# EDGAR Filing Document

**Accession Number:** 0001772918
**File Stem:** 0001193125-26-227113
**Filing Date:** 2026-5
**Character Count:** 1507011
**Document Hash:** 52de76a6f2cf12e6cc79de8af92c5cb9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-227113.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001193125-26-227113

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

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADAMS STREET CREDIT SOLUTIONS FUND
- **CENTRAL INDEX KEY:** 0001772918

**ORGANIZATION NAME:**
- **EIN:** 834219914
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56831
- **FILM NUMBER:** 26989339

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NORTH WACKER DRIVE, SUITE 2700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 553-7890

**MAIL ADDRESS:**
- **STREET 1:** ONE NORTH WACKER DRIVE, SUITE 2700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAMS STREET CREDIT SOLUTIONS FUND, LP
- **DATE OF NAME CHANGE:** 20250114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAMS STREET PRIVATE CREDIT BDC, LLC
- **DATE OF NAME CHANGE:** 20190404

##### [**Table of Contents**](#toc)
**As filed with the U.S. Securities and Exchange Commission on May 15, 2026** 

**File No. 000-56831** 

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**AMENDMENT NO. 1** 

**to** 

**FORM 10** 

**GENERAL FORM FOR REGISTRATION OF SECURITIES** 

**PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934** 

## Adams Street Credit Solutions Fund
**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Delaware** | **83-4219914** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **One North Wacker Drive, Suite 2700**<br> **Chicago, IL** | **60606** |
| **(Address of principal executive office)** | **(Zip code)** |

---

**(312) 553-7890** 

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

***with copies to:***

**Eric R. Mansell** 

**Adams Street Advisors, LLC** 

**One North Wacker Drive, Suite 2700** 

**Chicago, IL 60606** 

**and** 

**Nicole M. Runyan, P.C.** 

**Brad A. Green, P.C.** 

**Kirkland & Ellis LLP** 

**601 Lexington Avenue** 

**New York, NY 10022** 

**(212) 446-4800** 

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

**None** 

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

**Class I Common Shares of Beneficial Interest, par value $0.01 per share** 

**(Title of Class)** 

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

---

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

---

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

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
|  |  | **Page** | **Page** |
|  [EXPLANATORY NOTE](#tx807896_1) | [EXPLANATORY NOTE](#tx807896_1) |  | 1 |
|  [FORWARD-LOOKING STATEMENTS](#tx807896_2) | [FORWARD-LOOKING STATEMENTS](#tx807896_2) |  | 3 |
|  [SUMMARY OF RISK FACTORS](#tx807896_3) | [SUMMARY OF RISK FACTORS](#tx807896_3) |  | 6 |
| ITEM 1. | [BUSINESS](#tx807896_4) |  | 10 |
| ITEM 1A. | [RISK FACTORS](#tx807896_5) |  | 54 |
| ITEM 2. | [FINANCIAL INFORMATION](#tx807896_6) |  | 110 |
| ITEM 3. | [PROPERTIES](#tx807896_7) |  | 116 |
| ITEM 4. | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#tx807896_8) |  | 117 |
| ITEM 5. | [TRUSTEES AND EXECUTIVE OFFICERS](#tx807896_9) |  | 118 |
| ITEM 6. | [EXECUTIVE COMPENSATION](#tx807896_10) |  | 125 |
| ITEM 7. | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND TRUSTEE INDEPENDENCE](#tx807896_11) |  | 126 |
| ITEM 8. | [LEGAL PROCEEDINGS](#tx807896_12) |  | 131 |
| ITEM 9. | [MARKET PRICE OF DISTRIBUTIONS AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS](#tx807896_13) |  | 132 |
| ITEM 10. | [RECENT SALES OF UNREGISTERED SECURITIES](#tx807896_14) |  | 135 |
| ITEM 11. | [DESCRIPTION OF REGISTRANT'S SECURITIES TO BE REGISTERED](#tx807896_15) |  | 136 |
| ITEM 12. | [INDEMNIFICATION OF TRUSTEES AND OFFICERS](#tx807896_16) |  | 142 |
| ITEM 13. | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#tx807896_17) |  | 143 |
| ITEM 14. | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#tx807896_18) |  | 144 |
| ITEM 15. | [FINANCIAL STATEMENTS AND EXHIBITS](#tx807896_19) |  | 145 |

---

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**EXPLANATORY NOTE** 

Adams Street Credit Solutions Fund is filing this registration statement on Form 10 (the "**Registration Statement**") with the Securities and Exchange Commission (the "**SEC**") under the Securities Exchange Act of 1934, as amended (the "**1934 Act**"), in connection with its election to be regulated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and to provide current public information to the investment community while conducting a private offering of securities.

Unless indicated otherwise in this Registration Statement or the context requires otherwise, the terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Company**" refers to Adams Street Credit Solutions Fund, a Delaware statutory trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Adams Street**" refers to Adams Street Partners, LLC and its subsidiaries and affiliated
entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Adviser**" and the Company's "**investment adviser**" refer to Adams
Street Advisors, LLC, the Company's investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Administrator**" and the Company's "**administrator**" refer to Adams
Street Advisors, LLC, the Company's administrator (serving in such capacity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Shareholders**" refers to holders of the Company's Class I common shares of
beneficial interest, par value $0.01 per share (the "**Shares** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Preferred Shareholders**" refers to holders of the Company's preferred shares, which have
been classified and designated as "12.0% Series A Cumulative Preferred Shares," par value $0.01 per share (the "**Series A Preferred Shares** ").

As used in this Registration Statement, the words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation."

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**") and the Company will take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "**1933 Act**").

This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, within the meaning of the 1933 Act, any beneficial interests of the Company or any other Adams Street affiliated entity. Upon the effective date of this Registration Statement, the Company will be subject to the requirements of Section 13(a) of the 1934 Act, including the rules and regulations promulgated under the 1934 Act, which will require the Company to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The Company will also be required to comply with all other obligations of the 1934 Act applicable to issuers filing registration statements pursuant to Section 12(g) of the 1934 Act. Additionally, the Company will be subject to the proxy rules in Section 14 of the 1934 Act and the Company, trustees, officers, and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the 1934 Act. The SEC maintains a website at <u>www.sec.gov</u>, via which the Company's SEC filings can be electronically accessed, including this Registration Statement and the exhibits and schedules hereto.

On April 1, 2026, the Company filed an election to be regulated as a BDC under the 1940 Act and, upon filing such election, became subject to the 1940 Act requirements applicable to BDCs.

Investing in Shares may be considered speculative and involves a high degree of risk, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company does not currently intend to list the Shares on any securities exchange, and it does not expect a
secondary market for the Shares to develop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in the Company may not be suitable for investors who may need the money that they invest returned
in a specified time frame.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's prospective investments in private and middle-market portfolio companies are risky, and the
Company could lose all or part of the Company's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities in which the Company intends 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 Investors Service, Inc. ("Moody's") and lower than "BBB-" by Fitch Ratings,
Inc. ("Fitch") or Standard & Poor's Financial Services LLC ("S&P")). These securities are risky and highly speculative, and the Company could lose all or part of the Company's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates, senior management and employees have certain conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may be conflicts of interest related to obligations that the Adviser has with respect to the allocation of
investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has elected to be regulated as a BDC under the 1940 Act, which imposes numerous restrictions on the
activities of the Company, including restrictions on leverage and on the nature of the Company's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Company does not invest a sufficient portion of the Company's assets in qualifying assets
(" **Qualifying Assets**") that satisfy certain provisions of the 1940 Act, the Company could fail to qualify as a BDC or be precluded from investing according to the Company's current business strategy, which would have a
material adverse effect on the Company's business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the Company uses leverage, the potential for loss on amounts invested in the Company will be magnified and
may increase the risk of investing in the Company. Leverage may also adversely affect the return on the Company's assets, reduce cash available for distribution to the Shareholders and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 1940 Act imposes significant limits on co-investment with affiliates
of the Company, and the Company must comply with the co-investment exemptive order granted by the SEC (the "**Co-Investment Exemptive Order**") when co-investing alongside its affiliates in privately negotiated transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchases of the Shares by the Company, if any, are expected to be limited and to be no more than 5% of
outstanding Shares as of the end of any given quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The private companies and below investment grade securities in which the Company invests may be difficult to
value and are generally illiquid. These investments may include companies operating in workout or bankruptcy modes, and so they may face heightened financial, operational, legal and strategic risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company intends to invest primarily in private companies for which very little public information exists.
Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distributions may be funded from borrowings, which may constitute a return of capital and reduce the amount of
capital available to the Company for investment. Any capital returned to holders of Shares through distributions will be distributed after the payment of fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of distributions that the Company may pay, if any, is uncertain. The Company may pay distributions in
significant part from sources that may not be available in the future and that are unrelated to the Company's performance. This may reduce an investor's adjusted tax basis in the Shares, thereby increasing the investor's potential
taxable gain or reducing the potential taxable loss on the sale of Shares.

As a result, there is a risk of a substantial loss on an investment in the Shares. See "*Item 1A. Risk Factors*" for more information about these and other risks relating to the Shares.

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**FORWARD-LOOKING STATEMENTS** 

This Registration Statement contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, the Company's current and prospective portfolio investments, the Company's industry, the Company's beliefs and the Company's assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political, economic or industry conditions, the interest rate environment, inflationary concerns,
financial and capital markets, and other external factors, including pandemic-related or other widespread health crises, inflation, supply chain disruptions and ongoing global conflicts and military actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to source investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's inability to control the business operations of the Company's portfolio companies, and
potential inability to dispose of the Company's interests in the Company's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's use of borrowed money to finance a portion of the Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions of a credit facility or other borrowings that may limit discretion in operating the Company's
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of high rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of the Company's investments in portfolio companies, particularly those having no liquid
trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain economic events which may cause Shareholders to request that the Company repurchase their Shares, which
could affect the Company's cash flow, results of operations and financial condition;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of competition for investment opportunities;

&nbsp;&nbsp;&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;&nbsp;&nbsp;• the Company's dependence on its own and third-party communications and information systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of cybersecurity risks, cyber incidents or corruption of confidential information on the Company or
the Company's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to comply with legal requirements, contractual obligations and industry standards
relating to security, data protection and privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to manage the impact of any changes to current operating policies, investment
criteria or strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser to manage and support the Company's investment process;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's access to confidential information which may restrict the Company's ability to take
action with respect to some investments and/or potential investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the Company's ability to enter into transactions with the Company's affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to make investments that could give rise to conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Adviser's liability being limited under the Investment Advisory Agreement (as defined below) and the
requirement for the Company to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on the Company's behalf than it would when acting for its own account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts associated with investments by employees of Adams Street in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Adviser's compliance with pay-to-play laws, regulations and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to find or replace the administrator or sub-administrator in the event of a resignation;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulations governing the Company's operations as a BDC and RIC which impact the Company's ability to
raise capital or borrow for investment purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to manage risks associated with leverage and investing in upper middle-market
companies and common or preferred equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of changes to tax legislation and the Company's tax position;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability and the ability of the Company's portfolio companies to manage risks associated
with an economic downturn and the time period required for robust economic recovery therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a contraction of available credit and/or an inability to access capital markets or additional sources of
liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a recent increase in negative global media coverage relating to the private credit industry;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks, uncertainties and other factors that the Company identifies in "*Item 1A. Risk Factors*" in this Registration Statement, and in the Company's other filings with the SEC that the Company will make from time to time.

Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Registration Statement should not be regarded as a representation by the Company that the Company's plans and objectives will be achieved. These forward-looking statements speak only as of the date of this Registration Statement. These risks and uncertainties include those described or identified in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Registration Statement. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Registration Statement. Moreover, the Company assumes no duty and does not undertake any obligation to update the forward-looking statements and projections contained in this Registration Statement,

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except as required by applicable law. Because the Company is an Investment Company (as defined below), the forward-looking statements and projections contained in this Registration Statement are excluded from the safe harbor protection provided by Section 21E of the 1934 Act and Section 27A of the 1933 Act.

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**SUMMARY OF RISK FACTORS** 

The following is only a summary of the principal risks that may materially adversely affect the Company's business, financial condition, results of operations and cash flows. You should carefully consider the complete discussion of risk factors set forth below in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Registration Statement, which should be read in conjunction with this summary.

***Risks Related to the Company's Business and Structure***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company and the Adviser have a limited operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is a privately placed BDC, and the Company's investors may not be able to transfer or otherwise
dispose of the Shares at the desired time and prices, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may have difficulty sourcing investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of the Company to achieve its investment objective is highly dependent on key personnel, who may
cease to be associated with Adams Street at any point.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may face disruptions caused by termination of the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may face disruptions caused by the resignation of the Administrator or a sub-administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company generally will not control the business operations of the Company's portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due to the illiquid nature of the Company's holdings in the Company's portfolio companies, the
Company may not be able to dispose of the Company's interests in the Company's portfolio companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company intends to enter into one or more credit facilities or other borrowings, but there may be no
assurance that the Company will be able to close a credit facility or obtain other financing on acceptable terms, or at all.

***Risks Relating to Private Credit Investing***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The activities of the Company and its portfolio investments could be materially adversely affected by changes in
market, economic, political or regulatory conditions, as well as by numerous other factors outside the control of the Adviser or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's investments in direct originations of secured debt (which the Company refers to as
" **Middle Market Senior Loans** "), including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and "unitranche" loans) and second lien senior secured loans, with the
balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities) involves a number of significant risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities in which the Company intends 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 and lower than "BBB-" by Fitch or S&P), which is often referred to as "junk." These investments may include companies
operating in workout or bankruptcy modes, and so they may face heightened financial, operational, legal and strategic risks. Investing in companies undergoing workouts or bankruptcy proceedings carries heightened legal risks, including fraudulent
conveyance, voidable preference, and equitable subordination. These securities are risky and highly speculative, and the Company could lose all or part of the Company's investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's investments in portfolio companies may be risky, and the Company could lose all or part of
its investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The recent increase in negative global media coverage relating to the private credit industry, driven by concerns
over liquidity, concentration risk and valuation uncertainty, could lead to a higher volume of repurchase requests, which could materially and adversely affect the cash flow, results of operations and financial condition of the Company and its
portfolio investments.

***General Risks***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no assurance that the performance of the Company will equal or exceed the past investment performance of
other ASP Entities or WLP (each as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a BDC, the Company will be subject to the reporting requirements of the 1934 Act and the Sarbanes-Oxley Act of
2002, as amended (the "**Sarbanes-Oxley Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company does not currently have comprehensive documentation of its internal controls, including the internal
control evaluation and certification requirements of Section 404 of the Sarbanes-Oxley Act ()"**Section 404** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is an "emerging growth company" under the JOBS Act, and cannot be certain if the reduced
disclosure requirements applicable to emerging growth companies will make its Shares less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal, tax and regulatory changes could occur that may adversely affect the Company at any time.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may invest up to 30% of its portfolio in companies domiciled in Europe and other countries outside of
the United States. Investing in non-U.S. securities may involve substantially greater risks than investing in U.S. securities, including risks relating to (i) currency exchange matters; (ii) differences between the U.S. and non-U.S. securities
markets; (iii) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements, and differences in government supervision and regulation; (iv) certain economic and political risks; and
(v) the possible imposition of non-U.S. taxes on income and gains recognized with respect to such securities.

***Risks Related to BDCs***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws or regulations governing the Company's operations may adversely affect the Company's
business or cause the Company to alter the Company's business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is subject to limited restrictions with respect to the proportion of the Company's assets that
may be invested in a single issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to maintain the Company's status as a BDC would reduce the Company's operating flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Shareholders will be obligated to fund drawdowns (each, a "**Drawdown**") and may need to
maintain a substantial portion of their capital commitments ()"**Capital Commitments**" and each, a "**Capital Commitment**") in assets that can be readily converted to cash.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders who default on their Capital Commitments will be subject to significant adverse consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Shareholders may have to comply with 1934 Act filing requirements.

***Risks Related to the Company's Shares***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's investments in portfolio companies may be highly speculative and aggressive and, therefore,
an investment in the Shares may not be suitable for someone with lower risk tolerance.

&nbsp;&nbsp;&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;&nbsp;&nbsp;• The net asset value ()"**NAV**") of the Shares may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of any distributions the Company 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 and may be reduced over time. We have not established any limit on the extent to which we may use borrowings, if any,
and proceeds from our offerings to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies). A portion of our distributions, therefore, may constitute a return of capital. A return of capital is a
distribution comprised of a portion of a Shareholder's original investment rather than a return of earnings or gains derived from the Company's investment activities. For tax purposes, a return of capital is treated as a non-dividend
distribution. A return of capital may reduce an investor's adjusted tax basis in the Shares, which could increase the investor's potential taxable gain, or reduce the potential taxable loss, on a future sale of Shares. Any capital
returned to Shareholders through distributions will be made after the payment of fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Series A Preferred Shares have, and additional classes of preferred shares issued in the future could have,
rights and preferences that adversely affect the Shareholders, including the right to elect certain members of the board of trustees (the "**Board of Trustees**" or the "**Board**") and have class voting rights on
certain matters. Preferred shares also rank senior to all classes or series of Shares with respect to dividend and redemption rights and rights upon liquidation, dissolution or winding up of the Company.

***Conflicts of Interests Risks***

&nbsp;&nbsp;&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 the
Company.

&nbsp;&nbsp;&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 the Company and the Company's investment opportunities and harmful to the Company.

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

***Federal Income Tax Risks***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company cannot predict how tax reform legislation will affect the Company, its investments, Shareholders, and
any such legislation could adversely affect the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will be subject to corporate-level U.S. federal income tax if the Company is unable to qualify for
and maintain its tax treatment as a RIC under Subchapter M of the Code or if the Company makes investments through taxable subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may have difficulty paying the Company's required distributions if it recognizes income before
or without receiving cash representing such income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Company is not treated as a "publicly offered regulated investment company," as defined in the
Code, U.S. Shareholders (as defined below) will be treated as having received a dividend from the Company in the amount of such U.S. Shareholders' allocable share of the management fees (the "**Management Fees**" and each, a
" **Management Fee**") and incentive fees (the "**Incentive Fees**" and each, an "**Incentive Fee**") paid to the Adviser and some of the Company's expenses, and these fees and expenses will be
treated as miscellaneous itemized deductions of such U.S. Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Company is unable to qualify and maintain its tax treatment as a RIC under Subchapter M of the Code,
distributions of the Company's taxable income to Non-U.S. Shareholders (as defined below) would no longer be able to be reported as "interest-related dividends" or "short-term capital
gain dividends." Any distributions of the Company's taxable income will be subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Company's current and accumulated
earnings and profits unless an applicable exception applies.

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| | |
|:---|:---|
| **ITEM 1.** | **BUSINESS**  |

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**Company—Adams Street Credit Solutions Fund** 

The Company was formed on March 29, 2019 as a Delaware limited liability company named Adams Street Private Credit BDC, LLC. On January 15, 2025, the Company converted to a Delaware limited partnership and was renamed Adams Street Credit Solutions Fund, LP. The Company is an externally managed, non-diversified, closed-end management investment company that<u> </u>has elected to be regulated as a BDC under the 1940 Act (the "**BDC Election**"). The Adviser, a Delaware limited liability company and subsidiary of Adams Street, serves as the Company's investment adviser and is responsible for portfolio and risk management of the Company. Subject to the overall supervision of the Board, the majority of whom are independent as required by the 1940 Act, the Adviser<u> </u>manages the Company's day-to-day operations and<u> </u>provides investment advisory and management services to the Company. The Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code, beginning with its tax year ending December 31, 2026, or such later date as determined by the Company, for U.S. federal income tax purposes. As a BDC and a RIC, the Company<u> </u>is required to comply with certain regulatory requirements. See "*Item 1. Business—Regulation as a BDC*" and "*Item 1. Business—Certain U.S. Federal Income Tax Considerations*." The Company is the successor to Adams Street Credit Solutions Fund, LP, a Delaware limited partnership, and prior thereto, a Delaware limited liability company, that was exempt from registration under the 1940 Act pursuant to Section 3(c)(7) thereof ("**WLP**"). On August 5, 2025, a reorganization of WLP into the Company was effected, under which WLP converted from a Delaware limited partnership to a Delaware statutory trust and the Company was renamed Adams Street Credit Solutions Fund. The Company maintains an investment program and management team that are, in all material respects, equivalent to those of WLP.

The Company's investment objective is to generate current income and capital appreciation. The Company will seek to achieve its investment objective primarily through investing in direct originations of Middle Market Senior Loans, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and "unitranche" loans) and second lien senior secured loans, with the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. As a BDC, the Company generally is required to invest at least 70% of its assets in Qualifying Assets, but the Company may invest up to 30% of its portfolio in non-qualifying assets, including companies domiciled in Europe and other countries 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.

The Company may invest in 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 the Company's assets would be Qualifying Assets.

The Company's investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. The Company's liquid credit instruments may include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments (including collateralized loan obligations ("**CLOs**")). The Company intends to use these investments to maintain liquidity for its Share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns.

Under normal circumstances, the Company will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit-related instruments issued by corporate issuers (including loans, notes, bonds and other corporate debt securities). The Company's 80% policy with respect to investments in credit-related instruments is not fundamental and may be changed by the Board of Trustees without the approval of Shareholders. Shareholders will be provided with at least sixty (60) days' notice in the manner prescribed by the SEC before making any change to this policy.

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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 Ratings or lower than "BBB-" by<u> </u>Fitch Ratings or S&P), which is often referred to as "junk."

The Company may, but is not required to, make investments in companies operating in workout or bankruptcy modes. Such investments present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks.

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. While the Company primarily expects to invest in loans and securities denominated in U.S. dollars, the Company may also invest in companies with operations outside of the United States, such as in Canada, the United Kingdom (the "**UK**") and Europe, which may oblige the Company to invest in loans and/or securities denominated in non-U.S. dollar currencies. In such event, the Company may enter into foreign exchange derivatives and forward transactions to mitigate the impact of movements in foreign exchange on the return of such investments in U.S. dollar terms. These hedging activities, which will be subject to the applicable legal and regulatory compliance requirements, may include the use of futures, options and forward contracts. Any derivative agreements entered into for speculative purposes are not expected to be material to the Company's business or results of operations. The Company intends to operate and qualify as a "limited derivatives user" and has adopted compliance policies to monitor the Company's derivatives exposure in accordance with Rule 18f-4 under the 1940 Act ("**Rule 18f-4**"). 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 that the Company employs will be successful. See "*Item 1A. Risk Factors—Limitations on Use of Derivatives*."

The Company will 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. Pursuant to the 1940 Act, and as approved by the Board of Trustees and the Company's initial Shareholder, the Company is required to have an asset coverage of at least 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 would be expected to increase the total capital available for investment by the Company. The Company intends to use leverage in the form of: (i) the issuance of Series A Preferred Shares, and may in the future issue additional series of preferred shares, though it has no intention to do so; and (ii) a senior secured revolving credit facility with Wells Fargo Bank, National Association ("**Wells Fargo**"), the proceeds from which have been used to facilitate the Company's initial acquisitions of Middle Market Senior Loans and pay related expenses.<u> </u>Prior to the BDC Election, the proceeds of an unsecured promissory note issued by Adams Street Partners, L.P.<u> </u>were used to facilitate certain acquisitions of Middle Market Senior Loans (the "**ASP Note**"). In connection with the BDC Election, the ASP Note was satisfied in full and extinguished. The Company may in the future determine to re-draw amounts under the ASP Note in accordance with the 1940 Act or, alternatively, terminate the ASP Note.

To achieve its investment objective, the Company will leverage the experience, talent and extensive network of relationships of Adams Street, its personnel, and Adams Street's dedicated private credit investment team (the "**Private Credit Team**") to source and evaluate opportunities. There are no assurances that the Company will achieve its investment objective. The Company's administrative and executive offices are located at One North Wacker Drive, Suite 2700, Chicago, IL 60606.

**Formation Transactions** 

The Company was formed on March 29, 2019, as a Delaware limited liability company and was reorganized into a Delaware limited partnership on January 15, 2025. The Company is the successor to WLP, a Delaware limited partnership that was exempt from registration under the 1940 Act pursuant to Section 3(c)(7) thereof. On

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August 5, 2025, a reorganization of WLP into the Company was effected, under which WLP converted from a Delaware limited partnership to a Delaware statutory trust. The Company maintains an investment program and management team that are, in all material respects, equivalent to those of WLP.

The Company expects to conduct private offerings of the Shares (each, a "**Private Offering**"), in the United States to "accredited investors" within the meaning of Regulation D under the 1933 Act, and outside the United States in accordance with Regulation S or Regulation D under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of this private offering, each investor will make an investment in the Shares pursuant to a subscription agreement entered into with the Company (the "**Subscription Agreement**"). Investors generally will be required to pay the entire amount of their investment at the time it is accepted by the Company; however, the Company may, for a period of time, require investors to fund their investments over time and purchase Shares up to the amount of their respective investment on an as-needed basis each time the Company delivers a drawdown notice (a "**Drawdown Notice**").<u> </u>The Company has conducted, and anticipates that it will continue to conduct, at such time as determined in<u> </u>its sole discretion,<u> </u>closings on a monthly basis, in connection with which the Company will either issue Shares to investors for immediate cash investment or, in its discretion, call capital from investors. See "*Item 1. Business—The Private Offering*."

The Company is initially offering one class of Shares—the Class I Shares—and may offer additional classes of Shares in the future. The Company and the Adviser have applied for exemptive relief from the SEC that, if granted, will permit the Company to issue multiple classes of Shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date in the Company's discretion (the "**Multi-Class Exemptive Relief**"). The SEC has not yet granted the Multi-Class Exemptive Relief, and there is no assurance that the relief will be granted. Additional classes of Shares will not be offered to investors until the Company has received the Multi-Class Exemptive Relief.

In addition, the Company<u> </u>conducted a private offering of<u> </u>Series A Preferred Shares to unaffiliated individual investors who are "accredited investors" as defined in Regulation D of the 1933 Act. Pursuant to this private offering, on April 1, 2026, the Company<u> </u>issued and<u> </u>sold 515 shares of Series A Preferred Shares for an aggregate purchase price of $1,545,000 (the "**Preferred Offering**"). The<u> </u>Preferred<u> </u>Shareholders are subject to certain dividend, voting, liquidation and other rights that are more fully described below in "*Item 11. Description of Registrant's Securities to be Registered—Preferred Shares.*"

**Adams Street Firm History** 

Adams Street is a leading private markets investment firm, providing private credit, private equity primary and secondary partnership investments, co-investment, and direct growth equity investment management capabilities to institutional investors. Adams Street will provide investment advisory services to pooled investment vehicles, including the Company, other business development companies and commingled private funds, separately managed accounts, funds of one and other similar vehicles and accounts (each, an "**ASP Entity**"). Adams Street is one of the oldest and largest private markets investment managers in the world. Together with its predecessor organizations, Adams Street has been managing direct growth equity investments since 1972. Adams Street established the first private equity fund of funds for institutional investors in 1979 and has been a pioneer in the development of the secondary market, completing its first secondary investment in 1986. As a significant, long-term investor in private markets, Adams Street has a meaningful information advantage that benefits each strategy.

Adams Street is well-known globally for its continuous commitment to, and deep understanding of, the private markets industry. As of December 31, 2025, the firm had approximately $69.9 billion of assets under management, 15 offices in 11 countries, and investments spanning more than 30 countries. Adams Street believes a global outlook combined with deep local knowledge is the key to long-term, sustainable investment success.

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Adams Street's legacy began at First National Bank of Chicago ("**First Chicago**") in 1972. In 1989, Adams Street's predecessor organization, Brinson Partners, Inc., was organized and acquired the institutional asset management business from First Chicago. In 1995, Brinson Partners, Inc. and Swiss Bank Corporation ("**SBC**") combined their international institutional investment management organizations into a single investment management business. Union Bank of Switzerland and SBC subsequently merged in June 1998 to form UBS AG. Adams Street spun out of UBS AG on January 1, 2001 and was composed of the members of Brinson Partners' Private Equity Group. Today, Adams Street is an independent, 100% employee-owned organization.

By combining all of these investment strategies into a single, global integrated platform, Adams Street aims to capitalize on knowledge, data, insights, and relationships that are not available to firms pursuing any one strategy. While each investing partner at Adams Street is primarily focused on their core strategy, there is shared compensation and knowledge at the firm level, which Adams Street believes reinforces a culture built around collaboration, teamwork, and partnership. In Adams Street's view, this synergy is the foundation for Adams Street's long history of success and a key competitive advantage.

**Adviser** 

The Adviser, a Delaware limited liability company, is a wholly-owned subsidiary of Adams Street, and Adams Street serves as the sole member of the Adviser. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"). The Adviser's principal place of business is in Chicago, Illinois.

The Adviser serves as the Company's investment adviser pursuant to an investment advisory agreement with the Company dated August 19, 2025 (the "**Investment Advisory Agreement**"). Subject to the overall supervision of the Board, the Adviser is responsible for managing the Company's business affairs, including sourcing investment opportunities, performing research and due diligence, structuring investments and monitoring the Company's portfolio on an ongoing basis through the Private Credit Team.

The Adviser will seek to leverage the extensive network and deep experience of the Private Credit Team to prioritize what it believes to be the most compelling investment opportunities for the Company. All investment decisions will require the approval of the Private Credit Team's investment committee (the "**Investment Committee**").

The Adviser and its affiliates may provide management or investment services to others whose objectives overlap with the Company's. The Adviser may face conflicts in the allocation of investment opportunities to the Company and other ASP Entities. To address these conflicts, the Adviser has put in place an investment 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 (the "**Allocation Policy**"). See "*Item 1A. Risk Factors—Certain Conflicts of Interest—Work on Other Projects; Allocation of Personnel*" and "*Allocation of Investment Opportunities*."

**Administrator** 

The Adviser, in its capacity as the Administrator, provides, or oversees the performance of, certain administrative and compliance services. The Company is obligated to reimburse the Administrator and/or its affiliates for its costs, expenses and the Company's allocable portion of compensation of the Administrator's or its affiliates' personnel and overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator and/or its affiliates in performing its administrative obligations pursuant to an administration agreement between the Company and the Administrator, dated August 19, 2025 (the "**Administration Agreement**"). See "*Item 1. Business — Administration Agreement*" below for a discussion of the fees and expenses the Company is required to reimburse to the Administrator.

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The Administrator, on behalf of the Company and at the Company's expense, may retain one or more service providers that may or may not also be affiliates of Adams Street to serve as a sub-administrator (a "**Sub-Administrator**"), custodian, accounting agent, investor services agent, transfer agent or other service provider for the Company. Any fees the Company pays, or indemnification obligations that the Company undertakes, in respect of the Administrator and those other service providers that are affiliates of Adams Street, will be on arm's length terms and approved by the Independent Trustees (as defined below).

**Board of Trustees** 

Overall responsibility for the Company's oversight rests with the Board of Trustees. The Company has entered into the Investment Advisory Agreement with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis as described herein. The Board of Trustees is responsible for overseeing the Adviser and other service providers in the Company's operations in accordance with the provisions of the 1940 Act, the Company's Amended and Restated Declaration of Trust (the "**Declaration of Trust**") and By-Laws ("**By-Laws**" and together with the Declaration of Trust, the "**Organizational Documents**") and applicable provisions of state and other laws. The Adviser will keep the Board of Trustees well informed as to the Adviser's activities on the Company's behalf and the Company's investment operations and provide the Board of Trustees with additional information as the Board of Trustees may, from time to time, request. The Board of Trustees is currently composed of five (5) trustees (the "**Trustees**" and each, a "**Trustee**"), three (3) of whom are Trustees who are not "interested persons" (as that term is defined in the 1940 Act) of the Company or the Adviser (the "**Independent Trustees**"). The Board of Trustees meets at regularly scheduled quarterly meetings each year. In addition, the Board of Trustees may hold special in- person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings and may also act by unanimous consent. As described below, the Board of Trustees has established an audit committee (the "**Audit Committee**") and a nominating and governance committee (the "**Nominating and Governance Committee**"), and may establish ad hoc committees or working groups from time to time, to assist the Board of Trustees in fulfilling its oversight responsibilities.

**Market Opportunity** 

Adams Street believes that increasing regulation has caused U.S. commercial banks to substantially reduce their lending to middle-market companies. At the same time, demand for debt capital, particularly in the market for private equity-backed leveraged buyouts, has continued to grow. It is Adams Street's belief that this demand/supply imbalance has helped make the yields and terms that can be obtained from the private debt issued by middle-market companies comparatively more attractive than many other investment alternatives available in the credit markets today.

As compared to broadly syndicated loans and public high yield bonds, private middle-market debt has a number of advantages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It has historically priced at a premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is usually a component of more conservative capital structures that are less leveraged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It typically contains more robust covenants and lender-friendly protections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It has experienced lower default rates and higher recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As compared to high-yield bonds, it provides exposure to floating-rate debt, which is less sensitive to interest
rate changes from a mark-to-market perspective.

In the past, commercial banks were a primary source of capital for middle-market companies. Towards the end of the 1990s, the banks began to substantially reduce the leveraged loans they were willing to hold. This reduction was accomplished, in large part, by syndicating the unwanted exposure into the institutional loan

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market. Because most buyers of loans in the institutional market required liquidity, smaller, less liquid middle-market loans that were not as easily syndicated or traded, were de-emphasized by the banks. In addition, regulations such as the Dodd-Frank Wall Street Reform and Consumer Protection Act ("**Dodd-Frank**") and the Third Basel Accord (Basel III) further restrained commercial banks' ability to lend money.

While, as a result of the banks' withdrawal, debt capital was becoming scarce, demand was continuing to grow. The growing demand was fueled, to a significant extent, by private equity sponsors, who raised substantial pools of capital and needed the debt to help finance their buyouts.

In recent years, private credit has further taken share from the broadly syndicated loan market because it has been a more stable and flexible source of financing for private equity firms.

Adams Street believes that the combination of premium pricing and better performance with respect to defaults and recoveries makes private debt a compelling investment proposition. In Adams Street's opinion, the factors that helped create these favorable conditions in the market for private debt are both structural and secular in nature and therefore are likely to be long lasting.

**Investment Strategy** 

The Company's investment objective is to generate current income and capital appreciation. The Company will seek to achieve its investment objective primarily through investing in direct originations of Middle Market Senior Loans, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and "unitranche" loans) and second lien senior secured loans, with the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. As a BDC, the Company generally is required to invest at least 70% of its assets in Qualifying Assets, but the Company may invest up to 30% of its portfolio in non-qualifying assets, including companies domiciled in Europe and other countries 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.

The Company may invest in 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 the Company's assets would be Qualifying Assets.

The Company's investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. The Company's liquid credit instruments may include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments (including CLOs). The Company intends to use these investments to maintain liquidity for its Share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns.

Under normal circumstances, the Company will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit-related instruments issued by corporate issuers (including loans, notes, bonds and other corporate debt securities). The Company's 80% policy with respect to investments in credit-related instruments is not fundamental and may be changed by the Board of Trustees without Shareholder approval. Shareholders will be provided with at least sixty (60) days' notice in the manner prescribed by the SEC before making any change to this policy.

Most of the Company's debt investments are expected to be unrated. When rated by a nationally recognized statistical ratings organization, the Company expects that its debt investments will generally carry a rating below

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investment grade (rated lower than "Baa3" by Moody's Ratings or lower than "BBB-" by Fitch Ratings or S&P), which is often referred to as "junk."

The Company may, but is not required to, make investments in companies operating in workout or bankruptcy modes. Such investments present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks.

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. While the Company primarily expects to invest in loans and securities denominated in U.S. dollars, the Company may also invest in companies with operations outside of the United States, such as in Canada, the UK and Europe, which may oblige the Company to invest in loans and/or securities denominated in non-U.S. dollar currencies. In such event, the Company may enter into foreign exchange derivatives and forward transactions to mitigate the impact of movements in foreign exchange on the return of such investments in U.S. dollar terms. These hedging activities, which will be subject to the applicable legal and regulatory compliance requirements, may include the use of futures, options and forward contracts. Any derivative agreements entered into for speculative purposes are not expected to be material to the Company's business or results of operations. The Company intends to operate and qualify as a "limited derivatives user" and has adopted compliance policies to monitor the Company's derivatives exposure in accordance with Rule 18f-4. 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 that the Company employs will be successful. See "*Item 1A. Risk Factors — Limitations on Use of Derivatives*."

The Company will 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. Pursuant to the 1940 Act, and as approved by the Board of Trustees and the Company's initial Shareholder, the Company is required to have an asset coverage of at least 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. The Company uses leverage in the form of the issuance of the Series A Preferred Shares, and may in the future issue additional series of preferred shares, though it has no intention to do so.

**Structure of Investments** 

***Debt Investments.*** The terms of the Company's debt investments will be tailored to the facts and circumstances of each transaction. The Adviser will seek to negotiate the structure of each investment to protect the Company's rights and manage its risks. The Company intends to invest in the following types of debt:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Unitranche" loans*. Unitranche loans are loans that combine both senior and subordinated debt,
generally in a first lien position. In many cases, "unitranche" lenders may provide the issuer most, if not all, of the capital structure above the equity.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Unsecured debt.* Unsecured debt usually ranks subordinate in priority of payment to first lien and second
lien debt and may not have the benefit of financial covenants common in first lien and second lien debt. However, unsecured debt ranks senior to common and preferred equity in an issuer's capital structure. Unsecured debt generally offers
fixed returns in the form of interest payments. Due to its higher risk profile and often less restrictive covenants compared to first lien and second lien debt, unsecured debt generally bears a higher stated interest rate than first lien and second
lien debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securitized debt*. The Company's CLO investments will be backed by a portfolio of senior secured
loans and may include senior or mezzanine CLO debt tranches (rated investment grade), mezzanine CLO debt tranches (rated below investment grade or unrated), subordinated CLO equity tranches (unrated), leveraged loans (including third-party-managed
warehouse facilities that hold such loans in anticipation of expected CLO issuance) and vehicles that invest indirectly in CLO securities or leveraged loans.

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 will seek to limit the downside potential of the Company's investments by:

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

&nbsp;&nbsp;&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;&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.

Within the Company's portfolio, the Adviser will aim to maintain the appropriate proportion among the various types of first lien debt, second lien debt and unsecured debt to allow the Company to achieve its investment objective while seeking to minimize the risk of permanent loss. There can be no assurance that the Company's sought after investment characteristics will be attained in any or all circumstances or that any strategy to limit downside risk will be successful.

***Opportunistic Investments.*** Although not expected to be a primary component of the Company's investment strategy, the Company may also selectively make investments in portfolios of loans, receivables or other debt instruments, traded loans and securities of corporate issuers when market conditions create opportunities with a compelling risk profile, and potential strategic opportunities, including acquisitions of other private and public finance companies, business development companies and asset managers.

***Equity Investments.*** In certain instances, the Company may also make equity or equity-related investments (including common stock, preferred shares, securities convertible into common stock and warrants).

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**Investment Process** 

***Sourcing***

The Private Credit Team's investment process begins with sourcing investment opportunities, and the Company believes Adams Street's core focus on private equity general partners and its integrated platform provide a highly differentiated sourcing advantage and access to a large number of high-quality debt investment opportunities.

A majority of opportunities are expected to come directly from private equity sponsors already known to Adams Street either through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Historical relationships originating from Adams Street's existing primary investment, secondary investment,
or co-investment activities, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Private Credit Team's prior experience and existing individual relationships.

The longevity of Adams Street's private equity investment program in primaries and secondaries, plus the breadth of its advisory board seats, provides Adams Street with a distinct knowledge advantage and a preferred position in sourcing deals.

Adams Street has invested with hundreds of private equity general partners ("**GPs**") and currently holds hundreds of advisory board seats. Adams Street believes that these sponsor relationships, spanning across debt, equity, and strategic partnerships, position the Company as a true financing partner as opposed to solely a source of debt financing. The Company is intended to benefit from Adams Street's significant alignment with the sponsor community in several meaningful ways, including (i) increased deal funnel as sponsor relationships across the firm drive new inbound financing opportunities, (ii) proprietary insight into sponsor portfolio companies, including financing structures and maturity information, which the team can use to preempt refinancing conversations, (iii) opportunities to match competitor proposals (i.e., last look) and (iv) increased opportunities to obtain sole-sourced or leadership positions in investments, which often include additional economics to the Company and greater control and oversight of the investment. In many instances, the Private Credit Team will have proprietary access to historical company information through Adams Street's firmwide proprietary database, which houses historical limited partner reporting packages, advisory board materials, and due diligence documents across active, prior, and potential GP relationships spanning 45+ years. These resources provide performance, strategy, and valuation insights, which are often unavailable to Adams Street's competitors and which provide the Company with a significant information advantage in the market.

The middle-market space in particular tends to be very relationship-oriented and, unlike the broadly syndicated market, a majority of debt financing opportunities here are initiated directly by private equity sponsors. Mid-market opportunities, which comprise Adams Street's main focus, are in fact not easily accessible to unknown third parties. The fact that Adams Street has a deep and extensive network of relationships with private equity sponsors not only provides preferred access to opportunities, but also ensures Adams Street's investment professionals are competitively positioned to win deals.

An additional source of deal flow is through investment banks, debt placement agents, attorneys, and accountants. While Adams Street's position in the market generates a good volume of inbound deal flow, active marketing (i.e., routine visits, telephone calls, and email correspondence with equity sponsors) by the Private Credit Team and Adams Street as a whole is important to maintaining a steady flow of deals.

***Screening & Due Diligence***

The Private Credit Team's interaction with the lead sponsor in connection with each investment is very important. Quick and thoughtful feedback, efficient yet in-depth due diligence, and extensive third-party review (accounting, legal, etc.) are essential ingredients to maintaining a steady and productive flow of debt financing opportunities over time.

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After receiving information about a potential investment opportunity, the Private Credit Team will quickly triage a deal and determine whether or not it merits further attention. Often, deals are declined during the screening process if the Private Credit Team determines that the prospective portfolio company or industry falls outside of its investment parameters. To the extent the deal passes the initial screening, it then moves on to the diligence phase.

The diligence effort is led by the Private Credit Team, in collaboration with the lead sponsor. This effort incorporates the sponsor's due diligence on the prospective portfolio company investment, but goes further to include additional reference calls, financial review, cash flow modeling/sensitivity analysis, meetings with management, site visits, industry diligence, and accounting and legal review. Due diligence progress is reported and discussed among the entire Private Credit Team as part of their weekly team meetings, and in some cases more frequently. All members of the Private Credit Team are encouraged to participate in these deal discussions and provide feedback as to their assessment of prospective portfolio company risks and opportunities.

The Private Credit Team uses both internal and external research to support the broader investment and due diligence process. Most investments start with a significant amount of desktop research, which leverages information that might already exist in Adams Street's proprietary database and analytics tool, ASPIRE (Adams Street Partners Investment Research Explorer), public filings, materials from previous transactions, etc. In addition, the Private Credit Team uses third-party data providers such as Preqin, CapIQ, LCD, and PitchBook to supplement internal and publicly available information resources. The Private Credit Team also has access to equity research from investment banks, including all major bulge bracket banks. All of this ensures Adams Street's investment teams have access to a broad range of industry data that enables them to make more informed investment decisions.

Further, the Private Credit Team's deep sponsor network provides industry and prospective portfolio company specific research that is valuable and used during the investment process. In many instances, the Private Credit Team will have proprietary access to historical prospective portfolio company information through Adams Street's firmwide proprietary database, advisory board materials, and due diligence documents across active, prior, and potential GP relationships spanning 45+ years. These resources often provide performance, strategy and valuation insights, which are not available to Adams Street's competitors. Third-party research sources are also used to gain access to industry experts and are a critical, primary source of research used to evaluate potential investments. All of Adams Street's research as it relates to private credit is done by the Private Credit Team with help from Adams Street's Performance Reporting and Analysis Team and Investment Strategy and Risk Management Team.

While deal teams are responsible for driving the due diligence process, the Investment Committee is responsible for voting on proposed investments. The Investment Committee meets regularly to discuss any potential investments. Adams Street's investment process is built around a team-oriented decision-making function which leverages the collective experience of all members of the investment team.

*Investment Criteria* 

In evaluating investment opportunities, Adams Street seeks to identify and invest in established issuers with a long history of profitability, sustainable presence in their respective markets, backing by strong sponsors and led by experienced management teams. Some of the factors examined when making investment selections include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The experience, track record, and motivation of the lead sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prior demonstrated operating performance of the management team along with their motivation, including level
of reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The profile, competitive landscape and prospects of the industry segment (e.g., barriers to entry, level of
capital intensity, margin trends, variability of revenues, growth rates, etc.);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defensibility of prospective portfolio company's market position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prospective portfolio company specific metrics, including margins, revenue growth and free cash flow profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase price paid relative to mergers and acquisitions and public comparables, and relative to multiples over
historical cycles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital structure considerations, including debt multiples, cost of capital, covenant levels, creditor
rights/protections, and level of equity contribution.

***Monitoring***

The Adviser will employ an approach with respect to its investments whereby members of the Private Credit Team that are responsible for leading and underwriting an investment are also responsible for its ongoing monitoring and risk management. The Adviser believes that this approach will lead to greater connectivity between the Adviser and its portfolio companies, improved access to information and increased accountability, while simultaneously reducing the risk of knowledge loss that exists when the sourcing, due diligence and monitoring roles are bifurcated.

After the investment decision is made and the deal is closed, the Private Credit Team remains responsible for proactively monitoring the investment. The ongoing monitoring of investments conducted by the Private Credit Team includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio company board observer seats (in certain cases)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly valuation discussions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regular contact with the sponsor and portfolio company management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of management prepared performance reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of independent compliance certificates

In certain investments, the team will take a board observer role to actively monitor the underlying credit. Responsibilities include analyzing monthly, quarterly, and annual financial reports, participating in periodic update meetings or telephone calls, attending annual meetings, advisory board and informal meetings as appropriate, and making visits to the underlying portfolio companies as warranted.

This level of activity provides a breadth of information that enables the Company to better manage existing portfolio investments, make intelligent new investment decisions, stay ahead of any potential issues, and generate attractive risk-adjusted returns. As such, the monitoring process is critical and helps the team make future investment decisions.

***Valuation Process***

The Board has designated the Adviser as the Company's valuation designee in accordance with Rule 2a-5 under the 1940 Act (the "**Valuation Designee**") to value each investment in the Company's portfolio, subject to the oversight of the Board of Trustees. Investments for which market quotations are readily available are recorded at such market quotations, after evaluating whether such market quotations are representative of fair value. With respect to investments for which market quotations are not readily available, the Adviser, as the Valuation Designee, based on input of the Adviser's valuation committee and one or more independent valuation firms that are engaged at the direction of the Adviser's valuation committee, performs fair value determinations for such investments in good faith, in accordance with the Adviser's valuation policy and procedures (the "**Valuation Policy**"), adopted by and subject to the supervision of the Board of Trustees and pursuant to a consistently applied valuation process. See "*Item 9. Market Price of Distributions and Dividends on the Registrant's Common Equity and Related Shareholder Matters — Determination of NAV – Valuation of Portfolio Securities*."

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***Liquidating Investments***

In general, the Company expects its Middle Market Senior Loans to be repaid before their maturity through either a refinancing or recapitalization event or a sale of the underlying portfolio company. The lead sponsor typically determines the timing and method of exit. The probability and timing of exit varies across the portfolio and is dependent on the type of investment/instrument, the type of business involved and the views of the management team of the underlying portfolio company and the lead sponsor.

**There can be no assurance that the Company's investment objective will be achieved or that losses will be avoided. There can be no assurance that the Company's yield target for investments will be achieved.** 

***Allocation of Investment Opportunities***

Adams Street will provide investment management services to pooled investment vehicles, including the Company and other ASP Entities. See "*Item 7. Certain Relationships and Related Transactions and Trustee Independence*."

Adams Street will share any investment and sale opportunities with the Company and other ASP Entities in accordance with the Advisers Act and firm-wide allocation policies. Subject to the Advisers Act and as further set forth herein, certain other ASP Entities may receive certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such other ASP Entities' respective governing documents.

The Adviser is authorized to determine, in its sole discretion and in accordance with the Allocation Policy, that the Company should participate in certain types of investments. The Company may compete with other ASP Entities for capital and investment opportunities, and will only participate in investments that meet the Adviser's return expectation for the Company and that are in line with portfolio construction considerations for the Company. The Company may be disadvantaged if not afforded an opportunity to participate in certain investments made by other ASP Entities. 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, in certain circumstances, limit the Company's ability to make investments or enter into other transactions alongside other ASP Entities.

The Company, the Adviser and other related entities have been granted the Co-Investment Exemptive Order. Pursuant to the Co-Investment Exemptive Order, the Company generally is permitted to co-invest alongside certain of its affiliates if the Company and each affiliate participating in the transaction acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and generally with substantially the same other terms. In addition, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees is required to make certain findings in connection with certain co-investment transactions.

The Co-Investment Exemptive Order contains certain conditions that limit or restrict the Company's ability to participate in such investment opportunities. In such cases, the Company may participate in an investment to a lesser extent or, under certain circumstances, may not participate in the investment. Even if the Company and other ASP Entities participate in an investment pursuant to the Co-Investment Exemptive Order, certain conflicts of interest may arise. An inability to receive desired allocations to potential investments may affect the Company's ability to achieve its desired investment returns. In addition, the terms and conditions of the Co-Investment Exemptive Order may limit the Company's ability to acquire or dispose of investments at desirable times or on desirable terms, including because of potentially different investment horizons or liquidity needs as compared to other ASP Entities, and, therefore, the Company may not be able to structure its investment portfolio in the manner desired. For a more comprehensive discussion of the foregoing conflicts, including the related risks, see *"Item 1A. Risk Factors—Conflicts Regarding Service Providers"* and *"Item 1A. Risk Factors—Allocation of Investment Opportunities."*

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***Managerial Assistance***

As a BDC, the Company is required to offer, and 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 portfolio company board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. The Company may also receive fees for these services. 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 and/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 of Trustees, including the Independent Trustees.

**Investment Advisory Agreement** 

***General***

The description below of the Investment Advisory Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Investment Advisory Agreement attached as an exhibit to this Registration Statement.

Subject to the overall supervision of the Board of Trustees, the Adviser manages the day-to-day operations of, and provides 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;&nbsp;&nbsp;• managing the investment and reinvestment of the Company's assets in accordance with the Company's
investment objective, policies and restrictions, the 1940 Act, the Advisers Act and all other applicable federal and state law, and the Organizational Documents;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing, closing, servicing and monitoring the Company's investments;

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

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

The Adviser's services under the Investment Advisory Agreement will not be exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as it remains able to perform its obligations to the Company under the Investment Advisory Agreement and Administration Agreement.

*Term* 

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an initial term of two years, and will remain in effect from year to year thereafter if approved annually by the Board of Trustees or by the holders of a Majority of the Outstanding Voting Securities (as defined below) and, in each case, a majority of the Independent Trustees.

The Investment Advisory Agreement will automatically terminate 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

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Section 15(a)(4) of the 1940 Act). In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon sixty (60) days' written notice. The decision to terminate the agreement may be made by a majority of the Board of Trustees or the Shareholders holding a Majority of the Outstanding Voting Securities. "Majority of the Outstanding Voting Securities" means the lesser of (i) 67% or more of the voting securities of the Company present or represented at a meeting if the holders of more than 50% of the outstanding voting securities of the Company are present or represented by proxy or (ii) a majority of the outstanding voting securities of the Company. In addition, without payment of penalty, the Adviser may generally terminate the Investment Advisory Agreement upon sixty (60) days' written notice.

***Compensation of the Adviser***

The Company pays 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 are ultimately borne by the Shareholders.

<u>Management Fee</u> 

The Management Fee is payable monthly in arrears. The Management Fee is payable at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month.

<u>Incentive Fees</u> 

The Company pays to the Adviser an Incentive Fee that consists of two parts: an investment income incentive fee (the "**Investment Income Incentive Fee**") and a capital gains incentive fee (the "**Capital Gains 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" for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.25% (*i.e.*, 5.0% annualized) (the "**Hurdle**"), and a 100% "catch-up" feature.

"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 and consulting fees 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, expenses payable under the Administration Agreement and any interest expense or fees on any credit facilities or outstanding debt, and dividends paid on issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter, expressed, as the context requires, either as a dollar value or as a rate of return on the value of the Company's net assets at the beginning of the immediately preceding calendar quarter, will be compared to the product of (i) the Hurdle rate of 1.25% per quarter (5.0% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of the immediately preceding calendar quarter (the "**Hurdle Amount**").

The Company pays the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the 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 Amount but is less than 1.42857% for that calendar quarter is payable to the Adviser. The Company refers to this portion
of the Company's Pre-Incentive Fee Net Investment Income as the "catch-up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the Company's Pre-Incentive Fee Net Investment Income, if
any, that exceeds 1.42857% in any calendar quarter is payable to the Adviser.

Because of the structure of the Investment Income Incentive Fee, it is possible that the Company may pay an Investment Income Incentive Fee in a calendar quarter in which the Company incurs a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the Hurdle Amount, the Company will pay the applicable Investment Income Incentive Fee even if the Company has incurred a loss in that calendar quarter due to realized and unrealized capital losses. In addition, because the Hurdle Amount is calculated based on the Company's net assets, decreases in the Company's net assets due to realized or unrealized capital losses may increase the likelihood that the Hurdle Amount is reached and therefore the likelihood of the Company paying an Incentive Fee in a given calendar quarter. In addition, if market interest rates rise, the Company may be able to invest the Company's funds in debt instruments that provide for a higher return, which would increase the Company's 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. In addition, since the Investment Income Incentive Fee is calculated separately for each quarter, the Company's failure to exceed the Hurdle in a particular quarter will not impact the calculation of the Investment Income Incentive Fee in a subsequent quarter. The Company's net investment income used to calculate this component of the Incentive Fee is also included in the amount of the Company's gross assets used to calculate the Management Fee because gross assets are total assets (including cash received) before deducting liabilities (such as declared dividend payments).

The following is a graphical representation of the calculation of the Investment Income Incentive Fee:

![LOGO](g807896g00z20.jpg)

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 realized capital gains, if any, determined on a cumulative basis from the commencement of the Company's investment operations 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 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 accrues, 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.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

***Examples of Quarterly Incentive Fee Calculations***

The figures provided in the following examples are hypothetical, are presented for illustrative purposes only and are not indicative of actual expenses or returns.

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Example 1: Income Related Portion of Incentive Fee:

*Alternative 1* 

Assumptions

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

• Hurdle Rate<sup>(1)</sup> = 1.25%.

• Management Fee<sup>(2)</sup> = 0.3125%.

• Other expenses (legal, accounting, custodian, transfer agent,
etc.)<sup>(3)</sup> = 0.25%.

• Pre-Incentive Fee Net Investment Income = (investment income –
(Management Fee + other expenses)) = 0.9375%.

Pre-Incentive Fee Net Investment Income does not exceed Hurdle Rate, therefore there is no Investment Income Incentive Fee.

*Alternative 2* 

Assumptions

• Investment income (including interest, dividends, fees, etc.) = 1.90%.

• Hurdle Rate<sup>(1)</sup> = 1.25%.

• Management Fee<sup>(2)</sup> = 0.3125%.

• Other expenses (legal, accounting, custodian, transfer agent,
etc.)<sup>(3)</sup> = 0.25%.

• Pre-Incentive Fee Net Investment Income = (investment income –
(Management Fee + other expenses)) = 1.3375%.

Pre-Incentive Fee Net Investment Income exceeds the hurdle rate, therefore there is an incentive fee on income:

Incentive fee = (100% × "Catch-Up"<sup>(4)</sup>) + (the greater of 0% and (12.5% × (Pre-Incentive Fee Net Investment Income – 1.42857%)))

= (100% x (Pre-Incentive Fee Net Investment Income – 1.25%)) + 0%

= 100% x (1.3375% - 1.25%)

= 100% x 0.0875%

= 0.0875%

*Alternative 3* 

Assumptions

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

• Hurdle Rate<sup>(1)</sup> = 1.25%.

• Management Fee<sup>(2)</sup> = 0.3125%.

• Other expenses (legal, accounting, custodian, transfer agent,
etc.)<sup>(3)</sup> = 0.25%.

• Pre-Incentive Fee Net Investment Income = (investment income –
(Management Fee + other expenses)) = 1.9375%.

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Pre-Incentive Fee Net Investment Income exceeds the hurdle rate, therefore there is an incentive fee on income:

Incentive fee = (100% × "Catch-Up"<sup>(4)</sup>) + (the greater of 0% and (12.5% × (Pre-Incentive Fee Net Investment Income – 1.42857%)))

= (100% x (1.42857% – 1.25%)) + (12.5% × (1.9375% – 1.42857%))

= (100% x 0.17857%) + (12.5% x 0.50893%)

= 0.17857% + 0.06361625%

= 0.24218625%

Notes:

1. Represents 5.0% annualized Hurdle Rate.

2. Represents 1.25% annualized Management Fee.

3. Hypothetical other expenses. Excludes organizational and offering expenses.

4. The "catch-up" provision is intended to result in the
Adviser receiving an Incentive Fee of approximately 12.5% on all of the Pre-Incentive Fee Net Investment Income once such income exceeds 1.42857% in any calendar quarter.

Example 2: Capital Gains Portion of Incentive Fee:

*Alternative 1* 

Assumptions

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

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

• Year 3: FMV of Investment B determined to be $25 million.

• Year 4: Investment B sold for $31 million.

The Capital Gains Incentive Fee, if any, would be:

• Year 1: None.

• Year 2: $3.75 million Capital Gains Incentive Fee, calculated as follows: $30 million realized capital
gains on sale of Investment A multiplied by 12.5%.

• Year 3: None; calculated as follows: $3.125 million cumulative fee (12.5% multiplied by $25 million
($30 million cumulative capital gains less $5 million cumulative unrealized capital depreciation)) less $3.75 million (previous capital gains fee paid in Year 2).

• Year 4: $125,000 Capital Gains Incentive Fee, calculated as follows: $3.875 million cumulative fee (12.5%
multiplied by $31 million cumulative realized capital gains ($30 million from Investment A and $1 million from Investment B)) less $3.75 million (previous capital gains fee paid in Year 2).

*Alternative 2* 

Assumptions

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

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

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

• Year 4: FMV of Investment B determined to be $35 million.

• Year 5: Investment B sold for $20 million.

The Capital Gains Incentive Fee, if any, would be:

• Year 1: None.

• Year 2: $3.125 million Capital Gains Incentive Fee, calculated as follows: 12.5% multiplied by
$25 million ($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B).

• Year 3: $875,000 Capital Gains Incentive Fee, calculated as follows: $4 million cumulative fee (12.5%
multiplied by $32 million ($35 million cumulative realized capital gains less $3 million cumulative unrealized capital depreciation)) less $3.125 million (previous capital gains fee paid in Year 2).

• Year 4: $375,000 Capital Gains Incentive Fee, calculated as follows: $4.375 million cumulative fee (12.5%
multiplied by $35 million cumulative realized capital gains) less $4 million (previous cumulative capital gains fee paid in Year 2 and Year 3).

• Year 5: None. $3.125 million cumulative fee (12.5% multiplied by $25 million ($35 million
cumulative realized capital gains less $10 million realized capital losses)) less $4.375 million (previous cumulative capital gains fee paid in Years 2, 3 and 4).

***Limitations of Liability and Indemnification***

Each of the Investment Advisory Agreement and the Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations, each of the Adviser, its affiliates and their respective officers, directors, managers, partners, Shareholders, owners, agents, employees, personnel, controlling persons, members and any other person or entity affiliated with the Adviser or its affiliates (collectively, the "**Indemnified Parties**") are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Investment Advisory Agreement and the Adviser's services under the Administration Agreement or otherwise as Adviser or Administrator for the Company. The Indemnified Parties will not be liable to the Company for any action taken or not taken by the Adviser in connection with the performance of any of its duties or obligations 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.

The Company will indemnify each Indemnified Party 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. The Company may pay the expenses incurred by the Indemnified Party in defending an actual or threatened civil or criminal action in advance of the final disposition of such action, provided the Indemnified Party agrees to repay those expenses if found by adjudication not to be entitled to indemnification. Notwithstanding the foregoing, in accordance with Sections 17(i) and 17(h) of the 1940 Act, neither the Adviser nor any of its affiliates, directors, officers, members, employees, agents or representatives may be protected against any liability to the Company or the Company's 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.

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***Board Approval of the Investment Advisory Agreement***

At an in-person meeting held on August 19, 2025, the Board of Trustees considered, deemed to be in the Company's best interest, and approved the 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 of Trustees 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 would provide to the Company, 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 ASP Entities (including BDCs) with similar investment objectives; (c) the Company's 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 the Company; (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.

***Involvement of Affiliates***

The Adviser has entered into a resource sharing agreement (the "**Resource Sharing Agreement**") with Adams Street, pursuant to which Adams Street provides the Adviser with experienced investment professionals and access to the resources of Adams Street so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Adviser intends to capitalize on what the Company believes to be the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Adams Street's investment professionals.

**Administration Agreement** 

The description below of the Administration Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Administration Agreement attached as an exhibit to this Registration Statement.

Under the terms of the Administration Agreement, the Administrator performs (or oversees, or arranges for, the performance of) administrative services, which includes, without limiting the generality of the foregoing, providing office facilities, equipment, clerical, accounting, bookkeeping, record keeping, entity set-up, closing, support, capital activity, wire processing, reconciliation, performance reporting, investment diligence and other services at such facilities and such other services as the Administrator, subject to review by the Board of Trustees, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement; conducting relations with the 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 Trustees of its performance of services; and furnishing 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 the Company is required to provide such assistance; assisting the Company in determining and publishing (as necessary or appropriate) the Company's NAV; and overseeing the preparation and filing of the Company's tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company is obligated to reimburse the Administrator (and/or one or more of its affiliates) for services performed for the Company pursuant to the

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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 the Company will reimburse the Administrator (or relevant affiliate(s)) for any services performed for the Company by such affiliate or third party. To the extent that the Administrator outsources any of its functions, the Company 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 of Trustees or by the holders of a Majority of the Outstanding Voting Securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon sixty (60) days' written notice. The decision to terminate the agreement may be made by a majority of the Board of Trustees or the Shareholders holding a Majority of the Outstanding Voting Securities. In addition, the Administrator may terminate the Administration Agreement, without payment of any penalty, upon sixty (60) days' written notice.

The Administration Agreement provides that the Indemnified Parties are entitled to indemnification from the Company from and against any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Administration Agreement or otherwise as administrator for 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 Company's Administrator has the right under the Administration Agreement to enter into one or more sub-administration agreements with Sub-Administrators pursuant to which the Administrator may obtain the services of the Sub-Administrator(s) to assist the Administrator in fulfilling its responsibilities under the Administration Agreement.

The Administrator, on behalf of the Company, has engaged SEI Investments Global Funds Services as the Sub-Administrator pursuant to a sub-administration agreement (the "**Sub-Administration Agreement**"). In accordance with the Sub-Administration Agreement, the Sub-Administrator performs certain administrative and accounting services for the Company, subject to the supervision of the Administrator, including, but not limited to: (a) maintaining books and records related to portfolio transactions, and daily position reporting; (b) assisting in the preparation of documentation for financial reporting by the Company; (c) assisting in the calculation of the NAV of the Company (in accordance with the valuation policies and procedures of the Company and the Adviser); (d) preparing investor statements; (e) reviewing subscription documents and performing anti-money laundering and know-your-customer requirements before accepting commitments to the Company; and (f) performing other regulatory, administrative and clerical services in connection with the administration of the Company pursuant to the terms of the Sub-Administration Agreement. For purposes of determining NAV, the Sub-Administrator follows the valuation policies and procedures of the Company and the Adviser.

The fees payable to the Sub-Administrator are based on the schedule of fees charged by the Sub-Administrator and as detailed in the Sub-Administration Agreement.

**Payment of the Company's Expenses under the Investment Advisory and Administration Agreements** 

Except as specifically provided below, the Company anticipates 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 the Company, and the base compensation, bonus and benefits, and the routine overhead

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expenses (including rent, utilities and office supplies), of such personnel allocable to such services, are provided and paid for by the Adviser. The Company bears all other costs and expenses of the Company's operations, administration and transactions, including those expenses incurred prior to the BDC Election, and including all other costs and expenses of the Company's operations and transactions including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational expenses of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• calculating the Company's NAV, including the costs and expenses of any independent valuation firm or
pricing service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred by the Adviser and payable to third parties, including agents, bankers, 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, whether or not consummated, 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, costs of
meetings, industry conferences and similar events hosted or attended by the Adviser, its affiliates or any of their respective employees and travel, lodging and meal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with indebtedness or guarantees, including 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;&nbsp;&nbsp;• offerings of the Shares and other securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Incentive Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any distribution and/or servicing fee;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees payable to third parties, including agents, bankers, 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;&nbsp;&nbsp;• fees and expenses incurred by the Company for escrow agent, transfer agent, dividend agent, custodian, and other
service providers;

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

&nbsp;&nbsp;&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, governmental charges, fees, penalties and duties assessed or
borne by the Company;

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with individual or group Shareholders, including the costs of any Shareholders' meetings
or communications 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;&nbsp;&nbsp;• costs of any activities undertaken with respect to the protection of confidential or non-public information or data;

&nbsp;&nbsp;&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;&nbsp;&nbsp;• costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority,
Inc., U.S. Commodity Futures Trading Commission (the "**CFTC**") 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;&nbsp;&nbsp;• costs associated with compliance with the Sarbanes-Oxley Act;

&nbsp;&nbsp;&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, cybersecurity policies and any other insurance premiums or other costs;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or
dispute in connection with 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;&nbsp;&nbsp;• extraordinary or non-recurring expenses or liabilities incurred by the
Company outside of the ordinary course of its business, including litigation;

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

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

&nbsp;&nbsp;&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, including any 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;&nbsp;&nbsp;• costs associated with currency conversion and translation;

&nbsp;&nbsp;&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;

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&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;• all travel and related expenses of the directors or trustees (as the case may be), officers, managers, partners,
agents and employees of the Company and Adviser (and/or its affiliates) incurred in connection with attending meetings of the Board of Trustees or Shareholders or performing other business activities that relate to the Company;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third party costs incurred in connection with gathering, analyzing and reporting environmental, social or
governance information related to the Company's portfolio investments, if any, including such information related to or required by applicable U.S. or non-U.S. law, or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with structuring, organizing, operating, maintaining and liquidating entities or
vehicles to hold the Company's assets for tax or other purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any and all other expenses incurred by the Company or the Adviser (and/or its affiliates) in connection with
administering the Company's business, including payments made under the Administration Agreement based upon the Company's allocable portion (subject to the review and approval of the Independent Trustees) of the Adviser's overhead
in performing its obligations under the Administration Agreement, including 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, administrative, legal, compliance, finance and accounting services to the Company, including the Company's chief compliance officer and chief financial officer, their respective staffs and other professionals who provide
services to the Company (including, in each case, employees of the Adviser and/or its affiliates) and assist with the preparation, coordination, and administration of the foregoing or provide other "back-office" or
"middle-office" financial or operational services to the Company. Notwithstanding anything to the contrary contained herein, the Company is obligated to reimburse the Adviser (and/or its affiliates) for an allocable portion of the
compensation paid by the Adviser (and/or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company and in acting on behalf of the Company).

For the avoidance of doubt, the Company shall be responsible for the foregoing costs and expenses set forth above incurred during periods prior to the date on which the Company commenced operations.

**Expense Support and Conditional Reimbursement Agreement** 

The Company has entered into an Expense Support Agreement (the "**Expense Support Agreement**") with the Adviser, pursuant to which the Adviser and/or its affiliates may elect to pay certain of the Company's expenses, including those expenses incurred prior to the BDC Election, on the Company's behalf ("**Expense Payments**"), provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees. Any Expense Payment that the Adviser and/or its affiliates commit to pay must be paid by the Adviser and/or its affiliates to the Company in any combination of cash or other immediately available funds no later than ninety (90) days after such commitment is made in writing, and/or offset against amounts due from the Company to the Adviser and/or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as "**Excess Operating Funds**"), the

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Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser, or its affiliates, until such time as all Expense Payments made by the Adviser and/or its affiliates to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company under the Expense Support Agreement are referred to as a "**Reimbursement Payment**." "**Available Operating Funds**" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar month will equal the lesser of (i) the Excess Operating Funds in such month and (ii) the aggregate amount of all Expense Payments made by the Adviser and/or its affiliates to the Company within three years prior to the last business day of such calendar month that have not been previously reimbursed by the Company to the Adviser and/or its affiliates; provided that the Adviser and/or its affiliates may waive their right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Expense Support Agreement and provided further that for any Expense Payments made by the Adviser to or on behalf of the Company prior to the BDC Election, the relevant period shall be within three years of the BDC Election.

The Company's obligation to make a Reimbursement Payment will automatically become a liability on the last business day of the applicable calendar month, except to the extent the Adviser and/or its affiliates have waived their right to receive such payment for the applicable month. The Reimbursement Payment for any calendar month will be paid by the Company to the Adviser and/or, as applicable, its affiliates in any combination of cash or other immediately available funds as promptly as possible following such calendar month and in no event later than ninety (90) days after the end of such calendar month.

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

**License Agreement** 

The Company has entered into a License Agreement (the "License Agreement") with Adams Street, pursuant to which Adams Street has granted the Company a non-exclusive, royalty-free license to use the names "Adams Street," "Adams Street Advisors," "Adams Street Partners," "ASA," "ASP" or derivatives thereof (the "**Adams Street Names**"). Under the License Agreement, the Company has a right to use the Adams Street Names for so long as the Adviser or one of its affiliates remains the Company's investment adviser. Other than with respect to this limited license, the Company has no legal right to the Adams Street Names or any related logo.

**Resource Sharing Agreement** 

The Adviser has entered into the Resource Sharing Agreement with Adams Street. Under the Resource Sharing Agreement, Adams Street provides the Adviser experienced investment professionals and access to the senior investment personnel and other resources of Adams Street. The Resource Sharing Agreement should provide the Adviser with access to deal flow generated by Adams Street's professionals and commits certain investment professionals of Adams Street to serve in an oversight capacity. The Adviser intends to capitalize on what the Company believes to be the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Adams Street's investment professionals.

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**The Private Offering** 

The Company will offer Shares on a continuous basis in a private offering in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder, Regulation S under the 1933 Act and other exemptions from the registration requirements of the 1933 Act, in connection with which the Company intends to enter into Subscription Agreements with investors. The Adviser reserves the right, in its sole discretion, to accept or reject any (i) Subscription Agreement and (ii) subscription, in whole or in part.

The Company has conducted, and anticipates that it will continue to conduct, at such time as determined in its sole discretion, monthly closings for its private offering. Shares may be purchased as of the first business day of each calendar month at the Company's NAV per Share as determined as of the last calendar day of the immediately preceding month, plus any applicable sales load or selling commissions charged by financial intermediaries. Each effective date on which Shares are delivered is referred to as a "**Closing Date**." Investors will be required to fund the full purchase price of Shares in connection with a subscription request, except as otherwise provided below. Each prospective investor will be required to complete a Subscription Agreement certifying, among other things, that the Shares being purchased are being acquired by an eligible investor. Prior to a Closing Date, and to the receipt and acceptance of the Subscription Agreement, a prospective investor's funds will be held in an escrow account at State Street Bank and Trust Company, the Company's transfer agent, in accordance with Rule 15c2-4 under the 1934 Act. A prospective investor will not become a Shareholder of the Company, and will have no rights (including any voting or redemption rights, or any rights with respect to standing), until the relevant Closing Date. The Company, in its discretion, may suspend the offering at any time (on a temporary or permanent basis).

Adams Street and/or its affiliates may contribute a portion of the proceeds used to purchase Shares of the Company on behalf of certain Shareholders from their own resources. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Such payments will be made from the assets of Adams Street and/or affiliates thereof (and not the Company). For federal income tax purposes, such payments may adjust the Shareholder's tax basis in such shares of the Company on a per-share basis or constitute taxable income to such Shareholder depending upon the circumstances.

Generally, the stated minimum initial investment in this private offering will be $10,000. All subsequent purchases for the Company, except for those made under the Company's distribution reinvestment plan (the "**DRIP**"), are subject to a minimum investment size of $500 per transaction. Notwithstanding the foregoing, lesser amounts may be accepted, including from Company officers, Independent Trustees and employees of the Adviser or its affiliates, in the Adviser's sole discretion. In addition, the Adviser has the ability, in its discretion, to waive the minimum investment requirements and may accept investments of lesser amounts from financial intermediaries, including, but not limited to, circumstances where registered investment advisers, broker-dealers or similar financial intermediaries investing on behalf of their clients, provide an executed letter acknowledging such financial intermediaries intend to invest at least $10,000 in aggregate investments.

The Company may, for a period of time, require investors to fund their investments over time and purchase Shares up to the amount of their respective investment on an as-needed basis each time the Company delivers a Drawdown Notice. Shareholders who do not fully fund their investment will be required to fund Drawdowns as described below. Investments of less than $1 million must be fully funded at the time of acceptance by the Company. The Company may waive this requirement at its sole discretion.

The Company is initially offering one class of Shares—the Class I Shares—and may offer additional classes of Shares in the future. The Company and the Adviser have applied for exemptive relief from the SEC that, if granted, will permit the Company to issue multiple classes of the Shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date in the Company's discretion. The SEC has not yet granted the Multi-Class Exemptive Relief, and there is no assurance that the relief will be granted.

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In addition, the Company conducted a private offering of its Series A Preferred Shares to unaffiliated individual investors who are "accredited investors" as defined in Regulation D of the 1933 Act. Pursuant to the Preferred Offering, on April 1, 2026, the Company issued and sold 515 shares of Series A Preferred Shares for an aggregate purchase price of $1,545,000. The Preferred Shareholders are subject to certain dividend, voting, liquidation and other rights that are more fully described below in "*Item 11. Description of Registrant's Securities to be Registered — Preferred Shares.*"

**Term** 

The Company is an investment vehicle of indefinite duration. In the event of the Company's liquidation, dissolution or winding up, each Share would be entitled to share ratably in all of the Company's assets that are legally available for distribution after the Company has paid or otherwise provided for all debts and other liabilities and subject to any preferential rights of holders of the Company's preferred shares, if any preferred shares are outstanding at such time. For the purposes of this paragraph, a merger or consolidation of the Company with or into any other corporation or other entity, or a sale or conveyance of all or any part of its property or assets will not be deemed to be a dissolution, liquidation or winding up, voluntary or involuntary.

**Emerging Growth Company** 

The Company is an "emerging growth company" as defined in the JOBS Act until the earliest of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering, if any, of Shares of the Company, (ii) in which the Company has total annual gross revenue of at least $1.235 billion or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of its Shares held by non-affiliates exceeds $700 million as of the date of the Company's most recently completed second fiscal quarter, and (b) the date on which the Company has issued more than $1 billion in non-convertible debt securities during the preceding three-year period.

**Distribution Reinvestment Plan** 

The Company has adopted an "opt out" DRIP that provides for reinvestment of the Company's distributions on behalf of the Shareholders unless a Shareholder elects to receive cash. As a result, if the Board of Trustees authorizes, and the Company declares, a cash dividend or other distribution, then Shareholders who do not "opt out" of the DRIP will have their cash distributions automatically reinvested in additional Shares, rather than receiving cash distributions. Investors can elect to "opt out" of the DRIP in their Subscription Agreements.

The Company will use newly-issued Shares to implement the DRIP, with such Shares to be issued at 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 (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 DRIP administrator's fees under the plan will be paid by the Company.

Shareholders who receive dividends and other distributions in the form of Shares are generally subject to the same U.S. federal, state and local tax consequences as Shareholders who elect to receive their distributions in cash. Since a participating Shareholder's cash distributions will be reinvested, however, such Shareholder will not receive cash with which to pay any applicable taxes on reinvested distributions. A Shareholder's basis for determining gain or loss upon the sale of Shares received in a dividend or other distribution from the Company will generally be equal to the total dollar amount of the distribution payable to the Shareholder. Any Shares received in a dividend or other distribution will have a new holding period for tax purposes commencing on the day following the day on which the Shares are credited to the U.S. Shareholder's account.

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Those Shareholders who participate in the plan and hold Shares through a broker or other financial intermediary may opt out of the plan and receive distributions in cash by notifying their broker or other financial intermediary of their election. Shareholders that participate in the plan in a brokerage account may not be able to transfer the Shares to another broker and continue to participate in the plan.

A Shareholder is free to terminate participation in the Company's DRIP at any time by submitting a letter of instruction terminating their account under the Company's plan to the plan administrator. Such termination shall be effective immediately if the Shareholder's notice is received by the plan administrator no later than ten (10) days prior to the record date for an applicable distribution; otherwise, such termination shall be effective only with respect to any subsequent distributions. The plan may be terminated by the Company upon notice in writing mailed to each participant at least thirty (30) days prior to any record date for the payment of any dividend or other distribution by the Company. All correspondence concerning the plan should be directed to the plan administrator. The contact information for the plan administrator is available upon request from the Adviser.

**Employees** 

The Company does not currently have any employees and does not expect to have any employees. Services necessary for the Company's 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. Each of the Company's executive officers described under "*Item 5. Trustees and Executive Officers*" is employed by the Adviser or its affiliates. The Company's day-to-day investment operations are managed by the Adviser. The services necessary for the origination and administration of the Company's investment portfolio are provided by investment professionals employed by the Adviser or its affiliates. The Private Credit Team will focus on origination and transaction development and the ongoing monitoring of the Company's investments. In addition, the Company will reimburse the Adviser for the Company's allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement and the Investment Advisory Agreement, including the Company's allocable portion of the cost of the Company's officers and their respective staffs. See "*Item 1. Business — Investment Advisory Agreement"* and "*Item 1. Business — Administration Agreement*."

**Regulation as a BDC** 

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.

*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 the Company's 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

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&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;(A) 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;(B) 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;(C) is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a
director of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) 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 the Company.

&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 the Company already owns 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. The Company may adjust the Company's 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. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance.

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*Temporary Investments* 

Pending investment in other types of Qualifying Assets, as described above, the Company's 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 the Company's assets would be Qualifying Assets. The Company 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 the Company, 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 the Company's 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 typically require the Company to limit the amount the Company invests with any one counterparty. Accordingly, the Company does 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 the Company may enter into repurchase agreement transactions.

*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, the Company may generally only 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 of Trustees approves such issuance on the basis that the issuance is in the Company's and the Shareholders' 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.

*Senior Securities; Asset Coverage Ratio* 

The Company is generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the Shares if its asset coverage, as defined in the 1940 Act, would be 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. This means that generally, the Company is permitted to borrow up to $1 for every $1 of investor equity (or, if certain requirements are met, the Company can borrow up to $2 for every $1 of investor equity). Adams Street Partners, L.P., as the Company's sole initial Shareholder, approved a proposal to permit the Company to reduce its asset coverage ratio to 150%; therefore, the asset coverage ratio applicable to the Company's senior securities is 150%.

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

*Sarbanes-Oxley Act* 

The Company will be subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. The Company, however, is not required to comply with the internal control evaluation and

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certification requirements of Section 404, and will not be required to comply with certain of the requirements of Section 404 until the earlier of (i) the Company's Annual Report on Form 10-K for the year ending December 31, 2027 or (ii) the date the Company is no longer an emerging growth company under the JOBS Act. Accordingly, the Company's internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that the Company will eventually be required to meet. The Company is in the process of building out the Company's 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 of the 1934 Act, the Company's co-principal executive officers and principal financial officer will be required to certify the accuracy of the financial statements contained in its periodic reports;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 of the 1934 Act, the Company's management
will be required to prepare an annual report regarding its assessment of the Company's internal control over financial reporting after the Company has been subject to the reporting requirements of the 1934 Act for a specified period of time
and, starting from the date on which the Company ceases 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 the Company's independent
registered public accounting firm should the Company become an accelerated filer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the 1934 Act, beginning with the Company's fiscal year ending December 31, 2027, the Company's periodic reports will be required to disclose whether there were significant changes in its
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 the Company to review its current policies and procedures to determine whether the Company complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The Company will continue to monitor its compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that it complies therewith.

*Code of Ethics* 

The Company 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 of ethics are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by the Company, so long as such investments are made in accordance with the code of ethics' requirements. The code of ethics is available on the EDGAR Database on the SEC's website at www.sec.gov.

*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 without prior approval of the directors who are not "interested persons" (as that term is defined in the 1940 Act) of the BDC or of its investment adviser, and in some cases, the prior approval of the

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SEC. The Company expects to rely on exemptive relief granted by the SEC to allow the Company to co-invest with other ASP Entities, in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Company generally expects to be permitted to co-invest with certain of its affiliates pursuant to the conditions of the 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 an existing or future investment fund or account managed by Adams Street or any of its affiliates has a pre-existing investment in an issuer in which we and such other investment funds or accounts will co-invest, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board of 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 and do not involve overreaching of the Company or Shareholders on the part of any person concerned; (ii) the proposed transaction is consistent with the interests of the Shareholders and the Company's policy as recited in filings made by the Company with the SEC and its reports to Shareholders; and (iii) the Board of Trustees records in its minutes and preserves in its records a description of the transaction, its findings, the information or materials upon which its findings were based, and the basis for its findings. The Adviser's co-investment policy incorporates the conditions of the exemptive relief and seeks to ensure equitable allocation of investment opportunities between the Company and other ASP Entities. As a result of exemptive relief, there could be significant overlap in the Company's investment portfolio and the investment portfolios of other ASP Entities that could avail themselves of the exemptive relief.

*Other* 

The Company has adopted an investment policy that complies with the requirements applicable to the Company as a BDC. The Company expects to be periodically examined by the SEC for compliance with the 1940 Act and is subject to the periodic reporting and related requirements of the 1934 Act.

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

The Company is also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the U.S. federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

The Company is not permitted to change the nature of the Company's business so as to cease to be, or to withdraw the Company's election as, a BDC unless approved by a majority of the Company's 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 the Company's investment policies are fundamental, and thus may be changed without Shareholder approval.

The Company is not generally able to issue and sell Shares at a price below NAV per Share. The Company 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 (i) the Board of Trustees determines that such sale is in the Company's best interests and the best interests of the Shareholders, and (ii) the Shareholders have approved the Company's policy and

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practice of making such sales within the preceding 12 months. In any such case, the price at which the Company's securities are to be issued and sold may not be less than a price which, in the determination of the Board of Trustees, closely approximates the market value of such securities.

The Company may invest up to 100% of the Company's assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, the Company may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the 1933 Act. The Company's intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of the Company's portfolio companies, except that the Company may enter into hedging transactions to manage the risks associated with interest rate or currency fluctuations. However, the Company may purchase or otherwise receive warrants to purchase the common stock of the Company's portfolio companies in connection with acquisition financing or other investments. Similarly, in connection with an acquisition, the Company may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances.

The Company also does not intend to acquire securities issued by any investment company (each, an "**Investment Company**") that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, the Company generally cannot acquire more than 3% of the voting shares of any registered Investment Company, invest more than 5% of the value of the Company's total assets in the securities of one Investment Company, or invest more than 10% of the value of the Company's total assets in the securities of more than one Investment Company. With regard to that portion of the Company's 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 are indirectly responsible for the costs and expenses of such Investment Companies.

**Proxy Voting Policies and Procedures** 

The Company has delegated the Company's proxy voting responsibility to the Adviser. The proxy voting policies and procedures of the Adviser are set out below. The guidelines are reviewed periodically by the Adviser and the Company's Independent Trustee, 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 the Company's clients. As part of this duty, the Adviser recognizes that the Adviser must vote client securities in a timely manner free of conflicts of interest and in the best interests of the Company's clients.

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

*Proxy Policies* 

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 promulgated under, the Advisers Act.

The Adviser will vote proxies relating to its clients' securities in the best interest of its clients' shareholders. The Adviser will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by its clients. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, the Adviser may vote for such a proposal if compelling long-term reasons to do so exist.

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The Adviser's proxy voting decisions will be made by the senior officers who are responsible for monitoring each of its clients' investments. To ensure that the Company's vote is not the product of a conflict of interest, the Adviser will require that: (a) anyone involved in the decision-making process disclose to its chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (b) employees involved in the decision making process or vote administration are prohibited from revealing how the Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

*Proxy Voting Records* 

Shareholders may obtain information about how the Adviser voted proxies by making a written request for proxy voting information to: Adams Street Credit Solutions Fund, Attention: Adams Street Advisors, LLC, One North Wacker Drive, Suite 2700, Chicago, IL 60606.

**Anti-Money Laundering Requirements** 

In order to comply with applicable anti-money laundering requirements, the investor must, except as otherwise agreed by the Adviser, represent and warrant in its Subscription Agreement with the Company that (i) neither the investor, nor any of its affiliates or beneficial owners is: a prohibited country, territory, or person or entity listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("**OFAC**"), a "senior foreign political figure," or any "immediate family member" or "close associate" of a senior foreign political figure, as such terms are defined below, or a "foreign shell bank" within the meaning of the BSA (each as defined in the Subscription Agreement), and (ii) the investor will use its best reasonable efforts to ensure that: (a) no contribution or payment by the investor to the Company shall be derived from, or related to, any activity that is deemed criminal under U.S. or non-U.S. law or regulation; (b) no contribution or payment by the investor to the Company, to the extent that such contribution or payment is within the investor's control, and no distribution to the investor (assuming such distribution is made in accordance with instructions provided to the Adviser by the investor) shall cause the Company, the Adviser or any of their affiliates to be in violation of any law, regulation or administrative pronouncement applicable to the Company, the Adviser or any of their affiliates, including the BSA, the United States Money Laundering Control Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 or the Anti-Money Laundering Act of 2020, in each case, as such statute may be amended and any successor statute thereto and including all regulations promulgated thereunder, as well as any other applicable laws, regulations or administrative pronouncements concerning money laundering, criminal activities or government sanctions; and (c) all contributions by such investor to the Company and all distributions to such investor from the Company will be made in the name of the investor and to and from a bank account of a bank based or incorporated in or formed under the laws of the United States or a bank that is not a "foreign shell bank" within the meaning of the BSA. The investor must also represent and warrant that it has determined that the funds being invested by the investor in the Company do not come from corruption. The investor must also agree, except as otherwise agreed by the Adviser, that pursuant to anti-money laundering laws and regulations, the Adviser may be required or determine that it is necessary and appropriate to collect documentation verifying the investor's identity and the source of funds used to acquire the Shares before, and from time to time after, acceptance by the Adviser of the Subscription Agreement.

**Privacy Policy** 

The Company is sensitive to the privacy concerns of the Company's investors. The Company has a policy of protecting the confidentiality and security of information it collects about investors as well as providing privacy notices to help investors better understand why and how the Company collects certain personal information, the care with which the Company treats that information, and how the Company uses that information.

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Pursuant to the Company's privacy policies, the Company will provide a clear and conspicuous notice to each Shareholder that details the Company's privacy policies and procedures at the time of subscription.

**Reporting Obligations** 

The Company will furnish the Shareholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as it determines to be appropriate or as may be required by law.

