receipt of the most recent Credit Estimate provided by S&P for such Collateral Loan.

Section 5.27 <u>Filing Fees, etc.</u> Each Loan Party agrees (a) to pay or to reimburse the Collateral Agent for any and all amounts in respect of all search, filing, recording and registration fees and other similar imposts which may be payable or determined to be payable in respect of the execution, delivery, performance and enforcement of this Agreement and the other Loan Documents and (b) to save the Collateral Agent harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such fees. The obligations of each Loan Party under this <u>Section 5.27</u> shall survive the termination of the other provisions of this Agreement. For the avoidance of doubt, any amounts paid pursuant to this <u>Section 5.27</u> shall not be duplicative of amounts paid or excluded pursuant to <u>Section 11.4</u>.

Section 5.28 <u>Credit Standards.</u> The standards and procedures, including without limitation credit standards, applied by the Loan Parties in evaluating and determining the creditworthiness of the Obligors and the terms of, and the advisability of originating or acquiring, each Collateral Loan shall not be less stringent than (i) the customary and usual standards and procedures applied by its Affiliates as of the date hereof in connection with loans originated or acquired by them or (ii) the customary and usual standards and procedures applied by its Affiliates as of the date of determination in connection with loans originated or acquired by them.

Section 5.29 <u>Delivery of Proceeds.</u> In the event that any Loan Party receives any payments in respect of or other proceeds of Collateral Loans or other Collateral or any capital contribution, such Loan Party shall hold such payments or other proceeds in trust and shall pay such payments or other proceeds to the Collateral Agent promptly and, in no event, later than two Business Days after such Loan Party's receipt thereof. Each Loan Party shall at all times provide instructions (or cause instructions to be provided) to each Obligor (or applicable agent) that any payments to be made to it with respect to any Collateral Loan or other Collateral shall be made to the applicable Collection Account or other applicable Covered Account.

Section 5.30 <u>Performance of Obligations.</u> Each Loan Party shall timely and fully comply with and perform its obligations under the Collateral Loans and other Collateral in accordance with the terms thereof.

Section 5.31 <u>Limitation on Dividends.</u> No Loan Party will declare or make any direct or indirect distribution, dividend or other payment to any person on account of any membership or other equity interest in, or ownership of any similar interests or securities of such Loan Party, except for (i) Permitted RIC Distributions and (ii) distributions made pursuant to <u>Sections 6.4</u> and <u>9.1</u>.

Section 5.32 <u>Collateral Loan Documentation; Approved Appraisal Firm</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 require each Obligor under any Collateral Loan owned by it (or other obligation included in the Collateral owned by it) that is documented on the such Loan Party's forms to waive its right to a jury trial.

------

&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 initial Approved Appraisal Firms shall be as set forth on Schedule A hereto. Any other Independent appraisal firm selected by the Loan Parties may be added as an Approved Appraisal Firm, *provided* that the Loan Parties have notified S&P of such designation in writing and the Majority Lenders have not objected within 10 Business Days.

Section 5.33 <u>Annual Rating Review.</u> So long as the S&P Rating Effective Date has occurred, unless waived in writing by the Majority Lenders, on or before December 31 in each calendar year, commencing in 2026, the Loan Parties shall pay for the ongoing monitoring of the rating of the Loans by S&P. The Loan Parties shall promptly notify the Agents, the Servicer, the Membership Interest Holders and the Lenders in writing if at any time the rating of the Loans has been, or is known will be, changed or withdrawn, or the rating outlook on the Loans has been, or is known will be, changed.

Section 5.34 <u>[Reserved]</u>.

Section 5.35 <u>Transactions With Affiliates</u>.

Except as may be otherwise required or permitted by the applicable Sale Agreement, no Loan Party shall sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates unless (i) the terms and conditions of any such transaction are no less favorable to such Loan Party than the terms it would obtain in a comparable, timely transaction with a non-Affiliate, (ii) such transaction is effected in accordance with all Applicable Law, (iii) such transaction is conducted in an arm's length transaction in the ordinary course of business and (iv) in the case of the sale of any Collateral Loan, the sale price is not less than the Market Value with respect to such Collateral Loan (*provided* that Market Value shall not be determined pursuant to clause (iv) or (v) of the definition thereof). Each Loan Party shall ensure that all purchases of Collateral Loans from any Affiliate of such Loan Party will be pursuant to and in accordance with the applicable Sale Agreement. This <u>Section 5.33</u> shall not require the Seller or any Affiliate of any Loan Party to purchase from such Loan Party or sell or otherwise transfer to such Loan Party any property or assets except as provided by the applicable Sale Agreement.

Section 5.36 <u>Reports by Independent Accountants.</u> Within 60 days after the Closing Date, the Borrower shall select one or more firms of Independent certified public accountants of recognized international reputation for purposes of performing agreed-upon procedures required by this Agreement, which may be the firm of Independent certified public accountants that performs accounting services for the Borrower or the Servicer. The Borrower may remove any firm of Independent certified public accountants at any time. Upon any resignation by such firm or removal of such firm by the Borrower, the Borrower (or the Servicer on behalf of the Borrower) shall promptly appoint by Loan Party Order delivered to the Collateral Agent a successor thereto that shall also be a firm of Independent certified public accountants of recognized international reputation, which may be a firm of Independent certified public accountants that performs accounting services for the Borrower or the Servicer. If the Borrower shall fail to appoint a successor to a firm of Independent certified public accountants which has resigned or has been removed within 30 days after such resignation or removal (as applicable), the Borrower shall promptly notify the Collateral Agent and the Servicer of such failure in writing. If

------

the Borrower shall not have appointed a successor within ten days thereafter, the Servicer shall appoint a successor firm of Independent certified public accountants of recognized international reputation. The fees of such Independent certified public accountants and its successor shall be payable by the Borrower as Administrative Expenses in accordance with the Priority of Payments and the terms of this Agreement. In the event such firm requires the Collateral Agent and/or the Collateral Administrator to agree (whether in writing or otherwise) to the procedures performed by such firm, the Borrower hereby directs the Collateral Agent and the Collateral Administrator to so agree and directs the Collateral Agent and the Collateral Administrator to execute a specified user agreement, access letter or agreement of similar import requested by such accountants; it being understood and agreed that the Collateral Agent and the Collateral Administrator will deliver such letters of agreement and similar documents in conclusive reliance on the foregoing direction of the Borrower, and neither the Collateral Agent nor the Collateral Administrator shall make any inquiry or investigation as to, and shall have no obligation in respect of, the validity or correctness of such procedures or the content of such letters.

Section 5.37 <u>Risk Retention.</u> Each Loan Party shall ensure, at all times on and after the execution and delivery of the EU/UK Retention Letter, if applicable (including by obtaining a refreshed EU/UK Retention Letter duly executed by a Senior Authorized Officer of the Retention Provider from time to time, which may be at the written request of the Administrative Agent) that the Retention Provider (i) at all times will hold the Retention Interest in accordance with the EU/UK Retention Letter, (ii) will not change the manner in which it retains the Retention Interest, except to the extent permitted under the EU/UK Retention Letter and with the prior written consent of the Administrative Agent and each Affected Lender, (iii) will not enter into any credit risk mitigation, short position or any other credit risk hedge or credit risk hedging arrangement of any kind with respect to the Retention Interest to the extent prohibited by the EU/UK Retention Letter and (iv) will not amend, supplement, modify, repudiate, or waive any provision of, any EU/UK Retention Letter without the written consent of the Administrative Agent and each Affected Lender.

Section 5.38 <u>Tax Matters as to the Borrower and the Subsidiary Guarantor.</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, the Subsidiary Guarantor and each Lender shall treat the Loans as debt for U.S. federal income tax purposes and will take no contrary position unless otherwise required by an applicable taxing 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) The Borrower, the Subsidiary Guarantor and each Membership Interest Holder shall not, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise take any action, that would cause a Loan Party to be treated as an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal, state or any other applicable tax purposes. The Borrower, the Subsidiary Guarantor and each Membership Interest Holder shall at all times ensure that each Loan Party is treated either as (i) an entity disregarded from a sole owner for U.S. federal income tax purposes, or (ii) a partnership (other than a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any contrary agreement or understanding, the Servicer, the Borrower, the Subsidiary Guarantor, the Agents, the Membership Interest Holders and the Lenders (and each of their respective employees, representatives or other agents) may disclose to any and

------

all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. The foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or local law, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or local law.

Section 5.39 <u>[Reserved]</u>.

Section 5.40 <u>Anti-Money Laundering and Anti-Terrorism Finance Laws; Foreign Corrupt Practices Act; Sanctions Laws.</u> No Loan Party shall (a) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or otherwise violates any Anti-Terrorism Law, Anti-Corruption Law or Sanctions law, (b) cause or permit any of the funds that are used to repay the Obligations to be derived from (i) any unlawful activity with the result that any Agent, any Lender, Membership Interest Holder or any Loan Party would be in violation of any applicable law or (ii) any transactions or activities with or for the benefit of any Restricted Persons or in breach of Sanctions or (c) use any part of the proceeds of the Loans and/or Membership Interests, directly or indirectly, for any conduct that would cause the representations and warranties in Section 4.24 to be untrue as if made on the date any such conduct occurs.

Section 5.41 <u>Pool Concentrations.</u> During the Reinvestment Period, each Loan Party shall use commercially reasonable efforts to ensure that the pool of Collateral contains Collateral Loans of no less than 20 different Obligors (where each Obligor and its Affiliates are treated as a single Obligor).

Section 5.42 <u>Transfer of Membership Interests.</u> No Loan Party shall recognize the sale or transfer of any membership interest or other equity interest (including any Membership Interests) that does not comply with the requirements of its applicable organization document and will treat any purported sale or transfer of any such interest in violation of this requirement as null and void. No Loan Party shall recognize the sale or transfer of any membership interest or other equity interest (including any Membership Interests) to any person if such sale or transfer will result in the assets of the Borrower or any Collateral being treated as "plan assets" for purposes of Section 3(42) of ERISA or as the assets of any governmental, church, non-U.S. or other plan that is subject to Similar Law or the occurrence of any Prohibited Transaction, and any purported sale or transfer of any membership interest or other equity interest (including any Membership Interests) in violation of this requirement shall be treated as null and void.

Section 5.43 <u>S&P Rating.</u> The Borrower, the Subsidiary Guarantor, the Administrative Agent and Majority Lenders shall endeavor to obtain an S&P rating of the Loans of at least "AA (sf)" no later than the nine-month anniversary of the Closing Date and agree to amend this Agreement and the other Loan Documents as reasonably necessary to obtain such S&P rating. The Majority Lenders and the Administrative Agent will not unreasonably withhold consent to any document changes required by S&P in order to obtain a rating. If the Loan Parties do not obtain such S&P rating prior to the nine-month anniversary of the Closing Date, the

------

Reinvestment Period shall automatically be suspended, unless the Majority Lenders provide written consent not to suspend the Reinvestment Period at such time.

Section 5.44 <u>Beneficial Ownership Certification.</u> 

The Loan Parties agree to notify the Administrative Agent of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.

Article VI<br>EVENTS OF DEFAULT

Section 6.1 <u>Events of Default.</u> The term "Event of Default" shall mean any of the events set forth in this <u>Section 6.1</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) a default in the payment, when due and payable, of any interest, fees, costs, expenses, indemnities or other amounts (other than principal) due on any Loan or any related obligations in respect thereof, in each case, the continuation of such default for three Business Days after the date such amounts become due and payable if such date is provided in this Agreement or the applicable Loan Document (or, if no such date is provided or such amount is not fixed, after notice shall have been given to the Borrower by the Majority Lenders or by the intended recipient of such amounts or either Agent, specifying such amount that has become due and payable and the date on which such amount is due and payable); *provided* that in the case of a failure to pay due to an administrative error or omission by the Administrative Agent or the Collateral Agent, such failure continues for five Business Days after the Administrative Agent or the Collateral Agent receives written notice or has actual knowledge of such administrative error or omission and 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;(b) a default in the payment of any principal due on any Loans when such principal becomes due and payable; *provided* that in the case of a failure to pay due to an administrative error or omission by the Administrative Agent or the Collateral Agent, such failure continues for five Business Days after the Administrative Agent or the Collateral Agent receives written notice or has actual knowledge of such administrative error or omission and 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;(c) the failure on any Payment Date to disburse amounts in excess of U.S. $10,000 available in the USD Payment Account or USD Collection Account in accordance with the Priority of Payments and continuation of such failure for a period of three Business Days or, in the case of a failure to disburse due to an administrative error or omission by the Administrative Agent, the Collateral Agent or the Collateral Administrator, such failure continues for five Business Days after the Administrative Agent, the Collateral Agent or the Collateral Administrator, as applicable, receives written notice or has actual knowledge of such administrative error or omission and 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;(d) any Loan Party or the pool of Collateral Loans becomes an investment company required to be registered under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the occurrence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure of any representation or warranty in Section 4.9, 4.12 or 4.24 to be correct in all material respects when made, or default in the performance, or breach, of any covenant contained in Section 5.1(d)(i) or (ii), 5.10, 5.12, 5.13, 5.16, 5.18 (*provided* that, in the case of clause 5.18(c) the Administrative Agent determines based on the advice of counsel that such default would impair the ability of a nationally recognized firm to provide a non-consolidation opinion with respect thereto), or 5.40;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) default in the performance, or breach, of any covenant contained in Section 5.1(d)(iii) or (iv), (h), 5.9, 5.11, 5.15, 5.17, 5.19, 5.21, 5.29 or 5.31 and in each case, not cured within five 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;(iii) default in the performance, or breach, of any covenant contained in Section 5.1(i) and not cured within 15 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) default or breach of any covenant contained in <u>Section 5.30</u>, and there has occurred or there could reasonably be expected to occur a material adverse effect on the rights, interests or remedies of the Agents, the Lenders or the Membership Interest Holders under any of the Loan Documents and the continuation of such failure for a period of five Business Days after any Loan Party or the Servicer receives written notice or has actual knowledge of such failure; 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;(v) (x) default in the performance, or breach, of any other covenant, warranty or other agreement of the Borrower, the Subsidiary Guarantor or the Servicer under this Agreement or any other Loan Document in any material respect, or (y) the failure of any representation or warranty of any Loan Party or the Servicer made in this Agreement, any other Loan Document or in any related certificate or other writing delivered pursuant hereto or thereto or in connection herewith or therewith to be correct in all material respects when made and such failure would reasonably be expected to have a Material Adverse Effect (other than a covenant, representation, warranty or other agreement or a portion thereof a default in the performance or breach or failure of which is otherwise specifically dealt with in this <u>Section 6.1</u>, it being understood, without limiting the generality of the foregoing, that any failure to satisfy any Concentration Limitation, Collateral Quality Test, Coverage Test (except as provided in clause (h) below) or Reinvestment Overcollateralization Test is not an Event of Default), and such default, breach or failure either (A) is not susceptible of cure or (B) continues for a period of 30 days after any Loan Party or the Servicer receives written notice or has actual knowledge of such default or breach;

&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) 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 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 or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

&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 institution by any Loan Party or any Affiliate of proceedings for such Loan Party to be adjudicated as bankrupt or insolvent, or the consent by such Loan Party or any Affiliate to the institution of bankruptcy or insolvency proceedings against such Loan Party, or the filing by such Loan Party or any Affiliate of a petition or answer or consent seeking reorganization or relief for such Loan party under the Bankruptcy Code or any other similar applicable law, or the consent by such Loan Party or any Affiliate to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of such Loan party of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by such Loan Party or any Affiliate in furtherance of any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Overcollateralization Ratio is less than or equal to 115% as of any Measurement Date or other date of determination and remains so for five Business Days after such Measurement Date or other 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;(i) any Lien on any Collateral created pursuant to the Loan Documents shall, at any time after delivery of the respective Loan Documents, cease to be fully valid and perfected as a first priority Lien (other than directly due to the action or omission of the Administrative Agent or the Lenders) subject only to Permitted Liens; *provided* that in the case of a Lien so ceasing to be fully valid and perfected due to an administrative error or omission by the Collateral Agent, such failure continues for two Business Days after the Collateral Agent receives written notice or has actual knowledge of such administrative error or omission;

&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 of the Loan Documents ceases to be in full force and effect (except for those provisions of any Loan Document not material, individually or in the aggregate with other affected provisions, to the interests of any of the Lenders or any of the Membership Interest Holders) other than in accordance with the terms of the Loan Documents, or due to any act or omission of any Lender or the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) one or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability of $1,000,000 or more in excess of the amounts paid or fully covered by insurance and the same shall not have been vacated, satisfied, undischarged, stayed or bonded pending appeal within 10 days from the entry 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;(l) (i) the occurrence of an act by any Loan Party or the Servicer that constitutes fraud or criminal activity in the performance of its obligations under this Agreement or any other Loan Document (as determined pursuant to a final adjudication by a court of competent jurisdiction) or such Loan Party or the Servicer being indicted for a criminal

------

offense materially related to its business of providing asset management services, or (ii) any Senior Authorized Officer of any Loan Party or the Servicer primarily responsible for the performance by such Loan Party or the Servicer of its obligations under this Agreement or any other Loan Document (in the performance of his or her investment management duties) is indicted for a criminal offense materially related to the business of the Loan Parties or the Servicer providing asset management services and continues to have responsibility for the performance by any Loan Party or the Servicer under this Agreement or any other Loan Document for a period of 10 days after such indictment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the occurrence of any event that results in FPLF NS Holdings Finance CM LLC or any Affiliate of Fortress Investment Group LLC no longer acting as the servicer of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the occurrence of a Change of Control; 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;(o) the occurrence of a Servicer Termination Event.

Section 6.2 <u>Remedies.</u> If an Event of Default shall have occurred and be continuing, the Majority Lenders or the Administrative Agent (acting at the direction of the Majority Lenders) may exercise the rights, privileges and remedies set forth in this <u>Section 6.2</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon notice to the Borrower require that the Lenders must receive at least five Business Days' notice of each of the following and that each of the following shall require the prior approval by the Majority Lenders, whether or not approved by the Borrower's board of directors or other persons performing similar functions: (i) issuance of any commitment to make, and the purchase or origination (other than pursuant to commitments then in effect) of, any Collateral Loan or other obligation constituting any Collateral or any interest therein, (ii) any amendment, modification, or waiver of, or any consent to departure from, any term or provision of any Collateral Loan or other obligation constituting any Collateral, (iii) any release of any collateral for, or guarantor of or other credit support provider for, any Collateral Loan or other obligation constituting any Collateral, except upon payment in full of such Collateral Loan or other obligation, or any subordination or limitation of recourse with respect thereto, (iv) any sale, purchase, assignment or participation in respect of any Collateral Loan or other obligation constituting any Collateral (other than (x) pursuant to commitments then in effect, (y) in the case of a sale or assignment, upon payment in full of such Collateral Loan or other obligation or (z) in the case of a sale or assignment, if otherwise permitted during the continuance of an Event of Default pursuant to <u>Section 10.1</u>), (v) any determination to exercise, or not to exercise, remedies in respect of a Collateral Loan or other loan or security constituting any Collateral following a default or event of default thereunder, and (vi) any other action or decision not to act which impairs or could be reasonably likely to impair the value of any Collateral Loan or other loan or security constituting any Collateral, or to extend or increase any Loan Party's obligations with respect thereto or to interfere with the exercise of rights or remedies with respect to any Collateral Loan or other loan or security constituting any Collateral.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence and during the continuance of any Event of Default, in addition to all rights and remedies specified in this Agreement and the other Loan Documents, including <u>Section 6.3</u>, and the rights and remedies of a secured party under applicable law, including the UCC, the Administrative Agent or the Majority Lenders, by notice to the Borrower and the Collateral Agent, may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare the Commitments to be terminated forthwith, whereupon the Commitments shall forthwith terminate (*provided* that the Commitments shall not be terminated if any Swingline Loans are outstanding); 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;(2) declare the principal of and the accrued interest on the Loans and all other amounts whatsoever payable by the Borrower hereunder (including any amounts payable under <u>Section 2.9</u>) to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower;

*provided* that, upon the occurrence of any Event of Default described in clause (f) or (g) of <u>Section 6.1</u>, the Commitments shall automatically terminate and the Loans and all such other amounts shall automatically become due and payable, without any further action by any 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;(c) Upon the occurrence and during the continuance of an Event of Default, the Majority Lenders or the Collateral Agent, acting at the direction of the Majority Lenders through the Administrative Agent, will have the right to take any other remedies set forth in <u>Section 6.3(b)</u> below or other remedies permitted by 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) In connection with any sale of the Collateral following a declaration that the Obligations are immediately due and payable pursuant to Section 6.2(b), the Parent or any Affiliates thereof shall have the right to purchase any or all of the Loans in the Collateral, in each case by paying to the Collateral Agent in immediately available funds .an amount equal to all outstanding Obligations. If the Parent or any Affiliates thereof fail to (i) give notice of its intention to exercise this purchase right within three (3) Business Days following the declaration that the Obligations are immediately due and payable pursuant to Section 6.2(b) or (ii) exercise such purchase right within twelve (12) Business Days following its provision of notice pursuant to clause (i), then, in either case, such contractual rights shall be irrevocably forfeited by the Parent and Affiliates thereof, but nothing herein shall prevent the Parent or its Affiliates from bidding at any sale of such Collateral.

Section 6.3 <u>Additional Collateral Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Release of Security Interest</u>. If and only if all Secured Obligations (other than any Obligation that expressly survives the termination of this Agreement) have been paid in full and all Commitments have been terminated, the Secured Parties shall, at the expense of the Borrower, promptly execute, deliver and file or authorize for filing such instruments as the Borrower shall reasonably request in order to reassign, release or terminate the Secured Parties' security interest in the Collateral. The Secured Parties acknowledge and agree that upon the sale

------

or disposition of any Collateral by the Loan Parties in compliance with the terms and conditions of this Agreement, the security interest of the Secured Parties in such Collateral shall immediately and automatically terminate without any action by any party and the Secured Parties shall, at the expense of the Borrower, execute, deliver and file or authorize for filing such instrument as the Loan Parties shall reasonably request to reflect or evidence such termination. Any and all actions under this Article VI in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and shall be at the sole cost and expense of the Borrower.

&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>Additional Rights and Remedies</u>. The Collateral Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party under the UCC and other applicable law. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent or its designees shall, in each case at the direction of the Majority Lenders through the Administrative Agent, (i) instruct one or both Loan Parties to deliver any or all of the Collateral, the Related Contracts and any other documents relating to the Collateral to the Collateral Agent or its designees and otherwise give all instructions for such Loan Party or Loan Parties regarding the Collateral; (ii) sell or otherwise dispose of the Collateral, all without judicial process or proceedings; (iii) take control of the proceeds of any such Collateral; (iv) subject to the provisions of the applicable Related Contracts, exercise any consensual or voting rights in respect of the Collateral; (v) release, make extensions, discharges, exchanges or substitutions for, or surrender all or any part of the Collateral; (vi) enforce any or all of the Loan Parties' rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (viii) require that the one or more of the Loan Parties immediately take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Secured Obligations, in accordance with the terms of the Related Contracts; (ix) to redeem or withdraw or cause the applicable Loan Party or Loan Parties to redeem or withdraw any asset of such Loan Party to pay amounts due and payable in respect of the Secured Obligations; (x) subject to <u>Section 12.16</u>, make copies of or, if necessary, remove from the applicable Loan Party's and its agents' place of business all books, records and documents relating to the Collateral; and (xi) endorse the name of the applicable Loan Party upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor.

Each Loan Party hereby agrees that, upon the occurrence and during the continuance of an Event of Default, at the reasonable request of the Collateral Agent or the Majority Lenders, it shall execute all documents and agreements which are necessary or appropriate to have the Collateral assigned to the Collateral Agent or its designee. For purposes of taking the actions described in clauses (i) through (xi) of this <u>Section 6.3(b)</u>, each Loan Party hereby irrevocably appoints the Collateral Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable while any of the Secured Obligations (other than any Obligation that expressly survives the termination of this Agreement) remain unpaid and which can be exercised only if such Event of Default is continuing), with power of substitution, in the name of the Collateral Agent or in the name of such Loan Party or otherwise, for the use and benefit of the Collateral Agent, but at the cost and expense of the Loan Parties to the extent provided in <u>Section 12.3</u> and, except as permitted by applicable law, without notice to any Loan Party.

------

All documented and reasonable sums paid or advanced by the Collateral Agent in connection with the foregoing and all documented and reasonable out-of-pocket costs and expenses (including documented and reasonable and documented attorneys' fees and expenses) incurred in connection therewith, together with interest thereon at the Post-Default Rate for the Loans from the 10th Business Day after demand for payment until repaid in full, shall be paid by the Loan Parties to the Collateral Agent from time to time on demand in accordance with the Priority of Payments and shall constitute and become a part of the Secured Obligations secured hereby.

Without the prior written consent of the Majority Lenders, credit bidding by any Lender (or any other Person) in connection with any foreclosure sale hereunder shall not be permitted.

&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>Remedies Cumulative</u>. Each right, power, and remedy of the Agents and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Loan Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Loan Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Agents or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies.

&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>Related Contracts</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;(i) Each Loan Party hereby agrees that, to the extent not expressly prohibited by the terms of the Related Contracts, after the occurrence and during the continuance of an Event of Default, it shall (x) upon the written request of either Agent promptly forward to such Agent all information and notices which it receives under or in connection with the Related Contracts relating to the Collateral, subject to applicable confidentiality requirements and (y) upon the written request of either Agent, act and refrain from acting in respect of any request, act, decision or vote under or in connection with the Related Contracts relating to the Collateral only in accordance with the direction of such Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Loan Party agrees that, to the extent the same shall be in such Loan Party's possession, it will hold all original copies of the Related Contracts relating to the Collateral in trust for the Collateral Agent on behalf of the Secured Parties, and upon request of either Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Collateral Agent or its designee.

&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>Loan Parties Remains Liable</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;(i) Notwithstanding anything herein to the contrary, (x) the applicable Loan Party shall remain liable under the contracts and agreements included in and relating to the Collateral (including the Related Contracts) to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same

------

extent as if this Agreement had not been executed, and (y) the exercise by any Secured Party of any of its rights hereunder shall not release such Loan Party from (and shall not impose on such Secured Party) any of its duties or obligations under any such contracts or agreements included in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No obligation or liability of the Loan Parties is intended to be assumed by either Agent or any other Secured Party under or as a result of this Agreement or the other Loan Documents, and the transactions contemplated hereby and thereby, including under any Related Contract or any other agreement or document that relates to Collateral (or to the exercise of any rights or remedies available to any Agent or any other Secured Party hereunder or thereunder) and, to the maximum extent permitted under provisions of law, the Agents and the other Secured Parties expressly disclaim any such assumption.

&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>Protection of Collateral</u>. Each Loan Party, or the Servicer on behalf of and at the expense of such Loan Party, shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all UCC-1 financing statements, continuation statements, instruments of further assurance and other instruments and filings with the Irish Companies Registration Office, and shall take such other action as may be necessary or advisable or desirable as requested by either Agent to secure the rights and remedies of the Secured Parties hereunder and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) grant security more effectively on all or any portion of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain, preserve and perfect any grant of security made or to be made by this Agreement including, without limitation, the first priority nature of the lien (subject to Permitted Liens) or carry out more effectively the purposes hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations);

&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) enforce any of the Collateral or other instruments or property included in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral against the claims of all Persons and parties (other than any holder of any Permitted Lien); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) pay or cause to be paid any and all material Taxes levied or assessed upon all or any part of the Collateral in accordance with <u>Section 5.2</u>.

Each Loan Party hereby designates the Collateral Agent as its agent and attorney in fact to prepare and file any (i) filings with the Irish Companies Registration Office and (ii) UCC-1 financing statement (including a financing statement covering all assets of such Loan Party) and any continuation statement therefor, and, for the purposes of the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement during the continuance of an Event of Default, all other instruments, and take all other actions, required

------

pursuant to this <u>Section 6.3</u>. Such designation shall not impose upon the Collateral Agent, or release or diminish, any Loan Party's obligations under this <u>Section 6.3</u>. Each Loan Party further authorizes and shall cause such Loan Party's United States counsel or the Administrative Agent's United States counsel to file without such Loan Party's signature any UCC-1 or UCC-3 financing statements (including a financing statement covering all assets of such Loan Party) that may reasonably be required by the Agents in connection with this Agreement and the transactions contemplated hereby.

Section 6.4 <u>Application of Proceeds.</u> Unless and until the Majority Lenders have exercised their right to direct the liquidation of the Collateral pursuant to this Article VI, all proceeds received in respect of the Collateral will be applied in accordance with the Priority of Payments specified in Section 9.1(a). All proceeds received after the Majority Lenders have exercised their right to direct the liquidation of the Collateral will be applied to the Obligations in the following order of priority on (x) each Payment Date and (y) any other Business Day at the direction of the Majority Lenders with at least three (3) Business Days' notice to the Administrative Agent, Collateral Agent and 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;(a) <u>first</u>, to the payment of taxes, registration and filing fees then due and owing by the Loan Parties; <u>second</u>, to the payment to the Collateral Agent for all due and unpaid Collateral Agent Fees and all other Administrative Expenses owing to the Collateral Agent, all amounts owing to the Collateral Administrator, the Custodian and U.S. Bank NA as securities intermediary (including, in each case, without limitation, indemnity payments); and <u>third</u>, to the payment to the Administrative Agent for all due and unpaid Administrative Agent Fees and all other Administrative Expenses owing to the Administrative Agent (including, without limitation, indemnity payments);

&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) to the payment of Administrative Expenses (other than those paid under clause (a) above), in the order of priority set forth in the definition of "Administrative Expenses"; *provided* that the aggregate amount of payments under this clause (b) shall not exceed on any applicable date of payment the sum of (i) the Administrative Expense Cap *plus* (ii) the Retained Expense Amount determined on the immediately prior Payment Date *less* (iii) Administrative Expenses paid pursuant to <u>Section 8.2(d)</u> during the Due Period relating to such Payment 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;(c) to the payment of all other amounts due to the Agents 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;(d) to the payment of all amounts due to the Interest Hedge Counterparties under all Interest Hedge Agreements (exclusive of any early termination or liquidation payment owing by the applicable Loan Party by reason of the occurrence of an event of default or termination event thereunder with respect to such Interest Hedge Counterparty where such Interest Hedge Counterparty is the sole affected party or the defaulting 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;(e) to the payment to any Replacement Servicer of any accrued and unpaid Replacement Servicer Fee (including any interest accrued on any Replacement Servicer Fee Shortfall 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;(f) to the payment of all amounts due to the Swingline Lender hereunder, including principal, interest, Increased Costs and all other amounts on and in respect of the Swingline Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the payment of all amounts due to the Lenders hereunder on (allocated according to, with respect to principal, the Principal Allocation Formula, and otherwise on a *pro rata* basis), including principal, interest, Commitment Fees, Increased Costs and all other amounts on and in respect of the Syndicated Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the payment of amounts described in clause (b) above to the extent not paid thereunder (without regard to any cap or limitation);

&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) so long as no Event of Default has occurred and is continuing (unless otherwise consented to by the Administrative Agent in its sole discretion), to the payment of any Permitted RIC Distributions directed pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to the payment of all amounts due to any Interest Hedge Counterparty under all Interest Hedge Agreements to the extent not paid under clause (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any remainder, to the Membership Interest Holders and distributed in accordance with the terms of the LLC Agreement.

If on any date that payments are made pursuant to this <u>Section 6.4</u> the amount available to be paid pursuant to any of the foregoing clauses (a) through (j) is insufficient to make the full amount of the disbursements required pursuant to any such clause, such payments will be applied in the order and according to the priority set forth in clauses (a) through (j) above and (except as provided in sub-clauses "first" and "second" of clause (a) above) ratably in accordance with the respective amounts owing under any such clause to the extent funds are available therefor.

Article VII<br>THE AGENTS

Section 7.1 <u>Appointment and Authorization.</u> Each Lender irrevocably appoints and authorizes the Agents to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to such Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental thereto. Only the Agents (and not one or more of the Lenders) shall have the authority to deal directly with the Loan Parties under this Agreement and each Lender acknowledges that all notices, demands or requests from such Lender, to the Loan Parties must be forwarded to the applicable Agent for delivery to the Loan Parties. Each Lender acknowledges that no Loan Party has any obligation to act or refrain from acting on instructions or demands of one or more Lenders absent written instructions from an Agent in accordance with its rights and authority hereunder.

Section 7.2 <u>Agents and Affiliates.</u> The Agents shall each have the same rights and powers under this Agreement as the Lenders, and may each exercise or refrain from exercising the same as though it were not an Agent, and such Agents and their respective affiliates may accept

------

deposits from, lend money to, and generally engage in any kind of business with the Loan Parties or any Affiliate of the Loan Parties as if it were not an Agent hereunder, and the term "Lender" and "Lenders" may include Scotiabank, U.S. Bank and/or any Affiliate of Scotiabank or U.S. Bank in its individual capacity. The provisions in this Article VII with respect to the Agents shall apply only to the Agents acting in their capacities as such hereunder and not as Lenders.

Section 7.3 <u>Actions by Agent.</u> The obligations of the Agents hereunder are only those expressly set forth herein. No Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of any Agent shall be read into this Agreement or any other Loan Document or shall otherwise exist against any Agent. The provisions of this Article VII are solely for the benefit of the Agents, the Lenders (other than <u>Sections 7.1</u> and <u>7.8</u>, which are also for the benefit of the Loan Parties). In performing its functions and duties solely under this Agreement, each Agent shall act solely as the agent of the (except as provided in <u>Section 12.6(f)</u>) and does not assume, nor shall be deemed to have assumed, any obligation or relationship of trust with or for the Lenders. Without limiting the generality of the foregoing, no Agent shall be required to take any action with respect to any Default, except as expressly provided in Article VI.

Section 7.4 <u>Delegation of Duties; Consultation with Experts.</u> Each Agent may execute any of its duties under this Agreement by or through its subsidiaries, affiliates, agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. Each Agent may consult with legal counsel, Independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.

Section 7.5 <u>Liability of Agents</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 Agent nor any of their respective affiliates, directors, officers, agents or employees shall be liable for any action taken or not taken by it in connection herewith (i) with the consent or at the request of the Majority Lenders or (ii) in the absence of its own bad faith, gross negligence or willful misconduct. No Agent nor any of their respective affiliates, directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement or any Borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of the Loan Parties; (iii) the satisfaction of any condition specified in Article III, except receipt of items required to be delivered to such Agent; or (iv) the validity, effectiveness or genuineness of this Agreement, the other Loan Documents or any other instrument or writing furnished in connection herewith. No Agent shall incur any liability by acting in reliance upon any notice, consent, certificate, statement, or other writing (which may be a bank wire, telex or similar writing) believed by it to be genuine or to be signed by the proper party or parties. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document or any other document furnished in connection herewith or therewith in accordance with a request of the Majority Lenders or all of the Lenders, as applicable, and such request and any action taken or failure to act pursuant thereto shall be binding

------

upon all the Lenders. Under no circumstances shall any Agent(s) be deemed liable for any special, indirect, punitive or consequential damages (including lost profits) even if such Agent(s) has been advised of the likelihood of such damages and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following additional provisions apply with respect to the Collateral Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Agent shall not be deemed to have notice or knowledge of the occurrence and continuance of an Event of Default until an Administrative Officer of the Collateral Agent shall have received written notice (which notice shall refer to this Agreement and state that such notice is a notice of Default or Event of Default) thereof from the Borrower, the Subsidiary Guarantor, the Servicer, the Administrative Agent, a Lender 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;(ii) no provision of this Agreement or the other Loan Documents shall require the Collateral Agent to expend or risk its own funds or otherwise incur any extraordinary financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; *provided*, *however*, that the reasonable costs of performing its ordinary services under this Agreement shall not be deemed an "extraordinary financial liability" for purposes hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Collateral Agent shall be under no liability for interest on any funds received by it hereunder except to the extent of income or other gain on Eligible Investments which are deposits in or certificates of deposit of U.S. Bank or any Affiliate in its commercial capacity and income or other gain actually received (and not subsequently reinvested, withdrawn or distributed) by the Collateral Agent in Eligible Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Collateral Agent shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services); it being understood that the Collateral Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances; 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;(v) without prejudice to the Collateral Agent's duties under Article VI or any other provision of any Loan Document, the Collateral Agent shall be under no obligation to take any action to collect from any Obligor any amount payable by such Obligor on the Collateral Loans or any other Collateral under any circumstances, including if payment is refused after due demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement, and no covenants or

------

obligations shall be implied in this Agreement or the other Loan Documents against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall the Collateral Agent be liable for the selection of any investments or any losses in connection therewith, or for any failure of any Loan Party to timely provide investment instruction to the Collateral Agent in connection with the investment of funds in or from any account set forth herein. Except with respect to <u>Section 8.2(c)</u> or <u>Section 8.3</u>, in the absence of a Loan Party Order all funds in any account held under this Agreement shall be held uninvested.

&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 Collateral Agent and its Affiliates shall be permitted to receive additional compensation that could be deemed to be in the Collateral Agent's economic self interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments, and (iii) effecting transactions in certain investments. Such compensation shall not be considered an amount that is reimbursable or payable pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the generality of any terms of this section, the Collateral Agent shall have no liability for any failure, inability or unwillingness on the part of the Lenders, the Administrative Agent, the Servicer or the Loan Parties to provide accurate and complete information on a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent's part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (collectively, "<u>Applicable Laws</u>"), the Collateral Agent is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Collateral Agent. Accordingly, each of the parties agrees to provide to the Collateral Agent upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of any action hereunder that might, in the Collateral Agent's reasonable judgment, involve any expense or liability for which the Collateral Agent is not already indemnified to its satisfaction (in its sole discretion) by the Loan Parties or the Lenders pursuant to this Agreement or any other Loan Document, the Collateral Agent shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Agreement at the request or direction of any of the Lenders pursuant to this Agreement, unless such Lenders shall have provided to the Collateral Agent security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys' fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction.

------

&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 Collateral Agent shall have no duty (i) to see to any recording, filing, or depositing of this Agreement or any amendment or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance.

&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 Collateral Agent shall not have any obligation to determine if a Collateral Loan meets the criteria or eligibility restrictions specified in the definition thereof or otherwise imposed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither the Collateral Agent, Custodian, Collateral Administrator nor U.S. Bank NA as securities intermediary shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the Benchmark, (ii) to select, determine or designate any successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, or (iii) to select, determine or designate any modifier to any replacement or successor index. Other than as a result of the bad faith, gross negligence or willful misconduct of the Collateral Agent, Custodian, Collateral Administrator and/or U.S. Bank NA as securities intermediary, as the case may be, none of the Collateral Agent, Custodian, Collateral Administrator or U.S. Bank NA as securities intermediary shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the Benchmark and absence of a designated replacement rate, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties.

None of the Collateral Agent, Custodian, Collateral Administrator nor U.S. Bank NA as securities intermediary shall have any responsibility to monitor or verify whether the EU/UK Risk Retention Requirements, the Transparency and Reporting Requirements or the risk retention requirements of any other jurisdiction have been met.

Section 7.6 <u>Indemnification.</u> Each Lender, ratably in accordance with its Percentage Share, shall indemnify the Agents, their respective affiliates, directors, officers, agents and employees (to the extent not reimbursed by the Borrower as may be required under this Agreement) against any cost, expense (including fees of counsel and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees' gross negligence or willful misconduct) that such indemnitees may suffer or incur in connection with this Agreement, the other Loan Documents or any action taken or omitted by such indemnitees hereunder or thereunder; *provided* that any obligation to pay any amount required to be paid under this Agreement by a CP Lender, including under this <u>Section 7.6</u>, shall be limited to the amounts available to such CP Lender after paying or making provision for the payment of its Commercial Paper Notes and shall be further limited to the amounts that such CP Lender obtains from any Conduit Support Provider to make such payment; *provided further* that no other Lender shall be obligated to pay any additional amounts as a result of any shortfall resulting pursuant to the foregoing. Each of the other parties hereto agrees that it will not have a claim under Section 101 of the Bankruptcy Code if and to the extent that any such payment obligation owed to it by a CP Lender exceeds the amount available to such CP Lender to pay such amount after paying or making

------

provision for the payment of its Commercial Paper Notes and that this provision shall survive the termination of this Agreement.

Section 7.7 <u>Credit Decision.</u> Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender, or any of their respective affiliates, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender, as applicable, or their respective affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement or in connection therewith. The Agents shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, prospects, financial and other condition or creditworthiness of any Loan Party which may come into the possession of the Agents or any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates other than in connection with their acting as Agents under this Agreement and the other Loan Documents.

Section 7.8 <u>Successor Agent</u>*<u>.</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) An Agent may resign at any time by giving 60 days' prior written notice thereof to the Lenders, the Borrower (who shall forward notice thereof to the Membership Interest Holders, the Subsidiary Guarantor and S&P) and the Servicer; *provided* that no such resignation shall take effect until a successor agent has been appointed and replaced such resigning Agent, in accordance with the terms of this <u>Section 7.8</u>. Upon any such resignation, the Majority Lenders shall have the right to appoint a successor Agent with the consent of the Borrower (which consent shall not be unreasonably withheld or delayed); *provided* that the conditions set forth in clause (ii) below are satisfied with respect to any successor agent. In addition, upon the affirmative vote of the Majority Lenders exercising good faith that an Agent has acted with gross negligence or committed an act of willful misconduct or failed to act as required due to gross negligence or willful misconduct in its capacity as agent hereunder, the Majority Lenders may immediately remove such Agent. If no successor Agent shall have been so appointed by the Majority Lenders and approved by the Borrower, and shall have accepted such appointment, within 60 days after the notice of resignation or removal thereof, then the retiring Agent may (i) petition a court of competent jurisdiction to appoint a successor Agent or (ii) appoint a successor Agent, in each case, which such successor Agent shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $200,000,000. Upon the acceptance of its appointment as such Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder, and the Borrower shall provide written notice of such appointment to the Lenders, the Subsidiary Guarantor, the Membership Interest Holders, the Servicer and S&P. After any retiring Agent's resignation hereunder as Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent. The Collateral Agent shall be a state or national bank or trust company which (i) is not an Affiliate of the Loan Parties, (ii) has a combined capital and surplus of at least U.S. $200,000,000 and (iii) has a short-term issuer rating of "A-1" by S&P or a long-term issuer rating of at least "A" by S&P

------

(neither of which rating is on credit watch for possible downgrade). If at any time the Collateral Agent does not satisfy the conditions set forth in the foregoing sentence, the Borrower (subject to the consent of the Majority Lenders, which shall not be unreasonably withheld) shall appoint a replacement Collateral Agent within 30 days of an Authorized Officer of any Loan Party becoming aware of such circumstance. Any Person into which the Collateral Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Collateral Agent, shall be the successor of the Collateral Agent hereunder (*provided* that such Person is otherwise qualified and eligible under this Agreement) without the execution or filing of any document or any further act on the part of any of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall provide the Borrower with a copy of, if it is a U.S. Person, IRS Form W-9 certifying that it is exempt from U.S. federal backup withholding, and, if it is not a U.S. Person, IRS Form W-8IMY (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders, certifying that, for such purpose, it is a U.S. branch that has agreed to be treated as a U.S. person for U.S. federal tax purposes or a qualified intermediary that assumes all U.S. withholding obligations.

Section 7.9 <u>Erroneous Payments</u>*<u>.</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 an Agent (x) notifies a Lender, Secured Party or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Secured Party or other recipient (and each of their respective successors and assigns), a "<u>Payment Recipient</u>") that such Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from such Agent) received by such Payment Recipient from such Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "Erroneous Payment") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of such Agent pending its return or repayment as contemplated below in this ‎Section 7.9 and held in trust for the benefit of such Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as such Agent may, in its sole discretion, specify in writing), return to such Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to such Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by such Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice from such Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting immediately preceding clause (a), each Lender, Secured Party or any Person who has received funds on behalf of a Lender or Secured Party (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from an Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by such Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by such Agent (or any of its Affiliates), or (z) that such Lender, Secured Party or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the applicable Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender or Secured Party shall use commercially reasonable efforts to (and shall use commercially reasonable efforts to cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify such Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying such Agent pursuant to this Section 7.9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, the failure to deliver a notice to the applicable Agent pursuant to this ‎Section 7.9(b) shall not have any effect on a Payment Recipient's obligations pursuant to ‎Section 7.9(a) or on whether or not an Erroneous Payment has 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;(d) Each Lender and Secured Party hereby authorizes each Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party under any Loan Document, or otherwise payable or distributable by such Agent to such Lender and Secured Parties under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that such Agent has demanded to be returned under immediately preceding clause (a).

&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 parties hereto agree that (x) irrespective of whether any Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, such Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Loan Documents with respect to such amount (the "Erroneous Payment Subrogation Rights") and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy

------

any Obligations owed by the Loan Parties; *provided* that this ‎Section 7.9 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Loan Parties relative to the amount (or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by such Agent; *provided*, *further*, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by such Agent from, or on behalf of (including through the exercise of remedies under any Loan Document), the Loan Parties for the purpose of a payment on the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permitted by Applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by any Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this Section 7.9 shall survive the resignation or replacement of any Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Secured Party, the termination of the applicable Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

Article VIII<br>ACCOUNTS AND COLLATERAL

Section 8.1 <u>Collection of Money</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) Except as otherwise expressly provided herein, the Collateral Agent may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Collateral Agent or the Administrative Agent pursuant to this Agreement (other than amounts specifically required herein to be paid to the Administrative Agent), including, but not limited to, all payments or any other amounts due on the Collateral Loans and Eligible Investments, in accordance with the terms and conditions of such Collateral Loans and Eligible Investments. The Collateral Agent shall segregate and hold all such Money and property received by it for the Lenders and the Membership Interest Holders and shall apply it as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments on the Collateral Loans and other Collateral shall be made directly to the Collateral Agent (at a bank in the United States), will be held in the applicable Collection Account, and will be divided into Interest Proceeds and Principal Proceeds. Such amounts shall be applied in accordance with the Priority of Payments and the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Party will provide the Collateral Agent with a certified copy of each agreement under which such Loan Party sells a Participation Interest in any Collateral Loan

------

or sells all or any part of a Collateral Loan by assignment pursuant to <u>Section 10.1</u>. Upon receipt of written certification by such Loan Party (which may take the form of standing instructions with respect to a specified portion of all payments received on designated Collateral Loans) to the effect that specified amounts received by the Collateral Agent from an Obligor do not constitute Collections subject to this Agreement but are required by the terms of such a participation or assignment agreement to be paid by the applicable Loan Party to the purchaser of a Participation Interest sold by such Loan Party or assignee of such Loan Party, as the case may be, the Collateral Agent will disburse such amounts to the Person(s) entitled thereto, as directed in such certificate.

Section 8.2 <u>Collection Accounts</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 Collateral Agent shall, on or prior to the Closing Date, establish a segregated non-interest bearing securities account for each of the Borrower and the Subsidiary Guarantor and in each Currency as follows: (i) "FPLF NS Holdings Finance LLC Collection Account-USD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Collection Account-USD subject to the lien of the Collateral Agent," (each a "<u>USD Collection Account</u>"), (ii) "FPLF NS Holdings Finance LLC Collection Account – CAD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Collection Account – CAD subject to the lien of the Collateral Agent," (iii) "FPLF NS Holdings Finance LLC Collection Account – Euro subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Collection Account – Euro subject to the lien of the Collateral Agent" and (iv) "FPLF NS Holdings Finance LLC Collection Account GBP subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Collection Account GBP subject to the lien of the Collateral Agent"which shall collectively be designated as the "<u>Collection Accounts</u>" and each of which shall be governed solely by the terms of this Agreement and an Account Control Agreement. Such accounts shall be held in trust in the name of the Collateral Agent for the benefit of the Lenders (and the other Secured Parties) and the Collateral Agent shall have exclusive control over such accounts, subject to the Borrower's or the Subsidiary Guarantor's, as applicable, right to give instructions specified herein, the sole right of withdrawal, into which the Collateral Agent shall from time to time deposit into the applicable account (i) any amount received under any Interest Hedge Agreement, (ii) all proceeds received from the disposition of any Collateral (unless, during the Reinvestment Period, simultaneously reinvested in Collateral Loans, subject to Article X, or in Eligible Investments or to prepay the Loans in accordance with <u>Section 2.7</u>) and (iii) all Interest Proceeds and all Principal Proceeds. All Monies deposited from time to time in the Collection Accounts pursuant to this Agreement shall be held by the Collateral Agent as part of the Collateral and shall be applied for the purposes herein provided. The Collection Accounts shall remain at all times with an Eligible Account Bank. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Collection Accounts shall be in accordance with the provisions of Sections <u>2.2(c)</u>, <u>6.4</u>, <u>8.2</u> and <u>9.1</u>, including, for the avoidance of doubt, to make Permitted RIC Distributions in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Distributions and any net proceeds from the sale or disposition of Pledged Collateral or any Interest Hedge Agreement or other collateral received by the Collateral Agent shall, subject to the parenthetical in <u>Section 8.2(a)(ii)</u>, be immediately deposited into the applicable Collection Account. Subject to <u>Sections 8.2(d)</u> and <u>8.2(e)</u>, all such property, together with any investments in which funds included in such property are or will be invested or reinvested

------

during the term of this Agreement, and any income or other gain realized from such investments, shall be held by the Collateral Agent in the Collection Accounts as part of the Collateral subject to disbursement and withdrawal as provided in this <u>Section 8.2</u>. By Loan Party Order (which may be in the form of standing instructions), the applicable Loan Party shall at all times direct the Collateral Agent to, and, upon receipt of such Loan Party Order, the Collateral Agent shall, invest all funds received into the Collection Accounts during a Due Period, and amounts received in prior Due Periods and retained in the Collection Accounts, as so directed in Eligible Investments having stated maturities no later than the second Business Day immediately preceding the next Payment Date. The Collateral Agent, within one Business Day after receipt of any Distribution or other proceeds which are not Cash, shall so notify the applicable Loan Party and the applicable Loan Party shall, within six months of receipt of such notice from the Collateral Agent, sell such Distribution or other proceeds for Cash (at a price equal to fair market value as reasonably determined by the Borrower, the Subsidiary Guarantor or the Servicer in accordance with the Servicing Standard) to any Person (including an Affiliate of the Borrower or the Subsidiary Guarantor) and deposit the proceeds thereof in the applicable Collection Account for investment pursuant to this <u>Section 8.2</u>; *provided* that no Loan Party needs to sell such Distributions or other proceeds if it delivers a certificate of an Authorized Officer to the Administrative Agent certifying that such Distributions or other proceeds constitute Collateral Loans or Eligible Investments subject to transfer restrictions that do not permit such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, prior to the occurrence of an Event of Default, any Loan Party shall not have given any investment directions pursuant to <u>Section 8.2(b)</u>, the Collateral Agent shall seek instructions from such Loan Party within one Business Day after transfer of such funds to a Collection Account. If the Collateral Agent does not thereupon receive written instructions from such Loan Party within five Business Days after transfer of such funds to such Collection Account, it shall invest the funds held in such Collection Account, but only in one or more Eligible Investments of the type described in clause (ii) of the definition thereof maturing no later than the second Business Day immediately preceding the next Payment Date. If, after the occurrence of an Event of Default, any Loan Party shall not have given investment directions to the Collateral Agent pursuant to <u>Section 8.2(b)</u> for three consecutive Business Days, the Collateral Agent shall invest such funds in Eligible Investments of the type described in clause (ii) of the definition thereof maturing not later than the earlier of (i) 30 days after the date of such investment and (ii) the second Business Day immediately preceding the next Payment Date. All interest and other income from such investments shall be deposited in the applicable Collection Account, any gain realized from such investments shall be credited to the applicable Collection Account, and any loss resulting from such investments shall be charged to the applicable Collection 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;(d) During the Reinvestment Period (and only during the Reinvestment Period), any Loan Party may by Loan Party Order direct the Collateral Agent to, and upon receipt of such Loan Party Order the Collateral Agent shall, (i) withdraw funds on deposit in any Collection Account representing Principal Proceeds and/or reinvest such funds in Collateral Loans as permitted under and in accordance with the requirements of Article X and such Loan Party Order and (ii) apply Principal Proceeds to make a prepayment of the Loans in accordance with <u>Section 2.7</u> so long as on the date of such prepayment no Commitment Shortfall results therefrom.

------

In addition, after the Reinvestment Period, any Loan Party may by Loan Party Order direct the Collateral Agent to, and upon receipt of such Loan Party Order the Collateral Agent shall apply Principal Proceeds received by such Loan Party towards (A) the purchase or origination of Collateral Loans or (B) the payment or funding of Unfunded Amounts, in each case pursuant to commitments entered into by such Loan Party prior to the end of the Reinvestment Period.

By Loan Party Order, any Loan Party may at any time direct the Collateral Agent to, and, upon receipt of such Loan Party Order, the Collateral Agent shall, pay from time to time on dates other than Payment Dates from Interest Proceeds on deposit in the USD Collection Account, Administrative Expenses; *provided* that the aggregate amount of Administrative Expenses paid in any Due Period (excluding Administrative Expenses paid on Payment Dates pursuant to the Priority of Payments) shall not exceed the amount paid pursuant to <u>Section 9.1(a)(i)(B)(2)</u> on the immediately prior Payment Date; *provided further* that the Collateral Agent may decline to make any such payment on a day other than a Payment Date if the Collateral Agent determines that doing so is necessary to ensure that the order of payments set forth in the definition of "Administrative Expenses" is maintained.