Once this Registration Statement becomes effective, the Company will be subject to the requirements of Section 13(a) of the 1934 Act, including the rules and regulations promulgated thereunder, which will require the Company, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and the Company will be required to comply with all other obligations of the 1934 Act applicable to issuers filing registration statements pursuant to Section 12(g) of the 1934 Act. Additionally, the Company will be subject to the proxy rules in Section 14 of the 1934 Act and the Trustees, executive officers and certain Shareholders will be subject to the reporting requirements of Sections 13 and 16 of the 1934 Act.

The SEC maintains a website at www.sec.gov, via which the Company's SEC filings can be electronically accessed, including this Registration Statement and the exhibits and schedules hereto.

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

The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Company and to an investment in the Shares. This discussion does not purport to be a complete description of the income tax considerations applicable to such an investment. For example, this Registration Statement does not describe tax consequences that the Company has assumed to be generally known by investors or certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including persons who hold the Shares as part of a straddle or a hedging, integrated or constructive sale transaction, persons subject to the alternative minimum tax, tax-exempt organizations, insurance companies, brokers or dealers in securities, pension plans and trusts, persons whose functional currency is not the U.S. dollar, U.S. expatriates, RICs, real estate investment trusts, personal holding companies, persons who acquire an interest in the Company in connection with the performance of services, and financial institutions. Such persons are urged to consult with their own tax advisors as to the U.S. federal income tax consequences of an investment in the Company, which may differ substantially from those described herein. This summary assumes that Shareholders hold the Shares as "capital assets" within the meaning of Section 1221 of the Code.

The discussion generally describes the tax consequences to investors of certain likely investments assuming that they are held by the Company directly or through subsidiaries that are transparent, *i.e.*, disregarded or treated as partnerships, for U.S. federal income tax purposes, including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. The Company will comply with the provisions of the 1940 Act governing investment policies, capital structure, and leverage on an aggregate basis with such subsidiary. Each such subsidiary will also be subject to the Company's compliance policies and procedures, including compliance with applicable provisions of the 1940 Act relating to affiliated transactions. To the extent the Company forms additional wholly owned subsidiaries, the assets held by those subsidiaries would be custodied in compliance with Section 17(g) of the 1940 Act and the rules thereunder. Each such subsidiary will not engage in active portfolio management, and all collateral held by such subsidiary is consistent with the Company's principal investment strategies and principal risks.

However, the Company may in the future hold at least some investments through subsidiaries that are not transparent for U.S. federal income tax purposes. The Company may choose (but is not required) to hold investments through a non-transparent subsidiary in order to address 1940 Act issues, tax considerations, or for other reasons. Some non-transparent subsidiaries, *e.g.*, U.S. corporate subsidiaries, may involve subsidiary-level tax leakage. The Adviser, in its sole discretion, will determine whether to hold particular investments through non-transparent subsidiaries.

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The discussion is based upon the Code, U.S. Treasury regulations, and administrative and judicial interpretations, each as of the date of this Registration Statement and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. The Company has not sought and will not seek any ruling from the IRS regarding this offering. Prospective investors should be aware that, although the Company intends to adopt positions the Company believes are in accord with current interpretations of the U.S. federal income tax laws, the IRS may not agree with such tax positions and that, if challenged by the IRS, the Company's tax positions might not be sustained by the courts. This summary does not address tax consequences arising under the tax laws of any state, locality or non-U.S. jurisdiction and this summary does not address any U.S. federal non-income tax (such as U.S. federal estate or gift tax laws) or the consequences under any income tax treaty. It also does not discuss the special treatment under U.S. federal income tax laws that could result if the Company invested in tax-exempt securities or certain other investment assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized in or
under the laws of the U.S. or of any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that is subject to the supervision of a court within the U.S. and the control of one or more U.S. persons
or that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person; or

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

A "**Non-U.S. Shareholder**" is a beneficial owner of Shares that is not a U.S. Shareholder or a partnership for U.S. tax purposes.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Any partner of a partnership holding Shares is urged to consult its tax advisors with respect to the purchase, ownership and disposition of such Shares.

The U.S. federal income tax laws are complex, and each prospective investor's circumstances may affect its tax consequences. Consequently, investors are urged to consult their tax advisors as to the specific tax consequences of the acquisition, ownership and disposition of Shares, including the applicability and effect of federal, state and local or foreign income and other tax laws to their particular circumstances.

PROSPECTIVE PURCHASERS OF AN INTEREST SHOULD NOT CONSTRUE THE CONTENTS OF THIS SUMMARY OR ANY OTHER COMMUNICATION WITH THE COMPANY, THE COMPANY'S AFFILIATES AND/OR THEIR RESPECTIVE EMPLOYEES REGARDING THE COMPANY AS TAX, LEGAL, BUSINESS, ACCOUNTING OR OTHER ADVICE. EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS TAX ADVISOR WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND NON-U.S. INCOME TAX CONSEQUENCES OF THE PURCHASE AND OWNERSHIP OF INTERESTS**.**

***Taxation as a RIC***

The Company intends to elect to be treated as a RIC for its tax year ending December 31, 2026 and to qualify each year thereafter as a RIC. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that the Company distributes to the Shareholders as dividends.

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The Company's qualification and taxation as a RIC depend upon the Company's ability to satisfy on a continuing basis, through actual, annual operating results, distribution, income and asset, and other requirements imposed under the Code. No assurance can be given that the Company 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.

To qualify as a RIC, the Company 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, the Company must distribute to its Shareholders, for each taxable year, at least 90% of the Company's "investment company taxable income," which is generally the Company's ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the "**Annual Distribution Requirement**").

If the Company:

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

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

then the Company will not be subject to U.S. federal income tax on the portion of the Company's income the Company distributes (or is deemed to distribute) to Shareholders. The Company 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 the Shareholders.

The Company will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (i) 98% of the Company's ordinary income for each calendar year, (ii) 98.2% of the amount by which the Company's capital gains exceed the Company's 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 (the "Excise Tax Avoidance Requirement"). The Company may be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement. 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).

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

&nbsp;&nbsp;&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;&nbsp;&nbsp;• derive in each taxable year at least 90% of the Company's 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 the
Company's business of investing in such stock or securities (the "**90% Income Test** "); and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of the Company's 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 the Company's assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no more than 25% of the value of the Company's 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 the Company 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").

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The Company may be required to recognize taxable income in circumstances in which the Company does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount ("**OID**") (such as debt instruments with payment-in-kind ("**PIK**") interest or, in certain cases, increasing interest rates or issued with warrants), the Company 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 the Company in the same taxable year. The Company may also have to include in income other amounts that it has not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan. Because any OID or other amounts accrued will be included in the Company's investment company taxable income for the year of accrual, the Company may be required to make a distribution to the Shareholders in order to satisfy the Annual Distribution Requirement, even though the Company will not have received the corresponding cash amount.

The Company may not be able to deduct certain expenses that it has incurred or the timing of when certain expenses can be deducted may be different than how they are treated under U.S. GAAP. For example, if the Company incurs expenses related to start-up or organizational activities, these expenses are amortized over 180 months under the Code. Because the Company's investment taxable income may be impacted by such expenses, the Company may be required to make a distribution to the Shareholders in order to satisfy the Annual Distribution Requirement, even though it has accrued expenses under U.S. GAAP.

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

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

Certain of the Company's 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 the Company 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 (vii) produce income that will not be qualifying income for purposes of the 90% Income Test described above. The Company will monitor the Company's 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 the Company's expenses in a given year exceed investment company taxable income, the Company 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, the Company may, for tax purposes, have aggregate taxable income for several years that it is required to distribute and that is taxable to

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its Shareholders even if such income is greater than the aggregate net income it actually earned during those years. Such required distributions may be made from the Company's cash assets or by liquidation of investments, if necessary. The Company may realize gains or losses from such liquidations. In the event the Company realizes 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 the Company to a reduced rate of tax or an 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 the Company's assets to be invested within various countries is not now known. The Company does 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 shareholders.

If the Company purchases shares in a "passive foreign investment company," or PFIC, the Company 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 it to its Shareholders. Additional charges in the nature of interest may be imposed on the Company in respect of deferred taxes arising from such distributions or gains. If the Company invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" ("**QEF**") under the Code in lieu of the foregoing requirements, the Company 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 it. Alternatively, the Company can elect to mark-to-market at the end of each taxable year its shares in a PFIC; in this case, it 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 the Company does not exceed prior increases included in income. Under either election, the Company may be required to recognize in a year income in excess of the Company's distributions from PFICs and the Company's 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 the Company 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 its Shareholders. Any such transactions that are not directly related to its 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 the Company's annual gross income.

***Tax Consequences of a Period Prior to RIC Qualification; Failure to Qualify as a RIC***

While the Company intends to elect to be treated as a RIC as soon as practicable, there may be a period during which the Company does not qualify as a RIC. To the extent that the Company has net taxable income prior to the Company's qualification as a RIC, the Company will be subject to U.S. federal or state income tax on such income. The Company 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 the Shareholders as ordinary dividend income to the extent of the Company's 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 the Company's current and accumulated earnings and profits would be

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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, the Company would be required to distribute all of the Company's previously undistributed earnings and profits attributable to any period prior to the Company becoming a RIC by the end of the first year that it intends to qualify as a RIC. To the extent that the Company has any net built-in gains in its 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 the Company qualifies as a RIC, the Company 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, the Company may elect to recognize such built-in gains immediately prior to the Company's qualification as a RIC.

If the Company fails to satisfy the 90% Income Test for any taxable year or the Diversification Tests for any quarter of the taxable year, the Company may still continue to be taxed as a RIC for the relevant taxable year if it is eligible for relief provisions if the failures are due to reasonable cause and not willful neglect, and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. In addition, relief is provided for certain de minimis failures of the Diversification Tests where the Company corrects the failure within a specified period. If the applicable relief provisions are not available or cannot be met, all of the Company's income would be subject to corporate-level income tax as described below. The Company cannot provide assurance that it would qualify for any such relief should it fail the 90% Income Test or the Diversification Tests.

If the Company has previously qualified as a RIC, but was subsequently unable to qualify for treatment as a RIC, and certain relief provisions are not applicable, the Company would be subject to tax on all of the Company's taxable income (including the Company's net capital gains) at regular corporate rates. The Company 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 the Shareholders as ordinary dividend income to the extent of the Company's 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 the Company's 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 requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of the Company's previously undistributed earnings attributable to the period the Company failed to qualify as a RIC by the end of the first year that the Company intends to requalify as a RIC. If the Company fails to requalify as a RIC for a period greater than two taxable years and then seeks to requalify as a RIC, the Company may be required to pay corporate-level tax on the unrealized appreciation recognized during the succeeding five-year period unless the Company makes a special election to recognize gain to the extent of any unrealized appreciation in the Company's assets at the time of requalification.

The Company's qualification and taxation as a RIC depends upon the Company's 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 the Company 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 the Company expects to operate in a manner so as to qualify continuously as a RIC, the Company or the Company's investment adviser may decide in the future that the Company should be taxed as a C corporation, even if the Company would otherwise qualify as a RIC, if the Company determines that treatment as a C corporation for a particular year would be in the Company's best interest.

The remainder of this discussion assumes that the Company qualifies as a RIC for each taxable year.

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

The following summary generally describes certain U.S. federal income tax consequences of an investment in Shares beneficially owned by U.S. Shareholders. Whether an investment in Shares is appropriate for a U.S. Shareholder will depend upon that person's particular circumstances. An investment in Shares by a U.S. Shareholder may have adverse tax consequences. U.S. Shareholders are urged to consult their tax advisors about the U.S. tax consequences of investing in the Company.

The Company's distributions generally will be taxable to U.S. Shareholders as ordinary income or capital gains. Distributions of the Company's "investment company taxable income" (which is, generally, the Company's net ordinary income plus realized net short-term capital gains in excess of realized net long- term capital losses) will be taxable as ordinary income to U.S. Shareholders to the extent of the Company's current or accumulated earnings and profits, whether paid in cash or reinvested in additional Shares. To the extent such distributions paid by the Company to Shareholders taxed at individual rates are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("**Qualifying Dividends**") may be eligible for a current maximum tax rate of 20%. In this regard, it is anticipated that distributions paid by the Company will generally not be attributable to dividends and, therefore, generally will not qualify for the 20% maximum rate applicable to Qualifying Dividends. Distributions of the Company's net capital gains (which are generally the Company's realized net long- term capital gains in excess of realized net short-term capital losses) properly reported by the Company as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains that are currently taxable at a maximum rate of 20% in the case of Shareholders taxed at individual rates, regardless of the U.S. Shareholder's holding period for its Shares and regardless of whether paid in cash or reinvested in additional Shares. Distributions in excess of the Company's earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such Shareholder's Shares and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

The Company may retain some or all of the Company's realized net long-term capital gains in excess of realized net short-term capital losses, but designate the retained net capital gain as a "deemed distribution." In that case, among other consequences, the Company will pay tax on the retained amount, each U.S. Shareholder will be required to include its share of the deemed distribution in income as if it had been actually distributed to the U.S. Shareholder, and the U.S. Shareholder will be entitled to claim a credit equal to its allocable share of the tax the Company paid thereon. Because the Company expects to pay tax on any retained capital gains at the Company's regular corporate tax rate, and because that rate is in excess of the maximum rate currently payable by U.S. Shareholders taxed at individual rates on long-term capital gains, the amount of tax that individual U.S. Shareholders will be treated as having paid will exceed the tax they owe on the capital gain distribution and such excess generally may be refunded or claimed as a credit against the U.S. Shareholder's other U.S. federal income tax obligations. The amount of the deemed distribution net of such tax will be added to the U.S. Shareholder's cost basis for its Shares. In order to utilize the deemed distribution approach, the Company must provide written notice to the Shareholders prior to the expiration of sixty (60) days after the close of the relevant taxable year.

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, the Company may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Company makes such an election, the U.S. Shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend the Company declared in October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by such U.S. Shareholders on December 31 of the year in which the dividend was declared.

With respect to the reinvestment of dividends, if a U.S. Shareholder owns Shares registered in its own name, the U.S. Shareholder will have all cash distributions automatically reinvested in additional Shares unless the U.S. Shareholder opts out of the reinvestment of dividends by delivering a written notice to the Company's dividend

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paying agent prior to the record date of the next dividend or distribution. Any distributions reinvested will nevertheless remain taxable to the U.S. Shareholder. The U.S. Shareholder will have an adjusted basis in the additional Shares purchased through the reinvestment equal to the amount of the reinvested distribution. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the U.S. Shareholder's account.

If an investor purchases Shares shortly before the record date of a distribution, the price of the Shares will include the value of the distribution. However, the U.S. Shareholder will be taxed on the distribution as described above, despite the fact that, economically, it may represent a return of such Shareholder's investment.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of its Shares. The amount of gain or loss will be measured by the difference between such U.S. Shareholder's adjusted tax basis in the Shares sold and the amount of the proceeds received in exchange. Any gain arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held its Shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such Shares. In addition, all or a portion of any loss recognized upon a disposition of Shares may be disallowed if other Shares are purchased (whether through reinvestment of distributions or otherwise) within thirty (30) days before or after the disposition.

In general, U.S. Shareholders taxed at individual rates currently are subject to a maximum U.S. federal income tax rate of 20% on their recognized net capital gain (*i.e.*, the excess of recognized net long- term capital gains over recognized net short-term capital losses, subject to certain adjustments), including any long-term capital gain derived from an investment in the Shares. Such rate is lower than the maximum rate on ordinary income currently payable by such U.S. Shareholders. In addition, individuals with modified adjusted gross income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes gross income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses), reduced by certain deductions allocable to such income. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders with net capital losses for a year (*i.e.*, capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year. Any net capital losses of a non-corporate U.S. Shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

Under applicable U.S. Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to Shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. Shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. Shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. Shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper.

U.S. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

The Company (or the applicable withholding agent) will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible in such U.S.

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Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS (including the amount of dividends, if any, eligible for the 20% maximum rate). Dividends paid by the Company generally will not be eligible for the dividends-received deduction or the preferential tax rate applicable to Qualifying Dividends because the Company's income generally will not consist of dividends. Distributions may also be subject to additional state, local and non-U.S. taxes depending on a U.S. Shareholder's particular situation.

The Company may be required to withhold U.S. federal income tax ("**Backup Withholding**") from all distributions to certain U.S. Shareholders (i) who fail to furnish the Company with a correct taxpayer identification number or a certificate that such Shareholder is exempt from Backup Withholding or (ii) with respect to whom the IRS notifies the Company that such Shareholder furnished an incorrect taxpayer identification number or failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. Any amount withheld under Backup Withholding is allowed as a credit against the U.S. Shareholder's federal income tax liability, provided that proper information is provided to the IRS.

For any period that the Company does not qualify as a "publicly offered regulated investment company," as defined in the Code, Shareholders will be taxed as though they received a distribution of some of the Company's expenses. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. The Company anticipates that the Company will qualify as a "publicly offered regulated investment company," as defined in the Code, beginning with the tax year ending December 31, 2026. However, there can be no assurance that the Company will qualify as a "publicly offered regulated investment company" for any of the Company's taxable years. If the Company is not a publicly offered RIC for any year, a U.S. Shareholder that is an individual, trust or estate will be treated as having received a dividend from the Company in the amount of such U.S. Shareholder's allocable share of the Management Fee and Incentive Fees paid to the Adviser and certain other expenses for the year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholder. Individuals are not allowed to take miscellaneous itemized deductions, and such deductions are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under the Code.

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

The following discussion only applies to certain Non-U.S. Shareholders. Whether an investment in the Shares is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in the Shares by a Non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in the Shares. The following discussion does not apply to Non-U.S. Shareholders that are engaged in a U.S. trade or business or hold their Shares in connection with a U.S. trade or business. Such Non-U.S. Shareholders should consult their tax advisors to determine the consequences to them of investing in the Shares.

Distributions of the Company's "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. Shareholders directly) will be subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Company's current and accumulated earnings and profits unless an applicable exception applies. No withholding is required with respect to certain distributions if (i) the distributions are properly reported as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. No assurance can be provided as to whether any of the Company's distributions will be reported as eligible for this exemption. (Special certification requirements apply to a Non-U.S. Shareholder that is a non-U.S. partnership or a non-U.S. trust, and such entities are urged to consult their tax advisors regarding such requirements.) Further, if the Company is unable to qualify and

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maintain its tax treatment as a RIC under Subchapter M of the Code, distributions of the Company's taxable income to Non-U.S. Shareholders would not be able to be reported as "interest-related dividends" or "short-term capital gain dividends."

Actual or deemed distributions of the Company's net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale of Shares, will generally not be subject to federal withholding tax and generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder.

Under the Company's reinvestment of dividends policy, if a Non-U.S. Shareholder owns Shares registered in its own name, the Non-U.S. Shareholder will have all cash distributions automatically reinvested in additional Shares unless it opts out of the reinvestment of dividends by delivering a written notice to the Company's dividend paying agent prior to the record date of the next dividend or distribution. See "*Item 1. Business — Distribution Reinvestment Plan*." If the distribution is a distribution of the Company's investment company taxable income, is not designated by the Company as a short-term capital gains dividend or interest-related dividend and it is not effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (or, if required by an applicable income tax treaty, is not attributable to a U.S. permanent establishment of the Non-U.S. Shareholder), the amount distributed (to the extent of the Company's current or accumulated earnings and profits) will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable treaty) and only the net after-tax amount will be reinvested in Shares. The Non-U.S. Shareholder will have an adjusted basis in the additional Shares purchased through the reinvestment equal to the amount reinvested. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the Non-U.S. Shareholder's account.

The tax consequences to Non-U.S. Shareholders entitled to claim the benefits of an applicable tax treaty or that are individuals that are present in the U.S. for 183 days or more during a taxable year may be different from those described herein. Non-U.S. Shareholders are urged to consult their tax advisors with respect to the procedure for claiming the benefit of a lower treaty rate and the applicability of non-U.S. taxes.

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

**Tax Exempt Shareholders** 

A Shareholder that is a tax-exempt organization for U.S. federal income tax purposes and, therefore, is generally exempt from U.S. federal income taxation, may nevertheless be subject to "unrelated business income tax" ("**UBTI**") to the extent, if any, that it recognizes UBTI. Generally, dividends and other distributions made from the Company to a tax-exempt Shareholder do not cause such tax-exempt Shareholder to recognize UBTI. However, a tax-exempt Shareholder would be treated as earning UBTI to the extent its Shares in the Company are debt financed.

Tax exempt Shareholders are strongly urged to consult their own tax advisors regarding the tax consequences of investing in the Company.

**Information Reporting and Backup Withholding Tax** 

The Company must generally report to the Company's Non-U.S. Shareholders and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld. Information reporting requirements may apply even if no withholding was required because the distributions were effectively connected with the

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Non-U.S. Shareholder's conduct of a United States trade or business or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the Non-U.S. Shareholder resides or is established. Under U.S. federal income tax law, interest, dividends and other reportable payments may, under certain circumstances, be subject to Backup Withholding at the then applicable rate (currently 24%). Backup Withholding, however, generally will not apply to distributions from a Non-U.S. Shareholder's Shares, provided the Non-U.S. Shareholder furnishes to the Company the required certification as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN or IRS Form W-8BEN-E, or certain other requirements are met. Backup Withholding is not an additional tax but can be credited against a Non-U.S. Shareholder's federal income tax, and may be refunded to the extent it results in an overpayment of tax and the appropriate information is timely supplied to the IRS.

**FATCA Withholding Tax** 

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("**FFIs**") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by U.S. persons (or held by non-U.S. entities that have U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("**IGA**") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and certain transaction activity within the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding tax on payments to non-U.S. entities that are not financial institutions unless the non-U.S. entity certifies that it is not a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through which they hold their Shares, Non-U.S. Shareholders could be subject to this 30% withholding tax with respect to distributions on their Shares and proceeds from the sale of their Shares. Under certain circumstances, a Non-U.S. Shareholder might be eligible for refunds or credits of such taxes.

Non-U.S. Shareholders are urged to consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and non-U.S. tax consequences of an investment in the Company.

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| **ITEM 1A.** | **RISK FACTORS**  |

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*Investments in the Company involve risk. There can be no assurance that the Company's investment objective will be achieved. The following considerations, along with the other information in this Registration Statement, should be carefully evaluated before making an investment in the Shares. The risks set forth below are not the only risks the Company faces, and the Company may face other risks that the Company has not yet identified or which the Company does not currently deem material. If any of those risks actually occur, the Company's business, financial condition and results of operations could be materially and adversely affected. In such case, the NAV per Share could decline, and Shareholders may lose all or part of their investment.* 

**Risks Related to the Company's Business and Structure** 

**Limited Operating History:** The Company has a limited operating history and financial information (i.e., those of WLP, its predecessor) on which a prospective investor can evaluate an investment in the Shares or the Company's prior performance. As a result, the Company is subject to all of the business risks and uncertainties associated with recently formed businesses, including the risk that the Company will not achieve its investment objectives and that the value of an investment could decline substantially. Additionally, the results of any other ASP Entities will not be indicative of the results that the Company may achieve. While the Company believes that the past professional experiences of the Private Credit Team, including investment and financial experience of Adams Street's senior management, will increase the likelihood that the Adviser will be able to manage the Company successfully, there can be no assurance that this will be the case.

**Privately Placed BDC:** The Company is a privately placed BDC. The 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, the Shares are not listed for trading on a stock exchange or other securities market. There is no guarantee that a public market for the Shares will ever develop.

**Sourcing Investment Opportunities:** The Company cannot assure investors that the Company will be able to locate a sufficient number of suitable investment opportunities to allow the Company to deploy all available capital successfully. In addition, privately negotiated investments in loans and illiquid securities of private portfolio companies require substantial due diligence and structuring, and the Company cannot assure investors that the Company will achieve its anticipated investment pace. As a result, investors will be unable to evaluate any future portfolio company investments prior to purchasing Shares. Additionally, the Adviser will select the Company's investments, and Shareholders have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in Shares. To the extent the Company is unable to deploy all capital, the Company's investment income and, in turn, the Company's results of operations, will likely be materially adversely affected.

In addition, the Company anticipates, based on the amount of proceeds that may be raised in its continuous offering, that it could take some time to invest substantially all of the capital the Company expects to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments in companies. Distributions paid during this period may be substantially lower than the distributions the Company expects to pay when the Company's portfolio is fully invested. The Company will pay the Management Fee to the Adviser throughout this interim period irrespective of the Company's performance. If the Management Fee and the Company's other expenses exceed the return on the temporary investments, the Company's equity capital will be reduced. If the Company does not produce positive investment returns, expenses and fees will reduce the amount of the original invested capital recovered by Shareholders to an amount less than the amount invested in the Company by such Shareholders.

**Dependence on Key Personnel:** The ability of the Company to achieve its investment objective is highly dependent upon the diligence, skill, judgment, network of business contacts and personal reputations of certain

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key personnel of Adams Street, including those experienced investment professionals provided by Adams Street to the Adviser pursuant to the Resource Sharing Agreement, in analyzing, acquiring, originating and managing the Company's assets. As a result, the Company depends on the experience and expertise of certain individuals associated with Adams Street, any of whom may cease to be associated with Adams Street at any point. The loss of one or more of these individuals could have a material adverse effect on the Company's business, financial condition or results of operations.

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.

**Disruptions Caused by Termination of the Investment Advisory Agreement:** The Investment Advisory Agreement has a termination provision that allows it to be terminated by the Company on sixty (60) days' notice without penalty by the vote of a Majority of the Outstanding Voting Securities or by the vote of the Company's Independent Trustees. The Investment Advisory Agreement generally may be terminated at any time, without penalty, by the Adviser upon sixty (60) days' notice to the Company. Furthermore, the Investment Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if the Company does not obtain the requisite approvals of the Shareholders and the Board of Trustees to approve an agreement with the Adviser after an assignment, the Company 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 the Company is unable to do so quickly, the Company's operations are likely to experience a disruption and costs under any new agreements that the Company enters into could increase. Even if the Company is able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with the Company's investment objective may result in additional costs and time delays. The Company's financial condition, business and results of operations, as well as the Company's ability to meet the Company's payment obligations under any indebtedness and to pay distributions, are likely to be adversely affected, and the value of the Shares may decline.

**Disruptions Caused by the Resignation of the Administrator:** The Adviser, in its role as Administrator, has the right to resign under the Administration Agreement upon sixty (60) days' written notice, whether a replacement has been found or not. If the Adviser resigns as Administrator, 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, the Company's business, results of operations and financial condition are likely to be adversely affected and the value of the Shares may decline. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into the Company's business and lack of familiarity with the Company's investment objective may result in additional costs and time delays that may materially adversely affect the Company's business, results of operations and financial condition.

**Disruptions Caused by the Resignation of the Sub-Administrator:** The Company's Administrator has the right under the Administration Agreement to enter into one or more sub-administration agreements with Sub-Administrator(s) pursuant to which the Administrator may obtain the services of the Sub-Administrator(s) to assist the Administrator in fulfilling its responsibilities under the Administration Agreement. If any 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, the Company's business, results of operations and financial condition are likely to be adversely affected and the value of the Shares may decline. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into the Company's business and lack of familiarity with the Company's investment objective may result in additional costs and time delays that may materially adversely affect the Company's business, results of operations and financial condition.

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**Lack of Control of the Business Operations of Portfolio Companies:** The Company anticipates that it will acquire a significant percentage of its portfolio company investments from private companies in directly negotiated transactions. The Company does not expect to control most of the Company's portfolio companies, although the Company may have board representation or board observation rights, and the Company's debt agreements may impose certain restrictive covenants on the Company's borrowers. As a result, the Company is subject to the risk that a portfolio company in which the Company invests may make business decisions with which the Company disagrees and the management of such portfolio company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve the Company's interests as a debt investor and could decrease the value of the Company's portfolio holdings.

**Ability to Dispose Investments:** The illiquidity of the Company's portfolio company investments may make it difficult or impossible for the Company 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. The Company 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 the Company is required to liquidate all or a portion of the Company's portfolio quickly (to fund Share repurchases, in connection with borrowings or for other reasons), the Company may realize significantly less than the value at which the Company has previously recorded the Company's investments, which could have a material adverse effect on the Company's business, financial condition and results of operations. Moreover, investments purchased by the Company 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. The Board may exercise its discretion to suspend the Share repurchase program in the event the Company is unable to liquidate investments (at attractive prices or at all) as needed to generate sufficient liquidity to fund Share repurchases.

**Availability of Borrowing**: The availability and cost of credit is dependent on market conditions, which may vary over time. A substantial reduction in credit or increase in the cost of credit resulting from market conditions may have a material adverse effect on the Company's ability to achieve its investment objective with respect to any particular portfolio investment and/or the Company's entire portfolio. Conditions that reduce the availability of credit or increase the cost of credit could have a material adverse effect on the Company's overall return objectives. In addition, breach of financing arrangements such as financial covenants could give rise to losses and the Company could be forced to sell portfolio investments at less than market value or cost. If the Company were to default under a credit facility, the lenders under such credit facility could foreclose on the collateral and take possession of those assets pledged by the Company, which may have a material adverse effect on the Company.

**Ability to Borrow:** As part of the Company's business strategy, the Company is permitted to borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on the Company's assets that are senior to the claims of Shareholders. If the value of the Company's assets decreases, leverage would cause the Company's NAV to decline more sharply than it otherwise would have if the Company did not employ leverage. Similarly, any decrease in the Company's income would cause net income to decline more sharply than it would have had the Company not borrowed. Such a decline could negatively affect the Company's ability to make distributions on the Shares. Although borrowings by the Company have the potential to enhance overall returns that exceed the Company's cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Company's cost of funds.

The Company's ability to service any borrowings that the Company incurs will depend largely on the Company's financial performance and will be subject to prevailing economic conditions and competitive pressures.

There can be no assurance that the Company will be able to obtain credit at all or on terms acceptable to the Company, which could affect the Company's return on capital. However, to the extent that the Company uses

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leverage to finance the Company's assets, the Company's financing costs will reduce cash available for distributions to Shareholders. Moreover, the Company may not be able to meet the Company's financing obligations and, to the extent that the Company cannot, the Company risks the loss of some or all of the Company's assets to liquidation or sale to satisfy the obligations. In such an event, the Company 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 the Company's total assets (less total liabilities other than indebtedness represented by senior securities) to the Company's total indebtedness represented by senior securities plus the Series A Preferred Shares and any other series of preferred shares, must be at least 150% (or 200% if certain requirements under the 1940 Act are not met). If the Company's asset coverage ratio were to fall below 150% (or 200%, as applicable), the Company could not incur additional debt and may need to sell a portion of the Company's investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on the Company's operations and investment activities. Additionally, 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.

In addition to having fixed-dollar claims on the Company's assets that are superior to the claims of the Shareholders, if the Company has 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 the Company's assets, including the Company's portfolio of investments, the Company's cash and/or the Company's right to call unused capital commitments from Shareholders whose investments are not fully funded at the time the Subscription Agreement is accepted by the Company ("**Drawdown Shareholders**"). If the Company enters into a subscription credit facility, the lenders (or their agent) may have the right on behalf of the Company to directly call unused capital commitments from Drawdown Shareholders and enforce remedies against such Shareholders. 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 Shareholders.

**Credit Facilities and Other Borrowings:** The Company, through ASP BDC Lev Facilitation LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (the "**Financing SPV**"), is party to a Loan and Security Agreement, as amended from time to time, by and among the Company, the Financing SPV, Wells Fargo, as lender and administrative agent for the lender parties, providing for a senior secured revolving credit facility to the Financing SPV of $100 million (the "**Wells Facility**"). The Wells Facility was originally entered into by WLP on August 6, 2024. Proceeds from borrowings under the Wells Facility were used to facilitate the Company's initial acquisitions of Middle Market Senior Loans and pay related expenses, and may be used to facilitate additional investments, pay additional related expenses and make certain permitted distributions to stockholders.

In addition, prior to the BDC Election, the proceeds of the ASP Note, issued by Adams Street Partners, L.P. on June 30, 2025 providing a principal amount of up to $55 million, were used to facilitate certain acquisitions of Middle Market Senior Loans. In connection with the BDC Election, the ASP Note was satisfied in full and extinguished. The Company may in the future determine to re-draw amounts under the ASP Note in accordance with the 1940 Act or, alternatively, terminate the ASP Note.

If the Company's or the Financing SPV's, as applicable, borrowing base under the Wells Facility or any additional secured credit facilities or other secured borrowings were to decrease, the Company or the Financing SPV, as applicable, may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of the Company's or the Financing SPV's, as applicable, assets are secured at the time of such a borrowing base deficiency, the Wells Facility requires, and any additional credit facility may require, that the Company or the Financing SPV, as applicable, repay advances under the Wells Facility or other secured credit facility or other secured borrowings, as applicable, or make deposits to a collection account, either of which could have a material adverse impact on the Company's or the Financing SPV's, as applicable, ability to fund future investments and to make distributions.

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The Wells Facility contains, and any additional credit facilities or other borrowings may contain, certain limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. The Wells Facility includes, and additional credit facilities or other borrowings may include, certain requirements relating to portfolio performance, which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on the Company's business and financial condition and could lead to cross defaults under other credit facilities and other borrowings. This could reduce the Company's liquidity and cash flow and impair the Company's ability to manage and grow the Company's business.

The financing documents governing the Wells Facility restrict, and any additional credit facilities or other borrowings may limit the Company's or the Financing SPV's, as applicable, ability to create liens on assets to secure additional debt and may make it difficult for the Company or the Financing SPV, as applicable, to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. The obligations to the Financing SPV's creditors under the Wells Facility are, and any additional credit facilities or other borrowings of the Company may be, secured by a pledge of and a security interest in some or all of the Company's or the Financing SPV's, as applicable, assets, including the Company's or the Financing SPV's, as applicable, portfolio of investments and cash. If the Company or the Financing SPV defaults, the Company or the Financing SPV, as applicable, may be forced to sell a portion of the Company's or the Financing SPV's, as applicable, investments quickly and prematurely at what may be disadvantageous prices to the Company in order to meet the Company's or the Financing SPV's, as applicable, outstanding payment obligations and/or support working capital requirements, any of which would have a material adverse effect on the Company's business, financial condition, results of operations and cash flows.

As part of certain credit facilities or other borrowings, the right to make capital calls of Drawdown Shareholders may be pledged as collateral, which will allow the Company's creditors to call for capital contributions upon the occurrence of an event of default. To the extent such an event of default does occur, Drawdown Shareholders could be required to fund any shortfall up to their remaining capital commitments, without regard to the underlying value of their investment.

**Fair Value Determinations**: There is not a public market or active secondary market for many of the types of investments in private companies that the Company intends to hold and make. As a result, the Company will value these investments quarterly at fair value as determined in good faith in accordance with the Valuation Policy, which will be approved by the Board of Trustees. In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser to serve as the Valuation Designee. Subject to the oversight of the Board of Trustees, the Adviser values the Company's 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 the Company's 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. In connection with that determination, portfolio company valuations will be prepared using different sources, including preliminary valuations obtained from independent valuation firms and/or proprietary models depending on the availability of information and the type of asset being valued, all in accordance with the Valuation Policy.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in fair valuing the Company's investments, as the Management Fee is based on the Company's net assets. 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

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current market conditions. The determinations of fair value in accordance with procedures established by the Board of Trustees may differ materially from the values that would have been used if an active market and market quotations existed for such investments and the values at which investments are ultimately realized. 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. The Company's NAV could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments.

**Unrealized Depreciation**: As a BDC, the Company is required to carry its 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 the Board of Trustees. Decreases in the market values or fair values of the Company's investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in the Company's portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to the Company with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of the Company's income available for distribution in future periods. In addition, decreases in the market value or fair value of the Company's investments will reduce the Company's NAV.

**Change in Investment Policies:** The Board of Trustees has the authority to modify or waive current operating policies, investment criteria and strategies without prior notice and without Shareholder approval. However, absent Shareholder approval, the Company may not change the nature of the Company's business so as to cease to be, or withdraw the Company's election as, a BDC. The Company cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on the Company's business, NAV, operating results and the value of the Company's securities. However, the effects might be adverse, which could negatively impact the Company's ability to pay Shareholders distributions and cause Shareholders to lose all or part of their investments. Moreover, the Company will have significant flexibility in investing the net proceeds of the Company's offering and may use the net proceeds from the Company's offering in ways with which the Company's investors may not agree.

**Limitations on Certain Investors**: Investment Companies are restricted from acquiring directly or through a controlled entity more than 3% of the Company's 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 the Company's 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.

**Mergers**: The Board of Trustees may be able to undertake to approve mergers between the Company and certain other funds or vehicles. Subject to the requirements of the 1940 Act, such mergers will 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 other ASP Entities.

**Risks Relating to Private Credit Investing** 

**Investment Environment**: Many factors affect the appeal and availability of portfolio investments in companies and the securities that are the focus of the Company. The activities of the Company and its portfolio investments could be materially adversely affected by the instability in the U.S. or global financial markets, or changes in market, economic, political or regulatory conditions, as well as by numerous other factors outside the control of the Adviser or its affiliates. Interest rates and general levels of economic activity may affect the value and number of portfolio investments made by the Company or considered for prospective portfolio investment. In addition, recent and current disruptions in the global debt markets have affected the price of, as well as the ability to make, certain types of portfolio investments, and there can be no assurance that these disruptions will

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not continue or worsen in the future. Such recent and current disruptions may have a direct or indirect negative effect on a wide range of issuers and may increase the likelihood that such issuers will be unable to make principal and interest payments on, or refinance, outstanding debt when due. Moreover, the risk that such disruptions will affect an issuer's ability to pay its debts and obligations when due is enhanced if such issuer in turn provides credit to third parties or otherwise participates in the credit markets. In the event of such defaults, the Company could lose both invested capital in, and anticipated profits from, any affected portfolio investments. The recent increase in negative global media coverage relating to the private credit industry, driven by concerns over liquidity, concentration risk and valuation uncertainty, could lead to a higher volume of repurchase requests, which could materially and adversely affect the cash flow, results of operations and financial condition of the Company and its portfolio investments.

**Fraud**: A concern relating to investments in loans is the possibility of material misrepresentation or omission on the part of borrowers or issuers of debt securities. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Company to perfect or effectuate a lien on any collateral securing the loan. The Company will rely upon the accuracy and completeness of representations made by borrowers and issuers to the extent reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. Finally, under certain circumstances, payments to the Company may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

**Senior Secured Loans Risk**: When the Company originates or acquires a senior secured loan to a company, it generally will take a security interest in the available assets of such company, which should mitigate the risk that the Company will not be repaid. However, there is a risk that the collateral securing the Company's 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 on the success of the business and market conditions, including as a result of the inability of the company to raise additional capital. In some circumstances, the Company's lien could be subordinated to claims of other creditors. In addition, deterioration in a 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 loan. Consequently, the fact that a loan is secured does not guarantee that the Company will receive principal and interest payments according to the loan's terms, or at all, or that the Company will be able to collect on the loan should it be forced to pursue its available remedies.

**Mezzanine Investments**: Mezzanine investments involve a high degree of risk with no certainty of any return of capital. Although mezzanine securities are typically senior to common stock and other equity securities in the capital structure, they may be either contractually or structurally subordinated to large amounts of senior debt and are usually unsecured. Portfolio investments in highly leveraged issuers are intrinsically more sensitive to declines in issuer revenues and to increases in issuer expenses. Issuers may face intense competition, changing business and economic conditions or other developments that may adversely affect their performance. Moreover, rising interest rates may increase an issuer's interest expense. There can be no assurance that an issuer will generate sufficient cash to service its obligations. Further, a debt security or obligation bearing payment-in-kind interest will generally have a higher risk of non-payment of interest since there may be no cash payments of interest from the issuer prior to maturity or refinancing. In addition, many of the remedies available to mezzanine holders are available only after satisfaction of claims of senior creditors. Therefore, in the event that an issuer does not generate adequate cash flow to service its debt obligations, the Company may suffer a partial or total loss of invested capital in connection with a mezzanine investment.

**Middle Market Companies**: Loans to middle market companies may carry more inherent risks than loans to larger, publicly traded entities. For example, there is generally no publicly available information about privately owned middle market companies and some obligors may not meet net income, cash flow and other coverage tests that may be imposed by certain lenders. Further, middle market companies that are obligors of below investment-grade loans may be highly leveraged. Middle market companies generally have more limited access to capital and higher funding costs, may be in a weaker financial position, may need more capital to expand or compete and may be unable to obtain financing from public capital markets or from traditional

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sources, such as commercial banks. Accordingly, loans made to middle market companies may involve higher risks than loans made to larger companies that have greater financial resources or are otherwise able to access traditional credit sources. Middle market companies typically have narrower product lines and smaller market shares than large companies. Therefore, they tend to be more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These businesses may also experience substantial variations in operating results. The success of a middle market company may also depend on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on the obligor.

**Nature of Middle Market Senior Loans**: The Middle Market Senior Loans generally will be unrated or if rated will have ratings or implied or imputed ratings below investment grade. The lower rating of such loans reflects a greater possibility that adverse changes in the financial condition of the borrower or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the borrower to make payments of principal and interest. The market for lower-rated and comparable non-rated debt instruments and securities is thinner, often less liquid and less active than that for higher-rated and comparable non-rated debt instruments and securities, which can adversely affect the prices at which such debt instruments and securities can be sold and may even make it impracticable to sell such debt instruments and securities. In addition to the foregoing, such loans may become nonperforming for a variety of reasons. A nonperforming loan may require substantial work-out negotiations or restructuring that may entail, among other things, a substantial reduction in the interest rate and/or a substantial write-down of principal or accrued interest due on the loan as well as substantial legal and other fees and expenses.

**Subordinated Debt Investments**: The Company may make investments or, as a result of existing investments, may hold investments, whether through unitranches or otherwise, in subordinated debt that would be unsecured and rank behind the issuer's secured indebtedness. While such subordinated debt investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking ahead of the investments and may benefit from cross-default provisions, some or all of such terms may not be part of particular investments. Moreover, the ability of the Company 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, secured creditors are able to block the acceleration of the debt or the exercise by debt holders of other rights or remedies they may have as creditors for a period of time. Accordingly, the Company may not be able to take steps to protect its investments in a timely manner or at all. In addition, the unsecured debt in which the Company may invest may not be protected by financial covenants or limitations upon additional indebtedness, could have limited liquidity and may not be rated by a credit rating agency. Further, upon any distribution to an issuer's creditors in a bankruptcy, liquidation or reorganization or similar proceeding, the holders of such issuer's senior and/or secured indebtedness (to the extent of the collateral securing such obligation) will be entitled to be paid in full before any payment may be made with respect to the Company's subordinated debt investments. In the event of a bankruptcy, liquidation or reorganization or similar proceeding relating to an issuer, the Company would participate with all other holders of such issuer's indebtedness in the assets remaining after the issuer has paid all of its senior and/or secured indebtedness (to the extent of the collateral securing such obligation). An issuer may not have sufficient funds to pay all of its creditors and the Company may receive nothing or less, ratably, than the holders of senior and/or secured indebtedness of such issuer or the holders of indebtedness that is not subordinated. As a result of the foregoing, the market for lower-rated and comparable non-rated securities is thinner, often less liquid and less active than that for higher-rated or comparable non-rated securities, which can adversely affect the prices at which these securities can be sold and may even make it difficult to sell such securities. As such, the timing of cash distributions to Shareholders in this respect may be uncertain and unpredictable.

**Unsecured Loans, Collateral Impairment, Guarantees**: In the event of a default by an issuer, the Company might not receive payments to which it is entitled and thereby could experience a decline in the value of its investments in the issuer. If the Company invests in debt or debt-linked securities that are not secured by collateral, in the event of such default the Company will have only an unsecured claim against the issuer. In the

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case of debt that is secured by collateral, the value of the collateral may actually be equal to or less than the value of such debt or may decline below the outstanding amount of such debt subsequent to the Company's portfolio investment. The ability of the Company to have access to the collateral may be limited by bankruptcy and other insolvency laws, and there may be a monetary, as well as a time, cost involved in collecting on defaulted debt instruments and, if applicable, taking possession of and subsequently liquidating various types of collateral. The liquidation proceeds upon the sale of such assets may not satisfy the entire outstanding balance of principal and interest on such foreclosed loans, resulting in a loss to the Company. In addition, no assurances can be made that borrowers or third parties will not assert claims in connection with foreclosure proceedings or otherwise, or that such claims will not interfere with the enforcement of the Company's rights. As a result, the Company might not receive full payment on a secured debt investment to which it is entitled and thereby may experience a decline in the value of, or a loss on, the portfolio investment.

In addition, certain debt instruments may be supported, in whole or in part, by personal guarantees made by the borrower or a relative, or guarantees made by a corporation or other entity affiliated with the borrower. The amount realizable with respect to a debt instrument may be detrimentally affected if a guarantor fails to meet its obligations under the guarantee.

**Investments in Convertible Debt**: The Company may invest in convertible debt securities to the extent that the Adviser believes such portfolio investments offer potential for capital appreciation. There is no minimum credit standard that is a prerequisite to the Company's portfolio investment in any security, and most debt securities and preferred equity that offer potential for capital appreciation are likely to be non-investment grade.

**Distressed Loans**: The Company may invest in, or hold as a result of restructuring, conversion or market events, debt which is nonperforming or other troubled assets which involve a degree of financial risk and are experiencing or expected to experience financial difficulties which may not be overcome, including portfolio investment in entities which are insolvent or in serious financial difficulty. Distressed securities may result in significant returns to the Company, but also involve a substantial degree of risk. It frequently is difficult to obtain information as to the true condition of entities experiencing significant financial or business difficulties, which increases the risk of portfolio investments in such issuers. Such portfolio investments also may be adversely affected by laws relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the bankruptcy court's discretionary power to disallow, subordinate or disenfranchise particular claims. The market prices of such instruments are also subject to abrupt and erratic market movements and above average price volatility and the spread between the bid and asked prices of such instruments may be greater than normally expected. The Company may lose all or a substantial part of its portfolio investment in such distressed companies or may be required to accept cash or securities in lieu of its portfolio investment with a market value of less than the initial portfolio investment.

The Company may hold debt of issuers which may be undergoing restructuring or require additional capital and management. Such debt is subject to various risks, including fluctuations in value and lack of market liquidity. The Company may incur additional expense if it is required to seek recovery upon a default or participate in the restructuring of a portfolio investment. The Company may have voting rights in respect of a restructuring but may not be able to exercise sufficient votes to determine the outcome of a vote. The Company may acquire illiquid assets (in particular, equity) following a restructuring.

**Nature of Loan Priority and Security:** The Company's assets will include loans that are secured by a fixed or floating lien on some or substantially all of a borrower's assets. Although secured loans are generally senior in priority, there are many factors that may impact the security, placement and priority of secured loans in the overall capital structure of the borrower.

Unsecured creditors may, in certain cases, have priority over the claims of secured creditors. Additionally, investments in secured loans may be unperfected for a variety of reasons, including the failure to make required filings or renew required filings prior to expiration thereof and, as a result, the Company may not have priority over other creditors as anticipated. To the extent that the Company's debt investments are only secured by

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specific assets, the Company's claim will not have priority over the claims of unsecured creditors on the borrower's other assets. Furthermore, in the event of non-payment of interest or principal of a loan, or other default resulting in an exercise of lender rights, there is no guarantee that the collateral can be readily liquidated or that the liquidation of such collateral would satisfy all of the borrower's obligations under the loan documents.

The Company may not hold all or even a majority of a secured credit facility. Loan documentation typically requires a majority consent or, in certain cases, unanimous approval for certain actions in respect of the loans, including waivers, amendments or the exercise of remedies. Further, in a bankruptcy, voting to accept or reject the terms of a restructuring of a credit pursuant to a Chapter 11 plan of reorganization is done on a class basis. As a result of the voting systems in place both before and during a bankruptcy, the Company may not have the ability to control decisions in respect of certain amendment, waiver, consent, asset sales, investments, sale-leasebacks, debt incurrence, prepayments, imposition of new liens and/or lien releases, designation of restricted or unrestricted subsidiaries, exercise of remedies, subordination of payment and/or lien priority, restructuring or reorganization of debts owed to the Company.

Many secured credit loan documents contain accordion and other provisions allowing the borrower to increase borrowing capacity under such credit facilities and/or incur additional debt outside of such credit facilities, which could dilute the value of the collateral securing such borrowing and increase the risk that some or all of the Company's loans would be undersecured. The loan documents may also allow the borrower to encumber certain assets within the collateral package, and/or to sell or otherwise transfer assets outside of the collateral package (and cause the release of liens thereon), which could result in a reduction of enterprise value of the borrower and/or increase the risk that the Company's loans would be undersecured.

In certain cases, the borrower and a majority (or other requisite subset of lenders) may also agree to amend the loan documents to permit certain actions that may be adverse to the interests of the Company, in each case, without the Company's consent. These actions may include (i) the sale or other transfer of material assets outside of the collateral package securing the Company's loans, (ii) the release of liens on such material assets, (iii) the release of guarantors, and/or designation of previously restricted subsidiaries as unrestricted subsidiaries, (iv) an increase to debt incurrence capacity, (v) the incurrence of superpriority debt, or (vi) the subordination of payment and/or lien priority of any existing loans, including the Company's loans. Furthermore, in the event of a filing by an issuer under Chapter 11 of the Bankruptcy Code, the borrower is authorized to obtain additional financing by granting creditors a superpriority lien on its assets, senior even to liens that were first in priority prior to the filing, as long as the borrower provides "adequate protection" (as determined by the presiding bankruptcy judge) that may consist of the grant of replacement or additional liens or the making of cash payments to the affected secured creditor (the actions described in this risk factor, together with other similar actions, collectively, the "**Specified Actions**"). The transfer of material assets outside of the collateral package, incurrence of additional indebtedness, subordination of payment and/or lien priority on the Company's collateral, both before and in a bankruptcy, and certain other Specified Actions would adversely affect the priority of the liens and/or claims held by the Company and could adversely affect the Company's recovery on its debt investments. In other cases, the Company and/or its affiliates may lead and/or participate in the subset of lenders taking one or more Specified Actions, which may adversely affect the priority of liens and claims held by the non-participating lenders or claimholders, adversely affect the recovery of their investments, or otherwise have a material adverse effect on their interests or claims.

Loan documents may vary on the permissibility, requirements, and/or treatment of one or more Specified Actions. There is no guarantee that all parties to any set of loan documents will interpret terms and provisions governing permissibility, requirements, and/or treatment of any Specified Actions in the same way. Therefore, in addition to the general risk of third-party litigation, the Company may be subject to litigation in connection with its participation in Specified Actions and, conversely, may elect to participate in litigation challenging the validity of one or more Specified Actions. There is no guarantee that a court, arbiter or any other third-party of competent jurisdiction will take a position favoring the interests of the Company in upholding or invalidating, in whole or in part, one or more Specified Actions. Such proceedings may continue without resolution for long periods of time and the outcome thereof may materially adversely affect the value of the Company. Further, any

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such litigation may consume substantial amounts of the Adviser's time and attention, and that time and allocation of resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation.

**Revolving Credit Facilities**: The Company may acquire or originate revolving credit facilities from time to time. Under a revolving credit facility, the Company may be required to fund amounts due in a short timeframe. As a result, there is a risk that the Company may not have sufficient liquidity to fund all or a portion of the amounts due. There can be no assurance that the Company will be able to meet its funding obligations under a revolving credit facility and that such failure will not have an adverse effect on the Company. Furthermore, there can be no assurance that a borrower will fully draw down on its available line of credit under a revolving credit line and, as a result, the Company's returns could be adversely affected.

**Special Situations**: The Company may hold debt or securities of portfolio companies involved in (or the target of) acquisition attempts or tender offers or in companies involved in or undergoing work-outs, liquidations, spin-offs, reorganizations, bankruptcies or other catalytic changes or similar transactions. In any portfolio investment opportunity involving any such type of special situation, there exists the risk that the contemplated transaction either will be unsuccessful, will take considerable time or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Company of the security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Company may be required to sell its portfolio investment at a loss. Because there is substantial uncertainty concerning the outcome of transactions involving financially troubled companies in which the Company may invest, there is a potential risk of loss by the Company of its entire portfolio investment in such companies.

**Equity Investments**: The Company may make certain equity or equity-like investments in conjunction with investments made pursuant to its investment strategy including, but not limited to, equity investments made alongside a related debt investment and equity held as a result of a restructuring. The value of these securities generally will vary with the performance of the issuer and movements in the equity markets. As a result, the Company may suffer losses if it invests in the equity of issuers whose performance diverges from the Adviser's expectations or if the equity markets generally move in a single direction and the Company has not hedged against such a general move. In addition, investments in equity may give rise to additional taxes and/or risks, and the Company may hold these investments through entities treated as corporations for U.S. federal income tax purposes or other taxable structures which may reduce the return from such investments.

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

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

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

Conflicts of interest may arise in connection with the structure of such investments, and such investments and/or structures may disproportionately impact certain Shareholders.

**Collateralized Loan Obligation Investments**: The Company may invest a portion of its assets in securities backed by, or representing interests in, certain underlying instruments, in particular CLOs, which are subject to

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credit, liquidity, correlation and interest rate risks. The securities purchased pursuant to the Company's strategy may be in subordinated, unrated and/or equity tranches of the CLO. Such securities are subject to a greater possibility that adverse changes in the financial condition of an issuer or in general economic conditions, or both, may impair the ability of the related issuer or obligor to make payments of principal or interest. Such investments may be speculative.

Subordinated tranches in CLOs are subject to the prior payment of more senior obligations and may rank behind some or all creditors. Further, in the event of default under any debt securities issued by the CLO, holders of junior interests in such CLO may have limited or no rights to determine the applicable remedies. Interests of the holders of the senior tranches of a CLO may diverge from the interests of the holders of the subordinated tranches, including the Company. To the extent that any elimination, deferral or reduction of payments on debt securities occurs, such elimination will be borne first by the first loss interests and then on debt securities in the reverse order of seniority. To the extent that a default occurs with respect to any collateral and such collateral is sold or otherwise disposed of, it is likely that the proceeds of such sale or other disposition will be less than the unpaid principal and interest on such collateral. Investments in such subordinated interests may be susceptible to losses of up to 100%.

Holders of CLO securities must rely solely on distributions from the CLO collateral or proceeds thereof for payment in respect thereof. If distributions on the CLO collateral are insufficient to make payments on the CLO securities, no other assets will be available for payment of the deficiency and, following realization of the CLO securities, the obligations of such issuer to pay such deficiency generally will be extinguished.

The Company may invest in CLOs that are managed or advised by the Adviser or its affiliates. The potential for the Adviser and/or its affiliates to manage or advise such investments creates a conflict of interest with respect to any such acquisition by the Company. For example, the Adviser's and/or its affiliates' entitlement to fees or other benefits with respect to any such CLO is expected to create potential incentives for the Adviser and/or its affiliates to make decisions as a manager or adviser to such CLO that are contrary to the best interests of the Company as a holder of such CLO.

**Origination Activities**: Due to the nature of its investment activities as further described herein, the Company will be deemed to be engaged in the origination of debt or debt-linked securities, including hybrid debt and preferred equity, for purposes of the applicable laws in jurisdictions in which such activities take place. Such laws are frequently highly complex and may include licensing requirements. The licensing processes can be lengthy and can be expected to subject a debt originator to increased regulatory oversight. In some instances, the process for obtaining a required license or exception certificate may require disclosure to regulators or to the public of information about the Company, its direct or indirect Shareholders, its loans, its business activities, its management or controlling persons or other matters. Such disclosures may provide competitors with information that allows them to benefit at the expense of the Company, which could have a material adverse effect on the Company. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Company, the Adviser or affiliates of the foregoing to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Company.

The market for originating debt and debt-linked securities is highly competitive, and the Company may be unable to compete effectively with other market participants for origination opportunities. The Company may compete for opportunities with public and private investment funds, commercial and investment banks and commercial finance companies.

Many current and potential competitors in the debt origination and debt-linked securities business are much larger than the Company's expected size and, accordingly, have far greater financial, technical, marketing and other resources. The Company will be subject to various elements of competition, including interest rates and financing costs; origination standards; convenience; customer service; the size, term and seniority of financing

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arrangements; and marketing and distribution channels. Further, if competitors adopt less stringent debt origination standards in order to maintain their debt origination volume, the Company may elect to do so as well. If the Company adopts less stringent debt origination standards, the Company will bear increased risk for debt originated under such less stringent standards, which may not be compensated by an increase in price. Alternatively, the Company may determine not to adopt less stringent origination standards in this competitive environment, which may result in a loss of market share. Increased pressure on pricing and origination opportunities would likely reduce the volume and quality of the Company's origination activity and materially adversely affect the Company. In particular, from time to time there may be influxes of capital directed to smaller issuers, which may result in a tendency by the highest quality issuers to borrow from sources other than the Company such that the Company's origination opportunities and its eventual portfolio include a disproportionate number of lower quality issuers, exacerbating some of the risks outlined here.

Some competitors may have higher risk tolerances or different risk assessments than the Company, thereby allowing such competitors to achieve a broader diversification of portfolio investments and to establish more relationships than the Company. Some competitors may have a lower cost of funds and access to more stable funding sources that are not available to the Company. These competitive pressures could have a material adverse effect on the Company.

Debt and debt-linked securities originated by the Company may not conform to the terms of, or use the forms generally found in or used for, debt that is pooled for resale to government-sponsored entities or institutions. An inability to sell debt to government-sponsored entities or to institutions could have a material adverse effect on the Company.

The Company expects to rely significantly upon representations made by the issuers of the debt or debt-linked securities. There can be no assurance that such representations are accurate or complete, or that any due diligence undertaken would identify any misrepresentation or omission. Any misrepresentation or omission by an issuer to which the Company originates debt may adversely affect the valuation of the collateral underlying the debt, may adversely affect the ability of the Company to perfect or foreclose on a lien on the collateral securing the debt, or may result in liability of the Company to a subsequent purchaser of the debt.

**Effects of Bankruptcy:** The Company may make portfolio investments in issuers that are or may become the subject of voluntary or involuntary bankruptcy proceedings under applicable bankruptcy laws. Certain risks faced in bankruptcy cases must be factored into the portfolio investment decision including, for example, the potential total loss of any such portfolio investment. Upon confirmation of a plan of reorganization under applicable bankruptcy laws, or as a result of a liquidation proceeding, the Company could suffer a loss of all or a part of the value of its investment in a portfolio company. There are a number of significant risks when investing in companies involved in bankruptcy proceedings, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many events in a bankruptcy are the product of contested matters and adversary proceedings that are beyond the
control of the creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A bankruptcy filing may have adverse and permanent effects on a company. For instance, the company may lose its
market position and key employees and otherwise become incapable of restoring itself as a viable entity. Further, if the proceeding is converted to a liquidation, the liquidation value of the company may not equal the liquidation value that was
believed to exist at the time of the portfolio investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duration of a bankruptcy proceeding is difficult to predict. A creditor's return on portfolio
investment can be impacted adversely by delays while the plan of reorganization is being negotiated, approved by the creditors and confirmed by the bankruptcy court, and until it ultimately becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain claims, such as claims for taxes, wages and certain trade claims, may have priority by law over the
claims of certain creditors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The administrative costs in connection with a bankruptcy proceeding are frequently high and will be paid out of
the debtor's estate prior to any return to creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creditors can lose their ranking and priority in a variety of circumstances, including if they exercise
"domination and control" over a debtor and other creditors can demonstrate that they have been harmed by such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may seek representation on committees formed by creditors ()"**Creditors' Committees** "), and as a member of a Creditors' Committee it may owe certain obligations generally to all creditors similarly situated that the committee represents and it may be subject to various trading or confidentiality
restrictions. If the Adviser concludes that membership on a Creditors' Committee entails obligations or restrictions that conflict with the duties it owes to Shareholders, or that otherwise outweigh the advantages of such membership, the
Adviser will not seek membership in, or will resign from, that committee. Because the Adviser, Adams Street and any other person serving on a committee on behalf of the Company will be indemnified by such entity for claims arising from breaches of
those obligations, indemnification payments could adversely affect the return on the Company's portfolio investment in a reorganization company.

**Additional Capital for Bankruptcies and Workouts**: Certain of the Company's portfolio investments may require additional capital in connection with a bankruptcy or workout. There can be no assurance that the Adviser or its affiliates will be able to predict accurately how much capital may need to be reserved by the Company for participation in any such bankruptcy or workout. If more capital is reserved than is necessary, then the Company may receive a lower allocation of other portfolio investment opportunities or may not fully draw its capital commitments. If less capital is reserved than is necessary, then the Company may not be able to fully protect or enhance its existing portfolio investment in the portfolio company undergoing a bankruptcy or workout.

**Bank Loans and Participations**: The Company's portfolio may include portfolio investments in bank loans and participations. These obligations are subject to unique risks, including (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (ii) so-called lender liability claims by the issuer of the obligations, (iii) environmental liabilities that may arise with respect to collateral securing the obligations and (iv) limitations on the ability of the Company to enforce directly its rights with respect to participations. Successful claims by third parties arising from these and other risks, absent certain conduct by the Adviser, Adams Street, their respective affiliates and certain other individuals, will be borne by the Company. In addition, the settlement process for the purchase of bank loans can take significant time.

If the Company purchases a participation, the Company will not have established any direct contractual relationship with the issuer. The Company will be required to rely on the lender or the participant that sold the participation not only for the enforcement of the Company's rights against the issuer but also for the receipt and processing of payments due to the Company under the participation. The Company will thus be subject to the credit risk of both the issuer and the selling lender or participant. Because it may be necessary to assert through the selling lender or participant such rights as may exist against the issuer, in the event the issuer fails to pay principal and interest when due, such assertion of rights against the issuer may be subject to delays, expenses and risks that are greater than those that would be involved if the Company could enforce its rights against the issuer directly.

**Lender Liability and Equitable Subordination**: A number of judicial decisions have upheld judgments of obligors 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 obligor or has assumed an excessive degree of control over the obligor resulting in the creation of a fiduciary duty owed to the obligor or its other creditors or equity-holders. Because of the nature of the Company's assets, the Company may be subject to claims of lender liability.

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In addition, under certain legal principles that in some cases form the basis for lender liability claims, if a lender, bondholder or other creditor (i) intentionally takes an action that results in the undercapitalization of an obligor to the detriment of other creditors of such obligor, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as an equity-holder to dominate or control an obligor to the detriment of other creditors of such obligor, a court may elect to subordinate the claim of the offending lender, bondholder or other creditor to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination." The Company's assets may be subject to claims of equitable subordination.

Since the Company and/or affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Company's assets, the Company could be exposed to claims for equitable subordination, lender liability or both based on such equity or other holdings.

**Credit Risk and Interest Rate Risk:** Debt instruments are subject to general market and credit and interest rate risks. Credit risk refers to the likelihood that an obligor will default on the payment of principal, interest or other amounts owed on an instrument. The financial strength and solvency of an obligor are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or other assets expected to be the source of repayment or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt instruments that are rated by rating agencies are subject to downgrade at a later date.

Interest rate risk refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates will negatively affect the price of a fixed rate debt instrument and falling interest rates will have a positive effect on the price of a fixed rate debt instrument. Adjustable rate instruments also react to interest rate change in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules.

The Company may, but will not be obligated to, use derivative transactions to reduce its exposure to interest rate fluctuations. A hedge position may not be effective in eliminating all of the risks inherent in any particular position. A hedge may also limit the Company's ability to capture gains that it would otherwise attain. The Company may be exposed to the credit risk of the relevant counterparty in a hedging transaction.

**Institutional Risk**: The institutions, including brokerage firms and banks, with which the Company directly or indirectly will do business (including swap counterparties), or to which securities will be entrusted for custodial and prime brokerage purposes, may encounter financial difficulties, fail or otherwise become unable to meet their obligations. In light of recent market turmoil and the overall weakening of the financial services industry, the Company, its prime brokers and other financial institutions' financial condition may be adversely affected and they may become subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on the activities and operations of the Company.

**Counterparty, Settlement and Local Intermediary Risk**: From time to time, certain securities markets have experienced operational clearance and settlement problems that have resulted in failed trades. These problems could cause the Company to miss attractive portfolio investment opportunities or result in the Company's liability to third parties by virtue of an inability to perform the Company's contractual obligation to deliver securities. In addition, delays and inefficiencies of the local postal, transport and banking systems could result in the loss of portfolio investment opportunities and the loss of funds (including dividends). To the extent that the Company invests in securities, swaps, derivatives or other over-the-counter ("**OTC**") transactions, in certain circumstances, the Company may take a credit risk with regard to parties with whom it trades and may also bear the risk of transfer, clearance or settlement default. Transactions entered into directly between two

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counterparties may expose the parties to the risk of counterparty defaults. Such risks may be exacerbated with respect to foreign securities or transactions with foreign counterparties. Certain of the Company's transactions may be undertaken through local brokers, banks or other organizations in the countries in which the Company makes portfolio investments, and the Company will be subject to the risk of default, insolvency or fraud of such organizations. The collection, transfer and deposit of bearer securities and cash expose the Company to a variety of risks, including theft, loss and destruction. Finally, the Company will be dependent upon the general soundness of the banking systems of countries in which portfolio investments will be made.

**Regulatory Risk**: The Adviser anticipates that the Company will invest predominantly in unlisted companies. There can be no assurance that any issuer is, and will continue to be, fully compliant with all necessary regulations. This risk is more significant in the case of unlisted companies than listed companies. Additionally, unlisted companies are not regulated by equivalent levels of disclosure and investment protection regulations that apply to listed companies. Also, changes in regulatory conditions may adversely affect the marketability and financial performance of certain portfolio investments, which in turn may affect the distributions which the Company receives from such portfolio investments.

**Evaluating Credit Risk**: Credit ratings of debt obligations or obligors represent the rating agencies' opinions or estimates regarding their credit quality and are not a guarantee of quality. In addition, rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value. Therefore, such credit ratings may not fully reflect the true risks of an investment. Also, rating agencies may fail to make timely changes to their credit ratings in response to subsequent events, meaning an obligor's current financial condition may be better or worse than a rating indicates.

**Prepayment**: The Company may purchase loans for which the underlying issuers are not subject to any prepayment penalties, even if an issuer determines to prepay the obligation early during the term of the debt investment. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. If the debt investments that the Company is invested in are prepaid without any prepayment penalties, loans purchased at a price greater than par may experience a capital loss and the Company's ability to achieve its investment objective may be affected.

**Refinancing Loans**: A significant portion of the Company's assets will consist of loans for which most or all of the principal is due at maturity. The ability of the obligor under such loans to make such a large payment upon maturity typically depends upon its ability to refinance the loan prior to maturity. The ability of an obligor to consummate a refinancing will be affected by many factors, including the availability of financing at acceptable rates to such obligor, the financial condition of such obligor, the marketability of the collateral (if any) securing such loan, the operating history of the obligor and related business, tax laws and prevailing general economic conditions. Additionally, middle market obligors generally have more limited access to capital and higher funding costs, may be in a weaker financial position, may need more capital to expand or compete and may be unable to obtain financing from public capital markets or from more traditional sources, such as commercial banks. Consequently, such obligor may not have the ability to repay the loan at maturity and, unless it is able to refinance such loan, it could default in payment at maturity, which could result in losses to the Company and, indirectly, to Shareholders.

**Participation on Creditors' Committees**: Representatives of the Adviser or its affiliates may serve on Creditors' Committees to negotiate with the management of financially troubled companies that may or may not be in bankruptcy. The Adviser or its affiliates, on behalf of the Company and other ASP Entities, may also seek to negotiate directly with debtors with respect to restructuring issues. Even if the Adviser or its affiliate joins a Creditors' Committee, there can be no assurance that the Adviser or such affiliate would be successful in obtaining results favorable to the Company or such other ASP Entities in such proceedings, and the Company may incur significant legal fees and/or other expenses in attempting to do so, as Creditors' Committees generally consist of many participants, each of which attempts to obtain an outcome that is in its individual best interests. As a result of the Adviser's service on such Creditors' Committees, the Company may be deemed to have duties

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to other creditors represented by the Creditors' Committees, which might thereby expose the Company to liability to such other creditors who disagree with the Adviser's actions. Furthermore, by the Adviser participating on Creditors' Committees, the Company may be contractually obligated to hold the related assets of the Company even if it would otherwise be in the best interests of the Company to sell them. In addition, the Adviser and its affiliates or other ASP Entities may also have or establish relationships with, and participate in Creditors' Committees with respect to, obligors (through holding debt obligations issued by such obligors or otherwise) whose loans are held by the Company, and such debt obligations may have interests different from or adverse to the loans held by the Company.

**No Voting Rights**: The Company's debt investments will not give the Company voting rights with respect to the equity of obligors, subject to certain limited exceptions. Accordingly, holders of the equity in portfolio investments may make decisions which do not serve the interests of the Company as a debt investor.

**General Risks** 

**Past Performance Not Necessarily Predictive of Future Performance**: There is no assurance that the performance of the Company will equal or exceed the past investment performance of other ASP Entities or WLP.

**Reporting Requirements**: As a BDC, the Company will be subject to the reporting requirements of the 1934 Act and the requirements of the Sarbanes-Oxley Act. The 1934 Act requires that the Company file annual, quarterly and current reports with respect to the Company's business and financial condition. The Sarbanes-Oxley Act requires that the Company 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 the Company's disclosure controls and procedures and internal controls, significant resources and management oversight are required. The Company 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 the Company's business, financial condition, results of operations and cash flows. The Company also expects 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 the Administrator to compensate them for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and other similar expenses. The Company cannot be certain when these activities will be completed or the impact of the same on the Company's operations. In addition, the Company may be unable to ensure that the process is effective or that the Company's internal controls over financial reporting are or will be effective in a timely manner. In the event that the Company is unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, the Company may be adversely affected.

The systems and resources necessary to comply with applicable reporting requirements will increase further once the Company ceases to be an "emerging growth company" under the JOBS Act. As long as the Company remains an emerging growth company, the Company intends 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. See "*Item 1. Business* —*Emerging Growth Company*."

**Internal Controls:** The Company will be subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. The Company, however, is not required to comply with the internal control evaluation and certification requirements of Section 404, and will not be required to comply with certain of the requirements of Section 404 until the earlier of (i) the Company's Annual Report on Form 10-K for the year ending December 31, 2027 or (ii) the date the Company is no longer an emerging growth company under the

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JOBS Act. Accordingly, the Company's internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that the Company will eventually be required to meet. The Company is in the process of building out the Company's 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, the Company has begun the process of documenting its internal control procedures to satisfy the related requirements of Section 404, which requires annual management assessments of the effectiveness of its internal controls over financial reporting. The Company's independent registered public accounting firm will not be required to formally attest to the effectiveness of the Company's internal control over financial reporting until the later of the year following the Company's first annual report required to be filed with the SEC, or the date the Company is no longer an emerging growth company under the JOBS Act. In addition, because the Company is not a large accelerated filer or an accelerated filer under Section 12b-2 of the 1934 Act, and will not be for so long as its Shares are not traded on a securities exchange, the Company will not be subject to the auditor attestation requirements even if the Company were to no longer qualify as an emerging growth company.

Because the Company does not currently have comprehensive documentation of its internal controls and has not yet tested its internal controls in accordance with Section 404, the Company cannot conclude in accordance with Section 404 that it does not have a material weakness in its internal controls or a combination of significant deficiencies that could result in the conclusion that the Company has a material weakness in its internal controls. As a public entity, the Company will be required to complete its initial assessment in a timely manner. If the Company is not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, the Company's operations, financial reporting or financial results could be adversely affected. Matters impacting the Company's internal controls may cause it to be unable to report its financial information on a timely basis and thereby subject the Company to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the covenants under the agreements governing any of its financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in the Company and the reliability of its financial statements. Confidence in the reliability of the Company's financial statements could also suffer if the Company or its independent registered public accounting firm were to report a material weakness in the Company's internal controls over financial reporting. This could materially adversely affect the Company.

The Company's 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 the Company fails to maintain the adequacy of the Company's internal controls, including any failure to implement required new or improved controls, or if the Company experiences difficulties in their implementation, the Company's business and operating results could be harmed and the Company could fail to meet the Company's financial reporting obligations.

**Emerging Growth Company:** The Company will be and will seek to remain an "emerging growth company" as defined in the JOBS Act until the earliest of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering, if any, of Shares of the Company, (ii) in which the Company has total annual gross revenue of at least $1.235 billion or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of its Shares held by non-affiliates exceeds $700 million as of the date of the Company's most recently completed second fiscal quarter, and (b) the date on which the Company has issued more than $1 billion in non-convertible debt securities during the preceding three-year period. For so long as the Company remains an "emerging growth company", the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including not being required to comply with the auditor attestation requirements of Section 404. In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can

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take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 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. The Company intends to take advantage of such extended transition periods.

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

**Targeted Allocations and Actual Results May Differ**: The Adviser and its affiliates base their target allocations with respect to subclass and investment type on information available at the time of each investment allocation decision. Due to market conditions and the structure of underlying investments, and to the extent applicable, the discretion of underlying managers, the Adviser and its affiliates reserve the right to change and adjust target allocations from time to time and actual results may differ from original targets.

**Competition**: The Company will compete for investments with third parties, including other BDCs and investment funds (including registered investment companies, private equity or credit funds and mezzanine funds), financial managers, pension funds, corporations, endowments and foundations, wealthy individuals and family offices, as well as other ASP Entities, among many others. The Company competes for limited capacity in such investments. There can be no assurance that the Adviser will be able to locate and complete attractive investments or that the investments which are ultimately made by the Company will satisfy all of the Company's objectives.

**Failure to Contribute Capital**: Drawdown Shareholders will be obligated to fund drawdowns to purchase Shares based on the amount of their respective investment. To satisfy such obligations, Drawdown Shareholders may need to maintain a substantial portion of their capital commitments in assets that can be readily converted to cash. Failure by a Drawdown Shareholder to timely fund its capital commitment may result in some of its Shares being forfeited or subject the Drawdown Shareholder to other remedies available to the Company, as set forth in further detail in the form of Subscription Agreement attached as an exhibit to this Registration Statement. Failure of a Drawdown Shareholder to contribute capital could cause the Company to be unable to realize its investment objective. A default by a substantial number of Drawdown Shareholders or by one or more Drawdown Shareholders who have made substantial capital commitments could limit the Company's opportunities for investment or diversification and cause the Company to be unable to meet its obligations, and likely would subject the Company to significant penalties that would reduce the Company's returns.

**Appropriateness of Investments**: An investment in the Company is not appropriate for all investors. An investment is appropriate only for sophisticated investors and an investor must have the financial knowledge, sophistication and experience to understand and willingness to accept the extent of its exposure to the risks and lack of liquidity inherent in an investment in the Company. Prospective investors should consult their independent professional advisors to assist them in making their own legal, tax, accounting and financial evaluation of the merits and risks of investment in the Company in light of their own circumstances and financial condition. An investment in the Company requires a long-term commitment, with no certainty of return. There may be little or no near-term cash flow available to Shareholders. Many of the Company's portfolio investments will be highly illiquid. Consequently, dispositions of such portfolio investments may require a lengthy time period or may result in distributions in kind to Shareholders.

**Business and Regulatory Risks of Alternative Asset Funds**: Legal, tax and regulatory changes could occur that may adversely affect the Company at any time. The legal, tax and regulatory environment for funds that invest in alternative investments is evolving, and changes in the regulation and market perception of such

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funds, including changes to existing laws and regulations and increased criticism of the private credit and alternative asset industry by some politicians, regulators and market commentators, may adversely affect the ability of the Adviser to pursue the Company's strategy and the value of portfolio investments held pursuant to the Company's strategy. In recent years, market disruptions and the dramatic increase in the capital allocated to alternative investment strategies have led to increased governmental as well as self-regulatory scrutiny of the alternative investment fund industry in general, and certain legislation proposing greater regulation of the industry periodically is considered by the governing bodies of both U.S. and non-U.S. jurisdictions. It is impossible to predict what, if any, changes may be instituted with respect to the regulations applicable to the Adviser, its affiliates, the markets in which they operate and invest or the counterparties with which they do business, or what effect such legislation or regulations might have. There can be no assurance that the Adviser or its affiliates will be able, for financial reasons or otherwise, to comply with future laws and regulations, and any regulations which restrict the ability of the Adviser to implement the Company's strategy could have a material adverse impact on the Company's portfolio. To the extent that the Company or the Company's portfolio investments are or may become subject to regulation by various agencies in the United States or other countries, the costs of compliance will be borne by the Company.

Finally, the SEC and other various U.S. federal, state and local agencies have been conducting inquiries into, and bringing enforcement actions and other proceedings regarding, among other things, trading and other practices against, advisers, sponsors and distributors of portfolio investment companies and investment funds, including the role of placement agents, finders and other similar service providers in the context of investments by public pension plans and other similar entities. The Company, the Adviser or their respective affiliates may receive requests for information or subpoenas from the SEC and other state, federal and foreign regulators from time to time in connection with such inquiries and proceedings and otherwise in the ordinary course of business. These requests may relate to a broad range of matters, including specific practices of the Adviser, the securities in which the Adviser invests on behalf of its clients or industry-wide practices. The costs of any such increased reporting, registration and compliance requirements may be borne by the Company and may furthermore place the Company at a competitive disadvantage to the extent that the Adviser or issuers are required to disclose sensitive business information.

**OTC Derivatives:** Pursuant to Dodd-Frank, 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 the Company to fall within the definition of "commodity pool" under the Commodity Exchange Act and related CFTC regulations. The Adviser will claim relief from CFTC registration and regulation as a commodity pool operator with respect to the Company's operations, with the result that the Company is limited in the Company's ability to use futures contracts or options on futures contracts or engage in such OTC derivatives transactions. Specifically, the Company is 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 the Company's portfolio, after taking into account unrealized profits and unrealized losses on any such contracts the Company has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of the Company's portfolio. The Company intends 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.

Dodd-Frank 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

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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 the Company is 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 the Company to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by the Company, all of which could adversely impact the Company's investment returns.

**Limitations on Use of Derivatives:** Rule 18f-4 impacts the ability of an Investment Company to use derivatives and other transactions that create future payment or delivery obligations (excluding derivatives transactions used to hedge certain currency or interest rate risks). In accordance with 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. The Company intends to operate and qualify as a "limited derivatives user" and has adopted compliance policies to monitor its derivatives exposure under Rule 18f-4.

The Company may enter into long and short positions in all types of swaps, including rate of return swaps, credit default swaps and interest rate swaps. 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 the Company's 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 the Company to modify, terminate or offset the Company's obligations under a swap or the Company's exposure to the risks associated with a swap prior to its scheduled termination date.

As noted herein, the Company may enter into transactions involving privately negotiated off-exchange derivative instruments, including 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 the Company. In volatile markets, the Company 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, the Company 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 the Company's counterparty agrees to early termination of such OTC derivatives at any time, doing so may subject the Company to certain early termination charges.

The Company may enter into reverse repurchase agreements. When the Company enters into a reverse repurchase agreement, the Company 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

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agreement, recovery of the repurchase price owed to the Company or, in the case of a reverse repurchase agreement, the assets sold by the Company, 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 the Company as a BDC. If the Company reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement may adversely affect the Company's returns.

**Portfolio Company Defaults:** A portfolio company's failure to satisfy financial or operating covenants imposed by the Company 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 the Company holds. The Company 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 the Company's lending activities, the Company 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 the Company funds, the Company 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 the Company to the borrower. In addition, to the extent the Company invests in "covenant-lite" loans, the Company may have fewer rights against a borrower.

**Concentrated Portfolio:** Beyond the asset diversification requirements associated with the Company's qualification as a RIC for U.S. federal income tax purposes, the Company does not have fixed guidelines for diversification. While the Company will not target any specific industries, the Company's investments may, at times, be concentrated, including, for example during ramp-up or harvest periods in which the number of portfolio companies in which the Company has invested is limited. As a result, the aggregate returns the Company realizes may be significantly adversely affected if a small number of investments perform poorly or if the Company needs to write down the value of any one investment. Additionally, a downturn in any particular industry in which the Company is invested could significantly affect the Company's aggregate returns.

**Market Discussion and Economic Outlook**: The market outlook, trends, opportunities and other matters presented in this Registration Statement reflect the Adviser's current view, which is based on various estimates and assumptions, including about future events. The estimates and assumptions are subject to uncertainties, changes and other risks, many of which may be beyond the Adviser's control and any of which may cause the actual financial and other results to be materially different from the results expressed or implied herein. There can be no assurance such market outlook, trends, opportunities and other matters will materialize.

**Availability of High-Quality Investment Opportunities**: Shareholders will be dependent on the ability of the Adviser and its affiliates to provide access to high-quality private markets investment opportunities. There is no assurance that such opportunities will be available or that high-quality investment opportunities will be available at attractive prices. In addition, in the event the Adviser does identify any such opportunities, it should not be assumed that the Company will be allocated a portion of any such opportunity. The application of the factors described herein, and applied under the Allocation Policy, will result in the exclusion of certain ASP Entities, which may include the Company, from an allocation, and the Allocation Policy does not require that an ASP Entity including the Company, participate in every entity in which it is eligible to invest.

**Global Economic, Political and Market Conditions**: Social, political, economic and other conditions and events, such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest, create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and

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financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Recent examples include pandemic risks related to COVID-19 (notably, its significant negative impact on economic and market conditions and global supply chains, and the aggressive measures taken worldwide in response by governments and businesses) and geopolitical risks related to Russia's invasion of Ukraine, ongoing conflicts in the Middle East, recent U.S. military action in Iran and Venezuela and other geopolitical tensions, hostilities and instability. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

In addition, disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The Company could be subject to any of the following risks, any of which could have a material adverse effect on the Company's business, financial condition, liquidity, and results of operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes or volatility in the capital markets may also have a negative effect on the valuations of the
Company's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in the capital markets may adversely affect the pace of the Company's investment
activity and economic activity generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The illiquidity of the Company's investments may make it difficult for the Company to sell such investments
to access capital if required, and as a result, the Company could realize significantly less than the value at which the Company has recorded the Company's investments.

In addition, current market conditions may make it difficult to obtain indebtedness on favorable terms, or at all, and any failure to do so could have a material adverse effect on the Company's business. The debt capital that will be available to the Company in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what the Company would otherwise expect, including being at a higher cost in rising interest rate environments. If the Company is unable to raise debt, then the Company's equity investors may not benefit from the potential for increased returns on equity resulting from leverage and the Company may be limited in the Company's ability to make or fund commitments to the Company's portfolio companies and, in turn, could have a material adverse impact on the Company's business, operating results and financial condition.

Challenges facing a single, concentrated sector or industry can have far-reaching implications for the broader economy, including the private credit market. For example, although the U.S. economy has demonstrated strength and resiliency underpinned by the ongoing technology investment boom, there can be no assurance that such a trend will continue. Recently, there have been growing concerns about the private credit industry, particularly due to its significant exposure to the expanding technology sector, which includes artificial intelligence infrastructure investments. Market analysts, journalists and other stakeholders have increasingly questioned whether the rapidly developing artificial intelligence market, which includes companies focused on the design and manufacture of semiconductors, data center construction and the expansion of power generation,

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is fueling inflated valuations and unsustainable price appreciation. This concern is compounded by the sector's increasing interconnectivity, as private credit supports cross-investments among artificial intelligence- and data center-focused firms, potentially creating an overvalued and tightly linked ecosystem that may lack solid long-term economic fundamentals. If these concerns are validated or perceived as credible by the public, a significant global market correction or downturn could occur, which could result in a material adverse effect on the Company and its portfolio companies. In particular, market devaluations in the software sector may impair companies' ability to refinance existing private credit loans and restrict merger and acquisition activity in the sector. Consequently, these dynamics could lead to extended holding periods for certain of our assets.

Recent negative publicity in private credit affecting BDCs, registered closed-end funds and other private investment funds pursuing such strategies that conduct periodic repurchase offers has coincided with an increase in investor repurchase requests across certain vehicles. If this trend persists, fund managers facing elevated repurchase requests may be required to sell assets to generate liquidity if they seek to fulfill these elevated repurchase requests, which could place downward pressure on the market value of certain investments held by those funds. Although we do not currently believe that these liquidity pressures are directly applicable to the Company, market dislocations or forced selling by other market participants holding similar assets could adversely affect the valuation of comparable investments held in our portfolio.

**Public Health Risks:** Certain countries have been susceptible to epidemics/pandemics, most recently COVID-19. The outbreak of such epidemics/pandemics, together with any resulting restrictions on travel or quarantines imposed, has had and will continue to have a negative impact on the economy and business activity globally (including in the regions in which the Company will invest), and thereby may adversely affect the performance of the Company's investments. Furthermore, the rapid development of epidemics/pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Company and the performance of its investments.

**Force Majeure Events**: Investments may be subject to catastrophic events and other force majeure events. These events could include fires, floods, earthquakes, adverse weather conditions, epidemics/pandemics, assertion of eminent domain, strikes, acts of war (declared or undeclared), riots, terrorist acts, "acts of God" and similar risks. These events could result in the partial or total loss of an investment or significant down time resulting in lost revenues, among other potentially detrimental effects. Some force majeure risks are generally uninsurable and, in some cases, investment project agreements can be terminated if the force majeure event is so catastrophic that it cannot be remedied within a reasonable time period.

**Climate Change:** There may be evidence of global climate change. Climate change creates physical and financial risk and some of the Company's portfolio companies may be adversely affected by climate change. 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 the Company's 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 the Company's 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. Additionally, the Paris Agreement and other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities, as well as private actors, which seek to reduce greenhouse gas emissions may expose businesses to so-called "transition risks" in addition to physical risks (changes in weather and climate patterns), including: (i) political and policy risks; (ii) regulatory and litigation risks; (iii) technology and market risks and (iv) reputational risks. These may include, for example, changing legal requirements that could result in increased tax and compliance costs, changes in business operations, the discontinuance of certain operations, or risks tied to changing investor, customer or community perceptions of an asset's relative contribution to greenhouse gas emissions.

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**Inflation:** Some countries, including the United States, are currently experiencing and may in the future experience substantial rates of inflation, which may have negative effects on their economies and securities markets. Governmental efforts to curb inflation (such as price controls) may involve drastic economic measures affecting the level of economic activities. There can be no assurance that the relevant governments will be able to exercise effective control over inflation rates or that a high rate of inflation will not have a materially adverse effect on the Company or its investments.

**Collapse of Silicon Valley Bank** ("**SVB**"): SVB had been a significant provider of credit and other banking services to businesses (including emerging businesses) in the technology sector, and to the venture capital, growth capital, private equity and other funds which invest in those businesses. The failure of SVB and Signature Bank ("**Signature**") in March 2023 resulted in immediate government intervention as their customers experienced disruptions in the ability to access deposits and draw on credit facilities. As a result, SVB began to operate as a "bridge bank" under control of the Federal Deposit Insurance Corporation ("**FDIC**"). On March 27, 2023, the FDIC announced that First-Citizens Bank & Trust Company ("**First-Citizens**") had acquired all deposits and loans of the SVB "bridge bank", with deposits assumed by First–Citizens insured by the FDIC up to the insurance limit.

It remains to be seen whether First-Citizens will be active in the technology sector and support emerging businesses in the way that SVB had. Absence from the technology and emerging business sectors of a bank like SVB, or reluctance of such businesses to entrust borrowing and banking relationships to First-Citizens as successor to SVB if it seeks to maintain SVB's presence in these sectors, may make debt finance and other financing arrangements significantly more difficult for participants in the technology sector to obtain, and significantly more expensive, which could adversely affect the performance of the Company and its portfolio investments. This impact could be exacerbated if other banks or financial institutions that are active in the technology sector experience similar difficulties. In May 2023, JPMorgan Chase Bank acquired the deposit accounts and substantially all the assets of First Republic Bank ("**FRB**"), another bank that had been active in the technology and entrepreneurial sectors, after it was closed by regulators. It is similarly uncertain whether FRB's role in the technology and entrepreneurial sectors will be maintained by JPMorgan Chase.