&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 Collateral Agent shall transfer to the applicable Payment Account for application pursuant to <u>Section 9.1(a)</u>, on or about the Business Day (but in no event more than two Business Days) prior to each Payment Date, any amounts then held in the Collection Accounts other than proceeds received after the end of the Due Period with respect to such Payment 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;(f) With prior notice to the applicable Loan Party and the Administrative Agent, the Collateral Agent may from time to time establish any additional accounts deemed necessary by the Collateral Agent for convenience in administering the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Collateral Agent agrees to give the Borrower, the Subsidiary Guarantor, the Lenders and the Membership Interest Holders prompt notice if an Administrative Officer of the Collateral Agent obtains actual knowledge of or receives written notice that any Collection Account or any funds on deposit therein, or otherwise to the credit of any Collection Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.

Section 8.3 <u>Payment Accounts; Lender Collateral Account; Closing Expense Account; Future Funding Reserve Accounts</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 Accounts</u>. The Collateral Agent shall, on or prior to the Closing Date, establish a segregated non-interest bearing securities account for each of the Borrower and the Subsidiary Guarantor and in each Currency as follows: (i) "FPLF NS Holdings Finance LLC Payment Account-USD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Payment Account-USD subject to the lien of the Collateral Agent," (each a "<u>USD Payment Account</u>"), (ii) "FPLF NS Holdings Finance LLC Payment Account – CAD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Payment Account – CAD subject to the lien of the Collateral Agent," (iii) "FPLF NS Holdings Finance LLC Payment Account – Euro subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Payment Account – Euro subject to the lien of the Collateral Agent"and (iv) "FPLF NS Holdings

------

Finance LLC Payment Account GBP subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Payment Account GBP subject to the lien of the Collateral Agent" which shall collectively be designated as the "<u>Payment Accounts</u>" and which shall be governed solely by the terms of this Agreement and an Account Control Agreement. Such accounts shall be held in trust in the name of the Collateral Agent for the benefit of the Lenders (and other Secured Parties) and the Collateral Agent shall have exclusive control over such accounts, subject to the Borrower's or the Subsidiary Guarantor's right to give instructions specified herein, and the sole right of withdrawal. Any and all funds at any time on deposit in, or otherwise to the credit of, the Payment Accounts shall be held in trust by the Collateral Agent for the benefit of the Lenders (and the other Secured Parties). Except as provided in <u>Sections 6.4</u> and <u>9.1</u>, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Accounts shall be to pay the interest on the Loans and the principal of the Loans in accordance with their terms and the provisions of this Agreement and, upon Loan Party Order or in accordance with the Payment Date Report, solely from the USD Payment Account, to pay fees, Administrative Agent Fees, Collateral Agent Fees, Administrative Expenses, Commitment Fees, Increased Costs and other amounts specified therein, each in accordance with (and subject to the limitations contained in) the Priority of Payments. The Collateral Agent agrees to give the Borrower, the Subsidiary Guarantor, the Lenders and the Membership Interest Holders immediate notice if an Administrative Officer of the Collateral Agent obtains actual knowledge of or receives written notice that any Payment Account or any funds on deposit therein, or otherwise to the credit of any Payment Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. No Loan Party shall have any legal, equitable or beneficial interest in the Payment Accounts other than in accordance with the Priority of Payments. The Payment Accounts shall remain at all times with an Eligible Account Bank and the amounts therein shall remain uninvested. In the event that the account bank at which the Payment Accounts is maintained ceases to be an Eligible Account Bank, or the account bank with respect to the Payment Accounts gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Payment Accounts to an Eligible Account Bank (with the consent of the Administrative Agent) and cause the successor account bank to enter into a control agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Lender Collateral Account</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;(i) The Collateral Agent shall, on or prior to the Closing Date, establish a single, segregated non-interest bearing securities accounts in the name "FPLF NS Holdings Finance LLC Lender Collateral Account, subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Lender Collateral Account, subject to the lien of the Collateral Agent", each of which shall be designated as a "<u>Lender Collateral Account</u>" and shall be governed solely by the terms of this Agreement and an Account Control Agreement for the benefit of the Secured Parties. The Collateral Agent shall have exclusive control over such account (and each subaccount thereof), subject to the Borrower's right to give instructions specified herein, and the sole right of withdrawal. The Lender Collateral Account may contain any number of subaccounts for the purposes described in this <u>Section 8.3(c)</u>. The only permitted deposits to or withdrawals from the Lender Collateral Account shall be in accordance with the provisions of this Agreement. Neither the Borrower nor

------

the Subsidiary Guarantor shall have any legal, equitable or beneficial interest in the Lender Collateral Account (or any subaccount 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;(ii) If any Class A-R Lender shall at any time be required to deposit any amount in the Lender Collateral Account in accordance with <u>Section 11.5(b)(i)</u>, then (x) the Collateral Agent shall create a segregated subaccount of the Lender Collateral Account with respect to such Class A-R Lender (the "<u>Lender Collateral Subaccount</u>" of such Class A-R Lender) and (y) the Collateral Agent shall deposit all funds received from such Class A-R Lender into such Lender Collateral Subaccount. The only permitted withdrawal from or application of funds credited to a Lender Collateral Subaccount shall be as specified in this <u>Section 8.3(c)</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;(iii) With respect to any Class A-R Lender, the deposit of any funds in the applicable Lender Collateral Subaccount by such Class A-R Lender shall not constitute a Borrowing by the Borrower and shall not constitute a utilization of the Commitment of such Class A-R Lender, and the funds so deposited shall not constitute principal outstanding under the Loans. However, from and after the establishment of a Lender Collateral Subaccount, the obligation of such Class A-R Lender to make Loans as part of any Borrowing under this Agreement shall be satisfied by the Collateral Agent withdrawing funds from such Lender Collateral Subaccount in the amount of such Class A-R Lender's Percentage Share of such Borrowing. All payments of principal from the Borrower with respect to Loans made by such Class A-R Lender (whether or not originally funded from such Lender Collateral Subaccount) shall be made by depositing the related funds into such Lender Collateral Subaccount and all other payments from the Borrower (including without limitation all interest and Commitment Fees) shall be made to such Class A-R Lender in accordance with the order specified in the Priority of Payments. The Collateral Agent shall have full power and authority to withdraw funds from each such Lender Collateral Subaccount at the time of, and in connection with, the making of any such Borrowing and to deposit funds into each such Lender Collateral Subaccount, all in accordance with the terms of and for the purposes set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary herein, if on any Payment Date (or on any other Business Day upon one Business Day's prior written request from such Class A-R Lender) the sum of the amount of funds on deposit in the Lender Collateral Subaccount exceeds such Class A-R Lender's undrawn Commitments at such time (whether due to a reduction in the aggregate amount of the Commitments or otherwise), then the Collateral Agent shall remit to such Class A-R Lender a portion of the funds then held in the related Lender Collateral Subaccount in an aggregate amount equal to such excess. Upon the termination of the Commitments (including following the occurrence of an Event of Default), the Collateral Agent shall promptly (and no later than one Business Day after such termination) remit to such Class A-R Lender all of the funds then held in its related Lender Collateral Subaccount and shall terminate such 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;(v) Except as otherwise provided in this Agreement, for so long as any amounts are on deposit in any Lender Collateral Subaccount, the Collateral Agent shall invest and reinvest such funds in a U.S. Bank Money Market Deposit Account; *provided* that (A) the U.S. Bank Money Market Deposit Account satisfies the Eligible Investment Required

------

Ratings and (B) if the U.S. Bank Money Market Deposit Account does not satisfy the Eligible Investment Required Ratings, such amounts shall remain uninvested. Interest received on such Eligible Investments shall be retained in such Lender Collateral Subaccount and invested and reinvested as aforesaid. Any gain realized from such investments shall be credited to such Lender Collateral Subaccount and any loss resulting from such investments shall be charged to such Lender Collateral Subaccount. None of the Borrower, the Subsidiary Guarantor or the Collateral Agent shall in any way be held liable by reason of any insufficiency of such Lender Collateral Subaccount resulting from any loss relating to any such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Lender Collateral Account shall remain at all times with an Eligible Account Bank. In the event that the account bank at which the Lender Collateral Account is maintained ceases to be an Eligible Account Bank, or the Eligible Account Bank with respect to the Lender Collateral Account gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Lender Collateral Account to an Eligible Account Bank (with the consent of the Administrative Agent) and cause the successor account bank to enter into a control agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Closing Expense Account</u>. The Collateral Agent shall, on or prior to the Closing Date, establish a single, segregated non-interest bearing securities account for deposits in U.S. Dollars in the name "FPLF NS Holdings Finance LLC Closing Expense Account, subject to the lien of the Collateral Agent", which shall be designated as the "<u>Closing Expense Account</u>" and which shall be governed solely by the terms of this Agreement and an Account Control Agreement. The Collateral Agent shall have exclusive control over such account, subject to the Borrower's right to give instructions specified herein, and the sole right of withdrawal. Any and all funds at any time on deposit in, or otherwise to the credit of, the Closing Expense Account shall be held in trust by the Collateral Agent for the benefit of the Lenders (and the other Secured Parties). On or prior to the Closing Date, the Borrower shall deposit $0 into the Closing Expense Account, to cover all fees and expenses payable by the Loan Parties on the Closing Date in connection with the closing of the transactions contemplated hereby, and shall provide an accounting of the fees and expenses to be payable therefrom on the Closing Date. On any Business Day during the period that the Closing Expense Account is open, the Collateral Agent shall apply funds from the Closing Expense Account, as directed by the Borrower, to pay fees and expenses of the Loan Parties incurred in connection with the structuring, consummation, closing and post-closing of the transaction contemplated by this Agreement. Upon the delivery on any date that is at least 60 days after the Closing Date of a Loan Party Order from the Borrower instructing the Collateral Agent to close the Closing Expense Account, all funds in the Closing Expense Account will be deposited in the USD Collection Account of the Borrower as either Interest Proceeds or Principal Proceeds (or combination thereof), as directed by the Servicer, and the Closing Expense Account will be closed. By Loan Party Order (which may be in the form of standing instructions), the Borrower may, so long as no Event of Default has occurred and is continuing, direct the Collateral Agent to, and, upon receipt of such Loan Party Order, the Collateral Agent shall, invest all funds received into the Closing Expense Account during a Due Period as so directed by the Borrower in Eligible Investments. If the Collateral Agent does not receive written instructions from the Borrower within five Business Days after any request, it shall invest and reinvest the funds held in the Closing

------

Expense Account, as fully practicable, in a U.S. Bank Money Market Deposit Account; *provided* that the U.S. Bank Money Market Deposit Account satisfies the Eligible Investment Required Ratings. Any income earned on amounts deposited in the Closing Expense Account will be deposited in the USD Collection Account as Interest Proceeds as it is received. The Collateral Agent agrees to give the Borrower immediate notice if an Administrative Officer of the Collateral Agent obtains actual knowledge of or receives written notice that the Closing Expense Account or any funds on deposit therein, or otherwise to the credit of the Closing Expense Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Closing Expense Account shall remain at all times with an Eligible Account Bank. In the event that the account bank at which the Closing Expense Account is maintained ceases to be an Eligible Account Bank, or the account bank with respect to the Closing Expense Account gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Closing Expense Account to an Eligible Account Bank (with the consent of the Administrative Agent) and cause the successor account bank to enter into a control agreement. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Closing Expense Account shall be in accordance with the provisions of this <u>Section 8.3(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Future Funding Reserve Accounts</u>. The Collateral Agent shall, on or prior to the Closing Date, establish a segregated non-interest bearing securities account for each of the Borrower and the Subsidiary Guarantor and for each Currency as follows: (i) "FPLF NS Holdings Finance LLC Future Funding Reserve Account-USD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Future Funding Reserve Account-USD subject to the lien of the Collateral Agent," (ii) "FPLF NS Holdings Finance LLC Future Funding Reserve Account – CAD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Future Funding Reserve Account – CAD subject to the lien of the Collateral Agent," (iii) "FPLF NS Holdings Finance LLC Future Funding Reserve Account – Euro subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Future Funding Reserve Account – Euro subject to the lien of the Collateral Agent" and (iv) "FPLF NS Holdings Finance LLC Future Funding Reserve Account GBP subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Future Funding Reserve Account GBP subject to the lien of the Collateral Agent"which shall collectively be designated as the "<u>Future Funding Reserve Accounts</u>" and which shall be governed solely by the terms of this Agreement and an Account Control Agreement. Such accounts shall be held in trust in the name of the Collateral Agent for the benefit of the Lenders (and the other Secured Parties) and amounts shall be deposited from time to time in such accounts in accordance with <u>Section 2.1(a)</u> and Articles VIII and IX. For the avoidance of doubt, on any date following the Reinvestment Period, amounts on deposit in the Future Funding Reserve Account for any Currency shall be equal to or greater than the Unfunded Amount with respect to such Currency existing at such time. On any date during the Reinvestment Period, if an Initial Lender does not satisfy the requirements in either clause (b) or (c), as applicable, of the "Approved Lender" definition, then (i) such Initial Lender shall provide notice of such occurrence to the Borrower, the Subsidiary Guarantor, the Agents, the Servicer and S&P (a "<u>Downgrade Notice</u>"), (ii) within 10 Business Days after receipt of a Downgrade Notice, the Borrower will ensure that the amounts on deposit in the Future Funding Reserve Account for each Currency shall be equal to or greater than the Exposure Amount with respect to such Currency existing at such time and (iii) such amounts required under clause (ii) shall remain on deposit in the Future Funding Reserve Accounts until

------

such Initial Lender provides notice to the Borrower, the Subsidiary Guarantor, the Agents, the Servicer and S&P that such Initial Lender satisfies the requirements in either clause (b) or (c), as applicable, of the "Approved Lender" definition; *provided* that, for the avoidance of doubt, the Loan Parties may use the Loans from a Borrowing to fund the amounts required under clause (ii), subject to satisfaction of the conditions set forth in <u>Section 3.2</u>. By Loan Party Order (which may be in the form of standing instructions), the applicable Loan Party may at any time direct the Collateral Agent to, and, upon receipt of such Loan Party Order, the Collateral Agent shall, invest all funds received into the Future Funding Reserve Accounts as so directed solely in overnight funds that are Eligible Investments. If the Collateral Agent does not receive written instructions from the applicable Loan Party, it shall invest and reinvest the funds held in the Future Funding Reserve Accounts, as fully practicable, in a U.S. Bank Money Market Deposit Account; *provided*, that the U.S. Bank Money Market Deposit Account satisfies the Eligible Investment Required Ratings. The only permitted withdrawals from or applications of funds on deposit in, or otherwise to the credit of, the Future Funding Reserve Accounts shall be (i) to fund or pay Unfunded Amounts, (ii) at the election of the applicable Loan Party during the Reinvestment Period, to be applied as Principal Proceeds for use as is provided in this Agreement (including, without limitation, as provided in <u>Section 9.1(a)(i)</u> and <u>(iii)</u> after the Reinvestment Period, to the extent of any Excess Reserve Amount, to be applied as Principal Proceeds in accordance with <u>Section 9.1(a)(ii)</u>. Notwithstanding the foregoing, the amount of all funds on deposit in any Future Funding Reserve Account on any date that exceeds the aggregate Unfunded Amount in the applicable Currency on such date shall be transferred to the applicable Collection Account on such date and applied as Principal Proceeds. For the avoidance of doubt, any amounts transferred from the Future Funding Reserve Accounts for application as Principal Proceeds as provided above shall be further invested in Collateral Loans (to the extent expressly permitted by the other provisions in this Agreement) or applied as Principal Proceeds in accordance with <u>Section 9.1(a)(ii)</u>, in each case as expressly provided in this Agreement. At any time after the end of the Reinvestment Period, all distributions in respect of principal payable under any Revolving Collateral Loan received by the Collateral Agent shall be immediately deposited into the applicable Future Funding Reserve Account but only up to and until the amount on deposit in such Future Funding Reserve Account is equal to the amount of the aggregate Unfunded Amount in the applicable Currency. The Collateral Agent agrees to give the Loan Parties immediate notice if an Administrative Officer of the Collateral Agent obtains actual knowledge of or receives written notice that any Future Funding Reserve Account or any funds on deposit therein, or otherwise to the credit of any Future Funding Reserve Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Future Funding Reserve Accounts shall remain at all times with an Eligible Account Bank. In the event that the account bank at which the Future Funding Reserve Accounts is maintained ceases to be an Eligible Account Bank, or the account bank with respect to the Future Funding Reserve Accounts gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Future Funding Reserve Accounts to an Eligible Account Bank (with the consent of the Administrative Agent) and cause the successor account bank to enter into a control agreement Any interest earned on Eligible Investments held in the Future Funding Reserve Accounts shall be applied as Interest Proceeds.

Section 8.4 <u>Custodial Accounts</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 Collateral Agent shall, on or prior to the Closing Date, establish a segregated non-interest bearing securities account for each of the Borrower and the Subsidiary Guarantor and in each Currency as follows: (i) "FPLF NS Holdings Finance LLC Custodial Account-USD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Custodial Account-USD subject to the lien of the Collateral Agent," (each a "<u>USD Custodial Account</u>"), (ii) "FPLF NS Holdings Finance LLC Custodial Account – CAD subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Custodial Account – CAD subject to the lien of the Collateral Agent," (iii) "FPLF NS Holdings Finance LLC Custodial Account – Euro subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Custodial Account – Euro subject to the lien of the Collateral Agent" and (iv) "FPLF NS Holdings Finance LLC Custodial Account GBP subject to the lien of the Collateral Agent" and "FPLF NS Holdings Finance DAC Custodial Account GBP subject to the lien of the Collateral Agent" which shall collectively be designated as the "<u>Custodial Accounts</u>", and which shall be governed solely by the terms of this Agreement and an Account Control Agreement. Such accounts shall be held in trust for the Collateral Agent acting for the benefit of the Lenders (and the other Secured Parties) and over which the Collateral Agent shall have exclusive control, subject to the Borrower's or the Subsidiary Guarantor's right to give instructions specified herein, and the sole right of withdrawal. Any and all assets at any time on deposit in, or otherwise to the credit of, the Custodial Accounts shall be held in trust by the Collateral Agent for the benefit of the Lenders (and the other Secured Parties). Except in connection with a liquidation pursuant to Article VI, the only permitted withdrawal from the Custodial Accounts or in, or otherwise to the credit of, the Custodial Accounts shall be as directed, upon Loan Party Order, in accordance with the provisions of <u>Sections 8.5</u> and <u>8.6</u>. The Collateral Agent agrees to give the Borrower, the Subsidiary Guarantor, the Lenders and the Membership Interest Holders immediate notice if an Administrative Officer of the Collateral Agent obtains actual knowledge of or receives written notice that any Custodial Account or any assets or securities on deposit therein, or otherwise to the credit of any Custodial Account, has become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Custodial Accounts shall remain at all times with an Eligible Account Bank. In the event that the account bank at which any Custodial Account is maintained ceases to be an Eligible Account Bank, or the account bank with respect to the Custodial Accounts gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Custodial Accounts to an Eligible Account Bank (with the consent of the Administrative Agent) and cause the successor account bank to enter into a control agreement.

The Collateral Agent shall appoint a custodian (the "<u>Custodian</u>") to act as a securities intermediary for purposes of this Agreement and the other Loan Documents. Initially, such Custodian shall be U.S. Bank NA. Any successor custodian shall be a state or national bank or trust company which (i) is not an Affiliate of any Loan Party, (ii) has a combined capital and surplus of at least U.S.$200,000,000, (iii) has a long-term issuer rating of at least "BBB+" by S&P and (iv) is a securities intermediary. If at any time the Custodian does not satisfy the conditions set forth in the foregoing sentence, the Loan Parties (subject to the consent of the Majority Lenders, which shall not be unreasonably withheld) shall appoint a replacement Custodian within 30 days of an Authorized Officer of either Loan Party becoming aware of such circumstance. The rights, protections, immunities and indemnities afforded to the Collateral Agent under this Agreement shall also be afforded to the Custodian.

------

The parties to the transactions contemplated by this Agreement intend that the Custodial Accounts shall be securities accounts of the Collateral Agent and not accounts of any Loan Party. The Custodian shall comply with entitlement orders originated by the Collateral Agent without the further consent of any other person or entity. Without limiting the generality of the foregoing, if the Collateral Agent notifies the Custodian that the Collateral Agent shall exercise exclusive control over the Custodial Accounts, the Custodian shall cease complying with entitlement orders or other directions relating to the Custodial Accounts (or any financial assets or other funds or property credited to or held, deposited, or carried in the Custodial Accounts) originated by any Loan Party or any other Person or entity other than the Collateral Agent.

The Custodian shall agree, and U.S. Bank NA as Custodian hereby agrees, with the Collateral Agent that (i) each Covered Account shall be a securities account of the Collateral Agent, (ii) all property credited to each Covered Account shall be treated as a "financial asset" for purposes of the UCC, (iii) the Custodian shall treat the Collateral Agent as entitled to exercise the rights that comprise each financial asset credited to each Covered Account, (iv) subject to the Account Control Agreement, the Custodian shall not agree with any person or entity other than the Collateral Agent to comply with entitlement orders originated by any person or entity other than the Collateral Agent, (v) each Covered Account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of the Custodian or any person or entity claiming through the Custodian (other than the Collateral Agent) except for the right to debit for any item returned by reason of non-sufficient funds, (vi) the State of New York shall be the securities intermediary's jurisdiction of the Custodian for purposes of the UCC, and (vii) such agreement between the Custodian and the Collateral Agent shall be governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in <u>Sections 8.5</u> and <u>8.6</u>, all right, title and interest of any Loan Party in and to the Custodial Accounts, all related property, and all proceeds thereof shall be subject to the security interest of the Collateral Agent hereunder.

Section 8.5 <u>Acquisition of Collateral Loans and Eligible Investments.</u> Each time that a Loan Party acquires any Collateral Loan or Eligible Investment or other Collateral, such Loan Party shall, if such Collateral Loan or Eligible Investment or other Collateral has not already been transferred to the applicable Custodial Account, transfer or cause the transfer of such Collateral Loan or Eligible Investment and other Collateral to the Custodian to be held for the benefit of the Collateral Agent in accordance with the terms of this Agreement. The security interest of the Collateral Agent in the funds or other property utilized in connection with such acquisition shall, immediately and without further action on the part of the Collateral Agent, be released. The security interest of the Collateral Agent shall nevertheless come into existence and continue in the Collateral Loans and Eligible Investments and other Collateral so acquired, including all rights of any Loan Party in and to any Related Contracts and Collections with respect to such Collateral Loans and Eligible Investments and other Collateral.

Section 8.6 <u>Release of Security Interest in Sold Collateral Loans and Eligible Investments; Release of Security Interest on Termination; Release of Security Interest by the Administrative Agent.</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 any sale or other disposition of a Collateral Loan or Eligible Investment or other Collateral (or portion thereof) in accordance with the terms of this Agreement, the security interest of the Collateral Agent in such Collateral Loan or Eligible Investment or other Collateral (or the portion thereof which has been sold or otherwise disposed of), and in all Collections and rights under Related Contracts with respect to such Collateral Loan or Eligible Investment or other Collateral (but not in the proceeds of such sale or other disposition) shall, immediately upon the sale or other disposition of such Collateral Loan or Eligible Investment or other Collateral (or such portion), and without any further action on the part of the Collateral Agent, be released, except for the proceeds of such sale or other disposition and except to the extent of the interest, if any, in such Collateral Loan or Eligible Investment or other Collateral which is then retained by any Loan Party or which thereafter reverts to such Loan Party for any reason.

&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 the payment in full of the Secured Obligations and termination of all Commitments hereunder, the Collateral shall be released from the liens created hereby and under the other Loan Documents, and this Agreement and all obligations of the Agents, each Lender hereunder and all obligations of the Agents and each Lender hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Loan Parties. At the request and sole expense of the Borrower following any such termination, the Administrative Agent and/or the Collateral Agent, as applicable, shall promptly deliver to the applicable Loan Party (or its designee) any Collateral held by such Agent hereunder, and execute and deliver to the Borrower such documents as the Loan Parties shall reasonably request to evidence such termination. Any such release or termination shall be subject to the provision that the Obligations shall be reinstated if after such release or termination any portion of any payment in respect of the Secured Obligations shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Loan Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Loan Party or any substantial part of its property, or otherwise, all as though such payment had not 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;(c) Upon written notice to the Loan Parties, the Collateral Agent and the Servicer by the Administrative Agent (acting at the direction of the Lenders in their sole discretion) the Administrative Agent may elect to direct the Collateral Agent to release the lien of the Secured Parties on all or any portion of the Collateral and upon the giving of such direction, the security interest of the Collateral Agent in such Collateral (or portion thereof), and in all rights with respect to such Collateral shall, immediately and without any further action on the part of the Collateral Agent, be released.

Section 8.7 <u>Method of Collateral Transfer.</u> Notwithstanding any other provision of this Agreement, each item of Collateral shall be delivered to the Collateral Agent 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) with respect to such of the Collateral as constitutes an instrument, tangible chattel paper, a negotiable document, or money, causing the Collateral Agent to take possession of such instrument indorsed to the Collateral Agent or in blank, or such money, negotiable document, or tangible chattel paper, in the State of Minnesota separate and apart from all other property held by the Collateral Agent;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to such of the Collateral as constitutes Cash or Money, (i) causing the delivery of such Cash or Money to the Collateral Agent, (ii) causing the Collateral Agent to credit such Cash or Money to the applicable Covered Account and (iii) causing the Collateral Agent to indicate continuously on its book and records that such Cash or Money is credited to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to such of the Collateral as constitutes a certificated security in bearer form, causing the Collateral Agent to take possession of the related security certificate in the State of Minnesota;

&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) with respect to such of the Collateral as constitutes a certificated security in registered form, causing the Collateral Agent to take possession of the related security certificate in the State of Minnesota, indorsed to the Collateral Agent or in blank by an effective indorsement, or registered in the name of the Collateral Agent, upon original issue or registration of transfer by the issuer of such certificated security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to such of the Collateral as constitutes an uncertificated security, causing the issuer of such uncertificated security to register the Collateral Agent or its nominee for the account of the Collateral Agent as the registered owner of such uncertificated security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to such of the Collateral as constitutes a security entitlement, causing the Custodian to indicate by book entry that the financial asset relating to such security entitlement has been credited to the applicable Custodial 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;(g) with respect to such of the Collateral as constitutes a deposit account, causing such deposit account to be established and maintained in the name of the Collateral Agent by a bank the jurisdiction of which for purposes of the Uniform Commercial Code is the State of New York and execution and delivery of a deposit account control agreement among the applicable Loan Party, the Collateral Agent and such bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) taking such additional or alternative procedures as may hereafter become appropriate to grant a first priority, perfected security interest in such items of the Collateral (subject to Permitted Liens) to the Collateral Agent, consistent with applicable law or regulations.

If any item of Collateral is a financial asset issued by an issuer that is not the United States of America, an agency or instrumentality thereof, or some other United States person or entity, and if such item cannot be delivered as set forth above, such item may be delivered by the Collateral Agent holding such item in an account created and maintained in the name of the Collateral Agent with a banking or securities institution or a clearing agency or system located outside the United States such that the Collateral Agent holds a first priority, perfected security interest in such item of Collateral (subject to Permitted Liens).

Each Loan Party shall record and file on or before the Closing Date all applicable financing statements, and each Loan Party agrees to record and file after the Closing Date all appropriate financing statements, continuation statements, and other amendments, satisfying the

------

requirements of applicable law in such manner and in such jurisdictions as are necessary to perfect and protect the interests of the Collateral Agent and the Secured Parties in the Collateral under the applicable Uniform Commercial Code against all creditors of and purchasers from the applicable Loan Party (other than any holder of a Permitted Lien). The Loan Parties shall promptly deliver file-stamped copies of such financing statements, continuation statements, and amendments to the Collateral Agent.

In connection with each transfer of an item of Collateral to the Collateral Agent, the Collateral Agent shall make appropriate notations on its records indicating that such item of the Collateral is held for the benefit of the Secured Parties pursuant to and as provided in this Agreement and the other Loan Documents. Effective upon the transfer of an item of Collateral to the Collateral Agent, the Collateral Agent shall be deemed to acknowledge that it holds such item of Collateral as Collateral Agent under this Agreement and the other Loan Documents for the benefit and security of the Secured Parties.

Notwithstanding any other provision of this Agreement, the Collateral Agent shall not hold any item of Collateral through an agent except as expressly permitted by this <u>Section 8.7</u>.

Section 8.8 <u>Continuing Liability of the Borrower.</u> Anything herein to the contrary notwithstanding, the Loan Parties shall remain liable under each Related Contract, interest and obligation included in the Collateral, to observe and perform all the conditions and obligations to be observed and performed by it thereunder (including any undertaking to maintain insurance), all in accordance with and pursuant to the terms and provisions thereof, and, except as otherwise expressly provided in any Loan Document, shall do nothing to impair the security interest of the Collateral Agent in any Collateral. Neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any such Related Contract, interest or obligation by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of any payment relating to any such Related Contract, interest or obligation pursuant hereto, nor shall the Collateral Agent or any Secured Party be required or obligated in any manner to perform or fulfill any of the obligations of the applicable Loan Party thereunder or pursuant thereto, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any such Related Contract, interest or obligation, or to present or file any claim, or to take any action to collect or enforce any performance or the payment of any amount thereunder to which it may be entitled at any time.

Section 8.9 <u>Reports</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 Collateral Agent or the Collateral Administrator shall deliver to the Borrower and the Subsidiary Guarantor by facsimile or other electronic transmission (or such other medium as may be agreed upon by the Borrower and the Collateral Agent) by 11:00 a.m. (New York time) on each Business Day a report describing all Money (including but not limited to a breakdown of all such amounts into Interest Proceeds and Principal Proceeds) and other property received by it pursuant to the terms of this Agreement and the other Loan Documents on the preceding Business Day (the "<u>Daily Report</u>"), commencing on November 14, 2025. If any Money or property shall be received by the Collateral Agent on a day that is not a Business Day, the Collateral Agent or the Collateral Administrator shall deliver the Daily Report with respect thereto to the Borrower or the Subsidiary Guarantor, as applicable, on the next Business Day.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Collateral Agent or the Collateral Administrator shall circulate, subject to its receipt from the Servicer, the Borrower, the Subsidiary Guarantor or the Administrative Agent of information with respect to the Collateral Loans and Eligible Investments that is not maintained or in the possession of the Collateral Agent or the Collateral Administrator, each item required to be stated in the Collateral Report and the Payment Date Report in accordance with <u>Exhibit D</u> and <u>Exhibit E</u> hereof, respectively, and prepare drafts of such Collateral Report and Payment Date Report and provide such drafts to the Servicer for review and approval; *provided* that each such draft is to be provided no later than 8 Business Days prior to the date the Collateral Report or the Payment Date Report, as applicable, is due. The Loan Parties shall cause the Servicer to review and confirm the calculations made by the Collateral Administrator in such Collateral Report or Payment Date Report within two days prior to the due date of the Collateral Report or the Payment Date Report.

The Servicer, the Administrative Agent and the Loan Parties shall cooperate with the Collateral Administrator in connection with the preparation by the Collateral Administrator of Collateral Reports and Payment Date Reports. The Servicer shall review and verify the contents of the aforesaid reports, instructions, statements and certificates, and upon verification shall make such reports available to S&P. Upon receipt of approval from the Servicer, the Collateral Agent or the Collateral Administrator shall transmit the same to the applicable Loan Party and shall make such reports available to the Administrative Agent, each Membership Interest Holder and each Lender.

Article IX<br>APPLICATION OF MONIES

Section 9.1 <u>Disbursements of Funds from Payment Accounts</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) Notwithstanding any other provision of this Agreement other than <u>Sections 2.16</u>, <u>4.19</u> and <u>6.4</u>, but subject to the other subsections of this <u>Section 9.1</u> and Article II (with respect to optional repayment of Loans), on each Payment Date, the Collateral Agent shall disburse amounts transferred to the Payment Accounts from the Collection Accounts pursuant to <u>Section 8.2(e)</u> as follows and for application in accordance with the following priorities (the "<u>Priority of Payments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, prior to the distribution of any Principal Proceeds, Interest Proceeds shall be applied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to the payment of taxes, registration and filing fees then due and owing by the Borrower or the Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the payment of the following amounts in the following priority (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) accrued and unpaid Administrative Expenses in the order set forth in the definition thereof net of such Administrative Expenses paid by

------

the Borrower or the Subsidiary Guarantor during the related Due Period; 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) in the sole discretion of the Borrower, on any Payment Date other than the final Payment Date, to the retention in the applicable Collection Account of an amount to be determined by the Borrower or the Servicer (on behalf of the Borrower) up to (but not exceeding) the Retained Expense Amount for such Payment Date;

*provided* that the aggregate amount of payments under this clause (B) shall not exceed on any Payment Date the sum of (a) the Administrative Expense Cap *plus* (b) the Retained Expense Amount determined on the immediately prior Payment Date *less* (c) Administrative Expenses paid pursuant to <u>Section 8.2(d)</u> during the Due Period relating to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if any Loan Party is party to any Interest Hedge Agreements, to the payment of any amounts owing by such Loan Party to the Interest Hedge Counterparties thereunder (exclusive of any early termination or liquidation payment owing by such Loan Party by reason of the occurrence of an event of default or termination event thereunder with respect to such Interest Hedge Counterparty where such Interest Hedge Counterparty is the sole affected party or the defaulting 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;(D) unless waived with respect to such Payment Date by the Replacement Servicer (or its designee), which waiver shall be permanent and irrevocable, to the payment to any Replacement Servicer of any accrued and unpaid Replacement Servicer Fee (including any interest accrued on any Replacement Servicer Fee Shortfall Amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the Lenders for payment of accrued interest on the Swingline Loans (excluding any additional interest payable pursuant to <u>Section 2.5(c)(ii)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Lenders for payment (on a *pro rata* basis) of accrued interest on the Syndicated Loans and Commitment Fees due on such Payment Date (excluding, in the case of interest, any additional interest payable pursuant to <u>Section 2.5(c)(ii)</u>); *provided* that in the event of any Borrowings during a Stub Period, the payments made pursuant to this clause (E)(2) shall be subject to <u>Sections 2.6(a)</u> and <u>2.7(h)</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;(F) if any of the Coverage Tests are not satisfied as of the related Calculation Date, first to the repayment of the principal of the Swingline Loans until the Swingline Loans are repaid in full and <u>then</u> to the repayment of the principal of the Syndicated Loans and to the Future Funding Reserve Accounts (to be allocated to the Syndicated Loans and the Future Funding Reserve Accounts

------

according to the Principal Allocation Formula), in each case until all of the Coverage Tests are satisfied (on a pro forma basis as at such Calculation Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) [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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) during the Reinvestment Period, if the Reinvestment Overcollateralization Test is not satisfied on the related Calculation Date for deposit to the applicable Collection Account as Principal Proceeds the lesser of (i) 50% of the remaining Interest Proceeds after application of Interest Proceeds pursuant to clauses (A) through (G) above and (ii) the amount necessary to cause the Reinvestment Overcollateralization Test to be satisfied as of such Calculation Date after giving effect to any payments made through this clause (H), to be used during the Reinvestment Period (x) for the purchase of additional Collateral Loans (or Eligible Investments pending the purchase of additional Collateral Loans), (y) to repay the principal of the Loans pursuant to <u>Section 2.7</u> or (z) to make a deposit into the applicable Future Funding Reserve Account; *provided* that any payments pursuant to this clause (H), including the determination to make no such payments, shall be at the sole discretion of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) so long as no Event of Default has occurred and is continuing (unless otherwise consented to by the Administrative Agent in its sole discretion), to make any Permitted RIC Distributions directed pursuant to this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) to the payment of amounts described in clause (B) above to the extent not paid thereunder as a result of the Administrative Expense Cap (without regard to any cap or limitation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the applicable Lenders on a pro rata basis for payment of accrued and unpaid (1) Increased Costs and (2) Indemnified Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) to the payment (on a *pro rata* basis) of any additional interest payable pursuant to <u>Section 2.5(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) if any Loan Party is party to any Interest Hedge Agreements, to any amounts owing by such Loan Party to the Interest Hedge Counterparties under such Interest Hedge Agreements to the extent not paid under clause (C) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) remaining Interest Proceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [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;&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) prior to the end of the Reinvestment Period, at the sole discretion of the Borrower or the Subsidiary Guarantor, (i) to the applicable Collection Account to be applied as Principal Proceeds for the purchase of additional Collateral Loans (or Eligible Investments pending the purchase of additional Collateral Loans), (ii) to be applied to prepay the principal of the Loans pursuant to <u>Section 2.7</u>, (iii) to make a deposit into the applicable

------

Future Funding Reserve Account (*provided* that the total amount on deposit in the Future Funding Reserve Accounts may not exceed the aggregate Unfunded Amount after giving effect to such deposit), and/or (iv) to the Membership Interest Holders and distributed in accordance with the terms of the LLC Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) after the Reinvestment Period, at the sole discretion of the Borrower or the Subsidiary Guarantor, (i) to be applied to prepay the principal of the Loans pursuant to <u>Section 2.7</u>, (ii) to make a deposit into the applicable Future Funding Reserve Account (*provided* that the total amount on deposit in the Future Funding Reserve Accounts may not exceed the aggregate Unfunded Amount after giving effect to such deposit), and/or (iii) to the Membership Interest Holders and distributed in accordance with the terms of the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date, following the distribution of all Interest Proceeds as set forth in <u>Section 9.1(a)(i)</u> above, Principal Proceeds (other than Principal Proceeds previously reinvested in Collateral Loans or otherwise designated by the Borrower or the Subsidiary Guarantor for application pursuant to the parenthetical contained in <u>Section 8.2(a)(ii)</u>) shall be applied as follows; *provided* that after giving effect to any such payment no Commitment Shortfall would exist (and, to the extent that any Commitment Shortfall would exist, Principal Proceeds shall first be deposited in the applicable Future Funding Reserve Account in the amount needed to eliminate such Commitment Shortfall):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to the payment of the amounts referred to in clauses (A) through (E) of subsection (i) above (in the priority stated therein), but only to the extent not paid in full thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any Coverage Tests are not satisfied as of the related Calculation Date, <u>first</u> to the repayment of the principal of the Swingline Loans until the Swingline Loans are repaid in full and <u>then</u> to the repayment of principal of the Syndicated Loans and to the Future Funding Reserve Accounts (to be allocated to the Loans and the Future Funding Reserve Accounts according to the Principal Allocation Formula), in each case until all of the Coverage Tests are satisfied (on a pro forma basis as at such Calculation Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the payment of amounts referred to in clause (I) of subsection (i) above, in the priority set forth therein but only to the extent not paid in full thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) during the Reinvestment Period, all remaining Principal Proceeds shall be applied, at the sole discretion of the Borrower or the Subsidiary Guarantor, to one or more of the following uses: (1) to the applicable Collection Account for the purchase of additional Collateral Loans (or Eligible Investments pending the purchase of additional Collateral Loans), (2) to make a deposit into the applicable Future Funding Reserve Account (*provided* that the total amount on deposit in the Future Funding Reserve Accounts may not exceed the aggregate Unfunded Amount

------

after giving effect to such deposit), and/or (3) to be applied to prepay the principal of the Loans pursuant to <u>Section 2.7</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) after the Reinvestment Period, to be applied, <u>first</u>, to the payment of principal on the Swingline Loans until repaid in full, and <u>then</u> to the payment of principal on the Syndicated Loans (to be allocated to the Syndicated Loans according to the Principal Allocation Formula) until repaid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) after the Reinvestment Period, to the payment of amounts referred to in clauses (J), (K), (L) and (M) of subsection (i) above, in the priority set forth therein but only to the extent not paid in full thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) after the Reinvestment Period and after repayment of the Loans in full, to the Membership Interest Holders and distributed in accordance with the terms of the LLC 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) If on any Payment Date the amount available in the applicable Payment Account from amounts received in the related Due Period is insufficient to make the full amount of the disbursements required pursuant to any clause in the Priority of Payments, the Collateral Agent shall make the disbursements called for in the order and according to the priority set forth under <u>Section 9.1(a)</u> and ratably or in the order provided within a clause, as applicable, in accordance with the respective amounts owing under any such clause to the extent funds are available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) No later than one (1) Business Day prior to each Payment Date, the Collateral Agent (on behalf of the Borrower and/or the Subsidiary Guarantor) shall deliver to the Administrative Agent and to S&P (so long as S&P is rating the Loans) a report (the "<u>Payment Date Report</u>") containing the information described in <u>Exhibit E</u> hereto specifying the amount of Interest Proceeds and Principal Proceeds received during the preceding Due Period, the amounts to be applied to each purpose set forth in <u>Section 9.1(a)</u> and, where applicable, the calculation of such amounts, in each case as of the applicable Calculation Date. By no later than each Payment Date, the Collateral Agent (on behalf of the Borrower and/or the Subsidiary Guarantor) shall deliver to the Administrative Agent in writing a notice setting forth a calculation of the Net Aggregate Exposure Amount (which shall be determined based on information provided by the Borrower and/or the Subsidiary Guarantor to the Collateral Agent including any Revolving Collateral Loans and Delayed Funding Loans and the unpaid purchase price of all Collateral Loans that the applicable Loan Party entered into binding commitments before the end of the Reinvestment Period to acquire or purchase after the end of the Reinvestment Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each month in which a Payment Date occurs, no later than one (1) Business Day prior to such Payment Date, the Collateral Agent (on

------

behalf of the Borrower and/or the Subsidiary Guarantor) shall deliver to the Administrative Agent and S&P a Collateral 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;(d) In the event that the Collateral Agent obtains actual knowledge of or receives written notice that any Interest Hedge Counterparty defaults in the payment of its obligations to a Loan Party under any Interest Hedge Agreement on the payment date therefor, the Collateral Agent shall make a demand on such Interest Hedge Counterparty, or any guarantor, if applicable, demanding payment by 12:00 noon, New York time, on the next Business Day. The Collateral Agent shall give notice to the Lenders, the Membership Interest Holders, the Borrower, the Subsidiary Guarantor and the Servicer upon the continuing failure by such Interest Hedge Counterparty (or applicable guarantor) to perform its obligations for one Business Day following a demand made by the Collateral Agent on such Interest Hedge Counterparty.

&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) On each Payment Date, the Subsidiary Guarantor hereby directs the Collateral Agent to make the following distributions, which shall be deemed to be payments under the PPNs: (i) from its Principal Collection Account, all amounts available therein shall be distributed to the Borrower and added to the Principal Collection Account of the Borrower, and (ii) from its Interest Collection Account, all amounts available therein shall be distributed to the Borrower and added to the Interest Collection Account of the Borrower, in each case in the amounts specified in the Payment Date Report and as the Borrower shall determine, provided that (i) the Subsidiary Guarantor may withhold from such distribution the amount of Other Taxes and Taxes imposed by an Irish taxing authority, registration and filing fees it is then currently required to pay or that it anticipates it will be required to pay within the next three (3) months, (ii) the Subsidiary Guarantor may withhold from such distribution an additional amount, as determined by the Borrower, necessary to maintain a principal balance of $50,000 under the PPNs (the "<u>Minimum Balance</u>") (which amount may be used for any working capital expenses of the Subsidiary Guarantor) and (iii) at any time, the Borrower may contribute to the Subsidiary Guarantor (which shall be deemed to be a draw under the PPNs) such additional amount from the Borrower's Principal Collection Account or Interest Collection Account as the Borrower determines to be necessary to maintain the Minimum Balance, *provided* that the aggregate amount of such contributions under this clause (iii) shall not exceed $100,000 in any twelve month period; *<u>provided</u> <u>further</u>* that if the balance of the Subsidiary Guarantor's Principal Collection Account is greater than $5,000,000, such amounts in excess of $5,000,000 shall be transferred no later than ten (10) Business Days after such date the balance is greater than $5,000,000.

Article X<br>SALE OF COLLATERAL LOANS; ELIGIBILITY CRITERIA

Section 10.1 <u>Sale of Collateral Loans</u>.

Provided that no Event of Default has occurred and is continuing (except for sales pursuant to <u>Sections 10.1(a)</u>, <u>(c)</u>, <u>(d)</u> or <u>(h)</u>, unless liquidation of the Collateral has begun at the direction of the Majority Lenders, and subject to Section 6.2) and subject to the satisfaction of the conditions specified in this Agreement, including this <u>Article X</u>, as applicable, the Borrower and/or the Subsidiary Guarantor may in writing direct the Collateral Agent to sell and the Collateral Agent (on behalf of the Borrower and/or the Subsidiary Guarantor) shall sell in the manner so directed

------

any Collateral Loan, Equity Security or other Collateral if, as certified by the Servicer, to the best of its knowledge, such sale satisfies the requirements of any one of clauses (a) through (h) of this <u>Section 10.1</u>. For purposes of this <u>Section 10.1</u>, the Disposition Proceeds of a Collateral Loan sold by the Borrower or the Subsidiary Guarantor, as applicable, shall include any Principal Financed Accrued Interest received in respect of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Credit Risk Loans</u>. The Borrower and/or the Subsidiary Guarantor may direct the Collateral Agent to sell any Credit Risk Loan at any time during or after the Reinvestment Period without restriction.

&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>Credit Improved Loans</u>. The Borrower and/or the Subsidiary Guarantor may direct the Collateral Agent to sell any Credit Improved Loan at any time during or after the Reinvestment Period without restriction.

&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>Defaulted Loans</u>. The Borrower and/or the Subsidiary Guarantor may direct the Collateral Agent to sell any Defaulted Loan at any time during or after the Reinvestment Period without restriction.

&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>Equity Securities</u>. The Borrower and/or the Subsidiary Guarantor may direct the Collateral Agent to sell any Equity Security or any asset held by an SPV Subsidiary at any time during or after the Reinvestment Period without restriction.

&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>Prepayment of Loans</u>. In connection with a prepayment of the Loans pursuant to <u>Section 2.7(c)</u>, the Borrower and/or the Subsidiary Guarantor shall direct the Collateral Agent to sell (which sale may be through participation or other arrangement) all or a portion of the Collateral Loans if the requirements of <u>Section 2.7</u> are satisfied; *provided*, that in connection with any prepayment in part of the Loans pursuant to <u>Section 2.7(c)</u>, after giving effect to such prepayment, each Coverage Test is satisfied or, if not satisfied, is maintained or improved. If any such sale is made through participation, the applicable Loan Party shall use reasonable efforts to cause such participations to be converted to assignments within three months of the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Stated Maturity</u>. So long as any Loans are outstanding, the Borrower and/or the Subsidiary Guarantor shall direct the Collateral Agent to sell (which sale may be through participation or other arrangement) the Collateral Loans such that the sale of all of the Collateral Loans will have been effected prior to the Stated Maturity; *provided* that, without prejudice to the sale of a Collateral Loan pursuant to any provision of this <u>Section 10.1</u> other than this clause (f), no Collateral Loan may be sold pursuant to this sentence earlier than three months prior to the Stated Maturity; *provided*, *further*, that any sale by the Borrower or the Subsidiary Guarantor of a Collateral Loan to a Seller under the applicable Sale Agreement shall be subject to the Repurchase and Substitution Limit.

&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>Discretionary Sales</u>. The Borrower and/or the Subsidiary Guarantor may direct the Collateral Agent to sell any Collateral Loan (other than any Collateral Loan being sold pursuant to clauses (a) through (f) above or (h) below) (each such sale, a "<u>Discretionary Sale</u>") at any time other than during a Restricted Trading Period if (i) after giving effect to such Discretionary Sale, the Aggregate Principal Balance of all Discretionary Sales during the preceding twelve-month period (or, for the first twelve calendar months after the Closing Date,

------

during the period commencing on the Closing Date) is not greater than 25% of the Total Capitalization as of the first day of such twelve-month period (or as of the Closing Date, as the case may be) and (ii) any of the following conditions is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) during or after the Reinvestment Period, the Disposition Proceeds from such Discretionary Sale are at least sufficient to maintain or increase the Adjusted Collateral Principal Amount (as measured before such sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) during the Reinvestment Period, the Borrower reasonably believes prior to such sale that it will be able to enter into binding commitments to reinvest all or a portion of the proceeds of such sale in compliance with the Eligibility Criteria within 30 Business Days of such sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) during or after the Reinvestment Period, after giving effect to such Discretionary Sale, the Portfolio Advance Rate shall not exceed the Maximum Advance Rate.

For purposes of determining the percentage of Collateral Loans sold during any such period, the amount of any Collateral Loans sold shall be reduced to the extent of any purchases of Collateral Loans of the same Obligor (which are *pari passu* or senior to such sold Collateral Loans) occurring within 45 Business Days of such sale (determined based upon the date of any relevant trade confirmation or commitment letter) so long as any such Collateral Loan was sold with the intention of purchasing a Collateral Loan of the same Obligor (which would be *pari passu* or senior to such sold Collateral Loan).

Notwithstanding the foregoing, if such Collateral Loan is to be sold to an Affiliate of any Loan Party, such Loan Party shall sell such Collateral Loan at a price not less than the Market Value; *provided* that, in the case of a Principal Transaction, the Independent Review Party has approved such transaction; *provided further* that any sale by such Loan Party of a Collateral Loan to any Affiliate shall be subject to the Repurchase and Substitution Limit.

&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) <u>Mandatory Sales</u>. The applicable Loan Party shall use commercially reasonable efforts to sell (i) any Pledged Collateral that constitutes Margin Stock not later than 45 days after the later of (x) the date of such Loan Party's acquisition thereof and (y) the date such Pledged Collateral became Margin Stock, (ii) any asset held by any SPV Subsidiary prior to the Stated Maturity and (iii) any applicable Collateral Loan prior to the receipt of any Prohibited Consideration in accordance with <u>Section 4.18(b)</u>. The Borrower, the Subsidiary Guarantor or the Servicer, on behalf of any applicable SPV Subsidiary, shall use commercially reasonable efforts to sell any Prohibited Consideration within three months after the date of receipt of such Prohibited Consideration.

Section 10.2 <u>Purchase of Additional Collateral Loans</u>.

On any date during the Reinvestment Period (but, for the avoidance of doubt, not after the end of the Reinvestment Period), the Borrower and/or the Subsidiary Guarantor may, but shall not be required to, direct the Collateral Agent to invest Principal Proceeds (and accrued interest received with respect to any Collateral Loan to the extent used to pay for accrued interest

------

on additional Collateral Loans) in additional Collateral Loans, and the Collateral Agent shall invest such proceeds, if, as certified by the Servicer, to the best of its knowledge, each of the conditions specified in this <u>Section 10.2</u> and <u>Section 10.3</u> is satisfied (which certification will be deemed to have been made upon the delivery by the Borrower to the Collateral Agent of a Loan Party Order or trade confirmation in respect of such purchase); *provided* that with respect to the purchase of any Collateral Loan the settlement date for which the Borrower reasonably expects will occur after the end of the Reinvestment Period (such Collateral Loan, the "<u>Post-Reinvestment Period Settlement Obligation</u>"), to the extent such Post-Reinvestment Period Settlement Obligation would be purchased using Principal Proceeds consisting of Scheduled Distributions of principal, only that portion of such Principal Proceeds that the Borrower reasonably expects will be received prior to the end of the Reinvestment Period may be used to effect such purchase and such Post-Reinvestment Period Settlement Obligation will be treated as having been purchased by a Loan Party prior to the end of the Reinvestment Period for purposes of the Eligibility Criteria.

Not later than the Business Day immediately preceding the end of the Reinvestment Period, the Borrower shall deliver to the Collateral Agent a schedule of Post-Reinvestment Period Settlement Obligations and shall certify to the Collateral Agent that either the amount that is available to be drawn under the Class A-R Loans at the end of the Reinvestment Period or the Principal Proceeds that will be available after the Reinvestment Period (including for this purpose, (i) cash on deposit in the Collection Accounts constituting Principal Proceeds and (ii) any Principal Proceeds that will be received by a Loan Party from the sale of Collateral Loans for which the trade date has already occurred but the settlement date has not yet occurred and subject to the preceding paragraph) will be sufficient to effect the settlement of such Post-Reinvestment Period Settlement Obligations. No other purchases, or settlement of Collateral Loans, after the Reinvestment Period shall be permitted.

&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>Eligibility Criteria</u>. No Collateral Loan may be purchased unless the Borrower determines each of the Eligibility Criteria is satisfied as of the date it commits on behalf of the applicable Loan Party to make such purchase or on the date of such purchase, in each case after giving effect to such purchase and all other sales or purchases previously or simultaneously committed to.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Investment in Eligible Investments</u>. Cash on deposit in any Covered Account (other than the Payment Accounts) may be invested at any time in Eligible Investments in accordance with Article VIII.