**Banking System Instability:** Contemporaneous with the collapse of SVB and Signature, liquidity concerns with other banks (particularly U.S. regional banks, which included FRB) resulted in fear of instability in the banking system. Systemic concerns with the banking and financial system have occurred at other times as well. Uncertainty in the banking and financial systems can result in significant and widespread deterioration in market and economic conditions by disrupting access to capital and other financial services, which could adversely affect the performance of the Company and its portfolio investments.

**Economic Recessions:** The Company's portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay the Company's 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 surrounding the prolonged economic impact of COVID-19, the negotiation of trade deals between the UK and the European Union (the "**EU**") following the UK's exit from the EU, uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, ongoing global conflicts and military actions, including recent U.S. military action in Iran and Venezuela, and imposition by the U.S. and other countries of sanctions or other restrictive actions against Russia, 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, the Company may have non-performing assets or non-performing assets may increase, and the value of the Company's portfolio is likely to decrease during these periods. Adverse economic

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conditions may also decrease the value of any collateral securing the Company's loans. A severe recession may further decrease the value of such collateral and result in losses of value in the Company's portfolio and a decrease in the Company's revenues, net income, assets and net worth. Unfavorable economic conditions, including rising interest rates, also could increase the Company's funding costs, limit the Company's access to the capital markets or result in a decision by lenders not to extend credit to the Company on terms the Company deems acceptable. These events could prevent the Company from increasing investments and harm the Company's operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by the Company 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 the Company holds. See "*Portfolio Company Defaults*." The Company 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 the Company's portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which the Company will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of the Company's claim to that of other creditors.

**Failure of Financial Service Providers:** The failure of a bank, lender, broker, custodian or other financial service provider (each, a "**Financial Service Provider**"), with which the Company or its portfolio investments have a commercial relationship could adversely affect, among other things, the Company's and its portfolio investments' ability to access deposits, establish new lines of credit or utilize existing lines of credit (or the costs and terms associated with such lines of credit), consummate transactions and meet obligations, which in turn could have a material adverse impact on the Company and its portfolio investments. While the Company will seek to utilize Financial Service Providers that it believes are creditworthy and capable of fulfilling their obligations to the Company, the failure of a Financial Service Provider may be caused by a variety of factors that are outside of the Company's control, including negative market sentiment, a rapidly changing interest rate environment, a "run" on withdrawals, fraud, increase in defaulted loans, poor performance or accounting irregularities. Failure of a Financial Service Provider could also hinder the ability of Shareholders to satisfy capital calls, which could lead to shortfalls in the Company's available cash and other disruptions to the Company's operations.

Assets held by regulated Financial Service Providers in the U.S. are frequently insured up to stated amounts by organizations such as the FDIC, in the case of banks, or the Securities Investor Protection Corporation, in the case of certain broker-dealers. Although governmental intervention resulted in additional protections for depositors in connection with the aforementioned bank failures, there is no guarantee that there will be such governmental intervention in the future or that such governmental intervention will avoid the risk of loss of, or delays in accessing, uninsured amounts. Neither the Company nor its portfolio investments expect to limit deposit or other accounts at any particular Financial Service Provider to the minimum insured amounts. As a result, the Company and its portfolio investments are subject to losses in respect of uninsured accounts in the event of Financial Service Provider failures. The Company's and its portfolio investments' ability to spread its banking and other financial relationships among multiple Financial Service Providers may be limited by certain contractual arrangements, including requirements of credit facilities and other business, operational and administrative considerations.

**Information System Failures and Disruptions:** The Company's business is dependent on the Company's 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 the Company's activities. The Company's 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 the Company's control. There could be:

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

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

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

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

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

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

**Extraordinary Events:** Terrorist activities, anti-terrorist efforts, armed conflicts involving the United States, its interests abroad or other countries and natural disasters may adversely affect the United States, other countries, global financial markets and global economies and could prevent the Company from meeting its investment objectives and other obligations. The potential for future terrorist attacks, the national and international response to terrorist attacks, acts of war or hostility and natural disasters have created many economic and political uncertainties in the past and may do so in the future, which may adversely affect certain financial markets and the Company for the short or long term in ways that cannot presently be predicted.

**Cybersecurity**: Adams Street, its service providers and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Company and/or its Shareholders, despite the efforts of Adams Street and its service providers and counterparties to adopt technologies, processes and practices intended to mitigate these risks and protect the security of their computer systems, software, networks and other technology assets, as well as the confidentiality, integrity and availability of information belonging to the Company and its Shareholders. For example, unauthorized third parties may attempt to improperly access, modify, disrupt the operations of, or prevent access to these systems of Adams Street, its service providers, counterparties or data within these systems. Third parties may also attempt to fraudulently induce employees, customers, third-party service providers or other users of Adams Street's systems to disclose sensitive information in order to gain access to Adams Street's data. A successful penetration or circumvention of the security of Adams Street's or its service providers' or counterparties' systems could result in the loss or theft of a Shareholder's data or funds, the inability to access electronic systems, loss or theft of proprietary information or corporate data, physical damage to a computer or network system or costs associated with system repairs. Such incidents could cause the Company, the Adviser and/or their service providers or counterparties to incur regulatory penalties, reputational damage, additional compliance costs or financial loss. Similar types of operational and technology risks are also present for the investments made by the Company and the companies in which the Company directly or indirectly invests, which could have material adverse consequences for such investments and companies, and may cause the Company's investments to lose value.

**Risks Associated with Use of AI Tools**: In line with advances in computing technology and data analytics, there has been an increasing trend towards utilizing artificial intelligence, machine learning technology and similar tools, models and systems (collectively, "**AI Tools**") by various market participants in the asset management industry. While Adams Street believes that AI Tools have certain advantages and benefits for various applications, the use of AI Tools by market participants also poses risks to Adams Street and its affiliates, the Company and its portfolio companies.

Adams Street may in the future utilize AI Tools in connection with certain of its business activities, including investment activities, and to the extent it does so, Adams Street intends to evaluate from time to time and adjust internal policies governing use of AI Tools by its personnel. Notwithstanding any applicable policies, personnel of Adams Street could, unbeknownst to Adams Street, utilize AI Tools in contravention of such policies. Adams Street, the Company and its portfolio companies could be further exposed to the risks of AI Tools if third-party service providers or any counterparties, whether or not known to Adams Street, also use AI

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Tools in their business activities. Adams Street will not be in a position to control the operations of third-party service providers or counterparties, the manner in which third-party products are developed or maintained or the manner in which third-party services are provided.

Use of AI Tools by any of the parties described in the previous paragraph could include the input of confidential information (including material non-public information) — either by third parties in contravention of non-disclosure agreements (or similar undertakings or obligations of confidentiality) or by personnel of Adams Street in contravention of Adams Street's policies — into AI Tools, resulting in such confidential information becoming part of a dataset that is accessible by other third-party AI Tools and users thereof.

AI Tools are generally highly reliant on the collection and analysis of large amounts of data, and it is generally not possible or practicable to incorporate all relevant data into the model that AI Tools utilize to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error — potentially materially so — and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI Tools. In addition, many AI Tools may be subject to one or more undetected errors, defects or security vulnerabilities, which may be discovered only after an AI Tool has been introduced to and/or has had substantial operations in the marketplace. To the extent that Adams Street, the Company or its portfolio companies are exposed to the risks of AI Tools, any such inaccuracies or errors in the data used by AI Tools or any exploitable errors, defects or security vulnerabilities in AI Tools could have adverse impacts on Adams Street (or its affiliates), the Company or its portfolio investments.

AI Tools and their applications, including in the private investment and financial sectors, continue to develop rapidly and have recently become subject to increased scrutiny from lawmakers and regulators. It is impossible to predict the future risks that may arise from such developments.

**Investments in Regulated Industries**: Certain industries are heavily regulated. The Company may, directly or indirectly, make portfolio investments in portfolio companies operating in industries that are subject to greater amounts of regulation than other industries generally. These more highly regulated industries may include energy and power, gaming and healthcare. Investments in portfolio companies that are subject to a high level of governmental regulation pose additional risks relative to investments in other companies generally. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the imposition of fines. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such portfolio company. Governments have considerable discretion in implementing regulations that could impact a portfolio company's business, and governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company's business. Additionally, certain portfolio companies may have a unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such portfolio company's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio company's operations and profitability could suffer if it experiences labor relations problems. Upon the expiration of any such portfolio company's collective bargaining agreements, it may be unable to negotiate new collective bargaining agreements on terms favorable to it, and its business operations at one or more of its facilities may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating its collective bargaining agreements. A work stoppage at one or more of any such portfolio company's facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally may bring scrutiny and attention to the Company itself, which could adversely affect the Adviser's ability to implement its investment objectives.

**Changes in the Regulatory Environment**: The regulatory environment for private funds and other financial entities is evolving. Changes in law or regulations may adversely affect the value of investments held (directly or indirectly) by the Company, may affect the ability of the Company to pursue its investment

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strategies, or may restrict or prevent the Adviser and/or Adams Street from continuing to perform services for the Company in the manner currently contemplated. The SEC, as well as other regulators, self-regulatory organizations and exchanges, have taken various extraordinary actions and may take additional actions in the future. The effect of any future regulatory changes on Adams Street, the Adviser, the Company and/or any investor could be substantial and result in material amendments to this Registration Statement and/or the terms of the Company's governing documents. Additionally, the regulation of international securities markets has undergone substantial change in recent years, and such change is expected to continue for the foreseeable future. In particular, market disruptions and the dramatic increase in the capital allocated to alternative investment strategies (such as the Company and the investments it might make) during recent years have led to increased governmental as well as self-regulatory scrutiny of investment funds and the financial industry in general. Many non-U.S. jurisdictions, including the EU, have implemented more extensive regulations with respect to marketing to investors in such jurisdictions, which may affect the Company's ability to accept commitments from investors in such jurisdictions.

**No Right to Participate in Management of the Company**: Shareholders will have no right to participate in the management or day-to-day operations of the Company, including investment and disposition decisions. Investors will be dependent on the Adviser for the management of the Company as well as for high-quality deal flow.

**Syndications/Joint Ventures**: The Company may acquire interests in certain issuers in cooperation with others through syndications, joint ventures, or other structures. Such investments may involve risks not present in investments where a third-party is not involved, including the possibility that a co-venturer or partner of the Company may at any time have other business interests and investments other than the joint venture with the Company, or may have economic or business goals different from those of the Company. In addition, the Company may be liable for actions of its co-venturers or partners. The Company's ability to exercise control or significant influence over management in these cooperative efforts will depend upon the nature of the syndication or joint venture arrangement. Any such arrangements may involve restrictions on the resale of the Company's interest in the issuer and/or the Company's acquisition of additional interests in the issuer.

**Risks upon Disposition of Portfolio Investments**: In connection with the disposition of a portfolio investment in an issuer, the Company may be required to make representations and warranties about the business and financial affairs of such issuer typical of those made in connection with the sale of any business or may be responsible for the contents of disclosure documents under applicable securities laws. The Company may also be required to indemnify the purchasers of such portfolio investment or underwriters to the extent that any such representations and warranties or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, which might ultimately have to be funded by Shareholders.

**Litigation**: The Company's investment activities subject it to the risks of becoming involved in litigation or other disputes with third parties. The expense of prosecuting or defending any such disputes or paying any amounts pursuant to settlements or judgments will be borne by the Company and will reduce amounts available for distribution to Shareholders. The Adviser, its affiliates and others will be indemnified by the Company in connection with such disputes, subject to certain limitations.

In recent periods, partially as a result of certain high-profile defaults and bankruptcies, there also has been negative publicity relating to the private credit industry. Although none of the Company, the Adviser or Adams Street has been affected by those particular defaults and bankruptcies, such negative publicity, press speculation and market concerns may increase the risk of litigation, regulatory inquiry or other scrutiny involving private credit managers generally, including the Adviser and Adams Street, and may adversely affect the Company's borrower or investor relationships and fundraising efforts.

**Follow-On Investments**: The Company may be called upon to provide follow up funding for its portfolio investments or have the opportunity to increase its investment therein. There can be no assurance that the

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Company will wish to make follow-on investments or that the Company will have sufficient funds to do so. Any decision by the Company not to make follow on investments or its inability to make them may have a substantial negative impact on an issuer in need of such an investment, may diminish the Company's ability to influence such issuer's future development or may have a substantial negative impact on such issuer.

**Effect of Fees and Expenses on Returns:** The Company bears all expenses related to its operations and pays the Management Fee, the Incentive Fee, Expense Payments and any fees payable by the Company to third parties. The amount of such expenses and fees is expected to be substantial and will reduce the actual returns to Shareholders. The expenses and fees will be paid regardless of whether the Company produces positive investment returns. If the Company does not produce positive investment returns, expenses and fees will reduce the amount of the investment recovered by the Shareholders to an amount less than the amount invested in the Company by Shareholders.

**Public Disclosure Obligations**: The Company may be required to disclose confidential information relating to its portfolio investments and its financial results to third parties that may request such information if and to the extent required by U.S. or non-U.S. federal, state or local law or regulation applicable to the Company or to any of the investors, including those investors that are public agencies or governmental bodies. Such disclosure obligations may adversely affect the Company and its investments, in part because such disclosed information may be obtained by competitors of the Company and/or the Company's investments, as well as certain investors, particularly the investors who are not otherwise subject to public disclosure of information relating to the private holdings of funds in which such investors invest.

**Reliance on Reporting from Portfolio Companies**: The Adviser's ability to deliver accurate and timely reports, including delivery of K-1s or equivalent schedules, depends on the accuracy and timeliness of the reports received from the managers of the underlying investments. There can be no assurance that the Adviser will be able to provide tax reporting information on a timely basis because the Company's ability to provide such information will depend upon receipt of reporting from the underlying investments. Shareholders should therefore be prepared to obtain extensions of the filing dates for their applicable income tax returns.

**OID and PIK Instruments:** The Company's investments may include OID and PIK instruments. To the extent OID and PIK constitute a portion of the Company's income, the Company will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with U.S. GAAP and taxable income prior to receipt of cash, including the following:

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

&nbsp;&nbsp;&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;&nbsp;&nbsp;• For U.S. 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;&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; and

&nbsp;&nbsp;&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.

**Company May Not Realize Expected Returns:** The Company may not realize expected returns on the Company's investment in a portfolio company due to changes in the portfolio company's financial position or

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due to an acquisition of the portfolio company. If a portfolio company repays the Company's loans prior to their maturity, the Company may not receive the Company's expected returns on the Company's invested capital. Many of the Company's 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 the Company's commitment, the Company would not realize the Company's expected return. Similarly, in many cases companies will seek to restructure or repay their debt investments or buy the Company's other equity ownership positions as part of an acquisition or merger transaction, which may result in a repayment of debt or other reduction of the Company's investment.

**Strategic Investments:** The Company 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 the Company's counterparty, the Company's ability to obtain required approvals from the Board of Trustees, Shareholders and/or regulators, as well as any required financing (or the risk that these will be obtained subject to terms and conditions that are not anticipated). The announcement or consummation of any transaction also may adversely impact the Company's 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 the Company's 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 the Company's existing portfolio, could result in substantial expenses and the diversion of the Adviser's time, attention and resources from the Company's day-to-day operations.

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

**Failure to Obtain Licenses:**The Company 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. The Company cannot assure investors that the Company will maintain or obtain all of the licenses that the Company needs on a timely basis. The Company also is subject to various information and other requirements to maintain and obtain these licenses, and the Company cannot assure investors that the Company will satisfy those requirements. The Company's failure to maintain or obtain licenses that the Company requires, now or in the future, might restrict investment options and have other adverse consequences.

**Reserves:** The Company will establish reserves for investments by the Company, operating expenses of the Company (including the Management Fee), liabilities and other matters. Inadequate or excessive reserves could impair the investment returns to Shareholders. If reserves are inadequate, the Company may be unable to take advantage of attractive investment opportunities or may not be able to pay its liabilities or expenses as they come due. If reserves for liabilities or expenses are excessive, the Company may decline attractive investment opportunities.

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**Limited Due Diligence**: Pursuant to its investment strategy, the Company may acquire stakes in portfolio companies and acquire securities of issuers without direct discussions with the management of such portfolio companies or issuers. Therefore, the due diligence information on which the Company relies may be difficult to obtain, limited in scope or inaccurate. Further, the Company may invest in portfolio companies and issuers operating in countries where market and financial information is limited. Formal business plans, financial projections and market analyses may not be available. Public information on such potential portfolio companies may be difficult to obtain or verify. As a result of the foregoing, there can be no assurance that the Company will be able to detect or prevent potential or existing problems, such as irregular accounting, employee misconduct or other fraudulent practices, during the due diligence phase or during its efforts to monitor the portfolio investment on an ongoing basis. In the event of fraud by any portfolio company or any of its affiliates, the Company may suffer a partial or total loss of capital invested in that portfolio company.

**Expedited Due Diligence:** 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 the Company 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 the Company may incur liability as a result of such consultants' actions, many of whom the Company will have limited recourse against in the event of any such inaccuracies.

**Decline in Prices:** For reasons not necessarily attributable to any of the risks set forth herein (for example, supply/demand imbalances or other market forces), the prices of the debt instruments and other securities in which the Company will 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 will invest.

**Credit Support**: The Company may be required to make contingent funding capital commitments to issuers (or any subsidiaries thereof) and provide credit support for such obligations. Such credit support may take the form of a guarantee, a letter of credit or other forms of promise to provide funding. Such credit support may result in fees, expenses and interest costs to the Company, which could adversely affect the results of the Company.

**Holding Vehicles and Special Purpose Vehicles:** From time to time, the Adviser or its affiliates expect to establish one or more holding vehicles or special purpose vehicles beneath the Company to hold directly or indirectly one or more portfolio investments. Proceeds received by such holding vehicle or special purpose vehicle from one portfolio investment which it holds may be applied to satisfy obligations in respect of one or more other portfolio investments held by such holding vehicle. Proceeds are also permitted to be used to pay (directly or indirectly via the Company) the Company's obligations under any credit facilities (including the payment of principal, interest, fees and expenses related thereto), and thereafter such holding vehicle is permitted to re-borrow (directly or indirectly via the Company) to satisfy obligations in respect of the portfolio investment that generated such proceeds or one or more other portfolio investments.

**Currency Exposure and Cash Management**: The Company will be denominated in U.S. dollars, will make investments that are denominated in U.S. dollars and may make investments denominated in other currencies. Accordingly, the investment performance of the Company may be affected by currency exchange rate

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movements. In addition, liquidity may be affected by currency exchange rate movements to the extent such movement results in the Company committing more or less capital to underlying investments than investments from Shareholders. The Company is expected to incur costs in converting capital from one currency to another. Although the Company may enter into hedging transactions designed to reduce such currency risks, including utilizing the subscription-based credit facility, there can be no assurance that the Company will be able to do so successfully or cost-effectively, and the Company reserves the right to decide not to hedge against such risks. Finally, non-U.S. Shareholders will bear the risk of any currency fluctuations between each such Shareholder's investment denominated in U.S. dollars and such Shareholder's domestic currency. In addition, a Shareholder's investment returns may be adversely affected by such currency exchange fluctuations.

**Change of Law**: In addition to the risks regarding regulatory approvals, government counterparties or agencies may have the discretion to change or increase regulation with respect to the operations of underlying portfolio companies of the Company, or implement laws or regulations affecting an investment's operations, separate from any contractual rights it may have, or be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on investments. Governments have considerable discretion in implementing regulations, including, for example, the possible imposition or increase of taxes on income earned by investments or gains recognized by the Company or its underlying investments which could impact the ultimate returns of the Company.

**Certain Risks Associated with Fundraising**: There is no assurance that the Company's capital fundraising efforts will be within the Company's targeted range. If the aggregate investments are less than the target investments, the Company may make fewer investments than otherwise expected. In such a case, the Company's portfolio may be inconsistent with original targets and more concentrated than originally planned, potentially resulting in a portfolio that is less diversified by one or more of time, geography, strategy, manager and/or subclass.

**Certain Risks for ERISA and Other Plan Investors**: Employee benefit plans and accounts, including those subject to Title I of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), and Section 4975 of the Code (collectively, "**plans**"), may invest in the Company. Each plan should consider that neither the Company nor the Adviser is acting, or will act, as a fiduciary to any plan with respect to its decision to acquire or hold Shares. Fiduciaries of plans considering investing in the Company should make their own determinations, in consultation with their advisors, as to the prudence of an investment in the Company in light of the investments that the Company intends to make pursuant to its strategy and the limitations on the marketability of Shares. By making an investment in the Company, the authorizing plan fiduciaries acknowledge and agree that the investment policies and procedures described herein and the Organizational Documents and the Subscription Agreement will govern (even if they conflict with any investment policy or governing instrument applicable to the plan). In considering an investment in the Company, the fiduciaries of a plan should carefully review the plan documents and other facts and circumstances applicable to that plan to make certain that they have the authority to make an investment in the Company under the appropriate plan investment policies and governing instruments. In determining whether to invest in the Company, the fiduciaries of a plan should consider, as applicable, provisions in ERISA or other similar law regarding delegation of control over or responsibility for "plan assets," and the prohibited transaction provisions of ERISA, the Code or other applicable similar law, which prohibit plans from engaging in specified transactions involving "plan assets." Violation of the requirements could result in liability for breach of fiduciary duty, disqualification from future fiduciary service, excise taxes and other adverse consequences to the plan fiduciaries.

**Unfunded Pension Liabilities of Portfolio Companies:**In at least one circuit, a court found that, in certain circumstances, an investment fund could be treated as a "trade or business" for purposes of determining pension liability under ERISA. Therefore, where an investment fund owns 80% or more (or, possibly, under certain circumstances, less than 80%) of a portfolio company, such fund (and any other 80%-owned portfolio companies of such investment fund) might be found liable for certain pension liabilities of

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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 will invest. 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 Registration Statement, which may change in the future as the case law and guidance develops.

**Non-U.S. Investments**: The Company may invest up to 30% of its portfolio in non-qualifying assets, including companies domiciled in Europe and other countries outside of the United States. Investing in non-U.S. securities may involve substantially greater risks than investing in U.S. securities, including risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which the Company's non-U.S. investments are denominated, and costs associated with conversion of investment principal and income from one currency to another; (ii) differences between the U.S. and non-U.S. securities markets, including potential price volatility in and relative illiquidity of some non-U.S. securities markets; (iii) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements, and differences in government supervision and regulation; (iv) certain economic and political risks, including potential exchange control regulations, potential restrictions on foreign investments and repatriation of capital and the risks associated with political, economic or social instability, diplomatic developments, and the possibility of expropriation or confiscatory taxation; and (v) the possible imposition of non-U.S. taxes on income and gains recognized with respect to such securities. While the Adviser will take these factors into consideration in making investment decisions for the Company and intends to manage the Company in a manner to mitigate exposure to the foregoing risks, there can be no assurance that the Adviser will be able to evaluate the risks accurately or that adverse developments with respect to such risks will not adversely affect the value or realization of investments that are held in certain countries.

**Difficulty of Bringing Suit or Foreclosure**: Because the effectiveness of the judicial systems in certain countries in which the Company may invest varies, the Company (or any issuer) may have difficulty in foreclosing or successfully pursuing claims in the courts of such countries, as compared to other countries. Further, to the extent that the Company or an issuer may obtain a judgment but is required to seek its enforcement in the courts of one of these countries in which the Company invests, there can be no assurance that such courts will enforce such judgment. The laws of other countries lack the sophistication and consistency found in the United States with respect to foreclosure, bankruptcy, corporate reorganization and creditors' rights.

**European Union Uncertainty**: The UK ceased to be a member of the EU on January 31, 2020 ("**Brexit**") and left the EU Customs Union and Single Market on December 31, 2020. On January 1, 2021, EU laws ceased to apply in the UK and the free trade agreement agreed between the UK and EU came into force. Many EU laws were assimilated into UK law, and these assimilated laws continue to apply until such time that they are repealed, replaced or amended. The UK government has enacted legislation that will repeal, replace or otherwise make substantial amendments to EU laws that currently apply in the UK. The UK and the EU put in place a memorandum of understanding to establish a framework for regulatory cooperation on financial services on June 27, 2023. However, there is still uncertainty concerning many aspects of the UK's legal and economic relationship with the EU, including in relation to the provision of cross-border services. The potential effects on UK businesses of leaving the single market and customs union are currently unclear and may remain so for a considerable period. It is not possible to ascertain the precise impact that Brexit may have but any such impact may have an adverse effect on the UK, the EU and wider global economy and also on the ability of the Company and its underlying investments to execute their respective strategies and to achieve attractive returns. The future application of EU-based legislation to the private fund industry in the UK and the EU will ultimately depend on how the UK renegotiates the regulation of the provision of financial services within and to persons in the EU. There can be no assurance that any renegotiated terms or regulations will not have an adverse impact on the Company and its investments, including the ability of the Company to achieve its investment objectives. Brexit may result in significant market dislocation, heightened counterparty risk, an adverse effect on the management

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of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the ability of Adams Street and its affiliates to manage, operate and invest the Company and increased legal, regulatory or compliance burden for Adams Street, its affiliates and/or the Company, each of which may have a negative impact on the operations, financial condition, returns or prospects of the Company.

**Environmental, Social and Corporate Governance ("ESG") Considerations:** When making investment decisions, the Adviser generally assesses, as relevant, the ESG-related factors which could cause an actual or potential material negative impact and that are relevant to the companies in which the Company will invest. Further, the Adviser generally conducts post-investment monitoring on all directly or indirectly held portfolio companies. However, the Company's investment strategy is not specifically intended to promote specific sustainable investment objectives or ESG characteristics. The Adviser's ESG assessments are subject to the availability of information, and there can be no guarantee that the Adviser will have access to sufficient information to make fully informed decisions. Further, to the extent that the Company makes investments that could be considered to have positive ESG characteristics, such characteristics are considered supplemental to the Company's investment objective. There can be no guarantee that the Company's investments will have a positive impact, or avoid a negative impact, on ESG-related factors.

**Transfer and Reuse of Assets**: No restrictions have been imposed by the Company on the transfer and reuse or rehypothecation arrangements that the Company may employ as a means of reducing the cost of any financing provided by a counterparty to the Company.

**High Risk Asset Class**: Private markets investments, whether made directly into portfolio companies or indirectly via investment funds or CLOs, are high-risk and subject to partial or total losses.

**Reliance Upon Due Diligence Information from Portfolio Companies**: The Adviser will conduct due diligence on investment opportunities. The Adviser expects to use outside consultants, legal advisers and accountants to varying degrees depending on the type of investment. Nevertheless, when conducting due diligence, the Adviser will be required to rely on resources available, including information provided by such potential investment (often on a non-reliance basis) and, where such potential investment is relatively young, some due diligence may be subjective. Therefore, there can be no assurance that the due diligence investigations undertaken by the Adviser will reveal or highlight all relevant facts that may be necessary or helpful in evaluating a particular investment opportunity and there can be no assurance that such due diligence will result in an investment being successful.

**Market Conditions and Governmental Actions:** World financial markets can experience extraordinary market conditions, including, among other things, bank failures, extreme losses and volatility in securities markets and the failure of credit markets to function. In reaction to events such as these, regulators and monetary authorities in the United States and several other countries may undertake significant unprecedented regulatory and monetary actions, and regulators in the United States and abroad may continue to consider and implement measures to maintain the stability and the safety of U.S. and global financial markets. However, U.S. and global financial markets remain volatile. The Company may be adversely affected by the foregoing events, or by similar or other events in the future. In the longer term, there may be significant new regulatory actions and other events that could limit the Company's activities and portfolio investment opportunities or change the functioning of the capital markets, and there is the possibility of a severe worldwide economic downturn. Consequently, the Company may not be capable of, or successful at, preserving the value of its assets, generating positive investment returns or effectively managing risks.

**Risks Related to Business Development Companies** 

**Changes in Law:** The Company and the Company's portfolio companies will be subject to regulation at the local, state, and federal levels. Changes to the laws and regulations governing the Company's permitted

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investments may require a change to the Company's investment strategy. Such changes could differ materially from the Company's strategies and plans as set forth in this Registration Statement and may shift the Company's investment focus from the areas of expertise of the Adviser. Thus, any such changes, if they occur, could have a material adverse effect on the Company's results of operations and the value of an investment in the Company.

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

**Risks Relating to Qualifying Assets:** As a BDC, the 1940 Act prohibits the Company 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 the Company's total assets are Qualifying Assets. In addition, in order to qualify as a RIC for U.S. federal income tax purposes, the Company will be required to satisfy certain source-of-income, diversification and distribution requirements. Therefore, the Company may be precluded from investing in what the Company believes are attractive investments if such investments are not Qualifying Assets, or if necessary to maintain its status as a RIC. Conversely, if the Company fails to invest a sufficient portion of the Company's assets in Qualifying Assets, the Company could lose the Company's status as a BDC, which would have a material adverse effect on the Company's business, financial condition and results of operations. Similarly, these rules could prevent the Company from making additional investments in existing portfolio companies, which could result in the dilution of the Company's position, or could require the Company to dispose of investments at an inopportune time to comply with the 1940 Act. If the Company 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.

**Failure to Maintain BDC Status:** If the Company does not remain a BDC, the Company might be regulated as a closed-end investment company under the 1940 Act, which would subject the Company to substantially more regulatory restrictions and correspondingly decrease the Company's operating flexibility. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against the Company and/or expose the Company to claims of private litigants. In addition, any such failure could cause an event of default under the Company's future outstanding indebtedness, which could have a material adverse effect on the Company's business, financial condition or results of operations.

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

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For U.S. federal income tax purposes, the Company is required to recognize taxable income (such as deferred interest that is accrued as OID) in some circumstances in which the Company does not receive a corresponding payment in cash and to make distributions with respect to such income to maintain the Company's status as a RIC. Under such circumstances, the Company 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 the Company is required to pay an Incentive Fee with respect to such accrued income. As a result, the Company may have to sell some of the Company's investments at times and/or at prices the Company would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If the Company is not able to obtain cash from other sources, the Company may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

The Company may borrow to fund investments. If the value of the Company's assets declines, the Company may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit the Company from paying distributions and could prevent the Company 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 the Company cannot satisfy the asset coverage test, the Company may be required to sell a portion of the Company's investments and, depending on the nature of the Company's debt financing, repay a portion of the Company's indebtedness at a time when such sales may be disadvantageous.

In addition, the Company anticipates that as market conditions permit, the Company may securitize the Company's loans to generate cash for funding new investments. To securitize loans, the Company may create a 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. The Company would retain all or a portion of the equity in the securitized pool of loans. The Company's 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. The term "subsidiary" includes entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. Further, the Company will treat a subsidiary's assets as assets of the Company for purposes of determining compliance with various provisions of the 1940 Act applicable to the Company, including those relating to investment policies (Section 8), capital structure and leverage (Sections 18 and 61) and affiliated transactions and custody (Sections 17 and 57). The Company would generally expect to consolidate any such subsidiary for purposes of the Company's financial statements and compliance with the 1940 Act. In addition, the Board of Trustees will comply with the provisions of Section 15 of the 1940 Act with respect to a subsidiary's investment advisory contract, if applicable.

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

**Asset Coverage Requirements:** The Company is permitted to 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. The Company obtained the approval of its initial Shareholder of a proposal to reduce the asset coverage ratio to 150%; therefore, the asset coverage ratio applicable to the Company's senior securities is 150%.

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

**Risks Related to the Company's Shares** 

**High Degree of Risk:** The investments the Company makes in accordance with the Company's investment objective may result in a higher amount of risk than alternative investment options, including volatility or loss of principal. The Company's investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in the Shares may not be suitable for someone with lower risk tolerance.

**Sales of Shares**: Shareholders will not have preemptive rights to purchase any Shares the Company issues in the future. The Declaration of Trust authorizes the Company to issue an indefinite number of Shares. To the extent the Company issues additional Shares at or below NAV, a Shareholder's percentage ownership interest in the Company may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of the Company's investments, Shareholders may also experience dilution in the book value and fair value of their Shares.

Pursuant to the 1940 Act, the Company is generally prohibited from issuing or selling its Shares at a price below NAV per Share, which may be a disadvantage as compared with certain public companies. The Company may, however, sell Shares, or warrants, options, or rights to acquire Shares, at a price below the current NAV of the Shares if the Board, including a majority of the Independent Trustees, determines that such sale is in the Company's best interests and the best interests of its Shareholders, and the Shareholders, including a majority of those Shareholders that are not affiliated with the Company, approve such sale. In any such case, the price at which the Company's 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 the Company raises additional funds by issuing Shares or securities convertible into, or exchangeable for, Shares, then the percentage ownership of the Shareholders at that time will decrease and Shareholders will experience dilution. Depending on the terms and pricing of such offerings and the value of the Company's investments, Shareholders may also experience dilution in the NAV and fair value of their Shares.

**Limited Liquidity:** The Shares are illiquid investments for which there is not a secondary market nor is it expected that any secondary market will develop in the future. The offering of the Shares will not be registered under the 1933 Act, nor will the Shares be readily transferable, if at all. Pursuant to the terms of the Subscription Agreement, Shareholders generally may not directly, indirectly or synthetically sell, assign, transfer, pledge or otherwise encumber or dispose of their Shares (a "**Transfer**") without prior written consent of the Adviser, which the Adviser may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, Shareholders will not be entitled to redeem their Shares. Shareholders must be prepared to bear the economic risk of an investment in the Company for an extended period of time. While the Company may consider a liquidity event at any time in the future, the Company currently does not intend to list its Shares on a national securities exchange or undertake another liquidity event, and the Company is not obligated by the Declaration of Trust or otherwise to effect a liquidity event at any time.

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The Company anticipates that liquidity for a Shareholder's Shares will be limited to participation in a Share repurchase program. At the discretion of the Board, and beginning no later than 12 months following the date on which unaffiliated investors first purchase Shares, the Company intends to commence the Share repurchase program. The Board of Trustees may not approve Share repurchases, and any approval is in the Board's discretion. In addition, under the Share repurchase program, if implemented, the Company will have discretion to not repurchase Shares, to suspend or amend the program, and to cease repurchases. Shareholders may not be able to sell their Shares at all in the event the Board of Trustees amends, suspends or terminates the Share repurchase program absent a liquidity event, and the Company currently does not intend to undertake a liquidity event, and is not obligated by the Declaration of Trust or otherwise to effect a liquidity event at any time. The Company will notify Shareholders of such developments: (i) in its quarterly reports or (ii) by means of a separate mailing, accompanied by disclosure in a current or periodic report under the 1934 Act.

The Share repurchase program may not be for a sufficient number of Shares to meet a Shareholder's request for Share repurchases and the Company has no obligation to maintain such program. In addition, in any repurchase offer, if the amount requested to be repurchased in any repurchase offer exceeds the repurchase offer amount (which the Company intends to limit to no more than 5% of Shares outstanding as of the close of the previous calendar quarter), repurchases of Shares would generally be made on a pro rata basis (based on the number of such Shares put to the Company for repurchases), not on a first-come, first-served basis. Further, the Company will have no obligation to repurchase Shares if the repurchase would violate the restrictions on distributions under federal law or Delaware law or result in non-compliance with applicable covenants and restrictions under the Company's financing arrangements and other regulatory restrictions. These limits may prevent the Company from accommodating all repurchase requests made in any quarter.

In addition, if the Company offers, and a Shareholder chooses to participate in, a Share repurchase program, such Shareholder will be required to provide the Company with notice of intent to participate prior to knowing what the NAV per Share will be on the repurchase date. Although the Company expects to offer a Shareholder the ability to withdraw a repurchase request prior to the repurchase date, to the extent a Shareholder seeks to sell Shares to the Company as part of a Share repurchase program, the Shareholder will be required to do so without knowledge of what the repurchase price of the Shares will be on the repurchase date.

**Distributions:** Subject to the Board of Trustees' discretion and applicable legal restrictions, the Board of Trustees intends to authorize, and the Company intends to declare, cash distributions on a monthly basis and pay such distributions on a monthly basis. The Company expects to pay distributions out of assets legally available for distribution. However, the Company cannot assure Shareholders that the Company will achieve investment results that will allow the Company to make a consistent level of cash distributions or year-to-year increases in cash distributions. The Company's 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 the Company as a BDC may limit the Company's ability to pay distributions. Distributions from offering proceeds also could reduce the amount of capital the Company ultimately invests in debt or equity securities of portfolio companies. All distributions will be paid at the discretion of the Board of Trustees and will depend on the Company's earnings, the Company's financial condition, maintenance of the Company's RIC status, compliance with applicable BDC regulations and Delaware law and such other factors as the Board of Trustees may deem relevant from time to time. There can be no assurance that the Company will pay distributions to the Shareholders in the future.

**Amendment of Declaration of Trust without Shareholder Approval**: The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board of Trustees (including a majority of the Independent Trustees, if required by the 1940 Act) and without the approval of the Shareholders unless the approval of Shareholders is required under the 1940 Act. 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, the Board of Trustees 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

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Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust, including without limitation to classify the Board of Trustees 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.

**Anti-Takeover Provisions**: The 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 the Company, which attempts could have the effect of increasing the expenses of the Company and interfering with the normal operation of the Company. The Company is not required to hold annual meetings for the election of the Trustees, Trustees may be removed from office only with cause and Shares are not transferable without the consent of the Adviser. In addition, the Board may, without Shareholder action, authorize the issuance of Shares in one or more classes or series, including shares of preferred shares. The Board also has the exclusive power to alter, amend or repeal the By-Laws. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of Shares the opportunity to realize a premium over the value of Shares.

**Fluctuations in NAV:** The NAV of the Shares may be significantly affected by numerous factors, some of which are beyond the Company's control and may not be directly related to the Company's operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of the Company's 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;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions that exceed the Company's net investment income and net income as reported according to U.S.
GAAP;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of the Company's investments;

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

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

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

**Distribution Reinvestment Plan:** All dividends declared in cash payable to Shareholders will generally be automatically reinvested in Shares, unless otherwise elected by the Shareholder. As a result, Shareholders that do not elect to reinvest their dividends will experience dilution over time.

**Preferred Shares or Convertible Debt Securities:** The Company cannot assure Shareholders that the issuance of preferred shares, such as the Series A Preferred Shares, and/or convertible debt securities would result in a higher yield or return to Shareholders. The issuance of preferred shares, debt securities or convertible debt would likely cause the NAV of the 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 the Company's investment portfolio, the benefit of such leverage to 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 the Company's portfolio, the use of leverage would result in a lower rate of return to the holders of Shares than if the Company had not issued the preferred shares or convertible debt securities. Any decline in the NAV of the Company's investment would be borne entirely by Shareholders. Therefore, if the market value of

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the Company's portfolio were to decline, the leverage would result in a greater decrease in NAV to Shareholders than if the Company 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 the Shares.

There is also a risk that, in the event of a sharp decline in the value of the Company's net assets, the Company would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred shares or convertible debt, or the Company's 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, the Company 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, the Company would pay (and 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 holders of Shares and may at times have disproportionate influence over the Company's affairs.

**Preferred Offering:** Series A Preferred Shares issued by the Company pursuant to the Preferred Offering rank senior to all classes or series of Shares and will rank on parity with any other class or series of preferred shares created in the future, with respect to dividend and redemption rights and rights upon liquidation, dissolution or winding up of the Company. As required by the 1940 Act, the Preferred Shareholders issued pursuant to the Preferred Offering are entitled as a class to elect two (2) members of the Board of Trustees at all times and to elect a majority of the members of the Board of 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 changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declaration and payment of distributions or dividends, as applicable, to the Preferred Shareholders, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Company's ability to maintain the Company's tax treatment as a RIC for U.S. federal income tax purposes. The Series A Preferred Shares carry a dividend rate of 12.0% per annum of the liquidation preference ($3,000.00) and, therefore, the Company's ability to pay dividends on Shares may be impaired by the Company's obligations to the Preferred Shareholders.

**Additional Preferred Shares with Rights and Preferences Adverse to Shareholders:** Under the terms of the Company's Declaration of Trust, the Board of Trustees 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 changes in fundamental investment restrictions 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 Shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, if any, might impair the Company's ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.

**Conflicting Interests of Shareholders:** 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

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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.

**Choice of Law/Forum Selection:** The Declaration of Trust provides that, to the fullest extent permitted by law, the sole and exclusive forum for any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Company, the Delaware Statutory Trust Act or the Declaration of Trust (including any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust, (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Board, or of officers or the Board to the Company, to the Shareholders or each other, (C) the rights or powers of, or restrictions on, the Company, the officers, the Board or the Shareholders, (D) any provision of the Delaware 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 Delaware Statutory Trust Act, (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act or the Declaration of Trust relating in any way to the Company or (F) the U.S. federal securities laws, including 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 each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction.

The Declaration of Trust also includes an irrevocable waiver of the right to trial by jury in all such claims, suits, actions or proceedings. Any person purchasing or otherwise acquiring any of the Shares shall be deemed to have notice of and to have consented to these provisions of the Declaration of Trust. These provisions may limit a Shareholder's ability to bring a claim in a judicial forum or in a manner that it finds favorable for disputes with the Company or the Company's Trustees or officers, which may discourage such lawsuits. Alternatively, if a court were to find the exclusive forum provision or the jury trial waiver provision to be inapplicable or unenforceable in an action, the Company may incur additional costs associated with resolving such action in other jurisdiction or in other manners, which could have a material adverse effect on the Company's business, financial condition and results of operations.

Notwithstanding any of the foregoing, neither the Company nor any of its investors are permitted to waive compliance with any provision of the U.S. federal securities laws or state securities laws and the rules and regulations promulgated thereunder.

**Certain Conflicts of Interest** 

**The Ability of the Adviser to Manage and Support the Company's Investment Process**: The Company does not have any employees. Additionally, the Company has no internal management capacity other than the Company's appointed executive officers and is dependent upon the investment expertise, skill and network of business contacts of the Adviser and Adams Street to achieve the Company's investment objective. The Adviser evaluates, negotiates, structures, executes, monitors and services the Company's investments. The Company's success will depend to a significant extent on the continued service and coordination of the Adviser, including its and its affiliates' key professionals. See "*Dependence on Key Personnel*." The Adviser also will depend upon investment professionals to obtain access to deal flow generated by Adams Street.

The Company's ability to achieve the Company's investment objective also will depend on the ability of the Adviser to identify, analyze, invest in, finance, and monitor companies that meet the Company's investment

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criteria. Adams Street establishes internal investment portfolio construction criteria, targets, limits and guidelines ("**Investment Guidelines**") for each of its mandates, certain of which are proprietary and not disclosed herein. Such Investment Guidelines are subject to change at Adams Street's discretion, based on Adams Street's view of the market, investment opportunities and expected future changes. Such Investment Guidelines are permitted to limit the timing, amount or type of investments made by the Company and there can be no guarantee that such Investment Guidelines will result in better performance than a portfolio not subject to such Investment Guidelines.

The Adviser's capabilities in structuring the investment process and providing competent, attentive and efficient services to the Company will depend on the involvement of investment professionals of adequate number and sophistication to match the corresponding flow of transactions. To achieve the Company's investment objective, the Adviser may need to retain, hire, train, supervise, and manage new investment professionals to participate in the Company's 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 the Company's business, financial condition and results of operations. The Adviser also may be called upon to provide managerial assistance to the Company's portfolio companies. These demands on their time, which will increase as the number of investments grows, may distract them or slow the rate of investment.

In addition, the Adviser depends on its relationships with corporations, financial institutions and investment firms, and the Company will rely to a significant extent upon these relationships to provide the Company with potential investment opportunities. Adams Street has long-term relationships with a significant number of private markets sponsors, issuers and their respective senior management. Adams Street also has relationships with numerous investors, including institutional investors and their senior management. The existence and development of these relationships may influence whether Adams Street undertakes a particular portfolio investment on behalf of the Company and, if so, the form and level of such portfolio investment. Similarly, Adams Street may take the existence and development of such relationships into consideration in its management of the Company and its portfolio investments. Without limiting the generality of the foregoing, there may, for example, be certain strategies involving the management or realization of particular portfolio investments that Adams Street will not employ, or actions Adams Street will not take, on behalf of the Company in light of these relationships. If the Adviser fails to maintain its existing relationships or develop new relationships or sources of investment opportunities, the Company may not be able to grow the Company's investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide the Company with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for the Company.

**Work on Other Projects; Allocation of Personnel:** Investment professionals and employees of Adams Street or its affiliates will devote such time as they deem necessary to conduct in an appropriate manner their business affairs and properly carry out the Company's strategy. However, other investment activities and ASP Entities are likely to require such investment professionals and employees to devote substantial amounts of their time to matters unrelated to the Company. Employees of affiliates of the Adviser may also serve as Trustees, or otherwise be associated with, companies that are competitors of businesses in which the Company will invest. 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, Adams Street 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 Adams Street may, from time to time, 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 the Company's interests, but, because Adams Street will generally have made a significant investment in such business, it is expected that such interests will generally be aligned.

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**Allocation of Investment Opportunities:** The Adviser and its affiliates will, from time to time, manage assets for funds and accounts other than the Company—including the ASP Entities. 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 ASP Entities could conflict with the transactions and strategies employed by the Adviser in managing the Company 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 ASP Entities that differ from advice given to, or investment recommendations made to, the Company, even though their investment objective may be the same or similar to the Company's. Other ASP Entities, whether now existing or created in the future, could compete with the Company for the purchase and sale of investments.

With respect to the allocation of investment opportunities among the Company and other ASP Entities, the Adviser's ability to recommend such opportunities to the Company may be restricted by applicable laws or regulatory requirements (including the 1940 Act), and the Adviser will allocate investment opportunities and realization opportunities between the Company and other ASP Entities in a manner that is consistent with the 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 the Company. The allocation of investment opportunities among the Company and other ASP Entities 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. See "*Item 7. Certain Relationships and Related Transactions and Trustee Independence — Policies and Procedures for Managing Conflicts*."

To the extent the Company and such other ASP Entities invest in the same portfolio investments, actions taken by the Adviser or its affiliates on behalf of such other ASP Entities may be adverse to the Company and the Company's investments, which could harm the Company's performance. For example, the Company may invest in the same credit obligations, although, to the extent permitted under the 1940 Act, the Company's 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 the Company's portfolio may benefit such ASP Entities. On the other hand, such ASP Entities may pursue or enforce rights with respect to one of the Company's portfolio companies, and those activities may have an adverse effect on the Company. As a result, prices, availability, liquidity and terms of the Company's investments may be negatively impacted by the activities of such ASP Entities, and transactions for the Company 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 the Company. The Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts.

**Investments Alongside Affiliates**: The Company is prohibited under the 1940 Act from participating in certain transactions with certain of the Company's affiliates without the prior approval of a majority of the Company's Independent Trustees and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Company's outstanding voting securities is the Company's affiliate for purposes of the 1940 Act, and the Company 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 of Trustees and, in some cases, the SEC. The 1940 Act also prohibits certain "joint" transactions with certain of the Company's affiliates, including other ASP Entities, 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 of Trustees and, in some cases, the SEC. If a person acquires more than 25% of the Company's voting securities,

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the Company is 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 the Company's ability to transact business with the Company's officers or Trustees or their affiliates or anyone who is under common control with the Company. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, the Company 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 the Company.

The Company and certain of its affiliates have received exemptive relief from the SEC that the Company intends to rely on to permit the Company to co-invest with other ASP Entities in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Company generally expects to be permitted to co-invest with certain of its affiliates pursuant to the conditions of the 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 an existing or future investment fund or account managed by Adams Street or any of its affiliates has a pre-existing investment in an issuer in which we and such other investment funds or accounts will co-invest, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board of Trustees is 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 and do not involve overreaching of the Company or Shareholders on the part of any person concerned; (ii) the proposed transaction is consistent with the interests of the Shareholders and the Company's policy as recited in filings made by the Company with the SEC and its reports to Shareholders; and (iii) the Board of Trustees records in its minutes and preserves in its records a description of the transaction, its findings, the information or materials upon which its findings were based, and the basis for its findings.

In addition to co-investing pursuant to the exemptive relief, the Company may invest alongside affiliates or their affiliates in certain circumstances where doing so is consistent with applicable law and current regulatory guidance. For example, the Company may invest alongside such investors consistent with guidance promulgated by the SEC staff permitting the Company and an affiliated person to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that the Company negotiates no terms other than price. The Company may, in certain cases, also make investments in securities owned by affiliates that the Company acquires from non-affiliates. In such circumstances, the Company's 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, the Company may realize a loss on such investments that might have been prevented or reduced had the Company not been restricted in participating in such restructuring or other transaction.

In situations when co-investment with other ASP Entities 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 the Company by the SEC, the Adviser will need to decide which ASP Entity or ASP Entities will proceed with the investment. Generally, the Company will not be entitled to make a co-investment in these circumstances and, to the extent that another ASP Entity elects to proceed with the investment, the Company will not be permitted to participate. Moreover, except in certain circumstances, the Company will not invest in any issuer in which another ASP Entity holds a controlling interest.

**Incentive Fee Structure**: The Incentive Fee payable by the Company to the Adviser may create an incentive for the Adviser to make investments on the Company's 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 the Company, which allow

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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 the Company's investment portfolio.

The "catch-up" portion of the Incentive Fee may encourage the 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.

The Company may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent the Company so invests, bear the Company's ratable share of any such investment company's expenses, including management and performance fees. The Company also remains obligated to pay Management Fees and Incentive Fees to the Adviser with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each Shareholder bears its share of the Management Fees and Incentive Fees of the Adviser and indirectly bears the management and performance fees and other expenses of any investment companies in which the Company invests.

**Obligation to Pay Incentive Fee**: The Investment Income Incentive Fee payable by the Company to the Adviser is calculated based on the Company's Pre-Incentive Fee Net Investment Income regardless of any capital losses. In such case, the Company may be required to pay the Adviser an Investment Income Incentive Fee for a fiscal quarter even if there is a decline in the value of the Company's portfolio or if the Company incurs a net loss for that quarter.

The portion of the Incentive Fee payable by the Company that relates to Pre-Incentive Fee Net Investment Income (i.e., the Investment Income Incentive Fee) may be computed and paid on PIK income. PIK income will be included in the Pre-Incentive Fee Net Investment Income used to calculate the Investment Income Incentive Fee to the Adviser even though the Company does 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 Investment Income Incentive Fee will become uncollectible. The Adviser will not be obligated to reimburse the Company for any part of the Investment Income Incentive Fee it received that was based on accrued interest income that the Company never received as a result of a subsequent default.

The quarterly Investment Income Incentive Fee 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 Hurdle, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods. It is therefore possible for the Adviser to receive an Investment Income Incentive Fee even where the overall performance of the Company (and/or the overall performance of one or more Shareholders' investments therein) has been negative.

For federal income tax purposes, the Company may be required to recognize taxable income in some circumstances in which the Company does not receive a corresponding payment in cash and to make distributions with respect to such income to maintain the Company's tax treatment as a RIC and/or minimize corporate-level U.S. federal income or excise tax. Under such circumstances, the Company 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 the Company is required to pay the Investment Income Incentive Fee with respect to such accrued income. As a result, the Company may have to sell some of the Company's investments at times and/or at prices the Company would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If the Company is not able to obtain cash from other sources, the Company may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

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**Conflicts Regarding 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 the Company's transactions. Certain advisors and other service providers, or their affiliates (including accountants, administrators, lenders, bankers, brokers, attorneys, consultants, investment or commercial banking firms and certain other advisors and agents), to the Company or its direct or indirect portfolio companies also are expected to provide goods or services to or have business, personal, political, financial or other relationships with the Adviser and its affiliates. Such advisors and service providers may be Shareholders, affiliates of the Adviser, sources of investment opportunities or co-investors or counterparties therewith, to the extent permitted by law. Subject to the oversight of the Board, these relationships have the potential to influence the Adviser in deciding whether to select or recommend such a service provider to perform services for the Company or a portfolio company (the cost of which will generally be borne directly or indirectly by the Company or such portfolio company, as applicable).

In connection with engaging service providers, 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 the Company, 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 the Company has made an investment that the business contract for services with (i) the Adviser or a related person of the Adviser (which may include a business in which the Company has 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 the Adviser makes with respect to the Company.

Although the Adviser and its affiliates select service providers that it believes are aligned with the Company's operational strategies and will enhance portfolio company performance and, relatedly, the Company's returns, the Adviser has a potential incentive to make recommendations because of its or its affiliates' financial or other business interests. In certain circumstances, advisors and service providers, or their affiliates, may charge different rates or have different arrangements for services provided to the Adviser or its affiliates as compared to services provided to the Company and its portfolio companies, which may result in more favorable rates or arrangements than those payable by the Company or its portfolio companies. 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.

**Restrictions Associated with Material Non-Public Information**: The Company, directly or through the Adviser or its affiliates, may obtain confidential information about the companies in which the Company invests or may invest or be deemed to have such confidential information. The Adviser or its affiliates, including their investment personnel, may come into possession of material, non-public information through their members, officers, directors, employees, principals or affiliates. The possession of such information may, to the Company's detriment, limit the ability of the Company, the Adviser and Adams Street to initiate certain transactions or otherwise participate in an investment opportunity. In certain circumstances, employees of Adams Street may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict the Company's ability to trade in the securities of such portfolio companies. For example, if personnel of the Adviser or an affiliate were to come into possession of material non-public information with respect to the Company's investments, such personnel will be restricted by the Adviser's and its affiliates' information-sharing

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policies and procedures or by law or contract from sharing such information with the Company's management team, even where the disclosure of such information would be in the Company's 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 Adviser's ability to enter into or exit from potentially profitable investments for the Company, which could have an adverse effect on the Company's results of operations. Accordingly, there can be no assurance that the Company will be able to fully leverage the resources and industry expertise of the Adviser and its affiliates in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with the Adviser or its affiliates will be precluded from providing services to the Company because of certain confidential information available to those individuals or to other parts of the Adviser or its affiliates.

**Investments That May Give Rise to Conflicts**: The Company does 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 the Company's portfolio companies. If the Adviser or an affiliate's other client, or clients, gains control over one of the Company's portfolio companies, it may create conflicts of interest and may subject the Company to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions the Adviser may be unable to implement the Company's investment strategies as effectively as it 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, the Company may forgo 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 the Company as a result of such transactions, the Company's interests may not be aligned.

**Recommendations of the Adviser:** The Adviser and its affiliates may, from time to time, give advice and recommend securities to other ASP Entities which may differ from advice given to, or securities recommended or bought for, the Company even though such other ASP Entities' investment objectives may be similar to the Company's, which could have an adverse effect on the Company's business, financial condition and results of operations.

**Indemnification of the Adviser:** The Adviser does not assume any responsibility to the Company other than to render the services described in the Investment Advisory Agreement, and will not be responsible for any action of the Board of Trustees in declining to follow the Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, the Indemnified Parties will not be liable to the Company for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith or gross negligence in the performance of their duties. The Company has also agreed to indemnify, defend and protect the Indemnified Parties 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 Sections 17(i) and 17(h) of the 1940 Act, neither the Adviser nor any of its affiliates, directors, officers, members, employees, agents, or representatives may be protected against any liability to the Company or the Company's investors to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties involved in the conduct of its office. These protections may lead the Adviser to act in a riskier manner when acting on the Company's behalf than it would when acting for its own account.

**Employee Investments**: Employees of Adams Street, including members of the Private Credit Team, are permitted to invest, and at times will invest significantly, in ASP Entities, including the Company. Such investments can operate to align the interests of Adams Street and its employees with the interests of the ASP Entities and their investors, but will also give rise to conflicts of interest as such employees can have an incentive to favor the ASP Entities in which they participate or from which they are otherwise entitled to share in returns or fees or carried interest. Further, from time to time, employees of Adams Street, 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 Adams Street directs for an ASP Entity, including the Company.

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**Pay-to-Play Laws, Regulations and Policies**: 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 investment adviser or certain of its executives or employees contributes 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, the Company.

**Potential Merger:**The Adviser may in the future recommend to the Board of Trustees that the Company merge with or acquire all or substantially all of the assets of one or more funds, including another BDC and/or another ASP Entity. The Company does 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 the Company and the Shareholders, with such determination dependent on factors it deems relevant, which may include the Company's 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 directors or trustees, as the case may be, and 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 the Company 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.

**Certain Other Conflicts of Interest:** Investment professionals (or their affiliates) of certain third-party private market funds may invest for their own accounts in the Company and it is possible that the Company may make an investment in a fund sponsored by such investment professional's firm.

It is possible that, in the future, Adams Street may develop new businesses providing investment banking, advisory, broker/dealer, and other services to corporations, financial sponsors, management, or other persons. Such services may relate to transactions that could give rise to investment opportunities that are suitable for the Company; however, the nature of the engagement may preclude the Company from participating in such investment opportunities.

In the event that Adams Street provides services to third parties, it may not take into consideration the interests of the Company or the Company's underlying investments. The expansion of Adams Street's services in this manner would present additional conflicts of interest.

Policies and procedures implemented by Adams Street from time to time intended to mitigate conflicts of interest or to address certain regulatory requirements or contractual restrictions may reduce the synergies across Adams Street's areas of operations or expertise which the Company expects to draw upon to pursue investment opportunities. Because Adams Street manages other ASP Entities, Adams Street may be subject to regulatory and contractual restrictions that it might not otherwise be subject to if it were only managing the Company.

**Federal Income Tax Risks** 

**Corporate Tax**: To qualify for and maintain RIC tax treatment under the Code, the Company must meet the following annual distribution, income source and asset diversification requirements. See "*Item 1. Business — Certain U.S. Federal Income Tax Considerations*."

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The Annual Distribution Requirement (as defined below) for a RIC will be satisfied if the Company distributes to the Shareholders on an annual basis at least 90% of the Company's "investment company taxable income," which is generally the Company's 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. The Company 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 the Company may use debt financing, the Company is 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 the Company from making distributions necessary to satisfy the distribution requirements. If the Company is unable to obtain cash from other sources, or chooses to, or is required to, retain a portion of the Company's taxable income or gains, the Company could (i) be required to pay income and/or excise taxes or (ii) fail to qualify for RIC tax treatment, and thus become subject to corporate-level income tax on all the Company's 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 the Company obtains at least 90% of the Company's 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 the Company meets certain asset diversification requirements at the end of each quarter of the Company's taxable year. Specifically, at least 50% of the value of the Company's 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 the Company's assets or more than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of the Company's 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 the Company 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 the Company having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of the Company's 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 the Company fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate income tax, the resulting corporate taxes could substantially reduce the Company's net assets, the amount of income available for distribution, and the amount of the Company's distributions.

The Company may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. The Company 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 tax, and value added taxes).

**Difficulty Paying Distributions**: For U.S. federal income tax purposes, the Company may be required to recognize taxable income in circumstances in which the Company does not receive a corresponding payment in cash. For example, if the Company holds 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), the Company 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 the Company in the same taxable year. The Company may also have to include in income other amounts that the Company has not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid

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after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, the Company 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 PFICs 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 the Company to recognize income where the Company does 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 is not currently deductible for tax purposes. This timing rule can result in increased taxable income whereby the Company may not have sufficient cash to pay distributions, or the Company may opt to retain such taxable income and pay a 4% excise tax. In such cases the Company could still rely upon the "spillback provisions" to maintain RIC tax treatment.

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

**Distributions of Fee Income:** For any period that the Company does not qualify as a "publicly offered regulated investment company," as defined in the Code, Shareholders will be taxed as though they received a distribution of some of the Company's expenses. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. The Company anticipates that the Company will qualify as a "publicly offered regulated investment company," beginning with the tax year ending December 31, 2026. However, there can be no assurance that the Company will qualify as a "publicly offered regulated investment company" for any taxable year. If the Company is not a "publicly offered regulated investment company" for any year, each U.S. Shareholder that is an individual, trust or estate will be treated as having received a dividend from the Company 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 the Company's other expenses for the year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholder. Individuals are not allowed to take miscellaneous itemized deductions, and such deductions are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under the Code.

**Adverse Tax Consequences to Shareholders:** In order to satisfy the Annual Distribution Requirement applicable to RICs, if the Company is a "publicly offered regulated investment company" the Company has the ability to declare a large portion of a dividend in Shares instead of in cash. As long as a portion of such dividend is paid in cash (which portion could be as low as 20%) and certain requirements are met, the entire distribution

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would be treated as a dividend for U.S. federal income tax purposes. As a result, a Shareholder would be taxed on 100% of the fair market value of the Shares received as part of the dividend on the date a Shareholder received it in the same manner as a cash dividend, even though most of the dividend was paid in Shares.

**Withholding and Other Taxes**: The Company intends to structure the Company's investments in a manner that is intended to achieve the investment structure's investment objectives and, notwithstanding anything contained herein to the contrary, there can be no assurance that the structure of any investment will be tax efficient for any particular investor or that any particular tax result will be achieved. The returns in respect of the investment structure's investments may be reduced by withholding or other taxes imposed by jurisdictions in which the investment structure's investments are organized and operated. In addition, tax reporting requirements may be imposed on investors under the laws of the jurisdictions in which investors are liable to taxation or in which the Company makes investments. Prospective investors should consult their own professional tax advisors with respect to the tax consequences to them of an investment in the Company under the laws of the jurisdictions in which they are liable to taxation.

**Tax Reform Legislation**: Legislative or other actions relating to taxes could have a negative effect on the Company. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The Company cannot predict with certainty how any changes in the tax laws might affect the Company, the Shareholders, or portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect the Company's ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to the Company and the Shareholders of such qualification or could have other adverse consequences. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in the Company.

**Tax Information Exchange Regimes; FATCA Withholding Tax on Certain Non-U.S. Entities:** The United States, pursuant to the "Foreign Account Tax Compliance Act" or "FATCA," has entered into numerous intergovernmental agreements with various jurisdictions concerning the exchange of information as a means to combat tax evasion. In addition, the OECD has published a global Common Reporting Standard for the exchange of information pursuant to which many countries have now signed multilateral agreements. One or more of these information exchange regimes are likely to apply to the Company and may require the Company to collect and share with applicable taxing authorities information concerning Shareholders (including identifying information and amounts of certain income allocable or distributable to them). A Shareholder's failure to provide required information may result in expulsion from the investment structure or other potential remedies. In addition, FATCA generally imposes a withholding tax of 30% on a non-U.S. entity's share of most payments attributable to investments in the United States, including dividends and interest, unless an exception applies. The investment structure may be required to withhold such taxes from certain non-U.S. Shareholders, unless an exception applies.

**Additional Regulatory Risks** 

**Privacy Laws:** The Company and the Company's portfolio companies, as well as the Adviser and Adams Street, 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 EU (and its member states), and the UK (regardless of where the Adviser, Adams Street, the Company and the Company's portfolio companies, and their/the Company's 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, Adams Street,

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the Company and the Company's 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, Adams Street, the Company and the Company's portfolio companies, and/or the Company's 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) and liabilities from third-party claims.

The Company's 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 laws and regulations to the GDPR and the CCPA (such as the Nevada Privacy of Information Collected on the Internet from Consumers Act, which became effective on October 1, 2021, and the Virginia Consumer Data Protection Act passed on March 2, 2021, the Colorado Privacy Act passed on July 8, 2021, the Utah Consumer Privacy Act passed on March 24, 2022, and the Connecticut Data Privacy Act passed on May 10, 2022, all of which became effective in 2023), 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.

**OFAC, FCPA and UK Anti-Bribery Act Considerations:** Economic sanctions laws in the United States and other jurisdictions may prohibit Adams Street, the Adviser, their respective professionals and the entities themselves from transacting with or in certain countries and with certain individuals and companies. In the United States, OFAC administers and enforces laws, Executive Orders and regulations establishing U.S. economic and trade sanctions. Such sanctions prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. These entities and individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs. The lists of OFAC prohibited countries, territories, persons and entities, including the List of Specially Designated Nationals and Blocked Persons, as such list may be amended from time to time, can be found on the OFAC website at www.treas.gov/ofac. In addition, certain programs administered by OFAC prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the lists maintained by OFAC. These types of sanctions may restrict the Company's investment activities.

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**Compliance with the AIFMD:** The EU Alternative Investment Fund Managers Directive (2011/61/EU) ("**AIFMD**") regulates the activities of certain private fund managers undertaking fund management activities or marketing fund interests to investors in 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 those jurisdictions, which may make it more difficult for the Company to raise its targeted amount of capital.

The EU 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 ("**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 alternative investment funds 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.

The Adviser is a non-EEA AIFM. Non-EEA AIFMs are expected to be subject to reporting and disclosure requirements under AIFMD II as well as the prohibition in respect of "high risk" jurisdictions for anti-money laundering and tax purposes. The application of other AIFMD II requirements may depend on how far individual member states elect to apply AIFMD II to non-EEA AIFMs. This may affect the Company's implementation of its strategy, and/or lead to increased legal and compliance costs, in one or more EEA member states.

From 2026, AIFMD II will introduce rules in respect of loan-originating funds, 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 loan-originating funds will apply to non-EEA AIFMs. The Company may or may not, therefore, be required to comply with the AIFMD II restrictions on loan-originating funds. 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.

Furthermore, credit funds have been the subject of increasing regulatory focus at the international and regional levels. To the extent that the Company is engaged in lending activity, it may be subject to restrictions on

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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 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 and the Financial Stability Board 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.

**Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088) and EU Taxonomy (Regulation (EU) 2020/852):** The European Commission has introduced Regulation (EU) 2019/2088 relating to transparency and disclosure obligations for investors, funds and asset managers in relation to ESG factors (the "**SFDR**"). In addition, the European Commission has also released Regulation (EU) 2020/852 (the "**EU Taxonomy**") to establish the criteria for determining whether an economic activity qualifies as environmentally sustainable for the purposes of establishing the degree to which an investment is environmentally sustainable. The SFDR, along with other sustainability and ESG requirements that may, in the future, be imposed by other jurisdictions in which Adams Street does business and/or in which the Company is marketed, may result in additional compliance costs, disclosure obligations or other implications or restrictions on the investment structure or for Adams Street.

Disclosure and due diligence requirements concerning ESG factors under the SFDR and the EU Taxonomy (the "**ESG Disclosure Rules**") have applied since March 2021 to various investment firms, AIFMs (including non-EEA AIFMs which have marketed their fund(s) in the EEA under the directive's national private placement regime pursuant to Article 42 of the directive), providers of certain insurance-based investment products and financial advisers (together, "**Affected Firms**"). Amongst other things, such disclosures require an Affected Firm that is subject to the ESG Disclosure Rules to make prescribed pre-contractual disclosures relating to the sustainability of investments which will include the manner in which sustainability risks are integrated into their investment decisions as well as in their periodic reports; and on each firm's website. Should the Adviser make marketing notifications pursuant to Article 42 of the AIFMD in the EEA then the ESG Disclosure Rules will apply to it and the Company. Compliance with the requirements of the ESG Disclosure Rules may be costly. Any regulatory changes arising from implementation of the ESG Disclosure Rules may increase the expense of the Company related to compliance therewith. The Company will be responsible for all fees, costs, expenses and liabilities incurred in connection with the Company and the Adviser's compliance with the ESG Disclosure Rules; such fees, costs and expenses could impact the Company's returns.

**Regulations Related to Securitization:**To the extent the Company is actively marketed to investors domiciled or having their registered office in the EEA or the UK, the EU Securitisation Regulation, including as implemented and retained by the UK following its departure from the EU and amended from time to time, may prohibit the Company from acquiring securitization positions which do not comply with the EU's risk retention criteria, where the securities / instruments of such securitizations were issued on or after 1 January 2019. The EU's or UK's risk retention criteria for securitizations may not be aligned with the criteria for securitizations under the laws of other jurisdictions, where such laws exist, including under U.S. law. This could result in the Company being prohibited from acquiring positions in certain securitizations or similar structures, whether originated in the EU or UK or otherwise, notwithstanding that such transactions would otherwise be permitted in accordance with the Company's investment strategy / restrictions.

**1934 Act Filing Requirements:** Because the Shares will be registered under the 1934 Act, ownership information for any person who beneficially owns 5% or more of the 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 beneficial ownership percentage increase to more than 5%, thus triggering this filing requirement. Each

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Shareholder will be responsible for determining their filing obligations and preparing the filings. In addition, Shareholders who hold more than 10% of a class of the Company's equity securities may be required to file beneficial ownership reports under Section 16 of the 1934 Act and may be subject to Section 16(b) of the 1934 Act, which recaptures, for the benefit of the Company, profits from the purchase and sale, or sale and purchase, of registered stock within a six-month period.

**No Regulatory Review:** Since this offering is a private offering and is not registered under the 1933 Act or under applicable state securities or "blue sky" laws, this Registration Statement has not been reviewed by the SEC or by the equivalent agency of any state or governmental entity. Review by any such agency might result in additional disclosures or substantially different disclosures from those actually included in this Registration Statement.

THE FOREGOING IS A SUMMARY OF CERTAIN SIGNIFICANT RISKS RELATING TO AN INVESTMENT IN THE COMPANY. THIS SUMMARY OF RISKS SHOULD NOT BE INTERPRETED AS A REPRESENTATION THAT THE MATTERS REFERRED TO ABOVE ARE THE ONLY RISKS INVOLVED WITH THIS INVESTMENT, NOR SHOULD THE REFERENCES TO THE RISKS BE DEEMED A REPRESENTATION THAT THE MAGNITUDE OF SUCH RISKS IS NECESSARILY EQUAL. SHAREHOLDERS ARE URGED TO CONSULT THEIR OWN LEGAL COUNSEL, ACCOUNTANTS AND OTHER PROFESSIONAL ADVISERS FOR ADVICE IN RELATION TO THIS OFFERING.

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| **ITEM 2.** | **FINANCIAL INFORMATION**  |

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**Discussion of Management's Expected Operating Plans** 

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

***Overview***

The Company was formed on March 29, 2019, as a Delaware limited liability company named Adams Street Private Credit BDC, LLC. On January 15, 2025, the Company converted to a Delaware limited partnership and was renamed Adams Street Credit Solutions Fund, LP. On August 5, 2025, the Company converted to a Delaware statutory trust and was renamed Adams Street Credit Solutions Fund. On April 1, 2026, the Company filed an election to be regulated as a BDC under the 1940 Act and, upon filing such election, became subject to the 1940 Act requirements applicable to BDCs. The Company intends to elect to be treated as a RIC for federal income tax purposes, as soon as reasonably practicable. As such, the Company will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of the Company's assets in Qualifying Assets, source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of the sum of the Company's investment company taxable income and net tax-exempt income.

The Adviser has entered into a Resource Sharing Agreement with Adams Street, pursuant to which Adams Street will provide the Adviser with experienced investment professionals and access to the resources of Adams Street so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement.

***Emerging Growth Company Status***

The Company will be and will seek to remain an "emerging growth company" as defined in the JOBS Act until the earliest of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering, if any, of Shares of the Company, (ii) in which the Company has total annual gross revenue of at least $1.235 billion or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of its Shares held by non-affiliates exceeds $700 million as of the date of the Company's most recently completed second fiscal quarter, and (b) the date on which the Company has issued more than $1 billion in non-convertible debt securities during the preceding three-year period. For so long as the Company remains an "emerging growth company", the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including not being required to comply with the auditor attestation requirements of Section 404. 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 1933 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. The Company intends to take advantage of such extended transition periods.

***Revenues***

The Company plans to generate revenue primarily from interest income on debt investments that the Company holds. In addition, the Company may generate income from dividends on direct equity investments or equity interests (e.g., options, warrants or conversion rights) obtained in connection with originating loans, capital gains on sales of investments and various loan origination and other fees. In addition, the Company may generate revenue in the form of commitment, amendment, structuring, syndication or due diligence fees, fees for

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providing managerial assistance to the Company's portfolio companies, and consulting fees. Certain of these fees may be capitalized and amortized as additional interest income over the life of the related loan. See "*Item 2. Financial Information—Critical Accounting Policies—Interest and Dividend Income Recognition*."

***Expenses***

Services necessary for the Company's business will be provided through the Administration Agreement and the Investment Advisory Agreement. See "*Item 1. Business — Payment of the Company's Expenses under the Investment Advisory and Administration Agreements*" for a description of the Company's costs, expenses and liabilities. The Company does not currently have any employees nor does it expect to have any employees.

***Expense Support Agreement***

The Company has 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 those expenses incurred prior to the BDC Election, on the Company's behalf. The Adviser has elected to pay certain of the Company's expenses and may in the future elect to pay additional expenses on the Company's behalf. The Adviser will be entitled to reimbursement of such expenses from the Company if Available Operating Funds exceed the cumulative distributions accrued to Shareholders, subject to the terms of the Expense Support Agreement. See "*Item 1. Business — Expense Support and Conditional Reimbursement Agreement*."

**Hedging** 

The Company may, but is not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks. These hedging activities, which will be subject to the applicable legal and regulatory compliance requirements, may include the use of futures, options and forward contracts. Any derivative agreements entered into for speculative purposes are not expected to be material to the Company's business or results of operations. 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 that the Company employs will be successful.

The Company intends to qualify as a "limited derivatives user" in accordance with SEC Rule 18f-4 under the 1940 Act, which will require the Company to limit its derivatives exposure to 10% of its net assets at any time, excluding certain currency and interest rate hedging transactions.

**Financial Condition, Liquidity and Capital Resources** 

The Company intends to generate cash primarily from the net proceeds of the Private Offering, from cash flows from interest and fees earned from the Company's investments and from principal repayments and proceeds from sales of the Company's investments and borrowings from banks or other lenders. The Company will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary and market terms; however, the Company cannot assure you that it will be able to do so. The Company's primary use of cash will be investments in portfolio companies, payments of the Company's expenses, debt service of any borrowings and payment of cash distributions to the Shareholders.

**Credit Facilities and Other Borrowings** 

On August 6, 2024, WLP entered into, through the Financing SPV, the Wells Facility, providing for a senior secured revolving credit facility to the Financing SPV of $100 million. Proceeds from borrowings under the Wells Facility were used to facilitate the Company's initial acquisitions of Middle Market Senior Loans and pay related expenses, and may be used to facilitate additional investments, pay additional related expenses and make certain permitted distributions to stockholders.

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In addition, prior to the BDC Election, the proceeds of the ASP Note, issued by Adams Street Partners, L.P. on June 30, 2025 providing a principal amount of up to $55 million, were used to facilitate certain acquisitions of Middle Market Senior Loans. In connection with the BDC Election, the ASP Note was satisfied in full and extinguished. The Company may in the future determine to re-draw amounts under the ASP Note in accordance with the 1940 Act or, alternatively, terminate the ASP Note.

See "*Item 1A. Risk Factors — Credit Facilities and Other Borrowings*."

**Critical Accounting Policies** 

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. The Company has identified investment valuation and revenue recognition as the Company's most critical accounting estimates. On an ongoing basis, the Company evaluates the Company's estimates, including those related to the matters described below. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of the Company's critical accounting policies follows.

***Investments at Fair Value***

The Company will follow, and the Valuation Policy is consistent with, the provisions of ASC 820, Fair Value Measurements and Disclosures ("**ASC 820**"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820 requires the Company to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company has considered its principal market as the market in which the Company exits its portfolio investments with the greatest volume and level of activity. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820, these inputs are summarized in the three broad levels listed below:

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

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

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

The Company will evaluate the source of inputs, including any markets in which the Company's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Adviser will subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, or an independent valuation firm, will review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Where there may not be a readily available market value for the investments in the Company's portfolio, the fair value of the investments may be determined using unobservable inputs.

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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 the Company's 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 the Company 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 herein.

***Determinations in Connection with a Drawdown***

In connection with a Drawdown, the Board of Trustees or a committee thereof will be required to make the determination that the Company is not selling Shares at a price below the then current NAV of the Shares, exclusive of any distributing commission or discount (which NAV shall be determined as of a time within 48 hours, excluding Sundays and holidays, next preceding the time of such determination). The Board of Trustees or an authorized committee thereof will consider the following factors, among others, in making such a determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the NAV of the Shares determined as of the last calendar day of the immediately preceding month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's management's assessment of whether any material change in the NAV per Share has
occurred (including through the realization of gains on the sale of the Company's portfolio securities during the period beginning on the date of the most recently disclosed NAV per Share and ending 48 hours (excluding Sundays and holidays))
prior to the date on which the amount of the Drawdown is due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the magnitude of the difference between (i) a value that the Board of Trustees or a committee thereof has
determined reflects the current (as of a time within 48 hours, excluding Sundays and holidays) NAV of the Shares, which is based upon the NAV of the Shares disclosed in the most recent periodic report that the Company filed with the SEC, as adjusted
to reflect the Company's management's assessment of any material change in the NAV of the Shares since the date of the most recently disclosed NAV of the Shares, and (ii) the NAV of the Shares as of the most recently completed
calendar month.

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

Notwithstanding the foregoing, no such determination will be required in connection with Drawdowns pursuant to which Shareholders will purchase Shares effective as of the first business day of a month, based on the NAV per Share as determined as of the last calendar day of the immediately preceding month.

***Interest and Dividend Income Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and PIK interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Unless providing services in connection with an investment, such as syndication, structuring, administration or diligence, all or a portion of any loan fees received by us will be deferred and amortized over the investment's

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life. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated.

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

***Investment Transactions***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any, which are generally treated as ordinary income) from the repayment or sale 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. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company's investment activities, as well as any fees for managerial assistance services rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered.

***Income Taxes***

The Company intends to elect to be treated and to qualify annually thereafter as a RIC under Subchapter M of the Code. To maintain the Company's RIC tax election, the Company must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. The Company also must annually satisfy the Annual Distribution Requirement.

If the Company fails to satisfy the Excise Tax Avoidance Requirement, the Company will be subject to a 4% nondeductible U.S. federal excise tax on the amount by which the Company does not meet the Excise Tax Avoidance Requirement. 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).

***Off-Balance Sheet Arrangements***

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities.

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***Quantitative and Qualitative Disclosures About Market Risk***

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

From time to time, the Company may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing the Company to movements in foreign exchange rates. The Company may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or a credit facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate the Company against adverse changes in interest rates and foreign currencies, such activities may also limit the Company's ability to participate in benefits of lower interest rates or higher exchange rates with respect to the portion of the Company's portfolio of investments, if any, with fixed interest rates or denominated in foreign currencies.

The Company plans to invest primarily in illiquid debt and equity securities of private companies. Most of the Company's investments will not have a readily available market price, and the Company will value these investments at fair value as determined in good faith, in accordance with the valuation policy and procedures established by the Board of Trustees. There is no single standard for determining fair value in good faith, and the lack of available information about the Company's investments could impact the ability to value the Company's investments. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes. See "*Item 9. Market Price of Distributions and Dividends on the Registrant's Common Equity and Related Shareholder Matters — Determination of NAV — Valuation of Portfolio Securities*."

**Related Parties** 

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

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|:---|:---|
| **ITEM 3.** | **PROPERTIES**  |

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The Company does not own any real estate or other physical properties materially important to the Company's operations. The Company's headquarters are located at One North Wacker Drive, Suite 2700, Chicago, IL 60606 and are provided by the Administrator in accordance with the terms of the Administration Agreement. The Company believes that the Company's office facilities are suitable and adequate for the Company's business as it is contemplated to be conducted.

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|:---|:---|
| **ITEM 4.** | **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**  |

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The following table sets forth, as of April 30, 2026, certain ownership information with respect to the Shares for those persons who directly or indirectly own, control or hold with the power to vote, five percent or more of the Company's outstanding Shares, each of the Company's officers and Trustees and all of the Company's officers and Trustees as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Unless otherwise indicated, the Company believes that each beneficial owner set forth in the table has sole voting and investment power over such Shares. There are no Shares subject to options that are currently exercisable or exercisable within sixty (60) days of the date of this Registration Statement. Percentage of beneficial ownership is based on 2,500,000 Shares outstanding as of April 30, 2026.

Unless otherwise indicated in the footnotes to the following table, the address of the persons listed in the below table is c/o Adams Street Advisors, LLC, One North Wacker Drive, Suite 2700, Chicago, IL 60606.

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| | | |
|:---|:---|:---|
| **Name and Address** | **Shares<br>Owned** | **Percentage** |
|  **5% Owners** |  |  |
|  Adams Street Partners, L.P. | 2500000 | 100% |
|  **Independent Trustees** |  |  |
|  William Adams IV |  |  |
|  Victoria J. Herget |  |  |
|  Frank M. Porcelli |  |  |
|  **Interested Trustees** |  |  |
|  James F. Walker |  |  |
|  Miguel F. Gonzalo |  |  |
|  **Executive Officers (who are not Interested Trustees)** |  |  |
|  William Sacher |  |  |
|  Steve Landau |  |  |
|  Shannon Carlin |  |  |
|  Eric Mansell |  |  |
|  Vikas Sharma |  |  |
|  Lizzie Gomez |  |  |
|  **All officers and Trustees as a group (11 persons)** |  |  |

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|:---|:---|
| **ITEM 5.** | **TRUSTEES AND EXECUTIVE OFFICERS**  |

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The Company's business and affairs are managed under the direction of the Board of Trustees. The responsibilities of the Board of Trustees include, among other things, the oversight of the Company's investment activities, the fair valuation of the Company's investments and the oversight of the Company's financing arrangements and corporate governance activities. The Board of Trustees consists of five (5) members, three (3) of whom are not "interested persons" of the Company or of the Adviser as defined in Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board of Trustees. These individuals are referred to as "Independent Trustees." The Board of Trustees elects the Company's executive officers, who serve at the discretion of the Board of Trustees.

**Board of Trustees and Executive Officers** 

Biographical information regarding the Board of Trustees is set forth below. Each Trustee will hold office until his or her death, resignation, removal or disqualification.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup><br>and Year of Birth** | **Position(s)<br>Held with<br>the<br>Company** | **Length<br>of Time<br>Served** | **Principal<br>Occupation(s) During<br>Past 5 Years** | **Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen<br>by Trustee<sup>(2)</sup>** | **Other<br>Trusteeships<br>Held During<br>Past 5 Years** |
|  **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William Adams IV (1955) | Trustee | Since inception | Retired | 3 | Director, Evanston Alternative Opportunities Fund (2020-2024) |
| Victoria J. Herget<br> (1951) | Trustee | Since inception | Retired | 3 | Trustee, certain of the Invesco Exchange-Traded Funds (since 2019) |
| Frank M. Porcelli<br> (1961) | Trustee | Since inception | Partner at Convergency Partners (since 2020) | 3 | Director, Smart Sand, Inc. (since 2021) |
|  **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| James F. Walker<br> (1963) | Trustee | Since inception | Retired; Partner, Global Head of Wealth at Adams Street (2024-2026); Partner, Chief Operating Officer at Adams Street (2017-2024) | 3 |  |
| Miguel F. Gonzalo<br> (1972) | Trustee | Since inception | Head of Investments Strategy and Risk Management at Adams Street (since 2014); Partner, Investor Relations at Adams Street (2001-2013) | 3 |  |

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(1) The address of each Trustee is care of the Company at One North Wacker Drive, Suite 2700, Chicago, IL 60606.

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(2) The Fund Complex consists of the Company, Adams Street Private Equity Navigator Fund, LLC and Adams Street
Venture & Growth Fund.

**Executive Officers** 

Information regarding the executive officers of the Company that are not Trustees is as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** |
| William Sacher | 1957 | President |
| Steve Landau | 1972 | Chief Executive Officer |
| Shannon Carlin | 1984 | Vice President, Chief Financial Officer and Treasurer |
| Eric Mansell | 1973 | Vice President, Chief Legal Officer and Secretary |
| Vikas Sharma | 1979 | Chief Compliance Officer |
| Lizzie Gomez | 1986 | Vice President and Assistant Secretary |

---

Each officer holds office at the pleasure of the Board of Trustees until the next election of officers or until his or her successor is duly elected and qualifies.

**Biographical Information** 

***Trustees***

The Company's Trustees have been divided into two groups —Independent Trustees and interested Trustees. An interested Trustee is an "interested person" as defined in Section 2(a)(19) of the 1940 Act. An Independent Trustee is a Trustee who is not an "interested person."

***Independent Trustees***

**William Adams IV**. Mr. Adams has over three decades of experience in the investment management industry. He previously served in senior leadership positions at Nuveen, the investment management division of Teachers Insurance and Annuity Association of America. Mr. Adams previously served on the boards of trustees of the Evanston Alternative Opportunities Fund and certain funds in the Nuveen Funds complex.

**Victoria J. Herget**. Ms. Herget has over three decades of experience in the investment management industry. She previously served in senior leadership positions at Zurich Scudder Investments, the U.S. asset management unit of Zurich Financial Services, and its predecessor firms. Ms. Herget currently serves on the board of trustees of certain funds in the Invesco Exchange-Traded Funds complex, and previously served on the boards of trustees/directors of certain funds in the Oppenheimer Funds and First American Funds complexes.

**Frank M. Porcelli**. Mr. Porcelli has over three decades of experience in the investment management industry. He currently is a managing partner at Convergency Partners, an advisory and consulting business focused on the asset management, wealth management and financial technology industries, and serves on the board of Smart Sand, Inc. Mr. Porcelli previously served in senior leadership positions at BlackRock, Putnam Investments and Goldman Sachs.

***Interested Trustees***

**James F. Walker**. Mr. Walker has over three decades of experience in the investment management industry. From 2024 to 2026, Mr. Walker led Adams Street's wealth management business, with an emphasis on developing and scaling of products and services designed to service financial advisors and their clients. From 2017 to 2024, he

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served as Adams Street's Chief Operating Officer, overseeing the firm's finance, human resources, legal, information technology, and client reporting functions. Prior to joining Adams Street, he was the Chief Operating Officer for Credit Suisse's Private Bank Americas where he had full P&L responsibility in addition to overseeing the finance, human resources, legal, compliance, and technology functions. Prior to Credit Suisse, Mr. Walker spent seven years at Morgan Stanley Global Wealth Management where he served on the management committee and held several roles including Director of Product Strategy, Director of the Consulting Group, and Chief Operating Officer of Investment Products. Before Morgan Stanley, he spent nearly two decades at Merrill Lynch with his final role being Chief Administrative Officer for the Global Private Client business.

**Miguel F. Gonzalo**. Mr. Gonzalo sets investment strategy and leads Adams Street's risk management function while collaborating with investors to formulate strategies that leverage Adams Street's global investment capabilities. He works closely with investors in the management of their portfolios, including the development and ongoing monitoring of their private market programs. He is actively involved in the portfolio construction and monitoring of Adams Street's various fund of funds programs and separate accounts. Prior to joining Adams Street, Mr. Gonzalo was Head of the Performance Analysis Group in the Asset Allocation/Currency Group of Brinson Partners where he oversaw the design and management of Brinson's performance attribution and analytics systems. He is also a member of the CFA Society of Chicago and the CFA Institute.