&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>Capital Contributions</u>. The Membership Interest Holders or any other direct or indirect equityholders of the Borrower may, but shall have no obligation to, at any time or from time to time, make a capital contribution in Cash or Eligible Investments or an assignment and contribution of a Collateral Loan (valued at such Collateral Loan's Collateral Principal Amount) to the applicable Loan Party for the purpose of (a) curing any Event of Default (but no such contribution shall cure any Event of Default without the consent of the Majority Lenders), (b) enabling the acquisition or sale of any Collateral Loan during the Reinvestment Period, (c) subject to the consent of the Majority Lenders, satisfying any Coverage Test or Collateral Quality Test, (d) paying fees and expenses incurred in connection with the structuring, consummation and

------

closing of the transaction contemplated by this Agreement or (e) prepaying the Loans in accordance with the terms of this Agreement. Unless otherwise directed by a Loan Party by prior or contemporaneous written notice to the Borrower, the Administrative Agent and the Collateral Agent, all Cash contributed to such Loan Party shall be deposited in the applicable Collection Account, whereupon it shall be designated and treated as Principal Proceeds (which designation shall be irrevocable) in all respects hereunder. For the avoidance of doubt, capital contributions made hereunder (and any proceeds thereof) shall only be payable pursuant to the Priority of Payments or as otherwise specified herein and shall not be recoverable in any other manner.

Section 10.3 <u>Conditions Applicable to All Sale and Purchase Transactions.</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 transaction effected under this Article X or in connection with the acquisition of additional Collateral Loans shall be conducted on an arm's length basis and, if effected with a Person Affiliated with the Borrower, the Subsidiary Guarantor or the Servicer, shall be effected in accordance with the requirements of this Agreement on terms no less favorable to the Borrower or the Subsidiary Guarantor than would be the case if such Person were not so Affiliated; *provided* that the Collateral Agent shall have no responsibility to oversee compliance with this clause (a) by the other parties. In connection with any acquisition or disposition of Collateral Loans under this Article X, the delivery to the Collateral Agent of a signed trade ticket by the Servicer or a Loan Party shall constitute a certification by the Servicer or such Loan Party that such transaction complies with all requirements of this Article X, and, if the same has been executed, the EU/UK Retention Letter to which the Borrower, the Subsidiary Guarantor, the Servicer, Retention Provider and Parent (or other Affiliate) are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any acquisition of a Collateral Loan pursuant to this Article X, all of the applicable Loan Party's right, title and interest to any Pledged Collateral shall be Granted to the Collateral Agent pursuant to this Agreement, such Pledged Collateral shall be delivered to the Collateral Agent in accordance with the procedures set forth in <u>Section 8.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything contained in this Article X to the contrary, the Borrower and the Subsidiary Guarantor shall have the right to effect any sale of any Pledged Collateral or purchase of any Collateral Loan (*provided* in the case of a purchase of a Collateral Loan, such purchase complies with the applicable requirements of this Agreement) (i) that has been consented to by the Lenders constituting at least two-thirds of the aggregate principal amount and undrawn Commitments in respect of each Class of Loans and (ii) of which the Collateral Agent and S&P have been notified.

Section 10.4 <u>Restrictions on Exchanges and Deemed Acquisitions.</u> A Loan Party may not consent to an exchange or deemed acquisition through material amendment of a Collateral Loan unless (i) the maturity of the new Collateral Loan is not later than the Stated Maturity and (ii) either (a) the Maximum Weighted Average Life Test will be satisfied after giving effect to such amendment or (b) if the Maximum Weighted Average Life Test was not satisfied prior to the amendment, the level of compliance with the test will be maintained or improved; *provided* that, notwithstanding the provisions of clause (ii) above, the Borrower or the Subsidiary Guarantor may agree to such amendment or modification and exchange of the related Collateral Loan for the amended obligation if non-exchange would cause the related Collateral Loan to have a lower

------

priority security interest or become unsecured, result in the removal of material covenants or otherwise be materially detrimental to the credit of the Collateral Loan. The foregoing requirements will not apply to a restructuring of a Defaulted Loan.

Section 10.5 <u>Optional Repurchase or Substitution.</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) Subject to the limitations set forth below, the Parent or any other Affiliate of the Borrower or the Subsidiary Guarantor will have the right but not the obligation to repurchase, or substitute for, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Collateral Loan that becomes a Defaulted 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) Collateral Loan that has a Material Covenant Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Collateral Loan that becomes subject to a proposed Specified Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Collateral Loan that becomes a Credit Risk Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Collateral Loan that becomes an Ineligible Collateral Loan (each of the above, a "<u>Substitution Event</u>").

At all times, (i) the aggregate principal balance of all Collateral Loans that are substituted Collateral Loans (each, a "<u>Substitute Collateral Loan</u>"), *plus* (ii) the aggregate principal balance related to all Collateral Loans that have been repurchased by Parent or any other Affiliate of the Borrower or the Subsidiary Guarantor, as applicable pursuant to such entity's respective right of optional repurchase or substitution and not subsequently applied to purchase a Substitute Collateral Loan, may not exceed an amount equal to 20% of the greater of (I) Total Capitalization and (II) the Net Purchased Collateral Loan Balance; *provided* that clause (ii) above shall not include (A) the principal balance related to any Collateral Loan that is repurchased in connection with a proposed Specified Amendment to such Collateral Loan so long as (x) such Loan Party certifies in writing to the Agents, the Membership Interest Holders and the Lenders that such purchase is, in its commercially reasonable business judgment, necessary or advisable in connection with the restructuring of such Collateral Loan and such restructuring is expected to result in a Specified Amendment to such Collateral Loan, and (y) such Loan Party certifies in writing to the Agents, the Membership Interest Holders and the Lenders that such Loan Party either would not be permitted to or would not elect to enter into such Specified Amendment in accordance with the Servicing Standard or any provision of this Agreement, (B) the purchase price of any Collateral Loans or, for the avoidance of doubt, any Equity Securities sold by the Borrower or the Subsidiary Guarantor to an Affiliate as described in <u>Section 10.1(d)</u> or (C) the purchase price of any Collateral Loans sold to other Affiliates of the Borrower, the Subsidiary Guarantor or the Servicer in accordance with this Agreement. The foregoing provisions in this paragraph are referred to as the "<u>Repurchase and Substitution Limit</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The substitution of any Substitute Collateral Loan will be subject to the satisfaction of the following conditions as of the related Cut-Off Date for each such Collateral Loan (after giving effect to such substitution), which conditions are:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) (x) The Coverage Tests, (y) Collateral Quality Test and (z) Concentration Limitations are maintained or improved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the outstanding principal balance of such Substitute Collateral Loan (or, if more than one Substitute Collateral Loan will be added in replacement of a Collateral Loan or Collateral Loans, the aggregate outstanding principal balance of such Substitute Collateral Loans) equals or exceeds the outstanding principal balance of the Collateral Loan being substituted for and the Net Aggregate Exposure Amount, if any, with respect thereto shall have been deposited in the applicable Future Funding Reserve 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Market Value of such Substitute Collateral Loan (or, if more than one Substitute Collateral Loan will be added in replacement of a Collateral Loan or Collateral Loans, the aggregate Market Value of such Substitute Collateral Loans) equals or exceeds the Market Value of the Collateral Loan being substituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) (x) if the Collateral Loan being substituted for is a Second Lien Loan, the aggregate principal balance of all Substitute Collateral Loans that are Second Lien Loans equals or is less than the principal balance of the Collateral Loan being substituted for and (y) if the Collateral Loan being substituted out is not a Second Lien Loan (or a Participation Interest therein), no Substitute Collateral Loan is a Second Lien Loan (or a Participation Interest therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the S&P Rating of each Substitute Collateral Loan is equal to or higher than the S&P Rating of the Collateral Loan being substituted for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the maturity date of each Substitute Collateral Loan is not later than the maturity date of the Collateral Loan being substituted for (to the extent such substitution would occur after the Reinvestment Period); 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;(viii) each Substitute Collateral Loan shall satisfy the definition of "Collateral 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;(c) A substitution of a Collateral Loan may be accomplished by delivery of notice thereof by the Servicer to the Agents, the Lenders, the Membership Interest Holders, the Subsidiary Guarantor and the Borrower and either (a) a contemporaneous substitution of a Collateral Loan meeting the criteria specified above for the Collateral Loan being replaced or (b) a deposit by the applicable Affiliate into the applicable Collection Account as Principal Proceeds of the Transfer Deposit Amount with respect to the Collateral Loan being replaced and then, within 90 days of the aforementioned notice, the acquisition by the Borrower or the Subsidiary Guarantor of one or more Substitute Collateral Loans in exchange for the funds so deposited. In the event that the full Transfer Deposit Amount is not used to acquire Substitute Collateral Loans (or fund the applicable Future Funding Reserve Account if necessary with respect thereto) within the 90 day period, then the remaining amount of such funds previously deposited as described above will be treated as Principal Proceeds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to any substitution of a Collateral Loan to the Borrower or the Subsidiary Guarantor, the Servicer shall provide written notice thereof to S&P. The Servicer on behalf of the Borrower or the Subsidiary Guarantor will present each Substitute Collateral Loan proposed to be included in the Collateral to S&P within 10 Business Days of the acquisition thereof so that S&P may provide a rating and a recovery rate with respect to such Collateral Loan; *provided* that (i) such Collateral Loan may become a part of the Collateral prior to the Servicer's presentment of the Collateral Loan to S&P as described herein, (ii) the Servicer's failure to present a Collateral Loan to S&P as described herein shall not constitute an independent breach of, or default under, any Loan Document, and (iii) the Servicer shall have no obligation to present a Substitute Collateral Loan to S&P if such Collateral Loan has a public rating from S&P. This subsection (d) shall cease to be effective if S&P is no longer rating any Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In addition to the right to substitute for any Collateral Loans that become subject to a Substitution Event, Parent or any other Affiliate shall have the right, but not the obligation, to repurchase any such Collateral Loan subject to the Repurchase and Substitution Limit. In the event of such a repurchase, Parent or other Affiliate shall deposit in the applicable Collection Account as Principal Proceeds an amount equal to the Transfer Deposit Amount for such Collateral Loan (or applicable portion thereof) as of the date of such repurchase. The Borrower or the Subsidiary Guarantor and, at the written direction of the Borrower or the Subsidiary Guarantor, as applicable, the Collateral Agent, shall execute and deliver such instruments, consents or other documents and perform all acts reasonably requested by the Servicer in order to effect the transfer and release of any of such Loan Party's interests in the Collateral Loans that are being repurchased.

Article XI<br>CHANGE IN CIRCUMSTANCES

Section 11.1 <u>Basis for Determining Interest Rate Inadequate or Unfair</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of SOFR Loans, CAD Loans, Euro Loans and GBP Loans, subject to Section 11.6, if on, or prior to, the first day of any Interest 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;(i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR," "Term CORRA," "Daily Simple SONIA" or "EURIBOR" cannot be determined pursuant to the definition thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Majority Lenders determine that for any reason in connection with any request for a SOFR Loan, CAD Loan, Euro Loan or GBP Loan or a conversion thereto or a continuation thereof that such Benchmark for any requested Interest Period with respect to a proposed SOFR Loan, CAD Loan, Euro Loan or GBP Loan, as applicable, does not adequately and fairly reflect the cost to such Lenders of making and maintaining such Loan, and the Majority Lenders have provided notice of such determination to the Administrative Agent;

------

then, in each case the Administrative Agent shall forthwith give notice thereof (by telephone confirmed in writing) to the Borrower, the Subsidiary Guarantor, the Collateral Agent and the Lenders. The Borrower or the Subsidiary Guarantor shall provide notice thereof to S&P and the Membership Interest Holders.

Upon notice thereof by the Administrative Agent to the Borrower, the Subsidiary Guarantor, the Collateral Agent and the Lenders, any obligation of the Lenders to make SOFR Loans, CAD Loans, Euro Loans or GBP Loans, as applicable, in each such Currency, and any right of the Borrower or the Subsidiary Guarantor to convert any Loan in each such Currency (if applicable) to, or to continue any Loan as, a Term SOFR Loan, CAD Loan, Euro Loan or GBP Loan, as applicable, in each such Currency, shall be suspended (to the extent of the affected Loans or affected Interest Periods) until the Administrative Agent (with respect to clause (b), at the instruction of the Majority Lenders) revokes such notice. Upon receipt of such notice, (i) the Borrower or the Subsidiary Guarantor may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans, CAD Loans, Euro Loans or GBP Loans in each such affected Currency (to the extent of the affected Loans or affected Interest Periods) or, failing that, (I) in the case of any request for an affected Borrowing in U.S. Dollars, the Borrower or the Subsidiary Guarantor will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount specified therein and (II) in the case of any request for an affected Borrowing in an Alternative Currency, then such request shall be ineffective and (B)(I) any outstanding affected SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period and (II) any outstanding affected Loans denominated in an Alternative Currency, at the Borrower's or the Subsidiary Guarantor's election, shall either (1) be converted into Base Rate Loans denominated in U.S. Dollars (in an amount equal to the U.S. Dollar Equivalent of such Alternative Currency) immediately, or, if applicable, at the end of the applicable Interest Period or (2) be prepaid in full immediately or, if applicable, at the end of the applicable Interest Period; *provided* that if no election is made by the Borrower or the Subsidiary Guarantor by the date that is the earlier of (x) three Business Days after receipt by the Borrower or the Subsidiary Guarantor of such notice or (y) the last day of the then-current Interest Period, if applicable, then the Borrower or the Subsidiary Guarantor will be deemed to have elected clause (1) above. Upon any such prepayment or conversion, the Borrower or the Subsidiary Guarantor shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to <u>Section 2.9</u>.

Section 11.2 <u>Illegality.</u> If, on or after the date of this Agreement, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender in good faith with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for any Lender to make, maintain or fund its SOFR Loans (if any) and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof (by telephone confirmed in writing) to the other Lenders, the Collateral Agent and the Borrower (who shall forward such notice to the Membership Interest Holders, the Subsidiary Guarantor and S&P), whereupon until such Lender notifies the Administrative Agent that the

------

circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make SOFR Loans (if any) shall be suspended (*provided* that such Lender shall instead fund Base Rate Loans). Before giving any notice to the Administrative Agent pursuant to this <u>Section 11.2</u>, such Lender shall designate a different Applicable Lending Office if such designation would avoid the need for giving such notice and would not be otherwise disadvantageous to such Lender. If circumstances subsequently change so that it is no longer unlawful for an affected Lender to make or maintain SOFR Loans as contemplated hereunder, such Lender will, as soon as reasonably practicable after such Lender becomes aware of such change in circumstances, notify the Borrower, the Subsidiary Guarantor, the Collateral Agent, the Administrative Agent and S&P and upon receipt of such notice, the obligations of such Lender to make or continue SOFR Loans shall be reinstated.

Section 11.3 <u>Increased Cost and Reduced Return</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, on or after the date hereof, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall impose, modify or deem applicable any reserve (including, without limitation, any such requirement imposed by the Federal Reserve Board), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Applicable Lending Office) or shall impose on any Lender (or its Applicable Lending Office) or on the Term SOFR Administrator any other condition affecting its SOFR Loans, its Notes evidencing SOFR Loans, or its obligation to make SOFR Loans, and the result of any of the foregoing is to increase the cost to such Lender (or its Applicable Lending Office) of making or maintaining any Loan, or subject any Recipient 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 on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or to reduce the amount of any sum received or receivable by such Lender (or its Applicable Lending Office) under this Agreement or under its Notes with respect thereto, by an amount deemed by such Lender to be material, then, upon demand (which demand shall set forth in reasonable detail the basis for such demand for compensation) by such Lender (with a copy to the Administrative Agent, the Collateral Agent and S&P), such additional amount or amounts as will compensate such Lender for such increased cost or reduction (to the extent funds are available therefor in accordance with the Priority of Payments) shall constitute Increased Costs payable by the Borrower or the Subsidiary Guarantor pursuant to <u>Section 9.1(a)</u> and <u>6.4</u>; *provided*, that such amounts shall be no greater than that which such Lender is generally charging other borrowers similarly situated to the Borrower or the Subsidiary Guarantor.

&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 any Lender shall have determined that, after the date hereof, the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change in any such law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any request or directive regarding capital adequacy (whether or not

------

having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on capital of such Lender as a consequence of such Lender's obligations hereunder to a level below that which such Lender could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then, upon demand (which demand shall set forth in reasonable detail the basis for such demand for compensation) by such Lender (with a copy to the Administrative Agent, the Collateral Agent and S&P), such additional amount or amounts as will compensate such Lender for such reduction (to the extent funds are available therefor in accordance with the Priority of Payments) shall constitute Increased Costs payable by the Borrower or the Subsidiary Guarantor pursuant to <u>Section 9.1(a)</u> and <u>6.4</u>; *provided* that such amount shall be no greater than that which such Lender is generally charging other borrowers similarly situated to the Borrower or the Subsidiary Guarantor.

&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 Lender will promptly notify the Borrower, the Subsidiary Guarantor, the Collateral Agent and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this <u>Section 11.3</u> and will designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not be otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation under this <u>Section 11.3</u> and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, such Lender may use any reasonable averaging and attribution methods. In addition, neither <u>Section 11.3(b)</u> nor <u>Section 11.3(c)</u> shall apply to Taxes (payments in respect of which are intended to be covered, if at all, by <u>Section 11.4</u>). Failure or delay on the part of any Lender to demand compensation under this <u>Section 11.3</u> shall not constitute a waiver of such Lender's right to demand such compensation; *provided* that the Borrower and the Subsidiary Guarantor shall not be required to compensate a Lender pursuant to this <u>Section 11.3</u> for any increased costs or reductions incurred more than six months prior to the earlier of (x) the date on which the applicable Lender has actual knowledge of the event giving rise to such increased costs or reductions and (y) the date on which the applicable Lender should, in the exercise of reasonable care, have knowledge of the event giving rise to such increased costs or reductions; *provided* that, if the event giving rise to such increased costs or reductions is retroactive, then the six month period referred to above shall be extended to include the period of retroactive effect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained herein, (i) no Lender shall demand compensation for any increased cost, reduction or capital referred to above in <u>Section 11.3(a)</u> or <u>(b)</u> (x) if it shall not at the time be the general policy and practice of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit agreements from similarly situated borrowers or (y) in respect of (A) any Commitment Fees relating to Commitments that are reduced or not permitted to be funded solely due to a Bail-In Action relating to such Lender that results in the reduction of the total Commitments of such Lender (or the prohibition against funding such Commitments) or (B) any interest on any Revolving Loans that are not funded or are repaid as a result thereof and (ii) all requests, rules, guidelines, requirements and directives promulgated (x) by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), the Committee of European Banking Supervisors or the United States or foreign regulatory authorities,

------

in each case, pursuant to Basel III or similar capital requirements directive existing on the Closing Date impacting European banks and other regulated financial institutions and (y) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, shall, in each case, be deemed to be a change or adoption of any law, rule or regulation for purposes of this <u>Section 11.3</u>, regardless of the date enacted, adopted, issued or implemented.

&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) If the Borrower or the Subsidiary Guarantor is required to pay additional amounts to any Lender under this <u>Section 11.3</u>, then the Borrower or the Subsidiary Guarantor, as applicable, may, at its own expense and in its sole discretion, require such Lender to transfer or assign, in whole or in part, without recourse (in accordance with <u>Section 11.5</u>) all of its interests, rights and obligations under this Agreement and the Notes to an assignee (it being understood that such Lender shall have no obligation to search for, seek, designate or otherwise try to find, such assignee) which shall assume such obligations (and which may be another Lender, if such other Lender accepts such assignment).

Section 11.4 <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) Any and all payments by or on behalf of the Borrower to or for the account of any Lender or the Administrative Agent hereunder or under any other Loan Document shall be made free and clear, of and without deduction for any Taxes, except as required by applicable law. If the Borrower or the Subsidiary Guarantor shall be required by law to deduct or withhold any Indemnified Taxes from or in respect of any sum payable under any Loan Document to any Lender or to the Administrative Agent, (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this <u>Section 11.4</u>) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholding been made, (ii) the Borrower or the Subsidiary Guarantor, as applicable, shall make such deductions or withholdings, (iii) the Borrower or the Subsidiary Guarantor, as applicable, shall timely pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law and the Priority of Payments and (iv) as soon as practicable after any payment of Taxes, the Borrower or the Subsidiary Guarantor, as applicable, shall furnish to the Administrative Agent, at its address set forth on the signature pages hereof, the original or a certified copy of a receipt evidencing payment thereof or, if a receipt is not available, such other evidence of payment as may be reasonably acceptable to such Lender or the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, each of the Borrower and the Subsidiary Guarantor agrees to pay to the relevant governmental authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, in accordance with the Priority of Payments, any present or future stamp, court or documentary, intangible, recording or filing Taxes and any other excise or property Taxes, or charges or similar levies which arise from any payment made under any Loan Document or from the execution or delivery of, 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 (other than pursuant to an assignment request by a Loan Party under <u>Section 11.5</u>) (hereinafter referred to as "<u>Other 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;(c) The Borrower and the Subsidiary Guarantor agree to indemnify each Lender and the Administrative Agent for the full amount of Indemnified Taxes (including, without limitation, any Indemnified Taxes imposed or asserted by any jurisdiction on amounts payable under this <u>Section 11.4</u>) payable or paid by such Lender or the Administrative Agent (as the case may be) 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. This indemnification shall be made within 10 days from the date such Lender or the Agents (as the case may be) makes demand therefor. A certificate as to the amount of such payment or liability, accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts, delivered to the Borrower or the Subsidiary Guarantor by a Lender (with a copy to the Administrative Agent) or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or the Subsidiary Guarantor has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Indemnified Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 12.6(b)(ii)</u> relating to the maintenance of a Participant Register and (iii) any other Taxes attributable to such Lender, in each case, that are payable or paid by the Agents in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agents shall be conclusive absent manifest error. Notwithstanding any other provision herein to the contrary, each Lender hereby authorizes the Agents to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agents to the Lender from any other source against any amount due to the Agents under this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent (and simultaneously deliver a copy to the Collateral Agent), at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent (or the Collateral Agent) as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent (or the Collateral Agent), shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent (or the Collateral Agent) as will enable the Borrower or the Administrative Agent (or the Collateral Agent) to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and

------

submission of such documentation (other than such documentation set forth in <u>Sections 11.4(e)(ii)(A)</u>, <u>(B)</u> and <u>(C)</u>) shall not be required if in the Lender's reasonable judgment such completion, execution, or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent (and simultaneously deliver a copy to the Collateral Agent) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonably request of the Borrower, the Administrative Agent or the Collateral Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender that is not a U.S. Person becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: executed copies of IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (accompanied by appropriate attachments), as appropriate, either (w) in the case of a Lender providing IRS Form W-8-BEN or IRS Form W-8BEN-E, certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is a party which reduces the rate of withholding tax on payments hereunder, (x) in the case of a Lender providing IRS Form W-8ECI, certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States, (y) in the case of a Lender providing IRS Form W-8BEN or IRS Form W-8BEN-E and claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, accompanied by a certificate to the effect that such Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code or (z)) in the case of a Lender providing an IRS Form W-8IMY, such information and forms required to establish the rate of U.S. withholding tax with respect to payments 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;(C) if a payment made to a Lender or Agent under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender or Agent 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), then such Lender or Agent, as applicable, shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation

------

sufficient for the Administrative Agent and the Borrower to comply with their obligations under FATCA and to determine the amount (if any) to deduct and withhold from such payment under FATCA. Solely for purposes of this clause (ii), "FATCA" shall include any amendments made to FATCA after the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (and simultaneously deliver a copy to the Collateral Agent) in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax or non-U.S. withholding tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent (or the Collateral Agent) to determine the withholding or deduction required to be made.

Each Lender and Agent 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 (in the case of obsolescence, promptly upon written request (including via email) from the Borrower) or promptly notify the Borrower and the Administrative Agent (and the Collateral Agent) in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Borrower is required to pay additional amounts to or for the account of any Lender pursuant to this <u>Section 11.4</u>, then such Lender will (at the request of 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 sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this <u>Section 11.4</u> and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If a Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes as to which it has been indemnified under this <u>Section 11.4</u>, it shall pay to the Borrower or the Subsidiary Guarantor, as applicable, an amount equal to such refund (but only to the extent of indemnity payments made under this <u>Section 11.4</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such Lender and without interest (other than any interest paid by the relevant governmental authority with respect to such refund). Such Borrower or Subsidiary Guarantor, upon the request of such Lender, shall repay to such Lender the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such Lender is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in this clause (g), in no event will a Lender be required to pay an amount to the Borrower or Subsidiary Guarantor pursuant to this clause (g)

------

the payment of which would place the Lender in a less favorable net after-tax position than the Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This clause (g) shall not be construed to require any Lender 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;(h) Each party's obligations under this <u>Section 11.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitment and the repayment, satisfaction or discharge of all obligations under any Loan Documents.

Section 11.5 <u>Replacement of Lenders; Downgraded Lenders; Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (x) If and for so long as any Lender (other than the Initial Lender) is (1) a Downgraded Lender (subject to clauses (b) and (c) below), (2) a Defaulting Lender, (3) requesting compensation under <u>Section 11.3</u>, (4) unable to make Loans under <u>Section 11.2</u> or (5) a Non-Consenting Lender, (y) if the Borrower or the Subsidiary Guarantor is required to pay any additional amount to such Lender or any authority for the account of such Lender pursuant to <u>Section 11.4</u> or (z) if and for so long as the obligations of any Lender under this Agreement are the subject of a Bail-In Action, then the Borrower or the Subsidiary Guarantor may, at its sole expense and effort, upon notice to such Lender, the Agents and S&P, direct such Lender to assign and delegate (and such Lender shall comply with such direction but shall have no obligation to search for, seek, designate or otherwise try to find, an assignee), without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 12.6</u>), all of its interests, rights and obligations under this Agreement and the Notes to a financial institution that is (I) an Approved Lender (and is not otherwise a Defaulting Lender), (II) eligible to purchase the replaced Lender's Loans under the terms hereof, (III) not prohibited by any applicable law from making such purchase, (IV) in the case of replacement of a Non-Consenting Lender, has agreed to approve the related amendment, modification, consent or waiver and (V) not the subject of a Bail-In Action with respect to its obligations hereunder (such purchaser, an "<u>Approved Purchaser</u>"), which shall assume such obligations (and which may be another Lender, if such other Lender accepts such assignment); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such assigning Lender shall have received payment of an amount equal to the aggregate outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under its Note (including any amounts under <u>Sections 2.9</u>, <u>11.3</u> and <u>11.4</u>) from such Approved Purchaser (to the extent of such outstanding principal and accrued interest and fees) or the Borrower or the Subsidiary Guarantor (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any such assignment or delegation resulting from a claim for compensation under <u>Section 11.3</u> or payments required to be made pursuant to <u>Section 11.4</u>, such assignment or delegation will result in a reduction in such compensation or payments thereafter; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such assignment or delegation does not conflict with any applicable law, rule or regulation and is not otherwise prohibited by a regulatory body with jurisdiction over the assigning Lender or its assignee.