**Information About Executive Officers Who Are Not Trustees** 

**William Sacher**. Mr. Sacher leads the investment, portfolio construction, and fundraising efforts of the Private Credit Team, and manages key relationships with general partners in North America and Europe. Prior to joining Adams Street, he was head of the US Private Debt Group (at the time the Mezzanine Debt Group) at Oaktree Capital Management. In this role he developed the strategy, managed the team, and approved the investments. In conjunction with Oaktree's in-house marketing team, Mr. Sacher led the fundraising effort for each of the three funds for which he was responsible. Prior to Oaktree, Mr. Sacher worked at J.P. Morgan, where he was the Co-Head of both the Leveraged Finance Origination Team and the High Yield Capital Markets Group. He previously worked at NationsBank as head of the high yield business where he was responsible for the High Yield Origination Team, the High Yield Capital Markets Group, Private Placements, and NationsBridge (the bank's bridge loan unit). He commenced his career at Bear Stearns. Mr. Sacher received an MBA and BA from New York University.

**Steve Landau**. Mr. Landau is responsible for developing new products and strategies for Adams Street's global clients. He works closely with the investment teams and investor relations to help the firm deploy investment capacity across new client segments, geographies, and distribution channels. Before joining Adams Street, Mr. Landau was the Head of Product Development at FS Investments, where he led the product development effort of a $20 billion alternative asset manager by sourcing, evaluating, designing, and launching new investment strategies and selecting subadvisors. Prior to FS Investments, Mr. Landau worked for six years at New York Life Investment Management, as Head of Product Development & Alternative Investment Business Development and as Head of the Investment Consulting Group. Early in his career, he held product development and trading roles at Morgan Stanley Investment Management, UBS Global Asset Management, and the Republic National Bank of New York. Mr. Landau received an MBA from the University of Pennsylvania (Wharton) and BS from Yeshiva University.

**Shannon Carlin**. Ms. Carlin oversees the investment accounting and financial reporting functions related to Adams Street's private credit investments and funds. Her responsibilities include the review and maintenance of accounting records data, oversight of external auditors, administrators and other vendors, and management of the private credit investment valuation process. Prior to Adams Street, Ms. Carlin was a Director at Vista Equity Partners where she was responsible for accounting, financial reporting, and operational requirements for Vista Credit Partners' registered credit products and private credit. Previously, Ms. Carlin has held several managerial roles at PricewaterhouseCoopers, most recently serving as Director in the Alternative Asset Management group. Ms. Carlin received a PGDA from the University of Cape Town and BS from the University of Stellenbosch.

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**Eric Mansell**. Mr. Mansell is a Partner and Chief Legal Officer of Adams Street. He leads the firm's Legal Team and oversees all legal aspects of the firm's operations, including fundraising multiple commingled and customized products across both private equity and private credit strategies. He is also responsible for the legal aspects of the investment activities of the firm through direct, fund of funds, and private credit investments. Prior to joining Adams Street, Mr. Mansell was with Dentons LLP (formerly Sonnenschein Nath & Rosenthal LLP) as a member of the corporate practice group where he was responsible for various transactions involving public and privately held companies, acting as outsourced general counsel to public and privately held companies, and assisting with a range of securities transactions. Mr. Mansell received a JD from Loyola University School of Law and a BA from University of Washington.

**Vikas Sharma**. Mr. Sharma has been an employee of ACA Group since November 2022. Prior to joining ACA Group in November 2022, Mr. Sharma was Deputy Chief Compliance Officer at Nephila Capital Ltd., a registered investment adviser focused on insurance-linked securities and climate risk, from March 2021 to October 2022. Prior to that, Mr. Sharma was Senior Compliance Officer at CORE CCO, a Compliance Consulting Firm, from June 2020 to February 2021. Prior to that, Mr. Sharma was a Senior Vice President of Compliance at Hudson Advisors, a large private equity fund focused on distressed investment opportunities and real estate, from 2016 to 2020. Prior to that, Mr. Sharma was a Manager of Compliance at Stellus Capital, a publicly listed middle-market BDC, from 2012 to 2016. Mr. Sharma has a B.Com in Accounting and Finance and an MBA from Symbiosis International University in India.

**Lizzie Gomez**. Ms. Gomez is responsible for the coordination, structuring, formation and negotiation of private equity and private credit investment registered funds, including business development companies. In addition, she collaborates with registered fund boards in the ongoing management of respective funds and supports the management of corporate documentation and corporate contracting for the firm. Prior to Adams Street, Ms. Gomez was the Deputy Head of Strategies at Stone Ridge Asset Management LLC. In this role, she advised on the regulatory structure of and disclosure for 1933 Act and 1940 Act-registered funds and private funds for retail and institutional investors. Previously, Ms. Gomez held an Associate role at Cleary Gottlieb Steen & Hamilton LLP. Ms. Gomez received a JD from Columbia Law School and a BA from Williams College.

**Board Leadership Structure and Oversight Responsibilities** 

Overall oversight for the Company is the responsibility of the Board of Trustees. The Company has entered into the Investment Advisory Agreement pursuant to which the Adviser manages the Company on a day-to-day basis. The Board of Trustees is responsible for overseeing the Adviser and other service providers for the Company's operations in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Declaration of Trust. The Board of Trustees meets in-person at regularly scheduled quarterly meetings each year. In addition, the Board of Trustees may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings and may also act by unanimous consent. As described below, the Board of Trustees has established a Nominating and Governance Committee and an Audit Committee, and may establish ad hoc committees or working groups from time to time, to assist the Board of Trustees in fulfilling its oversight responsibilities.

Under the By-Laws, the Board of Trustees may designate a chair (a "**Chair**") to preside over the meetings of the Board of Trustees and meetings of Shareholders and to perform such other duties as may be assigned to a Chair by the Board of Trustees. The Company does not have a fixed policy as to whether any Chairs of the Board of Trustees should be Independent Trustees and believes that the Company should maintain the flexibility to select a Chair and reorganize the leadership structure, from time to time, based on criteria that are in the Company's and the Shareholders' best interests at such times. A Chair's role is to preside at all meetings of the Board of Trustees and to act as a liaison with the Adviser, counsel and other Trustees generally between meetings. A Chair also may perform such other functions as may be delegated by the Board of Trustees from time to time. The Board of Trustees reviews matters related to its leadership structure annually. The Board of Trustees believes that its leadership structure is appropriate because it allows the Board of Trustees to exercise

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informed and independent judgment over the matters under its purview and it allocates areas of responsibility among committees of Trustees and the full Board of Trustees in a manner that enhances effective oversight.

The Company is subject to a number of risks, including investment, compliance, operational, conflicts of interests and valuation risks, among others. Risk oversight forms part of the Company's general oversight by the Board of Trustees and is addressed as part of various Board of Trustees and committee activities, as described below in more detail. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), who carry out the Company's 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 its own independent interest in risk management, and their policies and methods of risk management depend on their functions and business models. The Board of Trustees recognizes that it is not possible to identify all of the risks that may affect the Company or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight, the Board of Trustees interacts with and reviews reports from, among others, the Adviser, the Company's Chief Compliance Officer, the Company's independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Company and applicable risk controls. The Board of Trustees may, at any time and in its discretion, change the manner in which it conducts risk oversight. The Company believes that the Board of Trustees' role in risk oversight must be evaluated on a case-by-case basis and that its existing role in risk oversight is appropriate.

The Board of Trustees 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 composed of William Adams IV, Victoria J. Herget and Frank M. Porcelli, each of whom is an Independent Trustee. Mr. Adams serves as the Chair of the Audit Committee. The Board of Trustees has designated Mr. Adams 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, among other things, (a) assists the Board of Trustees with oversight of the integrity of the Company's financial statements, the independent registered public accounting firm's qualifications and independence, the Company's compliance with legal and regulatory requirements and the performance of the Company's independent registered public accounting firm; (b) prepares an audit committee report, if required by the SEC, to be included in the Company's annual proxy statement; (c) oversees the scope of the Company's annual audit of the Company's financial statements, the quality and objectivity of the Company's financial statements, accounting and financial reporting policies and internal controls; (d) determines the selection, appointment, retention and termination of the Company's independent registered public accounting firm, as well as approving the compensation thereof; (e) pre-approves all audit and non-audit services provided to the Company and certain other persons by such independent registered public accounting firm; (f) acts as a liaison between the Company's independent registered public accounting firm and the Board of Trustees; and (g) conducts reviews of any potential related party transactions brought to its attention and, during these reviews, considers any conflicts of interest brought to its attention.

The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board of Trustees in fulfilling its responsibilities for overseeing and monitoring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality and integrity of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of the Company's system of internal controls;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the review of the independence and performance of, as well as communicating openly with, the Company's
independent registered public accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of the Company's internal audit function and the Company's compliance with legal and
regulatory requirements.

The Audit Committee also monitors the execution of the valuation procedures, makes certain determinations in accordance with such procedures, and assists the Board of Trustees in its oversight of the valuation of the Company's investments; reviews and approves recommendations by the Adviser for changes to the Company's valuation policies for submission to the Board of Trustees for its approval; reviews the Adviser's presentations on valuation, including valuations from any independent valuation firm; and oversees the implementation of the Company's valuation procedures by the Adviser.

**Nominating and Governance Committee** 

The Nominating and Governance Committee is composed of William Adams IV, Victoria J. Herget and Frank M. Porcelli, each of whom is an Independent Trustee. Ms. Herget 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 of Trustees persons to be nominated by the Board of Trustees for election at the Company's meetings of Shareholders, special or annual, if any, or to fill any vacancy on the Board of Trustees that may arise between Shareholder meetings. The Nominating and Governance Committee also makes recommendations with regard to the tenure of the Trustees and is responsible for overseeing an annual evaluation of the Board of Trustees and its committee structure to determine whether such structure is operating effectively. The Nominating and Governance Committee considers for nomination to the Board of Trustees candidates submitted by Shareholders or from other sources it deems appropriate.

**Indemnification Agreements** 

The Company has entered into indemnification agreements with the Company's Trustees and officers. The indemnification agreements are intended to provide the Company's Trustees and officers the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides that the Company will indemnify the Trustee or 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 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. For more information, also see "*Item 12. Indemnification of Trustees and Officers*."

**Code of Ethics** 

The Company 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 of ethics (including the Trustees and our executive officers) are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by the Company, so long as such investments are made in accordance with the code of ethics' requirements. The code of ethics is filed as an exhibit to this Registration Statement, which is available on the EDGAR Database on the SEC's website at www.sec.gov.

**Code of Conduct** 

As a BDC, the Company is subject to certain regulatory requirements that restrict its ability to engage in certain related-party transactions. The Company has adopted procedures for the review, approval and monitoring of

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transactions that involve the Company and certain of its related persons. For example, the Company has adopted a code of ethics and business conduct (the "**Code of Conduct**") that generally prohibits its executive officers 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 chair of the Nominating and Governance Committee, the chair 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).

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| **ITEM 6.** | **EXECUTIVE COMPENSATION**  |

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*(a) Compensation of Executive Officers* 

The Company does not currently have any employees and does not expect to have any employees. Services necessary for the Company's 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. The Company's day-to-day investment and administrative operations are managed by the Adviser (including serving in its Administrator capacity). Most of the services necessary for the origination and administration of the Company's investment portfolio are provided by investment professionals employed by the Adviser or its affiliates.

None of the Company's executive officers will receive direct compensation from the Company. Each of the Company's executive officers is an employee or other affiliate of the Adviser or the Administrator. The Company will bear the Company's allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of the Company's officers who provide operational, administrative, legal, compliance, finance and accounting services to the Company, including the Company's chief compliance officer and chief financial officer, their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Adviser or an affiliate) and assist with the preparation, coordination, and administration of the foregoing or provide other "back-office" or "middle-office" financial or operational services to the Company. For the avoidance of doubt, the Company will reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company and in acting on behalf of the Company). The Company is also party to an Expense Support Agreement with the Adviser pursuant to which, among other things, the Adviser has agreed to advance all of the Company's estimated organizational and initial offering expenses subject to reimbursement pursuant to the terms of the Expense Support Agreement. See "*Item 1. Business* — *Investment Advisory Agreement*" and "*Item 7. Certain Relationships and Related Transactions and Trustee Independence*."

*(b) Compensation of Trustees* 

The Independent Trustees each receive an annual fee of $50,000. The Chair of the Audit Committee receives an additional $3,333.33 per year. The Company will also obtain trustees' and officers' liability insurance on behalf of the Company's Trustees and officers. No compensation is paid to Trustees who are "interested persons" (as such term is defined in the 1940 Act) of the Company or of the Adviser. During fiscal year 2025, no compensation was paid to the Trustees.

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| **ITEM 7.** | **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND TRUSTEE INDEPENDENCE**  |

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*(a) Transactions with Related Persons, Promoters and Certain Control Persons* 

**Advisory Agreement; Administration Agreement** 

The Company has entered into the Investment Advisory Agreement with the Adviser pursuant to which the Company pays Management Fees and Incentive Fees to the Adviser. In addition, pursuant to the Investment Advisory Agreement and the Administration Agreement, the Company 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 the Company's Expenses under the Investment Advisory and Administration Agreements*." The Investment Advisory Agreement and the Administration Agreement have been approved by the Board of Trustees. Unless earlier terminated, the Investment Advisory Agreement will remain in effect for a period of two years from the date it first becomes effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board of Trustees or by the holders of a Majority of the Outstanding Voting Securities and, in each case, a majority of the Independent Trustees.

**Expense Support Agreement** 

The Company has entered into the Expense Support Agreement with the Adviser, pursuant to which the Adviser, or its affiliates, may elect to pay certain of the Company's expenses, including those expenses incurred prior to the BDC Election, on the Company's behalf. If the Adviser, and/or its affiliates, elect to pay certain of the Company's expenses, the Adviser, and/or its affiliates, will be entitled to reimbursement of such expenses from the Company if Available Operating Funds exceed the cumulative distributions accrued to Shareholders, subject to the terms of the Expense Support Agreement. See "*Item 1. Business — Expense Support and Conditional Reimbursement Agreement*."

**License Agreement** 

The Company has entered into the License Agreement with Adams Street (and any other relevant entities), pursuant to which the Company has been granted a non-exclusive, royalty-free license to use the Adams Street Names. Under the License Agreement, the Company has a right to use the Adams Street Names for so long as the Adviser or one of its affiliates remains the Company's investment adviser. Other than with respect to this limited license, the Company has no legal right to the Adams Street Names or any related logo.

**Resource Sharing Agreement** 

The Adviser has entered into the Resource Sharing Agreement with Adams Street. Under the Resource Sharing Agreement, Adams Street will provide the Adviser with experienced investment professionals and access to the senior investment personnel and other resources of Adams Street. The Resource Sharing Agreement should provide the Adviser with access to deal flow generated by Adams Street's professionals and commits certain investment professionals of Adams Street to serve in an oversight capacity. The Adviser intends to capitalize on what the Company believes to be the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Adams Street's investment professionals.

**Relationship with the Adviser and Potential Conflicts of Interest** 

In addition, the Company's executive officers and Trustees serve or may serve as officers, directors or principals of entities that operate in the same, or a related, line of business as the Company does or of other ASP

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Entities. These ASP Entities may have investment objectives similar to the Company's investment objective. The Company may compete with other ASP Entities, for capital and investment opportunities. As a result, the Company may not be given the opportunity to participate in certain investments made by other ASP Entities. However, in order to fulfill its fiduciary duties to the Company and other ASP Entities, the Adviser intends to allocate investment opportunities in a manner that is fair and equitable over time and is consistent with the Allocation Policy, so that the Company is treated fairly and equitably, and not systematically disadvantaged in relation to any other ASP Entity, 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. In addition, expenses may be incurred that are attributable to the Company and other ASP Entities.

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 the Company's 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. The Company believes that any investment by the Adviser and its affiliates in the Company aligns, to some extent, the interest of the Adviser with the interests of the Shareholders, although the Adviser has or may have economic interests in such other entities as well and may receive advisory fees or other forms of incentive-based compensation relating to such entities.

**Policies and Procedures for Managing Conflicts** 

The Adviser intends to allocate investment opportunities in a manner that is fair and equitable over time and is consistent with its Allocation Policy. The Adviser intends to allocate common expenses among the Company and other ASP Entities in a manner that is fair and equitable over time 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 an Allocation Policy that seeks to ensure the equitable allocation of investment opportunities over time and addresses the co-investment restrictions set forth under the 1940 Act. When the Company engages in co-investments as permitted by the Co-Investment Exemptive Order, the Company will do so in a manner consistent with the Allocation Policy. In situations where co-investment with other ASP Entities 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 the Company or such other ASP Entity or ASP Entities will proceed with the investment. The Adviser will make these determinations based on the Allocation Policy, which generally requires that such opportunities be offered to eligible accounts in a manner that will be fair and equitable over time, such that no eligible account is systematically disadvantaged.

The Adviser's allocation of investment opportunities among the Company and other ASP Entities may result in the allocation of all or none of an investment opportunity to the Company, 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 the Company's 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 the Company will have an opportunity to participate in all investments that fall within the Company's investment objective.

In general, pursuant to the Allocation Policy, the process for making an allocation determination includes an assessment as to whether a particular investment opportunity (including any follow-on investment in, or disposition from, an existing portfolio company held by the Company or another ASP Entity) is suitable for the

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Company or another ASP Entity. The Adviser will make allocation determinations based solely 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 not prove to have been more suitable for another ASP Entity in hindsight.

Pursuant to the Allocation Policy, if it is determined that an investment opportunity is appropriate for multiple ASP Entities, the Adviser generally will determine the appropriate size of the opportunity for each such ASP Entity.

Most or all of the officers and employees responsible for managing the Company will have responsibilities with respect to other ASP Entities, including ASP Entities that may be raised in the future. Substantial time will be spent by such officers and employees monitoring the investments of such ASP Entities. 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 the Company and the Adviser and its affiliates. The conflicts of interest that the Company may encounter include those discussed here and elsewhere throughout this Registration Statement, although such discussions do not describe all of the conflicts that may be faced by the Company. 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 — Conflicts Regarding Service Providers*" and "*Item 1A. Risk Factors—Allocation of Investment Opportunities*."

**Co-Investment Restrictions** 

As a BDC, the Company will be subject to certain regulatory restrictions in negotiating certain investments with entities with which the Company may be restricted from doing so under the 1940 Act, such as the Adviser and its affiliates, unless the Company obtains an exemptive order from the SEC.

The Company intends to rely on the Co-Investment Exemptive Order, pursuant to which the Company may co-invest with other ASP Entities in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Co-Investment Exemptive Order, the Company generally is permitted to co-invest alongside certain of its affiliates if the Company and each affiliate participating in the transaction acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and generally with substantially the same other terms.

To address the conflicts that the Adviser and its affiliates may face as a result of providing management or investment advisory services to other ASP Entities that have overlapping objectives with the Company, and general conflicts in the allocation of investment opportunities to the Company and other ASP Entities, the Adviser has put in place the Allocation Policy that seeks to ensure the equitable allocation of investment opportunities over time and addresses the co-investment restrictions set forth under the 1940 Act.

When the Company engages in co-investments as permitted by the Co-Investment Exemptive Order, the Company will do so in a manner consistent with the Allocation Policy. In situations where co-investment with other ASP Entities 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 the Company or such other ASP Entity or ASP Entities will proceed with the investment. The Adviser will make these determinations based on the Allocation Policy, which generally requires that such opportunities be offered to eligible accounts in a manner that will be fair and equitable over time, such that no eligible account is systematically disadvantaged. The Adviser's co-investment policy incorporates the conditions of the Co-Investment Exemptive Order. As a result of the exemptive relief, there could be significant overlap in the Company's investment portfolio and the investment portfolios of other ASP Entities that could avail themselves of the requested exemptive relief.

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**Certain Business Relationships** 

Certain of the Company's current Trustees and officers are directors or officers of the Adviser or its affiliates.

**Indebtedness of Management** 

None.

**Incentive to Recommend Affiliate Products** 

The Adviser has an incentive to recommend the products or services of certain investors in other affiliated entities or their related businesses to the Company and other entities affiliated with the Adviser or their respective portfolio companies, even though they may not necessarily be the best available to the Company or the Company's portfolio companies. Such recommendations will only be made if permitted by applicable law.

**ASP Note** 

Prior to the BDC Election, the proceeds of the ASP Note, issued by Adams Street Partners, L.P. on June 30, 2025 providing a principal amount of up to $55 million, were used to facilitate certain acquisitions of Middle Market Senior Loans. In connection with the BDC Election, the ASP Note was satisfied in full and extinguished. The Company may in the future determine to re-draw amounts under the ASP Note in accordance with the 1940 Act or, alternatively, terminate the ASP Note.

**Legal Counsel** 

Adams Street will generally engage common legal counsel and other advisors to represent it in a particular transaction. In the event of a significant dispute or divergence of interest between the Company and affiliates of Adams Street, such as in a work-out or other distressed situation, separate representation may become desirable, in which case the Adviser and other affiliates of Adams Street may hire separate counsel in their sole discretion, and in litigation and other circumstances, separate representation may be required. Partners of the law firms engaged to represent the affiliates of Adams Street may be investors in certain other funds affiliated with the Adviser or Adams Street, and could also represent one or more portfolio companies or investors therein. Additionally, the Adviser, and the Company and the Company's portfolio companies may engage other common service providers. In such circumstances, there may be a conflict of interest between the Adviser, on the one hand, and the Company and the Company's portfolio companies, on the other hand, in determining whether to engage such service providers, including the possibility that the Adviser may favor the engagement or continued engagement of such persons if it receives a benefit from such service providers, such as lower fees, that it would not receive absent the engagement of such service provider by the Company and/or the Company's portfolio companies.

**Diverse Investor Base of the Company and Adams Street** 

The Company and Adams Street may have tax-exempt, taxable, non-U.S. and other investors, whereas certain members of the Adviser and of the general partners of existing or future ASP Entities are taxable at individual U.S. rates. Potential conflicts exist with respect to various structuring, investment and other decisions because of divergent tax, economic or other interests, including conflicts among the interests of taxable and tax-exempt investors, conflicts among the interests of U.S. and non-U.S. investors, and conflicts between the interests of investors and management with regard to the Company and existing or future ASP Entities. For these reasons, among others, decisions may be more beneficial for one investor than for another investor, particularly with respect to investors' individual tax situations.

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**Material, Non-Public Information; Trading Restrictions** 

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

**Trustee Independence** 

The 1940 Act requires that at least a majority of the Company's Trustees not be "interested persons" of the Company or the Adviser as defined in Section 2(a)(19) of the 1940 Act. On an annual basis, each member of the Board of Trustees is required to complete an independence questionnaire designed to provide information to assist the Board of Trustees in determining whether the Trustee is independent under the 1940 Act. The Board of Trustees has determined that each of the Company's trustees, other than James F. Walker and Miguel F. Gonzalo, is independent under the 1940 Act. The Board of Trustees limits membership on the Audit Committee and Nominating and Governance Committee to Independent Trustees.

*(b) Promoters and Certain Control Persons* 

The Adviser (including in its capacity as the Administrator) may be deemed a promoter of the Company. The Company has entered into the Investment Advisory Agreement and the Administration Agreement with the Adviser (in its capacity as the Administrator). The Adviser, for its services to the Company, is entitled to receive Management Fees and Incentive Fees in addition to the reimbursement of certain expenses. The Adviser (in its capacity as Administrator), for its services to the Company, is entitled to receive reimbursement of certain expenses. In addition, under the Investment Advisory and Administration Agreements, to the extent permitted by applicable law and in the discretion of the Board of Trustees, the Company has indemnified the Adviser (including in its capacity as the Administrator) and certain of their affiliates. See "*Item 1. Business*" and "*Item 12. Indemnification of Trustees and Officers*."

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| **ITEM 8.** | **LEGAL PROCEEDINGS**  |

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From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company's rights under loans to or other contracts with the Company's portfolio companies. The Company's business also is subject to extensive regulation, which may result in regulatory proceedings against the Company. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon the Company's financial condition or results of operations. The Company is not currently subject to any material legal proceedings, nor, to the Company's knowledge, is any material legal proceeding threatened against the Company.

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| **ITEM 9.** | **MARKET PRICE OF DISTRIBUTIONS AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS**  |

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**Market Information** 

The Shares are offered and sold in transactions (i) in the United States under the exemption from registration under the 1933 Act provided by Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, and (ii) outside of the United States under the exemption from registration under the 1933 Act provided by Regulation S or Regulation D promulgated thereunder. See "*Item 10. Recent Sales of Unregistered Securities*" for more information. The Shares are not listed for trading on a stock exchange or other securities market and there is no established public trading market for the Shares currently, and the Company does not currently expect that one will develop.

Because the 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. The Shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Company's consent is granted, 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 the Company's option, be required to provide the Company with a legal opinion, in form and substance satisfactory to the Company, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Shares until the Company accepts their repurchase or transfer or the Company is 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 the Company's books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Shares and to execute such other instruments or certifications as are reasonably required by the Company.

**Holders** 

The Shareholders will be 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 of Trustees. The rights of Shareholders are subject to the Organizational Documents. Please see "*Item 4. Security Ownership of Certain Beneficial Owners and Management*" for disclosure regarding the holders of record of the Company's Shares as of April 30, 2026.

**Determination of NAV – Valuation of Portfolio Securities** 

The NAV per Share of outstanding Shares is determined monthly by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the date as of which the determination is made. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as its Valuation Designee, subject to the oversight of the Board of Trustees.

The value of any investment or other asset held by the Company on each date that the Company determines its NAV will be determined by the Adviser, through its valuation committee, in accordance with the Valuation Policy adopted by and subject to the supervision of the Board of Trustees and pursuant to a consistently applied valuation process, and shall include the marked-to-market value of any hedges effected in connection with 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, which are generally treated as ordinary income) 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

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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 for which market quotations are readily available typically will be valued at such market quotations, after evaluating whether such market quotations are representative of fair value. In order to validate market quotations, the Adviser will consider a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Investments for which market quotations are not readily available, including debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of the Company's investments), will be valued at fair value as determined in good faith by the Adviser, through its valuation committee, and based on input of one or more independent valuation firms engaged at the direction of the Adviser's valuation committee, in accordance with the Valuation Policy.

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

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 Registration Statement, 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.

**Distribution Policy** 

The Company generally intends to distribute, out of assets legally available for distribution, substantially all of the Company's available earnings, on a monthly basis, as determined by the Board of Trustees in its sole discretion. The Board of Trustees will consider factors such as the Company's earnings, financial condition, maintenance of its RIC status, compliance with applicable BDC regulations, Delaware law and such other factors as the Board of Trustees may deem relevant from time to time. As a result, the Company's distribution rates and payment frequency may vary from time to time. See "*Item 1. Business—Certain U.S. Federal Income Tax Considerations—Taxation as a RIC*."

The Company will reinvest distributions on behalf of Shareholders that do not elect to receive their distributions in cash. A Shareholder may elect to receive its entire distribution in cash by notifying the Adviser in writing no later than ten (10) days prior to the record date for dividends to Shareholders. See "*Item 1. Business — Distribution Reinvestment Plan*."

**Reports to Shareholders** 

The Company will furnish to Shareholders as soon as commercially practicable after the end of each taxable year and each calendar year such information as is necessary for them to complete U.S. federal and state income tax or information returns, along with any other tax information required by law.

Once this Registration Statement becomes effective, the Company will be subject to the requirements of Section 13(a) of the 1934 Act, including the rules and regulations promulgated thereunder, which will require the

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Company, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and the Company will be required to comply with all other obligations of the 1934 Act applicable to issuers filing registration statements pursuant to Section 12(g) of the 1934 Act. Additionally, the Company will be subject to the proxy rules in Section 14 of the 1934 Act and the Trustees, executive officers and certain Shareholders will be subject to the reporting requirements of Sections 13 and 16 of the 1934 Act.

The SEC maintains a website at www.sec.gov, via which the Company's SEC filings can be electronically accessed, including this Registration Statement and the exhibits and schedules hereto.

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| **ITEM 10.** | **RECENT SALES OF UNREGISTERED SECURITIES**  |

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On April 1, 2026, Adams Street Partners, L.P. purchased 2,500,000 Shares of the Company at a price of $20.00 per Share, which were issued and sold in reliance upon Section 4(a)(2) of the 1933 Act, which provides an exemption from the registration requirements of the 1933 Act. No underwriting discounts or commissions were paid with respect to such sale.

On April 1, 2026, the Company conducted a private offering of Series A Preferred Shares to unaffiliated individual investors who are "accredited investors" as defined in Regulation D of the 1933 Act. Pursuant to the Preferred Offering, in reliance on the exemption from registration provided by Section 4(a)(2) of the 1933 Act, the Company issued and sold 515 Series A Preferred Shares for an aggregate purchase price of $1,545,000. The Series A Preferred Shares were offered through H&L Equities, LLC ("**H&L**"), a registered broker-dealer and an affiliate of REIT Funding, LLC ("**REIT Funding**"). The Company paid certain fees to, and covered certain expenses of, REIT Funding in connection with the Preferred Offering. REIT Funding paid certain brokerage or placement fees to H&L out of the fees paid to REIT Funding by the Company. In addition, the Company has engaged REIT Administration, LLC ("**REIT Administration**") to perform certain administrative services for the Preferred Shareholders. The fees payable to REIT Administration by the Company are based on the schedule of fees charged by REIT Administration and as detailed in the arrangement letter with the Company. The Company's obligation to pay such fees to REIT Administration will terminate upon the date when the Preferred Shareholders have been redeemed from the Company and all administrative duties have been completed.

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| **ITEM 11.** | **DESCRIPTION OF REGISTRANT'S SECURITIES TO BE REGISTERED**  |

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**General** 

The Company operates as a Delaware statutory trust. The terms of the Declaration of Trust authorize the Company to issue an unlimited number of Shares, of which 2,500,000 Shares were outstanding as of April 30, 2026, and an unlimited number of preferred shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Declaration of Trust also provides that the Board of Trustees 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. No Shares have been authorized for issuance under any equity compensation plans. There are no outstanding options or warrants to purchase our Shares. There is currently no market for the Shares, and the Company does not expect that a market for the Shares will develop in the foreseeable future. An investor in the Company will be a Shareholder of the Company and such investors' rights in the Company will be established and governed by the Declaration of Trust. A prospective investor and his or her advisors should carefully review the Declaration of Trust as each Shareholder will agree to be bound by its terms and conditions.

The following is a summary description of additional items and of select provisions of the Declaration of Trust that may not be described elsewhere in this Registration Statement. The summary of such items and provisions is not definitive and is qualified by reference to the complete text of the Declaration of Trust, which is also filed as an exhibit to this Registration Statement.

**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 duly authorized, validly issued, fully paid and nonassessable. Dividends and other distributions may be paid to Shareholders if, as and when authorized by the Board of Trustees and declared by the Company 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 the Subscription Agreement, including in connection with Transfers to the Company in connection with the Share repurchase program and (ii) the Transfer is made in accordance with the Transfer restrictions contained in the Subscription Agreement and applicable securities laws.

In the event of the Company's liquidation, dissolution or winding up, each Share would be entitled to share ratably in all of the Company's assets that are legally available for distribution after the Company pays or otherwise provides for all claims and obligations and subject to any preferential rights of holders of 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 any election of Trustees. There will be no cumulative voting in any election of Trustees. Cumulative voting would entitle a Shareholder to as many votes as equals the number of votes which such Shareholder 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 nominees. Subject to the special rights of the holders of any class or series of preferred shares to elect Trustees, a plurality of the votes cast shall be required to elect any Trustees, 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.

**Special Voting Requirements** 

The number of Trustees will be set only by our Board in accordance with our Declaration of Trust. Our Declaration of Trust provides that a majority of our entire Board may at any time increase or decrease the

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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 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 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) and by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee.

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 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. 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.

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 not less than thirty-three and one-third percent (33-1/3%) of the outstanding shares of the Company entitled to vote at a meeting (regardless of class or series).

**Preferred Shares** 

***General***

Under the terms of the Declaration of Trust, the Board may authorize the Company to issue preferred shares in one or more classes or series without Shareholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption or repurchase of each class or series of preferred shares. The Company will make requisite disclosure to Shareholders regarding any preferred shares issued by the Company. The Company will not offer preferred shares to the Adviser or its affiliates except on the same terms as offered to all other Shareholders.

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Preferred shares could be issued with terms that would adversely affect the Shareholders, provided that the Company may not issue any preferred shares that would limit or subordinate the voting rights of Shareholders. 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: (i) 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 the Company's total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (ii) 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 shares of preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

The issuance of any preferred shares must be approved by a majority of the Independent Trustees not otherwise interested in the transaction, who will have access, at the Company's expense, to the Company's legal counsel or to independent legal counsel.

***Series A Preferred Shares***

The preferred shares<u> </u>issued in the Preferred Offering<u> </u>were classified and designated as "Series A Cumulative Preferred Shares."<u> </u>Preferred<u> </u>Shareholders are entitled to receive cumulative cash dividends at a rate of 12.0% per annum of the Series A Preferred Shares' liquidation preference of $3,000.00. With respect to distributions, including the distribution of the Company's assets upon dissolution, liquidation, or winding up, the Series A Preferred Shares<u> </u>are senior to all other classes and series of shares, including the Shares, whether such class or series is now existing or is created in the future. The Company generally<u> </u>is not<u> </u>able to declare or pay, or set apart for payment, any dividend or other distribution on any shares of beneficial interest ranking junior to the Series A Preferred Shares as to distributions, including the shares, or redeem, repurchase or otherwise make payments on any such shares, unless full, cumulative dividends on all outstanding shares of Series A Preferred Shares have been declared and paid or set apart for payment for all past distribution periods. The<u> </u>Preferred<u> </u>Shareholders are entitled to one vote for each Series A Preferred Share held by such<u> </u>Preferred Shareholder on any matter submitted to the Shareholders for a vote, and the<u> </u>Shareholders and Preferred<u> </u>Shareholders will vote together as a single class on all matters. Notwithstanding the foregoing, for so long as the Company is subject to the 1940 Act, the<u> </u>Preferred Shareholders, voting separately as a single class, shall have the right to elect two (2) members of the Board of Trustees at all times, and the balance of the Trustees shall be elected by the<u> </u>Shareholders and the<u> </u>Preferred Shareholders voting together as a single class. Additionally, the consent of the holders of a majority of the outstanding Series A Preferred Shares, voting as a separate class,<u> </u>is required for (a) authorization or issuance of any equity security of the Company senior to or on parity with the Series A Preferred Shares, (b) any amendment to the Declaration of Trust, whether by merger or otherwise, which has a material adverse effect on the rights and preferences of the Series A Preferred Shares or which increases the number of authorized or issued shares of Series A Preferred Shares, or (c) any reclassification of the Series A Preferred Shares. The Series A Preferred Shares<u> </u>are subject to redemption by the Company at any time by notice of such redemption on a date selected by the Company for such redemption. The Series A Preferred Shares are not convertible into any other class or series of shares. The Company reserves the right, in its sole discretion, to change the terms of the Preferred Offering without notice to, or the consent of the Shareholders.

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**Anti-Takeover Provisions** 

The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Company or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Company, which attempts could have the effect of increasing the expenses of the Company and interfering with the normal operation of the Company. As noted above, a Trustee may be removed from office only with cause, and only by action taken by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" (as such term is defined in the 1940 Act), a majority of the remaining Trustees that are not "interested persons") and by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Company's assets, or liquidation.

**Limitation of Liability; Indemnification** 

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. None of these persons shall be personally liable to any Shareholder for contributions by the Shareholder to the capital of the Company or by reason of any change in the federal or state income tax laws applicable to the Company or its investors. 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.

**Derivative Actions and Exclusive Jurisdiction** 

The Declaration of Trust provides that, in addition to adhering to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may not bring a derivative action on behalf of the Company unless: (a) the Shareholder makes 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 shall 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 Delaware Statutory Trust Statute); (b) Shareholders eligible to bring such derivative action who collectively hold Shares representing ten percent (10%) or more of the total combined NAV of all Shares issued and outstanding join in the request for the Trustees to commence such action (the "**10% Threshold**"); and (c) unless a demand is not required under clause (a) above, the Trustees are afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the<u> </u>Company for the expense of any such advisors in the event that the Trustees determine not to bring such action (the "**Shareholder Undertaking**"). The provisions of the Declaration of Trust regarding<u> </u>derivative actions and the Shareholder Undertaking do not apply to claims arising under the U.S. federal securities laws.

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Under the Declaration of Trust, actions by Shareholders against the Company asserting a claim governed by Delaware law or the Company's Organizational Documents must be brought in the Court of Chancery of the State of Delaware or any other court in the State of Delaware with subject matter jurisdiction. Shareholders also waive the right to jury trial to the fullest extent permitted by law. This exclusive jurisdiction provision may limit a Shareholder's ability to bring a claim in a particular judicial forum or in a manner that it finds favorable for disputes, and may make it more expensive or inconvenient for a Shareholder to bring a suit, which may discourage Shareholders from bringing claims against the Company. The exclusive jurisdiction provision of the Declaration of Trust does not apply to claims arising under the U.S. federal securities laws.

If a court were to find these provisions to be inapplicable or unenforceable, the Company could incur additional costs associated with defending or resolving such actions, which could have a material adverse effect on the Company's business, financial condition and results of operations.

**Amendment of the Declaration of Trust; No Approval of Shareholders** 

The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Trustees, if required by the 1940 Act) and without the approval of the Shareholders unless the approval of Shareholders is required under the 1940 Act or otherwise required under the Declaration of Trust.

**Term, Dissolution and Liquidation** 

The Company shall continue perpetually unless terminated in accordance with the terms of the Declaration of Trust or the Delaware Statutory Trust Act. The Company shall be dissolved: (i) upon the affirmative vote to dissolve the Company by a majority of the Trustees 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 Act (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.

**Code of Ethics** 

The Company 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 of ethics (including the Trustees and our executive officers) are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by the Company, so long as such investments are made in accordance with the code of ethics' requirements. The code of ethics is filed as an exhibit to this Registration Statement, which is available on the EDGAR Database on the SEC's website at www.sec.gov.

**Code of Conduct** 

As a BDC, the Company is subject to certain regulatory requirements that restrict its ability to engage in certain related-party transactions. The Company has adopted procedures for the review, approval and monitoring of transactions that involve the Company and certain of its related persons. For example, the Company has adopted the Code of Conduct that generally prohibits its executive officers from engaging in any transaction where there is a conflict between such individual's personal interest and the interests of the Company. Waivers to

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the Code of Conduct can generally only be obtained from the Chief Compliance Officer, who may consult, as appropriate, with the chair of the Nominating and Governance Committee, the chair 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).

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| **ITEM 12.** | **INDEMNIFICATION OF TRUSTEES AND OFFICERS**  |

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**Limitation on Liability of Trustees; Indemnification and Advance of Expenses** 

See "*Item 11. Description of Registrant's Securities to be Registered — Limitation of Liability; Indemnification.*"

**Indemnification Agreements** 

In addition to the indemnification provided for in the Declaration of Trust, the Company has entered into indemnification agreements with the Company's Trustees. The indemnification agreements are intended to provide the Company's Trustees with the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the Trustee 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 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.

**Adviser and Administrator** 

The Investment Advisory Agreement and the Administration Agreement provide that Indemnified Parties are not liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under such agreements 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.

The Company will indemnify each Indemnified Party 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. The Company may pay the expenses incurred by the Indemnified Party in defending an actual or threatened civil or criminal action in advance of the final disposition of such action, provided the Indemnified Party agrees to repay those expenses if found by adjudication not to be entitled to indemnification. Notwithstanding the foregoing, in accordance with Sections 17(i) and 17(h) of the 1940 Act, neither the Adviser nor any of its affiliates, directors, officers, members, employees, agents or representatives may be protected against any liability to the Company or the Company's 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.

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| **ITEM 13.** | **FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**  |

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Set forth below is an index to the Company's financial statements attached to this Registration Statement.

**Index to Consolidated Financial Statements** 

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|  | **Page** |
| Consolidated Financial Statements of Adams Street Credit Solutions Fund and Subsidiaries (Audited): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm for the Year Ended December 31, 2025 (Deloitte & Touche LLP)](#fin807896_1) | F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm for the Year Ended December 31, 2024 (KPMG LLP)](#fin807896_2) | F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#fin807896_3) | F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations for the Year Ended December 31, 2025 and for the Period from July 29, 2024 (Commencement of Operations) to December 31, 2024](#fin807896_4) | F-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (Deficit) for the Year Ended December 31, 2025 and for the Period from July 29, 2024 (Commencement of Operations) to December 31, 2024](#fin807896_5) | F-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows for the Year Ended December 31, 2025 and for the Period from July 29, 2024 (Commencement of Operations) to December 31, 2024](#fin807896_6) | F-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Schedule of Investments as of December 31, 2025](#fin807896_7) | F-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Consolidated Financial Statements](#fin807896_8) | F-18 |
|  Consolidated Financial Statements of Adams Street Credit Solutions Fund and Subsidiaries (Unaudited): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025](#fin807896_9) | F-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#fin807896_10) | F-36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (Deficit) for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#fin807896_11) | F-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#fin807896_12) | F-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025](#fin807896_13) | F-39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Consolidated Financial Statements (unaudited)](#fin807896_14) | F-52 |

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| **ITEM 14.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**  |

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There are not and have not been any disagreements between the Company and the Company's accountants on any matter of accounting principles, practices, or financial statement disclosure, nor have there been any changes in the Company's accountants.

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| **ITEM 15.** | **FINANCIAL STATEMENTS AND EXHIBITS**  |

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(a) List separately all financial statements filed

The financial statements attached to this Registration Statement are listed under "*Item 13. Financial Statements and Supplementary Data*."

(b) Exhibits

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**Exhibit Index** 

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| **Exhibit No.** |
| 3.1 [Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex31.htm)<sup>(1)</sup> |
| 3.2 [Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex32.htm)<sup>(1)</sup> |
| 3.3 [Supplement to the Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex33.htm)<sup>(1)</sup> |
| 3.4 [By-Laws](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex34.htm)<sup>(1)</sup> |
| 4.1 [Form of Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex41.htm)<sup>(1)</sup> |
| 10.1 [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex101.htm)<sup>(1)</sup> |
| 10.2 [Administration Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex102.htm)<sup>(1)</sup> |
| 10.3 [Distribution Reinvestment Plan](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex103.htm)<sup>(1)</sup> |
| 10.4 [Form of Indemnification Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex104.htm)<sup>(1)</sup> |
| 10.5 [Custody Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex105.htm)<sup>(1)</sup> |
| 10.6 [License Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex106.htm)<sup>(1)</sup> |
| 10.7 [Expense Support and Conditional Reimbursement Agreement](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex107.htm)<sup>(1)</sup> |
| 10.8 [Loan and Security Agreement, dated as of August 6, 2024, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex108.htm)<sup>(1)</sup> |
| 10.9 [Agreement Memorializing the First Amendment to the Loan and Security Agreement, dated as of February 5, 2026, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex109.htm)<sup>(1)</sup> |
| 10.10 [Second Amendment to the Loan and Security Agreement, dated as of August 5, 2025, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex1010.htm)<sup>(1)</sup> |
| 10.11 [Third Amendment to the Loan and Security Agreement, dated as of October 28, 2025, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex1011.htm)<sup>(1)</sup> |
| 10.12 [Fourth Amendment to the Loan and Security Agreement, dated as of January 29, 2026, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex1012.htm)<sup>(1)</sup> |
| 10.13 [Fifth Amendment to the Loan and Security Agreement, dated as of March 30, 2026, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto<sup>(2)</sup>](d807896dex1013.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| |
|:---|
| **Exhibit No.** |
| 10.14 [Sixth Amendment to the Loan and Security Agreement, dated as of May 1, 2026, by and among ASP BDC Lev Facilitation LLC, as borrower, Adams Street Credit Solutions Fund, as servicer and seller, Wells Fargo Bank, National Association, as administrative agent, and each of the lenders from time to time party thereto<sup>(2)</sup>](d807896dex1014.htm) |
| 21.1 [Subsidiaries of the Registrant<sup>(2)</sup>](d807896dex211.htm) |
| 99.1(a) [Code of Ethics of the Company](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex991a.htm)<sup>(1)</sup> |
| 99.1(b) [Code of Ethics of the Adviser](http://www.sec.gov/Archives/edgar/data/1772918/000119312526136761/d807896dex991b.htm)<sup>(1)</sup> |

---

<sup>(1)</sup> Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement filed on April 1, 2026 (the "Registration Statement").

<sup>(2)</sup> Filed herewith.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Adams Street Credit Solutions Fund** | **Adams Street Credit Solutions Fund** |
| By: | /s/ Eric Mansell |
| Name: Eric Mansell | Name: Eric Mansell |
| Title: Vice President, Chief Legal Officer and Secretary | Title: Vice President, Chief Legal Officer and Secretary |

---

Date: May 15, 2026

[*Signature Page to Form 10*]

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

(formerly, ADAMS STREET PRIVATE CREDIT BDC LLC AND SUBSIDIARY)

CONSOLIDATED FINANCIAL STATEMENTS

AND

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025

AS OF AND FOR THE PERIOD FROM JULY 29, 2024 (COMMENCEMENT OF OPERATIONS)

TO DECEMBER 31, 2024

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

**Contents** 

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm for the Year Ended December 31, 2025 (Deloitte & Touche LLP, New York, NY, PCAOB ID: 34)](#fin807896_1) | F-3 |
|  [Report of Independent Registered Public Accounting Firm for the Year Ended December 31, 2024 (KPMG LLP, New York, NY, PCAOB ID: 185)](#fin807896_2) | F-4 |
|  [Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#fin807896_3) | F-5 |
|  [Consolidated Statements of Operations for the Year Ended December 31, 2025 and for the Period from July 29, 2024 (Commencement of Operations) to December 31, 2024](#fin807896_4) | F-6 |
|  [Consolidated Statements of Changes in Net Assets (Deficit) for the Year Ended December 31, 2025 and for the Period from July 29, 2024 (Commencement of Operations) to December 31, 2024](#fin807896_5) | F-7 |
|  [Consolidated Statements of Cash Flows for the Year Ended December 31, 2025 and for the Period from July 29, 2024 (Commencement of Operations) to December 31, 2024](#fin807896_6) | F-8 |
|  [Consolidated Schedule of Investments as of December 31, 2025 and 2024](#fin807896_7) | F-9 |
|  [Notes to Consolidated Financial Statements](#fin807896_8) | F-18 |

---

------

##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Adams Street Credit Solutions Fund

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities of Adams Street Credit Solutions Fund (the "Company"), including the schedule of investments as of December 31, 2025, the related statements of operations, changes in net assets (deficits), cash flows, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations, changes in net assets (deficits), cash flows, and financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights 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 audit, 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 audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

April 30, 2026

We have served as the auditor for one or more Adams Street investment companies since 2025.

------

##### [**Table of Contents**](#toc)
![LOGO](g807896g02p37.jpg)

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

**Report of Independent Registered Public Accounting Firm** 

To the Stockholders and Board of Trustees

Adams Street Credit Solutions Fund:

*Opinion on the Consolidated Financial Statements* 

We have audited the accompanying consolidated statement of assets and liabilities of Adams Street Credit Solutions Fund and subsidiaries (the Company), including the consolidated schedule of investments, as of December 31, 2024, the related consolidated statements of operations, changes in net assets (deficits), and cash flows for the period from July 29, 2024 (commencement of operations) to December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the period from July 29, 2024 (commencement of operations) to December 31, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the custodians, borrowers, or by other appropriate auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2024.

Chicago, Illinois

April 30, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, non-affiliated investments, at fair value (cost of $94,929,067 and $17,829,103, respectively) | $95184643 | $17914687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1985535 | 345555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other income receivable from investments | 483176 | 59341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 29368 | 545871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 28551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 97711273 | 18865454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory note (Note 6) | $50000000 | $18272579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility, net of deferred financing costs of ($477,654 and $545,871, respectively) (Note 7) | 43272346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates (Note 5) | 843744 | 538831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and credit facility fees payable | 201886 | 435717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 313844 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 94631820 | 19262127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies (Note 8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (deficits) | 3079453 | (396673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | $3079453 | $(396673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $3079453 | $(396673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and net assets** | $97711273 | $18865454 |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Period From<br>July 29, 2024<br>(Commencement<br>of Operations)<br>Through<br>December 31,<br>2024** |
|  **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $5685818 | $554431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 639508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 6325326 | 554431 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and credit facility fees (Notes 6 and 7) | $4473171 | $674608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational expenses | 2409364 | 342877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 643228 | 22447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 131014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 13302 | 7382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 7670079 | 1047314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support and waivers (Note 5) | (5420648) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses after expense support and waivers | 2249431 | 1047314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 4075895 | (492883) |
|  **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | (769761) | 10626 |
|  **Net change in unrealized appreciation/(depreciation) from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 169992 | 85584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and net change in unrealized appreciation (depreciation)** | (599769) | 96210 |
|  **Net increase (decrease) in net assets resulting from operations** | $3476126 | $(396673) |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (DEFICITS)

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Period From<br>July 29, 2024<br>(Commencement<br>of Operations)<br>Through<br>December 31,<br>2024** |
|  Net assets (deficits) at the beginning of the period | $(396673) | $— |
|  Net investment income (loss) | 4075895 | (492883) |
|  Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (599769) | 96210 |
|  Net assets (deficits) at the end of the period | $3079453 | $(396673) |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Period From<br>July 29, 2024<br>(Commencement<br>of Operations)<br>Through<br>December 31,<br>2024** |
|  Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $3476126 | $(396673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | 769761 | (10626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | (169992) | (85584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of purchase of investments | (127852699) | (19980512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from repayments and sales of investments | 50351164 | 2173956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest capitalized | (223575) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discounts on investments | (144615) | (11921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 239107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other income receivable from investments | (423835) | (59341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | (29368) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (28551) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates | 304913 | 538831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and credit facility fees payable | (233831) | 435717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 298844 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | (73666551) | (17381153) |
|  Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of deferred financing costs | (170890) | (545871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from promissory note borrowings | 31727421 | 18272579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from line of credit borrowings | 47500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments from line of credit borrowings | (3750000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 75306531 | 17726708 |
|  Net increase in cash and cash equivalents | 1639980 | 345555 |
|  Cash and cash equivalents—beginning of period | 345555 |  |
|  Cash and cash equivalents—end of period | $1985535 | $345555 |
|  Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fees on promissory note and credit facility | $1849562 | $238891 |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | |  | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnote<br>Reference** | <br>**Industry** |<br>**Reference Rate<br>and Spread<sup>(a)</sup>** |<br>**Interest<br>Rate** |  |<br>**Maturity<br>Date** |<br>**Par/Shares** | <br>**Investment Type** | **Cost^** | **Fair Value** |<br>**Percent of<br>Net Assets** |
|  **Non-controlled, Non-affiliated** |  |  |  |  |  |  |  |  |  |  |  |
|  **Investments** |  |  |  |  |  |  |  |  |  |  |  |
|  **Senior loans (99%) ~** |  |  |  |  |  |  |  |  |  |  |  |
|  Appfire | (2) | Application Software | S + 4.75% | N/A | (1) | 03/09/2028 | 186956 | Third Supplemental Delayed Draw Term Loan | $(552) |  | 0.00% |
|  Beaufort | (9) | Aerospace & Defense | S + 5.00% | 8.67 | % | 12/31/2032 | 3554089 | Term Loan | 3500799 | 3500799 | 3.63% |
|  BMS Enterprises | (9) | Industrial—Building Products / Services | S + 5.50% | 9.32 | % | 09/30/2026 | 36501 | Incremental Delayed Draw Term Loan | 36265 | 36228 | 0.04% |
|  BMS Enterprises | (9) | Industrial—Building Products / Services | S + 5.50% | 9.32 | % | 09/30/2026 | 70280 | Incremental Term Loan | 70075 | 69753 | 0.07% |
|  Buckman | (9) | Specialty Chemicals | S + 4.75% | 8.47 | % | 07/01/2032 | 7508584 | Term Loan | 7438902 | 7471041 | 7.75% |
|  Burke Porter Group | (9) | Industrial Machinery | S + 7.00% | 11.00 | % | 07/29/2029 | 1976281 | Unitranche Term Loan | 1950957 | 1709483 | 1.77% |
|  Caring Brands International | (5) | Health Care Services | S + 6.50% | 10.47 | % | 10/25/2027 | 4099418 | First Lien Term Loan | 4074213 | 4058424 | 4.21% |
|  Circle Surogacy | (9) | Health Care Services | S + 6.00% | 9.77 | % | 12/28/2027 | 1352051 | First Lien Term Loan | 1336802 | 1352051 | 1.40% |
|  CLS | (9) | Human Resources and Employment Services | S + 5.00% | 8.86 | % | 03/27/2030 | 79425 | Delayed Draw Term Loan | 78473 | 79425 | 0.08% |
|  CLS | (4) | Human Resources and Employment Services | S + 5.00% | 8.69 | % | 03/27/2030 | 28852 | First Amendment Delayed Draw Term Loan | 25604 | 25964 | 0.03% |
|  Continuum | (4) | Real Estate Management & Development | S + 5.75% | 9.68 | % | 09/10/2027 | 2163226 | Delayed Draw Term Loan | 1569415 | 1589178 | 1.65% |
|  Continuum | (9) | Real Estate Management & Development | S + 5.75% | 9.68 | % | 09/10/2027 | 585885 | Term Loan | 580881 | 585885 | 0.61% |
|  Dana Safety Supply | (4) | Trading Companies & Distributors | S + 4.75% | 8.42 | % | 10/15/2030 | 371576 | Delayed Draw Term Loan | 325422 | 328520 | 0.34% |
|  Dana Safety Supply | (9) | Trading Companies & Distributors | S + 4.75% | 8.47 | % | 10/15/2030 | 1560409 | Term Loan | 1547953 | 1560409 | 1.62% |
|  Dental365 | (9) | Health Care Services | S + 5.00% | 8.72 | % | 08/05/2028 | 183655 | Delayed Draw Term Loan | 181250 | 183655 | 0.19% |
|  Dental365 | (9) | Health Care Services | S + 5.00% | 8.72 | % | 08/05/2028 | 184884 | Delayed Draw Term Loan | 182468 | 184884 | 0.19% |
|  Dental365 | (9) | Health Care Services | S + 5.00% | 8.72 | % | 08/05/2028 | 124744 | First Lien Term Loan | 123820 | 124744 | 0.13% |
|  Emmes | (7) | Life Sciences Tools and Services | S + 6.00% | 9.89 | % | 07/07/2028 | 395874 | Delayed Draw Term Loan | 391036 | 395874 | 0.41% |
|  Emmes | (7) | Life Sciences Tools and Services | S + 6.00% | 9.89 | % | 07/07/2028 | 590689 | Initial Term Loan | 585715 | 590689 | 0.61% |
|  Excelitas Technologies | (2) | Electronic Components | S + 5.25% | N/A | (1) | 08/12/2029 | 914192 | Second Amendment Delayed Draw Term Loan | (4685) |  | 0.00% |
|  Fastener Distribution Holdings | (4) | Aerospace & Defense | S + 4.75% | 8.42 | % | 11/04/2031 | 943502 | Delayed Draw Term Loan | 357409 | 363161 | 0.38% |
|  FASTSIGNS International | (9) | Specialty Stores | S + 5.25% | 9.07 | % | 03/13/2028 | 449667 | Fifth Amendment Term Loan | 447566 | 449667 | 0.47% |

---

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnote<br>Reference** | <br>**Industry** |<br>**Reference Rate<br>and Spread<sup>(a)</sup>** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par/Shares** | <br>**Investment Type** | **Cost^** | **Fair Value** |<br>**Percent of<br>Net Assets** |
|  **Non-controlled, Non-affiliated** |  |  |  |  |  |  |  |  |  |  |
|  **Investments** |  |  |  |  |  |  |  |  |  |  |
|  **Senior loans (continued)** |  |  |  |  |  |  |  |  |  |  |
|  Four Seasons |  | Industrial Machinery | S + 5.50% | 9.22% | 11/18/2028 | 47864 | First Amendment Delayed Draw Term Loan | $47283 | $47864 | 0.05% |
|  Four Seasons | (9) | Industrial Machinery | S + 5.50% | 9.22% | 11/18/2028 | 96246 | Term Loan A | 94858 | 96246 | 0.10% |
|  Gas Innovations | (9) | Gas Utilities | S + 5.25% | 9.25% | 03/01/2030 | 148514 | Delayed Draw Term Loan | 146118 | 148514 | 0.15% |
|  Gas Innovations | (4) | Gas Utilities | S + 5.25% | 9.10% | 03/01/2030 | 176038 | Incremental Delayed Draw Term Loan | 71894 | 73545 | 0.08% |
|  Goettl Home Services | (11) | Construction and Engineering | S + 7.25% | 11.07% | 12/10/2028 | 16055 | Incremental Delayed Draw Term Loan | 15794 | 14570 | 0.02% |
|  Goettl Home Services | (8) | Construction and Engineering | S + 7.25% | 11.40% | 12/10/2028 | 291515 | Unitranche Term Loan | 289290 | 264550 | 0.27% |
|  Goettl Home Services | (11) | Construction and Engineering | S + 7.25% | 11.07% | 12/10/2028 | 40091 | Delayed Draw Term Loan | 39439 | 36383 | 0.04% |
|  Greenwood Operating Group | (9) | Construction and Engineering | S + 5.50% | 9.22% | 05/07/2031 | 5898471 | Term Loan | 5793370 | 5868979 | 6.09% |
|  Guardian | (9) | Commercial Services & Supplies | S + 4.50% | 8.29% | 12/01/2032 | 297617 | Term Loan | 294676 | 294676 | 0.31% |
|  IEM | (9) | Industrial—Industrial Equipment / Capital Goods | S + 4.50% | 8.25% | 08/08/2030 | 2593114 | Initial Term Loan | 2563319 | 2593114 | 2.69% |
|  IEM |  | Industrial—Industrial Equipment / Capital Goods | S + 4.50% |  | 12/03/2031 | 379928 | First Amendment Term Loan | 378053 | 379928 | 0.39% |
|  Kanawha Scales & Systems | (9) | Commercial Services & Supplies | S + 4.25% | 8.09% | 11/12/2032 | 688976 | Term Loan | 682221 | 682221 | 0.71% |
|  Kenco | (9) | Air Freight & Logistics | S + 4.50% | 8.70% | 11/15/2029 | 1794961 | Term Loan | 1780416 | 1794961 | 1.86% |
|  Matrix Medical | (9) | Health Care Services | S + 5.25% | 8.97% | 04/01/2030 | 2638838 | Closing Date Term Loan | 2600864 | 2612450 | 2.71% |
|  Mimecast | (9) | Application Software | S + 4.50% | 8.22% | 05/18/2029 | 51290 | Delayed Draw Term Loan | 50733 | 51290 | 0.05% |
|  Mimecast | (9) | Application Software | S + 4.50% | 8.22% | 05/18/2029 | 89490 | Amendment 2 Delayed Draw Term Loan | 87970 | 89490 | 0.09% |
|  Mimecast | (9) | Application Software | S + 4.50% | 8.22% | 05/18/2029 | 9708104 | Term Loan | 9707784 | 9708104 | 10.08% |
|  Movable Ink | (9) | Application Software | S + 5.50% | 9.38% | 07/16/2032 | 5000000 | Term Loan | 4953287 | 4950000 | 5.14% |
|  NetWrix Corporation | (4) | Application Software | S + 4.50% | 8.32% | 06/11/2029 | 126682 | Incremental Delayed Draw Term Loan | 12407 | 13540 | 0.01% |
|  NetWrix Corporation | (9) | Application Software | S + 4.75% | 8.32% | 06/11/2029 | 31257 | Incremental Term Loan | 30992 | 31257 | 0.03% |
|  Overhead Garage Door | (3) | Construction and Engineering | S + 5.25% | 0.75% | 07/02/2030 | 469371 | Delayed Draw Term Loan | 368772 | 375736 | 0.39% |

---

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | |  | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnote<br>Reference** | <br>**Industry** |<br>**Reference Rate<br>and Spread<sup>(a)</sup>** |<br>**Interest<br>Rate** |  |<br>**Maturity<br>Date** |<br>**Par/Shares** | <br>**Investment Type** | **Cost^** | **Fair Value** |<br>**Percent of<br>Net Assets** |
|  **Non-controlled, Non-affiliated** |  |  |  |  |  |  |  |  |  |  |  |
|  **Investments** |  |  |  |  |  |  |  |  |  |  |  |
|  **Senior loans (continued)** |  |  |  |  |  |  |  |  |  |  |  |
|  Pavement Preservation Acquisition | (9) | Construction and Engineering | S + 5.25% | 8.97 | % | 08/09/2030 | 3811147 | Term Loan | $3750701 | $3773036 | 3.92% |
|  Pavement Preservation Acquisition | (9) | Construction and Engineering | S + 5.25% | 8.97 | % | 08/09/2030 | 23749 | Delayed Draw Term Loan | 23354 | 23511 | 0.02% |
|  Pexco | (9) | Commodity Chemicals | S + 5.50% | 9.49 | % | 03/08/2028 | 123531 | Delayed Draw Term Loan | 122207 | 122914 | 0.13% |
|  Pexco | (9) | Commodity Chemicals | S + 5.50% | 9.32 | % | 03/08/2028 | 1459386 | Term Loan | 1443809 | 1452089 | 1.51% |
|  Pexco | (9) | Commodity Chemicals | S + 5.50% | 9.49 | % | 03/08/2028 | 921804 | First Amendment Term Loan | 910249 | 917195 | 0.95% |
|  Portfolio Group | (12) | Insurance Brokers | S + 6.00% | 9.85 | % | 06/02/2026 | 211253 | Incremental Term Loan | 210868 | 211253 | 0.22% |
|  Portfolio Group | (12) | Insurance Brokers | S + 6.00% | 9.85 | % | 06/02/2026 | 224366 | Incremental Delayed Draw Term Loan | 222961 | 224366 | 0.23% |
|  Portfolio Group | (12) | Insurance Brokers | S + 6.00% | 9.85 | % | 06/02/2026 | 91768 | Amendment Five Delayed Draw Term Loan | 89065 | 91768 | 0.10% |
|  Primeflight | (9) | Diversified Support Systems | S + 5.25% | 9.09 | % | 05/01/2029 | 184877 | Seventh Amendment Incremental Term Loan | 183236 | 184877 | 0.19% |
|  Primeflight | (9) | Diversified Support Systems | S + 4.75% | 8.62 | % | 05/01/2029 | 211550 | Eighth Amendment Incremental Term Loan | 209504 | 211022 | 0.22% |
|  Program Productions | (9) | Media | S + 5.00% | 8.67 | % | 06/05/2031 | 798240 | Delayed Draw Term Loan | 784333 | 798240 | 0.83% |
|  Recipe Acquisition Corp | (4) | Consumer Staples Distribution & Retail | S + 5.00% | 8.67 | % | 07/31/2031 | 1067991 | Delayed Draw Term Loan | 64517 | 63755 | 0.07% |
|  Recipe Acquisition Corp | (9) | Consumer Staples Distribution & Retail | S + 5.00% | 8.67 | % | 07/31/2031 | 4123786 | Term Loan | 4090937 | 4103168 | 4.26% |
|  Solairus—Ancient | (2) | Airline Transportation | S + 4.75% | N/A | (1) | 07/22/2030 | 985047 | Incremental Delayed Draw Term Loan | (4090) |  | 0.00% |
|  Syndigo LLC | (9) | Interactive Media & Services | S + 5.00% | 8.82 | % | 09/02/2032 | 3500000 | Term Loan | 3466656 | 3482500 | 3.61% |
|  Tidi | (9) | Health Care Supplies | S + 4.50% | 8.22 | % | 12/19/2029 | 998497 | Delayed Draw Term Loan | 982004 | 998497 | 1.04% |
|  Tranzact | (2) | Media | S + 5.75% | N/A | (1) | 12/31/2031 | 588540 | Delayed Draw Term Loan | (5044) |  | 0.00% |
|  Tranzact | (9) | Media | S + 5.75% | 9.42 | % | 12/31/2031 | 3674433 | Term Loan | 3611441 | 3674433 | 3.81% |
|  Triumph Group | (6) | Aerospace & Defense | S + 5.38% | 9.25 | % | 07/24/2032 | 10048291 | Term Loan | 9955061 | 9998050 | 10.38% |
|  Upstack Holdco | (9) | IT Services | S + 5.00% | 9.04 | % | 08/25/2031 | 1989944 | Term Loan | 1973910 | 1989944 | 2.07% |
|  US Med Equip | (9) | Health Care Services | S + 5.75% | 9.74 | % | 05/24/2029 | 128178 | Second Amendment Term Loan | 127431 | 128178 | 0.13% |
|  US Orthopedic Partners | (9) | Health Care Services | S + 6.25% | 10.24 | % | 03/23/2027 | 546243 | Third Amendment Delayed Draw Term Loan | 541452 | 546243 | 0.57% |
|  US Orthopedic Partners | (9) | Health Care Services | S + 6.25% | 10.24 | % | 03/23/2027 | 102705 | Incremental Term Loan | 102208 | 102705 | 0.11% |
|  US Orthopedic Partners | (9) | Health Care Services | S + 6.25% | 10.24 | % | 03/23/2027 | 30961 | Second Incremental Term Loan | 30807 | 30961 | 0.03% |

---

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnote<br>Reference** | <br>**Industry** |<br>**Reference Rate<br>and Spread<sup>(a)</sup>** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par/Shares** | <br>**Investment Type** | **Cost^** | **Fair Value** |<br>**Percent of<br>Net Assets** |
|  **Non-controlled, Non-affiliated** |  |  |  |  |  |  |  |  |  |  |
|  **Investments** |  |  |  |  |  |  |  |  |  |  |
|  **Senior loans (continued)** |  |  |  |  |  |  |  |  |  |  |
|  US Orthopedic Partners | (9) | Health Care Services | S + 6.25% | 10.24% | 03/23/2027 | 315978 | Third Amendment Term Loan | $314315 | $315978 | 0.33% |
|  US Orthopedic Partners | (9) | Health Care Services | S + 6.50% | 10.49% | 03/23/2027 | 961483 | Sixth Amendment Term Loan | 951545 | 961483 | 1.00% |
|  US Orthopedic Partners | (9) | Health Care Providers & Services | S + 6.25% | 10.24% | 03/23/2027 | 179293 | Twelfth Amendment Term Loan | 179293 | 179293 | 0.19% |
|  User Zoom | (9) | Application Software | S + 7.00% | 11.13% | 04/05/2029 | 223463 | Term Loan | 221371 | 222345 | 0.23% |
|  User Zoom | (9) | Application Software | S + 7.50% | 11.63% | 04/05/2029 | 251626 | Second Amendment Term Loan | 246168 | 251626 | 0.26% |
|  VSC Specialty Molding Acquisition LLC | (9) | Health Care Providers & Services | S + 4.50% | 8.43% | 10/06/2031 | 419699 | Term Loan | 415669 | 417601 | 0.43% |
|  Waterline | (9) | Construction and Engineering | S + 5.50% | 9.32% | 10/29/2027 | 29469 | First Lien Term Loan | 29290 | 29469 | 0.03% |
|  Window Nation | (9) | Consumer Services | S + 5.00% | 8.85% | 07/16/2028 | 1196947 | Incremental Term Loan | 1186226 | 1196947 | 1.24% |
|  Xylem Kendall | (9) | Commercial Services & Supplies | S + 5.75% | 9.77% | 04/22/2030 | 451881 | Delayed Draw Term Loan | 446144 | 448492 | 0.47% |
|  Xylem Kendall | (9) | Commercial Services & Supplies | S + 5.75% | 9.77% | 04/22/2030 | 1960948 | Sixth Amendment Delayed Draw Term Loan | 1933112 | 1946241 | 2.02% |
|  Xylem Kendall | (9) | Commercial Services & Supplies | S + 5.75% | 10.36% | 04/22/2030 | 1309029 | Specified Delay Draw Term Loan | 1309029 | 1299211 | 1.35% |
|  **Senior loans subtotal** |  |  |  |  |  |  |  | **94929067** | **95184643** |  |
|  **Total Investments (99%) ~** |  |  |  |  |  |  |  | $**94929067** | $**95184643** |  |

---

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

The following table shows the composition of the Company's portfolio by industry at cost and fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry Type** | **Cost** | **Fair Value** | **% of Investment,<br>at Fair Value\*\*** | **% of Net Assets,<br>at Fair Value\*\*** |
|  Aerospace and Defense | $13813269 | $13862010 | 15% | 14% |
|  Air Freight & Logistics | 1780416 | 1794961 | 2% | 2% |
|  Airline Transportation | (4090) |  | 0% | 0% |
|  Application Software | 15310160 | 15317652 | 16% | 16% |
|  Commercial Services & Supplies | 4665182 | 4670841 | 5% | 5% |
|  Commodity Chemicals | 2476265 | 2492198 | 3% | 3% |
|  Construction and Engineering | 10310010 | 10386234 | 11% | 11% |
|  Consumer Services | 1186226 | 1196947 | 1% | 1% |
|  Consumer Staples Distribution & Retail | 4155454 | 4166923 | 4% | 4% |
|  Diversified Support Systems | 392740 | 395899 | 0% | 0% |
|  Electronic Components | (4685) |  | 0% | 0% |
|  Gas Utilities | 218012 | 222059 | 0% | 0% |
|  Health Care Providers & Services | 594962 | 596894 | 1% | 1% |
|  Health Care Services | 10567175 | 10601756 | 11% | 11% |
|  Health Care Supplies | 982004 | 998497 | 1% | 1% |
|  Human Resources and Employment Services | 104077 | 105389 | 0% | 0% |
|  Industrial—Building Products / Services | 106340 | 105981 | 0% | 0% |
|  Industrial—Industrial Equipment / Capital Goods | 2941372 | 2973042 | 3% | 3% |
|  Industrial Machinery | 2093098 | 1853593 | 2% | 2% |
|  Insurance Brokers | 522894 | 527387 | 1% | 1% |
|  Interactive Media & Services | 3466656 | 3482500 | 4% | 4% |
|  IT Services | 1973910 | 1989944 | 2% | 2% |
|  Life Sciences Tools and Services | 976751 | 986563 | 1% | 1% |
|  Media | 4390730 | 4472673 | 5% | 5% |
|  Real Estate Management & Development | 2150296 | 2175063 | 2% | 2% |
|  Specialty Chemicals | 7438902 | 7471041 | 8% | 8% |
|  Specialty Stores | 447566 | 449667 | 0% | 0% |
|  Trading Companies & Distributors | 1873375 | 1888929 | 2% | 2% |
|  | $**94929067** | $**95184643** | **100%** | **99%** |

---

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

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| | |
|:---|:---|
| ~ | The Schedule of Investments discloses investments as a percentage of the equity of Adams Street Credit Solutions Fund and its subsidiaries (collectively, the "Company"), excluding the use of the promissory note and credit facility (see Notes 6 and 7). This presentation of percentages was deemed to be more meaningful than investments as a percentage of the total net equity of the Company. All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, nonqualifying assets represented 0% of total assets as calculated in accordance with regulatory requirements.  |

---

^ For loan positions, cost represents original cost adjusted for the amortization of discounts and premiums, as applicable, using the effective interest method.

+ Unless otherwise noted, the issuer of each investment is domiciled in the United States.

# All investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by Adams Street Advisors, LLC (the "Adviser") (Note 3), pursuant to the Company's valuation policy. Additionally, all investments are income producing unless otherwise indicated. 

\*\* Certain industries are shown as 0% due to rounding. 

(a) Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may
be determined by the larger of the floor or the reference to SOFR including SOFR adjustment, if any, ("S"). For positions with multiple outstanding contracts, the spread and reference rate for the largest outstanding contract is shown.

(b) Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. A non-controlled, non-affiliated investment is one in which the Company owns less than 5% of a portfolio
company's outstanding voting securities and does not have the power to control the management or policies of that portfolio company. As of December 31, 2025, all of the Company's investments met this definition.

(1) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion,
although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a
commitment termination date that may expire prior to the maturity date stated.

(2) Negative balance relates to upfront fee on the facility netted from the funding of the related term loan.

(3) As of December 31, 2025, the position is partially unfunded and the stated interest rate is the rate that
will be paid when the position is drawn. The Company currently earns a 0.75% unfunded commitment fee.

(4) As of December 31, 2025, the position is partially unfunded and the stated interest rate is the rate that
will be paid when the position is drawn. The Company currently earns a 1.00% unfunded commitment fee.

(5) The stated interest rate includes 0.75% payment-in-kind ("PIK") interest.

(6) The stated interest rate includes 2.85% PIK interest.

(7) The stated interest rate includes 3.25% PIK interest.

(8) The stated interest rate includes 6.25% PIK interest.

(9) Invested through ASP BDC Lev Facilitation LLC. All or a portion of these investments are being secured as
collateral in relation to the credit facility (see Note 7).

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

(10) The position has a credit spread adjustment of 0.10%.

(11) The position has a credit spread adjustment of 0.15%.

(12) The position has a credit spread adjustment of 0.25%.

(13) The position has a credit spread adjustment of 0.26%.

(14) The position has a credit spread adjustment of 0.43%.

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments+#** | **Footnote<br>Reference** | **Industry** | **Reference<br>Rate and<br>Spread(a)** | **Interest Rate** | **Maturity<br>Date** | **Par/Shares** | **Investment Type** | **Amounts in USD** | **Amounts in USD** | **Percent of<br>Net<br>Assets** |
| **Investments+#** | **Footnote<br>Reference** | **Industry** | **Reference<br>Rate and<br>Spread(a)** | **Interest Rate** | **Maturity<br>Date** | **Par/Shares** | **Investment Type** | **Cost^** | **Fair Value** | **Percent of<br>Net<br>Assets** |
|  **Non-controlled, Non-affiliated**<br> **Investments**<br> **Senior loans (98%) ~** |  |  |  |  |  |  |  |  |  |  |
|  Continuum | (3) | Real Estate Management &<br>Development | S + 5.75% | 10.34% | 9/10/2027 | 591818 | Term Loan | $583784 | $587379 | 0.03% |
|  Dana Safety Supply | (5) | Trading Companies &<br>Distributors | S + 4.75% | 9.11% | 10/15/2030 | 1576171 | Term Loan | 1560970 | 1568290 | 0.09% |
|  IEM | (4) | Industrial—Industrial<br>Equipment / Capital Goods | S + 4.75% | 9.27% | 8/8/2030 | 2606441 | Term Loan | 2569966 | 2586892 | 0.15% |
|  Pavement Preservation Acquisition | (5) | Construction and<br>Engineering | S + 5.25% | 9.61% | 8/9/2030 | 3448112 | Term Loan | 3383137 | 3413631 | 0.19% |
|  Recipe Acquisition Corp | (5) | Consumer Staples<br>Distribution & Retail | S + 5.00% | 9.33% | 7/31/2031 | 4165546 | Term Loan | 4126400 | 4144718 | 0.23% |
|  Tranzact | (1) | Media | S + 5.75% | 1.00% | 12/31/2031 | 356527 | Delayed Draw Term Loan | (3564) | (3564) | 0.00% |
|  Tranzact | (4) | Media | S + 5.75% | 10.08% | 12/31/2031 | 3711548 | Term Loan | 3637346 | 3637346 | 0.21% |
|  Upstack Holdco | (4) | IT Services | S + 5.00% | 9.52% | 8/25/2031 | 1989944 | Term Loan | 1971064 | 1979995 | 0.11% |
|  **Senior loans subtotal** |  |  |  |  |  |  |  | **17829103** | **17914687** |  |
|  **Total Investments (98%) ~** |  |  |  |  |  |  |  | $**17829103** | $**17914687** |  |

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2024

The following table shows the composition of the Company's portfolio by industry at cost and fair value as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Industry Type** | **Cost** | **Fair Value** | **% of Investment,<br>at Fair Value** | **% of Net<br>Assets,<br>at Fair<br>Value** |
|  Construction and Engineering | $3383137 | $3413631 | 19% | 19% |
|  Consumer Staples Distribution & Retail | 4126400 | 4144718 | 23% | 23% |
|  Industrial—Industrial Equipment / Capital Goods | 2569966 | 2586892 | 15% | 13% |
|  IT Services | 1971064 | 1979995 | 11% | 11% |
|  Media | 3633782 | 3633782 | 20% | 20% |
|  Real Estate Management & Development | 583784 | 587379 | 3% | 3% |
|  Trading Companies & Distributors | 1560970 | 1568290 | 9% | 9% |
|  | $**17829103** | $**17914687** | **100%** | **98%** |

---

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| | |
|:---|:---|
| ~ | The Schedule of Investments discloses investments as a percentage of the equity of the Company, excluding the use of the promissory note (Note 6). This presentation of percentages was deemed to be more meaningful than investments as a percentage of the total net equity of the Company.  |

---

^ For loan positions, cost represents original cost adjusted for the amortization of discounts and premiums, as applicable, using the effective interest method.

+ Unless otherwise noted, the issuer of each investment is domiciled in the United States.

# All investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser (Note 3), pursuant to the Company's valuation policy.

\* Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to SOFR including SOFR adjustment, if any, ("S"). For positions with multiple outstanding contracts, the spread and reference rate for the largest outstanding contract is shown. 

(1) Negative balance relates to upfront fee on the facility netted from the funding of the related term loan.

(2) As of December 31, 2024, the position is unfunded and the stated interest rate is the rate that will be
paid when the position is drawn. The company currently earns a 1.00% unfunded commitment fee.

(3) The interest rate for this investment includes a credit spread adjustment of 0.2616%

(4) The floating interest rate component of this asset has a floor of 0.75%

(5) The floating interest rate component of this asset has a floor of 1.0%

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

**Note 1—General Information** 

The consolidated Adams Street Credit Solutions Fund and Subsidiaries financial statements include the accounts of Adams Street Credit Solutions Fund, ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC, and Adams Street PC Funding LLC (collectively, the "Company"). Adams Street Credit Solutions Fund ("ASCEND") was organized on March 29, 2019, as a Delaware limited liability company named Adams Street Private Credit BDC, LLC. On January 15, 2025, ASCEND converted to a Delaware limited partnership and was renamed Adams Street Credit Solutions Fund, LP. On August 5, 2025, ASCEND converted to a Delaware statutory trust and was renamed Adams Street Credit Solutions Fund. ASCEND began operations on July 29, 2024 (commencement of investment operations). ASP BDC Lev Facilitation LLC, a Delaware limited liability company, was organized on June 28, 2024 and began operations on July 29, 2024 (commencement of investment operations). Adams Street Credit Solutions Blocker LLC, a Delaware limited liability company, was organized on November 18, 2025. Adams Street PC Funding LLC, a Delaware limited liability company, was organized on April 25, 2017, began operations on February 26, 2018, and was transferred and became owned by the Company on September 22, 2025. Adams Street Advisors, LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended. As of and for the periods ended December 31, 2025 and 2024, the Company did not issue any equity interests.

The Company's investment objective is to generate current income and capital appreciation. The Company will seek to achieve its investment objective primarily through investing in direct originations of secured debt (which the Company refers to as "Middle Market Senior Loans"), including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and "unitranche" loans) and second lien senior secured loans, with the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

**Note 2—Significant Accounting Policies** 

***Basis of Presentation***

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company under the criteria established in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946") and applies the specialized accounting and reporting guidance included therein. The financial statements have been prepared in accordance with U.S. GAAP.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company's accounting policies. Actual results could differ from those estimates.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

***Cash and Cash Equivalents***

Cash represents demand deposits held at financial institutions. The Company records its holdings in daily valued money market mutual fund investments, if any, as cash equivalents as these investments are held for meeting short-term liquidity requirements rather than for investment purposes. The carrying amount included on the Consolidated Statements of Assets and Liabilities for cash and cash equivalents approximates the fair value. There were no cash equivalents as of December 31, 2025 and 2024.

***Organization Costs***

Organization costs will be borne by the Company. Costs associated with the organization of the Company have been expensed as incurred, subject to the Expense Support Agreement as defined below in Note 5—Related Party Transactions. These costs consist primarily of legal fees and other fees of organizing the Company. Refer to Note 5 for further details on the Expense Support Agreement.

For the periods ended December 31, 2025 and 2024, the Company incurred organizational costs of $2,409,364 and $342,877, respectively.

***Offering Costs***

Offering costs in excess of the Expense Support Agreement (defined below in Note 5—Related Party Transactions) will be borne by the Company. These offering costs , if any, are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the private offering. Refer to Note 5 for further details on the Expense Support Agreement.

***Deferred Financing Costs, Interest Expense, and Credit Facility Fees***

Interest expense and unused commitment fees on the Company's borrowings are recorded on an accrual basis. Unused commitment fees are included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company's borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in Credit Facility (as defined below in Note 7—Credit Facility), net of deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities when amounts are outstanding under the related debt arrangement. In periods in which there are no outstanding borrowings under the related credit facility, unamortized deferred financing costs are presented as an asset within other assets on the Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Notes 6 and 7 for interest incurred as of December 31, 2025.

As of December 31, 2025 and 2024, the Company had unamortized deferred financing costs of $477,654 and $545,871, respectively. Amortization expense for deferred financing costs for the periods ended December 31, 2025 and 2024 was $239,107 and $0, respectively.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

***Investments***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation (depreciation) on investments as presented in the accompanying Consolidated Statement of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3—Fair Value Measurements for further information about fair value measurements.

***Revenue Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of December 31, 2025, there were five loans in the portfolio that earned PIK income, compared to none as of December 31, 2024. For the periods ended December 31, 2025 and 2024, the Company earned PIK interest income of $223,575 and $0, respectively.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income on that loan will cease until all principal and interest are current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, the loans are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of December 31, 2025 or 2024.

Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company's investment activities. Such fees are recognized as income when earned or the services are rendered. For the periods ended December 31, 2025 and 2024, the Company earned $5,020 and $0, respectively, in other income, primarily from unused fees.

***Income Taxes***

Prior to its intended election to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, the Company is treated as a pass-through entity for U.S. federal and

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

applicable state and local income tax purposes. Accordingly, for periods through December 31, 2025, substantially all of the Company's taxable income or loss is allocated to its members or investors, and no provision for U.S. federal income taxes has been recorded in the accompanying consolidated financial statements. Certain wholly owned subsidiaries of the Company may be subject to U.S. federal, state, and local income taxes, and, as applicable, income tax expense is recognized for such entities in the consolidated financial statements. The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Company's tax years since commencement of operations remain subject to examination by taxing authorities in those jurisdictions.

***Consolidation***

As provided under ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company's wholly owned subsidiaries: ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC. All intercompany balances and transactions have been eliminated.

***Expenses***

The Company is responsible for software costs, insurance costs and other expenses related to the Company's operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company's trustees and officers liability insurance are presented in prepaid expenses and other assets on the Company's Consolidated Statements of Assets and Liabilities.

***Functional Currency***

The functional currency of the Company is the U.S. Dollar, and all transactions were in U.S. Dollars.

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by federal, state, foreign, and individual jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 were applied on a prospective basis. The adoption of this guidance did not materially impact the consolidated financial statements.

**Note 3—Fair Value Measurements** 

The Company records its investments at fair value in accordance with U.S. GAAP. Fair value is the price that would be received upon the sale of an investment in an orderly transaction between market participants at the measurement date.

The investments fall into one of the following four categories within the fair value hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—inputs reflect unadjusted quoted prices in active markets for identical assets or liabilities
that the Company has the ability to access at the measurement date.

Level 1 investments held by the Company typically consist of public stock positions held as a result of an initial public offering of a formerly private investment. Management does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—inputs include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active.

Level 2 investments held by the Company typically consist of public stock positions held as a result of an initial public offering of a direct investment, which are subject to sales restrictions, or the valuation is adjusted to reflect illiquidity and/or non-transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—inputs to the valuation methodology are unobservable and significant to the fair value
measurement.

Level 3 investments held by the Company typically consist of privately-held equity or debt securities. When observable prices are not available management uses valuation techniques for which sufficient and reliable data is available and applied on a consistent basis. The valuation of nonmarketable privately-held investments requires significant judgment by management due to the absence of quoted market values, inherent lack of liquidity, changes in market conditions and the long-term nature of such assets.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by management. Management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

pricing transparency of the investment and does not necessarily correspond to management's perceived risk of that investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's 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 the Company 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 herein.

The following table presents the investments carried at fair value on the Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024 by the ASC 820-10 valuation hierarchy (as described above):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Fair Value Measurements**<br>**as of December 31, 2025** | **Fair Value Measurements**<br>**as of December 31, 2025** |
|  |<br>**Level 1** |<br>**Level 2** | **Level 3** | **Total** |
|  Senior Loans | $— | $— | $95184643 | $95184643 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Fair Value Measurements<br>as of December 31, 2024** | **Fair Value Measurements<br>as of December 31, 2024** |
|  |<br>**Level 1** |<br>**Level 2** | **Level 3** | **Total** |
|  Senior Loans\* | $— | $— | $17914687 | $17914687 |

---

\* Prior-period amounts have been reclassified to conform to the current-period presentation. 

The classification of an investment as Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial investments typically include, in addition to unobservable or Level 3 inputs, observable inputs (that is, inputs that are actively quoted and can be validated to market sources).

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the year ended December 31, 2025, there were no transfers into or out of Level 3.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

The following tables show a reconciliation of Level 3 investments during the periods ended December 31, 2024 and December 31, 2025.

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| | |
|:---|:---|
|  | **Senior Loans<br>For the year ended<br>December 31, 2025** |
|  Balance, at beginning of period | $17914687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 127852699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of Discounts | 144615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from repayment and sales of investments | (50351164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | (769761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 169992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest capitalized | 223575 |
|  Balance, at end of period | $95184643 |
|  Net change in unrealized appreciation/(depreciation) included in the Consolidated Statement of Operations that continue to be held at reporting date as of December 31, 2025 | 169992 |

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| | |
|:---|:---|
|  | **Senior Loans**<br>**For the period<br>ended<br>December 31, 2024** |
|  Balance, at beginning of period | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 19980512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of Discounts | 11921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from repayment and sales of investments | (2173956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | 10626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 85584 |
|  Balance, at end of period | $17914687 |
|  Net change in unrealized appreciation/(depreciation) included in the Consolidated Statement of Operations that continue to be held at reporting date as of December 31, 2024 | 85584 |

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

The following tables provide a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of December 31, 2024 and 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at<br>December 31, 2025** | **Valuation Technique(s)** | **Unobservable<br>Input(s)** | **Range**<br>**(Weighted<br>Average)\*** |
|  Senior Loans | $4477696 | Market Approach (Recent Arms Length Transaction) | Discount to<br> Par Value | 1.00%-1.50%<br>(1.39%) |
|  | $90706947 | Income Approach | Market<br>Interest Rate | 7.79%-15.50%<br>(9.29%) |
|  Total Level 3 Investments | $95184643 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at<br>December 31, 2024** | **Valuation Technique(s)** | **Unobservable<br>Input(s)** | **Range (Weighted<br>Average)\*** |
|  Senior Loans | $13759505 | Market Approach (Recent Arms Length Transaction) | Discount to<br>Par Value | 0.50%-2.00%<br>(1.28%) |
|  | $4155182 | Income Approach | Market<br>Interest Rate | 9.10% (9.10%) |
|  Total Level 3 Investments | $17914687 |  |  |  |

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\* Inputs are weighted based on the fair value of the investments included in the range.

The valuation techniques used in Level 3 of the fair value hierarchy utilize unobservable inputs in determining the fair value of the Company's investments. For the Market Approach (Recent Arms Length Transaction), investments are valued based on recent transactions, adjusted as necessary for any changes in unobservable inputs, market conditions and other similar transactions. In certain cases the fair value may be based on a pending transaction with an expected close date after the Consolidated Statements of Assets and Liabilities date.