&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 and for so long as any Lender is a Downgraded Lender or a Defaulting Lender 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;(i) in the case of a Downgraded Lender, it holds any portion of the Commitments that remain in effect, then, as soon as practicable and in any event within 10 Business Days after becoming a Downgraded Lender, (x) it shall deposit an amount equal to its undrawn Commitments at such time into the Lender Collateral Account and (y) all principal payments in respect of the Loans which would otherwise be made to such Downgraded Lender shall be diverted to the Lender Collateral Subaccount of such Downgraded Lender in accordance with <u>Section 8.3(c)</u>, and any amounts in such Lender Collateral Subaccount shall be applied to any future funding obligations of such Downgraded Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Defaulting Lender, the Commitment and Loans of any such Defaulting Lender shall not be included in determining whether the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to <u>Section 12.5</u>); *provided* that a Defaulting Lender's vote shall be included with respect to any action hereunder relating to any change that would require the consent of each Lender or each affected Lender under <u>Section 12.5</u> (to the extent such Defaulting Lender is such an affected Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in <u>Section 11.5(a)</u> to the contrary, (i) a Lender shall not be required to make any assignment or delegation referred to in <u>Section 11.5(a)</u> if, prior thereto, as a result of a waiver by such Lender, the Borrower, the Subsidiary Guarantor, or otherwise, the circumstances entitling the Borrower or the Subsidiary Guarantor to require such assignment and delegation cease to apply and such Lender gives notice thereof to the Borrower or the Subsidiary Guarantor and (ii) the Borrower or the Subsidiary Guarantor may not require a Downgraded Lender to make any such assignment or delegation during the 10 Business Day period referred to in clause (b)(i) above or at any time that a Downgraded Lender is in compliance with clause (b)(i)(x) 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) Each of the Administrative Agent and any replaced Lender will agree to cooperate with all reasonable requests of the Borrower or the Subsidiary Guarantor for the purpose of effecting a transfer in compliance with this <u>Section 11.5</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;(e) Nothing in this <u>Section 11.5</u> shall be deemed to release a Defaulting Lender or Downgraded Lender from any liability arising from its failure to fund any Loans it is required to make hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained herein but subject to the Write-Down and Conversion Powers of any EEA Resolution Authority, the provisions of this Agreement relating to Downgraded Lenders (including <u>Sections 8.3(c)</u> and <u>11.5</u>) shall continue to apply after the occurrence of a Bail-In Action, including that any amounts previously deposited in

------

any Lender Collateral Subaccount will remain available in such Lender Collateral Subaccount following the occurrence of a Bail-In Action for the purposes set forth in this Agreement.

Section 11.6 <u>Benchmark Replacement; Conforming 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) <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 the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders. If the Benchmark Replacement is based upon Daily Simple SOFR, all interest payments will be payable on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent 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 Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 11.6(d) and (v) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 11.6, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 11.6.

&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>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 the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to 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 Administrative Agent 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;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of the applicable Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans and (ii) any outstanding affected Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period.

Article XII<br>MISCELLANEOUS

Section 12.1 <u>Notices.</u> All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, facsimile, e-mail or other electronic transmission or similar writing) and shall be given to such party: (v) in the case of the Borrower, the Subsidiary Guarantor, the Servicer, the Administrative Agent, the Membership Interest Holders or the Collateral Agent, at its address, facsimile number and/or email address set forth on the signature pages hereof, (w) (1) in the case of Lender as of the date of this Agreement, at its address, facsimile number and/or email address set forth on the signature pages hereof, and (2) in the case of any other Lender, at its address, facsimile number and/or email address set forth in its Administrative Questionnaire (which notices shall be solely by facsimile or email if so indicated therein), (x) in the case of S&P, (A) any credit estimate related notifications/requests should be sent to by email to <u>creditestimates@spglobal.com</u>; (B) any S&P CDO Monitor requests should be sent by email to <u>CDOMonitor@spglobal.com</u> and (C) any other requests should be sent by email to cdo_surveillance@spglobal.com or (y) in the case of any party, such other address, facsimile number and/or email address as such party may hereafter specify for such purpose by written notice to the Administrative Agent, the Collateral Agent, the Subsidiary Guarantor and the Borrower. Each such notice, request or other communication shall be effective (i) if given by facsimile, when such facsimile is transmitted to the facsimile number specified in this <u>Section 12</u> and the appropriate answerback is received during normal business hours, (ii) if given by mail, three

------

Business Days after such communication is deposited in the mails with registered or certified postage prepaid, addressed as aforesaid, (iii) if given by recognized courier guaranteeing overnight delivery, one Business Day after such communication is delivered to such courier or (iv) if given by any other means, when delivered at the address or email address specified in this <u>Section 12</u>; *provided* that notices to the Administrative Agent under Article XI or to the Collateral Agent under Article VIII shall not be effective until received.

The Collateral Agent agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured email, facsimile transmission or other similar unsecured electronic methods, *provided* that any person providing such instructions or directions shall provide to the Collateral Agent an incumbency certificate listing persons designated to provide such instructions or directions, which incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such person elects to give the Collateral Agent email or facsimile instructions (or instructions by a similar electronic method) and the Collateral Agent in its discretion elects to act upon such instructions, the Collateral Agent's reasonable understanding of such instructions shall be deemed controlling. The Collateral Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Collateral Agent's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

Section 12.2 <u>No Waivers.</u> No failure or delay by either Agent, Membership Interest Holder or any Lender, the Borrower or the Subsidiary Guarantor in exercising any right, power or privilege hereunder or under any Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Section 12.3 <u>Expenses; Indemnification</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, jointly and severally, shall pay (i) all reasonable and documented out-of-pocket expenses of the Agents, the Custodian and U.S. Bank NA as securities intermediary, including, without limitation, reasonable fees and disbursements of (v) one outside counsel for the Administrative Agent and the Lenders (other than any CP Lender), (w) one outside counsel for any other CP Lenders (assuming any such Person is a Lender at the relevant time), (x) one outside counsel for all of the Collateral Agent, the Collateral Administrator and the Custodian, taken as a whole, (y) one local counsel in each appropriate jurisdiction (if reasonably requested by either Agent) and (z) any additional counsel agreed to by the Borrower or the Subsidiary Guarantor, respectively, in connection with the preparation, syndications and administration of this Agreement, the Loan Documents and any documents and instruments referred to therein, and further modifications or syndications of the Loans in connection therewith, the administration of the Loans, any Increased Commitment or Additional Loan, any waiver or consent hereunder or any amendment or modification hereof or any Default hereunder and (ii) all reasonable out-of-pocket expenses incurred by either Agent, the Custodian, U.S. Bank NA as securities intermediary

------

and the Lenders, respectively, including reasonable fees and disbursements of (u) one outside counsel for the Administrative Agent and the Lenders (other than any CP Lender), (v) one outside counsel for any other CP Lenders (assuming any such Person is a Lender at the relevant time), (w) one outside counsel for any other Lender(s) (if reasonably requested by such Lender(s) and such Lender(s) have differing interests from the Lenders referred to in clauses (u) and (v) above), (x) one outside counsel for all of the Collateral Agent, the Collateral Administrator and the Custodian, taken as a whole, (y) one local counsel in each appropriate jurisdiction (if reasonably requested by either Agent) and (z) any additional counsel agreed to by the Borrower or the Subsidiary Guarantor, respectively, in connection with the enforcement of the Loan Documents and the instruments referred to therein and such collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Borrower and the Subsidiary Guarantor agrees to jointly and severally indemnify the Administrative Agent, the Collateral Agent, the Custodian, U.S. Bank NA as securities intermediary and each Lender, their respective affiliates and the respective directors, officers, agents and employees of the foregoing (each an "<u>Indemnitee</u>") and hold each Indemnitee harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind (but excluding the fees and expenses of its internal legal counsel and all ordinary internal costs, consisting of overhead and employee costs and expenses incurred by such Indemnitee in connection with its obligations under the Loan Documents), including, without limitation, the reasonable fees and disbursements of outside counsel (one counsel and one local counsel in each appropriate jurisdiction), which may be incurred by such Indemnitee in connection with this Agreement, or any of the other Loan Documents or the matters referred to herein or therein, including without limitation, in connection with any investigative, administrative or judicial proceeding (whether or not such Indemnitee shall be designated a party thereto) that may at any time (including, without limitation, at any time following the payment of the Obligations) be imposed on, asserted against or incurred by any Indemnitee as a result of, or arising out of, or in any way related to or by reason of, (i) any of the transactions contemplated by the Loan Documents or the execution, delivery or performance of any Loan Document, (ii) the grant to the Collateral Agent, the Lenders and the Membership Interest Holders of any Lien, on the Collateral, (iii) the exercise by the Administrative Agent, the Collateral Agent, the Lenders or the Membership Interest Holders of their rights and remedies (including, without limitation, foreclosure) under any agreements creating any such Lien, (iv) the failure of the Collateral Agent to have a valid and perfected Lien on any Collateral, (v) a breach by the Borrower or the Subsidiary Guarantor of any representation, warranty or covenant contained in any Loan Document or any document relating to any Collateral or (vi) any loss arising from any action or inaction of the Borrower, the Subsidiary Guarantor or any of their Affiliates regarding the administration of any Collateral or otherwise relating to such Collateral (other than an Obligor's financial inability to make payments with respect to any such Collateral) but excluding, as to any Indemnitee, any such losses, liabilities, damages, expenses or costs incurred by reason of the gross negligence or willful misconduct of such Indemnitee as finally determined by a court of competent jurisdiction. The Borrower's obligations under this <u>Section 12</u> shall survive the termination of this Agreement and the payment of the Obligations. Notwithstanding anything to the contrary contained herein, (i) in no event shall the Borrower or the Subsidiary Guarantor be obligated to reimburse any costs or expenses of any Indemnitee incurred in connection with a claim brought directly by such Indemnitee against any Loan Party, or directly by any Loan Party against such Indemnitee, except upon a determination

------

in favor of such Indemnitee by a court or arbitral tribunal of competent jurisdiction, (ii) the Borrower and the Subsidiary Guarantor shall not have any obligation to make any payment under this <u>Section 12.3(b)</u> except to the extent funds are available therefor in accordance with the Priority of Payments, and (iii) the Borrower and the Subsidiary Guarantor shall not be liable for any indirect, special, consequential or punitive damages (unless constituting part of a third-party claim against an Indemnitee). This <u>Section 12.3(b)</u> shall not apply with respect to Taxes, other than 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) In case any proceeding (including any governmental investigation) shall be instituted or threatened or a claim is made or threatened involving any Indemnitee, such Indemnitee shall promptly notify the Loan Parties in writing and the Loan Parties shall have the right, exercisable by giving written notice to such Indemnitee within 15 days of receipt of written notice from such Indemnitee of such proceeding, to retain counsel reasonably satisfactory to such Indemnitee to represent such Indemnitee and any others the Loan Parties may designate in such proceeding and the Loan Parties shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, such Indemnitee shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless (i) the Loan Parties and such Indemnitee shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the Loan Parties and such Indemnitee and the Loan Parties and such Indemnitee have been advised by outside counsel that representation of both parties by the same counsel would be inappropriate due to material actual or potential differing interests between them or (iii) the Loan Parties fail to retain counsel reasonably satisfactory to the Indemnitee in a timely manner, as determined by the Indemnitee in its reasonable judgment. It is understood that the Loan Parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel where the proceeding is pending) for each Indemnitee, unless (i) the Loan Parties and such Indemnitee shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Loan Parties and such Indemnitee and the Loan Parties and such Indemnitee have been advised by outside counsel that representation of both parties by the same counsel would be inappropriate due to material actual or potential differing interests between them, and that all such reasonable and documented fees and expenses shall be reimbursed as they are incurred and paid (except as set forth in the last sentence of <u>Section 12.3(b)</u>). In the case of any separate firm for the Indemnitees that is paid for by the Loan Parties, such firm shall be reasonably acceptable to the Loan Parties (which consent shall not be unreasonably withheld, conditioned or delayed).

Section 12.4 <u>Sharing of Set-Offs.</u> In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default, each Lender is hereby authorized at any time or from time to time, without presentment, demand, protest or other notice of any kind to the Borrower or the Subsidiary Guarantor or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any and all deposits (general or special, time or demand, provisional or final) and any other Indebtedness at any time held or owing by such Lender (including, without limitation, by branches and agencies of such Lender wherever located) to or for the credit or the account of the Borrower or the Subsidiary Guarantor

------

against and on account of the Obligations of the Loan Parties then due and payable to such Lender under this Agreement or under any of the other Loan Documents, including, without limitation, all interests in Obligations purchased by such Lender.

Each Lender agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of principal, interest, fees and other amounts due with respect to any Loan held by it which is greater than the proportion received by any other Lender in respect of the aggregate amount of principal and interest due with respect to the Loans held by such other Lender, the Lender receiving such proportionately greater payment shall purchase such participations in the Loans held by the other Lenders, and such other adjustments shall be made, as may be required so that all such payments of principal, interest, fees and other amounts with respect to the Loans held by the Lenders shall be shared by the Lenders *pro rata*; *provided* that any obligation to purchase such participations held by such other Lenders shall be limited to the amounts available to the CP Conduit after paying or making provision for the payment of its Commercial Paper Note and shall be further limited to the amounts that such CP Conduit obtains from its Conduit Support Providers to make such payment (and each of the other parties hereto agrees that it will not have a claim under Section 101 of the Bankruptcy Code if and to the extent that any such obligation owed to it by the CP Conduit exceeds the amount available to the CP Conduit to pay such amount after paying or making provision for the payment of its Commercial Paper Note and that this provision shall survive the termination of this Agreement); *provided further* nothing in this <u>Section 12.4</u> shall impair the right of any Lender to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of Indebtedness of the Loan Parties other than its Indebtedness under the Loans. Each Loan Party agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Loan, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of such Loan Party in the amount of such participation. Notwithstanding anything to the contrary contained herein, any Lender may, by separate agreement with the any Loan Party, waive its right to set off contained herein or granted by law and any such written waiver shall be effective against such Lender under this <u>Section 12.4</u>. For the avoidance of doubt, for purposes of this <u>Section 12.4</u> a *pro rata* allocation will mean an allocation of the amount received by such set-off or counterclaim and other rights as if such amount had been applied as a prepayment of the Loans under <u>Section 2.7</u>.

Section 12.5 <u>Amendments and Waivers.</u> (a) Any provision of this Agreement, the Notes or other Loan Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by each Loan Party and the Majority Lenders (and, if the rights or duties of the Administrative Agent and/or the Collateral Agent are affected thereby, by the Administrative Agent and/or the Collateral Agent, as the case may be); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no such amendment or waiver shall, unless signed by all the Lenders, (i) increase (except pursuant to <u>Section 2.11</u>) or decrease the Commitment of any Lender (except for a ratable decrease in the Commitments of all Lenders) or subject any Lender to any additional obligation; *provided* that, an increase in the Commitment of any Lender shall only require the consent of the affected Lender; (ii) change the aggregate unpaid principal amount of the Loans, or the number of Lenders, which shall be required for the

------

Lenders or any of them to take any action under this Section or any other provision of this Agreement; (iii) release any Collateral except as provided in this Agreement or the other Loan Documents (*provided* that this subsection (iii) shall not apply to any amendment or waiver of <u>Section 10.1</u> or release of any Collateral in connection therewith); or (iv) alter the terms of <u>Section 2.16</u>, <u>Section 6.4</u>, <u>Section 9.1</u> or this <u>Section 12.5</u> (or any defined term as it is used therein) in a manner adverse to the interests of any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no such amendment or waiver shall, unless signed by all Lenders affected thereby, postpone the date fixed for any payment of principal of or interest on any Loan or any fees or other amounts hereunder to any Lender or for any reduction or termination of any Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no such amendment or waiver shall, unless signed by a Lender, reduce the principal of or rate of interest on any Loan held by such Lender or any fees or indemnities payable for the account of such Lender; *provided* that only the Majority Lenders' consent is required to reduce or waive any interest at the Post-Default Rate, which reduction or waiver will apply to each Loan of every Class;

&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) no amendment or waiver of any provision under this Agreement or any other Loan Document that governs the rights and obligations of CP Lenders or their Conduit Support Providers (including this <u>Section 12.5(a)(iv)</u>) (other than amendments and waivers that apply generally to Lenders) or that specifically relates to CP Conduits shall be effective without the written consent of each CP Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no amendment or waiver shall impose any material obligations on the Servicer or reduce, eliminate or impair any material rights, compensation or protections in favor of the Servicer without the prior written consent of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements of clause (a) above, on and after the S&P Rating Effective Date, in connection with any proposed amendment or waiver of this Agreement or any other Loan Document pursuant to this <u>Section 12.5</u>, in addition to the requirements set forth above in clause (a) of this <u>Section 12.5</u>, either (1) such proposed amendment or waiver will be effective only upon satisfaction of the Rating Condition or (2) if, in each Loan Party's reasonable determination as certified by it in writing, such proposed amendment or waiver does not have a reasonable likelihood of being adverse to the interests of any Lender, then each Loan Party shall, not later than 10 Business Days prior to the execution of such proposed amendment or waiver, deliver to each of the Lenders a copy of such proposed amendment or waiver and such certification; *provided*, that in the case of the foregoing clause (2), (i) if any Lender notifies any Loan Party prior to execution of such proposed amendment or waiver that, based on its reasonable determination, such proposed amendment or waiver could adversely affect the interests of any Lender, such proposed amendment or waiver will not be effective without the satisfaction of the Rating Condition and (ii) such 10 Business Day period may be waived by agreement of all of the Lenders.

The Loan Parties shall provide notice of any proposed amendment or waiver pursuant to this <u>Section 12.5</u> to S&P.

------

The Loan Parties shall, promptly following the execution of any amendment, waiver or supplement, provide copies thereof to each Lender, the Administrative Agent, the Collateral Agent and S&P.

Section 12.6 <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 Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that neither the Borrower nor the Subsidiary Guarantor may assign or otherwise transfer any of its rights or obligations under this Agreement or the other Loan Documents without the prior written consent of each of the Lenders and each of the Membership Interest Holders, except as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender may at any time grant to one or more banks, CP Conduits or other financial institutions (each, a "<u>Participant</u>") participating interests in its Commitment or any or all of its Loans, subject to the prior written consent of the Borrower, which consent shall not be unreasonably withheld, conditioned or delayed; *provided* that no such consent of the Borrower shall be required in the case of a participation that is granted (x) during the continuance of an Event of Default; (y) if such Participant is a Lender, an Affiliate of a Lender or an Approved Fund; or (z) by a CP Lender to a Conduit Assignee. In the event of any such grant by a Lender of a participating interest to a Participant, whether or not upon notice to, or consent by, the Borrower and the Administrative Agent, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder and to approve any amendment, modification or waiver of any provision of this Agreement, unless such amendment, modification or waiver requires the consent of 100% of the Lenders or each affected Lender. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that any Lender sells participations in its Commitment or any or all of its Loans hereunder, such Lender shall, acting solely for this purposes as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name of all Participants in the Commitments or Loans held by it and the principal amount (and stated interest thereon) of the portion of the Commitments or Loans which is the subject of the participation (the "<u>Participant Register</u>"). A Commitment or Loan may be participated in whole or in part only by registration of such participation on the Participant Register. Any participation of such Commitment or Loan may be effected only by the registration of such participation

------

on the Participant Register. No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&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 Lender may at any time assign to one or more banks, CP Conduits or other financial institutions (each, an "<u>Assignee</u>") all or any portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Assumption executed by such Assignee and such transferor Lender, with (and subject to) the consent of the Borrower and the Administrative Agent, which consent in each case shall not be unreasonably withheld, conditioned or delayed; *provided* that (i) such assignment is in an amount which is at least $5,000,000 or a multiple of $100,000 in excess thereof (or the remainder of such Lender's Loans or Commitments), it being understood that a Lender may allocate such assignment in smaller amounts of not less than $100,000 between or among separate internal accounts; (ii) upon the occurrence and during the continuation of an Event of Default, a Lender may assign its interest herein to an Assignee, regardless of the credit rating of such Assignee and without the consent of the Borrower; (iii) no such consent of the Borrower shall be required in the case of an assignment that is made (A) if such Assignee is a Lender, to an Affiliate of a Lender or an Approved Fund, (B) by a CP Lender to a Conduit Assignee or a Conduit Support Provider and (C) during the continuance of an Event of Default and (iv) during the Class A-R Commitment Period, the Assignee of any Class A-R Commitment is either an Approved Lender or has deposited the full amount of its undrawn Commitments into the Lender Collateral Account as a condition to its becoming a Lender hereunder. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee (and if the Assignee is a Conduit Assignee, any Related CP Issuer, if such Conduit Assignee does not itself issue commercial paper) shall be a party to this Agreement and shall have all the rights, protections and obligations of a Lender with Commitments as set forth in such instrument of assumption, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that, if required, a new Note is issued to the Assignee. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $5,000. The Assignee shall deliver to the Borrower and the Administrative Agent certification as to exemption from deduction or withholding of any U.S. federal income taxes in accordance with <u>Section 11.4</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) Any Lender may at any time assign all or any portion of its rights under this Agreement and its Note to a Federal Reserve Bank. No such assignment shall release the transferor Lender from its obligations hereunder. Promptly upon being notified in writing of such transfer, the Administrative Agent shall notify the Borrower thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Assignee, Participant or other transferee of any Lender's rights shall be entitled to receive any greater payment under <u>Section 11.3</u> or <u>11.4</u> than such Lender would have been entitled to receive with respect to the rights transferred, unless such transfer is made by reason of the provisions of <u>Section 11.2</u>, <u>11.3</u> or <u>11.4</u> requiring such Lender to assign its interests under this Agreement or designate a different Applicable Lending Office under certain circumstances or to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the time of the transfer. A Participant shall not be entitled to the benefits of <u>Section 11.4</u> unless it complies with the obligations of <u>Section 11.4(d)</u> as if it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent, acting as non-fiduciary agent (solely for this purpose) of the Borrower, shall maintain a copy of each Assignment and Assumption delivered to it and a register (the "<u>Register</u>") for the recordation of the names and addresses of the Lenders and the principal amount and commitments (and stated interest thereon) of the Loans owing to each Lender from time to time. The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register as the owner of a Loan or Note hereunder as the owner thereof for all purposes of this Agreement, notwithstanding any notice to the contrary. Any assignment of any Loan or Note hereunder shall be effective only upon appropriate entries with respect thereto being made in the Register. If any assignment or transfer of all or any part of a Loan that is then evidenced by a Note is made, such assignment or transfer shall be registered on the Register only upon surrender for registration of assignment or transfer of the related Note, duly endorsed by (or accompanied by a written instrument of assignment or transfer duly executed by) the holder thereof, and thereupon one or more new Note(s) in the same aggregate principal amount shall be issued to the designated Assignee(s) (and, if applicable, assignor) and the old Note shall be returned to the Borrower marked "cancelled". The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. The Administrative Agent shall provide to the Collateral Agent upon its request, information contained in the Register concerning the Lenders and the Loans as the Collateral Agent reasonably may request from time to time for the performance of its duties.

Section 12.7 <u>Representations and Covenants of the Lenders.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders represents to the Administrative Agent and each of the other Lenders that on and as of the Closing Date or the date on which it becomes a Lender hereunder (i) it is a qualified purchaser for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended, and (ii) that it in good faith (and in reliance on the accuracy of the representations contained in the first two sentences of <u>Section 4.10</u>) is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby represents and warrants to the Agents, the Borrower, the Subsidiary Guarantor and each of the other Lenders that on the Closing Date or the date on

------

which it becomes a Lender hereunder and continuing through the execution and delivery of the other Loan Documents, the making of the Loans and the purchase of the Membership Interests and as of the date of each Funding, that (A) if it is, or is acting on behalf of, a Benefit Plan Investor, its acquisition, holding and disposition of the Loans do not and will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and (B) if it is a governmental, church, non-U.S. or other plan, its acquisition, holding and disposition of the Loans do not and will not constitute or result in a violation of any Similar Law.

Section 12.8 <u>Governing Law; Submission to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any legal action or proceeding with respect to this Agreement or any other Loan Document and any action for enforcement of any judgment in respect thereof shall be brought in the courts of the State of New York or of the United States of America for the Southern District of New York (which shall have exclusive jurisdiction except as provided in the last sentence of this subsection (b)), and, by execution and delivery of this Agreement, each party hereto hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and appellate courts from any thereof. Each party hereto irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the hand delivery, or mailing of copies thereof by registered or certified mail, postage prepaid, to such party at its specified address in <u>Section 12.1</u>. In addition, each of the Borrower and the Subsidiary Guarantor hereby irrevocably designates and appoints Cogency Global Inc., 122 East 42nd Street, 18th Floor, New York, New York, 10168, as the agent of the Borrower and the Subsidiary Guarantor to receive on its behalf service of all process brought against it with respect to any such action or proceeding in any such court in the State of New York, such service being hereby acknowledged by the Borrower and the Subsidiary Guarantor to be effective and binding on it in every respect. If for any reason such agent shall cease to be available to act as such, then the Borrower and the Subsidiary Guarantor shall promptly designate a new agent in the City of New York. Each party hereto hereby irrevocably waives, to the extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement or any other Loan Document brought in the courts referred to above and hereby further irrevocably waives, to the extent permitted by applicable law, and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein shall affect the right of any Agent, any Lender, any holder of a Note or any Membership Interest Holder to commence legal proceedings or otherwise proceed against the Borrower and/or the Subsidiary Guarantor in any other jurisdiction where any Collateral is located to the extent necessary in connection with exercise of remedies against the Collateral.

Section 12.9 <u>Marshalling; Recapture.</u> Neither the Administrative Agent, the Collateral Agent, any Membership Interest Holder nor any Lender shall be under any obligation to marshal any assets in favor of the Borrower, the Subsidiary Guarantor or any other party or against or in payment of any or all of the Obligations. To the extent any Lender or any Membership

------

Interest Holder receives any payment by or on behalf of the Borrower or the Subsidiary Guarantor, which payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to the Borrower or the Subsidiary Guarantor or their estates, trustees, receivers, custodians or any other parties under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the Obligation or part thereof which has been paid, reduced or satisfied by the amount so repaid shall be reinstated by the amount so repaid and shall be included within the liabilities of such Loan Party to such Lender or such Membership Interest Holder, as applicable, as of the date such initial payment, reduction or satisfaction occurred.

Section 12.10 <u>Counterparts; Integration; Effectiveness.</u> This Agreement (and each amendment, modification and waiver in respect of this Agreement) may be signed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Borrower and reasonably available at no undue burden or expense to the Collateral Agent or Custodian)), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. Any electronically signed document delivered via email from a person purporting to be an Authorized Officer shall be considered signed or executed by such Authorized Officer on behalf of the applicable Person. Neither the Collateral Agent nor the Custodian shall have a duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. This Agreement constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective upon receipt by the Administrative Agent of counterparts hereof signed by each of the parties hereto (which counterparts may be delivered by facsimile transmission). The parties agree that this Agreement may be electronically signed and that such electronic signatures appearing on this Agreement are the same as handwritten signatures for purposes of validity, enforceability and admissibility.

Section 12.11 <u>WAIVER OF JURY TRIAL.</u> EACH OF THE BORROWER, THE SUBSIDIARY GUARANTOR, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, THE MEMBERSHIP INTEREST HOLDERS AND THE LENDERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 12.12 <u>Survival.</u> All indemnities set forth herein shall survive the execution and delivery of this Agreement and the other Loan Documents, any assignment pursuant to <u>Section 12.6</u> and the making and repayment of the Loans.

Section 12.13 <u>Domicile of Loans.</u> Each Lender may transfer and carry its Loans at, to or for the account of any domestic or foreign branch office, subsidiary or affiliate of such Lender.

------

Section 12.14 <u>Limitation of Liability.</u> No claim may be made by the Borrower, the Subsidiary Guarantor, the Servicer or any other Person against the Administrative Agent, the Collateral Agent, any Membership Interest Holder or any Lender or the affiliates, directors, officers, employees, attorneys or agents of any of them for any consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or by the other Loan Documents, or any act, omission or event occurring in connection therewith; and each of the Borrower, the Subsidiary Guarantor and the Servicer hereby waives, releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

Section 12.15 <u>Recourse; Non-Petition</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) Notwithstanding any other provision of this Agreement or any other Loan Document, recourse in respect of the obligations (including the Obligations) of the Borrower or the Subsidiary Guarantor hereunder to each of the parties under this Agreement shall be limited to the Collateral payable in accordance with the Priority of Payments as set out herein and on the exhaustion thereof in accordance with the terms hereof all obligations of and all claims against the Borrower or the Subsidiary Guarantor arising from this Agreement or any transactions contemplated hereby shall be extinguished and shall not thereafter revive. Notwithstanding the foregoing, no recourse under or upon any obligation, covenant, or agreement contained in this Agreement, the Notes, the Membership Interests or any other Loan Document shall be had against any direct or indirect officer, director, manager, member, equity holder, agent or employee of the Borrower or the Subsidiary Guarantor (a "<u>Non-Recourse Party</u>") and no such Non-Recourse Party shall be personally liable for payment of the Loans or the Membership Interests or other amounts due in respect thereof (all such liability being expressly waived and released by each Lender, each Membership Interest Holder and the Agents).

&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 Lender, each Membership Interest Holder, each Agent, the Custodian and U.S. Bank NA as securities intermediary (and by its acceptance of the benefits of <u>Section 12.3</u>, each Indemnitee) hereby agrees that it will not institute against the Borrower, the Subsidiary Guarantor or any SPV Subsidiary any proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, present a petition for the winding-up or liquidation of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary or seek the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for the Borrower, the Subsidiary Guarantor or any SPV Subsidiary or for all or substantially all of the assets of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary prior to the date that is one year and one day (or, if longer, the applicable preference period then in effect and one day) after the payment in full of all Secured Obligations. In the event that, notwithstanding the provisions of this Agreement and the other Loan Documents relating to "non-petition" of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary, the Borrower, the Subsidiary Guarantor or any SPV Subsidiary becomes a debtor in a bankruptcy case by the involuntary petition of any other Person, the Borrower, the Subsidiary Guarantor and any SPV Subsidiary hereby covenants to contest any such petition to the fullest extent permitted by 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) It is expressly understood and agreed that (i) each of the representations, warranties, undertakings and agreements herein made on the part of the Borrower and the

------

Subsidiary Guarantor is made and intended not as a personal representation, warranty, undertaking or agreement of any Non-Recourse Party, but is made and intended for the purpose of binding only, and is binding only on, the Borrower and the Subsidiary Guarantor, as applicable, (ii) nothing herein contained shall be construed as creating any liability on any Non-Recourse Party to perform any covenant either expressed or implied contained herein or in any other Loan Document of the Borrower or the Subsidiary Guarantor, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iii) no Non-Recourse Party has made any and will not make any investigation as to the accuracy or completeness of any representations and warranties made by the Borrower or the Subsidiary Guarantor in this Agreement or in any other Loan Document, and (iv) under no circumstances shall any Non-Recourse Party be personally liable for the payment of any indebtedness, indemnities or expenses of the Borrower or the Subsidiary Guarantor or be liable for the performance, breach or failure of any obligation, agreement, representation, warranty or covenant made or undertaken by the Borrower or the Subsidiary Guarantor under this Agreement or under any other Loan Document, as to all of which recourse shall be had solely to the assets of the Borrower and the Subsidiary Guarantor pursuant to this Agreement. Further, notwithstanding any other provision of this Agreement or any other Loan Document, (i) the parties hereto acknowledge and agree that no Non-Recourse Party shall have any obligation to cause the Borrower or the Subsidiary Guarantor to take any action or perform any obligations hereunder or under any other Loan Document unless and until the Borrower, the Subsidiary Guarantor or such Non-Recourse Party has received written direction from the Servicer, and (ii) with respect to any obligation of the Borrower or the Subsidiary Guarantor, the parties understand and agree that in the absence of such direction, no Non-Recourse Party will take any action or direct another party to take action, despite any time restriction set forth in this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The terms, rights and obligations under this <u>Section 12.15</u> shall survive the termination of this Agreement and the payment of the Obligations.

Section 12.16 <u>Confidentiality</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 Lender, each Membership Interest Holder and each Agent agrees that it shall maintain confidentiality with regard to nonpublic information concerning the Borrower, the Subsidiary Guarantor, any of their Affiliates or the Collateral obtained from or on behalf of the Borrower or the Subsidiary Guarantor pursuant to or in connection with this Agreement or any other Loan Document, *provided* that the Lenders, the Membership Interest Holders and the Agents shall not be precluded from making disclosure regarding such information: (i) to the Lenders', Membership Interest Holders' and Agents' counsel, accountants and other professional advisors (including auditors, actuaries, and consultants) (it being understood that the Persons to whom such disclosure is made (x) will be informed of the confidential nature of such information, and (y) be instructed and obligated to keep such information confidential); (ii) to officers, directors, employees, examiners, agents and partners of each Lender and its Affiliates, each Membership Interest Holder and the Agents and their Affiliates who need to know such information in accordance with customary practices for Lenders of such type (including auditors, actuaries, and consultants) (it being understood that the Persons to whom such disclosure is made (x) will be informed of the confidential nature of such information, and (y) be instructed and obligated to keep such information confidential); (iii) in response to a subpoena or order of a court, governmental

------

agency or regulatory authority (including bank and insurance examiners) (*provided*, that the applicable Lender, Membership Interest Holder or Agent shall use reasonable efforts to provide reasonable prior notice to the Borrower before making such disclosure, except that no such prior notice to the Borrower will be required in the case of any routine examinations, regulatory sweeps or other regulatory inquiries by a regulatory or self-regulatory authority, bank examiner or auditor); (iv) to any entity participating or considering participating in any credit made under this Agreement, if such entity would be expected to be eligible to be a Participant or Assignee hereunder (*provided*, that the Lenders, Membership Interest Holders and Agents shall require that any such entity be subject to this <u>Section 12.16</u>, however, the Lenders, Membership Interest Holders and Agents shall have no duty to monitor any participating entity and shall have no liability in the event that any participating entity violates this <u>Section 12.16</u>); (v) as required by law or legal process, GAAP or applicable regulation (including to a banking, insurance or other regulatory entity in connection with a Lender's or Agent's ordinary course corporate governance or regulatory obligations); (vi) as reasonably necessary in connection with the exercise of any right or remedy or performance of any duty hereunder or under any other Loan Document to the extent the Person that receives such information agrees in writing to be subject to this <u>Section 12.16</u>; (vii) to S&P or any Conduit Rating Agency (*provided* however that the entity to which disclosure is to be made shall have been identified to the Borrower); (viii) to any Program Manager, Conduit Support Provider or administrator of a CP Lender or Affiliate thereof who needs to know such information (who are, in each case, informed of this confidentiality agreement); or (ix) to any service provider that is providing monitoring or related services in connection with the credit facilities of any Lender or the Administrative Agent, as applicable (who are, in each case, subject to customary confidentiality restrictions, and provided that the underlying financial statements and financial reports of any Obligor or Affiliate of an Obligor (if not publicly available) or any other material non-public information as to any Obligor or Affiliate of an Obligor shall not be disclosed to any such service provider). Any Person required to maintain the confidentiality of information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord to its own confidential information. In connection with enforcing its rights pursuant to this <u>Section 12.16</u>, the Borrower and the Subsidiary Guarantor shall be entitled to the equitable remedies of specific performance and injunctive relief against the Agents, any Membership Interest Holders or any Lender which shall breach the confidentiality provisions of this <u>Section 12.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, each of the parties hereto acknowledges and agrees that each CP Lender (or its Program Manager) may post to a secured password-protected internet website maintained by such CP Lender (or its Program Manager) and required by any Conduit Rating Agency in connection with Rule 17g-5 of the Exchange Act, the following information: (i) its Liquidity Facility or Credit Facility, (ii) a copy of this Agreement (including any amendments hereto, but excluding the Schedules and Exhibits hereto), (iii) its monthly transaction surveillance reports (substantially in the form provided to the Borrower on or before the Closing Date), and (iv) such other information as may be requested by such rating agency and consented to in writing by the Borrower; *provided* that such CP Lender (or its Program Manager) shall take such actions as are necessary to maintain the confidential nature of the documents and information so posted (it being understood that any rating agency viewing such posted information on such website shall not

------

constitute a breach of this proviso so long as it is informed of the confidential nature of such information on such website or otherwise by such CP Lender (or its Program Manager) prior to or concurrently with making such information available).

Section 12.17 <u>Provisions Applicable to CP Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties hereto (each, a "<u>Bound Party</u>") hereby agrees that it will not institute against any CP Lender, or encourage, cooperate with or join any other Person in instituting against any CP Lender, any proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, present a petition for the winding up or liquidation of any CP Lender or seek the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for any CP Lender or for all or substantially all of its assets prior to the date that is two years and a day (or, if longer, the applicable preference period then in effect) after the last day on which any Commercial Paper Notes shall have been outstanding. The obligations under this <u>Section 12.17(a)</u> shall survive the termination of this Agreement and the payment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in clause (a) above shall limit the right of any Bound Party to file any claim in or otherwise take any action with respect to any proceeding of the type described in clause (a) above that was instituted against any CP Lender by any person other than such Bound 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;(c) Notwithstanding anything to the contrary contained herein, the obligations of any CP Lender under this Agreement are solely the corporate obligations of such CP Lender and, in the case of obligations of any CP Lender other than Commercial Paper Notes, shall be payable at such time as funds are received by or are available to such CP Lender in excess of funds necessary to pay in full all outstanding Commercial Paper Notes or other short-term funding backing its Commercial Paper Notes and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such CP Lender but shall continue to accrue. Each party hereto agrees that the payment of any claim (as defined in Section 101 of the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all Commercial Paper Notes and other short term funding backing its Commercial Paper Notes. The provisions of this <u>Section 12.17(c)</u> shall survive the termination of this Agreement and the payment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No recourse under any obligation, covenant or agreement of any CP Lender contained in this Agreement shall be had against any incorporator, stockholder, officer, director, employee or agent of such CP Lender or any agent of such CP Lender or any of their Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of any such CP Lender individually, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, employee or agent of such CP Lender or any agent thereof or any of their Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of such CP Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by any CP

------

Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement, *provided* that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions taken or omissions made by them. The provisions of this <u>Section 12.17(d)</u> shall survive termination of this Agreement and the payment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each CP Lender may act hereunder by and through its Program Manager, its funding agent or its administrator, 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) Each of the parties hereto waives any right to set-off and to appropriate and apply any and all deposits and any other indebtedness at any time held or owing thereby to or for the credit or the account of any CP Lender against and on account of the obligations and liabilities of such CP Lender to such party under this Agreement. The provisions of this <u>Section 12.17(f)</u> shall survive termination of this Agreement and the payment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary herein, but subject in all respects to the confidentiality provisions herein, each CP Lender may disclose to its respective (i) Conduit Support Providers, any Affiliates of any such party and governmental authorities having jurisdiction over such CP Lender, Conduit Support Provider, any Affiliate of such party and any Conduit Rating Agency (including its professional advisors), the identities of (and other material information regarding) the Borrower, any other obligor on, or in respect of, a Loan made by such CP Lender, Collateral for such Loan and any of the terms and provisions of the Loan Documents that it may deem necessary or advisable and (ii) to its commercial paper noteholders, on an anonymized basis, asset performance information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No pledge and/or collateral assignment by any CP Lender to a Conduit Support Provider of an interest in the rights of such CP Lender in any Loan made by such CP Lender and the Obligations shall constitute an assignment and/or assumption of such CP Lender's obligations under this Agreement, such obligations in all cases remaining with such CP Lender. Moreover, any such pledge and/or collateral assignment of the rights of such CP Lender shall be permitted hereunder without further action or consent and any such pledgee may foreclose on any such pledge and perfect an assignment of such interest and enforce such CP Lender's right hereunder notwithstanding anything to the contrary in this Agreement.

Section 12.18 <u>Direction of Collateral Agent.</u> By executing this Agreement, each Lender and each Membership Interest Holder hereby consents to the terms of this Agreement and to the Collateral Agent's execution and delivery of this Agreement, and acknowledges and agrees that the Collateral Agent shall be fully protected in relying upon the foregoing consent and direction and hereby releases the Collateral Agent and its respective officers, directors, agents, employees and shareholders, as applicable, from any liability for complying with such direction, except as a result of the bad faith, gross negligence or willful misconduct of the Collateral Agent.

Section 12.19 <u>Liability of Borrower, the Subsidiary Guarantor and SPV Subsidiaries.</u> Notwithstanding any other terms of this Agreement, and other Loan Document or any other agreement entered into between the Borrower, the Subsidiary Guarantor or any SPV

------

Subsidiary, none of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary shall have any liability whatsoever to the other or any of the other SPV Subsidiaries under this Agreement, any other Loan Document or any such other agreement and, without prejudice to the generality of the foregoing, none of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary shall be entitled to take any action to enforce, or bring any action or Proceeding, in respect of this Agreement, any other Loan Document or any such other agreement against the other of the Borrower, the Subsidiary Guarantor and SPV Subsidiaries. In particular, none of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary shall be entitled to petition or take any other steps for the winding up or bankruptcy of the other of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary or shall have any claim in respect to any assets of the other of the Borrower, the Subsidiary Guarantor or any SPV Subsidiary.

Section 12.20 <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions.</u>

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any parties to any Loan Document, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, other than an EU Excluded Liability, may be subject to the write-down and conversion powers of an EEA 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 an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(i) a reduction in full or in part or cancellation of any such liability including without limitation a reduction in any accrued or unpaid interest in respect of 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;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other 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;(iii) the variation of the applicable terms of any relevant agreement governing such liability to give effect to the exercise of the write-down and conversion powers of any EEA Resolution Authority.

Section 12.21 <u>Acknowledgement Regarding Any Supported QFCs.</u>

To the extent that this Agreement provides support, through a guarantee or otherwise, for Interest Hedge Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree

------

as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that this Agreement and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&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 event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and this Agreement were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&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 used in <u>Section 12.21(a)</u>, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

------

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

Section 12.22 <u>Usury Savings Clause.</u> 

It is the intention of the parties hereto that interest on any Class of Loans shall not exceed the maximum rate permissible under Applicable Law. Accordingly, notwithstanding anything herein or any Note to the contrary, in the event any interest is charged to, collected from or received from or on behalf of the Borrower or the Subsidiary Guarantor by the Lenders of any Class of Loans pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower or the Subsidiary Guarantor to the Lenders of such Class under this Agreement or thereunder (other than in respect of principal of and interest on such Class of Loans) and then to the reduction of the outstanding principal amount of the Loans of such Class.

Section 12.23 <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (a) (i) no fiduciary, advisory or agency relationship between the Borrower and its Subsidiaries and the Administrative Agent or any Lender is intended to be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of whether the Administrative Agent or any Lender has advised or is advising the Borrower or any Subsidiary on other matters, (ii) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lenders are arm's-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (iii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent that it has deemed appropriate and (iv) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; and (b) (i) the Administrative Agent and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person; (ii) none of the Administrative Agent and the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and the Lenders and their respective branches and Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent and the Lenders has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by Applicable Law, the Borrower hereby waives and releases any claims that it may have against any of the Administrative Agent and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

------

Article XIII<br>SERVICER PROVISIONS

Section 13.1 <u>Designation of the Servicer</u>.

The servicing, administering and collection of the Collateral shall be conducted by the Servicer. The Servicer may subcontract with the Services Provider and/or any other Person (and the Services Provider may sub-contract with any other Person) for servicing, administering or collecting the Collateral; provided that (i) the Servicer (and where applicable, the Services Provider) shall select any such Person with due care and shall be solely responsible for the fees and expenses payable to such Person (provided that to the extent the Servicer is entitled to be reimbursed by the Borrower for such expenses, the Servicer may include in the amounts to be so reimbursed the reasonable and documented out of pocket expenses incurred by such Person, in each case, subject to this Agreement), (ii) the Servicer shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer pursuant to the terms hereof without regard to any subcontracting arrangement, (iii) any such subcontract shall be subject to the provisions hereof and (iv) the Services Provider or such other Person shall not be empowered to take any actions on behalf of the Borrower. The Servicer may replace the initial Services Provider with one or more successor Services Providers from time to time that is either (x) an Affiliate of the Services Provider or (y) with the consent of the Majority Lenders, any other Person.

Section 13.2 <u>Duties of the Servicer</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>Appointment</u>. Each Loan Party hereby appoints the Servicer as its agent to service the Collateral and enforce its rights and remedies (for the benefit of the Secured Parties) in, to and under the Collateral. The Servicer hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto in accordance with the Servicing Standard and as otherwise set forth herein. The Servicer and each Loan Party hereby acknowledge that the Administrative Agent and the other Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer hereunder but the Servicer is not an agent of any Secured 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;(b) <u>Duties</u>. The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect on the Collateral from time to time, all in accordance with applicable law, the terms of this Agreement and the Servicing Standard. Without limiting the foregoing, the duties of the Servicer shall include, but shall not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) preparing and submitting claims to, and acting as post billing liaison with, obligors on each Collateral Loan (for which no administrative or similar agent exists);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) maintaining all necessary records and reports with respect to the Collateral and providing such reports to the Administrative Agent in respect of the management and administration of the Collateral (including information relating to its performance under this Agreement) as may be required hereunder or as the Administrative Agent may reasonably request;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining and implementing administrative and operating procedures (including usual and customary record retention and backup protocols in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and other information reasonably necessary or advisable for the collection of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly delivering to the Administrative Agent, from time to time, such information and management and administration records (including information relating to its performance under this Agreement) as the Administrative Agent may from time to time reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) identifying each Collateral Loan clearly and unambiguously in its records to reflect that such Collateral Loan is owned by a Loan Party and such Loan Party is granting a security interest therein to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notifying the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (1) that is or is threatened in writing to be asserted by an obligor with respect to any Collateral Loan (or portion thereof) of which it has actual knowledge or has received notice; or (2) that could reasonably be expected to have a Material Adverse Effect; 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;(vii) maintaining the first priority, perfected security interest of the Collateral Agent, as agent for the Secured Parties, in the Collateral subject to Permitted Liens.

It is acknowledged and agreed that in circumstances in which a Person other than any party to this Agreement acts as lead agent with respect to any Collateral Loan, the Servicer shall perform its administrative and management duties hereunder only to the extent that, as a lender under the related loan syndication Related Contracts, it has the right to do so.

The Servicer is authorized and empowered to execute and deliver, on behalf of each Loan Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do so or accomplish all other acts or things necessary or appropriate to effect the purposes of this Agreement or to perform the duties of the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its duties, the Servicer shall perform its obligations in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent or the other Secured Parties of their rights hereunder or under any other Loan Document (including, but not limited to, the delivery of a Servicer Termination Notice), shall not release any party from any of their duties or responsibilities with respect to the Collateral. The Administrative Agent and the other Secured Parties shall not have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Servicer hereunder.

------

&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 payment by an obligor in respect of any Collateral Loan to any Loan Party shall, except as otherwise required by applicable law and unless otherwise instructed by the Administrative Agent, be applied as a collection of a payment by such obligor (starting with the oldest such outstanding payment due) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is hereby acknowledged and agreed that, in addition to acting in its capacity as servicer pursuant to the terms of this Agreement, the Servicer may engage in other business and render other services outside the scope of its capacity as servicer (including acting as administrative agent or as a lender with respect to Related Contracts and as a servicer to other Affiliates of the Parent). It is hereby further acknowledged and agreed that such other activities shall in no way whatsoever alter, amend or modify any of the Servicer's rights, duties or obligations under the Loan Documents (including its duty to comply with the Servicing Standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under no circumstances will the Servicer be liable for indirect, special, punitive, consequential or incidental damages, such as loss of use, revenue or profit. In no event shall the Servicer be liable to the Borrower or any Secured Party for any bad debts or other defaults by obligors. The Servicer may employ and act through agents, attorneys and independent contractors (including the Services Provider, which may in turn and act through agents, attorneys and independent contractors) so long as the Servicer remains fully responsible and accountable for performance of all obligations of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Servicer is prevented from fulfilling its obligations hereunder as a result of government actions, regulations, fires, strikes, accidents, acts of God or other causes beyond the control of such party, the Servicer shall use reasonable efforts to resume performance as soon as possible.

Section 13.3 <u>Authorization of the Servicer</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 hereby authorizes the Servicer to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Servicer and not inconsistent with the terms of this Agreement, the Servicing Standard and the grant of a security interest by each Loan Party to the Collateral Agent, on behalf of the Secured Parties, under this Agreement, to collect all amounts due under any and all Collateral, including endorsing any of their names on checks and other instruments representing Interest Proceeds or Principal Proceeds, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with applicable law, to commence proceedings with respect to enforcing payment thereof. Each Loan Party appoints the Servicer as its attorney in fact for the purpose of executing and delivering any assignment agreement, any related documentation relating to the purchase, sale or other acquisition or disposition of any Collateral Loan, and any Related Contract or amendment thereto or consent or waiver thereunder. In addition, each Loan Party shall furnish the Servicer with any other powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its management and administrative duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to ensure the collectability of the Collateral. In no event shall the Servicer be entitled to make the Administrative Agent, or any other Secured Party a party

------

to any litigation without such party's express prior written consent, or to make any party a party to any litigation (other than any foreclosure or similar collection procedure or other litigation specifically relating to a Collateral Loan) without the Administrative Agent's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the declaration of the Stated Maturity, at the direction of the Majority Lenders (or the Administrative Agent on behalf of the Majority Lenders), the Servicer shall take such action as the Collateral Agent may deem necessary or advisable to enforce collection of the Collateral; provided that, without limitation to Section 6.2 or any other rights and remedies of any Secured Party hereunder or under any other Loan Document, the Collateral Agent may during an Event of Default notify any relevant administrative agent or obligor, as applicable, with respect to any Collateral of the assignment of such Collateral to the Collateral Agent, on behalf of the Secured Parties, and direct that payments of all amounts due or to become due be made directly to the Collateral Agent or any collection agent, sub agent or account designated by the Collateral Agent and, upon such notification and at the expense of the Loan Parties, the Collateral Agent may enforce collection of any such Collateral, and adjust, settle or compromise the amount or payment thereof.

Section 13.4 <u>Servicer's Collection of Payments</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>Collection Efforts, Modification of Collateral</u>. The Servicer will collect or use its commercially reasonable efforts to cause to be collected, all payments called for under the terms and provisions of the Collateral Loans included in the Collateral as and when the same become due in accordance with the Servicing Standard. Neither any Loan Party nor the Servicer may waive, modify or otherwise vary any provision of an item of Collateral (including, but not limited to, any Collateral Loan) in any manner contrary to the Servicing Standard or which would result in a Default or Event of Default under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Taxes and other Amounts</u>. The Servicer will collect all payments with respect to amounts due for Taxes, assessments and insurance premiums relating to each Collateral Loan to the extent required to be paid to the any Loan Party for such application under the Related Contracts and remit such amounts in accordance with this Agreement to the appropriate governmental authority or insurer as required by the Related Contracts.

&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>Payments to Transaction Account</u>. On or before the applicable date of acquisition, the Servicer shall have instructed all obligors and/or any relevant administrative agents to make all payments owing to any Loan Party in respect of the Collateral directly to the applicable Account (as defined in the Collateral Administration Agreement); provided, that the Servicer is not required to so instruct any obligor which is solely a guarantor or other surety (or an obligor that is not designated as the "lead borrower" or another such similar term) unless and until the Servicer or the Borrower calls on the related guaranty or secondary obligations.

Section 13.5 <u>Servicer Compensation</u>.

The initial Servicer shall not receive a fee. A Replacement Servicer that is not an Affiliate of the initial Servicer shall be entitled to receive the Replacement Servicer Fee; <u>provided</u> that, payment of such fee shall be subject to the Administrative Expense Cap. The "<u>Replacement Servicer Fee</u>" means, the fee payable to any Replacement Servicer, which will accrue,

------

commencing upon the appointment of such Replacement Servicer, quarterly in arrears on each Payment Date pursuant to the Priority of Payments, in an amount equal to 0.15% per annum (calculated on the basis of the actual number of days in the applicable Due Period divided by 360) of the Fee Basis Amount at the beginning of the Due Period relating to such Payment Date; <u>provided</u> that the Replacement Servicer Fee due on any Payment Date shall not include any such fee (or any portion thereof) that has been waived by the Replacement Servicer. To the extent the Replacement Servicer is appointed other than at the commencement of an Interest Period, the Replacement Servicer Fee will be prorated for the related Interest Period.

Section 13.6 <u>Payment of Certain Expenses by the Servicer</u>.

The Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Servicer, expenses incurred by the Servicer in connection with payments and reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement for the account of each of the Borrower and the Subsidiary Guarantor, except to the extent reimbursement thereof is permitted under this Agreement. The Borrower and the Subsidiary Guarantor will be required to pay all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the applicable Accounts.

Section 13.7 <u>Servicer Not to Resign</u>.

The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the Servicer's determination that (i) the performance of its duties hereunder is or becomes impermissible under applicable law and (ii) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible under applicable law. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) above by an opinion of counsel to the Servicer to such effect delivered to the Administrative Agent.