For the Income Approach, the fair value is determined based on an analysis of the contractual yield earned on the investment with a comparable market rate. The comparable market rate is the significant unobservable input used in the fair value measurement of the Company's investments under the Income Approach.

While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to estimate the fair value of investments in non-marketable privately held investment funds could result in a different estimate of fair value at the reporting date. Those fair value estimates may differ significantly from the values that would have been determined had a readily available market for such investments existed, or had such investments been liquidated or sold to non-affiliated investors, and these differences could be material to the consolidated financial statements.

The significant unobservable inputs used in the fair value measurement of the Company's investments in first lien debt securities are discount rates and transaction prices. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in transactions prices in isolation would result in a significantly lower fair value measurement.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

At December 31, 2025 and 2024, the carrying amount of the Company's secured borrowings approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Given the underlying interest rate on any of the Company's secured borrowings is based on an underlying index that resets on a periodic basis, the carrying values of the secured borrowings approximate fair value. Secured borrowings are categorized as Level 3 within the fair value hierarchy.

The following table presents the carrying value and fair value of the Company's Promissory Note (as defined below in Note 6—Promissory Note) and Credit Facility disclosed but not carried at fair value as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying Value** | **Fair Value** |
|  **Promissory Note** | $50000000 | $50000000 |
|  **Credit Facility** | $43750000 | $43750000 |
|  **Total** | $93750000 | $93750000 |

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The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

**Note 4—Net Assets**

***Capital Contributions***

The Adviser may make capital contributions to the Company at such times and in such amounts as the Adviser shall determine. No commitments or contributions have been made by the Adviser.

***Distributions***

Distributions shall be made to the Adviser at the times and in the aggregate amounts determined by the Adviser. Such distributions shall be allocated to the Adviser in the same proportion as its then capital account balance.

No distributions have been made for the periods ended December 31, 2025 and 2024.

**Note 5—Related Party Transactions** 

***Investment Advisory Agreement***

On August 19, 2025, the Company entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, pursuant to which the Adviser manages the Company's investment program and related activities, subject to the supervision of the Company's Board of Trustees (the "Board"). The Advisory Agreement was approved in accordance with the requirements of the Investment Company Act of 1940, as amended (the "1940 Act").

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

In consideration for the services provided under the Advisory Agreement, the Company pays the Adviser a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"), each as described below. The Adviser may elect to waive all or a portion of its fees from time to time. No Management Fee or Incentive Fee will be payable to the Adviser prior to the Company's election to be regulated as a business development company under the 1940 Act (the "BDC Election") and the receipt of third-party capital.

The Management Fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, "net assets" means the Company's total assets less liabilities, determined on a consolidated basis in accordance with U.S. GAAP. The Management Fee is prorated for any partial month based on the actual number of days elapsed relative to the total number of days in such month.

The Incentive Fee consists of two components: (i) the investment income component (the "Investment Income Incentive Fee") and (ii) the capital gains component (the "Capital Gains Incentive Fee"). The two components are independent of each other, such that one component may be payable even if the other is not.

*(i) Investment Income Incentive Fee* 

The Investment Income Incentive Fee is calculated quarterly in arrears based on the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter. "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, such as payment-in-kind interest and origination or structuring fees) accrued during the calendar quarter, minus operating expenses accrued for the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred shares, if any, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees). Pre-incentive fee net investment income does not include realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the beginning of the immediately preceding calendar quarter, is compared to a "hurdle rate" of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Investment Income Incentive Fee is payable in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the Company's pre-incentive fee net investment income, if
any, that exceeds the hurdle rate but is less than 1.42857% of the Company's net assets at the beginning of the quarter (the "catch-up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the Company's pre-incentive fee net investment income, if
any, that exceeds 1.42857% of the Company's net assets at the beginning of the quarter.

The Investment Income Incentive Fee for any partial quarter is appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

*(ii) Capital Gains Incentive Fee* 

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

The Company accrues, but does not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation on investments because such fee would be payable if the Company were to sell the relevant investments and realize a capital gain. If the Capital Gains Incentive Fee base, adjusted to include unrealized capital appreciation, is positive at the end of a reporting period, the Company records an accrual equal to 12.5% of such amount, less the aggregate amount of Capital Gains Incentive Fees previously paid and accrued. If such amount is negative, no accrual is recorded and previously recorded accruals may be reversed. There can be no assurance that unrealized capital appreciation will be realized in the future.

Notwithstanding the foregoing, if the Company is required by U.S. GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the Capital Gains Incentive Fee, the "accreted or amortized cost basis" of an investment shall be an amount (the "Contractual Cost Basis") equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company's financial statements as required by U.S. GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company's financial statements, including payment-in-kind interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company's financial statements as required by U.S. GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with U.S. GAAP) at the time of acquisition.

***Administration Agreement***

On August 19, 2025, the Company entered into an Administration Agreement (the "Administration Agreement") with the Adviser. Pursuant to the Administration Agreement, the Adviser will perform, or oversee the performance of, administrative services, which includes, but is not limited to, providing office facilities, equipment and office services, maintaining financial records, preparing reports to shareholders and the Board and reports filed with the SEC, managing the payment of expenses, providing significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance, assisting the Company in determining and publishing (as necessary or appropriate) the Company's net asset value and overseeing the preparation and filing of the Company's tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company will reimburse the Adviser (and/or one or more of its affiliates) costs and expenses incurred by the Adviser for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate and/or to a third party, and the Company will reimburse the Adviser (or its affiliate(s)) for any services performed for the Company by such affiliate or third party. To the extent that the Adviser outsources any of its functions, the Company will pay the fees associated with such functions on a direct

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

basis without profit to the Adviser. The Company will bear its allocable portion of the costs of the compensation, benefits, administrative expenses (including travel expenses in accordance with the Adviser's travel and expense policy) and related overhead expenses of the Company's officers who provide operational, administrative, legal, compliance, finance and accounting services hereunder, their respective staffs and other professionals who are employed by any of the Adviser's affiliates that provide services to the Company, and who assist with the preparation, coordination and administration of the foregoing or provide other "back office" or "middle office" financial or operational services to the Company. The Company shall reimburse the Adviser (or its affiliate(s)) for an allocable portion of the compensation (including benefits) and overhead paid by the Adviser (or its affiliate(s)) to such individuals. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

For the year ended December 31, 2025, the Company incurred $153,844 of administrative expenses under the Administration Agreement. As of December 31, 2025, the full balance of $153,844 was included in the Expense Support Agreement.

***Expense Support and Conditional Reimbursement Agreement***

On August 19, 2025, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser. Pursuant to the Expense Support Agreement, the Adviser may elect to pay certain operating expenses of the Company (each, an "Expense Payment") from time to time. Expense Payments may not be used to pay interest expense or distribution and/or shareholder servicing fees.

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, 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 such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." Reimbursement Payments are conditioned on (i) a distribution level (exclusive of return of capital and declared special dividends or special distributions, if any) equal to, or greater than, the rate at the time of the reimbursement, (ii) an operating expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) that is lower than the expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) at the time of the expense reimbursement and (iii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. "Available Operating Funds" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The Company has not made any Reimbursement Payments to the Adviser.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

As of December 31, 2025 and December 31, 2024, $2,563,208 and $0, respectively, of the Company's expenses are subject to the Expense Support Agreement and $843,744 and $538,831, respectively, of the Company's expenses that are not subject to the Expense Support Agreement are presented as Due to affiliates on the Company's Consolidated Statements of Assets and Liabilities.

**Note 6—Promissory Note** 

On May 15, 2024, the Company issued a promissory note (as amended, restated or otherwise modified from time to time, the "Promissory Note") for a principal amount of $50,000,000 to Adams Street Partners, L.P., an affiliate of the Adviser, for purposes of receiving short-term liquidity. On June 25, 2025, the Company amended and restated the Promissory Note to increase the maximum principal amount to $55,000,000. The Promissory Note matures on the earlier of May 15, 2026 or a change of control of the Company. The Promissory Note accrues interest on a daily basis at a rate of 2.00% per annum plus the adjusted daily simple SOFR. For the year ended December 31, 2025, the Company incurred $2,456,446 of interest expense related to the Promissory Note. At December 31, 2025, the amount of the Promissory Note outstanding was $50,000,000. The average debt outstanding and weighted average interest rate for the year ended December 31, 2025 and 2024 are $38,975,474 and $13,549,170 and 6.24% and 6.90%, respectively. For the periods ended December 31, 2025 and 2024, Adams Street Partners, L.P. waived $2,857,440 and $0 of interest expense, respectively.

**Note 7—Credit Facility** 

On August 6, 2024, the Company entered into a Loan and Security Agreement (as amended, modified and supplemented from time to time, the "Credit Facility") by and among the Company, as servicer, equity holder and seller, ASP BDC Lev Facilitation LLC, as borrower, each of the lenders from time to time party thereto, as lenders, Wells Fargo Bank, National Association, as administrative agent, and Computershare Trust Company, N.A., as collateral agent. The Credit Facility has a principal amount of $100,000,000 and is collateralized by the security interest in all of the Company's rights, title and interest in, to and under each portfolio asset and restricted cash deposits. The period during which the Company may request advances under the Credit Facility will continue through February 6, 2028 unless there is an earlier termination or event of default. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. For advances, the applicable spread was 2.25%. Effective August 5, 2025, the applicable spread changed to 2.15%. The Company will pay to the lender a non-usage fee, payable monthly, equal to 0.50% per annum of the daily unused portion of the available Credit Facility. The Company paid certain fees as part of the close of the Credit Facility. Those deferred financing costs have been capitalized and will be amortized into interest expense on a straight-line basis over the scheduled term of the Credit Facility. For the year ended December 31, 2025, the Company had amortized financing costs of $239,107. As of December 31, 2025 and 2024, the remaining unamortized deferred financing costs balance is $477,654 and $545,871, respectively. The Company had $43,750,000 outstanding on its Credit Facility as of December 31, 2025. For the periods ended December 31, 2025 and 2024, the Company borrowed $47,500,000 and $0, respectively, made repayments of $3,750,000 and $0, incurred interest expense of $1,348,447 and $273,613, respectively, unused fee expense of $400,749 and $0, and additional expense of $28,420 and $0, respectively, related to the Credit Facility. The weighted average interest rate for the periods ended December 31, 2025 and 2024 was 6.38% and 0%, respectively, and the average outstanding balance for the same periods was $34,133,929 and $0, respectively.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

**Note 8—Commitments and Contingencies** 

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes 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 or 2024, for any such exposure.

As of December 31, 2025 and 2024, the Company has unfunded commitments of $5,183,233 and $356,527, respectively, which consisted of all delayed draw term loans. The unfunded portion of the commitment is a contractual obligation to be met in accordance with the terms of the underlying investment agreements. The Company believes that it will be able to satisfy such commitments from utilizing the line of credit, from commitments due from its Adviser, if any, and proceeds received from investments.

The following table summarizes the Company's significant contractual payment obligations as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **December 31, 2025** | **December 31, 2024** |
|  CLS | First Amendment Delayed Draw Term Loan | $2887 | $356527 |
|  Continuum | Delayed Draw Term Loan | 574049 |  |
|  Overhead Garage Door | Delayed Draw Term Loan | 93635 |  |
|  Appfire | Third Supplemental Delayed Draw Term Loan | 186956 |  |
|  Dana Safety Supply | Delayed Draw Term Loan | 43055 |  |
|  Excelitas Technologies | Second Amendment Delayed Draw Term Loan | 914192 |  |
|  Fastener Distribution Holdings | Delayed Draw Term Loan | 580341 |  |
|  Gas Innovations | Incremental Delayed Draw Term Loan | 102493 |  |
|  NetWrix Corporation | Incremental Delayed Draw Term Loan | 113142 |  |
|  Tranzact | Delayed Draw Term Loan | 588540 |  |
|  Recipe Acquisition Corp | Delayed Draw Term Loan | 998896 |  |
|  Solairus - Ancient | Incremental Delayed Draw Term Loan | 985047 |  |
|  | **Total Unfunded Commitments** | $5183233 | $356527 |

---

**Note 9—Financial Highlights** 

Financial highlights are not presented for the period from commencement of operations to December 31, 2024 and for the year ended December 31, 2025, as there were no external investors or participating interests during these periods.

**Note 10—Segment Reporting** 

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation. The chief operating decision maker ("CODM") is composed of the Company's chief executive officer and chief financial officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase (decrease) in net assets resulting from operations ("net income"). As the Company's

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

**Note 11—Subsequent Events Evaluation** 

On April 1, 2026, in connection with the BDC Election, the Company amended certain terms under its Promissory Note, including a reduction in the stated principal balance to $25,000,000, an extended maturity date of one year and a change in the applicable interest rate spread. Additionally, the Adviser also contributed $50,000,000 of equity to the Company through an in-kind contribution, which was effected via netting against the outstanding Promissory Note, resulting in the full repayment of the note with no cash exchanged. The Company has evaluated subsequent events through April 30, 2026 and determined that other than those events disclosed above, there are no additional subsequent events requiring recognition or disclosure in the financial statements.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

(formerly, ADAMS STREET PRIVATE CREDIT BDC LLC AND SUBSIDIARY)

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2026

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

MARCH 31, 2026

**Contents** 

---

| | |
|:---|:---|
|  [Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025](#fin807896_9) | F-35 |
|  [Consolidated Statements of Operations for the Three Months Ended March 31, 2026<br>and 2025 (unaudited)](#fin807896_10) | F-36 |
|  [Consolidated Statements of Changes in Net Assets (Deficit) for the Three Months Ended<br>March 31, 2026 and 2025 (unaudited)](#fin807896_11) | F-37 |
|  [Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026<br>and 2025 (unaudited)](#fin807896_12) | F-38 |
|  [Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025](#fin807896_13) | F-39 |
|  [Notes to Consolidated Financial Statements (unaudited)](#fin807896_14) | F-52 |

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASEETS AND LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(unaudited)** | |
|  **Assets** |  |  |
|  Investments – non-controlled/non-affiliated, at fair value (amortized cost of $116,842,295 and $94,929,067, respectively) | $117037234 | $95184643 |
|  Cash | 2212178 | 1985535 |
|  Receivable for interest and other income | 649635 | 483176 |
|  Deferred offering costs | 204319 |  |
|  Other receivables | 30000 | 29368 |
|  Prepaid expenses and other assets | 26191 | 28551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $120159557 | $97711273 |
|  **Liabilities** | **Liabilities** | **Liabilities** |
|  Promissory note (Note 5) | $50000000 | $50000000 |
|  Credit facility, net of deferred financing costs of ($454,275 and $477,654, respectively) (Note 5) | 64045725 | 43272346 |
|  Distributions payable (Note 4) | 4515507 |  |
|  Due to affiliates (Note 4) | 783735 | 843744 |
|  Accrued expenses and other liabilities | 323521 | 313844 |
|  Interest and credit facility fees payable | 266577 | 201886 |
|  Dividends payable | 29553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 119964618 | 94631820 |
|  Commitments and contingencies (Note 6) |  |  |
|  **Net assets (Note 10)** |  |  |
|  Total distributable earnings (deficit) | 194939 | 3079453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | 194939 | 3079453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and net assets | $120159557 | $97711273 |

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
|  **Investment income:** |  |  |
|  From non-controlled/non-affiliated investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $2418221 | $466825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 24943 |  |
|  Total investment income from non-controlled/non-affiliated |  |  |
|  investments | 2443164 | 466825 |
|  **Total investment income** | 2443164 | 466825 |
|  **Expenses:** |  |  |
|  Interest expense and credit facility fees (Note 5) | $1637565 | $486467 |
|  Professional fees | 471628 | 6434 |
|  Organizational expenses | 469516 | 7235 |
|  Other general and administrative expenses | 83416 | 46 |
|  Tax expense | 61625 |  |
|  Offering costs | 53523 |  |
|  Administration fees | 31687 |  |
|  Dividend expense | 29553 |  |
|  **Total expenses before expense support and waivers** | 2838513 | 500182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support and waivers (Notes 4 and 5) | (2079093) | (7235) |
|  **Net expenses after expense support and waivers** | 759420 | 492947 |
|  **Net investment income (loss)** | 1683744 | (26122) |
|  **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |
|  Net realized gain (loss) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 7886 | 523 |
|  Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | (60637) | 31135 |
|  Net realized and unrealized gain (loss) on investments | (52751) | 31658 |
|  **Net increase (decrease) in net assets resulting from operations** | $1630993 | $5536 |

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (DEFICITS)

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| | | |
|:---|:---|:---|
|  | **Distributable**<br>**Earnings (Loss)** | **Total Net**<br>**Assets** |
|  **Net assets at December 31, 2025** | $3079453 | $3079453 |
|  Net investment income (loss) | 1683744 | 1683744 |
|  Net realized gain (loss) and net change in unrealized appreciation<br>(depreciation) on investments | (52751) | (52751) |
|  **Net increase (decrease) in net assets resulting from operations** | 1630993 | 1630993 |
|  **Shareholder distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions declared from net investment income | (4515507) | (4515507) |
|  **Net increase (decrease) in net assets from shareholder distributions** | (4515507) | (4515507) |
|  Total increase (decrease) for the three months ended | (2884514) | (2884514) |
|  **Net assets at March 31, 2026** | $194939 | $194939 |
|  **Net assets at December 31, 2024** | $(396673) | $(396673) |
|  Net investment income (loss) | (26122) | (26122) |
|  Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 31658 | 31658 |
|  **Net increase (decrease) in net assets resulting from operations** | 5536 | 5536 |
|  Total increase (decrease) for the three months ended | 5536 | 5536 |
|  **Net assets at March 31, 2025** | (391137) | (391137) |

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
|  **Cash flows from operating activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $1630993 | $5536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 79047 | 45992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discounts on investments | (56920) | (11323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | (7886) | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | 60637 | (31135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments purchased | (23073984) | (1790439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from repayments and sales of investments | 3377604 | 35930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (purchases) sales of short-term investments | (2055252) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest capitalized | (96790) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Changes in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for interest and other income | (166459) | (19843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | (204319) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | (632) | (106403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 2360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates | (60009) | 6480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 9677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and credit facility fees payable | 64691 | 307210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 29553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (20467689) | (1558518) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitalization of deferred financing costs | (55668) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from promissory note borrowings |  | 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from line of credit borrowings | 20750000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 20694332 | 1750000 |
|  Net increase in cash | 226643 | 191482 |
|  Cash, beginning of period | 1985535 | 345555 |
|  Cash, end of period | $2212178 | $537037 |
|  **Supplemental disclosures** |  |  |
|  Interest, including credit facility fees, paid during the period | $1572874 | $179256 |
|  Distributions payable | 4515507 |  |
|  Cash paid during the period for taxes | 61625 |  |

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnotes** |<br>**Reference Rate<br>and Spread <sup>(a)</sup>** |<br>**Interest<br>Rate Floor** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair Value** |<br>**% of Net<br>Assets\*\*** |
|  **Investments – non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |
|  **First Lien Loans ~** |  |  |  |  |  |  |  |  |  |
|  **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
|  Eagle US Purchaser Inc | (9) | S + 5.00% | 0.75% | 8.70% | 12/31/2032 | 3554089 | $3502675 | $3536319 | 3.10% |
|  Fastener Distribution Holdings | (3) | S + 4.75% | 0.75% | 8.45% | 11/04/2031 | 942592 | 356670 | 362251 | 0.32% |
|  Triumph Group | (5)(9) | S + 5.38% | 1.00% | 9.04% | 07/24/2032 | 10097312 | 10007804 | 10046826 | 8.80% |
|  |  |  |  |  |  |  | 13867149 | 13945396 | 12.22% |
|  **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
|  Kenco | (9) | S + 4.25% | 1.00% | 7.92% | 11/15/2029 | 1790440 | 1776855 | 1790440 | 1.57% |
|  **Airline Transportation** |  |  |  |  |  |  |  |  |  |
|  Solairus - Ancient | (1)(3) | S + 4.75% | 1.00% | N/A (1) | 07/22/2030 | 985047 | (3868) |  | 0.00% |
|  **Application Software** |  |  |  |  |  |  |  |  |  |
|  Appfire | (3) | S + 4.75% | 1.00% | 8.45% | 03/09/2028 | 186956 | 1370 | 1870 | 0.00% |
|  Mimecast | (9) | S + 4.50% | 0.75% | 8.17% | 05/18/2029 | 9683018 | 9682722 | 9683019 | 8.48% |
|  Mimecast | (9) | S + 4.50% | 0.75% | 8.17% | 05/18/2029 | 51160 | 50645 | 51160 | 0.05% |
|  Mimecast | (9) | S + 4.50% | 0.75% | 8.17% | 05/18/2029 | 89263 | 87858 | 89263 | 0.08% |
|  Movable Ink | (9) | S + 5.50% | 0.75% | 9.17% | 07/16/2032 | 5000000 | 4955047 | 4950000 | 4.33% |
|  NetWrix Corporation | (3) | S + 4.50% | 0.75% | 8.17% | 06/11/2029 | 126648 | 12451 | 12556 | 0.01% |
|  NetWrix Corporation | (9) | S + 4.75% | 0.75% | 8.42% | 06/11/2029 | 31178 | 30932 | 30944 | 0.03% |
|  User Zoom | (9) | S + 7.25% | 0.75% | 10.92% | 04/05/2029 | 223936 | 222003 | 218898 | 0.19% |
|  User Zoom | (9) | S + 7.50% | 1.00% | 11.17% | 04/05/2029 | 252372 | 247328 | 249849 | 0.22% |
|  User Zoom | (9) | S + 7.75% | 1.00% | 11.40% | 04/05/2029 | 75015 | 73621 | 74265 | 0.07% |
|  |  |  |  |  |  |  | 15363977 | 15361824 | 13.39% |
|  **Chemicals** |  |  |  |  |  |  |  |  |  |
|  PLZ Corp. | (9) | S + 5.00% | 0.75% | 8.67% | 03/27/2032 | 5000000 | 4900046 | 4900046 | 4.29% |
|  **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
|  Broadway Buyer LLC | (9) | S + 4.50% | 0.75% | 8.17% | 12/01/2032 | 296873 | 294044 | 295388 | 0.26% |
|  HES Facility Management | (9) | S + 4.75% | 0.75% | 8.42% | 03/02/2033 | 1164436 | 1152928 | 1152928 | 1.01% |
|  Xylem Kendall | (9) | S + 5.75% | 1.00% | 9.81% | 04/22/2030 | 1305740 | 1305740 | 1295947 | 1.14% |
|  Kanawha Scales & Systems | (9) | S + 4.25% | 0.75% | 7.93% | 11/12/2032 | 687254 | 680758 | 683818 | 0.60% |
|  Xylem Kendall | (9)(13) | S + 5.75% | 1.00% | 9.77% | 04/22/2030 | 450402 | 445012 | 447024 | 0.39% |
|  Xylem Kendall | (9)(13) | S + 5.75% | 1.00% | 9.77% | 04/22/2030 | 1955432 | 1929264 | 1940766 | 1.70% |
|  |  |  |  |  |  |  | 5807746 | 5815871 | 5.10% |
|  **Commodity Chemicals** |  |  |  |  |  |  |  |  |  |
|  Pexco | (9)(11) | S + 5.50% | 0.75% | 9.35% | 03/08/2028 | 1455618 | 1441835 | 1448340 | 1.27% |
|  Pexco | (9)(11) | S + 5.50% | 0.75% | 9.32% | 03/08/2028 | 123211 | 122040 | 122595 | 0.11% |
|  Pexco | (9)(11) | S + 5.50% | 0.75% | 9.32% | 03/08/2028 | 919470 | 909246 | 914873 | 0.80% |
|  |  |  |  |  |  |  | 2473121 | 2485808 | 2.18% |
|  **Construction and Engineering** |  |  |  |  |  |  |  |  |  |
|  Goettl Home Services | (8)(11) | S + 7.25% | 0.75% | 11.10% | 12/10/2028 | 16306 | 16067 | 14798 | 0.01% |
|  Goettl Home Services | (11) | S + 7.25% | 0.75% | 11.10% | 12/10/2028 | 40717 | 40120 | 36951 | 0.03% |
|  Goettl Home Services | (11) | S + 7.25% | 0.75% | 11.10% | 12/10/2028 | 296070 | 294031 | 268684 | 0.24% |
|  Greenwood Operating Group | (9) | S + 5.50% | 1.00% | 9.17% | 05/07/2031 | 5883672 | 5783669 | 5883672 | 5.15% |
|  Overhead Garage Door | (2)(9) | S + 5.25% | 1.00% | 8.92% | 07/02/2030 | 468423 | 368190 | 374788 | 0.33% |
|  Pavement Preservation Acquisition | (9) | S + 5.25% | 1.00% | 8.92% | 08/09/2030 | 3799215 | 3742185 | 3789717 | 3.32% |
|  Pavement Preservation Acquisition | (9) | S + 5.25% | 1.00% | 8.92% | 08/09/2030 | 23749 | 23375 | 23689 | 0.02% |
|  |  |  |  |  |  |  | 10267637 | 10392299 | 9.10% |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnotes** |<br>**Reference Rate<br>and Spread <sup>(a)</sup>** |<br>**Interest<br>Rate Floor** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair Value** |<br>**% of Net<br>Assets\*\*** |
|  **Consumer Services** |  |  |  |  |  |  |  |  |  |
|  Window Nation | (9)(10) | S + 5.00% | 0.75% | 8.78% | 07/16/2028 | 1193947 | $1184291 | $1193947 | 1.05% |
|  Window Nation | (9)(10) | S + 5.75% | 0.75% | 9.53% | 07/16/2028 | 780866 | 766533 | 780866 | 0.69% |
|  |  |  |  |  |  |  | 1950824 | 1974813 | 1.74% |
|  **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |
|  Recipe Acquisition Corp | (3) | S + 5.00% | 1.00% | 8.70% | 07/31/2031 | 1067611 | 146192 | 145639 | 0.13% |
|  Recipe Acquisition Corp | (9) | S + 5.00% | 1.00% | 8.70% | 07/31/2031 | 4113346 | 4082027 | 4092779 | 3.59% |
|  |  |  |  |  |  |  | 4228219 | 4238418 | 3.72% |
|  **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
|  Orion Services Group LLC | (9) | S + 5.25% | 1.00% | 8.92% | 01/22/2032 | 1049660 | 1039494 | 1044412 | 0.92% |
|  **Diversified Support Systems** |  |  |  |  |  |  |  |  |  |
|  Primeflight | (9) | S + 5.25% | 1.00% | 8.92% | 05/01/2029 | 184412 | 182897 | 184412 | 0.16% |
|  Primeflight | (9) | S + 4.75% | 1.00% | 8.41% | 05/01/2029 | 211020 | 209130 | 211020 | 0.19% |
|  PrimeFlight | (9) | S + 4.75% | 1.00% | 8.41% | 05/01/2029 | 1683855 | 1667814 | 1683855 | 1.48% |
|  |  |  |  |  |  |  | 2059841 | 2079287 | 1.83% |
|  **Electronic Components** |  |  |  |  |  |  |  |  |  |
|  Excelitas Technologies | (1)(3) | S + 5.25% | 0.75% | N/A (1) | 08/12/2029 | 914192 | (4365) |  | 0.00% |
|  **Electronic Equipment** |  |  |  |  |  |  |  |  |  |
|  IEM | (9) | S + 4.75% | 0.50% | 8.37% | 12/03/2031 | 2957979 | 2924302 | 2957979 | 2.59% |
|  IEM | (1)(3) | S + 4.75% | 0.50% | N/A (1) | 12/03/2031 | 526958 |  |  | 0.00% |
|  |  |  |  |  |  |  | 2924302 | 2957979 | 2.59% |
|  **Gas Utilities** |  |  |  |  |  |  |  |  |  |
|  Gas Innovations | (3) | S + 5.25% | 1.00% | 8.91% | 03/01/2030 | 175853 | 71775 | 73360 | 0.07% |
|  Gas Innovations | (9) | S + 5.25% | 1.00% | 8.95% | 03/01/2030 | 148205 | 145933 | 148205 | 0.13% |
|  |  |  |  |  |  |  | 217708 | 221565 | 0.20% |
|  **Health Care Equipment and Supplies** |  |  |  |  |  |  |  |  |  |
|  VSC Specialty Molding Acquisition LLC | (9) | S + 4.50% | 0.75% | 7.90% | 10/06/2031 | 418650 | 414801 | 416556 | 0.36% |
|  |  |  |  |  |  |  | 414801 | 416556 | 0.36% |
|  **Health Care Services** |  |  |  |  |  |  |  |  |  |
|  Caring Brands International | (4)(9)(11) | S + 6.50% | 1.00% | 10.32% | 10/25/2027 | 4086693 | 4065023 | 4045827 | 3.54% |
|  Circle Surogacy | (9)(10) | S + 6.00% | 0.75% | 9.80% | 12/28/2027 | 1348609 | 1335285 | 1348609 | 1.18% |
|  Dental365 | (9) | S + 5.00% | 0.75% | 8.67% | 08/05/2028 | 124420 | 123586 | 124420 | 0.11% |
|  Dental365 | (9) | S + 5.00% | 0.75% | 8.67% | 08/05/2028 | 183185 | 181014 | 183185 | 0.16% |
|  Dental365 | (9) | S + 5.00% | 0.75% | 8.67% | 08/05/2028 | 184414 | 182232 | 184414 | 0.16% |
|  Matrix Medical | (9) | S + 5.25% | 0.75% | 8.92% | 04/01/2030 | 2632157 | 2596478 | 2605836 | 2.28% |
|  US Med Equip | (9)(11) | S + 5.75% | 1.00% | 9.57% | 05/24/2029 | 127772 | 127082 | 127772 | 0.11% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 1.00% | 10.07% | 03/23/2027 | 102438 | 102042 | 99877 | 0.09% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 1.00% | 10.07% | 03/23/2027 | 30881 | 30759 | 30109 | 0.03% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 1.00% | 10.07% | 03/23/2027 | 315160 | 313836 | 307281 | 0.27% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 1.00% | 10.07% | 03/23/2027 | 544832 | 541018 | 531211 | 0.46% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 1.00% | 10.24% | 03/23/2027 | 179293 | 179293 | 174811 | 0.15% |
|  US Orthopedic Partners | (9)(11) | S + 6.50% | 1.00% | 10.32% | 03/23/2027 | 959015 | 951103 | 937437 | 0.82% |
|  |  |  |  |  |  |  | 10728751 | 10700789 | 9.36% |
|  **Health Care Supplies** |  |  |  |  |  |  |  |  |  |
|  Tidi | (9) | S + 4.50% | 1.00% | 8.17% | 12/19/2029 | 995994 | 980565 | 995994 | 0.87% |

---

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnotes** |<br>**Reference Rate<br>and Spread <sup>(a)</sup>** |<br>**Interest<br>Rate Floor** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair<br>Value** |<br>**% of Net<br>Assets\*\*** |
|  **Human Resources and Employment Services** |  |  |  |  |  |  |  |  |  |
|  CLS | (3)(9) | S + 5.00% | 1.00% | 8.70% | 03/27/2030 | 28787 | $25549 | $25899 | 0.02% |
|  CLS | (9) | S + 5.00% | 1.00% | 8.67% | 03/27/2030 | 79224 | 78330 | 79224 | 0.07% |
|  |  |  |  |  |  |  | 103879 | 105123 | 0.09% |
|  **Industrial — Building Products / Services** |  |  |  |  |  |  |  |  |  |
|  BMS Enterprises | (9)(11) | S + 5.50% | 1.00% | 9.35% | 09/30/2026 | 70096 | 69960 | 67993 | 0.06% |
|  BMS Enterprises | (9)(11) | S + 5.50% | 1.00% | 9.35% | 09/30/2026 | 36407 | 36249 | 35315 | 0.03% |
|  |  |  |  |  |  |  | 106209 | 103308 | 0.09% |
|  **Industrial Machinery** |  |  |  |  |  |  |  |  |  |
|  Burke Porter Group | (7)(9) | S + 7.00% | 0.75% | 10.67% | 07/29/2029 | 1971379 | 1947859 | 1646101 | 1.44% |
|  Four Seasons |  | S + 5.50% | 0.75% | 9.17% | 11/18/2028 | 47743 | 47213 | 47743 | 0.04% |
|  Four Seasons | (9) | S + 5.50% | 0.75% | 9.17% | 11/18/2028 | 95998 | 94732 | 95998 | 0.09% |
|  |  |  |  |  |  |  | 2089804 | 1789842 | 1.57% |
|  **Insurance** |  |  |  |  |  |  |  |  |  |
|  Beyond Risk | (9) | S + 4.75% | 0.75% | 8.42% | 03/11/2033 | 5000000 | 4950372 | 4950372 | 4.33% |
|  **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
|  Syndigo LLC | (9) | S + 5.00% | 0.75% | 8.67% | 09/02/2032 | 3491250 | 3459218 | 3438881 | 3.01% |
|  **IT Services** |  |  |  |  |  |  |  |  |  |
|  Onesource Virtual | (9) | S + 4.75% | 0.50% | 8.45% | 01/30/2033 | 3500000 | 3482917 | 3491250 | 3.06% |
|  Upstack Holdco | (9) | S + 5.00% | 0.75% | 8.63% | 08/25/2031 | 1989944 | 1974610 | 1989944 | 1.74% |
|  |  |  |  |  |  |  | 5457527 | 5481194 | 4.80% |
|  **Life Sciences Tools and Services** |  |  |  |  |  |  |  |  |  |
|  Emmes | (6)(9) | S + 6.25% | 0.75% | 9.92% | 07/07/2028 | 595761 | 591275 | 594272 | 0.52% |
|  Emmes | (6)(9) | S + 6.25% | 0.75% | 9.92% | 07/07/2028 | 399274 | 394909 | 398275 | 0.35% |
|  |  |  |  |  |  |  | 986184 | 992547 | 0.87% |
|  **Media** |  |  |  |  |  |  |  |  |  |
|  Program Productions | (9) | S + 5.00% | 0.75% | 8.70% | 06/05/2031 | 796234 | 782992 | 796234 | 0.70% |
|  Tranzact | (1)(3) | S + 5.75% | 0.75% | N/A (1) | 12/31/2031 | 588540 | (4837) |  | 0.00% |
|  Tranzact | (9) | S + 5.75% | 0.75% | 9.45% | 12/31/2031 | 3665154 | 3604903 | 3665154 | 3.21% |
|  |  |  |  |  |  |  | 4383058 | 4461388 | 3.91% |
|  **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
|  Harmony Foods LLC | (9) | S + 4.00% | 1.00% | 7.70% | 01/30/2031 | 1696024 | 1687826 | 1696024 | 1.48% |
|  **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
|  Continuum | (3)(9) | S + 5.75% | 1.00% | 9.71% | 09/10/2027 | 2158466 | 1879828 | 1899262 | 1.66% |
|  Continuum | (9)(12) | S + 5.75% | 1.00% | 9.71% | 09/10/2027 | 584402 | 580139 | 584402 | 0.51% |
|  |  |  |  |  |  |  | 2459967 | 2483664 | 2.17% |
|  **Specialty Chemicals** |  |  |  |  |  |  |  |  |  |
|  Buckman | (9) | S + 4.75% | 0.75% | 8.42% | 07/01/2032 | 7379234 | 7313349 | 7342339 | 6.43% |
|  **Specialty Stores** |  |  |  |  |  |  |  |  |  |
|  FASTSIGNS International | (9)(10) | S + 5.25% | 1.00% | 9.02% | 03/13/2028 | 448543 | 446682 | 448543 | 0.39% |
|  **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
|  Dana Safety Supply | (3)(9) | S + 4.75% | 1.00% | 8.42% | 10/15/2030 | 370752 | 324717 | 327697 | 0.29% |
|  Dana Safety Supply | (9) | S + 4.75% | 1.00% | 8.42% | 10/15/2030 | 1556468 | 1544684 | 1556468 | 1.36% |
|  |  |  |  |  |  |  | 1869401 | 1884165 | 1.65% |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** | <br>**Footnotes** |<br>**Reference Rate<br>and Spread <sup>(a)</sup>** |<br>**Interest<br>Rate Floor** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair Value** |<br>**% of Net<br>Assets\*\*** |
|  **Transportation** |  |  |  |  |  |  |  |  |  |
|  Drew Marine | (9) | S + 4.50% | 0.75% | 8.16% | 02/09/2033 | 485522 | $480764 | $483095 | 0.42% |
|  **Total First Lien Loans ~** |  |  |  |  |  |  | 114787043 | 114981982 | 100.65% |
|  **Short-Term Investments** |  |  |  |  |  |  |  |  |  |
|  State Street Institutional Treasury Plus Money Market Fund - Premier Class |  |  |  | 3.60% |  | 2055252 | 2055252 | 2055252 | 1.80% |
|  **Total Short-Term Investments** |  |  |  |  |  |  | 2055252 | 2055252 | 1.80% |
|  **Total Investments – non-controlled/non-affiliated** |  |  |  |  |  |  | 116842295 | 117037234 | 102.45% |
|  **Total Investments** |  |  |  |  |  |  | $116842295 | $117037234 | 102.45% |

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| | |
|:---|:---|
| ~ | The Schedule of Investments discloses investments as a percentage of the equity of Adams Street Credit Solutions Fund and its subsidiaries (collectively, the "Company"), excluding the use of the promissory note and credit facility (see Note 5). This presentation of percentages was deemed to be more meaningful than investments as  |

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| | |
|:---|:---|
| a | percentage of the total net equity of the Company. All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2026, nonqualifying assets represented 0% of total assets as calculated in accordance with regulatory requirements.  |

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^ For loan positions, cost represents original cost adjusted for the amortization of discounts and premiums, as applicable, using the effective interest method.

+ Unless otherwise noted, the issuer of each investment is domiciled in the United States.

# Substantially all investments were valued using unobservable inputs and are considered Level 3 investments, except for short-term investments classified as Level 1. Fair value was determined in good faith by Adams Street Advisors, LLC (the "Adviser") (Note 3), pursuant to the Company's valuation policy. Additionally, all investments are income producing unless otherwise indicated. 

\*\* Certain industries are shown as 0% due to rounding. 

(a) Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may
be determined by the larger of the floor or the reference to SOFR including SOFR adjustment, if any, ("S"). For positions with multiple outstanding contracts, the spread and reference rate for the largest outstanding contract is shown.

(b) Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. A non-controlled, non-affiliated investment is one in which the Company owns less than 5% of a portfolio
company's outstanding voting securities and does not have the power to control the management or policies of that portfolio company. As of March 31, 2026, all of the Company's investments met this definition.

(1) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion,
although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to the investment cost. The

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

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##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments:

(2) As of March 31, 2026, the position is partially unfunded and the stated interest rate is the rate that will be
paid when the position is drawn. The Company currently earns a 0.75% unfunded commitment fee.

(3) As of March 31, 2026, the position is partially unfunded and the stated interest rate is the rate that will be
paid when the position is drawn. The Company currently earns a 1.00% unfunded commitment fee.

(4) The stated interest rate includes 0.75% payment-in-kind ("PIK") interest.

(5) The stated interest rate includes 2.875% PIK interest.

(6) The stated interest rate includes 3.375% PIK interest.

(7) The stated interest rate includes 5.00% PIK interest.

(8) The stated interest rate includes 6.25% PIK interest.

(9) Invested through ASP BDC Lev Facilitation LLC. All or a portion of these investments are being secured as
collateral in relation to the Credit Facility (as defined in Note 5 - Borrowings).

(10) The position has a credit spread adjustment of 0.10%.

(11) The position has a credit spread adjustment of 0.15%.

(12) The position has a credit spread adjustment of 0.26%.

(13) The position has a credit spread adjustment of 0.43%.

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments – non-controlled/<br>non-affiliated** | **Commitment Type** | **Commitment**<br>**Expiration Date** | **Unfunded**<br>**Commitment** | **Fair Value** |
|  Appfire | Third Supplemental Delayed Draw Term Loan | 03/09/2028 | $185086 | $— |
|  CLS | First Amendment Delayed Draw Term Loan | 03/27/2030 | 2887 |  |
|  Continuum | Delayed Draw Term Loan | 09/10/2027 | 259204 |  |
|  Dana Safety Supply | Delayed Draw Term Loan | 10/15/2030 | 43055 |  |
|  Excelitas Technologies | Second Amendment Delayed Draw Term Loan | 08/12/2029 | 914192 |  |
|  Fastener Distribution Holdings | Delayed Draw Term Loan | 11/04/2031 | 580341 |  |
|  Gas Innovations | Incremental Delayed Draw Term Loan | 03/01/2030 | 102493 |  |
|  IEM | First Amendment Term Loan | 12/03/2031 | 526958 |  |
|  NetWrix Corporation | Incremental Delayed Draw Term Loan | 06/11/2029 | 113142 | (849) |
|  Overhead Garage Door | Delayed Draw Term Loan | 07/02/2030 | 93635 |  |
|  Recipe Acquisition Corp | Delayed Draw Term Loan | 07/31/2031 | 916634 | (4583) |
|  Solairus — Ancient | Incremental Delayed Draw Term Loan | 07/22/2030 | 985047 |  |
|  Tranzact | Delayed Draw Term Loan | 12/31/2031 | 588540 |  |
|  **Total unfunded commitments** |  |  | $5311215 | $(5432) |

---

The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company's business:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Geography—% of Fair Value** | **Amortized Cost** | **Amortized Cost** | **Fair Value** | **Fair Value** |
|  United States | $114787043 | 100.00% | $114981982 | 100.00% |
|  | $**114787043** | **100.00%** | $**114981982** | **100.00%** |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF MARCH 31, 2026

The following table shows the composition of the Company's portfolio by industry at cost and fair value as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry allocation** | **Cost** | **Fair Value** | **% of Investment,**<br>**at Fair Value\*\*** | **% of Net Assets,**<br>**at Fair Value\*\*** |
|  Aerospace and Defense | $13867149 | $13945396 | 12% | 12% |
|  Air Freight & Logistics | 1776855 | 1790440 | 1% | 2% |
|  Airline Transportation | (3868) |  | 0% | 0% |
|  Application Software | 15363977 | 15361824 | 13% | 13% |
|  Chemicals | 4900046 | 4900046 | 4% | 4% |
|  Commercial Services & Supplies | 5807746 | 5815871 | 5% | 5% |
|  Commodity Chemicals | 2473121 | 2485808 | 2% | 2% |
|  Construction and Engineering | 10267637 | 10392299 | 9% | 9% |
|  Consumer Services | 1950824 | 1974813 | 2% | 2% |
|  Consumer Staples Distribution & Retail | 4228219 | 4238418 | 4% | 4% |
|  Diversified Consumer Services | 1039494 | 1044412 | 1% | 1% |
|  Diversified Support Systems | 2059841 | 2079287 | 2% | 2% |
|  Electrical Equipment | 2924302 | 2957979 | 3% | 3% |
|  Electronic Components | (4365) |  | 0% | 0% |
|  Gas Utilities | 217708 | 221565 | 0% | 0% |
|  Health Care Equipment & Supplies | 414801 | 416556 | 0% | 0% |
|  Health Care Services | 10728751 | 10700789 | 9% | 9% |
|  Health Care Supplies | 980565 | 995994 | 1% | 1% |
|  Human Resources and Employment Services | 103879 | 105123 | 0% | 0% |
|  Industrial — Building Products / Services | 106209 | 103308 | 0% | 0% |
|  Industrial Machinery | 2089804 | 1789842 | 2% | 2% |
|  Insurance | 4950372 | 4950372 | 4% | 4% |
|  Interactive Media & Services | 3459218 | 3438881 | 3% | 3% |
|  IT Services | 5457527 | 5481194 | 5% | 5% |
|  Life Sciences Tools and Services | 986184 | 992547 | 1% | 1% |
|  Media | 4383058 | 4461388 | 4% | 4% |
|  Pharmaceuticals | 1687826 | 1696024 | 1% | 2% |
|  Real Estate Management & Development | 2459967 | 2483664 | 2% | 2% |
|  Short-Term Investments | 2055252 | 2055252 | 2% | 2% |
|  Specialty Chemicals | 7313349 | 7342339 | 6% | 6% |
|  Specialty Stores | 446682 | 448543 | 0% | 0% |
|  Trading Companies & Distributors | 1869401 | 1884165 | 2% | 2% |
|  Transportation Infrastructure | 480764 | 483095 | 0% | 0% |
|  | $**116842295** | $**117037234** | **100%** | **102%** |

---

\*\* Certain industries are shown as 0% due to rounding 

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnotes** |<br>**Reference<br>Rate and<br>Spread <sup>(a)</sup>** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair Value** |<br>**% of Net<br>Assets\*\*** |
|  **Investments – non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |
|  **First Lien Loans ~** |  |  |  |  |  |  |  |  |
|  **Aerospace & Defense** |  |  |  |  |  |  |  |  |
|  Beaufort | (9) | S + 5.00% | 8.67% | 12/31/2032 | 3554089 | $3500799 | $3500799 | 3.49% |
|  Fastener Distribution Holdings | (4) | S + 4.75% | 8.42% | 11/04/2031 | 943502 | 357409 | 363161 | 0.36% |
|  Triumph Group | (6)(9) | S + 5.38% | 9.25% | 07/24/2032 | 10048291 | 9955061 | 9998050 | 9.98% |
|  |  |  |  |  |  | 13813269 | 13862010 | 13.84% |
|  **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
|  Kenco | (9) | S + 4.50% | 8.70% | 11/15/2029 | 1794961 | 1780416 | 1794961 | 1.79% |
|  **Airline Transportation** |  |  |  |  |  |  |  |  |
|  Solairus - Ancient | (2)(4) | S + 4.75% | N/A (1) | 07/22/2030 | 985047 | (4090) |  | 0.00% |
|  **Application Software** |  |  |  |  |  |  |  |  |
|  **Appfire** | (2)(4) | S + 4.75% | N/A (1) | 03/09/2028 | 186956 | (552) |  | 0.00% |
|  Mimecast | (9) | S + 4.50% | 8.22% | 05/18/2029 | 9708104 | 9707784 | 9708104 | 9.69% |
|  Mimecast | (9) | S + 4.50% | 8.22% | 05/18/2029 | 51290 | 50733 | 51290 | 0.05% |
|  Mimecast | (9) | S + 4.50% | 8.22% | 05/18/2029 | 89490 | 87970 | 89490 | 0.09% |
|  Movable Ink | (9) | S + 5.50% | 9.38% | 07/16/2032 | 5000000 | 4953287 | 4950000 | 4.94% |
|  NetWrix Corporation | (4) | S + 4.50% | 8.32% | 06/11/2029 | 126682 | 12407 | 13540 | 0.01% |
|  NetWrix Corporation | (9) | S + 4.75% | 8.32% | 06/11/2029 | 31257 | 30992 | 31257 | 0.03% |
|  User Zoom | (9) | S + 7.00% | 11.13% | 04/05/2029 | 223463 | 221371 | 222345 | 0.22% |
|  User Zoom | (9) | S + 7.50% | 11.63% | 04/05/2029 | 251626 | 246168 | 251626 | 0.25% |
|  |  |  |  |  |  | 15310160 | 15317652 | 15.29% |
|  **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
|  Guardian | (9) | S + 4.50% | 8.29% | 12/01/2032 | 297617 | 294676 | 294676 | 0.29% |
|  Kanawha Scales & Systems | (9) | S + 4.25% | 8.09% | 11/12/2032 | 688976 | 682221 | 682221 | 0.68% |
|  Xylem Kendall | (9) | S + 5.75% | 10.36% | 04/22/2030 | 1309029 | 1309029 | 1299211 | 1.30% |
|  Xylem Kendall | (9)(14) | S + 5.75% | 9.77% | 04/22/2030 | 451881 | 446144 | 448492 | 0.45% |
|  Xylem Kendall | (9)(14) | S + 5.75% | 9.77% | 04/22/2030 | 1960948 | 1933112 | 1946241 | 1.94% |
|  |  |  |  |  |  | 4665182 | 4670841 | 4.66% |
|  **Commodity Chemicals** |  |  |  |  |  |  |  |  |
|  Pexco | (9)(11) | S + 5.50% | 9.32% | 03/08/2028 | 1459386 | 1443809 | 1452089 | 1.45% |
|  Pexco | (9)(11) | S + 5.50% | 9.49% | 03/08/2028 | 123531 | 122207 | 122914 | 0.12% |
|  Pexco | (9)(11) | S + 5.50% | 9.49% | 03/08/2028 | 921804 | 910249 | 917195 | 0.92% |
|  |  |  |  |  |  | 2476265 | 2492198 | 2.49% |
|  **Construction and Engineering** |  |  |  |  |  |  |  |  |
|  Goettl Home Services | (11) | S + 7.25% | 11.07% | 12/10/2028 | 16055 | 15794 | 14570 | 0.01% |
|  Goettl Home Services | (11) | S + 7.25% | 11.07% | 12/10/2028 | 40091 | 39439 | 36383 | 0.04% |
|  Goettl Home Services | (8)(11) | S + 7.25% | 11.40% | 12/10/2028 | 291515 | 289290 | 264550 | 0.26% |
|  Greenwood Operating Group | (9) | S + 5.50% | 9.22% | 05/07/2031 | 5898471 | $5793370 | $5868979 | 5.86% |
|  Overhead Garage Door | (3)(9) | S + 5.25% | 0.75% | 07/02/2030 | 469371 | 368772 | 375736 | 0.38% |
|  Pavement Preservation Acquisition | (9) | S + 5.25% | 8.97% | 08/09/2030 | 3811147 | 3750701 | 3773036 | 3.77% |
|  Pavement Preservation Acquisition | (9) | S + 5.25% | 8.97% | 08/09/2030 | 23749 | 23354 | 23511 | 0.02% |
|  Waterline | (9)(11) | S + 5.50% | 9.32% | 10/29/2027 | 29469 | 29290 | 29469 | 0.03% |
|  |  |  |  |  |  | 10310010 | 10386234 | 10.37% |
|  **Consumer Services** |  |  |  |  |  |  |  |  |
|  Window Nation | (9)(10) | S + 5.00% | 8.85% | 07/16/2028 | 1196947 | 1186226 | 1196947 | 1.19% |
|  **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |
|  Recipe Acquisition Corp | (4) | S + 5.00% | 8.67% | 07/31/2031 | 1067991 | 64517 | 63755 | 0.06% |
|  Recipe Acquisition Corp | (9) | S + 5.00% | 8.67% | 07/31/2031 | 4123786 | 4090937 | 4103168 | 4.10% |
|  |  |  |  |  |  | 4155454 | 4166923 | 4.16% |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnotes** |<br>**Reference<br>Rate and<br>Spread <sup>(a)</sup>** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair Value** |<br>**% of Net<br>Assets\*\*** |
|  **Diversified Support Systems** |  |  |  |  |  |  |  |  |
|  Primeflight | (9) | S + 5.25% | 9.09% | 05/01/2029 | 184877 | $183236 | $184877 | 0.18% |
|  Primeflight | (9) | S + 4.75% | 8.62% | 05/01/2029 | 211550 | 209504 | 211022 | 0.21% |
|  |  |  |  |  |  | 392740 | 395899 | 0.40% |
|  **Electronic Components** |  |  |  |  |  |  |  |  |
|  Excelitas Technologies | (2)(4) | S + 5.25% | N/A (1) | 08/12/2029 | 914192 | (4685) |  | 0.00% |
|  **Gas Utilities** |  |  |  |  |  |  |  |  |
|  Gas Innovations | (4) | S + 5.25% | 9.10% | 03/01/2030 | 176038 | 71894 | 73545 | 0.07% |
|  Gas Innovations | (9) | S + 5.25% | 9.25% | 03/01/2030 | 148514 | 146118 | 148514 | 0.15% |
|  |  |  |  |  |  | 218012 | 222059 | 0.22% |
|  **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 10.24% | 03/23/2027 | 179293 | 179293 | 179293 | 0.18% |
|  VSC Specialty Molding Acquisition LLC | (9) | S + 4.50% | 8.43% | 10/06/2031 | 419699 | 415669 | 417601 | 0.42% |
|  |  |  |  |  |  | 594962 | 596894 | 0.60% |
|  **Health Care Services** |  |  |  |  |  |  |  |  |
|  Caring Brands International | (5)(9)(11) | S + 6.50% | 10.47% | 10/25/2027 | 4099418 | 4074213 | 4058424 | 4.05% |
|  Circle Surogacy | (9)(10) | S + 6.00% | 9.77% | 12/28/2027 | 1352051 | 1336802 | 1352051 | 1.35% |
|  Dental365 | (9) | S + 5.00% | 8.72% | 08/05/2028 | 124744 | 123820 | 124744 | 0.12% |
|  Dental365 | (9) | S + 5.00% | 8.72% | 08/05/2028 | 183655 | 181250 | 183655 | 0.18% |
|  Dental365 | (9) | S + 5.00% | 8.72% | 08/05/2028 | 184884 | 182468 | 184884 | 0.18% |
|  Matrix Medical | (9) | S + 5.25% | 8.97% | 04/01/2030 | 2638838 | 2600864 | 2612450 | 2.61% |
|  US Med Equip | (9)(11) | S + 5.75% | 9.74% | 05/24/2029 | 128178 | 127431 | 128178 | 0.13% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 10.24% | 03/23/2027 | 102705 | 102208 | 102705 | 0.10% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 10.24% | 03/23/2027 | 30961 | 30807 | 30961 | 0.03% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 10.24% | 03/23/2027 | 315978 | 314315 | 315978 | 0.32% |
|  US Orthopedic Partners | (9)(11) | S + 6.25% | 10.24% | 03/23/2027 | 546243 | 541452 | 546243 | 0.55% |
|  US Orthopedic Partners | (9)(11) | S + 6.50% | 10.49% | 03/23/2027 | 961483 | 951545 | 961483 | 0.96% |
|  |  |  |  |  |  | 10567175 | 10601756 | 10.58% |
|  **Health Care Supplies** |  |  |  |  |  |  |  |  |
|  Tidi | (9) | S + 4.50% | 8.22% | 12/19/2029 | 998497 | 982004 | 998497 | 1.00% |
|  **Human Resources and Employment Services** |  |  |  |  |  |  |  |  |
|  CLS | (4)(9) | S + 5.00% | 8.69% | 03/27/2030 | 28852 | 25604 | 25964 | 0.03% |
|  CLS | (9) | S + 5.00% | 8.86% | 03/27/2030 | 79425 | 78473 | 79425 | 0.08% |
|  |  |  |  |  |  | 104077 | 105389 | 0.11% |
|  **Industrial — Building Products / Services** |  |  |  |  |  |  |  |  |
|  BMS Enterprises | (9)(11) | S + 5.50% | 9.32% | 09/30/2026 | 70280 | 70075 | 69753 | 0.07% |
|  BMS Enterprises | (9)(11) | S + 5.50% | 9.32% | 09/30/2026 | 36501 | 36265 | 36228 | 0.04% |
|  |  |  |  |  |  | 106340 | 105981 | 0.11% |
|  **Industrial — Industrial Equipment / Capital Goods** |  |  |  |  |  |  |  |  |
|  IEM |  | S + 4.50% |  | 12/03/2031 | 379928 | 378053 | 379928 | 0.38% |
|  IEM | (9) | S + 4.50% | 8.25% | 08/08/2030 | 2593114 | 2563319 | 2593114 | 2.59% |
|  |  |  |  |  |  | 2941372 | 2973042 | 2.97% |
|  **Industrial Machinery** |  |  |  |  |  |  |  |  |
|  Burke Porter Group | (9) | S + 7.00% | 11.00% | 07/29/2029 | 1976281 | 1950957 | 1709483 | 1.71% |
|  Four Seasons |  | S + 5.50% | 9.22% | 11/18/2028 | 47864 | 47283 | 47864 | 0.05% |
|  Four Seasons | (9) | S + 5.50% | 9.22% | 11/18/2028 | 96246 | 94858 | 96246 | 0.10% |
|  |  |  |  |  |  | 2093098 | 1853593 | 1.85% |

---

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

------

##### [**Table of Contents**](#toc)
ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Amounts in USD** | **Amounts in USD** | |
| **Investments+#** |<br>**Footnotes** |<br>**Reference<br>Rate and<br>Spread <sup>(a)</sup>** |<br>**Interest<br>Rate** |<br>**Maturity<br>Date** |<br>**Par<br>Amount/<br>Units** | **Amortized<br>Cost^** | **Fair Value** |<br>**% of Net<br>Assets\*\*** |
|  **Insurance Brokers** |  |  |  |  |  |  |  |  |
|  Portfolio Group | (12) | S + 6.00% | 9.85% | 06/02/2026 | 211253 | $210868 | $211253 | 0.21% |
|  Portfolio Group | (12) | S + 6.00% | 9.85% | 06/02/2026 | 224366 | 222961 | 224366 | 0.22% |
|  Portfolio Group | (12) | S + 6.00% | 9.85% | 06/02/2026 | 91768 | 89065 | 91768 | 0.09% |
|  |  |  |  |  |  | 522894 | 527387 | 0.53% |
|  **Interactive Media & Services** |  |  |  |  |  |  |  |  |
|  Syndigo LLC | (9) | S + 5.00% | 8.82% | 09/02/2032 | 3500000 | 3466656 | 3482500 | 3.48% |
|  **IT Services** |  |  |  |  |  |  |  |  |
|  Upstack Holdco | (9) | S + 5.00% | 9.04% | 08/25/2031 | 1989944 | 1973910 | 1989944 | 1.99% |
|  **Life Sciences Tools and Services** |  |  |  |  |  |  |  |  |
|  Emmes | (7)(9) | S + 6.00% | 9.89% | 07/07/2028 | 590689 | 585715 | 590689 | 0.59% |
|  Emmes | (7)(9) | S + 6.00% | 9.89% | 07/07/2028 | 395874 | 391036 | 395874 | 0.40% |
|  |  |  |  |  |  | 976751 | 986563 | 0.98% |
|  **Media** |  |  |  |  |  |  |  |  |
|  Program Productions | (9) | S + 5.00% | 8.67% | 06/05/2031 | 798240 | 784333 | 798240 | 0.80% |
|  Tranzact | (2)(4) | S + 5.75% | N/A (1) | 12/31/2031 | 588540 | (5044) |  | 0.00% |
|  Tranzact | (9) | S + 5.75% | 9.42% | 12/31/2031 | 3674433 | 3611441 | 3674433 | 3.67% |
|  |  |  |  |  |  | 4390730 | 4472673 | 4.47% |
|  **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
|  Continuum | (4)(9)(13) | S + 5.75% | 9.68% | 09/10/2027 | 2163226 | 1569415 | 1589178 | 1.59% |
|  Continuum | (9)(13) | S + 5.75% | 9.68% | 09/10/2027 | 585885 | 580881 | 585885 | 0.58% |
|  |  |  |  |  |  | 2150296 | 2175063 | 2.17% |
|  **Specialty Chemicals** |  |  |  |  |  |  |  |  |
|  Buckman | (9) | S + 4.75% | 8.47% | 07/01/2032 | 7508584 | 7438902 | 7471041 | 7.46% |
|  **Specialty Stores** |  |  |  |  |  |  |  |  |
|  FASTSIGNS International | (9)(10) | S + 5.25% | 9.07% | 03/13/2028 | 449667 | 447566 | 449667 | 0.45% |
|  **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
|  Dana Safety Supply | (4) | S + 4.75% | 8.42% | 10/15/2030 | 371576 | 325422 | 328520 | 0.33% |
|  Dana Safety Supply | (9) | S + 4.75% | 8.47% | 10/15/2030 | 1560409 | 1547953 | 1560409 | 1.56% |
|  |  |  |  |  |  | 1873375 | 1888929 | 1.89% |
|  **Total First Lien Loans ~** |  |  |  |  |  | 94929067 | 95184643 | 95.02% |
|  **Total Investments – non-controlled/non-affiliated** |  |  |  |  |  | 94929067 | 95184643 | 95.02% |
|  **Total Investments** |  |  |  |  |  | $94929067 | $95184643 | 95.02% |

---

---

| | |
|:---|:---|
| ~ | The Schedule of Investments discloses investments as a percentage of the equity of Adams Street Credit Solutions Fund and its subsidiaries (collectively, the "Company"), excluding the use of the promissory note and credit facility (see Note 5). This presentation of percentages was deemed to be more meaningful than investments as  |

---

---

| | |
|:---|:---|
| a | percentage of the total net equity of the Company. All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, nonqualifying assets represented 0% of total assets as calculated in accordance with regulatory requirements.  |

---

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

^ For loan positions, cost represents original cost adjusted for the amortization of discounts and premiums, as applicable, using the effective interest method.

+ Unless otherwise noted, the issuer of each investment is domiciled in the United States.

# All investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by Adams Street Advisors, LLC (the "Adviser") (Note 3), pursuant to the Company's valuation policy. Additionally, all investments are income producing unless otherwise indicated. 

\*\* Certain industries are shown as 0% due to rounding 

(a) Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may
be determined by the larger of the floor or the reference to SOFR including SOFR adjustment, if any, ("S"). For positions with multiple outstanding contracts, the spread and reference rate for the largest outstanding contract is shown.

(b) Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than
5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, all of the Fund's investments were non-controlled, non-affiliated.

(1) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion,
although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a
commitment termination date that may expire prior to the maturity date stated.

(2) Negative balance relates to upfront fee on the facility netted from the funding of the related term loan.

(3) As of December 31, 2025, the position is partially unfunded and the stated interest rate is the rate that will
be paid when the position is drawn. The Company currently earns a 0.75% unfunded commitment fee.

(4) As of December 31, 2025, the position is partially unfunded and the stated interest rate is the rate that will
be paid when the position is drawn. The Company currently earns a 1.00% unfunded commitment fee.

(5) The stated interest rate includes 0.75% payment-in-kind ("PIK") interest.

(6) The stated interest rate includes 2.85% PIK interest.

(7) The stated interest rate includes 3.25% PIK interest.

(8) The stated interest rate includes 6.25% PIK interest.

(9) Invested through ASP BDC Lev Facilitation LLC. All or a portion of these investments are being secured as
collateral in relation to the credit facility (see Note 7).

(10) The position has a credit spread adjustment of 0.10%.

(11) The position has a credit spread adjustment of 0.15%.

(12) The position has a credit spread adjustment of 0.25%.

(13) The position has a credit spread adjustment of 0.26%.

(14) The position has a credit spread adjustment of 0.43%.

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments – non-controlled/<br>non-affiliated** | **Commitment Type** | **Commitment**<br>**Expiration<br>Date** | **Unfunded**<br>**Commitment** | **Fair<br>Value** |
|  Appfire | Third Supplemental Delayed Draw Term Loan | 03/09/2028 | $186956 | $— |
|  CLS | First Amendment Delayed Draw Term Loan | 03/27/2030 | 2887 |  |
|  Continuum | Delayed Draw Term Loan | 09/10/2027 | 574049 |  |
|  Dana Safety Supply | Delayed Draw Term Loan | 10/15/2030 | 43055 |  |
|  Excelitas Technologies | Second Amendment Delayed Draw Term Loan | 08/12/2029 | 914192 |  |
|  Fastener Distribution Holdings | Delayed Draw Term Loan | 11/04/2031 | 580341 |  |
|  Gas Innovations | Incremental Delayed Draw Term Loan | 03/01/2030 | 102493 |  |
|  NetWrix Corporation | Incremental Delayed Draw Term Loan | 1/31/2026 | 113142 |  |
|  Overhead Garage Door | Delayed Draw Term Loan | 3/31/2026 | 93635 |  |
|  Recipe Acquisition Corp | Delayed Draw Term Loan | 07/31/2031 | 998896 | (4994) |
|  Solairus — Ancient | Incremental Delayed Draw Term Loan | 07/22/2030 | 985047 |  |
|  Tranzact | Delayed Draw Term Loan | 12/31/2031 | 588540 |  |
|  **Total unfunded commitments** |  |  | $5183233 | $(4994) |

---

The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company's business:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Geography—% of Fair Value** | **Amortized Cost** | **Amortized Cost** | **Fair Value** | **Fair Value** |
|  United States | $94929067 | 100.00% | $95184643 | 100.00% |
|  | $94929067 | 100.00% | $95184643 | 100.00% |

---

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2025

The following table shows the composition of the Company's portfolio by industry at cost and fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry allocation** | **Cost** | **Fair Value** | **% of Investment,**<br>**at Fair Value\*\*** | **% of Net Assets,**<br>**at Fair Value\*\*** |
|  Aerospace and Defense | $13813269 | $13862010 | 15% | 14% |
|  Air Freight & Logistics | 1780416 | 1794961 | 2% | 2% |
|  Airline Transportation | (4090) |  | 0% | 0% |
|  Application Software | 15310160 | 15317652 | 16% | 15% |
|  Commercial Services & Supplies | 4665182 | 4670841 | 5% | 5% |
|  Commodity Chemicals | 2476265 | 2492198 | 3% | 3% |
|  Construction and Engineering | 10310010 | 10386234 | 11% | 10% |
|  Consumer Services | 1186226 | 1196947 | 1% | 1% |
|  Consumer Staples Distribution & Retail | 4155454 | 4166923 | 4% | 4% |
|  Diversified Support Systems | 392740 | 395899 | 0% | 0% |
|  Electronic Components | (4685) |  | 0% | 0% |
|  Gas Utilities | 218012 | 222059 | 0% | 0% |
|  Health Care Providers & Services | 594962 | 596894 | 1% | 1% |
|  Health Care Services | 10567175 | 10601756 | 11% | 11% |
|  Health Care Supplies | 982004 | 998497 | 1% | 1% |
|  Human Resources and Employment Services | 104077 | 105389 | 0% | 0% |
|  Industrial - Building Products / Services | 106340 | 105981 | 0% | 0% |
|  Industrial - Industrial Equipment / Capital Goods | 2941372 | 2973042 | 3% | 3% |
|  Industrial Machinery | 2093098 | 1853593 | 2% | 2% |
|  Insurance Brokers | 522894 | 527387 | 1% | 1% |
|  Interactive Media & Services | 3466656 | 3482500 | 4% | 4% |
|  IT Services | 1973910 | 1989944 | 2% | 2% |
|  Life Sciences Tools and Services | 976751 | 986563 | 1% | 1% |
|  Media | 4390730 | 4472673 | 5% | 4% |
|  Real Estate Management & Development | 2150296 | 2175063 | 2% | 2% |
|  Specialty Chemicals | 7438902 | 7471041 | 8% | 7% |
|  Specialty Stores | 447566 | 449667 | 0% | 0% |
|  Trading Companies & Distributors | 1873375 | 1888929 | 2% | 2% |
|  | $**94929067** | $**95184643** | **100%** | **95%** |

---

\*\* Certain industries are shown as 0% due to rounding 

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

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

**Note 1—General Information** 

The consolidated Adams Street Credit Solutions Fund and Subsidiaries financial statements include the accounts of Adams Street Credit Solutions Fund, ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC, and Adams Street PC Funding LLC (collectively, the "Company"). Adams Street Credit Solutions Fund ("ASCEND") was organized on March 29, 2019, as a Delaware limited liability company named Adams Street Private Credit BDC, LLC. On January 15, 2025, ASCEND converted to a Delaware limited partnership and was renamed Adams Street Credit Solutions Fund, LP. On August 5, 2025, ASCEND converted to a Delaware statutory trust and was renamed Adams Street Credit Solutions Fund. ASCEND began operations on July 29, 2024 (commencement of investment operations). ASP BDC Lev Facilitation LLC, a Delaware limited liability company, was organized on June 28, 2024 and began operations on July 29, 2024 (commencement of investment operations). Adams Street Credit Solutions Blocker LLC, a Delaware limited liability company, was organized on November 18, 2025. Adams Street PC Funding LLC, a Delaware limited liability company, was organized on April 25, 2017, began operations on February 26, 2018, and was transferred and became owned by the Company on September 22, 2025. Adams Street Advisors, LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended. As of and for the periods ended March 31, 2026 and 2025 and December 31, 2025 and 2024, the Company did not issue any equity interests.

The Company's investment objective is to generate current income and capital appreciation. The Company will seek to achieve its investment objective primarily through investing in direct originations of secured debt (which the Company refers to as "Middle Market Senior Loans"), including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and "unitranche" loans) and second lien senior secured loans, with the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

The Company also invests a portion of its assets in a portfolio of liquid assets, including: cash; short-term, high-quality, liquid debt securities and other credit instruments; and other investment companies, including money market funds.

**Note 2—Significant Accounting Policies** 

***Basis of Presentation***

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company under the criteria established in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946") and applies the specialized accounting and reporting guidance included therein.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company's accounting policies. Actual results could differ from those estimates.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

***Cash***

Cash represents demand deposits held at financial institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

***Organization Costs***

Organization costs will be borne by the Company. Costs associated with the organization of the Company have been expensed as incurred, subject to the Expense Support Agreement as defined below in Note 4 - Related Party Transactions. These costs consist primarily of legal fees and other fees of organizing the Company. Refer to Note 4 - Related Party Transactions for further details on the Expense Support Agreement.

For the three months ended March 31, 2026 and 2025, the Company incurred organizational costs of $469,516 and $7,235, respectively.

***Offering Costs***

Offering costs in excess of the Expense Support Agreement (defined below in Note 4 - Related Party Transactions) will be borne by the Company. These offering costs, if any, are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the private offering. Refer to Note 4 for further details on the Expense Support Agreement.

For the three months ended March 31, 2026 and 2025, the Company incurred $257,841 and $0, respectively, of offering costs, and amortized $53,523 and $0, respectively, of offering costs. For the three months ended March 31, 2025, the Company incurred no offering costs. Refer to Note 4 - Related Party Transactions for further details on the Expense Support Agreement (as defined below).

***Deferred Financing Costs, Interest Expense, and Credit Facility Fees***

Interest expense and unused commitment fees on the Company's borrowings are recorded on an accrual basis. Unused commitment fees are included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company's borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in Credit Facility (as defined below in Note 5 - Borrowings), net of deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities when amounts are outstanding under the related debt arrangement. In periods in which there are no outstanding borrowings under the related credit facility, unamortized deferred financing costs are presented as an asset within other assets on the Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 5 for interest incurred as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, the Company had unamortized deferred financing costs of $454,275 and $477,654, respectively. Amortization expense for deferred financing costs for the three months ended March 31, 2026 and 2025 was $79,047 and $45,992, respectively.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

***Investments***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation (depreciation) on investments as presented in the accompanying Consolidated Statement of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3 - Fair Value Measurements for further information about fair value measurements.

***Revenue Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of both March 31, 2026 and December 31, 2025, there were five loans in the portfolio that earned PIK income. For the three months ended March 31, 2026 and 2025, the Company earned PIK interest income of $96,790 and $0, respectively.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income on that loan will cease until all principal and interest are current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, the loans are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of March 31, 2026 and December 31, 2025.

Dividend income earned on short-term money market investments is accrued daily. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company's investment activities. Such fees are recognized as income when earned or the services are rendered. For the three months ended March 31, 2026 and 2025, the Company earned $24,943 and $0, respectively, in other income, primarily from unused fees.

***Income Taxes***

The Company expects to elect and to be treated as a RIC under the Code. 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 stockholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income.

Accordingly, for the period ended March 31, 2026 and 2025, the Company is treated as a taxable entity for U.S. federal income tax purposes. The Company records income taxes in accordance with ASC 740, Income Taxes. For the three months ended March 31, 2026 and 2025, the Company recorded current tax expense of $61,625 and $0, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities.

Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities. As of March 31, 2026, the Company has determined that any deferred tax balances are not material to the consolidated financial statements.

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

***Consolidation***

As provided under ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company's wholly owned subsidiaries: ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC. All intercompany balances and transactions have been eliminated.

***Expenses***

The Company is responsible for software costs, insurance costs and other expenses related to the Company's operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company's trustees and officers liability insurance are presented in prepaid expenses and other assets on the Company's Consolidated Statements of Assets and Liabilities.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

***Functional Currency***

The functional currency of the Company is the U.S. Dollar, and all transactions were in U.S. Dollars.

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by federal, state, foreign, and individual jurisdiction (when income ASU paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 were applied on a prospective basis. The adoption of this guidance did not materially impact the consolidated financial statements.

**Note 3—Fair Value Measurements** 

The Company records its investments at fair value in accordance with U.S. GAAP. Fair value is the price that would be received upon the sale of an investment in an orderly transaction between market participants at the measurement date.

The investments fall into one of the following four categories within the fair value hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - inputs reflect unadjusted quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date.

Level 1 investments held by the Company typically consist of public stock positions held as a result of an initial public offering of a formerly private investment as well as short-term investments held as money market funds. Management does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active.

Level 2 investments held by the Company typically consist of public stock positions held as a result of an initial public offering of a direct investment, which are subject to sales restrictions, or the valuation is adjusted to reflect illiquidity and/or non-transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Level 3 investments held by the Company typically consist of privately-held equity or debt securities. When observable prices are not available management uses valuation techniques for which sufficient and reliable data is available and applied on a consistent basis. The valuation of nonmarketable privately-held investments requires significant judgment by management due to the absence of quoted market values, inherent lack of liquidity, changes in market conditions and the long-term nature of such assets.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by management. Management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to management's perceived risk of that investment. The Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), determines in good faith the fair value of the Company's investment portfolio for which market quotations are not readily available. In addition to using the above inputs in investment valuations, the Adviser will apply a valuation policy approved by the Company's Board of Trustees (the "Board") that is consistent with ASC 820.

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 the Company's 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 the Company 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 herein.

The following table presents the investments carried at fair value on the Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 by the ASC 820-10 valuation hierarchy (as described above):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments** |  |  |  |  |
|  First Lien Loans | $— | $— | $114981982 | $114981982 |
|  Short-Term Investments | 2055252 |  |  | 2055252 |
|  Total Investments | $2055252 | $— | $114981982 | $117037234 |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments** |  |  |  |  |
|  First Lien Loans | $— | $— | $95184643 | $95184643 |

---

The classification of an investment as Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial investments typically include, in addition to unobservable or Level 3 inputs, observable inputs (that is, inputs that are actively quoted and can be validated to market sources).

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three months ended March 31, 2026 and 2025, there were no transfers into or out of Level 3.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

The following tables show a reconciliation of Level 3 investments during the three months ended March 31, 2026 and 2025.

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| | |
|:---|:---|
|  | **For the Three**<br>**Months Ended**<br>**March 31, 2026** |
|  | **First Lien Loans** |
|  Balance, at beginning of period | $95184643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 23073984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discounts | 56920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from repayment and sales of investments | (3377604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | 7886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (60637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest capitalized | 96790 |
|  Balance, at end of period | $114981982 |
|  Net change in unrealized appreciation/(depreciation) included in the Consolidated Statement of Operations that continue to be held as of March 31, 2026 | (60637) |

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| | |
|:---|:---|
|  | **For the Three<br>Months Ended**<br>**March 31, 2025** |
|  | **First Lien Loans** |
|  Balance, at beginning of period | $17914687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 1790439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discounts | 11323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from repayment and sales of investments | (35930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31135 |
|  Balance, at end of period | $19712177 |
|  Net change in unrealized appreciation/(depreciation) included in the Consolidated Statement of Operations that continue to be held as of March 31, 2025 | 31135 |

---

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

The following tables provide a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of March 31, 2026 and December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Range** | **Range** | |
|  |<br>**Fair Value as of<br>March 31, 2026** | <br>**Valuation Techniques** | <br>**Significant<br>Unobservable**<br> **Inputs** | **Low** | **High** |<br>**Weighted<br>Average\*** |
|  First Lien Loans | $11003346 | Market Approach (Recent Arms Length Transaction) | Discount to Par Value | 1.00% | 2.00% | 1.45% |
|  | 103978636 | Income Approach | Market Interest Rate | 7.68% | 16.00% | 9.40% |
|  Total investments | $114981982 |  |  |  |  |  |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value as of<br>December 31, 2025** | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Low** | **High** | **Weighted<br>Average\*** |
|  First Lien Loans | $4477696 | Market Approach (Recent Arms Length Transaction) | Discount to Par Value | 1.00% | 1.50% | 1.39% |
|  | 90706947 | Income Approach | Market Interest Rate | 7.79% | 15.50% | 9.29% |
|  Total investments | $95184643 |  |  |  |  |  |

---

\* Inputs are weighted based on the fair value of the investments included in the range.

The valuation techniques used in Level 3 of the fair value hierarchy utilize unobservable inputs in determining the fair value of the Company's investments. For the Market Approach (Recent Arms Length Transaction), investments are valued based on recent transactions, adjusted as necessary for any changes in unobservable inputs, market conditions and other similar transactions. In certain cases the fair value may be based on a pending transaction with an expected close date after the Consolidated Statements of Assets and Liabilities date.

For the Income Approach, the fair value is determined based on an analysis of the contractual yield earned on the investment with a comparable market rate. The comparable market rate is the significant unobservable input used in the fair value measurement of the Company's investments under the Income Approach.

While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to estimate the fair value of investments in first lien loans could result in a different estimate of fair value at the reporting date. Those fair value estimates may differ significantly from the values that would have been determined had a readily available market for such investments existed, or had such investments been liquidated or sold to non-affiliated investors, and these differences could be material to the consolidated financial statements.

The significant unobservable inputs used in the fair value measurement of the Company's investments in first lien debt securities are discount rates and transaction prices. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in transactions prices in isolation would result in a significantly lower fair value measurement.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

***Financial Instruments Disclosed but Not Carried at Fair Value***

At March 31, 2026 and December 31, 2025, the carrying amount of the Company's secured borrowings approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Given the underlying interest rate on any of the Company's secured borrowings is based on an underlying index that resets on a periodic basis, the carrying values of the secured borrowings approximate fair value. Secured borrowings are categorized as Level 3 within the fair value hierarchy.

The following table presents the carrying value and fair value of the Company's Promissory Note and Credit Facility (as defined below in Note 5 - Borrowings) disclosed but not carried at fair value as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
|  **Promissory Note** | $50000000 | $50000000 | $50000000 | $50000000 |
|  **Credit Facility** | $64500000 | $64500000 | $43750000 | $43750000 |
|  **Total** | $114500000 | $114500000 | $93750000 | $93750000 |

---

The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

**Note 4—Related Party Transactions** 

***Investment Advisory Agreement***

On August 19, 2025, the Company entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, pursuant to which the Adviser manages the Company's investment program and related activities, subject to the supervision of the Board. The Advisory Agreement was approved in accordance with the requirements of the 1940 Act.

In consideration for the services provided under the Advisory Agreement, the Company pays the Adviser a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"), each as described below. The Adviser may elect to waive all or a portion of its fees from time to time. No Management Fee or Incentive Fee will be payable to the Adviser prior to the Company's election to be regulated as a business development company under the 1940 Act (the "BDC Election") and the receipt of third-party capital.

The Management Fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, "net assets" means the Company's total assets less liabilities, determined on a consolidated basis in accordance with U.S. GAAP. The Management Fee is prorated for any partial month based on the actual number of days elapsed relative to the total number of days in such month.

The Incentive Fee consists of two components: (i) the investment income component (the "Investment Income Incentive Fee") and (ii) the capital gains component (the "Capital Gains Incentive Fee"). The two components are independent of each other, such that one component may be payable even if the other is not.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

*(i) Investment Income Incentive Fee* 

The Investment Income Incentive Fee is calculated quarterly in arrears based on the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter. "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, such as payment-in-kind interest and origination or structuring fees) accrued during the calendar quarter, minus operating expenses accrued for the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred shares, if any, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees). Pre-incentive fee net investment income does not include realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the beginning of the immediately preceding calendar quarter, is compared to a "hurdle rate" of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Investment Income Incentive Fee is payable in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the Company's pre-incentive fee net investment income, if
any, that exceeds the hurdle rate but is less than 1.42857% of the Company's net assets at the beginning of the quarter (the "catch-up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the Company's pre-incentive fee net investment income, if
any, that exceeds 1.42857% of the Company's net assets at the beginning of the quarter.

The Investment Income Incentive Fee for any partial quarter is appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

*(ii) Capital Gains Incentive Fee* 

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

The Company accrues, but does not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation on investments because such fee would be payable if the Company were to sell the relevant investments and realize a capital gain. If the Capital Gains Incentive Fee base, adjusted to include unrealized capital appreciation, is positive at the end of a reporting period, the Company records an accrual equal to 12.5% of such amount, less the aggregate amount of Capital Gains Incentive Fees previously paid and accrued. If such amount is negative, no accrual is recorded and previously recorded accruals may be reversed. There can be no assurance that unrealized capital appreciation will be realized in the future.

Notwithstanding the foregoing, if the Company is required by U.S. GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment (including, for

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the Capital Gains Incentive Fee, the "accreted or amortized cost basis" of an investment shall be an amount (the "Contractual Cost Basis") equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company's financial statements as required by U.S. GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company's financial statements, including payment-in-kind interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company's financial statements as required by U.S. GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with U.S. GAAP) at the time of acquisition.

***Administration Agreement***

On August 19, 2025, the Company entered into an Administration Agreement (the "Administration Agreement") with the Adviser. Pursuant to the Administration Agreement, the Adviser will perform, or oversee the performance of, administrative services, which includes, but is not limited to, providing office facilities, equipment and office services, maintaining financial records, preparing reports to shareholders and the Board and reports filed with the SEC, managing the payment of expenses, providing significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance, assisting the Company in determining and publishing (as necessary or appropriate) the Company's net asset value and overseeing the preparation and filing of the Company's tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company will reimburse the Adviser (and/or one or more of its affiliates) costs and expenses incurred by the Adviser for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate and/or to a third party, and the Company will reimburse the Adviser (or its affiliate(s)) for any services performed for the Company by such affiliate or third party. To the extent that the Adviser outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Adviser. The Company will bear its allocable portion of the costs of the compensation, benefits, administrative expenses (including travel expenses in accordance with the Adviser's travel and expense policy) and related overhead expenses of the Company's officers who provide operational, administrative, legal, compliance, finance and accounting services hereunder, their respective staffs and other professionals who are employed by any of the Adviser's affiliates that provide services to the Company, and who assist with the preparation, coordination and administration of the foregoing or provide other "back office" or "middle office" financial or operational services to the Company. The Company shall reimburse the Adviser (or its affiliate(s)) for an allocable portion of the compensation (including benefits) and overhead paid by the Adviser (or its affiliate(s)) to such individuals. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

For the three months ended March 31, 2026 and 2025, the Company incurred $150,000 and $0, respectively, of administrative expenses under the Administration Agreement, which is included in Professional fees and Expense support and waivers on the Consolidated Statement of Operations.

***Expense Support and Conditional Reimbursement Agreement***

On August 19, 2025, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser. Pursuant to the Expense Support Agreement, the Adviser may elect to pay certain operating expenses of the Company (each, an "Expense Payment") from time to time. Expense Payments may not be used to pay interest expense or distribution and/or shareholder servicing fees.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, 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 such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." Reimbursement Payments are conditioned on (i) a distribution level (exclusive of return of capital and declared special dividends or special distributions, if any) equal to, or greater than, the rate at the time of the reimbursement, (ii) an operating expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) that is lower than the expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) at the time of the expense reimbursement and (iii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. "Available Operating Funds" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The Company has not made any Reimbursement Payments to the Adviser.

For the three months ended March 31, 2026 and 2025, $1,371,565 and $7,235, respectively, of the Company's expenses are subject to the Expense Support Agreement. As of March 31, 2026 and December 31, 2025, $783,735 and $843,744, respectively, of the Company's expenses that are not subject to the Expense Support Agreement are presented as Due to affiliates on the Company's Consolidated Statements of Assets and Liabilities.

A summary of significant contractual payment obligations was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **As of** | **Expense Payments**<br>**by the Adviser** | **Reimbursement<br>Payments to the**<br>**Adviser** | **Cumulative<br>Unreimbursed**<br>**Expenses** |
|  December 31, 2025 | $2563208 | – $| 2563208 |
|  March 31, 2026 | 1371565 | – | 1371565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3934773 | $– $| 3934773 |

---

**Note 5—Borrowings** 

***Promissory Note***

On May 15, 2024, the Company issued a promissory note (as amended, restated or otherwise modified from time to time, the "Promissory Note") for a principal amount of $50,000,000 to Adams Street Partners, L.P., an affiliate of the Adviser, for purposes of receiving short-term liquidity. On June 25, 2025, the Company amended and restated the Promissory Note to increase the maximum principal amount to $55,000,000. The Promissory Note matures on the earlier of May 15, 2026 or a change of control of the Company. The Promissory Note accrues interest on a daily basis at a rate of 2.00% per annum plus the adjusted daily simple SOFR.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

For the three months ended March 31, 2026 and 2025, Adams Street Partners, L.P. waived $707,528 and $0, respectively, of interest expense.

***Credit Facility***

On August 6, 2024, the Company entered into a Loan and Security Agreement (as amended, modified and supplemented from time to time, the "Credit Facility") by and among the Company, as servicer, equityholder and seller, ASP BDC Lev Facilitation LLC, as borrower, each of the lenders from time to time party thereto, as lenders, Wells Fargo Bank, National Association, as administrative agent, and Computershare Trust Company, N.A., as collateral agent. The Credit Facility has a principal amount of $100,000,000 and is collateralized by the security interest in all of the Company's rights, title and interest in, to and under each portfolio asset and restricted cash deposits. The period during which the Company may request advances under the Credit Facility will continue through February 6, 2028 unless there is an earlier termination or event of default. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. For advances, the applicable spread was 2.25%. Effective August 5, 2025, the applicable spread changed to 2.15%. The Company will pay to the lender a non-usage fee, payable monthly, equal to 0.50% per annum of the daily unused portion of the available Credit Facility. The Company paid certain fees as part of the close of the Credit Facility. Those deferred financing costs have been capitalized and will be amortized into interest expense on a straight-line basis over the scheduled term of the Credit Facility. As of March 31, 2026 and December 31, 2025, the remaining unamortized deferred financing costs balance is $454,275 and $477,654, respectively.

The Company's Promissory Note and Credit Facility obligations consisted of the following as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Total Facility** | **Borrowings<br>Outstanding** | **Unused<br>Portion <sup>(1)</sup>** | **Amount<br>Available <sup>(2)</sup>** |
|  Promissory Note | $55000000 | $50000000 | $5000000 | $5000000 |
|  Credit Facility | 100000000 | 64500000 | 35500000 | 7132872 |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Total Facility** | **Borrowings<br>Outstanding** | **Unused<br>Portion <sup>(1)</sup>** | **Amount<br>Available <sup>(2)</sup>** |
|  Promissory Note | $55000000 | $50000000 | $5000000 | $5000000 |
|  Credit Facility | 100000000 | 43750000 | 56250000 | 17869178 |

---

(1) The unused portion is the amount upon which commitment fees are based.

(2) Available for borrowing based on the computation of collateral to support the borrowings and subject to
compliance with applicable covenants and financial ratios.

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  Interest expense | $1493621 | $308599 |
|  Facility Unused commitment fee | 64897 | 131875 |
|  Amortization of deferred financing costs | 79047 | 45992 |
|  Total Interest Expense and credit facility fees | $1637565 | $486466 |
|  Waivers of Interest Expense | $(707528) | $— |
|  Weighted average contractual interest rate <sup>(1)</sup> | 5.74% | 6.33% |
|  Average principal debt outstanding | $104008333 | $19497579 |

---

(1) Weighted average contractual interest rate for the three months ended March 31, 2026 and 2025 is
calculated as interest expense (excludes unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding.

As of March 31, 2026 and December 31, 2025, the components of interest and credit facility fees payable were as follows:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
|  Interest expense payable | $12972 | $20944 |
|  Unused commitment fee payable | 253605 | 180942 |
|  Total interest payable | $266577 | $201886 |

---

**Note 6—Commitments and Contingencies** 

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes 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 March 31, 2026 or December 31, 2025, for any such exposure.

As of March 31, 2026 and December 31, 2025, the Company has unfunded commitments of $5,311,215 and $5,183,233, respectively, which consisted of all delayed draw term loans. The unfunded portion of the commitment is a contractual obligation to be met in accordance with the terms of the underlying investment agreements. The Company believes that it will be able to satisfy such commitments from utilizing the line of credit, from commitments due from its Adviser, if any, and proceeds received from investments.

The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Par Value** |
| <br>**Investment Type** | **March 31, 2026** | **December 31, 2025** |
|  Delayed Draw Term Loans | $5311215 | $5183233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Unfunded Commitments** | $5311215 | $5183233 |

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ADAMS STREET CREDIT SOLUTIONS FUND AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

**Note 7—Financial Highlights** 

Financial highlights are not presented for the periods ended March 31, 2026 and March 31, 2025, as there were no external investors or participating interests during these periods.

**Note 8—Net Assets** 

***Capital Contributions***

The Adviser may make capital contributions to the Company at such times and in such amounts as the Adviser shall determine. No commitments or contributions have been made by the Adviser.

**Distributions** 

Distributions shall be made to the Adviser at the times and in the aggregate amounts determined by the Adviser. Such distributions shall be allocated to the Adviser in the same proportion as its then capital account balance.

Distributions of $4,515,507 and $0 have been declared for the periods ended March 31, 2026 and 2025.

**Note 9—Segment Reporting** 

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation. The chief operating decision maker ("CODM") is composed of the Company's chief executive officer and chief financial officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase (decrease) in net assets resulting from operations ("net income"). As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

**Note 10—Subsequent Events Evaluation** 

On April 1, 2026, in connection with the BDC Election, the Company amended certain terms under its Promissory Note, including a reduction in the stated principal balance to $25,000,000, an extended maturity date of one year and a change in the applicable interest rate spread. Additionally, the Adviser also contributed $50,000,000 of equity to the Company through an in-kind contribution, which was effected via netting against the outstanding Promissory Note, resulting in the full repayment of the note with no cash exchanged. On May 1, 2026, the Company entered into a sixth amendment to its Credit Facility that extended the facility maturity date from February 6, 2028 to May 1, 2031 and increased the principal amount to $140,000,000, among other changes to certain administrative and operational provisions. The Company has evaluated subsequent events through May 15, 2026 and determined that other than those events disclosed above, there are no additional subsequent events requiring recognition or disclosure in the financial statements.

## Exhibit 10.13

**Exhibit 10.13** 

**EXECUTION VERSION** 

FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "<u>Amendment</u>"), dated as of March 30, 2026 (the "<u>Amendment Date</u>"), among ASP BDC LEV FACILITATION LLC, a Delaware limited liability company, as the borrower (the "<u>Borrower</u>"), ADAMS STREET CREDIT SOLUTIONS FUND, a Delaware statutory trust, as the servicer (in such capacity, the "<u>Servicer</u>"), the equityholder (in such capacity, the "<u>Equityholder</u>") and the seller (in such capacity, the "<u>Seller</u>"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (in such capacity, the "<u>Administrative Agent</u>") and each of the lenders from time to time party to the Loan and Security Agreement (as defined below) (together with their respective successors and assigns in such capacity, each a "<u>Lender</u>," and collectively, the "<u>Lenders</u>");

WHEREAS, the Borrower, the Servicer, the Seller, the Equityholder, the Administrative Agent, the Lenders and Computershare Trust Company, N.A., as the Collateral Agent are party to the Loan and Security Agreement, dated as of August 6, 2024 (as amended from time to time, the "<u>Loan and Security Agreement</u>"); and

WHEREAS, the Borrower, the Servicer, the Administrative Agent and the Lenders desire to amend the Loan and Security Agreement, in accordance with Section 12.1 of the Loan and Security Agreement and subject to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

<u>ARTICLE I</u> 

<u>Definitions</u> 

SECTION 1.1. <u>Defined Terms</u>. Terms used but not defined herein have the respective meanings given to such terms in the Loan and Security Agreement (as amended by this Amendment).

<u>ARTICLE II</u> 

<u>Amendments</u> 

SECTION 2.1. As of the date of this Amendment, the Loan and Security Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: **<u>bold and double-underlined text</u>**) as set forth on the pages of the Loan and Security Agreement attached as <u>Appendix A</u> hereto.

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<u>ARTICLE III</u> 

<u>Representations and Warranties</u> 

SECTION 3.1. The Borrower hereby represents and warrants to the Administrative Agent and the Lender that, as of the Amendment Date, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan and Security Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

<u>ARTICLE IV</u> 

<u>Conditions Precedent</u> 

SECTION 4.1. This Amendment shall become effective as of the date hereof upon the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution and delivery of this Amendment by each party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent's receipt of a legal opinion of Winston & Strawn LLP, counsel for the Borrower, in form and substance reasonably satisfactory to the Administrative Agent covering such matters 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;(c) payment of all fees due and owing to the Administrative Agent on or prior to the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent's receipt of a good standing certificate for the Borrower issued by the applicable official body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer.

<u>ARTICLE V</u> 

<u>Miscellaneous</u> 

SECTION 5.1. <u>Governing Law</u>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 5.2. <u>Severability Clause</u>. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

------

SECTION 5.3. <u>Ratification</u>. Except as expressly amended hereby, the Loan and Security Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan and Security Agreement for all purposes.

SECTION 5.4. <u>Counterparts</u>. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. The words "execution," "signed," "signature," and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 5.5. <u>Headings</u>. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

[Signature Pages Follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the Amendment Date.

---

| | | |
|:---|:---|:---|
| **BORROWER:** | **BORROWER:** | **BORROWER:** |
| **ASP BDC LEV FACILITATION LLC** | **ASP BDC LEV FACILITATION LLC** | **ASP BDC LEV FACILITATION LLC** |
| By: | /s/ Eric R. Mansell | /s/ Eric R. Mansell |
|  | Name: | Eric R. Mansell |
|  | Title: | Authorized Signatory |

---

[Signature Page to Fifth Amendment to Loan and Security Agreement]

------

---

| | | |
|:---|:---|:---|
| **SERVICER, SELLER, AND EQUITYHOLDER:** | **SERVICER, SELLER, AND EQUITYHOLDER:** | **SERVICER, SELLER, AND EQUITYHOLDER:** |
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: | /s/ Eric R. Mansell | /s/ Eric R. Mansell |
|  | Name: | Eric R. Mansell |
|  | Title: | Authorized Officer |

---

[Signature Page to Fifth Amendment to Loan and Security Agreement]

------

---

| | | |
|:---|:---|:---|
| **THE ADMINISTRATIVE AGENT:** | **THE ADMINISTRATIVE AGENT:** | **THE ADMINISTRATIVE AGENT:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** in its capacity as Administrative Agent | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** in its capacity as Administrative Agent | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** in its capacity as Administrative Agent |
| By: | /s/ R. Beale Pope | /s/ R. Beale Pope |
|  | Name: | R. Beale Pope |
|  | Title: | Managing Director |

---

[Signature Page to Fifth Amendment to Loan and Security Agreement]

------

---

| | | |
|:---|:---|:---|
| **LENDER:** | **LENDER:** | **LENDER:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** as Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** as Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** as Lender |
| By: | /s/ R. Beale Pope | /s/ R. Beale Pope |
|  | Name: | R. Beale Pope |
|  | Title: | Managing Director |

---

[Signature Page to Fifth Amendment to Loan and Security Agreement]

------

<u>APPENDIX A</u> 

------

**EXECUTION VERSION** 

***Conformed through Fourth<u>Fifth</u> Amendment, dated as of January 29<u>March 30</u>***, ***2026***

**$100,000,000** 

**LOAN AND SECURITY AGREEMENT** 

by and among

**ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE CREDIT BDC, LLC),** 

(<u>Servicer, Equityholder and Seller</u>)

**ASP BDC LEV FACILITATION LLC**,

(<u>Borrower</u>)

**EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO**,

(<u>Lenders</u>)

**WELLS FARGO BANK, NATIONAL ASSOCIATION**,

(<u>Administrative Agent</u>)

and

**COMPUTERSHARE TRUST COMPANY, N.A.**,

(<u>Collateral Agent</u>)

Dated as of August 6, 2024

------

Sanctions, including those listed on OFAC's Specially Designated Nationals (SDN) and Blocked Persons List and OFAC's Consolidated Non-SDN List; (b) a legal entity that is a Sanctions target based on the ownership or control of such legal entity by Sanctioned Person(s); or (c) the target of or subject to any territorial or country-based Sanctions program.

"<u>Scheduled Payment</u>": Each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related Underlying Instruments, if applicable.

"<u>Scheduled Reinvestment Period End Date</u>": April<u>May</u> 6, 2026.

"<u>SEC</u>": The Securities and Exchange Commission or any successor Governmental Authority.

"<u>Second Amendment Closing Date</u>": August 5, 2025.

"<u>Second Lien Loan</u>": A Loan that (i) does not satisfy each requirement set forth in the definition of "First Lien Loan" or "First Lien Last Out Loan," (ii) is secured by a pledge of collateral, which security interest is validly perfected and second priority under Applicable Law (subject to Permitted Liens), (iii) is *pari passu* or subordinated to in right of payment with the Indebtedness of the holders of the first priority security interest (other than following an event of default) and (iv) pursuant to an intercreditor or subordination agreement between the Borrower (or applicable agent) and the holder of the first priority Lien (or applicable agent) over the Underlying Assets, the amount of Indebtedness secured by such first priority Lien is limited (in terms of aggregate dollar amount or percent of outstanding principal or both); provided that, if the Lien to which such Loan is subordinated (x) secures a small working capital or asset-based loan and (y) covers only assets whose overall value do not constitute a material portion of the overall value of the applicable Underlying Assets (including any applicable stock pledge), in each case as determined by the Administrative Agent in its sole discretion, then such Loan shall be a First Lien Last Out Loan for all purposes hereunder.

"<u>Secured Party</u>": (i) Each Lender, (ii) the Administrative Agent, (iii) the Collateral Agent and (iv) the Securities Intermediary.

"<u>Securities Account</u>": The meaning specified in Section 8-501(a) of the UCC. "<u>Securities Account Control Agreement</u>": The Account Control Agreement, dated as of the date hereof, among the Borrower, the Collateral Agent and the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time.

"<u>Securities Intermediary</u>": Computershare Trust Company, N.A., or any subsequent (i) Clearing Corporation; or (ii) Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity, agreeing to act in such capacity pursuant to the Securities Account Control Agreement.

"<u>Security Certificate</u>": The meaning specified in Section 8-102(a)(16) of the UCC.

## Exhibit 10.14

**Exhibit 10.14** 

**EXECUTION VERSION** 

SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "<u>Amendment</u>"), dated as of May 1, 2026 (the "<u>Amendment Date</u>"), among ASP BDC LEV FACILITATION LLC, a Delaware limited liability company, as the borrower (the "<u>Borrower</u>"), ADAMS STREET CREDIT SOLUTIONS FUND, a Delaware statutory trust, as the servicer (in such capacity, the "<u>Servicer</u>"), the equityholder (in such capacity, the "<u>Equityholder</u>") and the seller (in such capacity, the "<u>Seller</u>"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (in such capacity, the "<u>Administrative Agent</u>"), each of the lenders from time to time party to the Loan and Security Agreement (as defined below) (together with their respective successors and assigns in such capacity, each a "<u>Lender</u>," and collectively, the "<u>Lenders</u>") and COMPUTERSHARE TRUST COMPANY, N.A., as the collateral agent (in such capacity, the "<u>Collateral Agent</u>").

WHEREAS, the Borrower, the Servicer, the Seller, the Equityholder, the Administrative Agent, the Lenders and the Collateral Agent are party to the Loan and Security Agreement, dated as of August 6, 2024 (as amended from time to time, the "<u>Loan and Security Agreement</u>"); and

WHEREAS, the Borrower, the Servicer, the Administrative Agent and the Lenders desire to amend the Loan and Security Agreement, in accordance with Section 12.1 of the Loan and Security Agreement and subject to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

<u>ARTICLE I</u> 

<u>Definitions</u> 

SECTION 1.1. <u>Defined Terms</u>. Terms used but not defined herein have the respective meanings given to such terms in the Loan and Security Agreement (as amended by this Amendment).

<u>ARTICLE II</u> 

<u>Amendments</u> 

SECTION 2.1. As of the date of this Amendment, the Loan and Security Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Loan and Security Agreement attached as <u>Appendix A</u> hereto.

------

<u>ARTICLE III</u> 

<u>Representations and Warranties</u> 

SECTION 3.1. The Borrower hereby represents and warrants to the Administrative Agent and the Lender that, as of the Amendment Date, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan and Security Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

<u>ARTICLE IV</u> 

<u>Conditions Precedent</u> 

SECTION 4.1. This Amendment shall become effective as of the date hereof upon the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution and delivery of this Amendment by each party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent's receipt of a legal opinion of Winston & Strawn LLP, counsel for the Borrower, in form and substance reasonably satisfactory to the Administrative Agent covering such matters 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;(c) payment of all fees due and owing to the Administrative Agent on or prior to the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent's receipt of a good standing certificate for the Borrower issued by the applicable official body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer.

<u>ARTICLE V</u> 

<u>Miscellaneous</u> 

SECTION 5.1. <u>Governing Law</u>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 5.2. <u>Severability Clause</u>. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

------

SECTION 5.3. <u>Ratification</u>. Except as expressly amended hereby, the Loan and Security Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan and Security Agreement for all purposes.

SECTION 5.4. <u>Counterparts</u>. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. The words "execution," "signed," "signature," and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 5.5. <u>Headings</u>. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

[Signature Pages Follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the Amendment Date.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **ASP BDC LEV FACILITATION LLC** | **ASP BDC LEV FACILITATION LLC** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Authorized Signatory |

---

[Signature Page to Sixth Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **SERVICER, SELLER, AND** | **SERVICER, SELLER, AND** |
| **EQUITYHOLDER:** | **EQUITYHOLDER:** |
| **ADAMS STREET CREDIT SOLUTIONS** | **ADAMS STREET CREDIT SOLUTIONS** |
| **FUND** | **FUND** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Vice President, Chief Legal Officer |
|  | and Secretary |

---

[Signature Page to Sixth Amendment to Loan and Security Agreement]

------

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| | |
|:---|:---|
| **THE ADMINISTRATIVE AGENT:** | **THE ADMINISTRATIVE AGENT:** |
| **WELLS FARGO BANK, NATIONAL** | **WELLS FARGO BANK, NATIONAL** |
| **ASSOCIATION**, in its capacity as | **ASSOCIATION**, in its capacity as |
| Administrative Agent | Administrative Agent |
| By: | /s/ R. Beale Pope |
|  | Name: R. Beale Pope |
|  | Title: Managing Director |

---

[Signature Page to Sixth Amendment to Loan and Security Agreement]

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| | |
|:---|:---|
| **LENDER:** | **LENDER:** |
| **WELLS FARGO BANK, NATIONAL** | **WELLS FARGO BANK, NATIONAL** |
| **ASSOCIATION**, as Lender | **ASSOCIATION**, as Lender |
| By: | /s/ R. Beale Pope |
|  | Name: R. Beale Pope |
|  | Title: Managing Director |

---

[Signature Page to Sixth Amendment to Loan and Security Agreement]

------

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| | |
|:---|:---|
| **COLLATERAL AGENT:** | **COLLATERAL AGENT:** |
| **COMPUTERSHARE TRUST COMPANY,** | **COMPUTERSHARE TRUST COMPANY,** |
| **N.A.**, as Collateral Agent | **N.A.**, as Collateral Agent |
| By: | ![LOGO](g807896dsp282.jpg) |
|  | <br> Name: |
|  | Title: |

---

[Signature Page to Sixth Amendment to Loan and Security Agreement]

------

<u>APPENDIX A</u> 

------

**EXECUTION VERSION** 

***Conformed through Fifth*<u>Sixth</u> *Amendment, dated as of March 30<u>May 1</u>, 2026*** 

**$100,000,000<u>140,000,000</u>** 

**LOAN AND SECURITY AGREEMENT** 

by and among

**ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE CREDIT BDC, LLC),** 

(<u>Servicer, Equityholder and Seller</u>)

**ASP BDC LEV FACILITATION LLC**,

(<u>Borrower</u>)

**EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO**,

(<u>Lenders</u>)

**WELLS FARGO BANK, NATIONAL ASSOCIATION**,

(<u>Administrative Agent</u>)

and

**COMPUTERSHARE TRUST COMPANY, N.A.**,

(<u>Collateral Agent</u>)

Dated as of August 6, 2024

------

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
|  | ARTICLE I |  |
|  | DEFINITIONS |  |
|  Section 1.1 | Certain Defined Terms | 2 |
|  Section 1.2 | Other Terms | 56 |
|  Section 1.3 | Computation of Time Periods | 56 |
|  Section 1.4 | Interpretation | 56 |
|  | ARTICLE II |  |
|  | THE ADVANCES |  |
|  Section 2.1 | The Advances | 59 |
|  Section 2.2 | Procedures for Advances by the Lenders | 59 |
|  Section 2.3 | Reduction of the Facility Amount; Principal Repayments | 61 |
|  Section 2.4 | Determination of Interest | 62 |
|  Section 2.5 | Exchange Rates; Currency Equivalents; Daily Simple RFR Advances | 63 |
|  Section 2.6 | Borrowing Base Deficiency Cures | 63 |
|  Section 2.7 | Priority of Payments | 64 |
|  Section 2.8 | Alternate Priority of Payments | 66 |
|  Section 2.9 | Collections and Allocations | 67 |
|  Section 2.10 | Payments, Computations, etc. | 69 |
|  Section 2.11 | Fees | 70 |
|  Section 2.12 | Increased Costs; Capital Adequacy; Illegality | 70 |
|  Section 2.13 | Taxes | 72 |
|  Section 2.14 | Reinvestments; Discretionary Sales, Substitutions and Optional Sales of Loans | 76 |
|  Section 2.15 | Assignment of the Sale Agreement and the Closing Date Participation Agreement | 79 |
|  Section 2.16 | Capital Contributions | 80 |
|  Section 2.17 | Defaulting Lenders | 80 |
|  Section 2.18 | Mitigation Obligations; Replacement of Lenders | 81 |
|  Section 2.19 | Effect of Benchmark Transition Event | 82 |
|  | ARTICLE III |  |
|  | CONDITIONS TO CLOSING AND ADVANCES |  |
|  Section 3.1 | Conditions to Closing | 83 |
|  Section 3.2 | Conditions Precedent to All Advances and Acquisitions of Loans | 86 |
|  Section 3.3 | Custodianship; Transfer of Loans and Permitted Investments | 89 |

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| | | |
|:---|:---|:---|
|  | ARTICLE IV |  |
|  | REPRESENTATIONS AND WARRANTIES |  |
|  Section 4.1 | Representations and Warranties of the Borrower | 90 |
|  Section 4.2 | Representations and Warranties of the Borrower Relating to this Agreement and the Collateral | 100 |
|  Section 4.3 | Representations and Warranties of the Servicer | 100 |
|  Section 4.4 | Representations and Warranties of the Collateral Agent | 102 |
|  Section 4.5 | Representations and Warranties of the Seller and the Equityholder | 103 |
|  | ARTICLE V |  |
|  | GENERAL COVENANTS |  |
|  Section 5.1 | Affirmative Covenants of the Borrower | 104 |
|  Section 5.2 | Negative Covenants of the Borrower | 110 |
|  Section 5.3 | Affirmative Covenants of the Servicer | 112 |
|  Section 5.4 | Negative Covenants of the Servicer | 115 |
|  Section 5.5 | Affirmative Covenants of the Collateral Agent | 117 |
|  Section 5.6 | Negative Covenants of the Collateral Agent | 117 |
|  Section 5.7 | Covenants of the Equityholder and the Seller | 118 |
|  | ARTICLE VI |  |
|  | COLLATERAL ADMINISTRATION |  |
|  Section 6.1 | Appointment of the Servicer | 119 |
|  Section 6.2 | Duties of the Servicer | 119 |
|  Section 6.3 | Authorization of the Servicer | 125 |
|  Section 6.4 | Collection of Payments; Accounts | 126 |
|  Section 6.5 | Realization Upon Defaulted Loans | 127 |
|  Section 6.6 | Servicer Compensation | 127 |
|  Section 6.7 | Expense Reimbursement | 127 |
|  Section 6.8 | Reports; Information | 127 |
|  Section 6.9 | Annual Statement as to Compliance | 129 |
|  Section 6.10 | The Servicer Not to Resign | 129 |
|  Section 6.11 | Servicer Termination Events | 129 |

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-ii-

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| | | |
|:---|:---|:---|
|  | ARTICLE VII |  |
|  | THE COLLATERAL AGENT |  |
|  Section 7.1 | Designation of Collateral Agent | 130 |
|  Section 7.2 | Duties of Collateral Agent | 130 |
|  Section 7.3 | Merger or Consolidation | 134 |
|  Section 7.4 | Collateral Agent Compensation | 134 |
|  Section 7.5 | Collateral Agent Removal | 134 |
|  Section 7.6 | Limitation on Liability | 135 |
|  Section 7.7 | Resignation of the Collateral Agent | 136 |
|  Section 7.8 | Release of Documents | 137 |
|  Section 7.9 | Return of Underlying Instruments | 137 |
|  Section 7.10 | Access to Certain Documentation and Information Regarding the Collateral; Audits | 138 |
|  | ARTICLE VIII |  |
|  | SECURITY INTEREST |  |
|  Section 8.1 | Grant of Security Interest | 138 |
|  Section 8.2 | Release of Lien on Collateral | 139 |
|  | ARTICLE IX |  |
|  | EVENTS OF DEFAULT |  |
|  Section 9.1 | Events of Default | 141 |
|  Section 9.2 | Remedies | 143 |
|  Section 9.3 | Collateral Agent Shall Enforce Claims | 145 |
|  Section 9.4 | Application of Cash Collected | 145 |
|  Section 9.5 | Rights of Action | 145 |
|  Section 9.6 | Unconditional Rights of Lenders to Receive Principal and Interest | 146 |
|  Section 9.7 | Restoration of Rights and Remedies | 146 |
|  Section 9.8 | Rights and Remedies Cumulative | 146 |
|  Section 9.9 | Delay or Omission Not Waiver | 146 |
|  Section 9.10 | Waiver of Stay or Extension Laws | 147 |
|  Section 9.11 | Power of Attorney | 147 |
|  | ARTICLE X |  |
|  | INDEMNIFICATION |  |
|  Section 10.1 | Indemnities by the Borrower | 148 |
|  Section 10.2 | Indemnities by the Servicer | 150 |
|  Section 10.3 | After-Tax Basis | 151 |

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| | | |
|:---|:---|:---|
|  | ARTICLE XI |  |
|  | THE ADMINISTRATIVE AGENT |  |
|  Section 11.1 | Appointment | 151 |
|  Section 11.2 | [Reserved] | 152 |
|  Section 11.3 | Administrative Agent's Reliance, etc. | 152 |
|  Section 11.4 | Credit Decision with Respect to the Administrative Agent | 153 |
|  Section 11.5 | Indemnification of the Administrative Agent | 153 |
|  Section 11.6 | Successor Administrative Agent | 153 |
|  Section 11.7 | Payments by the Administrative Agent | 154 |
|  Section 11.8 | Erroneous Payments | 154 |
|  | ARTICLE XII |  |
|  | MISCELLANEOUS |  |
|  Section 12.1 | Amendments and Waivers | 156 |
|  Section 12.2 | Notices, etc. | 158 |
|  Section 12.3 | Ratable Payments | 158 |
|  Section 12.4 | No Waiver; Remedies | 158 |
|  Section 12.5 | Binding Effect; Benefit of Agreement | 158 |
|  Section 12.6 | Term of this Agreement | 159 |
|  Section 12.7 | Governing Law; Consent to Jurisdiction; Waiver of Objection to Venue | 159 |
|  Section 12.8 | Waivers | 159 |
|  Section 12.9 | Costs and Expenses | 160 |
|  Section 12.10 | No Proceedings | 160 |
|  Section 12.11 | Recourse Against Certain Parties | 161 |
|  Section 12.12 | Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances | 162 |
|  Section 12.13 | Confidentiality | 163 |
|  Section 12.14 | Execution in Counterparts; Severability; Integration | 165 |
|  Section 12.15 | Waiver of Setoff | 165 |
|  Section 12.16 | Assignments by the Lenders | 165 |
|  Section 12.17 | Heading and Exhibits | 167 |
|  Section 12.18 | Recognition of the U.S. Special Resolution Regimes | 167 |
|  Section 12.19 | Intent of the Parties | 168 |

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-iv-

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**<u>EXHIBITS</u>**

---

| | |
|:---|:---|
| EXHIBIT A-1 | Form of Funding Notice |
| EXHIBIT A-2 | Form of Repayment Notice |
| EXHIBIT A-3 | Form of Reinvestment Notice |
| EXHIBIT A-4 | Form of Borrowing Base Certificate |
| EXHIBIT A-5 | Form of Approval Notice |
| EXHIBIT B | Form of Officer's Certificate as to Solvency |
| EXHIBIT C | Form of Officer's Closing Certificate |
| EXHIBIT D | Form of Release of Underlying Instruments |
| EXHIBIT E | Form of Assignment of Underlying Instruments |
| EXHIBIT F | Form of Joinder Supplement |
| EXHIBIT G | Form of Section 2.13 Certificate |
| EXHIBIT H | Form of Certificate of Required Loan Documents |
| EXHIBIT I | Form of Loan Checklist |

---

**<u>SCHEDULES</u>**

---

| | |
|:---|:---|
| SCHEDULE I | Legal Names |
| SCHEDULE II | Loan Schedule |
| SCHEDULE III | Agreed-Upon Procedures |
| SCHEDULE IV | Closing Date Participation Interests |
| SCHEDULE V | GICS Industry Classifications |

---

**<u>ANNEXES</u>**

ANNEX A Addresses for Notices <br> ANNEX B Commitments

-i-

------

**<u>LOAN AND SECURITY AGREEMENT</u>**

**THIS LOAN AND SECURITY AGREEMENT** (as amended, modified, waived, supplemented, restated or replaced from time to time, this "<u>Agreement</u>") is made as of August 6, 2024, by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE CREDIT BDC, LLC)**, a Delaware statutory trust, as Servicer (the "<u>Servicer</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **ASP BDC LEV FACILITATION LLC**, a Delaware limited liability company, as borrower (the "<u>Borrower</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE CREDIT BDC, LLC)**, a Delaware statutory trust, as seller (the "<u>Seller</u>") and as equityholder (the "<u>Equityholder</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO** (together with its respective successors and assigns in such capacity, each a "<u>Lender</u>," collectively, the "<u>Lenders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **WELLS FARGO BANK, NATIONAL ASSOCIATION**, a national banking association ("<u>Wells Fargo</u>"), as the administrative agent hereunder (together with its successors and assigns in such capacity, the "<u>Administrative Agent</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but as the collateral agent (together with its successors and assigns in such capacity, the "<u>Collateral Agent</u>").

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

**WHEREAS**, the Borrower has requested that the Lenders extend credit hereunder by providing Commitments and making Advances (each as defined below) from time to time prior to the Reinvestment Period End Date (as defined below) for the general business purposes of the Borrower;

**WHEREAS**, the Borrower has requested that the Servicer act as the servicer of the Borrower and manage the Collateral (as defined below); and

**WHEREAS**, the Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.

**NOW, THEREFORE**, based upon the foregoing Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

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**ARTICLE I** 

**DEFINITIONS** 

Section 1.1 <u>Certain Defined Terms</u>.

Certain capitalized terms used throughout this Agreement are defined in this <u>Section 1.1</u>. As used in this Agreement and its schedules, exhibits and other attachments, unless the context requires a different meaning, the following terms shall have the following meanings:

"<u>1940 Act</u>": The United States Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

"<u>Account</u>": Any of the Canadian Dollar Account, the Collateral Account, the Euro Account, the GBP Account, the General Collection Account, the Principal Collection Account (USD), the Interest Collection Account (USD), the Unfunded Exposure Account (USD) and any sub-accounts thereof deemed appropriate or necessary by the Collateral Agent or Securities Intermediary for convenience in administering such accounts.

"<u>Accreted Interest</u>": Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it accrues.

"<u>Accrual Period</u>": With respect to (a) the first Payment Date, the period from and including the Closing Date to and including the Determination Date preceding the first Payment Date, and (b) any subsequent Payment Date, the period from but excluding the Determination Date preceding the previous Payment Date to and including the Determination Date preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date).

"<u>Adams Street Private Credit</u>": Adams Street Credit Advisors LP.

"<u>Adjusted Borrowing Value</u>": For any Eligible Loan, on any date of determination, an amount equal to the Assigned Value for such Eligible Loan on such date *multiplied by* the Outstanding Balance of such Loan; <u>provided</u> that, the parties hereby agree that the Adjusted Borrowing Value of any Loan that is no longer an Eligible Loan shall be zero.

"<u>Administrative Agent</u>": Wells Fargo, in its capacity as administrative agent, together with its successors and assigns, including any successor appointed pursuant to <u>Section 11.6</u>.

"<u>Administrative Expenses</u>": All fees, expenses and indemnification payments (other than such amounts specified in <u>Section 2.7(a)(1)</u>, <u>(a)(2)</u>, <u>(a)(3)</u> and <u>(a)(5)</u>, <u>Section 2.7(b)(1)</u>, <u>(b)(2)</u>, <u>(b)(3)</u> and <u>(b)(6)</u> and <u>Section 2.8(1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(7))</u> due or accrued and payable by the Borrower to any Person pursuant to any provision of any Transaction Document.

"<u>Advance</u>": The meaning specified in <u>Section 2.1(a)</u>.

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"<u>Advance Date</u>": With respect to any Advance, the date on which such Advance is made.

"<u>Advances Outstanding</u>": On any date of determination, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day; <u>provided</u> that, in each case, other than as explicitly set forth herein, if such Advances and repayments are denominated in an Alternative Currency, Advances Outstanding shall be measured in respect of the equivalent in Dollars of such amounts, determined by the Administrative Agent using the Spot Rate.

"<u>Affected Party</u>": The Administrative Agent, the Lenders and each of their respective permitted assigns.

"<u>Affiliate</u>": With respect to a Person, means any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, or is a director or officer of such Person; <u>provided</u> that for purposes of determining whether any Loan is an Eligible Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this definition, "control," when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

"<u>Agented Loan</u>": Any Loan which is agented by a Person (other than the Borrower) on behalf of each lender that is at any time party to the related Underlying Instruments.

"<u>Aggregate Borrowing Base</u>": As of any Measurement Date, an amount equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate sum of (i) the sum of the products, for each Eligible Loan (converted into Dollars using the Applicable Exchange Rate, if applicable) as of such date, of (A) the Applicable Percentage for each such Eligible Loan as of such date and (B) the Adjusted Borrowing Value of each such Eligible Loan as of such date, plus (ii) the amount on deposit in the Principal Collection Account (USD) and the Principal Collections on deposit in the Canadian Dollar Account, the Euro Account and the GBP Account (converted into Dollars using the Applicable Exchange Rate) as of such date, minus (iii) the Unfunded Exposure Equity Amount (converted into Dollars using the Applicable Exchange Rate, if applicable), plus (iv) the amount on deposit in the Unfunded Exposure Account (USD) and the amount designated as Unfunded Exposure Collections in the Canadian Dollar Account, the Euro Account and the GBP Account (if any and converted into Dollars using the Applicable Exchange Rate);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the aggregate Adjusted Borrowing Value of all Eligible Loans (converted into Dollars using the Applicable Exchange Rate, if applicable) as of such date *minus* (ii) the Minimum Equity Amount *plus* (iii) the amount on deposit in the Principal Collection Account (USD) and the Principal Collections on deposit in the Canadian Dollar Account, the Euro Account and the GBP Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *minus* (iv) the Unfunded Exposure Equity Amount (converted into Dollars using the Applicable Exchange Rate, if applicable), *plus* (v) the amount on deposit in the Unfunded Exposure Account (USD) and the amount designated as Unfunded Exposure Collections in the Canadian Dollar Account, the Euro Account and the GBP Account (if any and converted into Dollars using the Applicable Exchange Rate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the Facility Amount, *minus* (ii) the greater of (x) zero and (y) the Unfunded Exposure Equity Amount (converted into Dollars using the Applicable Exchange Rate, if applicable) *minus* the amount on deposit in the Unfunded Exposure Account (USD) and the amounts designated as Unfunded Exposure Collections in the Canadian Dollar Account, the Euro Account and the GBP Account (if any and converted into Dollars using the Applicable Exchange Rate).

"<u>Agreement</u>": The meaning specified in the Preamble.

"<u>Alternative Currency</u>": Each Available Currency other than Dollars.

"<u>Alternative Currency Equivalen</u>t": Subject to Section 2.5, for any amount, at the time of determination thereof, with respect to any amount expressed in Dollars, the equivalent of such amount thereof in the applicable Alternative Currency as determined by the Administrative Agent in its sole discretion by reference to the most recent Spot Rate (as determined as of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

"<u>Anti-Corruption Laws</u>": (a) The U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower, the Servicer, the Seller, the Equityholder or any of their respective Subsidiaries or Related Parties is located or doing business.

"<u>Anti-Money Laundering Laws</u>": Applicable laws or regulations in any jurisdiction in which the Borrower, the Servicer, the Seller, the Equityholder or any of their respective Subsidiaries or Related Parties are located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

"<u>Applicable Exchange Rate</u>": With respect to any Available Currency on any date of determination (x) for an actual currency exchange, the applicable currency -applicable currency spot rate obtained by the Borrower (or the Collateral Manager on its behalf) at the time of such exchange, obtained upon the written direction of the Servicer or (y) for all other purposes, the applicable currency-Dollar spot rate obtained by the Borrower (or the Servicer on its behalf) through customary banking channels on such date.

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"<u>Applicable Law</u>": For any Person or property of such Person, all existing and future laws, rules, regulations (including proposed, temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority which are applicable to such Person or property (including, without limitation, predatory lending laws, usury laws, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Percentage</u>": (a) In the case of a First Lien Loan, 67.5%, (b) in the case of a First Lien Last Out Loan, 45.0%, (c) in the case of a Second Lien Loan, 25.0% and (d) in the case of a Recurring Revenue Loan, 55.0%.

"<u>Applicable Reference Rate</u>": (a) With respect to any Advance denominated in Dollars, Daily Simple SOFR, (b) with respect to any Advance denominated in Canadian Dollars, Term CORRA for the applicable Interest Period, (c) with respect to any Advance denominated in Euros, EURIBOR for the applicable Interest Period or (d) with respect to any Advance denominated in GBP, Daily Simple SONIA.

"<u>Applicable Spread</u>": The rate *per annum* set forth in each Fee Letter and each Lender Fee Letter.

"Approval Notice": An approval notice substantially in the form of <u>Exhibit A-5</u> hereto.

"<u>Approved Jurisdictions</u>": Each of Austria, Belgium, Canada, Denmark, Finland, France, Germany, Norway, Republic of Ireland, Luxembourg, The Netherlands, Sweden, Switzerland, the United Kingdom, the United States and any other country added with the prior written approval of the Administrative Agent in its sole discretion.

"<u>Asset Coverage Ratio</u>": The asset coverage ratio of the Equityholder as a "business development company" under the 1940 Act calculated in accordance with the 1940 Act.

"<u>Assigned Value</u>": With respect to each Loan, the lowest (to the extent applicable) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the lower of (i) the Purchase Price of such Eligible Loan and (ii) the value of such Loan (expressed as a percentage of par) as determined by the Administrative Agent in its sole discretion as of the date upon which such Loan is acquired by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on any date following the occurrence of an Assigned Value Adjustment Event (other than as described in clause (d) below) with respect to such Loan, the value of such Loan (expressed as a percentage of par) as determined by the Administrative Agent in its sole discretion; <u>provided</u> that solely with respect to the occurrence of an Assigned Value Adjustment Event of the type described in <u>clause (a)</u> of the definition thereof, immediately after giving effect to any such reevaluation, the Assigned Value shall not be lower than the lower of (x) the original Assigned Value and (y) such value that would not result in the Facility Attachment Ratio for such Loan being lower than the "Minimum Facility Attachment Ratio" specified therefore in accordance with the grid below:

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| | |
|:---|:---|
| **First Lien Loans** | **First Lien Loans** |
| **Net Senior Leverage Ratio** | **Minimum Facility Attachment Ratio** |
| Less than 4.25x | 2.90x |
| Greater than or equal to 4.25x and less than 5.00x | 2.80x |
| Greater than or equal to 5.00x and less than 6.00x | 2.70x |
| Greater than or equal to 6.00x and less than 7.00x | 2.60x |
| Greater than or equal to 7.00x and less than 8.00x | 2.40x |
| Greater than or equal to 8.00x | 0.00x |

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| | |
|:---|:---|
| **First Lien Last Out Loans** | **First Lien Last Out Loans** |
| **Net Senior Leverage Ratio** | **Minimum Facility Attachment Ratio** |
| Less than 5.00x | Facility Attachment Ratio as of the date of acquisition of such Loan |
| Greater than or equal to 5.00x and less than 6.00x | Facility Attachment Ratio as of the date of acquisition of such Loan less 0.25x |
| Greater than or equal to 6.00x and less than 7.00x | Facility Attachment Ratio as of the date of acquisition of such Loan less 0.50x |
| Greater than or equal to 7.00x | 0.00x |
| **Second Lien Loans** | **Second Lien Loans** |
| **Net Total Leverage Ratio** | **Minimum Facility Attachment Ratio** |
| Less than 5.00x | Facility Attachment Ratio as of the date of acquisition of such Loan |
| Greater than or equal to 5.00x and less than 6.00x | Facility Attachment Ratio as of the date of acquisition of such Loan *less* 0.25x |
| Greater than or equal to 6.00x and less than 7.00x | Facility Attachment Ratio as of the date of acquisition of such Loan *less* 0.50x |
| Greater than or equal to 7.00x | 0.00x |
| **Designated Loans** | **Designated Loans** |
| **Net Total Leverage Ratio** | **Minimum Facility Attachment Ratio** |
| Less than 6.00x<br>Greater than or equal to 6.00x | Lesser of (x) the Facility Attachment Ratio as of the date of acquisition of such Loan and (y) 2.00x<br> 0.00x |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on any date on which the Administrative Agent assigns a new value to such Loan in its sole discretion in accordance with its receipt of a written request from the Borrower, such higher Assigned Value as determined by the Administrative Agent in its sole discretion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Assigned Value shall automatically be deemed to be zero (unless otherwise agreed to by the Administrative Agent in its sole discretion) following the occurrence of an Assigned Value Adjustment Event described in clause (c), (d), (e) (solely with respect to a Material Modification described in clause (f) of the definition thereof) or (f) of the definition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Assigned Value shall be zero for any Loan that is not an Eligible Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Assigned Value shall be zero for any Loan subject to mandatory repurchase by the Seller under the Sale Agreement.

After the occurrence or during an ongoing Assigned Value Adjustment Event, the Borrower may request, or the Administrative Agent may apply absent a Borrower request, an increase to the Assigned Value up to the initial Assigned Value. At any time, the Borrower may request a revaluation of any Eligible Loan with an Assigned Value less than 100% (whether or not an Assigned Value Adjustment Event has occurred and is continuing with respect to such Eligible Loan) and the Administrative Agent may adjust the applicable Assigned Value to the least of (i) its discretionary Assigned Value (not to be less than the existing Assigned Value) or (ii) 100%; provided that, any such increase in the applicable Assigned Value may be conditioned on a reset of the Cash Interest Coverage Ratio and/or the Net Senior Leverage Ratio or Net Total Leverage Ratio, as applicable, as of such date for the related Eligible Loan.

Any Assigned Value determined hereunder with respect to any Loan on any date after the date such Loan is transferred to the Borrower shall be communicated by the Administrative Agent to the Borrower, the Servicer, the Administrative Agent, the Collateral Agent and all other Lenders pursuant to an Assigned Value Notice.

"<u>Assigned Value Adjustment Event</u>": With respect to any Eligible Loan, each occurrence of any one or more of the following events after the related Funding Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Net Senior Leverage Ratio (or, with respect to any Second Lien Loan or Designated Loan, the Net Total Leverage Ratio) for any Relevant Test Period of the related Obligor with respect to such Loan is both (i) greater than 3.50 and (ii) greater than 0.75 higher than such ratio as calculated on the date such Loan was acquired by the Borrower; <u>provided</u> that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent (in a good faith consultation with the Servicer or, if such ratio would be increased, with the consent of the Servicer, which consent shall not be unreasonably withheld or delayed) may retroactively adjust the Net Senior Leverage Ratio for any Loan as determined on the date the Loan was acquired by the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (i) less than 1.50 and (ii) 85% or less of the Original Cash Interest Coverage Ratio; <u>provided</u> that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent (in a good faith consultation with the Servicer or, if such ratio would be decreased, with the consent of the Servicer, which consent shall not be unreasonably withheld or delayed) may retroactively adjust the Cash Interest Coverage Ratio for any Loan as determined on the date the Loan was acquired by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Obligor payment default in the payment of principal or interest under such Loan (after giving effect to any applicable grace or cure periods, but in any case not to exceed five (5) Business Days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Obligor default under such Loan, together with the election by any agent or lender (including, without limitation, the Borrower) to accelerate such Loan or to enforce any of their respective rights or remedies under the applicable UCC or by other institution of legal or equitable proceedings, in each case pursuant to the applicable Underlying Instruments; <u>provided</u> that, the election to sweep cash pursuant to any applicable account control agreement or the imposition of a default rate of interest shall not, absent acceleration or the enforcement by any agent or lender (including, without limitation, the Borrower) of any of their respective rights or remedies under the applicable UCC or by other institution of legal or equitable proceedings, constitute an Assigned Value Adjustment Event under this clause (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the occurrence of a Material Modification with respect to such Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the occurrence of an Insolvency Event with respect to the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless otherwise agreed to by the Administrative Agent in its sole discretion, the failure to deliver to the Administrative Agent (i) with respect to quarterly reports, any financial statements (including unaudited financial statements) to the Administrative Agent sufficient to calculate the Net Senior Leverage Ratio or the Cash Interest Coverage Ratio of the related Obligor by the date that is no later than seventy-five (75) days after the end of the first, second or third quarter of any fiscal year or (ii) with respect to annual reports, any audited financial statements to the Administrative Agent sufficient to calculate either the Net Senior Leverage Ratio, Net Total Leverage Ratio or the Cash Interest Coverage Ratio of the related Obligor by the date that is no later than one hundred fifty (150) days after the end of any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with respect to any Closing Date Participation Interest, an Elevation within sixty (60) days of the applicable Assignment Date (as defined in the Closing Date Participation Agreement) has not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solely with respect to Recurring Revenue Loans, the Recurring Revenue Loan Gross Leverage Ratio with respect to such Eligible Loan increases by greater than 10.0% from such ratio on the related Cut-Off Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely with respect to Recurring Revenue Loans, either (i) the recurring revenue covenants for such Eligible Loan fail to be replaced with traditional cash flow leverage lending covenants by the Recurring Revenue Loan Covenant Flip Scheduled Date or (ii) the Recurring Revenue Loan Covenant Flip Scheduled Date is extended; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) solely with respect to Recurring Revenue Loans, such Eligible Loan fails to maintain a liquidity amount of at least 1.2x greater than (x) the applicable "liquidity covenant" (or such comparable definition) in the applicable Underlying Instruments or (y) if such "liquidity covenant" (or such comparable definition) is not available in the applicable Underlying Instruments, determined by the Administrative Agent on the applicable Approval Notice for such Eligible Loan.<u>; or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>as of the most recently completed fiscal quarter, the fair market value of such Loan (as determined by the Equityholder and reported in the Equityholder's financial statements for such fiscal quarter) is less than 90.0% of its par value.</u>

For the avoidance of doubt, an Eligible Loan shall not cease to be an Eligible Loan solely as a result of a change in Assigned Value pursuant to an Assigned Value Adjustment Event, but will remain an Eligible Loan at the new Assigned Value.

"<u>Assigned Value Notice</u>": A notice (which may be sent by e-mail) which shall be delivered by the Administrative Agent to the Borrower, the Lenders, the Servicer and the Collateral Agent following any re-determination of an Assigned Value under this Agreement, specifying the value of a Loan determined in accordance with terms of the definition of "Assigned Value" in this <u>Section 1.1</u>.

"<u>Available Currency</u>": Dollars, Canadian Dollars, Euros and GBP.

"<u>Available Funds</u>": With respect to any Payment Date, all amounts on deposit in the Collection Account (including, without limitation, any Collections) as of the last day of the related Accrual Period.

"<u>Available Tenor</u>": As of any date of determination and with respect to any then-current Benchmark for any Available Currency, 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 2.19(d)</u>.

"<u>Bankruptcy Code</u>": The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.

"<u>Base Rate</u>": For any day, the rate *per annum* (rounded upward, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) zero, (b) the Federal Funds Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (c) the Prime Rate in effect on such day.

"<u>BDC Election Date</u>": The date on which the Equityholder elects to be treated as a "business development company" under the 1940 Act.

"<u>Benchmark</u>": Initially, with respect to an Available Currency, the Applicable Reference Rate; <u>provided</u> that if a Benchmark Transition Event with respect to such Applicable Reference Rate has occurred, then "Benchmark" means, with respect to the Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, such Available Currency, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.19</u>.

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

"<u>Benchmark Replacement Adjustment</u>": With respect to any replacement of any then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Available Currency at such time.

"<u>Benchmark Replacement Date</u>": The earlier to occur of the following events with respect to the then-current Benchmark for any Available Currency:

&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;(b) in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been 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; <u>provided</u> 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.

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For the avoidance of doubt, if such Benchmark is a term rate, the "Benchmark Replacement Date" will be deemed to have occurred 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>": With respect to the then-current Benchmark for any Available Currency, the occurrence of one or more of the following events with respect to such Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; <u>provided</u> 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;(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, the central bank for the Available Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), 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; <u>provided</u> 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;(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).

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"<u>Benchmark Transition Start Date</u>": Following the occurrence of a Benchmark Transition Event with respect to any then-current Benchmark for any Available Currency, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>": With respect to any then-current Benchmark for any Available Currency, the period (if any) (x) beginning at the time that a Benchmark Replacement Date with respect to such Benchmark has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Transaction Document in accordance with <u>Section 2.19(a)</u> and (y) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Transaction Document in accordance with <u>Section 2.19(a)</u>.

"<u>Beneficial Ownership Certification</u>": A certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

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

"<u>BHC Act Affiliate</u>": The meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Borrower</u>": The meaning specified in the Preamble.

"<u>Borrower's Notice</u>": Any (a) Funding Notice or (b) Reinvestment Notice.

"<u>Borrowing Base Certificate</u>": A certificate setting forth the calculation of each Borrowing Base as of each Measurement Date, in the form of <u>Exhibit A-4</u>, prepared by the Servicer.

"<u>Borrowing Base Deficiency</u>": A condition occurring on any Measurement Date on which, (a) as to the Aggregate Borrowing Base, the Advances Outstanding exceed the Aggregate Borrowing Base, (b) as to the Canadian Dollar Borrowing Base, the Advances Outstanding in Canadian Dollars exceed the Canadian Dollar Borrowing Base, (c) as to the Dollar Borrowing Base, the Advances Outstanding in Dollars exceed the Dollar Borrowing Base, (d) as to the GBP Borrowing Base, the Advances Outstanding in GBP exceed the GBP Borrowing Base and (e) as to the Euro Borrowing Base, the Advances Outstanding in Euros exceed the Euro Borrowing Base.

"<u>Borrowing Bases</u>": Means, collectively, the Aggregate Borrowing Base, the Canadian Dollar Borrowing Base, the Dollar Borrowing Base, the GBP Borrowing Base and the Euro Borrowing Base.

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"<u>Business Day</u>": Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in New York, New York; Charlotte, North Carolina; or the United States location of the Collateral Agent's Corporate Trust Office; <u>provided</u> that, if any determination of a Business Day shall relate to an Advance bearing interest at (w), Daily Simple SOFR, the term "Business Day" shall also exclude any day that is not a U.S. Government Securities Business Day, (x) Term CORRA, the term "Business Day" shall also exclude any day that is not a CORRA Business Day, (y) Daily Simple SONIA, the term "Business Day" shall also exclude any day that is not a SONIA Business Day and (z) EURIBOR, the term "Business Day" shall also exclude any day that is not a EURIBOR Business Day. For avoidance of doubt, if the offices of the Collateral Agent are authorized by applicable law, regulation or executive order to close on any day but such offices remain open on such day, such day shall not be a "Business Day."

"<u>Canadian Dollar Account</u>": Means the Securities Account and any sub-accounts created and maintained on the books and records of the Securities Intermediary for the deposit of Canadian Dollars in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Canadian Dollars</u>": Means the lawful currency for the time being of Canada.

"<u>Canadian Dollar Borrowing Base</u>": As of any Measurement Date, an amount equal to the aggregate sum of (i) the sum of the products, for each Eligible Loan denominated in Canadian Dollars as of such date, of (A) the Applicable Percentage for each such Eligible Loan as of such date and (B) the Adjusted Borrowing Value of each such Eligible Loan as of such date, *plus* (ii) the amount of Canadian Dollars that are Principal Collections on deposit in the Canadian Dollar Account as of such date, *minus* (iii) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Canadian Dollars, *plus* (iv) the amount of Canadian Dollars that are Unfunded Exposure Collections on deposit in the Canadian Dollar Account.

"<u>Capital Stock</u>": Any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, partnership or a limited liability company, any and all similar ownership interests in a Person (other than a corporation), and any and all warrants, rights or options to purchase any of the foregoing.

"<u>Cash Interest Coverage Ratio</u>": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Cash Interest Coverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Cash Interest Coverage Ratio" or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor as of such Relevant Test Period, as calculated by the Servicer (on behalf of the Borrower) in good faith.

"<u>Cash Interest Expense</u>": With respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite the caption "interest expense" (exclusive of any Accreted Interest that, according to the term of the Underlying Instruments, can never be converted to cash interest that is due and payable prior to maturity) or any like caption reflected on the most recent financial statements delivered by such Obligor to the Borrower for such period.

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"<u>Certificated Security</u>": The meaning specified in Section 8-102(a)(4) of the UCC.

"<u>Change of Control</u>": The occurrence of any of the following events with respect to the Borrower, the Equityholder or the Servicer, as applicable: (a) with respect to the Borrower, the Equityholder ceases to own, of record, beneficially and directly, 100% of the Capital Stock of the Borrower or (b) with respect to the Servicer and the Equityholder, the failure of Adams Street Partners, LLC to control, directly or indirectly, the Servicer and the Equityholder (for purposes of this definition, "control," means the possession, directly or indirectly, of the power to direct or cause the direction of the management, actions or policies of a Person, whether through voting rights, ownership rights, by contract or otherwise).

"<u>Clearing Agency</u>": An organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act.

"<u>Clearing Corporation</u>": The meaning specified in Section 8-102(a)(5) of the UCC.

"<u>Closing Date</u>": August 6, 2024.

"<u>Closing Date Participation Agreement</u>": A participation agreement between the Seller and the Borrower relating to the Closing Date Participation Interests.

"<u>Closing Date Participation Interest</u>": A Participation Interest granted by the Seller to the Borrower in and to each Loan identified on Schedule IV hereto and in which a Lien is granted therein by the Borrower to the Collateral Agent pursuant to this Agreement.

"<u>Code</u>": The Internal Revenue Code of 1986, as amended from time to time.

"<u>Collateral</u>": All of the Borrower's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all "Accounts" (as defined in the UCC), General Intangibles, Instruments and Investment Property and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Loans, Permitted Investments and Equity Securities, all payments thereon or with respect thereto and all contracts to purchase, commitment letters, confirmations and due bills relating to any Loans, Permitted Investments or Equity Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Accounts and all cash and Financial Assets credited thereto and all income from the investment of funds therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Transaction Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all funds (other than funds determined by the Administrative Agent in its sole discretion to be Excluded Amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all accounts, accessions, profits, income benefits, proceeds, substitutions and replacements, whether voluntary or involuntary, of and to any of the property of the Borrower described in the preceding clauses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any and all other property of any type or nature owned by it;

<u>provided</u>, that the "Collateral" shall not include amounts paid to the Borrower pursuant to <u>Section 2.7(a)(10)</u>, <u>Section 2.7(b)(11)</u> or <u>Section 2.8(10)</u> or any account or accounts owned by the Borrower used solely for the purpose of holding such amounts.

"<u>Collateral Account</u>": A Securities Account and any sub-accounts created and maintained on the books and records of the Securities Intermediary entitled "Collateral Account" in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Collateral Agent</u>": Computershare Trust Company, N.A., not in its individual capacity, but solely as Collateral Agent, its successor in interest pursuant to <u>Section 7.3</u> or such Person as shall have been appointed Collateral Agent pursuant to <u>Section 7.5</u>.

"<u>Collateral Agent Fee</u>": The fees, expenses and indemnities payable to the Collateral Agent and Securities Intermediary set forth as such in the Collateral Agent Fee Letter and as provided for in this Agreement or any other Transaction Document.

"<u>Collateral Agent Fee Letter</u>": The fee schedule as acknowledged by the Borrower.

"<u>Collateral Agent Termination Notice</u>": The meaning specified in <u>Section 7.5</u>.

"<u>Collection Account</u>": Collectively, the General Collection Account, the Interest Collection Account (USD) and the Principal Collection Account (USD).

"<u>Collection Date</u>": The date on which the Obligations have been irrevocably paid in full in accordance with <u>Section 2.3(b)</u> and <u>Section 2.7</u> or <u>2.8</u>, as applicable, and the Commitments have been irrevocably terminated in full pursuant to <u>Section 2.3(a)</u> or as a result of the end of the Reinvestment Period.

"<u>Collections</u>": (a) All cash collections and other cash proceeds of any Loan, including, without limitation or duplication, any Interest Collections, Principal Collections, amendment fees, late fees, prepayment fees, waiver fees or other amounts received in respect thereof (but excluding any Excluded Amounts) and (b) earnings on Permitted Investments or otherwise in any Account.

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"<u>Commitment</u>": With respect to each Lender, (a) prior to the end of the Reinvestment Period, the commitment of such Lender to make Advances in accordance herewith prior to the Reinvestment Period End Date, in an amount not to exceed the Facility Amount and, for each Lender, the amount opposite such Lender's name set forth on <u>Annex B</u> hereto or on Schedule I to the Joinder Supplement relating to each such Lender, (b) on or after the end of the Reinvestment Period, its Pro Rata Share of the Advances Outstanding and (c) on or after the Termination Date, zero.

"<u>Commitment Reduction Fee</u>": With respect to any reduction of the Facility Amount pursuant to <u>Section 2.3(a)</u>, an amount equal to the product of (a) the amount of such reduction *multiplied by* (b)(x) from the <u>Sixth Amendment</u> Closing Date to the twelve-month anniversary of the <u>Sixth Amendment</u> Closing Date, 1.0% and (y) thereafter, 0.0%.

"<u>Competitor</u>": Any (a) fund, "business development company" or other Person who devotes a significant portion of its business resources on credit lending, (b) hedge fund or (c) specialty finance company; <u>provided</u> that, in no event shall the term "Competitor" include any commercial bank, investment bank or insurance company (including any investment account or fund managed by such insurance company's adviser so long as such adviser is not described in clause (a) above).

"<u>Conforming Changes</u>": With respect to the use or administration of any Benchmark 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 "CORRA Business Day," the definition of "SONIA Business Day," the definition of "EURIBOR Business Day," the definition of "Accrual Period", the definition 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 breakage provisions 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 is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).

"<u>Connection Income Taxes</u>": Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Contractual Obligation</u>": With respect to any Person, any provision of any securities issued by such Person or any mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject.

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"<u>Control</u>": The possession, directly or indirectly, of either or both of (a) the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise and/or (b) greater than or equal to 50% of the equity interests in a Person.

"<u>Corporate Trust Office</u>": The applicable designated corporate trust office of the Collateral Agent specified on Annex A hereto, or such other address within the United States as the Collateral Agent may designate from time to time by at least 30 days prior written notice to the Administrative Agent.

"<u>CORRA</u>": A rate equal to the Canadian Overnight Repo Rate Average as administered by the CORRA Administrator.

"<u>CORRA Administrator</u>": The Bank of Canada, or a comparable or successor administrator approved by the Administrative Agent.

"<u>CORRA Business Day</u>": Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in Toronto.

"<u>Covenant Compliance Period</u>": The period beginning on the Closing Date and ending on the date on which all Commitments have been terminated and the Obligations have been paid in full (other than contingent indemnification and reimbursement obligations for which no claim giving rise thereto has been asserted).

"<u>Covered Party</u>": Any Secured Party that is one of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

"<u>Cure Notice</u>": A notice from the Borrower to the Administrative Agent which (a) is delivered to the Administrative Agent not later than five (5) Business Days after the occurrence of a Borrowing Base Deficiency and (b) sets forth evidence satisfactory to the Administrative Agent in its sole discretion that the Borrower has a plan to cure such Borrowing Base Deficiency (which evidence (x) in the case of a capital call on investors in the Equityholder (unless waived by the Administrative Agent), shall consist of a certification (and any requested and related documentation) from the Servicer that a valid capital call has been delivered to non-defaulting investors in the Equityholder and (y) in the case of a draw on any capital call facility of the Equityholder (unless waived by the Administrative Agent), shall consist of a certification (and any requested and related documentation) from the Servicer that a valid borrowing notice has been delivered to the applicable administrative agent, in each case in an aggregate amount sufficient to cure such Borrowing Base Deficiency).

"<u>Cut-Off Date</u>": With respect to each Loan, the date such Loan is acquired by the Borrower.

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"<u>Daily Simple RFR Advance</u>": Any Advance that bears interest at a rate based on Daily Simple SOFR or Daily Simple SONIA.

"<u>Daily Simple SOFR</u>": For any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (a) SOFR for the day (such day, a "<u>SOFR Determination Day</u>") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website, and (b) the Floor. If by 5:00 p.m. on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; <u>provided</u> that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days; <u>provided further</u> that in no event shall Daily Simple SOFR determined pursuant to this sentence be less than the Floor. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Daily Simple SONIA</u>": For any day (a "<u>SONIA Rate Day</u>"), a rate per annum equal to the greater of (a) SONIA for the day (such day, a "<u>SONIA Determination Day</u>") that is five (5) SONIA Business Days prior to (i) if such SONIA Rate Day is a SONIA Business Day, such SONIA Rate Day or (ii) if such SONIA Rate Day is not a SONIA Business Day, the SONIA 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, and (b) the Floor. If by 5:00 p.m. (London time) on the second (2nd) SONIA Business Day immediately following any SONIA Determination Day, SONIA in respect of such SONIA Determination Day has not been published on the SONIA Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple SONIA has not occurred, then SONIA for such SONIA Determination Day will be SONIA as published in respect of the first preceding SONIA Business Day for which such SONIA was published on the SONIA Administrator's Website; <u>provided</u> that any SONIA determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SONIA for no more than three (3) consecutive SONIA Rate Days; provided <u>further</u> that in no event shall Daily Simple SONIA determined pursuant to this sentence be less than the Floor. Any change in Daily Simple SONIA due to a change in SONIA shall be effective from and including the effective date of such change in SONIA without notice to the Borrower.

"<u>Default</u>": Any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Default Right</u>": 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.

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"<u>Defaulting Lender</u>": Any Lender that (i) has failed to fund any portion of the Advances required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit or (iv) has, other than pursuant to an Undisclosed Administration, become or is insolvent 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.

"<u>Delayed Draw Loan</u>": A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; <u>provided</u> that such loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

"<u>Designated Loan</u>": Any Loan that the Administrative Agent, in its sole discretion, designates on the related Approval Notice as a "Designated Loan".

"<u>Determination Date</u>": The fifth (5th) Business Day of each calendar month.

"<u>Discretionary Sale</u>": The meaning specified in <u>Section 2.14(c)</u>.

"<u>Disruption Event</u>": The occurrence of any of the following with respect to an Available Currency: (a) any Lender shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of a determination by such Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain such Available Currency in the applicable interbank market to fund any Advance, (b) any Lender shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of the inability, for any reason, of such Lender to determine the Benchmark then-applicable to such Available Currency, (c) any Lender shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of a determination by such Lender that the rate at which deposits such Available Currency are being offered to such Lender in the applicable interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Advance, or (d) any Lender shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of the inability of such Lender, as applicable, to obtain such Available Currency to make, fund or maintain any Advance.

"<u>Dollar Borrowing Bas</u>e": As of any Measurement Date, an amount equal to the aggregate sum of (i) the sum of the products, for each Eligible Loan denominated in Dollars as of

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such date, of (A) the Applicable Percentage for each such Eligible Loan as of such date and (B) the Adjusted Borrowing Value of each such Eligible Loan as of such date, plus (ii) the amount of Dollars on deposit in the Principal Collection Account (USD) as of such date, minus (iii) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Dollars, plus (iv) the amount of Dollars on deposit in the Unfunded Exposure Account (USD).

"<u>Dollar Equivalent</u>": Subject to <u>Section 2.5</u>, for any amount, at the time of determination thereof: (a) with respect to any amount denominated in Dollars, such amount; and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time in its sole discretion by reference to the most recent Spot Rate for such Alternative Currency (as determined as of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.

"<u>Dollars</u>": Means, and the conventional "$" signifies, the lawful currency of the United States.

"<u>EBITDA</u>": With respect to the Relevant Test Period with respect to the related Loan, the meaning of "EBITDA," "Adjusted EBITDA" or any comparable definition in the Underlying Instruments for such Loan, and in any case that "EBITDA," "Adjusted EBITDA" or such comparable definition is not defined in such Underlying Instruments, an amount, for the Obligors on such Loan (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus (a) interest expense, (b) income taxes, (c) depreciation and amortization for such Relevant Test Period (to the extent deducted in determining earnings from continuing operations for such period), (d) amortization of intangibles (including, but not limited to, goodwill, financing fees and other capitalized costs), other non-cash charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring non-cash charges consistent with the compliance statements and financial reporting packages provided by the Obligors, and (g) any other item the Borrower (or the Servicer) and the Administrative Agent mutually deem to be appropriate.

"<u>Elevation</u>": The elevation of the Closing Date Participation Interests in accordance with the Closing Date Participation Agreement.

"<u>Elevation Date</u>": The date on which an Elevation occurs with respect to a Closing Date Participation Interest pursuant to the Closing Date Participation Agreement.

"<u>Eligible Loan</u>": Each Loan (A) for which the Administrative Agent and the Collateral Agent have received on or prior to the related Cut-Off Date (or will receive within five (5) Business Days after such Cut-Off Date) the related Required Loan Documents; (B) with respect to which the Administrative Agent has executed an Approval Notice on or prior to the applicable Transaction date; and (C) that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Loan)<u>; *provided* that if clause (jj) below is not satisfied with respect to the purchase of such Loan, the Borrower may purchase such Loan if the degree of compliance with such clause (jj) is maintained or improved</u>:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Loan is a First Lien Loan, a First Lien Last Out Loan or a Second Lien Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Loan is payable in an Available Currency and does not permit the currency in which such Loan is payable to be changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition (including the manner of acquisition, ownership, enforcement and disposition) of such Loan did not and will not subject the Borrower or the Seller to any withholding tax unless the Obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an after-tax basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the acquisition of such Loan will not cause the Borrower or the pool of Collateral to be required to register as an investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as of the date such Loan is first included as part of the Collateral, the primary Underlying Asset for such Loan is not real property and such Loan was not primarily underwritten as a mortgage loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Loan is in the form of and is treated as indebtedness of the related Obligor for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as of the date such Loan is first included as part of the Collateral, such Loan is not delinquent in payment of principal or interest or regularly scheduled fees required to be paid thereunder beyond any cure period applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) as of the date such Loan is first included as part of the Collateral, (x) such Loan and any Underlying Assets (or, with respect to clause (ii), the acquisition thereof)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have not, and will not, be used by the related Obligor in any manner or for any purpose that would result in any material risk of liability being imposed upon the Borrower or any Secured Party under any Applicable Law, and (ii) comply in all material respects with, and will not violate, any Applicable Law and (y) no Lender has given written notice to the Borrower prior to the trade date of such Loan that the acquisition thereof will cause any Lender (in its commercially reasonable judgment) to fail to comply with any request or directive from any Governmental Authority having jurisdiction over such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the Obligor with respect to such Loan (and each other material guarantor of such Obligor's obligations thereunder) had full legal capacity to execute and deliver the related Underlying Instruments and (B) such Loan, together with the Underlying Instruments related thereto, (i) is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor and each guarantor thereof, enforceable against such Obligor and each such guarantor in accordance with its terms, subject to usual and customary bankruptcy, insolvency and equity limitations, (ii) is not subject to, or the subject of any assertions in respect of, any material litigation, dispute or offset, and (iii) contains provisions substantially to the effect that the Obligor's and each guarantor's payment obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the Seller, the Borrower or any assignee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) for any Loan originated by the Seller or its Affiliates, the Seller or its applicable Affiliate had all necessary licenses and permits to originate such Loan in the State where the related Obligor is located and the Borrower has all necessary licenses and permits to purchase and own such Loan and enter into the applicable Underlying Instruments as a lender in the State where such Obligor is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) such Loan and the Underlying Instruments related thereto, are eligible to be sold, assigned or transferred to the Borrower and to have a security interest therein granted to the Collateral Agent, as agent for the Secured Parties, and neither the sale, transfer or assignment of such Loan to the Borrower, nor the granting of a security interest hereunder to the Collateral Agent, violates, conflicts with or contravenes (and are permitted by) any Applicable Law or any contractual or other restriction, limitation or encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) such Loan requires the related Obligor to maintain the Underlying Assets for such Loan in good repair and to maintain adequate insurance with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) such Loan has an original term to stated maturity that does not exceed eight (8) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Underlying Instruments for such Loan do not contain a confidentiality provision that would prohibit the Collateral Agent, the Administrative Agent or any Lender from accessing all necessary information with regard to such Loan, so long as the Administrative Agent or Collateral Agent, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Obligor with respect to such Loan is an Eligible Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) such Loan is either not a "registration required obligation" within the meaning of Section 163(f)(2) of the Code, or is Registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) such Loan is not a Participation Interest, other than the Closing Date Participation Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) all information provided by either the Borrower or the Servicer with respect to such Loan (other than projections, forward-looking information, general economic data, industry information, information relating to third parties, any information or documentation prepared by the Servicer or one of its Affiliates for internal use or consideration, statements as to (or the failure to make a statement as to) the value of, collectability of, prospects of or potential risks or benefits associated with a Loan or Obligor) is true, correct and, to the knowledge of the Borrower or the Servicer, as applicable, complete, in all material respects after giving effect to any updates thereto as of the date such information is provided; <u>provided</u> that, to the extent any such information was furnished to the Borrower or the Servicer, as applicable, by a related Obligor or any other third party, such information is, as of the date such information is provided, true, correct and complete in all material respects to the actual knowledge of the Borrower or of the Servicer, as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) as of the date such Loan is first included as part of the Collateral, such Loan (A) is not an Equity Security and (B) does not provide by its terms for the conversion or exchange into an Equity Security at any time on or after the date it is included as part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) such Loan is not principally secured by Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Borrower has good and marketable title to, and is the sole owner of, such Loan and the Borrower has granted to the Collateral Agent for the benefit of the Secured Parties a valid and perfected first priority (subject to Permitted Liens) security interest in the Loan and the related Underlying Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as of the date such Loan is first included as part of the Collateral, such Loan is not a debt obligation whose repayment is subject to material non-credit related risk (for example, a Loan the payment of which is expressly contingent upon the nonoccurrence of a catastrophe) as reasonably determined by the Servicer in accordance with the Servicer Standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) as of the date such Loan is first included as part of the Collateral, (x) such Loan is not subject to acceleration on such date by the related secured parties and (y) the Borrower has not received any notice of default (or similar notice) in accordance with the applicable Underlying Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) as of the date such Loan is first included as part of the Collateral, such Loan is not subject to an offer of exchange, redemption, conversion or tender by its Obligor, or by any other Person, for cash, equity securities or any other type of consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) such Loan provides for (i) periodic payments of accrued and unpaid interest in cash on a current basis no less frequently than semi-annually and (ii) the full amount of principal payable in cash no later than its stated maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) as of the date such Loan is first included as part of the Collateral, if such Loan is one of a number of loans made to the same Obligor at the same seniority in such Obligor's capital structure, such Loan and such other loans are cross-collateralized and cross-defaulted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value of all Eligible Loans to a single Obligor is not greater than (i) if such Loan is a First Lien Loan, $6,625,000<u>9,300,000</u>, except that the aggregate Adjusted Borrowing Value of Eligible Loans consisting solely of First Lien Loans to the related Obligor may be up to $8,250,000<u>11,550,000</u> for each of the three largest (3) Obligors or (ii) otherwise, $5,000,000<u>7,000,000</u> ;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value of all fixed rate Eligible Loans will not exceed the greater of (x) 10% of the aggregate Adjusted Borrowing Value of all Loans and (y) $6,625,000<u>9,300,000</u> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) after giving effect to such Loan as part of the Collateral the aggregate Adjusted Borrowing Value of all Eligible Loans which are Delayed Draw Loans or Revolving Loans (plus the aggregate funded principal balance of all Revolving Loans) will not exceed the greater of (x) $6,625,000<u>9,300,000</u> and (y) 15% of the sum of the aggregate Adjusted Borrowing Value of all Eligible Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) after giving effect to the acquisition of such Loan, the aggregate Adjusted Borrowing Value of all Eligible Loans (i) with Obligors organized under the federal or provincial laws of, or with principal operations located in, and are underwritten with Underlying Assets located in, an Approved Jurisdiction other than the United States and/or (ii) denominated (a) in Eligible<u>Alternative</u> Currencies other than Dollars, will not exceed the greater of (x) 15% of the aggregate Adjusted Borrowing Value of all Loans and (y) $10,000,000<u>14,000,000</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value of all Eligible Loans that are First Lien Last Out Loans, Second Lien Loans and Recurring Revenue Loans will not exceed the greater of (x) 20% of the aggregate Adjusted Borrowing Value of all Loans and (y) $13,250,000<u>18,550,000</u> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value of all Eligible Loans that are Second Lien Loans will not exceed the greater of (x) 15% of the aggregate Adjusted Borrowing Value of all Loans and (y) $6,625,000<u>9,300,000</u> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value of all Eligible Loans that pay interest in cash on a current basis less frequently than quarterly will not exceed the greater of (x) 5% of the aggregate Adjusted Borrowing Value of all Loans and (y) $825,000<u>1,200,000</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) there are no proceedings pending wherein the related Obligor, any other party obligated with respect to such Loan or any Governmental Authority has alleged that such Loan or any related Underlying Instrument is illegal or unenforceable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Loan is acquired by the Borrower from the Seller, (i) such Loan was sourced or originated by the Seller or its Affiliates in the ordinary course of business, and (ii) the Seller has caused its master computer records to be clearly and unambiguously marked to indicate that such Loan has been sold to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value<u>Outstanding Balance</u> of all Eligible Loans in the same industry classification group set forth on <u>Schedule V</u> shall not exceed 15.0% of the aggregate Adjusted Borrowing Value<u>Outstanding Balance</u> of all Loans; <u>provided</u> that (i) Eligible

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Loans in the largest industry classification group set forth on <u>Schedule V</u> may be up to 25.0% of the aggregate Adjusted Borrowing Value<u>Outstanding Balance</u> of all Loans, (ii) Eligible Loans in the second largest industry classification group set forth on <u>Schedule V</u> may be up to 22.5% of the aggregate Adjusted Borrowing Value<u>Outstanding Balance</u> of all Loans and (iii) Eligible Loans in the third largest industry classification group set forth on <u>Schedule V</u> may be up to 20.0% of the aggregate Adjusted Borrowing Value<u>Outstanding Balance</u> of all Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) (i) unless it is a Permitted PIK Loan, does not permit any portion of the interest accrued, whether for a specified period of time or until the maturity thereof, at the option of the Obligor or pursuant to conditions specified (in each case, under the related Underlying Instruments), added to the principal balance of such Loan or otherwise deferred rather than being paid in cash and (ii) if it is a Permitted PIK Loan, does not cause the sum of the Adjusted Borrowing Value of all Eligible Loans which are Permitted PIK Loans to exceed the greater of (x) $15,000,000<u>21,000,000</u> and (y) 25% of the aggregate Adjusted Borrowing Value of all Eligible Loans; provided that Permitted PIK Loans with a portion of the interest accruing thereon that is contractually required to be paid in cash, where the cash interest rate is equal to or greater than SOFR plus 5.0%, shall not be included for purposes of this sub-clause (y); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) after giving effect to such Loan as part of the Collateral, the aggregate Adjusted Borrowing Value of all Eligible Loans that are Recurring Revenue Loans will not exceed the greater of (x) 15% of the aggregate Adjusted Borrowing Value of all Loans and (y) $6,625,000<u>9,300,000</u> .

For purposes of determining compliance with clause (B) of this definition of "Eligible Loan," each Loan included on the list of Loans set forth on <u>Schedule II</u> hereto as of the Closing Date shall be deemed to be approved by the Administrative Agent.

If any portion of a Loan exceeds one or more of the limitations set forth in clauses (aa), (bb), (cc), (dd), (ee), (ff), (gg), (jj) and (kk), such portion shall be treated as a separate Loan for all purposes hereunder (and, for the avoidance of doubt, shall not be an Eligible Loan).

"<u>Eligible Obligor</u>": On any date of determination, any Obligor that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Obligor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not an Affiliate of, or controlled by, the Borrower, the Seller or the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is domiciled and organized or incorporated in (and the Underlying Assets which were principally underwritten are located in) an Approved Jurisdiction; <u>provided</u> that this <u>clause (d)</u> shall not apply to any Obligor that is (x) not the primary obligor and (y) not the basis on which the applicable Loan was principally underwritten;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is a legal operating entity or a holding company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) did not enter into the Loan primarily for personal, family or household purposes.

"<u>EMU Legislation</u>": The legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.

"<u>Equityholder</u>": The meaning specified in the Preamble.

"<u>Equity Security</u>": Any stock or similar security, certificate of interest or participation in any profit sharing agreement, preorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any put, call, straddle, or other option or privilege of buying such a security from or selling such a security to another without being bound to do so.

"<u>ERISA</u>": The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated or issued thereunder.

"<u>ERISA Affiliate</u>": (a) Any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower.

"<u>Erroneous Payment</u>": The meaning specified in <u>Section 11.8(a)</u>.

"<u>Erroneous Payment Deficiency Assignment</u>": The meaning specified in <u>Section 11.8(d)</u>.

"<u>Erroneous Payment Return Deficiency</u>": The meaning specified in <u>Section 11.8(d)</u>.

"<u>EURIBOR</u>": For any Interest Period, with respect to Advances denominated in Euros, the greater of (i) the rate per annum equal to the Euro Interbank Offered Rate as administered by the European Money Markets Institute, or a comparable or successor administrator approved by the Administrative Agent, for a period of one month, at approximately 11:00 a.m. (Brussels time) on the applicable EURIBOR Determination Day and (ii) the Floor.

"<u>EURIBOR Business Day</u>": Any TARGET Day.

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"<u>EURIBOR Determination Day</u>": With respect to any Interest Period relating to EURIBOR, two (2) EURIBOR Business Days prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in the applicable interbank market, as determined by the Administrative Agent; provided that to the extent that such market practice is not administratively feasible for the Administrative Agent, such other day as otherwise reasonably determined by the Administrative Agent).

"<u>Euro</u>" and "<u>€</u>": The lawful currency of each state so described in any EMU Legislation introduced in accordance with the EMU Legislation.

"<u>Euro Account</u>": Collectively, each Securities Account and any sub-accounts created and maintained on the books and records of the Securities Intermediary for the deposit of Euros in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Euro Borrowing Base</u>": As of any Measurement Date, an amount equal to the aggregate sum of (i) the sum of the products, for each Eligible Loan denominated in Euros as of such date, of (A) the Applicable Percentage for each such Eligible Loan as of such date and (B) the Adjusted Borrowing Value of each such Eligible Loan as of such date, plus (ii) the amount of Euros that are Principal Collections on deposit in the Euro Account as of such date, minus (iii) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Euros, plus (iv) the amount of Euros that are Unfunded Exposure Collections on deposit in the Euro Account.

"<u>Events of Default</u>": The meaning specified in <u>Section 9.1</u>.

"<u>Excepted Persons</u>": The meaning specified in <u>Section 12.13(a)</u>.

"<u>Exchange Act</u>": The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Excluded Amounts</u>": (i) Any amount received in the Collection Account with respect to any Loan included as part of the Collateral, which amount is attributable to the payment of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Assets that was paid from amounts other than Collections, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the Seller or any other Person from whom the Borrower purchased such Loan (including, without limitation, interest accruing prior to the date such Loan is purchased by the Borrower), (iii) any reimbursement of insurance premiums that were paid from amounts other than Collections, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Loans which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments or (v) any amount deposited into the Collection Account in error.

"<u>Excluded Taxes</u>": Any of the following Taxes imposed on or with respect to an Affected Party or required to be withheld or deducted from a payment to an Affected Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and

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branch profits Taxes, in each case, (i) imposed as a result of such Affected Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Obligations or Commitments pursuant to a law in effect on the date on which (i) such Lender acquires such interest (other than pursuant to an assignment effected in accordance with <u>Section 2.12(g))</u> or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 2.13</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 Affected Party's failure to comply with <u>Section 2.13(f)</u> and (d) any withholding Taxes imposed under FATCA.

"<u>Exposure Amount</u>": As of any date of determination, with respect to any Delayed Draw Loan or Revolving Loan, (i) the maximum commitment of such Delayed Draw Loan (excluding any original issue discount) or Revolving Loan under the terms of the applicable Underlying Instruments (and, for the avoidance of doubt, the commitment in respect of a Loan as to which the commitment to make additional advances has been terminated or expired shall be zero) *minus* (ii) the Outstanding Balance of such Delayed Draw Loan or Revolving Loan, as applicable, on such date of determination.

"<u>Facility Amount</u>": The Maximum Facility Amount, as such amount may vary from time to time pursuant to <u>Section 2.3</u> hereof; <u>provided</u> that on or after the Reinvestment Period End Date, the Facility Amount shall mean an amount equal to the aggregate Advances Outstanding at such time.

"<u>Facility Attachment Ratio</u>": With respect to any Eligible Loan, as of any date of determination, an amount equal to (i) with respect to any First Lien Loan, the product of (a) its Net Senior Leverage Ratio, (b) its Applicable Percentage and (c) its Assigned Value, (ii) with respect to any First Lien Last Out Loan, the sum of (a) its First Out Attachment Ratio and (b) the product of (A)(x) its Last Out Attachment Ratio less (y) its First Out Attachment Ratio, (B) its Applicable Percentage and (C) its Assigned Value, in each case, as of such date and (iii) with respect to any Second Lien Loan, the sum of (a) its Net Senior Leverage Ratio and (b) the product of (A)(x) its Net Total Leverage Ratio less (y) its Net Senior Leverage Ratio, (B) its Applicable Percentage and (C) its Assigned Value, in each case, as of such date and (iv) with respect to any Designated Loan, the product of (a) its Net Total Leverage Ratio, (b) its Applicable Percentage and (c) its Assigned Value.

"<u>Facility Maturity Date</u>": February 6<u>May 1</u>, 2028<u>2031</u>.

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

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"<u>FDIC</u>": The Federal Deposit Insurance Corporation, and any successor thereto.

"<u>Federal Funds Rate</u>": For any period, a fluctuating interest *per annum* rate equal, for each day during such period, to the weighted average of the overnight federal funds rates as reported in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such day.

"<u>Fee Letter</u>": Each Fee Letter, dated as of the date hereof, from the Administrative Agent and/or the Lenders to the Borrower, as the same may be amended, restated, modified or supplemented from time to time.

"<u>Fees</u>": All fees required to be paid by the Borrower pursuant to this Agreement, each Fee Letter and each Lender Fee Letter.

"<u>Financial Asset</u>": The meaning specified in Section 8-102(a)(9) of the UCC.

"<u>Financial Sponsor</u>": 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 each 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.

"<u>First Lien Last Out Loan</u>": A Loan which either (x) (a) satisfies clause (a) of the definition of First Lien Loan except that such Loan is subordinated in application of proceeds pursuant to a specified priority of payments to other senior secured loans of the same Obligor until such other senior secured loans are paid in full and (b) has not been designated as a First Lien Loan pursuant to clause (b) of the definition of First Lien Loan or (y) satisfies the proviso to the definition of "Second Lien Loan".

"<u>First Lien Loan</u>": A Loan that either (a)(i) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (but subject to any Liens permitted under the related Underlying Instruments that are reasonable and customary for similar loans, and Liens accorded priority by law in favor of the United States or any state or agency thereof), and (iii) with respect to which the Servicer determines in good faith that the value of the collateral or enterprise value securing the Loan on or about the time of origination equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral or (b) is a First Lien Last Out Loan or a Second Lien Loan and is designated by the Administrative Agent in its sole discretion as a "First Lien Loan" on the related Approval Notice.

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"<u>First Out Attachment Ratio</u>": With respect to any Eligible Loan, as of any date of determination, an amount equal to the Net Senior Leverage Ratio with respect to all or any portion of such Eligible Loan that constitutes first lien senior secured Indebtedness that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (excluding any First Lien Last Out Loan or other first lien last out Indebtedness within the capital structure).

"<u>Fitch</u>": Fitch Ratings, Inc. or any successor thereto.

"<u>Floor</u>": A rate of interest equal to 0.0%.

"<u>Foreign Lender</u>": (a) If the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

"<u>Funding Date</u>": With respect to any Advance, the Business Day such Advance is funded following the receipt by the Administrative Agent and Collateral Agent of a Funding Notice and other required deliveries in accordance with <u>Section 2.2</u>.

"<u>Funding Notice</u>": A notice in the form of <u>Exhibit A-1</u> signed by an authorized Person on behalf of the Borrower requesting an Advance, including the items required by <u>Section 2.2</u>.

"<u>GAAP</u>": Generally accepted accounting principles as in effect from time to time in the United States.

"<u>GBP</u>" and "<u>£</u>": The lawful currency of the United Kingdom.

"<u>GBP Account</u>": Collectively, each Securities Account and any sub-accounts created and maintained on the books and records of the Securities Intermediary for the deposit of GBP in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>GBP Borrowing Base</u>": As of any Measurement Date, an amount equal to the aggregate sum of (i) the sum of the products, for each Eligible Loan denominated in GBP as of such date, of (A) the Applicable Percentage for each such Eligible Loan as of such date and (B) the Adjusted Borrowing Value of each such Eligible Loan as of such date, *plus* (ii) the amount of GBP that are Principal Collections on deposit in the GBP Account as of such date, *minus* (iii) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in GBP, plus (iv) the amount of GBP that are Unfunded Exposure Collections on deposit in the GBP Account.

"<u>General Collection Account</u>": Collectively, the Securities Accounts and any sub-accounts created and maintained on the books and records of the Securities Intermediary entitled "General Collection Account", in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

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"<u>General Intangible</u>": The meaning specified in Section 9-102(a)(42) of the UCC.

"<u>Governing Documents</u>": (a) With respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement, and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and, if applicable, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>Governmental Authority</u>": With respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person, including any supranational bodies (such as the European Union and the European Central Bank).

"<u>Guarantee Obligation</u>": As to any Person (the "<u>guaranteeing person</u>"), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the "<u>primary obligations</u>") of any other third Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term "Guarantee Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The terms "Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

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"<u>Highest Required Investment Category</u>": (a) With respect to ratings assigned by Moody's, "Aa2" or "P-1" for one-month instruments, "Aa2" and "P-1" for three-month instruments, "Aa2" and "P-1" for six-month instruments and "Aaa" and "P-1" for instruments with a term in excess of six-months, (b) with respect to rating assigned by S&P, "A-1+" for short-term instruments and "AAA" for long-term instruments, and (c) with respect to rating assigned by Fitch (if such investment is rated by Fitch), "F-1+" for short-term instruments and "AAA" for long-term instruments.

"<u>IFRS</u>": International Financial Reporting Standards.

"<u>Increased Costs</u>": Any amounts required to be paid by the Borrower to an Indemnified Party pursuant to <u>Section 2.12</u>.

"<u>Indebtedness</u>": With respect to (x) any Obligor if "Indebtedness" or any comparable definition is set forth in the Underlying Instruments for the related Loan, such definition or (y) otherwise, without duplication, (a) all indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred purchase price of Property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness customary for indebtedness of that type, (c) all obligations of such Person in respect of letters of credit, acceptances or similar instruments issued or created for the account of such Person, (d) all liabilities secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any Property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness of such Person under any swap, hedge or other similar transaction and (f) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (e) above. The amount of any Indebtedness under clause (d) shall be equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market value of the Property subject to the relevant Lien. The amount of any Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.

"<u>Indemnified Amounts</u>": The meaning specified in <u>Section 10.1(a)</u>.

"<u>Indemnified Parties</u>": The meaning specified in <u>Section 10.1(a)</u>.

"<u>Indemnified Taxes</u>": (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"<u>Independent Manager</u>": The meaning specified in <u>Section 4.1(t)(xxvi)</u>.

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"<u>Indorsement</u>": The meaning specified in Section 8-102(a)(11) of the UCC, and "Indorsed" has a corresponding meaning.

"<u>Insolvency Event</u>": With respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction over such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree, order or appointment shall remain unstayed and in effect for a period of sixty (60) consecutive days, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or (d) the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>": The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>": Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event.

"<u>Instrument</u>": The meaning specified in Section 9-102(a)(47) of the UCC.

"<u>Interest</u>": For each Accrual Period and the Advances Outstanding, the sum of the products (for each day during such Accrual Period) of:

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| | | | |
|:---|:---|:---|:---|
|  |  | IR x P x 1/D |  |
| where: |  |  |  |
|  | IR | = | the Interest Rate applicable on such day; |
|  | P | = | the Advances Outstanding on such day; |
|  | D | = | 360 days (or, to the extent the Interest Rate is based on (x) CORRA or SONIA, 365 days or (y) the Base Rate, 365 or 366 days, as applicable); |

---

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<u>provided</u> that, (i) no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law, and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Interest Collection Account (USD)</u>": Collectively, the Securities Accounts and any sub-accounts created and maintained on the books and records of the Securities Intermediary entitled "Interest Collection Account (USD)", in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Interest Collections</u>": All (a) payments of interest and delayed compensation (representing compensation for delayed settlement) received in cash by or on behalf of the Borrower on the Collateral, including the accrued interest received in connection with a sale thereof, (b) principal and interest payments received by or on behalf of the Borrower on Permitted Investments purchased with Interest Collections and (c) all amendment and waiver fees, late payment fees, ticking fees and other fees received by the Borrower; <u>provided</u> that Interest Collections shall not include (x) Sale Proceeds representing accrued interest that are applied toward payment for accrued interest on the purchase of a Loan (including in connection with a Substitution) and (y) interest received in respect of a Loan (including in connection with any sale thereof), which interest was purchased with Principal Collections.