Section 13.8 <u>Servicer Termination Events</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 the occurrence and during the continuance of a Servicer Termination Event, notwithstanding anything herein to the contrary, the Administrative Agent, by written notice to the Servicer and a copy to the Collateral Agent (such notice, a "<u>Servicer Termination Notice</u>"), may, in its sole discretion, terminate all of the rights and obligations of the Servicer as servicer under this Agreement. Following any such termination, the Administrative Agent may, in its sole discretion, assume or delegate the servicing, administering and collection of the Collateral prior to the appointment and replacement of the Servicer and the Servicer shall comply with any instructions of the Administrative Agent acting in its capacity as a successor to the Servicer with respect to the Collateral during such period prior to the appointment and replacement of the Servicer; provided that, at least five (5) Business Days prior to any appointment of a replacement Servicer (the "<u>Replacement Servicer</u>") hereunder, the Administrative Agent shall notify the Borrower and the Subsidiary Guarantor of such proposed replacement; provided, further, that until any such assumption or delegation, the Servicer shall (i) unless otherwise notified by the Administrative Agent, continue to act in such capacity pursuant to this Section and (ii) as requested by the Administrative Agent (A) terminate some or all of its activities as servicer hereunder in the manner requested by the Administrative Agent in its sole discretion as necessary or desirable, (B)

------

provide such information as may be requested by the Administrative Agent to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof and (C) take all other actions reasonably requested by the Administrative Agent, in each case to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof.

&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 the appointment of the Replacement Servicer, the Servicer agrees, at its sole expense, to cooperate and use its commercially reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral, including the transfer to the Replacement Servicer for the administration by it of all cash amounts that shall at the time be held by such Servicer for deposit, or have been deposited by such Servicer, or thereafter received with respect to the Collateral and the delivery to the Replacement Servicer in an orderly and timely fashion of all files and records with respect to the Collateral and a computer data file in readable form containing all information necessary to enable the Replacement Servicer to service the Collateral. In addition, the Servicer agrees to cooperate and use its commercially reasonable efforts in providing, at the expense of the Servicer, the Replacement Servicer with reasonable access (including at the premises of the Servicer) to the employees of the Servicer, and any and all of the books, records (in electronic or other form) or other information reasonably requested by it to enable the Replacement Servicer to assume the servicing functions hereunder and under this Agreement and to maintain a list of key servicing personnel and contact information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer will, upon the request of the Replacement Servicer following the occurrence of a Servicer Termination Event; provided that, the Replacement Servicer with a power of attorney providing that the Replacement Servicer is authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do so or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination or to perform the duties of the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No resignation or removal of the Servicer pursuant to this Agreement shall be effective until the date as of which a successor Servicer shall have been appointed and approved in accordance with this Agreement and has accepted all of the Servicer's duties and obligations pursuant to this Agreement in writing and has assumed such duties and obligations; provided that, the Servicer may resign if it is not legally permitted to perform its obligations under the Loan Documents.

Section 13.9 <u>Obligations of Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the Servicing Standard, the Servicer shall not take any action which the Servicer knows, or through the exercise of reasonable diligence should know, would (a) materially adversely affect the status of each Loan Party for purposes of United States federal or state law, or other law applicable to either of them, (b) not be permitted by the governing documents, copies of which the Servicer acknowledges each Loan Party has provided to the Servicer, (c) violate any law, rule or regulation of any governmental body or agency having jurisdiction over any Loan Party, including, without limitation, actions which would violate any United States federal, state or other applicable securities law, in each case the violation of which would have a material adverse effect on either of them, (d) require registration

------

of the Borrower or the pool of Collateral as an "investment company" under the Investment Company Act, or (e) cause the Borrower to violate any provision of this Agreement or any other Loan Document. If the Servicer is directed by any Loan Party or the Administrative Agent to take any action in accordance with this Agreement which would have any such consequences, the Servicer shall promptly notify the Borrower, the Subsidiary Guarantor, the Administrative Agent and the Collateral Agent of the Servicer's judgment that such action would have one or more of the consequences set forth above and need not take such action unless the Administrative Agent has consented thereto in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall indemnify and hold harmless the Borrower, the Subsidiary Guarantor and each Indemnitee from and against any and all claims, as such claims are incurred in investigating, preparing, pursuing or defending any actions in respect of or arising out of (i) any acts or omissions constituting bad faith, fraud, willful misconduct or gross negligence in the performance of, or reckless disregard with respect to, the duties of the Servicer hereunder or (ii) any material breach by the Servicer of any representation, warranty or covenant of the Servicer hereunder or under any other Loan Document, excluding, however, any amount payable to an Indemnitee (A) to the extent determined by a court of competent jurisdiction to have resulted from bad faith, fraud, gross negligence or willful misconduct of such Indemnitee, (b) related to the nonpayment by any obligor of an amount due and payable with respect to a Collateral Loan or any change in the market value of any Collateral Loan, (c) related to any loss in value of any cash equivalent or (d) in respect of Taxes (other than Taxes that represent losses or damages arising from a non-Tax claim).

Section 13.10 <u>Representations, Warranties and Covenants of the Servicer</u>. The Servicer represents and warrants to each Agent and Lender, on the Closing Date and as of the date of any Increased Commitment or incurrence of Additional Loans, that the following statements are true and correct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Servicer has been duly organized, and is validly existing as a limited liability company in good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. The Servicer is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified, licensed or approved could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization; Execution and Delivery</u>. The Servicer (i) has all necessary limited liability company power, authority and legal right to (a) execute and deliver each Loan Document to which it is a party, and (b) carry out the terms of the Loan Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action, the execution, delivery and performance of each Loan Document to which it is a party. This Agreement and each other Loan Document to which the Servicer is a party have been duly executed and delivered by the Servicer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Loan Document to which the Servicer is a party constitutes a legal, valid and binding obligation of the Servicer enforceable against such Servicer in accordance with its respective terms, except as such enforceability may be limited by insolvency laws and general principles of equity (whether considered in a suit at law or in equity).

&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>No Violation</u>. The consummation of the transactions contemplated by each Loan Document to which it is a party and the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Servicer's certificate of formation, limited liability company agreement or any contractual obligation of the Servicer which, in the case of any contractual obligation, could reasonably be expected to have a Material Adverse Effect, (ii) result in the creation or imposition of any Lien upon any of the Servicer's properties pursuant to the terms of any such contractual obligation, other than this Agreement, or (iii) violate any applicable law in any material respect.

&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>No Proceedings</u>. There are no adverse proceedings, individually or in the aggregate, pending or, to the knowledge of the Servicer, threatened in writing against such Servicer (i) asserting the invalidity of any Loan Document to which the Servicer is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Loan Document to which the Servicer is a party or (iii) that could reasonably be expected to have 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;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any governmental authority (if any) required for the due execution, delivery and performance by the Servicer of each Loan Document to which such Servicer is a party have been obtained, except where the failure to obtain such approval, authorization, consent, order, license, filing or other action could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Solvency</u>. The Servicer is and, upon the incurrence of any Obligation by any party on any date on which this representation and warranty is made, will be, on a consolidated basis with its consolidated group (if applicable), solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Compliance with Law</u>. The Servicer is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental authorities, in respect of the conduct of its business and the ownership of its property, except such non-compliance that, individually or in the aggregate, could 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;(j) <u>Collections</u>. The Servicer acknowledges that all collections received by it or its Affiliates with respect to the Collateral are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Covered Accounts.

&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) <u>Selection Procedures</u>. In selecting the Collateral Loans hereunder, no selection procedures were employed which are intended to be adverse to the interests of the Administrative Agent or any Lender.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with Agreements and Applicable Laws</u>. The Servicer shall perform each of its obligations under this Agreement and the other Loan Documents and comply with all Applicable Laws, including those applicable to the Collateral Loans and all collections thereof, except to the extent that the failure to so comply would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Maintenance of Existence and Conduct of Business</u>. The Servicer shall: (i) do or cause to be done all things necessary to (A) preserve and keep in full force and effect its existence as a limited liability company and its rights and franchises in the jurisdiction of its formation and (B) qualify and remain qualified as a foreign organization in good standing and preserve its rights and franchises in each jurisdiction in which the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a Material Adverse Effect; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder or under its Constituent Documents; and (iii) at all times maintain, preserve and protect all of its licenses, permits, charters and registrations except where the failure to maintain, preserve and protect such licenses, permits, charters and registrations would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Books and Records</u>. The Servicer shall keep proper books of record and account in which full and correct entries shall be made of all financial transactions and the assets and business of the Servicer in accordance with GAAP, maintain and implement administrative and operating procedures, and keep and maintain all documents, books, records and other information necessary or reasonably advisable for the collection of all Collateral Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Payment, Performance and Discharge of Obligations</u>. The Servicer shall pay, perform and discharge or cause to be paid, performed and discharged promptly all charges imposed by a relevant governmental authority payable by it except where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually or in the aggregate, be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Compliance with Collateral Loans and Servicing Standard</u>. The Servicer shall, at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under any Collateral Loans (except, in the case of a successor Servicer, such material provisions, covenants and other provisions shall only include those provisions relating to the collection and servicing of the Collateral Loans to the extent such obligations are set forth in a document included in the Related Contracts) and shall comply with the Servicing Standard in all material respects with respect to all Collateral Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Maintain Records of Collateral Loans</u>. The Servicer shall, at its own cost and expense, maintain reasonably satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral, including a record that the Collateral has been pledged to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement. The Servicer shall maintain its computer systems so that, from and after the time of sale of any Collateral Loan to the Borrower or the Subsidiary Guarantor, the Servicer's master computer records (including any back up archives) that refer to such Collateral Loan shall indicate the interest of the Borrower

------

or the Subsidiary Guarantor, as applicable, in such Collateral Loan and that such Collateral Loan is owned by the Borrower or the Subsidiary Guarantor, 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;(r) <u>Commingling</u>. The Servicer shall not, and shall not permit any of its Affiliates (other than the Borrower, the Subsidiary Guarantor or the Parent) to, deposit or permit the deposit of any funds that do not constitute collections or other proceeds of any Collateral Loans into the Covered Accounts.

[Signature page follows]

------

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

FPLF NS HOLDINGS FINANCE LLC,<br>as Borrower

By: <u>/s/ David N. Brooks</u>______________________<br>Name: David N. Brooks<br>Title: Secretary

Address for notices:

c/o Fortress Investment Group

1345 Avenue of the Americas, 46<sup>th</sup> Floor

New York, New York 10105

Attention: General Counsel – Credit Funds

Facsimile No.: [\*\*\*]

Email: [\*\*\*]

With a required copy to:

FORTRESS PRIVATE LENDING FUND

c/o Fortress Investment Group

1345 Avenue of the Americas, 46<sup>th</sup> Floor

New York, New York 10105

Attention: General Counsel – Credit Funds

Facsimile No.: [\*\*\*]

Email: [\*\*\*]

[Signature page to Credit Agreement]

------

FPLF NS HOLDINGS FINANCE DAC,<br>as Subsidiary Guarantor

By: <u>/s/ Aoife Grimes</u>________________________<br>Name: Aoife Grimes <br>Title: Director

Address for notices:

32 Molesworth Street

Dublin 2

Ireland

Attention: The Directors

Email: [\*\*\*]

With a required copy to:

c/o Fortress Investment Group

1345 Avenue of the Americas, 46<sup>th</sup> Floor

New York, New York 10105

Attention: General Counsel – Credit Funds

Facsimile No.: [\*\*\*]

Email: [\*\*\*]

[Signature page to Credit Agreement]

------

FPLF NS HOLDINGS FINANCE CM LLC,<br>as Servicer

By: <u>/s/ Avraham Dreyfuss</u>_____________________<br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer

Address for notices:

c/o Fortress Investment Group

1345 Avenue of the Americas, 46<sup>th</sup> Floor

New York, New York 10105

Attention: General Counsel – Credit Funds

Facsimile No.: [\*\*\*]

Email: [\*\*\*]

With a required copy to:

McDermott Will & Schulte LLP

919 Third Avenue

New York, New York 10022

Attention: Daniel Oshinsky

Facsimile No. [\*\*\*]

[Signature page to Credit Agreement]

------

<u>Agents</u>:

THE BANK OF NOVA SCOTIA,<br>as Administrative Agent

By: <u>/s/ Edward Ra</u>_________________________<br>Name: Edward Ra<br>Title:

By: <u>/s/ Ronny Sirizzotti</u>____________________<br>Name: Ronny Sirizzotti<br>Title: Director

Address for notices:

The Bank of Nova Scotia

40 Temperance St., 4th Floor

Toronto, Ontario, Canada M5H 0B4

Attention: CLO Banking / Corporate Credit Services

Tel.: [\*\*\*]; [\*\*\*]; [\*\*\*]

Email: [\*\*\*]; [\*\*\*]

[Signature page to Credit Agreement]

------

U.S. Bank TRUST COMPANY, National Association,<br>as Collateral Agent

By: <u>/s/ Scott DeRoss</u>_______________________<br>Name: Scott DeRoss<br>Title: Senior Vice President

Address for notices:

U.S. Bank Trust Company, National Association<br>190 South LaSalle Street<br>Chicago, IL 60603<br>Attention: Global Corporate Trust – FPLF NS Holdings Finance LLC<br>Email: [\*\*\*]

U.S. Bank National Association,<br>as Custodian

By: <u>/s/ Scott DeRoss</u>_______________________<br>Name: Scott DeRoss<br>Title: Senior Vice President

Address for notices:

U.S. Bank National Association<br>190 South LaSalle Street<br>Chicago, IL 60603<br>Attention: Global Corporate Trust – FPLF NS Holdings Finance LLC<br>Email: [\*\*\*]

[Signature page to Credit Agreement]

------

<u>Lenders</u>:

THE BANK OF NOVA SCOTIA,<br>as Class A-R Lender

By: <u>/s/ Edward Ra</u>_________________________<br>Name: Edward Ra<br>Title:

By: <u>/s/ Ronny Sirizzotti</u>____________________<br>Name: Ronny Sirizzotti<br>Title: Director

Address for notices:

The Bank of Nova Scotia

40 Temperance St., 4th Floor

Toronto, Ontario, Canada M5H 0B4

Attention: Edward Ra

Tel.: [\*\*\*]

Email: [\*\*\*]

[Signature page to Credit Agreement]

------

THE BANK OF NOVA SCOTIA, <br>as Class A-T Lender

By: <u>/s/ Edward Ra</u>_________________________<br>Name: Edward Ra<br>Title:

By: <u>/s/ Ronny Sirizzotti</u>____________________<br>Name: Ronny Sirizzotti<br>Title: Director

Address for notices:

The Bank of Nova Scotia

40 Temperance St., 4th Floor

Toronto, Ontario, Canada M5H 0B4

Attention: Edward Ra

Tel.: [\*\*\*]

Email: [\*\*\*]

[Signature page to Credit Agreement]

------

THE BANK OF NOVA SCOTIA,<br>as Swingline Lender

By: <u>/s/ Edward Ra</u>_________________________<br>Name: Edward Ra<br>Title:

By: <u>/s/ Ronny Sirizzotti</u>____________________<br>Name: Ronny Sirizzotti<br>Title: Director

Address for notices:

The Bank of Nova Scotia

40 Temperance St., 4th Floor

Toronto, Ontario, Canada M5H 0B4

Attention: Edward Ra

Tel.: [\*\*\*]

Email: [\*\*\*]

[Signature page to Credit Agreement]

------

**<u>Acknowledged and agreed in respect of Sections 2.16, 10.2(d), 10.5, 12.1, 12.2 12.3, 12.6 - 12.12, 12.14 – 12.19 and Article VII</u>**

FORTRESS PRIVATE LENDING FUND,<br>as Membership Interest Holder

By: <u>/s/ David N. Brooks</u>____________________<br>Name: David N. Brooks<br>Title: Chief Legal Officer

Address for notices:

c/o Fortress Investment Group

1345 Avenue of the Americas, 46th Floor

New York, New York 10105

Attention: General Counsel – Credit Funds

Facsimile No.: [\*\*\*]<br>Email: [\*\*\*]

[Signature page to Credit Agreement]

------

## Exhibit 14.1

**Exhibit 14.1**

**Code of Ethics and Business Conduct**

Fortress Private Lending Fund (the "**Company**") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure— financial and otherwise—in compliance with applicable law. This Code of Ethics and Business Conduct (this "**Code of Conduct**"), applicable to the Company's Chief Executive Officer, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "**Senior Officers**"), as well as the Company's trustees, officers, and employees (if any) (collectively with Senior Officers, the "**Covered Persons**"), sets forth policies to guide you in the performance of your duties.

As a Covered Person, you must comply with applicable law. If you are a Senior Officer, you also have a responsibility to conduct yourself in an honest and ethical manner. You have responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Conduct recognizes that Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because Senior Officers currently or may in the future serve as Senior Officers of the Company, as officers or employees of the Company's investment adviser and/or affiliates of FPLF Management LLC ("**BDC Adviser**") and as officers or directors/trustees of other business development companies, registered investment companies and unregistered investment funds advised by the BDC Adviser or its affiliates. This Code of Conduct also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Company or the BDC Adviser govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Company, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Company Act of 1940, as amended (the "**1940 Act**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisers Act of 1940, as amended (the "**Advisers Act**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Joint Code of Ethics adopted by the Company and the Adviser pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the "**1940 Act Code of Ethics**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the policies and procedures adopted by the Company to address conflict of interest situations (collectively, the "**Company Policies**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the BDC Adviser's general policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the "**BDC Adviser Policies**").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Code of Ethics, the Company Policies and the BDC Adviser Policies are referred to herein collectively as the "**Basic Conflict Rules**".

This Code of Conduct is different from, and is intended to supplement, the Basic Conflict Rules. Accordingly, a violation of the Basic Conflict Rules by a Covered Person is hereby deemed not to be a violation of this Code, unless and until the Company's Board of Trustees shall determine that any such violation of the Basic Conflict Rules is also a violation of this Code.

**Covered Persons Should Act Honestly and Candidly**

Each Covered Person has a responsibility to the Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comply with the laws, rules and regulations that govern the conduct of the Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code of Ethics and Business Conduct"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adhere to a high standard of business ethics.

**Conflicts of Interest**

A conflict of interest for the purpose of this Code of Conduct occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Company.

Covered Persons are expected to use objective and unbiased standards when making decisions that affect the Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of Company also are or may be officers of other companies/trusts, the BDC Adviser and other funds advised or serviced by the BDC Adviser (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

Covered Persons are required to conduct the business of the Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to the Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Conduct.

If you are in doubt as to the application or interpretation of this Code of Conduct to you as a Covered Person of the Company, you should make full disclosure of all relevant facts and circumstances to the chief compliance officer of the BDC Adviser (the "**BDC Chief Compliance Officer**") and obtain the approval of the BDC Chief Compliance Officer prior to taking action.

Some conflict of interest situations that should always be approved by the BDC Chief Compliance Officer, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any entertainment or non-nominal gift by a Covered Person, or a member of his or her family, from any company with which the Company has current or prospective business dealings (other than the BDC Adviser), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than the BDC Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment by the BDC Adviser or its affiliates, such as compensation or equity ownership.

**Disclosures**

It is the policy of the Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Company. As a Covered Person, you are required to promote compliance with this policy and to abide by the Company's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company. All Covered Persons must not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, including to the Board of Trustees, the Company's independent auditors, the Company's counsel, governmental regulators or self-regulatory organizations.

------

**Compliance With Code of Ethics and Business Conduct**

If you know of or suspect a violation of this Code of Conduct or other laws, regulations, policies or procedures applicable to the Company, you are encouraged to report that information on a timely basis (i) directly to the BDC Chief Compliance Officer or (ii) anonymously to the Nominating and Governance Committee or Audit Committee by following the "whistleblower" policies adopted by the BDC Adviser from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

The Company will follow these procedures in investigating and enforcing this Code, and in reporting on this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the BDC Chief Compliance Officer, the Nominating and Governance Committee or the Audit Committee, as applicable, will take all appropriate action to investigate any actual or potential violations reported to him, her or it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•violations and potential violations reported to the BDC Chief Compliance Officer or the Audit Committee will be reported to the Board of Trustees after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the Board of Trustees determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers of Code of Ethics and Business Conduct**

Except as otherwise provided in this Code of Conduct, the BDC Chief Compliance Officer is responsible for applying this Code of Conduct to specific situations in which questions are presented to the BDC Chief Compliance Officer and has the authority to interpret this Code in any particular situation. The BDC Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code.

The BDC Chief Compliance Officer is authorized to consult, as appropriate, with the chair of the Nominating and Governance Committee, the chair of the Audit Committee and counsel to the Company, the BDC Adviser or the Trustees of the Company who are not "interested persons" (as defined in the 1940 Act) of the Company (the "**Independent Trustees**"), and is encouraged to do so.

Any trustee or executive officer of the Company may request a waiver of any of the provisions of this Code by submitting a written request to the Board of Trustees. The Board of Trustees shall be responsible for granting any such waivers of this Code of Conduct for any trustee or executive officer of the Company. Any waivers of this Code of Conduct granted to any trustee or executive officer of the Company, to the extent required, shall be disclosed on Form 10-K, or otherwise, as required by Securities and Exchange Commission rules, and in a Form 8-K or as otherwise required by applicable law and regulation.

**Recordkeeping**

The Company will maintain and preserve for a period of not less than six years from the date an action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•that provided the basis for any amendment or waiver to this Code of Conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•relating to any violation of this Code of Conduct and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board of Trustees.

------

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Conduct shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Conduct, such matters shall not be disclosed to anyone other than the Independent Trustees, the Company, the BDC Adviser, legal counsels and any other advisors, Compliance and Legal, consultants or counsel retained by the Board of Trustees, the Independent Trustees or any committee of the Board.

**Amendments**

This Code of Conduct may not be amended except in written form, which is specifically approved by a majority vote of the Board of Trustees, including a majority of the members of the Board of Trustees who are not "interested persons" (as defined in the 1940 Act) of the Company.

**No Rights Created**

This Code of Conduct is a statement of certain fundamental principles, policies and procedures that govern all Covered Persons in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Adopted: July 14, 2025

------

## Exhibit 19.1

**Exhibit 19.1**

**Insider Trading Policy and Procedures**

**<u>Trading Window and Pre-Clearance of Trades of Company Securities</u>**

Subject to the pre-clearance and reporting requirements described below, trading in Fortress Private Lending Fund (the "**Company**") Securities by FPLF Management LLC, Access Persons and Company officers and trustees will generally be permitted except during the period commencing at 9:00 a.m., Eastern Time, seven (7) calendar days prior to the end of each fiscal quarter and terminating at 9:00 a.m., Eastern Time, on the day which is two business days after financial results for such fiscal quarter are announced publicly. This period will be referred to as the "**Trading Blackout Period**."

Any transaction in Company Securities or any Company Portfolio Security (*i.e.*, an investment currently owned by or currently under consideration for purchase by the Company) must be pre-cleared with the BDC Company's Chief Compliance Officer ("**BDC CCO**"). Further, any such proposed transaction must be completed within three business days from the date of approval. If the trade is not executed within this three-day period, a new pre-clearance request must be made to the BDC CCO. Notwithstanding anything herein to the contrary, the BDC CCO may at any time, in consultation with the Company's Co-Chief Executive Officers, Chief Legal Officer or the Company's Board of Trustees, establish "black-out" periods during which no employee is permitted to buy, sell or otherwise transact in any Company Securities or Company Portfolio Security.

The BDC CCO will review and approve or decline the transaction request(s) within a reasonable period of time after receipt of such requests, and retain a written record of all inquiries received, and of the response given, and a copy of each response will be provided to the requestor. The failure of the BDC CCO (or a member of the Legal and Compliance Department) to provide a response in a timely manner is not deemed to be an approval of such request.

An Access Person may enter into an SEC Rule 10b5-1 trading plan only when not aware of material, nonpublic information relating to the Company or any of its directly or indirectly held publicly-traded portfolio companies. The BDC CCO, or his/her designee, must pre-clear any trading in Company Securities or Company Portfolio Security as part of any such plan or arrangement.

Terms capitalized but not otherwise defined in this policy shall have the meanings set forth in the Joint Code of Ethics of the Company and the Adviser.

Adopted: September 11, 2025

------

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF FORTRESS PRIVATE LENDING FUND**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction**  |
| FPL Equity Holdings LLC | Delaware |
| Fortress Private Lending Fund | Delaware |
| FPLF BA Holdings Finance LLC | Delaware |
| FPLF NS Holdings Finance DAC | Ireland |
| FPLF NS Holdings Finance LLC | Delaware |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Aaron Blanchette, certify that:

1. I have reviewed this Annual report on Form 10-K for the period ended December 31, 2025 of Fortress Private Lending Fund;

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;

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;

4. The registrant's other certifying officer(s) 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;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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Intentionally omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)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;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) 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 directors (or persons performing the equivalent functions):

&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;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.

------

Date: March 27, 2026

&nbsp;&nbsp;<u>/s/ Aaron Blanchette</u>___________________<br>Name: Aaron Blanchette<br>Title: Co-Chief Executive Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*Co-Principal Executive Officer*)<br>

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian Stewart, certify that:

1. I have reviewed this annual report on Form 10-K for the period ended December 31, 202t of Fortress Private Lending Fund;

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;

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;

4. The registrant's other certifying officer(s) 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;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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Intentionally omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)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;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) 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 directors (or persons performing the equivalent functions):

&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;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.

------

Date: March 27, 2026

&nbsp;&nbsp;<u>/s/ Brian Stewart</u>___________________<br>Name: Brian Stewart <br>Title: Co-Chief Executive Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*Co-Principal Executive Officer*)<br>

------

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Avraham Dreyfuss, certify that:

1. I have reviewed this annual report on Form 10-K for the period ended December 31, 2025 of Fortress Private Lending Fund;

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;

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;

4. The registrant's other certifying officer(s) 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;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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Intentionally omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)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;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) 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 directors (or persons performing the equivalent functions):

&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;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.

------

Date: March 27, 2026

&nbsp;&nbsp;<u>/s/ Avraham Dreyfuss</u>___________________<br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*Principal Financial Officer*)<br>

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION 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 Annual Report of Fortress Private Lending Fund (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), I, Aaron Blanchette, Co-Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (the "Act"), that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 27, 2026

&nbsp;&nbsp;<u>/s/ Aaron Blanchette</u>____________________<br>Name: Aaron Blanchette <br>Title: Co-Chief Executive Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*Co-Principal Executive Officer*)<br>

A signed original of this written statement required by Section 906 of the Act has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION 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 Annual Report of Fortress Private Lending Fund (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), I, Brian Stewart, Co-Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (the "Act"), that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 27, 2026

&nbsp;&nbsp;<u>/s/ Brian Stewart</u>_____________________<br>Name: Brian Stweart <br>Title: Co-Chief Executive Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*Co-Principal Executive Officer*)<br>

A signed original of this written statement required by Section 906 of the Act has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

------

## Exhibit 32.3

**Exhibit 32.3**

**CERTIFICATION 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 Annual Report of Fortress Private Lending Fund (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), I, Avraham Dreyfuss, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (the "Act"), that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 27, 2026

&nbsp;&nbsp;<u>/s/ Avraham Dreyfuss</u>_____________________<br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*Principal Financial Officer*)<br>

A signed original of this written statement required by Section 906 of the Act has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

------