"<u>Interest Period</u>": With respect to any Term Rate Advance, (x) in the case of the first Rollover Date for such Advance, the period commencing on and including the Funding Date of such Advance to but excluding such Rollover Date and (y) in the case of any subsequent Rollover Date, the one-month period commencing on and including the prior Rollover Date and ending on but excluding such Rollover Date; provided, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided further</u> that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the Termination Date; and

there shall be no more than ten (10) Interest Periods in effect at any time.

"<u>Interest Rate</u>": (a) The Benchmark *plus* (b) the Applicable Spread; <u>provided</u> that, (x) if a Lender shall have notified the Administrative Agent that a Disruption Event has occurred with respect to an Available Currency, then, with respect to the Advances owing to such Lender accruing interest at the Benchmark applicable to such Available Currency or (y)

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during a Benchmark Unavailability Period with respect to the then-current Benchmark for an Available Currency, "Interest Rate" with respect to the Advances Outstanding that bear interest at a rate based on such Benchmark shall mean the Base Rate *plus* the Applicable Spread until such Lender shall have notified the Administrative Agent that such Disruption Event or Benchmark Unavailability Period, as applicable, has ceased, at which time the Interest Rate shall again be equal to the Benchmark for such Available Currency for such date *plus* the Applicable Spread.

"<u>Investment</u>": With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans, Permitted Investments and the acquisition of Equity Securities otherwise permitted by the terms hereof which are related to such Loans.

"<u>Investment Property</u>": The meaning specified in Section 9-102(a)(49) of the UCC.

"<u>Joinder Supplement</u>": An agreement among the Borrower, a Lender and the Administrative Agent in the form of <u>Exhibit F</u> to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date, as contemplated by <u>Section 2.1(c)</u>, a copy of which shall be delivered to the Collateral Agent and the Servicer.

"<u>Last Out Attachment Ratio</u>": With respect to any Eligible Loan, as of any date of determination, an amount equal to the Net Senior Leverage Ratio with respect to all or any portion of such Eligible Loan that constitutes first lien senior secured Indebtedness that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (including any First Lien Last Out Loan or other first lien last out Indebtedness within the capital structure).

"<u>Lender Fee Letter</u>": Each fee letter agreement that shall be entered into by and between the Borrower and the applicable Lender in connection with the transactions contemplated by this Agreement, as amended, modified, waived, supplemented, restated or replaced from time to time.

"<u>Lenders</u>": The meaning specified in the Preamble, including Wells Fargo and each other financial institution which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent, the Collateral Agent, the Servicer and the Borrower as contemplated by <u>Section 2.1(c)</u>.

"<u>Lien</u>": Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person's assets or properties in favor of any other Person.

"<u>Loan</u>": Any commercial loan (including any Closing Date Participation Interest therein) (a) which is sourced or originated by the Seller or any of its Affiliates and which the Borrower acquires or (b) which the Borrower acquires from a third party in the ordinary course of its business.

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"<u>Loan Checklist</u>": An electronic or hard copy, as applicable, of a checklist in the form of <u>Exhibit I</u> delivered by or on behalf of the Borrower to the Collateral Agent for each Loan of all related Required Loan Documents, which shall also specify whether such document is an original or a copy.

"<u>Loan File</u>": With respect to each Loan, a file containing (a) each of the documents and items as set forth on the Loan Checklist with respect to such Loan and (b) duly executed originals and copies of any other relevant records relating to such Loans and the Underlying Assets pertaining thereto.

"<u>Loan Register</u>": The meaning specified in <u>Section 5.3(k)</u>.

"<u>Loan Schedule</u>": The schedule listing each Loan owned or scheduled to be acquired by the Borrower setting forth the information listed on <u>Schedule II</u>.

"<u>Margin Stock</u>": "Margin Stock" as defined under Regulation U.

"<u>Material Adverse Effect</u>": With respect to any event or circumstance, a material adverse effect on (a) the business, assets, financial condition or operations, of the Servicer or the Borrower, (b) the validity or enforceability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c) the rights and remedies of the Collateral Agent, the Administrative Agent and the Lenders with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower or the Servicer, as applicable, to perform its respective obligations under any Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability of the Collateral Agent's Lien on the Collateral.

"<u>Material Modification</u>": Any amendment or waiver of, or modification or supplement to, an Underlying Instrument governing an Eligible Loan executed or effected on or after the date on which such Eligible Loan is transferred to the Borrower, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) extends or delays the stated maturity date or any scheduled amortization date of such Eligible Loan as and when due (including any scheduled or required excess cash flow sweeps) or (ii) reduces or waives any scheduled or required excess cash flow sweeps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) waives one or more interest payments, (ii) reduces the interest rate spread or coupon with respect to such Eligible Loan (other than due to automatic changes in grid pricing existing on the date of the Approval Notice for such Eligible Loan) or (iii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Eligible Loan (other than any deferral or capitalization allowed by the terms of its Underlying Instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contractually or structurally subordinates such Eligible 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 Assets securing such Eligible Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) substitutes, alters or releases (other than as permitted by such Underlying Instruments) (i) the Underlying Assets securing such Eligible Loan or (ii) any material guarantor of such Eligible Loan, and each such substitution, alteration or release, as determined in the sole reasonable discretion of the Administrative Agent, materially and adversely affects the value of such Eligible Loan; <u>provided</u> that the foregoing shall not apply to any release in conjunction with a relatively contemporaneous disposition by the Obligor accompanied by a mandatory reinvestment of Proceeds or mandatory repayment of the loan facility with the Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) amends, waives, forbears, supplements or otherwise modifies in any way the definition of "Net Senior Leverage Ratio," "Net Total Leverage Ratio," "Permitted Lien" or "Cash Interest Coverage Ratio" (or any respective comparable definitions in its Underlying Instruments (including any adjustment to "EBITDA" or similar definition)) or the definition of any component thereof in a manner that, in the sole reasonable discretion of the Administrative Agent, is materially adverse to any Lender; <u>provided</u> that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may waive any Material Modification resulting from such implementation pursuant to this clause (e); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except for Material Modifications described in <u>clause (a)</u> above, makes such Eligible Loan a Principal Reduced Loan.

"<u>Maximum Facility Amount</u>": The aggregate Commitments as then in effect, as such amount may be reduced pursuant to <u>Section 2.3</u>.

"<u>Measurement Date</u>": Each of (i) the Closing Date; (ii) the date of any Borrower's Notice; (iii) the Business Day following the date that a Responsible Officer of the Servicer has actual knowledge of the occurrence of any Assigned Value Adjustment Event; (iv) the Business Day following the date that the Assigned Value of any Loan is adjusted; (v) the date on which any Loan included in the latest calculation of any Borrowing Base fails to meet one or more of the criteria listed in the definition of "Eligible Loan" (other than any criteria thereof waived by the Administrative Agent); (vi) on or prior to each Reinvestment, Discretionary Sale, Substitution or Optional Sale pursuant to <u>Section 2.14</u> and <u>Section 3.2</u>, as applicable; (vii) each Reporting Date; and (viii) each other date requested by the Administrative Agent.

"<u>Minimum Equity Amount</u>": (i) Prior to the first date on which the aggregate Adjusted Borrowing Value of all Eligible Loans is equal to or greater than $85,000,000<u>119,000,000</u> , the greater of (a) the sum of the Adjusted Borrowing Values of all Eligible Loans to the three Obligors with the highest such Adjusted Borrowing Values and (b) $15,000,000<u>25,000,000</u> and (ii) on and after the first date on which the aggregate Adjusted Borrowing Value of all Eligible Loans is equal to or greater than $85,000,000<u>119,000,000</u> , the greater of (a) the sum of the Adjusted Borrowing Values of all Eligible Loans to the three Obligors with the highest such Adjusted Borrowing Values and (b) $25,000,000<u>35,000,000</u> .

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"<u>Moody's</u>": Moody's Investors Service, Inc., and any successor thereto.

"<u>Multiemployer Plan</u>": A "multiemployer plan" as defined in Section 4001(a)(3) of ERISA that is or was at any time during the current year or the preceding five (5) years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees.

"<u>Net Senior Leverage Ratio</u>": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Net Senior Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Senior Leverage Ratio" or comparable definition, the ratio of (i) the senior Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination *minus* the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower or the Servicer in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the Underlying Instruments.

"<u>Net Total Leverage Ratio</u>": With respect to any Loan for any Relevant Test Period either (a) the meaning of "Net Total Leverage Ratio" or any comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Total Leverage Ratio" or comparable definition, the ratio of (i) Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination *minus* Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower or the Servicer in good faith, using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying Instruments for such Loan.

"<u>Non-Usage Fee</u>": The meaning set forth in each Fee Letter and each Lender Fee Letter.

"<u>Noteless Loan</u>": A Loan with respect to which the Underlying Instruments either (i) do not require the Obligor to execute and deliver a promissory note to evidence the indebtedness created under such Loan or (ii) require execution and delivery of such a promissory note only upon the request of any holder of the indebtedness created under such Loan, and as to which the Borrower has not requested a promissory note from the related Obligor.

"<u>Notice of Exclusive Control</u>": The meaning specified in the Securities Account Control Agreement.

"<u>Obligations</u>": The unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Advances and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the Advances and all other obligations and liabilities

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of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with any Transaction Document, and any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Administrative Agent, the Collateral Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Transaction Documents) or otherwise.

"<u>Obligor</u>": With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including any guarantor thereof.

"<u>Offer</u>": A tender offer, voluntary redemption, exchange offer, conversion or other similar action.

"<u>Officer's Certificate</u>": A certificate signed by a Responsible Officer of the Person providing the applicable certification, as the case may be.

"<u>Operating Lease Implementation</u>": The implementation by an Obligor of IFRS 16/ASC 842.

"<u>Opinion of Counsel</u>": A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its reasonable discretion.

"<u>Optional Sale</u>": The meaning specified in <u>Section 2.14(d)</u>.

"<u>Original Cash Interest Coverage Ratio</u>": With respect to any Loan, the Cash Interest Coverage Ratio for such Loan on the date such Loan was acquired by the Borrower.

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

"<u>Other Taxes</u>": All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 2.12(g)</u>).

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"<u>Outstanding Balance</u>": With respect to any Loan as of any date of determination, (a) if such Loan is denominated and payable in Dollars, the outstanding principal balance of any advances or loans owing to the Borrower from the related Obligor pursuant to the related Underlying Instruments as of such date of determination and (b) if such Loan is denominated and payable in an Alternative Currency, the equivalent in Dollars of the outstanding principal balance of any advances or loans, determined by the Servicer using the Applicable Exchange Rate, owing to the Borrower from the related Obligor pursuant to the related Underlying Instruments as of such date of determination, in each case, exclusive of any interest and Accreted Interest. Principal payments received with respect to any Loan shall first reduce Accreted Interest and then the Outstanding Balance.

"<u>Participant Register</u>": The meaning specified in <u>Section 12.16(d)</u>.

"<u>Participation Interest</u>": An undivided 100% participation in a loan originated by a bank or financial institution that, at the time of acquisition, or the Borrower's commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a 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 the Borrower's acquisition (or, to the extent of a participation in the unfunded commitment under a Revolving Loan or Delayed Draw 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) such participation is documented under the Closing Date Participation Agreement or 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 in any loan.

"<u>Payment Date</u>": Monthly on the 15th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing in September, 2024.

"<u>Payment Date Statement</u>": A statement prepared by the Collateral Agent and verified by the Servicer prior to each Payment Date setting forth the calculation of each amount payable out of available Collections on such Payment Date pursuant to either <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable, together with the payment information for each recipient of such amounts.

"<u>Payment Recipient</u>": The meaning specified in <u>Section 11.8(a)</u>.

"<u>Pension Plans</u>": The meaning specified in <u>Section 4.1(v)</u>.

"<u>Permitted Investments</u>": Negotiable instruments or securities or other investments, which may include obligations or securities of issuers for which the Collateral Agent or an Affiliate of the Collateral Agent provides services or receives compensation that (i) except in the case of demand or time deposits and investments in money market funds, are represented by instruments in bearer or registered form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers and (ii) evidence:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand deposits, time deposits, bank deposit products of or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; <u>provided</u> that at the time of the Borrower's investment or contractual commitment to invest therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from Fitch and each Rating Agency in the Highest Required Investment Category granted by Fitch and such Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper, or other short term obligations, having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating in the Highest Required Investment Category granted by each Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term deposits from Moody's and S&P of "P-1" and "A-1", respectively, and if rated by Fitch, from Fitch of "F-1+";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) investments in taxable money market funds or other regulated investment companies having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category from each Rating Agency (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) time deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each Rating Agency.

"<u>Permitted Liens</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the interest of the Seller or the Borrower in the Loans included in the Collateral: (i) Liens in favor of the Borrower created pursuant to the Sale Agreement or the Closing Date Participation Agreement, (ii) Liens in favor of the Collateral Agent created pursuant to this Agreement, (iii) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person (for the avoidance of doubt, this <u>subsection (iii)</u> shall not affect any determination as to whether a Default or an Event of Default under <u>Section 9.1(p)</u> has occurred) and (iv) restrictions on transfer of such Loans set forth in the applicable Underlying Instruments; and

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"<u>Permitted PIK Loan</u>": A PIK Loan where, as of the related Cut-Off Date (a) any portion of the interest accruing thereon is contractually required to be paid in cash and (b) such cash interest accrues at a rate (i) if such Loan is a floating rate loan with an interest rate based on SOFR (or such other foreign currency reference rate as applicable), equal to or in excess of such rate plus 2.75%, as applicable to such Loan pursuant to the Underlying Instruments for such Loan, (ii) equal to or in excess of the applicable prime rate, if such Loan is a floating rate loan with an interest rate based on the applicable prime rate, and (c) equal to or in excess of 6.0%, if such Loan is a fixed rate loan.

"<u>Permitted RIC Distribution</u>": Distributions on any Payment Date to the Equityholder (from the Collection Account) to the extent required to allow the Equityholder to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal or state income or excise taxes payable by the Equityholder in or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); *provided* that the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Equityholder shall not exceed 115% of the amounts that the Borrower would have been required to distribute to the Equityholder 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.

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"<u>Permitted Securitization</u>": Any private or public term or revolving securitization transaction undertaken by the Borrower or an Affiliate thereof that is secured, directly or indirectly, by any Loan currently or formerly included in the Collateral or any portion thereof or any interest therein released from the Lien of this Agreement, including, without limitation, any collateralized loan obligation or collateralized debt obligation offering or other asset securitization or term facility.

"<u>Person</u>": An individual, partnership, corporation, limited liability company, joint stock company, trust (including a statutory or business trust), unincorporated association, sole proprietorship, joint venture, government (or any agency, instrumentality or political subdivision thereof), estate, company, limited liability partnership, nonprofit corporation, group, sector, territory or other entity or organization.

"<u>PIK Loan</u>": A Loan (other than a Permitted PIK Loan) which any portion of the interest accrued for a specified period of time or until the maturity thereof is, at the option of the Obligor or pursuant to conditions specified (in each case, under the related loan agreement), added to the principal balance of such Loan or otherwise deferred rather than being paid in cash.

"<u>Prime Rate</u>": The greater of (x) zero and (y) the rate announced by Wells Fargo from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Wells Fargo or any other specified financial institution in connection with extensions of credit to debtors.

"<u>Principal Collection Account (USD)</u>": Collectively, the Securities Accounts and any sub-accounts created and maintained on the books and records of the Securities Intermediary entitled "Principal Collection Account (USD)" in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Principal Collections</u>": All amounts received by the Borrower or the Collateral Agent that are not Interest Collections to the extent received in cash by or on behalf of the Borrower or the Collateral Agent.

"<u>Principal Reduced Loan</u>": Any Loan where any or all of the principal amount due thereunder is reduced, waived or forgiven, any lenders' rights to payment of principal as and when due thereunder has been reduced, waived or forgiven or lenders thereunder have agreed in writing to forbear from enforcing their rights to such payment after a default in respect thereof.

"<u>Proceeds</u>": With respect to any Collateral, all property that is receivable or received when such Collateral is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to any insurance relating to such Collateral.

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"<u>Property</u>": Any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock.

"<u>Pro Rata Share</u>": With respect to any Lender, the percentage obtained by dividing the Commitment of such Lender (as determined pursuant to the definition of Commitment) by the aggregate Commitments of all the Lenders (as determined pursuant to the definition of Commitment) or, if the Commitments have been terminated, based on the Advances Outstanding.

"<u>Purchase Price</u>": With respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the purchase price (or, if different principal amounts of such Loan were purchased at different purchase prices, the weighted average of such purchase prices) paid by the Borrower for such Loan (exclusive of any interest, Accreted Interest, original issue discount and upfront fees) *divided by* (ii) the principal balance of the portion of such Loan purchased by the Borrower outstanding as of the date of such purchase (exclusive of any interest, Accreted Interest, original issue discount and upfront fees); <u>provided</u>, that any Loan with a "Purchase Price" of at least 97% (including, for the avoidance of doubt, in excess of 100%), shall be deemed to have a "Purchase Price" of 100%.

"<u>QFC</u>": The meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>Qualified Institution</u>": A depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (b) the parent corporation of which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (c) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the FDIC.

"<u>Rating Agency</u>": Each of Moody's, Fitch and S&P.

"<u>Recurring Revenue</u>": With respect to any Recurring Revenue Loan, the meaning of "Recurring Revenue" or any comparable definition in the related Underlying Instruments relating to recurring maintenance or support revenues, subscription revenues, and recurring revenues attributable to software licensed or sold (excluding one-time license revenues) in the Underlying Instruments for such Loan.

"<u>Recurring Revenue Loan</u>": Any commercial loan that (i) has a related Obligor organized under the law of the United States and is denominated in Dollars, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law, (iii) has a related Obligor that is principally engaged in an enterprise software business that derives revenue primarily under contractual agreements and/or selling software as a

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service, (iv) is structured or underwritten based on a multiple of the related Obligor's Recurring Revenue, and (v) contains a Recurring Revenue Loan Covenant Flip Scheduled Date (which date is no later than the three (3) year anniversary of the date on which the Borrower acquired such loan); <u>provided</u> that the Administrative Agent may change the designation of such Loan in its sole discretion upon the replacement of the recurring revenue covenants for such Loan with traditional cash flow leverage lending covenants (such as those based on total leverage, senior leverage, and interest coverage) (a "<u>Recurring Revenue Reclassification Date</u>"). For any Loan subject to a Recurring Revenue Reclassification Date, any references to the Net Senior Leverage Ratio, Net Total Leverage Ratio, Assigned Value and Cash Interest Coverage Ratio as of the contribution date for such Loan will be to those ratios determined by the Administrative Agent in its sole discretion as of the Recurring Revenue Reclassification Date.

"<u>Recurring Revenue Loan Covenant Flip Scheduled Date</u>": With respect to any Recurring Revenue Loan, as of its date of acquisition by any Borrower, the scheduled date upon which the covenants for such Loan are to be replaced with traditional cash flow leverage lending covenants (such as those based on total leverage, senior leverage, and interest coverage) as specified in the original Underlying Instruments for such Loan.

"<u>Recurring Revenue Loan Gross Leverage Ratio</u>": With respect to any Recurring Revenue Loan, the ratio for the related Obligor of (a) indebtedness to (b) Recurring Revenue, as calculated by the Borrower and Servicer in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Instruments.

"<u>Recurring Revenue Reclassification Date</u>": The meaning specified in the definition of Recurring Revenue Loan.

"<u>Register</u>": The meaning specified in <u>Section 12.16(b)</u>.

"<u>Registered</u>": With respect to any registration-required obligation within the meaning of Section 163(f)(2) of the Code, a debt obligation that was issued after July 18, 1984 and that is in registered form within the meaning of Section 5f.103-1(c) of the Treasury Regulations.

"<u>Regulation U</u>": Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. § 221, or any successor regulation.

"<u>Reinvestment</u>": The meaning specified in <u>Section 2.14(a)(i)</u>.

"<u>Reinvestment Notice</u>": Each notice required to be delivered by the Servicer in respect of any Reinvestment of Principal Collections pursuant to <u>Section 3.2(b)</u> in the form of <u>Exhibit A-3</u>.

"<u>Reinvestment Period</u>": The period commencing on the Closing Date and ending on the day preceding the Reinvestment Period End Date.

"<u>Reinvestment Period End Date</u>": The earliest to occur of (a) the date of the declaration of the Reinvestment Period End Date pursuant to <u>Section 9.2(a)</u>, (b) the Termination Date pursuant to <u>Section 9.2(a)</u>, (c) the date of the termination of all of the Commitments pursuant to <u>Section 2.3(a)</u> or (d) the Scheduled Reinvestment Period End Date.

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"<u>Related Parties</u>": With respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person's Affiliates.

"<u>Relevant Governmental Body</u>": (a) With respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, 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 or any successor thereto and (b) with respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, any Alternative Currency, (1) the central bank for the Available Currency in which such amounts are denominated, or calculated with respect to, or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the Available Currency in which such amounts are denominated, or calculated with respect to, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.

"<u>Relevant Test Period</u>": With respect to any Loan, the relevant test period for the calculation of Net Senior Leverage Ratio, Net Total Leverage Ratio, Cash Interest Coverage Ratio or EBITDA as applicable, for such Loan in accordance with the related Underlying Instruments or, if no such period is provided for therein, (i) for Obligors delivering monthly financial statements, each period of the last twelve (12) consecutive reported calendar months, and (ii) for Obligors delivering quarterly financial statements, each period of the last four (4) consecutive reported fiscal quarters of the principal Obligor on such Loan; <u>provided</u> that with respect to any Loan for which the relevant test period is not provided for in the related Underlying Instruments, if an Obligor is a newly-formed entity as to which twelve (12) consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor to the end of the twelfth (12th) calendar month or fourth (4th) fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last twelve (12) consecutive reported calendar months or four (4) consecutive reported fiscal quarters (as the case may be) of such Obligor.

"<u>Repayment Notice</u>": Each notice required to be delivered by the Borrower in respect of any reduction of the Commitments or by the Borrower or the Servicer (on behalf of the Borrower) in respect of any repayment of Advances Outstanding, in the form of <u>Exhibit A-2</u>.

"<u>Reportable Event</u>": The meaning specified in <u>Section 4.1(v)</u>.

"<u>Reporting Date</u>": The date that is two (2) Business Days prior to the 15th calendar day of each calendar month, with the first Reporting Date occurring in September, 2024.

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"<u>Required Lenders</u>": The Administrative Agent and the Lenders representing an aggregate of more than 50% of the aggregate Commitments (or, if the applicable Commitments have been terminated, Advances Outstanding); <u>provided</u> that, for the purposes of determining the Required Lenders, (i) if at any time there is more than one non-Defaulting Lender (counting affiliated Lenders as a single Lender), at least two unaffiliated non-Defaulting Lenders shall be required to constitute "Required Lenders" and (ii) the Commitment of any Defaulting Lender shall be disregarded for purposes of determining whether the consent of the Required Lenders has been obtained and such Lender shall not constitute a Required Lender hereunder.

"<u>Required Loan Documents</u>": For each Loan, the following documents or instruments, in each case as specified on the related Loan Checklist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless such Loan is a Noteless Loan, the original executed promissory note (or, in the case of a lost note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and indemnity from the Borrower to the Collateral Agent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) unless such Loan is a Noteless Loan, an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower, (ii) executed copies of an unbroken chain of assignment and assumption agreements, transfer documents or instruments relating to such Loan evidencing the assignment of such Loan from each prior third party owner thereof to the Borrower, (iii) an executed assignment and assumption agreement, transfer document or instrument relating to such Loan evidencing the assignment of such Loan to the Borrower that, to the extent required by the Underlying Instruments, is counter-signed by the applicable underlying administrative agent, (iv) a copy of the loan register held by the administrative agent for such Loan showing that the Borrower is the lender of record with respect to such Loan or (v) a copy of the executed credit or loan agreement to which the Borrower was an original signatory (which includes the Borrower's commitment).

"<u>Required Reports</u>": Collectively, the Borrowing Base Certificate, the Payment Date Statement, financial statements of each Obligor, the Servicer and the Borrower required to be delivered under the Transaction Documents (including, without limitation, pursuant to <u>Sections 5.1(q)</u>, <u>5.3(f)</u> and <u>6.8(a)</u> hereof), the annual statements as to compliance and the annual independent public accountant's report pursuant to <u>Section 5.1(r)</u>.

"<u>Responsible Officer</u>": With respect to any Person, any duly authorized officer of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, and with respect to the Collateral Agent or Securities Intermediary, an officer to whom a corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and having direct responsibility for the administration of this transaction.

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"<u>Restricted Payment</u>": (i) Any dividend or other distribution, direct or indirect, on account of any class of membership interests of the Borrower now or hereafter outstanding, except a dividend or distribution paid solely in interests of that class of membership interests or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter outstanding, and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding. For the avoidance of doubt, payments and reimbursements due to the Servicer in accordance with this Agreement or any other Transaction Document do not constitute Restricted Payments.

"<u>Revaluation Date</u>": Subject to <u>Section 2.5,</u> with respect to any Advance denominated in an Alternative Currency, each of the following: (i) the Funding Date of such Advance but only as to the amounts so borrowed on such date, (ii) each date of a Rollover of such Advance pursuant to the terms of this Agreement, but only as to the amounts so renewed on such date, and (iii) such additional dates as the Administrative Agent shall determine.

"<u>Revenue Recognition Implementation</u>": The implementation by an Obligor of IFRS 15/ASC 606.

"<u>Review Criteria</u>": The meaning specified in <u>Section 7.2(b)(i)</u>.

"<u>Revolving Loan</u>": Any Loan (other than a Delayed Draw Loan) that is a senior secured obligation (including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under the Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower; <u>provided</u> that, any such Loan will be a Revolving Loan only until all commitments by the Borrower to make advances to the Obligor thereof expire, or are terminated, or are irrevocably reduced to zero.

"<u>Rollover</u>": The renewal of all or any part of any Term Rate Advance upon the expiration of the applicable Interest Period with respect thereto.

"<u>Rollover Date</u>": The date that is one (1) Business Day after the immediately preceding Determination Date.

"<u>S&P</u>": S&P Global Ratings (or its successors in interest).

"<u>Sale Agreement</u>": The Loan Sale Agreement, dated as of the Closing Date, by and between the Seller and the Borrower.

"<u>Sale Proceeds</u>": With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower, the Servicer and the Collateral Agent incurred in connection with any such sale.

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"<u>Sanction</u>" or "<u>Sanctions</u>": Individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future statute or executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other Governmental Authorities with jurisdiction over the Borrower, the Servicer, the Seller, the Equityholder or any of their respective Subsidiaries.

"<u>Sanctioned Person</u>": Any Person that is a target of Sanctions, including without limitation, a Person that is: (a) on any list of targets identified or designated pursuant to any Sanctions, including those listed on OFAC's Specially Designated Nationals (SDN) and Blocked Persons List and OFAC's Consolidated Non-SDN List; (b) a legal entity that is a Sanctions target based on the ownership or control of such legal entity by Sanctioned Person(s); or (c) the target of or subject to any territorial or country-based Sanctions program.

"<u>Scheduled Payment</u>": Each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related Underlying Instruments, if applicable.

"<u>Scheduled Reinvestment Period End Date</u>": May 6<u>1</u>, 2026<u>2029</u>.

"<u>SEC</u>": The Securities and Exchange Commission or any successor Governmental Authority.

"<u>Second Amendment Closing Date</u>": August 5, 2025.

"<u>Second Lien Loan</u>": A Loan that (i) does not satisfy each requirement set forth in the definition of "First Lien Loan" or "First Lien Last Out Loan," (ii) is secured by a pledge of collateral, which security interest is validly perfected and second priority under Applicable Law (subject to Permitted Liens), (iii) is *pari passu* or subordinated to in right of payment with the Indebtedness of the holders of the first priority security interest (other than following an event of default) and (iv) pursuant to an intercreditor or subordination agreement between the Borrower (or applicable agent) and the holder of the first priority Lien (or applicable agent) over the Underlying Assets, the amount of Indebtedness secured by such first priority Lien is limited (in terms of aggregate dollar amount or percent of outstanding principal or both); provided that, if the Lien to which such Loan is subordinated (x) secures a small working capital or asset-based loan and (y) covers only assets whose overall value do not constitute a material portion of the overall value of the applicable Underlying Assets (including any applicable stock pledge), in each case as determined by the Administrative Agent in its sole discretion, then such Loan shall be a First Lien Last Out Loan for all purposes hereunder.

"<u>Secured Party</u>": (i) Each Lender, (ii) the Administrative Agent, (iii) the Collateral Agent and (iv) the Securities Intermediary.

"<u>Securities Account</u>": The meaning specified in Section 8-501(a) of the UCC.

"<u>Securities Account Control Agreement</u>": The Account Control Agreement, dated as of the date hereof, among the Borrower, the Collateral Agent and the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time.

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"<u>Securities Intermediary</u>": Computershare Trust Company, N.A., or any subsequent (i) Clearing Corporation; or (ii) Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity, agreeing to act in such capacity pursuant to the Securities Account Control Agreement.

"<u>Security Certificate</u>": The meaning specified in Section 8-102(a)(16) of the UCC.

"<u>Security Entitlement</u>": The meaning specified in Section 8-102(a)(17) of the UCC.

"<u>Seller</u>": The meaning specified in the Preamble. "<u>Servicer</u>": The meaning specified in the Preamble.

"<u>Servicer Fee</u>": The fee payable to the Servicer on each Payment Date in arrears in respect of each Accrual Period pursuant to <u>Sections 2.7(a)(2)</u> and <u>(b)(2)</u> or <u>Section 2.8(2)</u>, as applicable, which fee shall be equal to the product of (a) the sum of the Adjusted Borrowing Value of each Loan as of the first day of such Accrual Period and as of the last day of such Accrual Period *divided by* two *multiplied by* (b) a rate equal to 0.50% *per annum*; <u>provided</u> that so long as Adams Street Credit Solutions Fund (or an Affiliate thereof) is the Servicer such fee shall be waived.

"<u>Servicer Standard</u>": The meaning specified in <u>Section 6.2(e)</u>.

"<u>Servicer Termination Event</u>": The occurrence of any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer to deposit (or caused to be deposited) into the Collection Account any Collections received by it in accordance with <u>Section 2.9(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure on the part of the Servicer to duly observe or perform in any material respect the covenants or agreements of the Servicer set forth in any Transaction Document to which the Servicer is a party (including, without limitation, any material delegation of the Servicer's duties not permitted by this Agreement), which failure continues unremedied for a period of thirty (30) days after the earlier to occur of (i) the date on which written notice of such failure shall have been delivered to the Servicer by any Lender or the Borrower, and (ii) the date on which a Responsible Officer of the Servicer acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Insolvency Event shall occur with respect to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of a Change of Control with respect to the Servicer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any failure by the Servicer to deliver (x) any Borrowing Base Certificate required to be delivered by the Servicer hereunder within two (2) Business Days of the date when due or (y) any other Required Report or any other financial or other information reasonably requested by the Administrative Agent within seven (7) Business Days after written notice of such failure or such request is delivered to the Servicer by the Administrative Agent, the Collateral Agent or any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any representation, warranty or certification made by the Servicer in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect in any material respect when made, which inaccuracy has a Material Adverse Effect on the Lenders and which continues to be unremedied for a period of thirty (30) days after the earlier to occur of (i) the date on which written notice of such inaccuracy shall have been given to the Servicer by any Lender or the Borrower and (ii) the date on which a Responsible Officer of the Servicer acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the rendering against the Servicer of one or more final judgments, decrees or orders for the payment of money in excess of $5,000,000, individually or in the aggregate, solely to the extent such payments are not covered by insurance, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than forty-five (45) consecutive days without a stay of execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) Bill Sacher shall fail to be an employee (or actively involved in the management) of the Servicer (or an Affiliate of the Servicer that is acting on behalf of the Servicer in such capacity) and is not replaced with another individual reasonably acceptable to the Administrative Agent within one hundred twenty (120) days or (ii) Justin Lawrence and Fred Chung shall both fail to be employees (or actively involved in the management) of the Servicer (or an Affiliate of the Servicer that is acting on behalf of the Servicer in such capacity) and are not both replaced with other individuals reasonably acceptable to the Administrative Agent within one hundred eighty (180) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements for borrowed money which it is a borrower in an aggregate amount in excess of $5,000,000, individually or in the aggregate, or the occurrence of any event if the effect of such event is to accelerate or permit the acceleration of such amount of such recourse debt, whether or not waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the occurrence of an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Adams Street Credit Solutions Fund ceases to be Servicer, or the Servicer assigns any of its rights or obligations under any Transaction Document to any Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) as of any date of determination, Adams Street Private Credit and its Affiliates fail to maintain, in the aggregate, at least $5,000,000,000 of assets under management.

"<u>Servicer Termination Notice</u>": The meaning specified in <u>Section 6.11</u>.

<u>"Sixth Amendment Closing Date": May 1, 2026.</u>

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"<u>SOFR</u>": A rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>": The Federal Reserve Bank of New York (or any successor administrator).

"<u>SOFR Administrator's Website</u>": The website of the SOFR Administrator, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Day</u>": The meaning specified in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>": The meaning specified in the definition of "Daily Simple SOFR".

"<u>Solvent</u>": As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person's liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person's property assets would constitute unreasonably small capital.

"<u>SONIA</u>": A rate equal to the sterling overnight index average as administered by the SONIA Administrator.

"<u>SONIA Administrator</u>": The Bank of England (or any successor administrator of the sterling overnight index average).

"<u>SONIA Administrator's Website</u>": 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 Business Day"</u>: Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in London.

"<u>SONIA Determination Day</u>": The meaning specified in the definition of "Daily Simple <u>SONIA</u>."

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"<u>SONIA Rate Day</u>": The meaning specified in the definition of "Daily Simple <u>SONIA</u>."

"<u>Spot Rate</u>": Subject to <u>Section 2.5</u>, for any Alternative Currency, the rate provided (either by publication or otherwise provided or made available to the Administrative Agent) by Thomson Reuters Corp. (or equivalent service chosen by the Administrative Agent in its reasonable discretion) as the spot rate for the purchase of such Alternative Currency with another currency at a time selected by the Administrative Agent in accordance with the procedures generally used by the Administrative Agent for syndicated credit facilities in which it acts as administrative agent.

"<u>Subsidiary</u>": As to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person.

"<u>Substitution</u>": The meaning specified in <u>Section 2.14(b)</u>.

"<u>T2</u>": The real time gross settlement system operated by the Eurosystem, or any successor system.

"<u>TARGET Day</u>": Any day on which T2 is open for the settlement of payments in Euros.

"<u>Taxes</u>": 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>": For any Interest Period with respect to Advances denominated in Canadian Dollars, the greater of (i) the sum of (x) the Term CORRA Reference Rate for a period of one month, at approximately 10:00 a.m. (Toronto time) on the day (such day, a "<u>Term CORRA Determination Day</u>") that is two (2) CORRA Business Days prior to the first day of such Interest Period as such Term CORRA Reference Rate is published by the Term CORRA Administrator plus (y) the Term CORRA Adjustment and (ii) the Floor. If, by 5:00 p.m. (Toronto time) on any Term CORRA Determination Day, the Term CORRA Reference Rate for a period of one month 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 a period of one month as published by the Term CORRA Administrator on the first preceding CORRA 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 CORRA Business Day is not more than three (3) CORRA Business Days prior to such Term CORRA Determination Day; <u>provided further</u> that in no event shall Term CORRA determined pursuant to this sentence be less than the Floor.

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"<u>Term CORRA Adjustment</u>": A percentage equal to 0.29547% (29.547 basis points) per annum.

"<u>Term CORRA Administrator</u>": CanDeal Benchmark Administration Services Inc. ("<u>CanDeal</u>") or, in the reasonable discretion of Administrative Agent, TSX Inc. or an affiliate of TSX Inc. as the publication source of the CanDeal/TMX Term CORRA benchmark that is administered by CanDeal (or a successor administrator of the Term CORRA Reference Rate selected by the Administrative Agent in its reasonable discretion).

"<u>Term CORRA Determination Day</u>": The meaning specified in the definition of "Term CORRA."

"<u>Term CORRA Reference Rate</u>": The forward-looking term rate based on CORRA.

"<u>Term Rate Advance</u>": Any Advance that bears interest at a rate based on Term CORRA or EURIBOR.

"<u>Termination Date</u>": The earliest of (a) the date of the termination of all the Commitments pursuant to <u>Section 2.3(a)</u>, (b) the Facility Maturity Date, and (c) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to <u>Section 9.2(a)</u>.

"<u>Transaction</u>": The meaning specified in <u>Section 3.2</u>.

"<u>Transaction Documents</u>": This Agreement, the Sale Agreement, the Closing Date Participation Agreement, each Fee Letter, each Lender Fee Letter, the Securities Account Control Agreement, any Joinder Supplement and the Collateral Agent Fee Letter.

"<u>UCC</u>": The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

"<u>Unadjusted Benchmark Replacement</u>": The applicable Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment.

"<u>Uncertificated Security</u>": The meaning specified in Section 8-102(a)(18) of the UCC.

"<u>Underlying Assets</u>": With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including, without limitation, to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets.

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"<u>Underlying Instruments</u>": The loan agreement, credit agreement or other agreement pursuant to which a Loan has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan or Permitted Investment or of which the holders of such Loan or Permitted Investment are the beneficiaries.

"<u>Undisclosed Administration</u>": In relation to a Lender or its direct or indirect parent company that is a solvent person, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home jurisdiction, if applicable law requires that such appointment not be disclosed.

"<u>Unfunded Exposure Accounts</u>": Collectively, (a) to the extent of amounts designated as Unfunded Exposure Collections therein, each of the Canadian Dollar Account, the Euro Account and the GBP Account and (b) the Unfunded Exposure Account (USD).

"<u>Unfunded Exposure Account (USD)</u>": Collectively, the Securities Accounts and any sub-accounts created and maintained on the books and records of the Securities Intermediary entitled "Unfunded Exposure Account (USD)" in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Unfunded Exposure Amount</u>": As of any date of determination, an amount equal to the excess, if any, of (i) the aggregate amount (without duplication) of all Exposure Amounts over (ii) the amount on deposit in the Unfunded Exposure Account and the amounts designated as Unfunded Exposure Collections in the Canadian Dollar Account, the Euro Account and the GBP Account (converted into Dollars using the Applicable Exchange Rate, if applicable).

"<u>Unfunded Exposure Collections</u>": Means any amounts in (x) Canadian Dollars on deposit in the Canadian Dollar Account, (y) Euros on deposit in the Euro Account or (z) GBP on deposit in the GBP Account and, in each case, designated by the Borrower to be reserved against the Unfunded Exposure Amount.

"<u>Unfunded Exposure Equity Amount</u>": As of any date of determination, with respect to any Loan, an amount equal to the sum of (i) the product of (a) the Exposure Amount with respect to such Loan *multiplied* by (b) the difference of (x) 100% *minus* (y) the Applicable Percentage for such Loan *plus* (ii) the sum of the products of (x) any Assigned Value reductions associated with the Exposure Amount with respect to such Loan *multiplied* by (y) the Applicable Percentage for such Loan.

"<u>United States</u>" or "<u>U.S.</u>": The United States of America.

"<u>Unrestricted Cash</u>": The meaning of "Unrestricted Cash" or any comparable definition in the Underlying Instruments for each Loan, and in any case that "Unrestricted Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been delivered to the Borrower.

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"<u>U.S. Borrower</u>": Any Borrower that is a U.S. Person.

"<u>U.S. Government Securities Business Day</u>": Any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>": 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>": Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

"<u>U.S. Tax Compliance Certificate</u>": The meaning set forth in <u>Section 2.13(f)</u>.

"<u>USA Patriot Act</u>": The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"<u>Wells Fargo</u>": The meaning specified in the Preamble.

"<u>Withholding Agent</u>": The Borrower and the Administrative Agent.

Section 1.2 <u>Other Terms</u>.

All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined in such Article 9.

Section 1.3 <u>Computation of Time Periods</u>.

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding."

Section 1.4 <u>Interpretation</u>.

In each Transaction Document, unless a contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular number includes the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any gender includes each other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to day or days without further qualification means calendar days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any time means New York, New York time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the word "including" is not limiting and means "including without limitation;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the word "any" is not limiting and means "any and all" unless the context clearly requires or the language provides otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reference to any delivery or transfer to the Collateral Agent with respect to the Collateral means delivery or transfer to the Collateral Agent on behalf of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if any date for compliance with the terms or conditions of any Transaction Document falls due on a day which is not a Business Day, then such due date shall be deemed to be the immediately following Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) reference to the date of any acquisition or disposition of any Collateral, or the date on which any asset is added to or removed from the Collateral shall mean the related "settlement date" and not the related "trade date";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) references herein to the knowledge or actual knowledge of a Person shall mean, except as explicitly provided herein, the actual knowledge following reasonable inquiry under the circumstances of a Responsible Officer of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) for purposes of this Agreement, an Event of Default shall be deemed to be continuing until it is waived in accordance with <u>Section 12.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any use of "material" or "materially" or words of similar meaning in this Agreement with respect to the Borrower and/or the Collateral shall mean material, as determined by the Administrative Agent in its reasonable discretion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) for purposes of calculating the Aggregate Borrowing Base, Adjusted Borrowing Value, Unfunded Exposure Equity Amount and Unfunded Exposure Amount on any date of determination, the Aggregate Borrowing Base, Adjusted Borrowing Value, Outstanding Balance and Unfunded Exposure Amount of the applicable Loans (or Advances) shall be converted to Dollars, if necessary, by the Servicer using the Applicable Exchange Rate and for purposes of determining the existence or occurrence of any Borrowing Base Deficiency, the Advances Outstanding shall be converted to Dollars, if necessary, by the Servicer using the Applicable Exchange Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (i) all Canadian Dollars will be deposited into the Canadian Dollar Account and will remain in such account unless otherwise provided for herein; the Collateral Agent shall maintain records designating the amounts in the Canadian Dollar Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Agent's reports shall indicate the same, (ii) all Euros will be deposited into the Euro Account and will remain in such account unless otherwise provided for herein; the Collateral Agent shall maintain records designating the amounts in the Euro Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Agent's reports shall indicate the same and (iii) all GBP will be deposited into the GBP Account and will remain in such account unless otherwise provided for herein; the Collateral Agent shall maintain records designating the amounts in the GBP Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Agent's reports shall indicate the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any other Transaction Document, the Borrower and the Administrative Agent shall negotiate in good faith to amend such covenant to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) the Borrower shall provide to the Administrative Agent a written reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between calculations of such covenant made before and after giving effect to such change in generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) neither the Administrative Agent nor the Collateral Agent 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 Daily Simple SOFR, Daily Simple SONIA, Term CORRA, EURIBOR or any other Benchmark, or any component definition thereof or rates referred to in the definition thereof, or with respect to 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), as it may or may not be adjusted pursuant to <u>Section 2.19</u>, will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Daily Simple SOFR, Daily Simple SONIA, Term CORRA, EURIBOR, 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 a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower. The Administrative Agent may select information

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sources or services in its reasonable discretion to ascertain 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 the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

**ARTICLE II** 

**THE ADVANCES** 

Section 2.1 <u>The Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Reinvestment Period, the Borrower may, at its option, request the Lenders to make advances of funds (each, an "<u>Advance</u>") under this Agreement pursuant to a Funding Notice; <u>provided</u>, <u>however</u>, that no Lender shall be obligated to make any Advance on or after the date that is two (2) Business Days prior to the Reinvestment Period End Date, unless the Borrower has entered into a binding commitment to purchase an Eligible Loan prior to the declaration of the Termination Date or the Reinvestment Period End Date pursuant to <u>Section 9.2(a)</u> and the related Advance Date is not more than thirty (30) days after such declaration; <u>provided</u>, <u>further</u>, that no Lender shall be obligated to make any Advance if such Advance would result in such Lender's Advances Outstanding exceeding its Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the receipt of a Funding Notice during the Reinvestment Period and subject to the terms and conditions hereinafter set forth, the Lenders shall fund such Advance. Notwithstanding anything to the contrary herein, no Lender shall make any Advance if, after giving effect to such Advance and the addition to the Collateral of the Eligible Loans to be acquired by the Borrower with the proceeds of such Advance, (i) in the sole discretion of any such Lender, a Default or Event of Default would or could reasonably be expected to result therefrom or (ii) a Borrowing Base Deficiency would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may, with the written consent of the Administrative Agent, add additional Persons who satisfy the requirements set forth in <u>Section 12.16</u> as Lenders and, upon prior written notice to the Lenders, increase the Commitments hereunder; <u>provided</u> that the Commitment of any Lender may only be increased with the prior written consent of such Lender and the Administrative Agent. Each additional Lender shall become a party hereto by executing and delivering to the Administrative Agent, the Collateral Agent, the Servicer and the Borrower a Joinder Supplement.

Section 2.2 <u>Procedures for Advances by the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations set forth in <u>Section 2.1(a)</u>, the Borrower may request an Advance from the Lenders by delivering to the Lenders at certain times the information and documents set forth in this <u>Section 2.2</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to all Advances, (A) if the Advance is denominated in Dollars, no later than 3:00 p.m. at least one (1) Business Day prior to the proposed Funding Date, (B) if the Advance is denominated in GBP, no later than 3:00 p.m. at least five (5) Business Days prior to the proposed Funding Date and (C) if the Advance is denominated in an Available Currency other than Dollars or GBP, no later than 3:00 p.m. at least three (3) Business Days prior to the proposed Funding Date (or, in each case, such shorter time period as is acceptable to the Administrative Agent), the Borrower (or the Servicer on the Borrower's behalf) shall deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Administrative Agent (with a copy to the Collateral Agent) a wire disbursement and authorization form, to the extent not previously delivered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the Administrative Agent (with a copy to each Lender and the Collateral Agent) a duly completed Funding Notice (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving *pro forma* effect to the Advance requested and the use of the proceeds thereof) which shall (i) specify the desired amount of such Advance, which amount shall not cause a Borrowing Base Deficiency and must be at least equal to $250,000 (or the Alternative Currency Equivalent thereof), or, in the case of any Advance to be applied to fund any draw under a Revolving Loan or Delayed Draw Loan, such lesser amount as may be required to fund such draw, to be allocated to each Lender in accordance with its Pro Rata Share, (ii) specify the proposed Funding Date of such Advance, (iii) specify the Loan(s) (if any) to be financed on such Funding Date (including the appropriate file number, Obligor, Outstanding Balance, Assigned Value and Purchase Price for such Loan(s) (if any)), and (iv) include a representation that all conditions precedent for an Advance described in <u>Article III</u> hereof have been met. Each Funding Notice shall be irrevocable; <u>provided</u>, <u>however</u>, that during any Benchmark Unavailability Period, the Borrower may revoke any Funding Notice promptly upon receiving notice of the commencement of such Benchmark Unavailability Period. If any Funding Notice is received by the Administrative Agent after 2:00 p.m. on the proposed Funding Date or on a day that is not a Business Day, such Funding Notice shall be deemed to be received by the Administrative Agent at 9:00 a.m. on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the proposed Funding Date, subject to the limitations set forth in <u>Section 2.1(a)</u> and upon satisfaction of the applicable conditions set forth in <u>Article III</u>, each Lender shall make available to the Borrower in same day funds, by wire transfer to the account designated by Borrower in the Funding Notice given pursuant to this <u>Section 2.2</u>, an amount equal to such Lender's Pro Rata Share of the least of (i) the amount requested by the Borrower for such Advance, (ii) the aggregate unused Commitments then in effect and (iii) the maximum amount that, after taking into account the proposed use of the proceeds of such Advance, could be advanced to the Borrower hereunder without causing a Borrowing Base Deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Funding Date, the obligation of each Lender to remit its Pro Rata Share of any such Advance shall be several from that of each other Lender and the failure of any Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Term Rate Advance shall automatically Rollover upon the termination of each applicable Interest Period without notice from the Borrower until repaid. On each Rollover Date, all Term Rate Advances in the same Available Currency that are outstanding on such Rollover Date shall, whether or not they are separate Term Rate Advances prior to such Rollover Date, be combined into a single Term Rate Advance in such Available Currency with one (1) Interest Period related to such Term Rate Advance.

Section 2.3 <u>Reduction of the Facility Amount; Principal Repayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower (or the Servicer on behalf of the Borrower) may irrevocably terminate the Commitments in whole or irrevocably reduce in part the portion of the Commitments that exceed the sum of the Advances Outstanding and accrued Interest with respect thereto; <u>provided</u> that (i) the Borrower shall provide a Repayment Notice at least one (1) Business Day prior to the date of such termination or reduction to the Administrative Agent (with a copy to the Servicer); (ii) any partial reduction of the Commitments shall be in an amount equal to $1,000,000 (or the Alternative Currency Equivalent thereof) and in integral multiples of $250,000 (or the Alternative Currency Equivalent thereof) in excess thereof, and (iii) in the case of such termination or reduction on or prior to first anniversary of the Closing Date, other than in connection with a Permitted Securitization, which the Administrative Agent has consented to in writing in their sole discretion, or an amendment and restatement of this Agreement, the Borrower shall pay to the Administrative Agent for distribution to the Lenders the applicable Commitment Reduction Fee; <u>provided</u> that no Commitment Reduction Fee shall be due and payable if (1) such termination or reduction occurs after the second<u>first</u> anniversary of the <u>Sixth Amendment</u> Closing Date, (2) such termination or reduction is of the Commitment of any Defaulting Lender, (3) such termination or reduction is of the Commitment of any Lender requesting compensation under <u>Sections 2.12</u> or <u>2.13</u> or which is unwilling or unable to fund Advances at the Benchmark for the reasons specifically provided for in <u>Section 2.12</u>, (4) a successor rate to Daily Simple SOFR has not been determined by the Administrative Agent and the Borrower within thirty (30) days after the date on which such rate becomes unavailable or is not published on a current basis and such circumstances are unlikely to be temporary or the administrator of a successor rate to Daily Simple SOFR or a Governmental Authority has publicly identified a specific date after which such rate will no longer be made available or (5) such termination occurs when, as of the date of the termination, the ratio of (x) the number of Loans approved by the Administrative Agent to (y) the number of Loans meeting the eligibility requirements under the definition of Eligible Loan (without giving effect to <u>clause (a)</u> of such definition or any other item waived by the Administrative Agent in accordance with such definition), is less than 50% (the "<u>Loan Rejection Percentage</u>"); <u>provided</u>, <u>however</u>, that the Loan Rejection Percentage shall not be measured until the Borrower has submitted at least 10 Loans for the Administrative Agent's approval. Each notice of a reduction or termination pursuant to this <u>Section 2.3(a)</u> shall be irrevocable. The applicable Commitment of each Lender shall be reduced by an amount equal to its Pro Rata Share (prior to giving effect to any reduction of the Commitments hereunder) of the aggregate amount of any reduction under this <u>Section 2.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower (or the Servicer on behalf of the Borrower) may, at any time, reduce Advances Outstanding; <u>provided</u> that (i) the Borrower shall provide a Repayment Notice at least one (1) Business Day prior to the date of such reduction to the Administrative Agent, the Collateral Agent and the Lenders (provided that same day notice may be given with respect to curing any Borrowing Base Deficiency) and (ii) any reduction of Advances

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Outstanding (other than with respect to repayments of Advances Outstanding made by the Borrower to reduce Advances Outstanding such that no Borrowing Base Deficiency exists) shall be in a minimum amount of $250,000 (or the Alternative Currency Equivalent thereof) and in integral multiples of $100,000 (or the Alternative Currency Equivalent thereof) in excess thereof. In connection with any such reduction of Advances Outstanding, the Borrower shall deliver (1) to the Administrative Agent, the Collateral Agent and each Lender of such Advances, a Repayment Notice and (2) funds to the Collateral Agent for payment to the Lenders of such Advances sufficient to repay such Advances Outstanding, accrued Interest thereon which may include instructions to the Collateral Agent to use funds from the Principal Collection Account (USD) and/or funds otherwise provided by the Borrower to the Collateral Agent with respect thereto; <u>provided</u> that, the Advances Outstanding will not be reduced unless sufficient funds have been remitted to pay all such amounts in the succeeding sentence in full. Any Advance so repaid may, subject to the terms and conditions hereof, be reborrowed during the Reinvestment Period. Any Repayment Notice relating to any repayment pursuant to this <u>Section 2.3(b)</u> shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless sooner prepaid pursuant to the terms hereof, the Advances Outstanding shall be repaid in full on the Termination Date or on such later date as is agreed to in writing by the Borrower, the Servicer, the Administrative Agent and the Lenders.

Section 2.4 <u>Determination of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Agent shall determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each Payment Date for the related Accrual Period and shall advise the Servicer and the Borrower thereof on the third Business Day prior to such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Interest shall be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the use or administration of any Benchmark, the Administrative Agent will have the right (in consultation with the Borrower) to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction 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 Transaction Document. The Administrative Agent will promptly notify the Borrower, the Collateral Agent and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of any Benchmark.

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Section 2.5 <u>Exchange Rates; Currency Equivalents; Daily Simple RFR Advances.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall determine the Dollar Equivalent amount of each Advance denominated in an Alternative Currency. Such Dollar Equivalent shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of any Required Reports or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of Advances Outstanding in any Alternative Currency for purposes of the Transaction Documents (including, for the avoidance of doubt, calculation of the Non-Usage Fee) shall be such Dollar Equivalent amount as so determined by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Wherever in this Agreement in connection with the making, Rollover or prepayment of an Advance, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Advance is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing provisions of this Section 2.5 or any other provision of this Agreement, in connection with Daily Simple RFR Advances in an Alternative Currency, the Spot Rate on the applicable Funding Date shall be the Spot Rate in effect as of the Revaluation Date applicable to the first Advance of any such Daily Simple RFR Advances in such Alternative Currency (or, if applicable, any later Revaluation Date pursuant to clause (iii) of the definition of "Revaluation Date").

&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 set forth herein (x) the Second Amendment Closing Date shall be a Revaluation Date pursuant to clause (iii) of the definition of "Revaluation Date" and (y) the initial Interest Period for each Term Rate Advance in an Alternative Currency that is outstanding on the Second Amendment Closing Date shall commence on the Second Amendment Closing Date.

Section 2.6 <u>Borrowing Base Deficiency Cures</u>.

Any Borrowing Base Deficiency may be cured by the Borrower taking one or more of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) crediting cash into the Principal Collection Account (USD);

&nbsp;&nbsp;&nbsp;&nbsp;&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) repaying the applicable Advances Outstanding in accordance with Section 2.3(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;(iii) posting additional Eligible Loans and/or Permitted Investments as Collateral; <u>provided</u> that the amount of any reduction of a Borrowing Base Deficiency pursuant to any such additional Eligible Loans shall be the Adjusted Borrowing Value of such Eligible Loans.

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For the avoidance of doubt, the Borrower may cure a Borrowing Base Deficiency by any combination of (i), (ii) or (iii) of this <u>Section 2.6</u> (or by any other action with the prior written consent of the Administrative Agent and the Required Lenders). Notwithstanding any other provisions of this Agreement, if the Borrower has eliminated a Borrowing Base Deficiency pursuant to clause (i) of this <u>Section 2.6</u>, upon written request of the Borrower to the Collateral Agent to release such funds from the Principal Collection Account (USD) or from the Principal Collections in the Canadian Dollar Account, the Euro Account or the GBP Account and certification by the Borrower that immediately after giving effect to the return of any such cash, no Borrowing Base Deficiency will exist, the Borrower shall be permitted the return of all or a portion of the cash so deposited in the Principal Collection Account (USD), the Canadian Dollar Account, the Euro Account or the GBP Account and the Collateral Agent shall pay the amount so requested to the Borrower and, for the avoidance of doubt, such amount shall not constitute Available Funds.

Section 2.7 <u>Priority of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Collection Account (USD)</u>. On each Payment Date, so long as no Event of Default has occurred and is continuing, the Servicer shall direct the Collateral Agent to pay pursuant to the related Payment Date Statement (and the Collateral Agent shall make payment from the Interest Collection Account (USD) to the extent of Available Funds, in reliance on the information set forth in such Payment Date Statement) to the following Persons, the following amounts 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;(1) *pro rata* to the Collateral Agent and the Securities Intermediary, in an amount equal to any accrued and unpaid Collateral Agent Fees owing to such Person; <u>provided</u> that the aggregate amount payable pursuant to this <u>Section 2.7(a)(1)</u>, <u>Section 2.7(b)(1)</u> and <u>Section 2.8(1)</u> shall not exceed $100,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Servicer, in an amount equal to (i) any accrued and unpaid Servicer Fee and (ii) all documented fees and expenses owing to the Servicer pursuant to <u>Section 6.7</u>; <u>provided</u> that the aggregate amount payable pursuant to this <u>Section 2.7(a)(2)</u>, <u>Section 2.7(b)(2)</u> and <u>Section 2.8(2)</u> shall not exceed $25,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *pro rata* to each Lender, in an amount equal to any accrued and unpaid Interest and Non-Usage Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *pro rata* to the Administrative Agent and each Lender, all Administrative Expenses and any Increased Costs due and owing to such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if a Borrowing Base Deficiency exists (after giving effect to the payment of Advances on such Payment Date), *pro rata* to the Lenders to reduce the Advances Outstanding in an amount necessary to cure such Borrowing Base Deficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to the Equityholder, to make any applicable Permitted RIC Distribution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) *pro rata* to each Lender, in an amount equal to (A) any accrued and unpaid Commitment Reduction Fee plus (B) if such Payment Date is the Termination Date, the Advances Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) *pro rata* to each applicable party to pay all other outstanding amounts under the Transaction Documents including any amounts not paid under <u>Section 2.7(a)(1)</u> by reason of a cap specified 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;(9) to the applicable Governmental Authority, any Tax or withholding Tax which, if not paid, could result in a Lien on any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) (A) if a Default has occurred and is continuing, to remain in the Interest Collection Account (USD), the Canadian Dollar Account, the Euro Account or the GBP Account (as applicable) or (B) otherwise, deemed released from the Lien of the Collateral Agent hereunder and distributed to the Borrower or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Collection Account (USD)</u>. On each Payment Date, so long as no Event of Default has occurred and is continuing, the Servicer shall direct the Collateral Agent to pay pursuant to the related Payment Date Statement (and the Collateral Agent shall make payment from the Principal Collection Account (USD) and from the Principal Collections deposited into the Canadian Dollar Account, the Euro Account and the GBP Account of the Borrower to the extent of Available Funds, in reliance on the information set forth in such Payment Date Statement) to the following Persons, the following amounts 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;(1) to the extent not paid pursuant to <u>Section 2.7(a)(1)</u>, *pro rata* to the Collateral Agent and the Securities Intermediary, in an amount equal to any accrued and unpaid Collateral Agent Fees owing to such Person; <u>provided</u> that the aggregate amount payable pursuant to this <u>Section 2.7(a)(1)</u>, <u>Section 2.7(b)(1)</u> and <u>Section 2.8(1)</u> shall not exceed $100,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 extent not paid pursuant to <u>Section 2.7(a)(2)</u>, to the Servicer, in an amount equal to (i) any accrued and unpaid Servicer Fee and (ii) all documented fees and expenses owing to the Servicer pursuant to <u>Section 6.7</u>; <u>provided</u> that the aggregate amount payable pursuant to <u>Section 2.7(a)(2)</u>, this <u>Section 2.7(b)(2)</u> and <u>Section 2.8(2)</u> shall not exceed $25,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the extent not paid pursuant to <u>Section 2.7(a)(3)</u>, *pro rata* to each Lender, in an amount equal to any accrued and unpaid Interest and Non-Usage Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent not paid pursuant to <u>Section 2.7(a)(4)</u>, *pro rata* to the Administrative Agent and each Lender, all Administrative Expenses and any Increased Costs due and owing to such Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to the applicable Unfunded Exposure Account in an amount directed by the Servicer in its sole discretion to cause (A) during the Reinvestment Period, the amount on deposit in the Unfunded Exposure Accounts to equal the aggregate of all Unfunded Exposure Equity Amounts or (B) after the Reinvestment Period, the Unfunded Exposure Amount to equal 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (i) during the Reinvestment Period, to the extent not paid pursuant to <u>Section 2.7(a)(5)</u>, *pro rata* to the Lenders to reduce the Advances Outstanding in an amount necessary to cure such Borrowing Base Deficiency or (ii) after the end of the Reinvestment Period, pro rata to each Lender to pay the Advances Outstanding until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to the extent not paid pursuant to <u>Section 2.7(a)(6)</u>, to the Equityholder to make any applicable Permitted RIC Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to the extent not paid pursuant to <u>Section 2.7(a)(7)</u>, *pro rata* to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee owing to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to the extent not paid pursuant to <u>Section 2.7(a)(8)</u>, *pro rata* to each applicable party to pay all other amounts owing under the Transaction Documents, including any amounts not paid under <u>Section 2.7(b)(1)</u> by reason of a cap specified 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;(10) to the extent not paid pursuant to <u>Section 2.7(a)(9)</u>, to the applicable Governmental Authority, any Tax or withholding Tax which, if not paid, could result in a Lien on any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) (A) if a Default has occurred and is continuing, to remain in the Principal Collection Account (USD) or (B) otherwise, deemed released from the Lien of the Collateral Agent hereunder and distributed to the Borrower or its designee (or, in the sole discretion of the Servicer, to remain in the Principal Collection Account (USD)).

Section 2.8 <u>Alternate Priority of Payments</u>.

On (x) each Business Day (a) following the occurrence and during the continuance of an Event of Default or (b) following the declaration of the occurrence, or the deemed occurrence, as applicable, of the Termination Date pursuant to <u>Section 9.2(a)</u> or (y) the date of an Optional Sale, the Servicer (or, in the case of clause (x), after delivery of a Notice of Exclusive Control, the Administrative Agent) shall direct the Collateral Agent to pay pursuant to the related Payment Date Statement (and the Collateral Agent shall make payment from the Collection Account to the extent of Available Funds, in reliance on the information set forth in such Payment Date Statement) to the following Persons, the following amounts 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;(1) *pro rata* to the Collateral Agent and the Securities Intermediary, in an amount equal to any accrued and unpaid Collateral Agent Fees owing to such Person; <u>provided</u> that the aggregate amount payable pursuant to <u>Section 2.7(a)(1)</u>, <u>Section 2.7(b)(1)</u> and this <u>Section 2.8(1)</u> shall not exceed $100,000 *per annum*;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Servicer, in an amount equal to (i) any accrued and unpaid Servicer Fee and (ii) all documented fees and expenses owing to the Servicer pursuant to <u>Section 6.7</u>; <u>provided</u> that the aggregate amount payable pursuant to <u>Section 2.7(a)(2)</u>, <u>Section 2.7(b)(2)</u> and this <u>Section 2.8(2)</u> shall not exceed $25,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *pro rata* to each Lender, in an amount equal to any accrued and unpaid Interest and Non-Usage Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *pro rata* to the Administrative Agent and each Lender, all Administrative Expenses and any Increased Costs due and owing to such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to the applicable Unfunded Exposure Account in an amount necessary to cause (A) during the Reinvestment Period, the amount on deposit in the Unfunded Exposure Accounts to equal the aggregate of all Unfunded Exposure Equity Amounts or (B) after the Reinvestment Period, the Unfunded Exposure Amount to equal 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *pro rata* to the Lenders to pay the Advances Outstanding until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) *pro rata* to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee owing to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) *pro rata* to each applicable party to pay all other amounts outstanding under the Transaction Documents, including any amounts not paid under <u>Section 2.8(1)</u> by reason of a cap specified 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;(9) to the applicable Governmental Authority, any Tax or withholding Tax which, if not paid, could result in a Lien on any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any remaining amounts shall be deemed released from the Lien of the Collateral Agent hereunder and distributed to the Borrower or any nominee thereof.

Section 2.9 <u>Collections and Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Collections</u>. The Servicer shall promptly identify any Collections received directly by it as Interest Collections or Principal Collections in any Available Currency and transfer, or cause to be transferred (i) all Collections denominated in Dollars to the appropriate Collection Account within two (2) Business Days after its receipt and identification thereof, (ii) all Collections denominated in Canadian Dollars into the Canadian Dollar Account within two

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(2) Business Days after its receipt and identification thereof, (iii) all Collections denominated in Euros into the Euro Account within two (2) Business Days after its receipt and identification thereof and (iv) all Collections denominated in GBP into the GBP Account within two (2) Business Days after its receipt and identification thereof. Upon the receipt of Collections in the General Collection Account during any Accrual Period, the Servicer shall identify Principal Collections and Interest Collections no later than the Measurement Date related to the Payment Date immediately following such Accrual Period and direct the Collateral Agent and Securities Intermediary to transfer the same to the Principal Collection Account (USD), the Interest Collection Account (USD), the Canadian Dollar Account, the Euro Account or the GBP Account, respectively. All Collections in (i) Canadian Dollars shall be deposited into the Canadian Dollar Account, (ii) Euros shall be deposited into the Euro Account and (iii) GBP shall be deposited into the GBP Account. For purposes of <u>Section 2.7</u>, any Principal Collections and Interest Collections shall be applied on any Payment Date (i) first, to make payments in the applicable Available Currency and (ii) second, to make payments in any other Available Currency (*pro rata* based on available amounts from each other Available Currency), as converted by the Collateral Agent at the direction of the Servicer using the Applicable Exchange Rate; <u>provided</u>, that such payments shall be subject to availability of such funds pursuant to <u>Section 2.7</u>. The Servicer shall instruct the Collateral Agent on the Determination Date immediately preceding each Payment Date, to convert amounts on deposit in any Available Currency into Dollars to the extent necessary to make payments pursuant to <u>Section 2.7</u> (as determined by the Servicer using the Applicable Exchange Rate). Any Principal Collections may be converted by the Collateral Agent at the direction of the Servicer into another Available Currency on any Business Day (other than a Payment Date) using the Applicable Exchange Rate so long as no Borrowing Base Deficiency exists either prior to or after giving effect to such conversion. The Servicer shall provide no less than one (1) Business Day's prior written notice to the Administrative Agent and the Collateral Agent of any such conversion. The Servicer shall further include a statement as to the amount of Principal Collections and Interest Collections on deposit in the Principal Collection Account (USD) and the Interest Collection Account (USD) on each Reporting Date in the Borrowing Base Certificate delivered pursuant to <u>Section 6.8(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Excluded Amounts</u>. With the prior written consent of the Administrative Agent, the Servicer may direct the Collateral Agent and the Securities Intermediary to withdraw from the General Collection Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent, delivered to the Administrative Agent, the Collateral Agent, the Borrower and each Lender a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Initial Deposits</u>. On the initial Funding Date with respect to any Loan, the Servicer will deposit or cause to be deposited into the General Collection Account, all Collections received in respect of such Loan on such initial Funding Date. The Borrower shall confirm to the Administrative Agent in writing (it being understood that delivery of a copy of any applicable administrative details form shall satisfy this requirement) when it has provided each payment instruction to deliver cash to the General Collection Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Investment of Funds</u>. All amounts on deposit in the Principal Collection Account (USD), the Interest Collection Account (USD), and the Unfunded Exposure Account (USD) shall be invested at the direction of the Servicer in Permitted Investments. Absent such direction from the Servicer, all amounts held in the Principal Collection Account (USD), the Interest Collection Account (USD), and the Unfunded Exposure Account (USD) shall remain uninvested. All amounts on deposit in the General Collection Account, the Collateral Account, the Canadian Dollar Account, the GBP Account, and the Euro Account shall remain uninvested. All earnings (net of losses and investment expenses) thereon shall be retained or deposited into the Principal Collection Account (USD) (and designated as Principal Collections in such account) and shall be applied on each Payment Date pursuant to the provisions of <u>Section 2.7</u> or <u>Section 2.8</u> (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unfunded Exposure Account</u>. On the last day of the Reinvestment Period, the Borrower shall fund an amount equal to the Unfunded Exposure Amount into the Unfunded Exposure Account (USD), and the Borrower shall notify the Collateral Agent in writing of any amount to be designated as Unfunded Exposure Collections in the Canadian Dollar Account, the Euro Account or the GBP Account. All funding requests associated with the Unfunded Exposure Amount (USD) (or, in respect of amounts denominated in Canadian Dollars, Euros, or GBPs, from the Canadian Dollar Account, the Euro Account and the GBP Account, as applicable) shall be made from the Unfunded Exposure Account (USD) after the Reinvestment Period End Date.

Section 2.10 <u>Payments, Computations, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m. on the day when due in lawful money of the United States in immediately available funds and any amount not received before such time shall be deemed received on the next Business Day. The Borrower shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due hereunder at 2.00% *per annum* above the Prime Rate, payable on demand; <u>provided</u> that such interest rate shall not at any time exceed the maximum rate permitted by Applicable Law. Such interest shall be for the account of the applicable Secured Party. All computations of interest and other fees hereunder shall be made on the basis of a year consisting of 360 days (other than calculations with respect to (x) CORRA or SONIA, which shall be based on a year consisting of 365 days or (y) the Base Rate, which shall be based on a year consisting of 365 or 366 days, as applicable) for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be deemed due on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of Interest or any fee payable hereunder, as the case may be. For avoidance of doubt, to the extent that Available Funds are insufficient on any Payment Date to satisfy the full amount of any Increased Costs pursuant to <u>Section 2.12</u>, such unpaid amounts shall remain due and owing and shall accrue interest as provided in <u>Section 2.10(a)</u> until repaid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Advance requested by the Borrower is not effectuated as a result of the Servicer's or the Borrower's actions or failure to fulfill any condition under <u>Section 3.2</u>, (which, in the case of the Servicer, is solely within the control of the Servicer) as the case may be, on the date specified therefor, whichever of the Servicer or the Borrower is at fault, such Person shall indemnify the applicable Lender against any reasonable loss, cost or expense incurred by the applicable Lender, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the applicable Lender to fund or maintain such Advance upon receipt by the Borrower of documentation setting forth such costs.

Section 2.11 <u>Fees</u>.

The Borrower shall pay to Cadwalader, Wickersham & Taft<u>Orrick, Herrington & Sutcliffe</u> LLP as counsel to the Administrative Agent and the Lenders, within two (2) Business Days following an invoice therefor, its reasonable invoiced fees and out-of-pocket expenses through the Closing Date.

Section 2.12 <u>Increased Costs; Capital Adequacy; Illegality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation of any Applicable Law or (ii) the compliance by an Affected Party with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), shall (A) subject any Affected Party to any Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (iii) 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, (B) impose, modify or deem applicable any reserve requirement (including, without limitation, any reserve requirement imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve requirement, if any, included in the determination of Interest), special deposit or similar requirement against assets of, deposits with or for the amount of, or credit extended by, any Affected Party or (C) impose any other condition affecting any Affected Party's rights hereunder or under any other Transaction Document, the result of which is to increase the cost to any Affected Party or to reduce the amount of any sum received or receivable by an Affected Party under this Agreement or under any other Transaction Document, then on the Payment Date following demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis for such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such additional or increased cost incurred or such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If either (i) the introduction of or any change in or in the interpretation of any law, guideline, rule, regulation, directive or request or (ii) compliance by any Affected Party with any law, guideline, rule, regulation, directive or request from any central bank or other Governmental Authority or agency (whether or not having the force of law), including, without limitation, compliance by an Affected Party with any request or directive regarding capital adequacy, but excluding Taxes, has or would have the effect of reducing the rate of return on the capital of any Affected Party as a consequence of its obligations hereunder or arising in connection herewith to a level below that which any such Affected Party could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy) by an amount deemed by such Affected Party to

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be material, then from time to time, on the Payment Date following demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis for such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such reduction. For the avoidance of doubt, if the issuance of any amendment or supplement to Interpretation No. 46 or to Statement of Financial Accounting Standards No. 140 by the Financial Accounting Standards Board or any other change in accounting standards or the issuance of any other pronouncement, release or interpretation, causes or requires the consolidation of all or a portion of the assets and liabilities of the Seller, the Borrower or any Affected Party with the assets and liabilities of the Administrative Agent or any Lender or shall otherwise impose any loss, cost, expense, reduction of return on capital or other loss, such event shall constitute a circumstance on which such Affected Party may base a claim for reimbursement under this <u>Section 2.12</u>. Notwithstanding the foregoing, but subject to <u>Section 6.7</u>, the provisions of this <u>Section 2.12(b)</u> shall not apply to the consolidation of the Borrower for accounting purposes as required by GAAP with the Servicer or any Affiliate thereof, whether or not an Affected Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If as a result of any event or circumstance similar to those described in clause (a) or (b) of this <u>Section 2.12</u>, any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support to such Affected Party in connection with this Agreement or the funding or maintenance of Advances hereunder, then on the next Payment Date pursuant to <u>Section 2.7</u> or <u>2.8</u>, as applicable, occurring at least five (5) Business Days after the request for compensation, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any amounts payable or paid by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In determining any amount provided for in this <u>Section 2.12</u>, the Affected Party may use any reasonable averaging and attribution methods. Any Affected Party making a claim under this <u>Section 2.12</u> shall submit to the Borrower and the Servicer a written description as to such additional or increased cost or reduction, which written description shall be conclusive absent manifest error; <u>provided</u>, <u>however</u>, that no Lender shall be requested to disclose confidential or price-sensitive information or any other information, to the extent prohibited by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Disruption Event with respect to any Lender has occurred with respect to any then-current Benchmark, such Lender shall in turn so notify the Borrower, whereupon all Advances Outstanding made by the affected Lender in the applicable Available Currency will accrue Interest at the Base Rate from and including the date of such Disruption Event to, but excluding, the earlier of (x) such time as the conditions leading to such Disruption Event no longer exists and (y) the Benchmark Replacement Date for such Benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Failure or delay on the part of any Affected Party to demand compensation pursuant to this <u>Section 2.12</u> shall not constitute a waiver of such Affected Party's right to demand or receive such compensation. Notwithstanding anything to the contrary in this <u>Section 2.12</u>, the Borrower shall not be required to compensate an Affected Party pursuant to this <u>Section 2.12</u> for any amounts incurred more than nine (9) months prior to the date that such Affected Party notifies the Borrower of such Affected Party's intention to claim compensation therefor; <u>provided</u> that, if the circumstances giving rise to such claim have a retroactive effect, then such nine (9) month period shall be extended to include the period of such retroactive effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Lender agrees that it will take such commercially reasonable actions as the Borrower may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this <u>Section 2.12</u> or <u>Section 2.13</u>; <u>provided</u> that no Lender shall be obligated to take any actions that would, in the reasonable opinion of such Lender, subject such Lender to any unreimbursed cost or expense or otherwise be disadvantageous to such Lender.

Section 2.13 <u>Taxes</u>.

&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 account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this <u>Section 2.13</u>) the applicable Affected Party receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the applicable Affected Party timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall indemnify each Affected Party, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 2.13</u>) payable or paid by such Affected Party or required to be withheld or deducted from a payment to such Affected Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability and the calculation thereof delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting the generality of <u>Section 11.5</u>, 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 has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 12.16(d)</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any

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reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this <u>Section 2.13(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this <u>Section 2.13</u>, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower, the Collateral Agent and the Administrative Agent, at the time or times reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent as will enable the Borrower, the Collateral Agent or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 2.13(f)(ii)(1)</u>, <u>Section 2.13(f)(ii)(2)</u>, and <u>Section 2.13(f)(ii)(4)</u> below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

<u>()</u> (!!!!!!mmmccxxxii) 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;<u>(1)</u> (1628723872) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative 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;<u>(2)</u> (1628723873) any Foreign Lender 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 prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G 2.13-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to the extent a Foreign Lender is not the beneficial owner of the income, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G 2.13-2 or Exhibit G 2.13-3, IRS Form W-9, and/or other certification or documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G 2.13-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3)</u> (1628723874) any Foreign Lender 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 prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the

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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, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(4)</u> (1628723875) if a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the 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 reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to withhold from such payment. Solely for purposes of this clause (4), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative 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;(g) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section 2.13</u> (including by the payment of additional amounts pursuant to this <u>Section 2.13</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this <u>Section 2.13</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>Section 2.13(g)</u> (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>Section 2.13(g)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>Section 2.13(g)</u> the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 2.13</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 Commitments and the repayment, satisfaction or discharge of all obligations under any Transaction Document.

Section 2.14 <u>Reinvestments; Discretionary Sales, Substitutions and Optional Sales of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reinvestments</u>. On the terms and conditions hereinafter set forth as certified in writing to the Administrative Agent and the Collateral Agent, prior to the Facility Maturity Date, the Borrower may withdraw funds on deposit in the Principal Collection Account (USD) for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to reinvest such funds in Loans to be pledged hereunder (a "<u>Reinvestment</u>"), so long as (1) all conditions precedent set forth in <u>Section 3.2</u> have been satisfied and (2) each Loan acquired by the Borrower in connection with such reinvestment shall be an Eligible 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;(ii) to make payments in respect of the Advances Outstanding at such time in accordance with and subject to the terms of <u>Section 2.3(b)</u>.

Upon the satisfaction of the applicable conditions set forth in this <u>Section 2.14(a)</u> (as certified by the Borrower to the Administrative Agent and the Collateral Agent), the Collateral Agent will release funds from the Principal Collection Account (USD) to be applied pursuant to clause (i) or clause (ii) above in an amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount on deposit in the Principal Collection Account (USD) on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Substitutions</u>. Subject to <u>Sections 2.14(e)</u> and <u>(f)</u>, the Borrower (x) may, during the Reinvestment Period, sell any Loan and replace such Loan with another Loan (each such sale and replacement, a "<u>Substitution</u>") and (y) shall, to the extent a Substitution is required under the Sale Agreement, effect a Substitution, in each case so long as (i) no Event of Default has occurred and is continuing and, immediately after giving effect to such Substitution, no Default or Event of Default shall have occurred, (ii) each substitute Loan acquired by the Borrower in connection with a Substitution shall be an Eligible Loan, (iii) 100% of the proceeds from the sale of the Loan(s) to be replaced in connection with such Substitution are either applied by the Borrower to acquire the substitute Loan(s) or deposited in the Collection Account, (iv) all conditions precedent set forth in <u>Section 3.2</u> have been satisfied with respect to each substitute Loan to be acquired by the Borrower in connection with such Substitution and (v) immediately after giving effect to such Substitution, no Borrowing Base Deficiency exists; <u>provided</u> that, notwithstanding anything to the contrary set forth in <u>Section 3.2</u>, in the event a Borrowing Base Deficiency shall have existed immediately prior to giving effect to such Substitution, the Borrower may effect a Substitution so long as, immediately after giving effect to such Substitution and any other sale or transfer substantially contemporaneous therewith, such Borrowing Base Deficiency is reduced or cured.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Discretionary Sales</u>. Subject to <u>Sections 2.14(e)</u> and <u>(f)</u>, upon not less than one (1) Business Day's prior written notice to the Administrative Agent (with a copy to the Collateral Agent and the Lenders), the Borrower shall be permitted to sell Loans (each, a "<u>Discretionary Sale</u>") so long as (i) no Event of Default has occurred and is continuing and, immediately after giving effect to such Discretionary Sale, no Default or Event of Default shall have occurred and (ii) immediately after giving effect to such Discretionary Sale, no Borrowing Base Deficiency exists; <u>provided</u> that, in the event a Borrowing Base Deficiency shall have existed immediately prior to giving effect to such Discretionary Sale, the Borrower may, with the prior consent of the Administrative Agent in its sole discretion, effect a Discretionary Sale so long as, immediately after giving effect to such Discretionary Sale and any other sale or transfer substantially contemporaneous therewith, such Borrowing Base Deficiency is reduced or cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Optional Sales</u>. Subject to <u>Section 2.14(e)</u>, the Borrower shall have the right to sell all of the Loans included in the Collateral (an "<u>Optional Sale</u>") on any Business Day. The proceeds of any Optional Sale shall be distributed on the related sale date in accordance with <u>Section 2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conditions to Sales, Substitutions and Repurchases</u>. Any Discretionary Sale, sale pursuant to a Substitution or Optional Sale effected pursuant to <u>Sections 2.14(b)</u>, <u>(c)</u>, or <u>(d)</u> shall be subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except in connection with an Optional Sale, the Borrower shall deliver a Borrowing Base Certificate 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower shall deliver a list of all Loans to be sold or substituted to the Administrative Agent and the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except in connection with an Optional Sale, as certified in writing to the Administrative Agent by the Borrower, no selection procedures adverse to the interests of the Administrative Agent or the Lenders were utilized by the Borrower or the Servicer, as applicable, in the selection of the Loans to be sold or 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;(iv) the Borrower shall notify the Administrative Agent and Collateral Agent of any amount to be deposited into the Collection Account in connection with any sale or substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (A) the Borrower shall be deemed to have certified to the Administrative Agent that the representations and warranties contained in <u>Section 4.1</u> and <u>4.2</u> hereof and (B) the Seller shall be deemed to have certified to the Administrative Agent that the representations and warranties contained in Section 4.5 hereof shall continue to be correct in all material respects following any sale or substitution, except to the extent any such representation or warranty relates to an earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any repayment of Advances Outstanding in connection with any sale or substitution of Loans hereunder shall comply with the requirements set forth in <u>Section 2.3</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) as certified in writing to the Administrative Agent by the Borrower, any Discretionary Sale or sale in connection with a Substitution shall be made by the Borrower in a transaction (1) except as permitted hereunder, reflecting arm's-length market terms and (2) in which the Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any other party to such sale (other than the representations, warranties and covenants set forth in the LSTA Par/Near Par Trade Confirmation, the LSTA Distressed Trade Confirmation or the LSTA Purchase and Sale Agreement for Distressed Trades, in each case as published by The Loan Syndications and Trading Association, Inc. as of the date of such confirmation or agreement, or substantially similar representations, warranties and covenants, to the extent such documentation is not used in connection with such transaction), <u>provided</u> that, the Borrower may only make a Discretionary Sale or sale in connection with a Substitution, in each case for fair market value, to the Seller, the Servicer or an Affiliate of the Borrower, the Servicer or the Seller with the prior written consent of the Administrative Agent in its sole discretion (except that, so long as no Event of Default exists, no such consent shall be required in connection with a Discretionary Sale or Substitution (1) to the Seller pursuant to any exercise of the Seller's mandatory repurchase or Substitution obligation under Section 7.1 of the Sale Agreement and (2) in connection with Discretionary Sales and Substitutions within the limits set forth in <u>Section 2.14(f)</u>); <u>provided</u>, <u>further</u>, that during the existence of an Event of Default, the Borrower may only make Discretionary Sales, sales pursuant to a Substitution or an Optional Sale with the prior written consent of the Administrative Agent in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the extent invoiced at least two (2) Business Days prior to the date of such sale, the Borrower shall pay an amount equal to all accrued and unpaid costs and expenses (including, without limitation, reasonable legal fees) of the Administrative Agent, the Lenders and the Collateral Agent in connection with any such sale, substitution or repurchase (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent on behalf of the Secured Parties and any other party having an interest in the Loan in connection with such sale, substitution or repurchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with respect to an Optional Sale, the Borrower shall, not later than ten (10) Business Days prior to the date of such sale, deliver to the Administrative Agent and each Lender a certificate and evidence to the reasonable satisfaction of such parties (which satisfaction shall be confirmed in writing by the Administrative Agent and each Lender) that the Borrower shall have sufficient funds on or prior to the date of such sale to pay the outstanding Obligations in full pursuant to <u>Section 2.8</u> (which funds may be derived from completion of such Optional Sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if any Loan sold pursuant to a Discretionary Sale, sale pursuant to a Substitution or Optional Sale is sold for a price less than the lower of (A) the Adjusted Borrowing Value of such Loan as of the date of such sale and (y) an amount equal to 97% of the funded principal balance of such Loan as of the date of such sale, the Administrative Agent shall have provided its prior written consent to such sale in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if any such Discretionary Sale, sale pursuant to a Substitution or Optional Sale is in connection with a Permitted Securitization, the Administrative Agent has provided its prior written consent (in its sole discretion) thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Limitations on Sales, Substitutions and Repurchases</u>. The aggregate Outstanding Balance of all Loans which are sold or intended to be sold by the Borrower in connection with a Substitution or a Discretionary Sale during any 12-month rolling period shall not exceed, collectively, 40% of the Facility Amount as of the start of such 12-month period (or such lesser number of months as shall have elapsed as of such date); <u>provided</u> that, the limitation set forth in this clause (f) shall not apply with respect to (x) any Substitution or Discretionary Sale of a Loan with an Assigned Value of zero, (y) Discretionary Sales of Loans certified by the Servicer to the Administrative Agent to be to existing collateralized loan obligation facilities managed by the Servicer or any Affiliate of the Servicer or (z) any Discretionary Sale to a Person established in connection with a Permitted Securitization so long as the Administrative Agent has provided its prior written consent (in its sole discretion) to such Discretionary Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Sales of Loans with an Assigned Value of Zero and Sales of Equity Securities</u>. The Borrower may sell any Loan with an Assigned Value of zero or any Equity Security to any Person; <u>provided</u>, that any such sale shall be made on an arm's-length basis at fair market value (or, solely with respect to any Loan purchased by the Seller pursuant to Section 7.1 of the Sale Agreement, the applicable Transfer Deposit Amount (as defined in the Sale Agreement)).

Section 2.15 <u>Assignment of the Sale Agreement and the Closing Date Participation Agreement.</u>

The Borrower hereby assigns to the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower's right, title and interest in and to, but none of its obligations under, the Sale Agreement and any UCC financing statements filed under or in connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby assigns to the Collateral Agent for the benefit of the Secured Parties its right to indemnification under the Sale Agreement. The Borrower confirms that the Collateral Agent, on behalf of the Secured Parties, shall have the right to enforce the Borrower's rights and remedies under the Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Collateral Agent for the benefit of the Secured Parties.

The Borrower hereby assigns to the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower's right, title and interest in and to, but none of its obligations under, the Closing Date Participation Agreement and any UCC financing statements filed under or in connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby assigns to the Collateral Agent for the benefit of the Secured Parties its right to indemnification under the Closing Date Participation Agreement. The Borrower confirms that the Collateral Agent, on behalf of the Secured Parties, shall have the right to enforce the Borrower's rights and remedies under the Closing Date Participation Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Collateral Agent for the benefit of the Secured Parties.

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Section 2.16 <u>Capital Contributions</u>.

Any direct or indirect owner of the Borrower may, but shall not be obligated to, make a capital contribution in cash, Loans or securities to the Borrower at any time and for any purpose. All cash contributed to the Borrower shall be treated as Principal Collections, except to the extent that the Servicer specifies to the Collateral Agent that such cash shall constitute Interest Collections and shall be deposited into the Collection Account in accordance with Section 2.9 as designated by the Servicer.

Section 2.17 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 12.1</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;(ii) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; *second*, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *third*, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund future Advances under this Agreement; *fourth*, to the payment of any amounts owing to the other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; *fifth*, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *sixth*, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a *pro rata* basis prior to being applied to the payment of any Advances of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this <u>Section 2.17</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Defaulting Lender shall not be entitled to receive any Non-Usage Fee for any period during which that Lender is a Defaulting Lender (and under no circumstance shall the Borrower retroactively be or become required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Administrative Agent determines in its sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held on a *pro rata* basis by the Lenders, whereupon that Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

Section 2.18 <u>Mitigation Obligations; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 2.12</u>, or requires the Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.13</u>, the Borrower may request such Lender provide an estimate of the costs and expenses that would be incurred by such Lender in connection with designating a different lending office for funding or booking its Advances hereunder or assigning its rights and obligations hereunder to another of its offices, branches or affiliates, in each case, which designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.12</u> or <u>Section 2.13</u>, as the case may be, in the future and (ii) would not otherwise be disadvantageous to such Lender. Upon receipt of such estimate, the Borrower may approve the proposed designation or assignment, in which case the Lender shall use reasonable efforts to effect the same. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such approved designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of Lenders</u>. If any Lender unaffiliated with the Administrative Agent requests compensation under <u>Section 2.12</u>, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.13</u>, and, in either case, such Lender declines to effect a designation or assignment pursuant to <u>Section 2.18(a)</u>, or if any Lender is a Defaulting Lender hereunder, or if any Lender does not consent to any amendment or modification (including in the form of a consent or waiver) to the definitions described in <u>Section 12.1(g)</u> which is approved by the Borrower, the Administrative Agent and the Required Lenders, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 12.16</u>), all of its interests, rights and obligations under this Agreement and the Transaction Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.12</u> or payments required to be made pursuant to <u>Section 2.13,</u> such assignment 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such assignment does not conflict with Applicable Law.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 2.19 <u>Effect of Benchmark Transition Event</u>.

&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 Transaction Document, upon the occurrence of a Benchmark Transition Event with respect to any Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 2.19(a)</u> will occur prior to the applicable Benchmark Transition Start Date.

&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 Transaction 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 Transaction Document.

&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, the Collateral Agent and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.19(d)</u> and (y) the

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commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.19</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this <u>Section 2.19</u>.

&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 Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if any then-current Benchmark is a term rate (including EURIBOR or Term CORRA) and either (1) 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 (2) 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 (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) 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;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a given Benchmark, the Borrower may revoke any pending request for an Advance denominated in the applicable Available Currency to be made during any Benchmark Unavailability Period. During a Benchmark Unavailability Period with respect to any Benchmark or at any time that a tenor for any then-current Benchmark is not an Available Tenor, the Base Rate shall be used instead of such Benchmark to calculate Interest with respect to the Advances Outstanding that bear interest at a rate based on such Benchmark.

**ARTICLE III** 

**CONDITIONS TO CLOSING AND ADVANCES** 

Section 3.1 <u>Conditions to Closing</u>.

No Lender shall be obligated to make any Advance hereunder, nor shall any Lender, the Administrative Agent or the Collateral Agent be obligated to take, fulfill or perform any other action hereunder, until the following conditions have been satisfied, in the sole discretion of, or waived in writing by the Administrative Agent:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Transaction Document shall have been duly executed by, and delivered to, the parties thereto, and the Administrative Agent shall have received such other documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement, each in form and substance 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;(b) The Administrative Agent shall have received satisfactory evidence that each of the Seller, the Equityholder, the Borrower and the Servicer has obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller, the Equityholder, the Servicer and the Borrower shall each have delivered to the Administrative Agent a certificate as to whether such Person is Solvent in the form of <u>Exhibit B</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) The Borrower shall have delivered to the Administrative Agent a certification that no Default, Event of Default or Change of Control with respect to the Borrower has occurred, (ii) the Servicer shall have delivered to the Administrative Agent a certification that no Default, Event of Default or Change of Control with respect to the Servicer or Servicer Termination Event has occurred, (iii) the Seller shall have delivered to the Administrative Agent a certification that no Default, Event of Default or Change of Control with respect to the Seller has occurred and (iv) the Equityholder shall have delivered to the Administrative Agent a certification that no Default, Event of Default or Change of Control with respect to the Equityholder has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent and the Servicer shall have received, with a counterpart for each Lender, the executed legal opinion or opinions of Winston & Strawn LLP, counsel to the Borrower, covering enforceability, grant and perfection of the security interests on the Collateral, true sale and non-consolidation, in each case, in form and substance acceptable to the Administrative Agent in its reasonable discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower, the Administrative Agent and the Lenders shall have received the executed legal opinion or opinions of Winston & Strawn LLP, counsel to the Seller and to the Servicer, covering enforceability of the Transaction Documents to which the Seller, the Equityholder or the Servicer is a party and, in the case of the Seller, grant and perfection of the security interests in favor of the Borrower granted under the Sale Agreement and the Closing Date Participation Agreement, in each case, in form and substance acceptable to the Administrative Agent in its reasonable discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent and the Lenders shall have received the fees (including fees, disbursements and other charges of counsel to the Administrative Agent) to be received on date of the initial Advance referred to herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Administrative Agent and the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA Patriot Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Administrative Agent, and the Administrative Agent shall have received such other documents and legal opinions in respect of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The UCC-1 financing statements naming (1) the Borrower as debtor and the Collateral Agent as secured party and (2) the Seller as debtor and the Collateral Agent as secured party are in proper form for filing in the filing office of the appropriate jurisdiction and, when filed, together with the Securities Account Control Agreement, are effective to perfect the Collateral Agent's security interest in the Collateral such that the Collateral Agent's security interest in the Collateral ranks senior to that of any other creditors of the Borrower, Equityholder or Seller (whether now existing or hereafter acquired);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Administrative Agent shall have received an Officer's Certificate substantially in the form of <u>Exhibit C</u> of the Seller, the Equityholder, the Servicer and the Borrower, with a counterpart for each Lender, that includes a copy of the resolutions (or other authorizing instruments, if applicable), in form and substance satisfactory to the Administrative Agent, of the Board of Directors (or similar governing or managing body) of such Person authorizing (i) the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, (ii) in the case of the Borrower, the borrowings contemplated hereunder and (iii) in the case of the Borrower and the Seller, the granting by it of the Liens created pursuant to the Transaction Documents, certified by a Responsible Officer (or other authorized Person) of such Person as of the Closing Date, which certification shall be in form and substance satisfactory to the Administrative Agent and shall state that the resolutions, or other authorizing instruments, if applicable, thereby certified have not been amended, modified, revoked or rescinded;

&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, with a counterpart for each Lender, a certificate of the Seller, the Equityholder, the Servicer and the Borrower, dated the Closing Date, as to the incumbency and signature of the officers of such Person executing any Transaction Document, which certification shall be included in the certificate delivered in respect of such Person pursuant to <u>Section 3.1(k)</u> and satisfactory in form and substance to the Administrative Agent, and shall be executed by a Responsible Officer (or other authorized Person) of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Administrative Agent shall have received, with a counterpart for each Lender, true and complete copies of the Governing Documents of the Seller, the Equityholder, the Servicer and the Borrower, certified as of the Closing Date as complete and correct copies thereof by a Responsible Officer (or other authorized Person) of such Person, which certification shall be included in the certificate delivered in respect of such Person pursuant to <u>Section 3.1(k)</u> and shall be in form and substance satisfactory to the Administrative Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Administrative Agent shall have received, with a copy for each Lender, certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of the Seller, the Equityholder, the Servicer and the Borrower (i) in the jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could not be reasonably expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Administrative Agent shall have received evidence in form and substance satisfactory to it that all filings, recordings, registrations and other actions, including, without limitation, the filing of duly executed financing statements on form UCC-1 necessary or, in the opinion of the Administrative Agent, desirable to perfect the Liens created, or purported to be created, by the Transaction Documents shall have been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Borrower, and bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be satisfactory to the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Borrower shall have received the executed legal opinion or opinions of Locke Lord LLP, counsel to the Collateral Agent, covering enforceability of the Transaction Documents to which the Collateral Agent is a party.

Section 3.2 <u>Conditions Precedent to All Advances and Acquisitions of Loans</u>.

Each Advance under this Agreement, each Reinvestment of Principal Collections pursuant to <u>Section 2.14(a)(i)</u> and each acquisition of Loans in connection with a Substitution pursuant to <u>Section 2.14(b)</u> (each, a "<u>Transaction</u>") shall be subject to the further conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to any Advance, the Servicer shall have delivered to the Administrative Agent (with a copy to the Collateral Agent and each Lender) no later than 10:00

a.m. on the related Funding Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Funding Notice in the form of <u>Exhibit A-1</u>, a Borrowing Base Certificate and a Loan Schedule listing each Loan, if any, proposed to be acquired by the Borrower in connection with such Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless an assignment agreement is being delivered pursuant to the Underlying Instruments, if a Loan is being acquired with such Advance, a certificate of assignment in the form of <u>Exhibit E</u> (including <u>Exhibit A</u> thereto) and containing such additional information as may be reasonably requested by the Administrative Agent and each Lender;

&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 Reinvestment of Principal Collections permitted by <u>Section 2.14(a)(i)</u> and each acquisition of Loans in connection with a Substitution pursuant to <u>Section 2.14(b)</u>, the Servicer shall have delivered to the Administrative Agent, no later than 2:00 p.m. on the Business Day prior to any such Reinvestment, a Reinvestment Notice in the form of <u>Exhibit A-3</u> and a Borrowing Base Certificate, executed by the Servicer on behalf of the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the date of such Transaction (A) the Borrower shall be deemed to have certified that each of the following statements shall be true and correct as of such date and (B) if the related Borrower's Notice is executed by the Borrower, the Borrower shall have certified in such notice that (other than with respect to the Servicer's certifications in clauses (d) and, with respect to reports required to be delivered by the Servicer under the Transaction Documents, clause (g) and the conditions precedent in clauses (f) and (i) of this <u>Section 3.2</u>) all conditions precedent to the requested Transaction have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties contained in <u>Section 4.1</u> and <u>Section 4.2</u> are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific 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;(ii) no event has occurred and is continuing, or would result from such Transaction or from the application of proceeds thereof, that constitutes a Default (other than a Borrowing Base Deficiency that is cured by any such purchase, substitution or sale) or an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on and as of such day, immediately after giving effect to such Transaction, a Borrowing Base Deficiency would not occur (or, to the extent permitted under <u>Section 2.14(b)</u>, any Borrowing Base Deficiency is reduced);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent applicable to the requested Transaction and with respect to the Borrower, no Applicable Law shall prohibit or enjoin the proposed Reinvestment of Principal Collections or acquisition of 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) on and as of such day, immediately after giving effect to such Transaction the Advances Outstanding do not exceed the Facility Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the date of such Transaction (A) the Servicer shall be deemed to have certified that each of the following statements shall be true and correct as of such date and (B) the Servicer shall have certified in the related Borrower's Notice that (other than with respect to the Borrower's certifications in clauses (c) and, with respect to reports required to be delivered by the Borrower under the Transaction Documents, (g) and the conditions precedent in clauses (f), (h) and (i) of this <u>Section 3.2</u>) all conditions precedent to the requested Transaction have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no event has occurred and is continuing, or would result from such Transaction or from the application of proceeds thereof, that constitutes a Default (other than a Borrowing Base Deficiency that is cured by such purchase, substitution or sale), an Event of Default or a Servicer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&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 and as of such day, immediately after giving effect to such Transaction, the Advances Outstanding do not exceed the Aggregate Borrowing Base (or, to the extent permitted under <u>Section 2.14(b)</u>, any Borrowing Base Deficiency is reduced);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the representations and warranties contained in <u>Section 4.3</u> are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific 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;(iv) on and as of such day, immediately after giving effect to such Transaction, the Advances Outstanding do not exceed the Facility Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) With respect to any Advance under this Agreement or any Reinvestment of Principal Collections pursuant to <u>Section 2.14(a)(i)</u>, the Reinvestment Period End Date shall not have occurred, and (ii) with respect to any Transaction, the Termination Date shall not have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On each date specified in <u>Section 4.5</u>, the Seller shall be deemed to have certified that the representations and warranties contained in <u>Section 4.5</u> are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Borrower and Servicer shall have delivered to the Administrative Agent all reports required to be delivered by either thereof as of the date of such Transaction including, without limitation, all deliveries required by <u>Section 2.2</u>;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower or the Servicer shall have received a copy of an Approval Notice, executed by the Administrative Agent, evidencing the approval of the Administrative Agent, in its sole discretion in accordance with clause (B) of the definition of "Eligible Loan," of the Loans to be added to the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In connection with the initial Advance with respect to the acquisition of any Loan, the Borrower shall have delivered to the Collateral Agent (with a copy to the Administrative Agent), no later than 2:00 p.m. on the related Advance Date, an emailed copy of the duly executed original promissory notes for each such Loan in respect of which a promissory note is issued (or, in the case of any Noteless Loan, a fully executed assignment agreement), and, if any Loans are closed in escrow, a certificate (in the form of <u>Exhibit H</u>) from the closing attorneys of such Loan confirming the possession of the Required Loan Documents; <u>provided</u> that, notwithstanding the foregoing, the Borrower shall cause the Loan Checklist and the Required Loan Documents to be in the possession of the Collateral Agent within five (5) Business Days of any related Advance Date with respect to any Loan.

The failure of any of the foregoing conditions precedent to be satisfied in respect of any Advance shall give rise to a right of the Administrative Agent and the applicable Lender, which right may be exercised at any time on the demand of the applicable Lender, to rescind the related Advance and direct the Borrower to pay to the Administrative Agent for the benefit of the applicable Lender an amount equal to the related Advances made during any such time that any of the foregoing conditions precedent were not satisfied.

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Section 3.3 <u>Custodianship; Transfer of Loans and Permitted Investments</u>.

&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 hold all Certificated Securities and Instruments in physical form at its offices set forth in <u>Section 5.5(c)</u>. Any successor Collateral Agent shall be a state or national bank or trust company which is not an Affiliate of the Borrower or the Seller, which is a Qualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each time that the Borrower shall direct or cause the acquisition of any Loan or Permitted Investment, the Borrower shall, if such Permitted Investment or, in the case of a Loan, the related promissory note or (with respect to a Noteless Loan) assignment documentation has not already been delivered to the Collateral Agent within five (5) Business Days of the Cut-Off Date, cause the delivery of such Permitted Investment or, in the case of a Loan, the related promissory note or (with respect to a Noteless Loan) assignment documentation within five (5) Business Days of the Cut-Off Date to the Collateral Agent to be credited by the Collateral Agent to the Collateral Account 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall cause all Loans or Permitted Investments acquired by the Borrower to be transferred to the Collateral Agent for credit by the Collateral Agent to the Collateral Account, and shall cause all Loans and Permitted Investments acquired by the Borrower to be delivered to the Collateral Agent by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Collateral Agent a valid security interest in each Loan and Permitted Investment, which security interest shall be senior (subject to Permitted Liens) to that of any other creditor of the Borrower (whether now existing or hereafter acquired)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an Instrument or a Certificated Security represented by a Security Certificate in registered form by having it Indorsed to the Collateral Agent or in blank by an effective Indorsement or registered in the name of the Collateral Agent and by (A) delivering such Instrument or Security Certificate to the Securities Intermediary at the Corporate Trust Office and (B) causing the Securities Intermediary to maintain (on behalf of the Collateral Agent for the benefit of the Secured Parties) continuous possession of such Instrument or Security Certificate at its offices set forth in Section 5.5(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;(ii) in the case of an Uncertificated Security, by (A) causing the Collateral Agent to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to a Securities Account in the name of the Borrower pursuant to the Securities Account Control Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of General Intangibles (including any Loan or Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Collateral Agent as secured party and describing the Loan or Permitted Investment (as the case may be) as the collateral (or describing the collateral as "all assets," or words of similar effect) at the filing office of the Secretary of State of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The security interest of the Collateral Agent in any Collateral disposed of in a transaction permitted by this Agreement shall, immediately and without further action on the part of the Collateral Agent, be released and the Collateral Agent shall immediately release such Collateral to, or as directed by, the Borrower.

**ARTICLE IV** 

**REPRESENTATIONS AND WARRANTIES** 

Section 4.1 <u>Representations and Warranties of the Borrower</u>.

The Borrower represents and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (unless such representation is only made as of a specific date set forth below):

&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 Borrower 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, and had at all relevant times, and now has all necessary power, authority and legal right to acquire, own and sell the Collateral.

&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 Borrower is (i) duly qualified to do business and is in good standing as a limited liability company in its jurisdiction of formation, and (ii) 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 qualified, licensed or approved 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;(c) <u>Power and Authority; Due Authorization; Execution and Delivery</u>. The Borrower (i) has all necessary limited liability company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms of the Transaction 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 Transaction Document to which it is a party and the pledge and assignment of a security interest in the Collateral on the terms and conditions herein provided. This Agreement and each other Transaction Document to which the Borrower is a party have been duly executed and delivered by the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Transaction Document to which the Borrower is a party constitutes a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether such enforceability is 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;(e) <u>No Violation</u>. The execution, delivery and performance of each Transaction Document to which it is a party and the fulfillment of the terms thereof will not (i) violate any Governing Documents of the Borrower or any Contractual Obligation of the Borrower, (ii) result in the creation of any Lien on the Collateral (other than any Permitted Lien), 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;(f) <u>Agreements</u>. The Borrower is not a party to any agreement or instrument or subject to any limited liability company restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower is not in default in any manner under any provision of any agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such defaults could 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;(g) <u>No Proceedings</u>. There is no litigation, proceeding or investigation pending or, to the knowledge of a Responsible Officer of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Borrower is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the Borrower is a party or (iii) that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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 Borrower of each Transaction Document to which the Borrower is a party have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Bulk Sales</u>. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not require compliance with any "bulk sales" act or similar statutory provisions in effect in any applicable jurisdiction by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Solvency</u>. The Borrower is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which the Borrower is a party do not and will not render the Borrower not Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Taxes</u>. The Borrower (i) is and has always been treated as either (x) a domestic partnership, each of whose partners (as determined for U.S. federal income tax purposes) will be U.S. Persons or (y) a disregarded entity of a U.S. Person for U.S. federal income tax purposes and (ii) has timely filed or caused to be filed all U.S. federal, state, and other material Tax returns and reports required to be filed by it and has paid or caused to be paid all U.S. federal, state, and other material Taxes required to be paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its books adequate reserves in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Exchange Act Compliance; Regulations T, U and X</u>. None of the transactions contemplated herein or in the other Transaction Documents (including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any Margin Stock or to extend "purpose credit" within the meaning of Regulation U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State of New York) in the Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC and is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral is comprised of "instruments", "security entitlements", "general intangibles", "certificated securities", "uncertificated securities", "securities accounts", "investment property" and "proceeds" (each as defined in the applicable UCC) and such other categories of collateral under the applicable UCC as to which the Borrower has complied with its obligations under <u>Section 4.1(m)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to Collateral that constitute Security Entitlements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all of such Security Entitlements have been credited to one of the Accounts and the Securities Intermediary has agreed to treat all assets credited to such Account as Financial Assets within the meaning of the UCC as in effect from time-to-time in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Borrower has taken all steps necessary to enable the Collateral Agent to obtain "control" (within the meaning of the UCC as in effect from time-to-time in the State of New York) with respect to each Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Accounts are not in the name of any Person other than the Borrower, subject to the lien of the Collateral Agent for the benefit of the Secured Parties. The Borrower has not instructed the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; <u>provided</u> that, until the Collateral Agent delivers a Notice of Exclusive Control, the Borrower and the Servicer may cause cash in the Accounts to be invested in Permitted Investments, and the proceeds thereof to be paid and distributed in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Accounts constitute "securities accounts" as defined in the Section 8-501(a) of the UCC as in effect from time to time in 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower owns and has good and marketable title to (or, with respect to assets securing any Collateral, a valid security interest in) the Collateral free and clear of any Lien (other than Permitted Liens) of any Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Borrower has received all consents and approvals required by the terms of any Loan to the granting of a security interest in the Loans hereunder to the Collateral Agent, on behalf 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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Borrower has taken all necessary steps to authorize the Collateral Agent to file all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the Borrower's jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&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) other than as expressly permitted by the terms of this Agreement and the security interest granted to the Collateral Agent, on behalf of the Secured Parties, pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. The Borrower has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of any collateral included in the Collateral other than any financing statement (A) relating to the security interest, if any, granted to the Borrower under the Sale Agreement, (B) relating to the security interest, if any, granted to the Borrower under the Closing Date Participation Agreement or (C) that has been terminated and/or fully and validly assigned to the Collateral Agent or the Borrower on or prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Borrower is not aware of the filing of any judgment or Lien for Taxes filed against 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;(x) other than in the case of Noteless Loans, all original executed copies of each underlying promissory note that constitute or evidence each Loan that is evidenced by a promissory note has been or, subject to the delivery requirements contained herein, will be delivered to the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) none of the underlying promissory notes (if any) that constitute or evidence the Loans has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent on behalf of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) with respect to Collateral that constitutes a "certificated security," such certificated security has been delivered to the Collateral Agent on behalf of the Secured Parties and, if in registered form, has been specially Indorsed to the Collateral Agent, on behalf of the Secured Parties, or in blank by an effective Indorsement or has been registered in the name of the Collateral Agent, on behalf of the Secured Parties, upon original issue or registration of transfer by the Borrower; 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;(xiii) in the case of an Uncertificated Security, the Borrower shall cause the issuer of such uncertificated security to register the Collateral Agent, on behalf of the Secured Parties, as the registered owner of such uncertificated security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Reports Accurate</u>. All information, exhibits, financial statements, documents, books, records or reports furnished by or on behalf of the Borrower, the Servicer, the Equityholder or the Seller (other than projections, forward-looking information, general economic data, industry information, information relating to third parties, information or documentation prepared by the Servicer or one of its Affiliates for internal use or consideration, or statements as to (or the failure to make a statement as to) the value of, collectability of, prospects of or potential risks or benefits associated with a Loan or Obligor) to the Administrative Agent or any Lender in writing in connection with this Agreement are, as of their respective delivery dates (or such other date as may be specified therein), true, complete and correct in all material respects after giving effect to any updates thereto; <u>provided</u> that, to the extent any such information was furnished to such Borrower by a related Obligor or any other third party (or is derived solely therefrom), such information is, as of the date such information is provided, true, correct and complete to the actual knowledge of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Location of Offices</u>. The Borrower's location (within the meaning of Article 9 of the UCC) is, and at all times has been, the State of Delaware. The Borrower's Federal Employee Identification Number is correctly set forth on the certificate required pursuant to <u>Section 3.1(k)</u>. The Borrower has not changed its name (whether by amendment of its certificate of formation, by reorganization or otherwise) or its jurisdiction of organization and has not changed its location within the four (4) months preceding the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Collection Accounts</u>. The Collection Accounts (including any sub accounts thereof) are the only accounts to which Collections are sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Sale Agreement and Closing Date Participation Agreement</u>. The Sale Agreement and the Closing Date Participation Agreement are the only agreements pursuant to which the Borrower purchases Collateral from the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Value Given</u>. The Borrower has given reasonably equivalent value to the Seller or the applicable third party seller of Collateral in consideration for the transfer to the Borrower of the Collateral, and no such transfer shall have been made for or on account of an antecedent debt, and no such transfer is or may be voidable or subject to avoidance under any Section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Accounting</u>. Other than for tax purposes, the Borrower accounts for the transfers to it of interests in Collateral as purchases of such Collateral for financial accounting purposes (including notations on its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Special Purpose Entity</u>. At all times prior to the Collection Date, the Borrower has not and shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engage in any business or activity other than the purchase, receipt, management and sale of Collateral, the transfer and pledge of Collateral pursuant to the terms of the Transaction Documents, the entry into and the performance under the Transaction Documents and such other activities as are incidental thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquire or own any assets other than (a) the Collateral or (b) incidental property as may be necessary for the operation of the Borrower and the performance of its obligations under the Transaction Documents including, without limitation, capital contributions which it may receive from the Equityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets (other than in accordance with the provisions hereof), without in each case first obtaining the prior written consent of the Administrative Agent, or except as permitted by this Agreement, change its legal structure, or jurisdiction of formation, unless, in connection with any of the foregoing, such action shall result in the substantially contemporaneous occurrence of the Collection 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;(iv) except as otherwise permitted under clause (iii), fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, or without the prior written consent of the Administrative Agent, amend, modify, terminate or fail to comply with the provisions of its limited liability company agreement or fail to observe limited liability company formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&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) form, acquire or own any Subsidiary, own any Capital Stock in any other entity (other than Capital Stock in Obligors in connection with the exercise of any remedies with respect to a Loan or any exchange offer, work-out or restructuring of a Loan), or make any Investment in any Person (other than Permitted Investments or Capital Stock in Obligors in connection with the exercise of any remedies with respect to a Loan or any exchange offer, work-out or restructuring of a Loan) without the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) commingle its assets with the assets of any of its Affiliates, or of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (1) Indebtedness to the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the Commitments and (2) ordinary course contingent obligations under the Underlying Instruments (such as customary indemnities to fronting banks, administrative agents, collateral agents, depository banks, escrow agents, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&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) become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) enter into any contract or agreement with any Person, except (a) the Transaction Documents, (b) organizational documents, (c) Underlying Instruments and (d) other contracts or agreements that are upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arm's-length basis with third parties other than such Person; <u>provided</u> that, for the avoidance of doubt with regard to this clause (x), (i) acquisitions of Collateral from the Seller or its Affiliates, and sales of Collateral to the Seller and its Affiliates, each in accordance with other provisions of this Agreement and the other Transaction Documents shall be permitted and (ii) the Equityholder may contribute cash or other property as a capital contribution to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) seek its dissolution or winding up in whole or in part or divide or permit any division 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;(xii) fail to correct any known misunderstandings regarding the separate identities of the Borrower, on the one hand, and any Affiliate or any principal thereof or any other Person, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except pursuant to this Agreement, guarantee, become obligated for, or hold itself out to be responsible for the debt of another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business, solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) file or consent to the filing of any petition as to the Borrower, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, or make an assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) except as may be required or permitted by the Code and regulations thereunder or other applicable state or local tax law, hold itself out as or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or (c) any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) fail to maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; <u>provided</u>, <u>however</u>, that the Borrower's assets may be included in a consolidated financial statement of its Affiliates so long as (a) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Borrower from such Person and to indicate that the Borrower's assets and credit are not available to satisfy the debts and other obligations of such Person or any other Person and (b) such assets shall also be listed on the Borrower's own separate balance sheet;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) fail to pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries of its own employees, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) except in connection with any exchange offer, work-out, restructuring or the exercise of any rights or remedies with respect to any Loan with respect to which an Obligor is or would thereby become an Affiliate, acquire the obligations or securities issued by its Affiliates or members (unless approved by the Administrative Agent in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) to the extent used, fail to use separate invoices and checks bearing its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) except for any Permitted Lien relating to any Equity Security, pledge its assets to secure the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) fail at any time to have at least one (1) independent manager or director (the "<u>Independent Manager</u>") who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Lord Securities Corporation, Citadel SPV or, if none of those companies is then providing professional Independent Managers, another nationally recognized company reasonably approved by the Administrative Agent, in each case that is not an Affiliate of the Borrower, the Seller or the Servicer and that provides professional Independent Managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following: (a) a member, partner, equityholder, manager, director, officer or employee of the Borrower or any of its equityholders, the Servicer or Affiliates (other than as an Independent Manager of an Affiliate of the Borrower that is not in the direct chain of ownership of the Borrower and that is required by a creditor to be a single purpose bankruptcy-remote entity, <u>provided</u> that such Independent Manager is employed by a company that routinely provides professional independent managers or directors); (b) a creditor, supplier or service provider (including provider of professional services) to the Borrower, the Servicer or any of its equityholders or Affiliates (other than a nationally recognized company that routinely provides professional independent managers and other corporate services to the Borrower, the Servicer or any of its equityholders or Affiliates in the ordinary course of business); (c) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or (d) a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above. A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (a) by reason of being the Independent Manager of a "special purpose entity" affiliated with the Borrower shall be qualified to serve as an Independent Manager of the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) fail to ensure that all limited liability company actions relating to the appointment, maintenance or replacement of the Independent Manager are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) fail to provide that the unanimous consent of all managers (including the consent of the Borrower's Independent Manager) is required for the Borrower to (a) institute proceedings to be adjudicated bankrupt or insolvent, (b) institute or consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy or insolvency, (d) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for the Borrower, (e) make any assignment for the benefit of the Borrower's creditors, (f) admit in writing its inability to pay its debts generally as they become due, or (g) take any action in furtherance of any of the foregoing; 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;(xxviii) fail to file its own tax returns separate from those of any other Person, except to the extent that the Borrower is treated as a disregarded entity for U.S. federal income tax purposes or to the extent that such failure does not constitute a breach of <u>Section 5.1(k)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Investment Company Act</u>. The Borrower is not an "investment company" within the meaning of, and is not subject to regulation under, the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>ERISA</u>. Except as would not reasonably be expected to constitute a Material Adverse Effect, (i) the present value of all benefits vested under all "employee pension benefit plans," as such term is defined in Section 3 of ERISA which are subject to Title IV of ERISA and maintained by the Borrower, or in which employees of the Borrower are entitled to participate, other than a Multiemployer Plan (the "<u>Pension Plans</u>"), does not exceed the value of the assets of the Pension Plan allocable to such vested benefits (based on the value of such assets as of the most recent annual financial statements reflecting such amounts), (ii) no non-exempt prohibited transactions, accumulated funding deficiencies, withdrawals or reportable events within the meaning of 4043 of ERISA, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, (each a "<u>Reportable Event</u>") have occurred with respect to any Pension Plans that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability and (iii) no notice of intent to terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under Section 4041(f) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer a Pension Plan and no event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan. At all times during the term of the Agreement and on the date of each Transaction, none of the assets of Borrower (including the Collateral) or guaranteeing person constitutes or will constitute "plan assets" of any employee benefit plan subject to ERISA or any plan subject to Section 4975 of the Code by reason of such an employee benefit plan's or a plan's investment in the Borrower or its direct or indirect parent companies or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Compliance with Law</u>. The Borrower has complied in all material respects with all Applicable Law to which it may be subject, and no item of Collateral contravenes any Applicable Law (including, without limitation, all applicable predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>No Material Adverse Effect</u>. No event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on the Borrower since the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Collections</u>. The Borrower acknowledges that all Collections received by it or its Affiliates with respect to the Collateral transferred hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account as required herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Full Payment</u>. As of the initial Funding Date thereof, the Borrower had no knowledge of any fact which should lead it to expect that any Loan will not be repaid by the applicable Obligor in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Accuracy of Representations and Warranties</u>. Each representation or warranty by the Borrower contained herein or in any report, financial statement, exhibit, schedule, certificate or other document furnished by the Borrower pursuant hereto, in connection herewith or in connection with the negotiation hereof is true and correct in all material respects as of the date made or deemed made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Sanctions</u>. None of the Borrower, any Person directly or indirectly Controlling the Borrower nor any Person directly or indirectly Controlled by the Borrower and, to the Borrower's knowledge, no Related Party of the foregoing (i) is a Sanctioned Person; (ii) is owned or controlled by, or is or has been acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to the Borrower's knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. No investor in such Person is a Sanctioned Person. Each such Person has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Borrower, any Person directly or indirectly Controlling the Borrower and any Person directly or indirectly Controlled by the Borrower and, to the Borrower's knowledge, any Related Party of the foregoing (i) has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws and (ii) is not, to the Borrower's knowledge, under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Good Title</u>. The Borrower has good and marketable title in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Beneficial Ownership Certification</u>. As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

Section 4.2 <u>Representations and Warranties of the Borrower Relating to this Agreement and the Collateral</u>.

The Borrower hereby represents and warrants, as of the Closing Date and as of each Funding Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Valid Security Interest</u>. This Agreement constitutes a valid grant of a security interest in all of the Collateral to the Collateral Agent, for the benefit of the Secured Parties, which security interest constitutes a valid and first priority perfected security interest in all of the Collateral (subject to Permitted Liens) in that portion of the Collateral in which a security interest may be created under Article 9 of the UCC as in effect from time to time in 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;(b) <u>Eligibility of Collateral</u>. As of each Funding Date, (i) the information contained in each Funding Notice delivered pursuant to <u>Section 2.2</u>, is an accurate and complete listing of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect to the identity of such Loans and the amounts owing thereunder is true, correct and complete in all material respects as of the related Funding Date and (ii) each Loan included in any Borrowing Base is an Eligible Loan at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Fraud</u>. Each Loan originated by an unaffiliated third party was, to the best of the Borrower's knowledge, originated without any fraud or material misrepresentation.

Section 4.3 <u>Representations and Warranties of the Servicer</u>.

The Servicer represents and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:

&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;(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 or obtain such qualifications, licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Transaction Document to which it is a party, and (b) carry out the terms of the Transaction 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 Transaction Document to which it is a party. This Agreement and each other Transaction 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;(d) <u>Binding Obligation</u>. Each Transaction Document to which the Servicer is a party constitutes a legal, valid and binding obligation of the Servicer enforceable against the 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;(e) <u>No Violation</u>. The consummation of the transactions contemplated by each Transaction 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, operating agreement or any Contractual Obligation of the Servicer, (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, or (iii) violate, in any material respect any Applicable Law.

&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 is no litigation, proceeding or investigation pending or, to the knowledge of a Responsible Officer of the Servicer threatened against the Servicer, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Servicer is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the Servicer is a party or (iii) that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Transaction Document to which the Servicer is a party have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reports Accurate</u>. All information, documents, books, records or reports furnished by the Servicer (other than projections, forward-looking information, general economic data, industry information, information relating to third parties, information or documentation prepared by the Servicer or one of its Affiliates for internal use or consideration, or statements as to (or the failure to make a statement as to) the value of, collectability of, prospects of or potential risks or benefits associated with a Loan or Obligor) to the Administrative Agent or any Lender in writing in connection with this Agreement are, as of their respective delivery dates (or such other date as may be specified therein), true, complete and correct in all material respects after giving effect to any updates thereto; <u>provided</u> that, to the extent any such information was furnished to the Servicer by a related Obligor or any other third party (or is derived solely therefrom), such information is, as of the date such information is provided, true, correct and complete to the actual knowledge of the Servicer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The Servicer is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which the Servicer is a party do not and will not render the Servicer not Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Fraud</u>. Each Loan originated by an unaffiliated third party was, to the best of the Servicer's knowledge, originated without any fraud or material misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Compliance with Law</u>. The Servicer has complied in all material respects with all Applicable Law to which it may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Sanctions</u>. None of the Servicer, any Person directly or indirectly Controlling the Servicer nor any Person directly or indirectly Controlled by the Servicer and, to the Servicer's knowledge, no Related Party of the foregoing (i) is a Sanctioned Person; (ii) is owned or controlled by or is acting on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to the Servicer's knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. To the Servicer's knowledge, no investor in such Person is a Sanctioned Person. Each such Person has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Sanctions. The Servicer will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Servicer, any Person directly or indirectly Controlling the Servicer, any Person directly or indirectly Controlled by the Servicer and any Related Party of the foregoing (i) has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws and (ii) is not, to the Servicer's knowledge, under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Material Adverse Effect</u>. No event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on the Servicer since the Closing Date.

Section 4.4 <u>Representations and Warranties of the Collateral Agent</u>.

The Collateral Agent in its individual capacity and as Collateral Agent represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Power and Authority</u>. It is a duly organized and validly existing national banking association in good standing under the laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as Collateral Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Authorization</u>. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Agent, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict</u>. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any Contractual Obligation to which the Collateral Agent is a party or by which it or any of its property is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Violation</u>. The execution and delivery of this Agreement, the performance of the Transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law as to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>All Consents Required</u>. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Agent, required in connection with the execution and delivery of this Agreement, the performance by the Collateral Agent of the transactions contemplated hereby and the fulfillment by the Collateral Agent of the terms hereof have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Validity, Etc.</u> This Agreement constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral Agent in accordance with its terms, except as such enforceability may be limited by applicable 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;(g) <u>Corporate Collateral Agent Required; Eligibility</u>. The Collateral Agent (including any successor Collateral Agent appointed pursuant to <u>Section 7.5</u>) hereunder (i) is a national banking association or banking corporation or trust company organized and doing business under the laws of any state or the United States, (ii) is authorized under such laws to exercise corporate trust powers, (iii) has a combined capital and surplus of at least $200,000,000, and (iv) is subject to supervision or examination by federal or state authority. If such banking association publishes reports of condition at least annually, pursuant to Applicable Law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this <u>Section 4.4(g)</u> its combined capital and surplus shall be deemed to be as set forth in its most recent report of condition so published. In case at any time the Collateral Agent shall cease to be eligible in accordance with the provisions of this <u>Section 4.4(g)</u>, the Collateral Agent shall give prompt notice to the Borrower, the Servicer and the Lenders that it has ceased to be eligible to be the Collateral Agent.

Section 4.5 <u>Representations and Warranties of the Seller and the Equityholder</u>.

Each of the Seller and the Equityholder hereby represents and warrants, as applicable, as of the Closing Date and each date the Borrower acquires any Collateral from the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sanctions</u>. None of the Seller, the Equityholder, any Person directly or indirectly Controlling the Seller or the Equityholder or any Person directly or indirectly Controlled by the Seller or the Equityholder (i) is a Sanctioned Person; (ii) is owned or

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controlled by or is acting on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to the Seller's or the Equityholder's knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. To the Seller's and the Equityholder's knowledge, no investor in such Person is a Sanctioned Person. Each such Person has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Sanctions. The Seller or the Equityholder will notify each Lender and Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Seller, the Equityholder, any Person directly or indirectly Controlling the Seller or the Equityholder, any Person directly or indirectly Controlled by the Seller or the Equityholder and any Related Party of the foregoing (i) has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws and (ii) is not, to the Seller's or the Equityholder's knowledge, under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws.

**ARTICLE V** 

**GENERAL COVENANTS** 

Section 5.1 <u>Affirmative Covenants of the Borrower</u>.

The Borrower covenants and agrees with the Lenders that during the Covenant Compliance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Collateral or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Company Existence</u>. The Borrower will (i) preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation, (ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification would have, or could reasonably be expected to have, a Material Adverse Effect and (iii) maintain the Governing Documents of the Borrower in full force and effect and shall not amend the same without the prior written consent of the Administrative Agent; <u>provided</u> that the Borrower shall be permitted to change its registered agent without the consent of (but with prior notice to) the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Collateral</u>. The Borrower will, at the Borrower's expense, timely and fully perform and comply (or, by exercising its rights thereunder, cause the Seller to perform and comply pursuant to the Sale Agreement or the Closing Date Participation Agreement) with all provisions, covenants and other promises required to be observed by it under the Collateral, the Transaction Documents and all other agreements related to such Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. The Borrower will (or will cause the Servicer to) keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business and activities. The Borrower will permit any representatives designated by the Administrative Agent to visit and inspect the financial records and the properties of such person during normal office hours and upon reasonable notice no more than twice in any fiscal year when no Event of Default is in existence; <u>provided</u> that after the occurrence of an Event of Default and during its continuance, there shall be no limit to the number of such visits and inspections, and after the resolution of such Event of Default, the number of visits occurring in the current fiscal year shall be deemed to be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Protection of Interest in Collateral</u>. With respect to the Collateral acquired by the Borrower, the Borrower will (i) acquire such Collateral pursuant to and in accordance with the terms of the Sale Agreement, the Closing Date Participation Agreement or directly from a third party, (ii) at the Borrower's expense, take all action necessary to perfect, protect and more fully evidence the Borrower's ownership of such Collateral free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to the Loans and that portion of the Collateral in which a security interest may be perfected by filing and maintaining (at the Borrower's expense), effective financing statements against the Seller in all necessary or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, (iii) permit the Administrative Agent or its respective agents or representatives to visit the offices of the Borrower during normal office hours and upon reasonable notice examine and make copies of all documents, books, records and other information concerning the Collateral and discuss matters related thereto with any of the Responsible Officers of the Borrower having knowledge of such matters no more than twice in any fiscal year when no Event of Default is in existence, and (iv) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deposit of Collections</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;(i) The Borrower shall promptly (but in no event later than two (2) Business Days after receipt), or shall cause the Servicer to, instruct each Obligor (or (x) with respect to any Agented Loan, the paying agent or (y) with respect to any Closing Date Participation Interest for which the Elevation Date has not yet occurred, the Seller) to deliver all Collections in respect of the Collateral to the General Collection Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower shall promptly (but in no event later than two (2) Business Days after receipt), or shall cause the Servicer to, identify Principal Collections and Interest Collections no later than the Measurement Date related to the Payment Date immediately following such Accrual Period, and direct the Collateral Agent and Securities Intermediary to transfer the same to the Principal Collection Account (USD) and the Interest Collection Account (USD), respectively (or, if applicable, the Canadian Dollar Account, the Euro Account or the GBP Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Special Purpose Entity</u>. The Borrower shall be in compliance with the special purpose entity requirements set forth in <u>Section 4.1(t)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Borrower's Notice</u>. On each Funding Date and on the date of each Reinvestment of Principal Collections pursuant to <u>Section 2.14(a)(i)</u> or acquisition by the Borrower of Loans in connection with a Substitution pursuant to <u>Section 2.14(b)</u>, the Borrower will provide the applicable Borrower's Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Events of Default</u>. Promptly following the actual knowledge or receipt of notice by a Responsible Officer of the Borrower of the occurrence of any Event of Default or Default, the Borrower will provide the Administrative Agent with written notice of the occurrence of such Event of Default or Default of which the Borrower has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible Officer of the Borrower setting forth the details of such event (to the extent known by the Borrower) and the action, if any, that the Borrower proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Obligations</u>. The Borrower shall pay its Indebtedness and other obligations promptly and in accordance with their terms except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves with respect thereto have been provided on the books of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Taxes</u>. The Borrower (i) will be treated as either (x) a domestic partnership (each of whose partners (as determined for U.S. federal income tax purposes)) will be U.S. Persons or (y) a disregarded entity of a U.S. Person for U.S. federal income tax purposes and (ii) will timely file or cause to be filed all U.S. federal, state, and other material Tax returns and reports required to be filed by it and will pay or cause to be paid all U.S. federal and other material Taxes required to be paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower sets aside on its books adequate reserves in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Use of Proceeds</u>. The Borrower will use the proceeds of the Advances only to acquire Eligible Loans, to make distributions to its member in accordance with the terms hereof or to pay related expenses (including expenses payable hereunder) in accordance with <u>Sections 2.7</u> and <u>2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Obligor Notification Forms</u>. The Administrative Agent may, in its discretion after the occurrence and during the continuance of a Servicer Termination Event or an Event of Default, send notification forms giving the Obligors and/or agents on Agented Loans notice of the Collateral Agent's interest in the Collateral and the obligation to make payments as directed by the Collateral Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Notices</u>. The Borrower will (or will cause the Servicer to) furnish 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Auditors' Management Letters</u>. Promptly after the receipt thereof, any auditors' management letters are received by the Borrower or by its accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Representations and Warranties</u>. Promptly after a Responsible Officer's obtaining knowledge or notice of the same, the Borrower shall notify the Administrative Agent if any representation or warranty set forth in <u>Section 4.1</u> or <u>Section 4.2</u> was incorrect at the time it was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of a Responsible Officer of the Borrower which would render any of the said representations and warranties untrue as of such Funding Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ERISA</u>. Promptly after receiving notice of any "reportable event" (as defined in Title IV of ERISA) with respect to the Borrower (or any ERISA Affiliate thereof), a copy of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Proceedings</u>. Promptly and in any event within five (5) Business Days after a Responsible Officer of the Borrower receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Collateral Agent's interest in the Collateral, or the Borrower or the Equityholder; <u>provided</u> that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction Documents, the Collateral Agent's interest in the Collateral, the Borrower or the Equityholder in excess of $2,500,000 or more shall be deemed to be material for purposes of this <u>Section 5.1(o)(v)</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;(v) <u>Notice of Certain Events</u>. Promptly upon a Responsible Officer of the Borrower becoming aware thereof (and, in any event, within three (3) Business Days, thereof), notice of (1) any Servicer Termination Event, (2) any Assigned Value Adjustment Event, (3) any failure to comply with <u>Section 5.1(s)</u>, (4) any other event or circumstance that could reasonably be expected to have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest calculation of any Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative Agent, on or prior to the related Funding Date in respect of such Loan), or (6) unless notice of such default has been provided by the Servicer under <u>Section 5.3(i)</u>, the occurrence of any default by an Obligor on any Loan in the payment of principal or interest or that would result in an Assigned Value Adjustment Event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Organizational Changes</u>. Promptly and in any event within fifteen (15) Business Days after the effective date thereof, notice of any change in the name, jurisdiction of organization, organizational structure or location of records of the Borrower; <u>provided</u> that the Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Accounting Changes</u>. Promptly and in any event within five (5) Business Days after the effective date thereof, notice of any change in the accounting policies 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;(viii) <u>Notice of Liens</u>. Promptly after receipt by a Responsible Officer of the Borrower of knowledge or notice thereof, the Borrower will promptly notify the Administrative Agent and the Collateral Agent of the existence of any Lien (including Liens for Taxes) other than Permitted Liens on any Collateral and the Borrower shall defend the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties in, to and under the Collateral against all claims of third parties; <u>provided</u> that nothing in this <u>Section 5.1(x)</u> shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Contest Recharacterization</u>. The Borrower shall in good faith contest any attempt to recharacterize the treatment of the Loans as property of the bankruptcy estate of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Financial Statements</u>. The Borrower shall furnish to the Administrative Agent for distribution to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for each fiscal year of the Equityholder commencing with the 2024 fiscal year, promptly, but in any event within 120 days after the end of such fiscal year of the Equityholder a copy of the consolidated audited balance sheet of the Equityholder, as at the end of such year and the related statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a "going concern" or like qualification or exception, or qualification arising out of the scope of the audit, by an independent certified public accountants of nationally recognized standing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each of the first three fiscal quarters of each fiscal year of the Equityholder commencing with the quarter ending in September 2024, promptly, but in any event within 60 days after the end of such fiscal quarter of the Equityholder, a copy of the consolidated unaudited balance sheet of the Equityholder, as at the end of such quarter and the related statements of income and retained earnings for such fiscal quarter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Other Information</u>. The Borrower shall furnish to the Administrative Agent for distribution to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within five (5) Business Days after the same are sent, copies of all financial statements and reports which the Borrower sends to all of its investors, generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within five (5) Business Days after the same are filed, copies of all financial statements, filings and reports which the Borrower may make to, or file with, the SEC or any successor or analogous Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Further Assurances</u>. The Borrower will execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing UCC and other financing statements, agreements or instruments) that the Administrative Agent may reasonably request in order to effectuate the transactions contemplated by the Transaction Documents and in order to grant, preserve, protect and perfect the validity and first priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such security interests and Liens will be created hereunder and the Borrower shall deliver or cause to be delivered to the Administrative Agent all such instruments and documents (including legal opinions and lien searches) as it shall reasonably request to evidence compliance with this <u>Section 5.1(s)</u>. The Borrower agrees to provide such evidence as the Administrative Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Non-Consolidation</u>. The Borrower shall at all times refrain from any action, or conducting its affairs in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding, or that otherwise causes it to make incorrect any of the assumptions made by Winston & Strawn LLP in its opinions delivered pursuant to <u>Section 3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Loan Acquisitions</u>. All Loans acquired by the Borrower shall be acquired from the Seller pursuant to the Sale Agreement, the Closing Date Participation Agreement or from an unaffiliated third party; it being understood and agreed that, for administrative convenience, Loans acquired by the Seller from Affiliates may be settled directly into the Borrower pursuant to an assignment agreement between such Affiliate and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Lien Searches Against Obligors</u>. The Administrative Agent shall, at any time, have the right to run a UCC lien search against any Obligor. Each such UCC lien search shall be at the sole expense of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Other</u>. The Borrower will furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Borrower as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Collateral Agent or the other Secured Parties under or as contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Borrower shall, and the Borrower shall ensure that each Person directly or indirectly Controlling the Borrower and each Person directly or indirectly Controlled by the Borrower and, to the Borrower's knowledge, any Related Party of the foregoing will: (i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws and has instituted, maintains and complies with policies, procedures and controls reasonably designed to ensure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) not, directly or indirectly, use the proceeds of any Advance hereunder to fund, finance or facilitate any activities, business or transactions that are in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) not fund any repayment of the Obligations with proceeds that are directly or indirectly derived from any transaction or activity that is prohibited by any Anti-Corruption Laws or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Compliance with Sanctions</u>. The Borrower shall, and shall ensure that any Person directly or indirectly Controlling the Borrower, any Person directly or indirectly Controlled by the Borrower and, to the Borrower's knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Beneficial Ownership Regulation</u>. Promptly following any request therefor, the Borrower shall deliver to the Administrative Agent or any Lender information and documentation reasonably requested by the Administrative Agent or such Lender, as applicable, for purposes of compliance with the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Insurance</u>. The Borrower will maintain, with financially sound and reputable insurers (as reasonably determined by the Borrower), insurance with respect to its business against such liabilities and contingencies and of such types and in such amounts as the Borrower reasonably deems appropriate.

Section 5.2 <u>Negative Covenants of the Borrower</u>. During the Covenant Compliance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than (A) entering into and performing its obligations under the Transaction Documents and other activities contemplated by the Transaction Documents or incidental thereto, (B) the acquisition, ownership and management of the Collateral and (C) the sale of the Collateral as permitted hereunder, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind other than pursuant to the Transaction Documents, or (iii) except as otherwise provided in <u>Section 4.1(t)(v)</u>, form any Subsidiary or make any Investment in any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Collateral Not to be Evidenced by Instruments</u>. The Borrower will not take any action to cause any Loan that is not, as of the Closing Date or the related Funding Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Loan or unless such Instrument is promptly delivered to the Collateral Agent, together with an Indorsement in blank, as collateral security for such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Security Interests</u>. Except as otherwise permitted herein and in respect of any Discretionary Sale, Substitution, Optional Sale, or other sale permitted hereunder or required under the Sale Agreement or the Closing Date Participation Agreement, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any Collateral, whether now existing or hereafter transferred hereunder, or any interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mergers, Acquisitions, Sales, etc.</u> The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire any of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person (excluding receipt of Equity Securities in the ordinary course of collection of a debt previously contracted in good faith), or sell, transfer, convey or lease any of its assets, or sell or assign with or without recourse any Collateral or any interest therein, other than as permitted or required pursuant to this Agreement (including as provided in <u>Section 4.1(t)(iii)</u>), the Sale Agreement or the Closing Date Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Restricted Payments</u>. The Borrower shall not make any Restricted Payments other than (i) with respect to amounts the Borrower receives in accordance with <u>Section 2.7</u> or <u>Section 2.8</u>, and (ii) with proceeds of Advances otherwise made in compliance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Location of Underlying Instruments</u>. The Borrower shall not, without the prior consent of the Administrative Agent, consent to the Collateral Agent moving any Certificated Securities or Instruments from the Collateral Agent's offices set forth in Section 5.5(c) on the Closing Date, unless the Borrower has given at least ten (10) days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to ensure that the Collateral Agent's first priority perfected security interest (subject to Permitted Liens) continues in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>ERISA Matters</u>. The Borrower will not (a) engage or permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor, (b) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (c) fail to make or permit any ERISA Affiliate to fail to make, any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (d) terminate any Pension Plan so as to result in any liability, or (e) permit to exist any occurrence of any Reportable Event with respect to a Pension Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Organizational Documents</u>. The Borrower will not amend, modify, waive or terminate any provision of its organizational documents without the prior written consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Changes in Payment Instructions to Obligors</u>. The Borrower will not make any change, or permit the Servicer to make any change, in its instructions to Obligors (or agents on any Agented Loan) regarding payments to be made with respect to the Collateral to the General Collection Account, Canadian Dollar Account, Euro Account or GBP Account, as applicable, unless the Administrative Agent has consented to such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Preservation of Security Interest</u>. The Borrower (at its expense) hereby authorizes the Collateral Agent to file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the first priority perfected ownership and security interest of the Collateral Agent for the benefit of the Secured Parties in, to and under the Loans and proceeds thereof and that portion of the Collateral in which a security interest may be perfected by filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Fiscal Year</u>. The Borrower shall not change its fiscal year or method of accounting without providing the Administrative Agent with at least fifteen (15) days' prior written notice (i) providing a detailed explanation of such changes and (ii) including a pro forma financial statements demonstrating the impact of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with Sanctions</u>. The Borrower shall not, and shall ensure that any Person directly or indirectly Controlling the Borrower, any Person directly or indirectly Controlled by the Borrower and, to the Borrower's knowledge, any Related Party of the foregoing will not, directly or indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund, finance or facilitate any activities, business or transactions of or with a Sanctioned Person or (ii) in any other manner that is prohibited by Sanctions or that could otherwise cause any Lender to be in breach of any Sanctions. The Borrower will not fund any repayment of the Obligations with proceeds derived, directly or indirectly, from any transaction that is prohibited by Sanctions or that could otherwise cause any Lender or any other party to this Agreement, or any Related Party, to be in breach of any Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this section.

Section 5.3 <u>Affirmative Covenants of the Servicer</u>.

The Servicer covenants and agrees with the Lenders that during the Covenant Compliance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Servicer will comply in all material respects with all Applicable Law, including those with respect to the performance of its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Company Existence</u>. The Servicer will (i) preserve and maintain its company existence, rights, franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Collateral</u>. The Servicer will exercise its rights hereunder in order to permit the Borrower to duly fulfill and comply with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each item of Collateral and will take all necessary action to preserve the first priority security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Collateral in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Collateral and the identification 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;(ii) The Servicer shall permit the Administrative Agent or their respective designated representatives, to visit the offices of the Servicer during normal office hours and upon reasonable notice and examine and make copies of all documents, books, records and other information concerning the Collateral and discuss matters related thereto with any of the officers or employees of the Servicer having knowledge of such matters; <u>provided</u>, that the Borrower and the Servicer shall not be liable to the Administrative Agent for costs or expenses related to more than two such visits in any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Servicer will on or prior to the date hereof, mark its master data processing records and other books and records relating to the Collateral indicating that the Loans are owned by the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties 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;(iv) The Servicer will cooperate with the Borrower and provide all information in its possession or reasonably available to it to the Borrower or any Person designated by the Borrower to receive such information so the Borrower may comply with and perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Events of Default</u>. Promptly following the Servicer's knowledge or notice of the occurrence of any Event of Default or Default, the Servicer will provide the Borrower and the Administrative Agent with written notice of the occurrence of such Event of Default or Default of which the Servicer has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible Officer of the Servicer setting forth the details (to the extent known by the Servicer) of such event and the action, if any, that the Servicer proposes to take with respect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other</u>. The Servicer will promptly furnish to the Borrower and the Administrative Agent such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Servicer as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent, the Collateral Agent or the Secured Parties under or as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Proceedings</u>. The Servicer will furnish to the Administrative Agent, promptly and in any event within five (5) Business Days after the Servicer receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Collateral Agent's interest in the Collateral, the Servicer, or the Seller; <u>provided</u> that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction Documents, the Collateral Agent's interest in the Collateral, the Borrower, the Servicer, or the Seller in excess of $2,500,000 or more shall be deemed to be material for purposes of this <u>Section 5.3(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Deposit of Collections</u>. The Servicer shall (and shall cause each of its Affiliates to) promptly, but in any event within two (2) Business Days after its receipt and identification thereof, deposit any Collections received by it into the Collection Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, and provide the related Obligor (or paying agent) or, with respect to any Closing Date Participation Interest for which the Elevation Date has not yet occurred, the Seller, with instructions to remit payments directly to the Collection Account as required herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Required Notices</u>. The Servicer will furnish to the Borrower and the Administrative Agent, promptly upon becoming aware thereof (and, in any event, within three (3) Business Days), notice of (1) any Servicer Termination Event, (2) any Assigned Value Adjustment Event, (3) any Change of Control with respect to the Servicer, (4) any other event or circumstance with respect to the Servicer that could reasonably be expected to have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest calculation of any Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative Agent, on or prior to the related Funding Date in respect of such Loan) listed in the definition of "Eligible Loan", (6) the occurrence of any default by an Obligor on any Loan in the payment of principal or interest or that would result in an Assigned Value Adjustment Event, or (7) the existence of any Lien (including Liens for Taxes) other than Permitted Liens on any Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounting Changes</u>. Promptly and in any event within five (5) Business Days after the effective date thereof, the Servicer will provide to the Administrative Agent notice of any change in the accounting policies of the Servicer that could reasonably be expected to result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Loan Register</u>. The Servicer will maintain, or cause to be maintained, with respect to each Noteless Loan a register (each, a "<u>Loan Register</u>") in which it will record, or cause to be recorded, (v) the principal amount of such Noteless Loan, (w) the amount of any principal or interest due and payable or to become due and payable from the Obligor thereunder, (x) the amount of any sum in respect of such Noteless Loan received from the related Obligor, (y) the date of origination of such Noteless Loan and (z) the maturity date of such Noteless Loan. At any time a Noteless Loan is included in the Collateral, the Servicer shall deliver to the Borrower, the Administrative Agent and the Collateral Agent a copy of the related Loan Register, together with a certificate of a Responsible Officer of the Servicer certifying to the accuracy of such Loan Register as of the date of acquisition of such Noteless Loan by the Borrower, all of which information and certifications shall be deemed included in the applicable Borrowing Base Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Servicer shall, and shall ensure that each Person directly or indirectly Controlling the Servicer and each Person directly or indirectly Controlled by the Servicer and, to the Servicer's knowledge, any Related Party of the foregoing will: (i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws and has instituted, maintains and complies with policies, procedures and controls reasonably designed to ensure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure that the Borrower does not, directly or indirectly, use the proceeds of any Advance hereunder to fund, finance or facilitate any activities, business or transactions that are in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure that the Borrower does not fund any repayment of the Obligations with proceeds that are directly or indirectly derived from any transaction or activity that is prohibited by any Anti-Corruption Laws or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Compliance with Sanctions</u>. The Servicer shall, and shall ensure that any Person directly or indirectly Controlling the Servicer, any Person directly or indirectly Controlled by the Servicer and, to the Servicer's knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Servicer will notify each Lender and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this section.

Section 5.4 <u>Negative Covenants of the Servicer</u>.

During the Covenant Compliance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mergers, Acquisition, Sales, etc.</u> The Servicer will not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person, unless the Servicer is the surviving entity and unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Servicer has delivered to the Administrative Agent an Officer's Certificate and an Opinion of Counsel each stating that any such consolidation, merger, conveyance or transfer and any supplemental agreement executed in connection therewith comply with this <u>Section 5.4</u> and that all conditions precedent herein provided for relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such supplemental agreement is legal, valid and binding with respect to the Servicer and such other matters 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;(ii) the Servicer shall have delivered notice of such consolidation, merger, conveyance or transfer 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after giving effect thereto, no Event of Default or Servicer Termination Event or event that with notice or lapse of time would constitute either an Event of Default or a Servicer Termination Event shall have occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent has consented in writing to such consolidation, merger, conveyance or transfer.

Notwithstanding anything to the contrary in the Transaction Documents, in connection with the BDC Election Date (and upon (x) delivery of new legal opinions (or no effect letters) from its counsel reasonably acceptable to the Administrative Agent covering customary corporate and UCC perfection matters and (y) the filing of any applicable UCC-3 financial statements), the Servicer shall be permitted to change its entity type from a Delaware limited liability company to a Delaware statutory trust. No such conversion shall be a Default, an Event of Default or a Servicer Termination Event hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Location of Underlying Instruments</u>. The Servicer shall not, without the prior consent of the Administrative Agent, consent to the Collateral Agent moving any Certificated Securities or Instruments from the Collateral Agent's offices set forth in <u>Section 5.5(c)</u> on the Closing Date, unless the Servicer has given at least ten (10) days' written notice to the Administrative Agent and has authorized the Administrative Agent to take all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change in Payment Instructions to Obligors</u>. The Servicer will not make any change in its instructions to Obligors or agents of Agented Loans regarding payments to be made with respect to the Collateral to the General Collection Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, unless the Administrative Agent, the Collateral Agent and, so long as no Event of Default has occurred and is continuing, the Borrower, have consented to such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Sanctions</u>. The Servicer shall not, and shall ensure that any Person directly or indirectly Controlling the Servicer, any Person directly or indirectly Controlled by the Servicer and, to the Servicer's knowledge, any Related Party of the foregoing will not, directly or indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person

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(i) to fund, finance or facilitate any activities, business or transactions of or with a Sanctioned Person or (ii) in any manner that is prohibited by Sanctions or that could otherwise cause any Lender to be in breach of any Sanctions. The Servicer will not cause the funding of any repayment of the Obligations with proceeds derived, directly or indirectly, from any transaction that is prohibited by Sanctions or that could otherwise cause any Lender or any other party to this Agreement, or any Related Party, to be in breach of any Sanctions. The Servicer will notify each Lender and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this section.

Section 5.5 <u>Affirmative Covenants of the Collateral Agent</u>.

During the Covenant Compliance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Collateral Agent will comply in all material respects with all Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Existence</u>. The Collateral Agent will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Location of Underlying Instruments</u>. Subject to <u>Section 7.8</u>, the Underlying Instruments shall remain at all times in the possession of the Collateral Agent at its offices located at 1505 Energy Park Drive, St. Paul, Minnesota 55108, unless notice of a different address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain Underlying Instruments to be released to the Servicer on a temporary basis in accordance with the terms hereof, except as such Underlying Instruments may be released pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate Collateral Agent Required; Eligibility</u>. The Collateral Agent (including any successor Collateral Agent appointed pursuant to <u>Section 7.5</u>) hereunder shall at all times (i) be a national banking association or banking corporation or trust company organized and doing business under the laws of any state or the United States, (ii) be authorized under such laws to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $200,000,000, and (iv) be subject to supervision or examination by federal or state authority. If such banking association publishes reports of condition at least annually, pursuant to Applicable Law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this <u>Section 5.5(d)</u> its combined capital and surplus shall be deemed to be as set forth in its most recent report of condition so published. In case at any time the Collateral Agent shall cease to be eligible in accordance with the provisions of this <u>Section 5.5(d)</u>, the Collateral Agent shall give prompt notice to the Borrower, the Servicer and the Lenders that it has ceased to be eligible to be the Collateral Agent.

Section 5.6 <u>Negative Covenants of the Collateral Agent</u>.

During the Covenant Compliance Period:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Underlying Instruments</u>. The Collateral Agent will not dispose of any documents constituting the Underlying Instruments in any manner that is inconsistent with the performance of its obligations as the Collateral Agent pursuant to this Agreement and will not dispose of any Collateral except as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Changes to Collateral Agent Fee</u>. The Collateral Agent will not make any changes to the Collateral Agent Fee set forth in the Collateral Agent Fee Letter without the prior written approval of the Administrative Agent and the Borrower.

Section 5.7 <u>Covenants of the Equityholder and the Seller</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Required Notices</u>. Each of the Seller and the Equityholder will furnish to the Borrower and the Administrative Agent, promptly upon becoming aware thereof (and, in any event, within three (3) Business Days), notice of (1) any Change of Control with respect to such Person, (2) any other event or circumstance with respect to such Person that could reasonably be expected to have a Material Adverse Effect or (3) with respect to the Seller, any Loan sold by the Seller to the Borrower failing to be an Eligible Loan on the date of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Negative Pledge</u>. The Equityholder shall not permit any Person to have a Lien (other than a Permitted Lien) over the Capital Stock of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Seller and the Equityholder shall, and shall ensure that each Person directly or indirectly Controlling the Seller or the Equityholder and each Person directly or indirectly Controlled by the Seller or the Equityholder and, to the Seller's or the Equityholder's knowledge, any Related Party of the foregoing will: (i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws and has instituted, maintains and complies with policies, procedures and controls reasonably designed to ensure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure that the Borrower does not, directly or indirectly, use the proceeds of any Advance hereunder to fund, finance or facilitate any activities, business or transactions that are in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure that the Borrower does not fund any repayment of the Obligations with proceeds that are directly or indirectly derived from any transaction or activity that is prohibited by any Anti-Corruption Laws or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Sanctions</u>. None of the Seller, the Equityholder, any Person directly or indirectly Controlling the Seller or the Equityholder or any Person directly or indirectly Controlled by the Seller or the Equityholder and, to the Seller's or the Equityholder's knowledge, no Related Party of the foregoing will, directly or indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available such proceeds to any

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subsidiary, joint venture partner, or other Person (i) to fund, finance or facilitate any activities, business or transactions of or with a Sanctioned Person or (ii) in any manner that is prohibited by Sanctions or that could otherwise cause any Lender to be in breach of any Sanctions. The Seller and the Equityholder will not cause the funding of any repayment of the Obligations with proceeds derived, directly or indirectly, from any transaction that is prohibited by Sanctions or that could otherwise cause any Lender or any other party to this Agreement, or any Related Party, to be in breach of any Sanctions. The Seller and the Equityholder shall, and shall ensure that each Person directly or indirectly Controlling the Seller or the Equityholder and each Person directly or indirectly Controlled by the Seller or the Equityholder and, to the Seller's or the Equityholder's knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Seller or the Equityholder, as applicable, will notify each Lender and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this section.

**ARTICLE VI** 

**COLLATERAL ADMINISTRATION** 

Section 6.1 <u>Appointment of the Servicer</u>.

The Servicer is hereby appointed as servicer and servicing agent of the Borrower for the purpose of performing certain collateral management functions including, without limitation, directing and supervising the investment and reinvestment of the Loans and Permitted Investments, servicing the Collateral, enforcing the Borrower's rights and remedies in, to and under the Collateral and performing certain administrative functions on behalf of the Borrower delegated to it under this Agreement and in accordance with the applicable provisions of the Transaction Documents, and the Servicer hereby accepts such appointment. The Servicer shall have the power to execute and deliver all necessary and appropriate documents and instruments on behalf of the Borrower in connection with performing its obligations set forth herein. Except as may otherwise be expressly provided in this Agreement, the Servicer will perform its obligations hereunder in accordance with the Servicer Standard. The Servicer and the Borrower hereby acknowledge that the Collateral Agent, the Administrative Agent and the other Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer hereunder.

Section 6.2 <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;(a) <u>Duties</u>. Subject to the provisions concerning its general duties and obligations as set forth in <u>Section 6.1</u> and the terms of this Agreement, the Servicer agrees to manage the investment and reinvestment of the Collateral and shall perform on behalf of the Borrower all duties and functions assigned to the Borrower in this Agreement and the other Transaction Documents and the duties that have been expressly delegated to the Servicer in this Agreement; it being understood that the Servicer shall have no obligation hereunder to perform any duties other than as specified herein and in the other Transaction Documents. The Borrower hereby irrevocably (except as provided below) appoints the Servicer as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead in connection with the performance of its duties provided for in this Agreement, including, without limitation,

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the following powers: (A) to give or cause to be given any necessary receipts or acquittance for amounts collected or received hereunder, (B) to make or cause to be made all necessary transfers of the Loans, Equity Securities and Permitted Investments in connection with any acquisition, sale or other disposition made pursuant hereto, (C) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Borrower all necessary or appropriate bills of sale, assignments, agreements and other instruments in connection with any such acquisition, sale or other disposition and (D) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Borrower any consents, votes, proxies, waivers, notices, amendments, modifications, agreements, instruments, orders or other documents in connection with or pursuant to this Agreement and relating to any Loan, Equity Security or Permitted Investment. The Borrower hereby ratifies and confirms all that such attorney-in-fact (or any substitute) shall lawfully do hereunder and pursuant hereto and authorizes such attorney-in-fact to exercise full discretion and act for the Borrower in the same manner and with the same force and effect as the managers or officers of the Borrower might or could do in respect of the performance of such services, as well as in respect of all other things the Servicer deems necessary or incidental to the furtherance or conduct of the Servicer's services under this Agreement, subject in each case to the applicable terms of this Agreement. The Borrower hereby authorizes such attorney-in-fact, in its sole discretion (but subject to applicable law and the provisions of this Agreement), to take all actions that it considers reasonably necessary and appropriate in respect of the Loans, the Equity Securities, the Permitted Investments and this Agreement. Nevertheless, if so requested by the Servicer or a purchaser of any Loan, Equity Security or Permitted Investment, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Servicer or such purchaser all proper bills of sale, assignments, releases, powers of attorney, proxies, dividends, other orders and other instruments as may reasonably be designated in any such request. Except as otherwise set forth and provided for herein, this grant of power of attorney is coupled with an interest, and it shall survive and not be affected by the subsequent dissolution or bankruptcy of the Borrower. Notwithstanding anything herein to the contrary, the appointment herein of the Servicer as the Borrower's agent and attorney-in-fact shall automatically cease and terminate upon the resignation of the Servicer pursuant to <u>Section 6.10</u> or any termination and removal of the Servicer pursuant to <u>Section 6.11</u>. Each of the Servicer and the Borrower shall take such other actions, and furnish such certificates, opinions and other documents, as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate compliance with applicable laws and regulations and the terms of this Agreement. The Servicer shall provide, and is hereby authorized to provide, the following services to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) select the Loans and Permitted Investments to be acquired and select the Loans, Equity Securities and Permitted Investments to be sold or otherwise disposed of by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) invest and reinvest 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;(iii) instruct the Collateral Agent with respect to any acquisition, disposition, or tender of, or Offer with respect to, a Loan, Equity Security, Permitted Investment or other assets received in respect thereof by the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform the investment-related duties and functions (including, without limitation, the furnishing of Funding Notices, Repayment Notices, Reinvestment Notices, Borrowing Base Certificates and other notices and certificates that the Servicer is required to deliver on behalf of the Borrower) as are expressly required to be performed by the Servicer hereunder with regard to acquisitions, sales or other dispositions of Loans, Equity Securities, Permitted Investments and other assets permitted to be acquired or sold under, and subject to this Agreement (including any proceeds received by way of Offers, workouts and restructurings on Loan or other assets owned by the Borrower) and shall comply with any applicable requirements required to be performed by the Servicer in this Agreement with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) negotiate on behalf of the Borrower with prospective originators, sellers or purchasers of Loans as to the terms relating to the acquisition, sale or other dispositions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) subject to any applicable terms of this Agreement, monitor the Collateral on behalf of the Borrower on an ongoing basis and shall provide or cause to be provided to the Borrower copies of all reports, schedules and other data reasonably available to the Servicer that the Borrower is required to prepare and deliver or cause to be prepared and delivered under this Agreement, in such forms and containing such information required thereby, in reasonably sufficient time for such required reports, schedules and data to be reviewed and delivered by or on behalf of the Borrower to the parties entitled thereto under this Agreement. The obligation of the Servicer to furnish such information is subject to the Servicer's timely receipt of necessary reports and the appropriate information from the Person responsible for the delivery of or preparation of such information or such reports (including without limitation, the Obligors of the Loans, the Borrower, the Collateral Agent, the Administrative Agent or any Lender) and to any confidentiality restrictions with respect thereto. The Servicer shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing reasonably believed by it to be genuine and to have been signed or sent by a Person that the Servicer has no reason to believe is not duly authorized. The Servicer also may rely upon any statement made to it orally or by telephone and made by a Person the Servicer has no reason to believe is not duly authorized, and shall not incur any liability for relying thereon. The Servicer is entitled to rely on any other information furnished to it by third parties that it reasonably believes in good faith to be genuine provided that no Responsible Officer of the Servicer has knowledge that such information is materially incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&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) subject to and in accordance with this Agreement, as agent of the Borrower and on behalf of the Borrower, direct the Collateral Agent to take, or take on behalf of the Borrower, as applicable, any of the following actions with respect to a Loan, Equity Security or Permitted Investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) purchase or otherwise acquire such Loan or Permitted Investment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) retain such Loan, Equity Security or Permitted Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) sell or otherwise dispose of such Loan, Equity Security or Permitted Investment (including any assets received by way of Offers, workouts and restructurings on assets owned by the Borrower) in the open market or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if applicable, tender such Loan, Equity Security or Permitted Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if applicable, consent to or refuse to consent to any proposed amendment, modification, restructuring, exchange, waiver or Offer and give or refuse to give any notice 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) retain or dispose of any securities or other property (if other than cash) received by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) call or waive any default with respect to any Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) vote to accelerate the maturity of any Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) participate in a committee or group formed by creditors of an Obligor under a Loan or issuer or obligor of a Permitted Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) after the occurrence of the Collection Date, determine in consultation with the Borrower when, in the view of the Servicer, it would be in the best interest of the Borrower to liquidate all or any portion of the Collateral (and, if applicable, after discharge of the Lien of the Collateral Agent in the Collateral under this Agreement) and, subject to the prior approval of the Borrower, execute on behalf of the Borrower any such liquidation or any actions necessary to effectuate any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) advise and assist the Borrower with respect to the valuation of the Loans, to the extent required by 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;(12) exercise any other rights or remedies with respect to such Loan, Equity Security or Permitted Investment as provided in the Underlying Instruments of the Obligor or issuer under such assets or the other documents governing the terms of such assets or take any other action consistent with the terms of this Agreement which the Servicer reasonably determines to be in the best interests 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;(viii) The Servicer may, but shall not be obligated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) retain accounting, tax, legal and other professional services on behalf of the Borrower as may be needed by the Borrower; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) consult on behalf of the Borrower with the Collateral Agent, the Administrative Agent and the Lenders at such times as may be reasonably requested thereby in accordance with this Agreement and provide any such Person requesting the same with the information they are then entitled to have in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) in connection with the purchase of any Loan by the Borrower, the Servicer shall prepare, on behalf of the Borrower, the information required to be delivered to the Collateral Agent with respect to such Loan, the Administrative Agent, the Administrative Agent or any other Lender 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;(x) prepare and submit claims to, and act as post-billing liaison with, Obligors on each 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;(xi) maintain all necessary records and reports with respect to the Collateral and provide such reports to the Borrower and 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 Borrower or 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;(xii) maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate management and administration records evidencing the Collateral in the event of the destruction of the originals thereof) and keep and maintain 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;(xiii) promptly deliver to the Borrower, the Administrative Agent or the Collateral Agent, from time to time, such information and management and administration records (including information relating to its performance under this Agreement) as such Person may from time to time reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) identify each Loan clearly and unambiguously in its records to reflect that such Loan is owned by the Borrower and that the Borrower has granted 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;(xv) notify the Borrower and the Administrative Agent promptly upon obtaining knowledge of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (1) that is or is threatened to be asserted by an Obligor with respect to any Loan (or portion thereof) of which it has knowledge or has received notice; or (2) that could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) assist the Borrower in maintaining the first priority, perfected security interest (subject to Permitted Liens) of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) maintain the Loan File(s) with respect to Loans included as part of the Collateral; <u>provided</u> that upon the occurrence of an Event of Default or a Servicer Termination Event, the Administrative Agent may request the Loan File(s) to be sent 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;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) with respect to each Loan included as part of the Collateral, make the applicable Loan File available for inspection by the Borrower or the Administrative Agent, upon reasonable advance notice, at the offices of the Servicer during normal business hours; 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;(xix) direct the Collateral Agent to make payments pursuant to the instructions set forth in the latest Payment Date Statement in accordance with <u>Section 2.7</u> and <u>Section 2.8</u> and prepare such other reports as required to be prepared by the Servicer pursuant to <u>Section 6.8</u>.

It is acknowledged and agreed that the Borrower possesses only such rights with respect to the enforcement of rights and remedies with respect to the Loans and the Underlying Assets and under the Underlying Instruments as have been transferred to the Borrower with respect to the related Loan, and therefore, for all purposes under this Agreement, the Servicer shall perform its administrative and management duties hereunder only to the extent that, as a lender under the related Underlying Instruments, it has the right to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing its duties hereunder and when exercising its discretion and judgment in connection with any transactions involving the Loans, Equity Securities or Permitted Investments, the Servicer shall carry out any reasonable written directions of the Borrower for the purpose of preventing a breach of this Agreement or any other Transaction Document; <u>provided</u> that such directions are not inconsistent with any provision of this Agreement by which the Servicer is bound or Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In providing services hereunder, the Servicer may, without the consent of any party but with prior written notice to each of the Borrower and the Administrative Agent, employ third parties, including, without limitation, its Affiliates, to render advice (including investment advice), to provide services to arrange for trade execution and otherwise provide assistance to the Borrower and to perform any of its duties hereunder; <u>provided</u> that such delegation of any of its duties hereunder or performance of services by any other Person shall not relieve the Servicer of any of its duties or liabilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer assumes no responsibility under this Agreement other than to perform the Servicer's duties called for hereunder and under the terms of this Agreement applicable to the Servicer, in good faith and, subject to the Servicer Standard, shall not be responsible for any action of the Borrower or the Collateral Agent in following or declining to follow any advice, recommendation or direction of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In performing its duties, the Servicer shall perform its obligations with reasonable care using a similar degree of care, skill and attention as it employs with respect to similar collateral that it manages for itself and its Affiliates having similar investment objectives and restrictions which the Servicer believes to be consistent with the customary standards, policies and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Loans, except as and to the extent expressly provided otherwise in this Agreement (the "<u>Servicer Standard</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained herein, the exercise by the Collateral Agent, the Administrative Agent or the Secured Parties of their rights hereunder (including, but not limited to, the delivery of a Servicer Termination Notice), shall not release the Servicer, the Seller or the Borrower from any of their duties or responsibilities with respect to the Collateral, except that the Servicer's obligations hereunder shall terminate upon its removal under this Agreement. The Secured Parties, the Administrative Agent and the Collateral Agent shall not have any obligation or liability with respect to any Collateral, other than as provided for herein or in any other Transaction Document, 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;(g) Nothing in this <u>Section 6.2</u> or any other obligations of the Servicer under this Agreement shall release, modify, amend or otherwise affect any of the obligations of the Borrower or any other party hereunder.

Section 6.3 <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;(a) Each of the Borrower and the Collateral Agent 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 grant by the Borrower to the Collateral Agent for the benefit of the Secured Parties, of a security interest in the Collateral that at all times ranks senior to any other creditor of the Borrower, to collect all amounts due under any and all Collateral, including, without limitation, endorsing any of their names on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Seller could have done if it had continued to own such Collateral. Each of the Borrower and the Collateral Agent, on behalf of the Secured Parties shall furnish the Servicer with any 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 permit the collectability of the Collateral. In no event shall the Servicer be entitled to make any Secured Party or the Collateral Agent a party to any litigation without such party's express prior written consent, or to make the Borrower a party to any litigation (other than any foreclosure or similar collection procedure) without the prior written consent of the Borrower and the Administrative Agent.

&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 Termination Date, at the direction of the Administrative Agent, the Servicer shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral and directs the Servicer; <u>provided</u> that the Collateral Agent may, in accordance with <u>Section 5.1(m)</u>, notify any Obligor with respect to any Collateral of the assignment of such Collateral to the Collateral Agent, on behalf of the Secured Parties, and direct that payments of all amounts due or to become due be made directly to the 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 Borrower, the Collateral Agent may enforce collection of any such Collateral, and adjust, settle or compromise the amount or payment thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In dealing with the Servicer and its duly appointed agents, none of the Administrative Agent, the Collateral Agent nor any Lender shall be required to inquire as to the authority of the Servicer or any such agent to bind the Borrower.

Section 6.4 <u>Collection of Payments; Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Collection Efforts</u>. The Servicer will use commercially reasonable efforts consistent with the Servicer Standard to collect or cause to be collected all payments called for under the terms and provisions of the Loans included in the Collateral as and when the same become due.

&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>. To the extent the Borrower is required under the Underlying Instruments to perform such duties, the Servicer will collect all payments with respect to amounts due for Taxes, assessments and insurance premiums relating to each Loan to the extent required to be paid to the Borrower for such application under the Underlying Instrument, directing all such payments to be paid to the General Collection Account, and direct the Collateral Agent to remit such amounts to the appropriate Governmental Authority or insurer as required by the Underlying Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payments to General Collection Account</u>. On or before the applicable Funding Date, the Borrower or the Servicer, as applicable, shall have instructed all Obligors and paying agents of Agented Loans to make all payments owing to the Borrower in respect of the Collateral directly to the General Collection Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, in accordance with <u>Section 2.9</u>; <u>provided</u> that neither the Borrower nor the Servicer is required to so instruct any Obligor which is solely a guarantor unless and until the Servicer (on behalf of the Borrower) directly calls on the related guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Accounts</u>. Each of the parties hereto hereby agrees that each Account shall be deemed to be a Securities Account. Each of the parties hereto hereby agrees to cause the Collateral Agent or any other Securities Intermediary that holds any cash or other Financial Asset for the Borrower in an Account to agree with the parties hereto that (A) the cash and other property (subject to <u>Section 6.4(e)</u> below with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset and (B) the jurisdiction governing the Account, all cash and other Financial Assets credited to the Account and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110(e) of the UCC) shall, in each case, be the State of New York. In no event may any Financial Asset held in any Account be registered in the name of, payable to the order of, or specially Indorsed to, the Borrower, unless such Financial Asset has also been Indorsed in blank or to the Collateral Agent or other Securities Intermediary that holds such Financial Asset in such Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Underlying Instruments</u>. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a "securities intermediary" as defined in the UCC) to the contrary, none of the Collateral Agent nor any Securities Intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower, or the grant by the Borrower of a security interest to the Collateral Agent, of any Loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrower under the related Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including without limitation any necessary consents). The Collateral Agent shall hold any Instrument delivered to it evidencing any Loan transferred to the Collateral Agent hereunder as custodial agent for the Secured Parties in accordance with the terms of this Agreement.

Section 6.5 <u>Realization Upon Defaulted Loans</u>.

The Servicer will use reasonable efforts consistent with the Underlying Instruments to maximize recoveries under a defaulted Loan in accordance with the Servicer Standard, which may include exercising available remedies. Subject to the terms of the Underlying Instruments and the Servicer Standard, the Servicer will comply in all material respects with Applicable Law in exercising such remedies.

Section 6.6 <u>Servicer Compensation</u>.

As compensation for its administrative and management activities hereunder, the Servicer or its designee shall be entitled to receive (but shall be permitted to waive by providing written notice of such waiver to the Collateral Agent at least two (2) Business Days prior to the Payment Date on which such payment is due and payable) the Servicer Fee pursuant to the provisions of <u>Sections 2.7</u> and <u>Section 2.8</u>, as applicable. For the avoidance of doubt, the Servicer may not defer all or any portion of the Servicer Fee.

Section 6.7 <u>Expense Reimbursement</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 the Borrower; provided that the Borrower shall reimburse such expenses to the extent of available funds in accordance with <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable.

Section 6.8 <u>Reports; Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Obligor Financial Statements; Other Reports</u>. The Servicer will post on a password protected website maintained by the Servicer to which the Administrative Agent will have access (or otherwise deliver to the Administrative Agent, including, without limitation, by electronic mail), to the extent received by the Servicer (on behalf of the Borrower) pursuant to the Underlying Instruments, the complete financial reporting package with respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Loan for such

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Obligor) provided to the Servicer (on behalf of the Borrower) for the periods required by the Underlying Instruments, which delivery shall be made within five (5) Business Days after receipt by the Borrower or the Servicer (on behalf of the Borrower) as specified in the Underlying Instruments. The Servicer will provide, promptly upon request from the Administrative Agent, such other information received by it from any Obligor as may reasonably be requested with respect to such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments to Loans</u>. The Servicer will post on a password protected website maintained by the Servicer to which the Administrative Agent will have access (or otherwise deliver to the Administrative Agent, including, without limitation, by electronic mail) a copy of any material amendment, restatement, supplement, waiver or other modification to the Underlying Instruments of any Loan (along with any internal documents prepared by the Servicer and provided to its investment committee in connection with such amendment, restatement, supplement, waiver or other modification) within ten (10) Business Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment Date Reporting</u>. The Servicer shall deliver a Payment Date Statement, in each case determined as of the Determination Date, and delivered to the Administrative Agent, the Collateral Agent and the Borrower not later than the Business Day preceding the related Payment Date. Each such Payment Date Statement shall contain instructions to the Collateral Agent to withdraw on the related Payment Date from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in accordance with the priorities established, in <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certificates; Other Information</u>. The Servicer on behalf of the Borrower shall furnish to the Administrative Agent for distribution to each Lender, on each Reporting Date and on each Funding Date pursuant to <u>Section 2.2(b)(ii)</u>, a Borrowing Base Certificate showing each Borrowing Base as of such date, certified as complete and correct by a Responsible Officer of the Servicer. Each Borrowing Base Certificate delivered on a Reporting Date pursuant to this <u>Section 6.8(d)</u> shall further include the Applicable Exchange Rate as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Agreed Upon Procedures</u>. The Servicer shall furnish to the Administrative Agent for distribution to each Lender within one hundred and twenty (120) days after the end of each fiscal year of the Equityholder, commencing with the 2024 fiscal year, a report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing to the effect that such accountants have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as <u>Schedule III</u>, it being understood that the Servicer and the Administrative Agent will provide an updated <u>Schedule III</u> reflecting any further amendments to such <u>Schedule III</u> prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing <u>Schedule III</u>) to certain documents and records relating to the Collateral, the Borrower and the Servicer, compared the information contained in selected Borrowing Base Certificates and Payment Date Statements delivered during the period covered by such report with such documents and records and that no matters came to the attention of such accountants that caused them to believe that the information and the calculations included in such Borrowing Base Certificates and Payment Date Statements were not determined or performed in accordance with the provisions of this Agreement, except for such exceptions as such accountants shall believe to be immaterial and such other exceptions as shall be set forth in such statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Liquidity Reports</u>. Upon the reasonable written request of the Administrative Agent, the Equityholder shall promptly provide a report to the Administrative Agent and the Lenders setting forth the liquidity position of the Equityholder, in form and substance mutually agreed to by the Administrative Agent and the Equityholder; <u>provided</u> that, so long as no Event of Default or Default has occurred and is continuing, the Administrative Agent shall not request such information more than two (2) times in a calendar year.

Section 6.9 <u>Annual Statement as to Compliance</u>.

The Servicer will provide to the Borrower and the Administrative Agent, within one hundred twenty (120) days following the end of each fiscal year of the Servicer, commencing with the fiscal year ending on December 31, 2024, a report signed by a Responsible Officer of the Servicer certifying that (a) a review of the activities of the Servicer, and the Servicer's performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal year has been made under such Person's supervision and (b) the Servicer has performed or has caused to be performed in all material respects all of its obligations under this Agreement throughout such year and no Servicer Termination Event has occurred or, if any such Servicer Termination Event has occurred, a statement describing the nature thereof and the steps being taken to remedy such Servicer Termination Event.

Section 6.10 <u>The Servicer Not to Resign</u>.

The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the Servicer's good faith determination in consultation with legal counsel 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. In connection with any such determination permitting the resignation of the Servicer, the Servicer shall deliver to the Administrative Agent and the Borrower a description of the circumstances giving rise to such determination.

Section 6.11 <u>Servicer Termination Events</u>.

Upon the occurrence of a Servicer Termination Event, notwithstanding anything herein to the contrary, the Administrative Agent, by written notice to the Servicer with a copy to the Collateral Agent and each other Lender (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. Each Servicer Termination Notice shall designate the replacement Servicer, who shall be selected by the Administrative Agent in its sole discretion. Until a Servicer Termination Notice is delivered as set forth above, the Servicer shall (i) unless otherwise notified by the Administrative Agent, continue to act in such capacity pursuant to <u>Section 6.1</u> and (ii) as requested by the Administrative Agent in its sole discretion (A) terminate some or all of its activities as Servicer hereunder 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 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.

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**ARTICLE VII** 

**THE COLLATERAL AGENT** 

Section 7.1 <u>Designation of Collateral Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Collateral Agent</u>. The role of Collateral Agent with respect to the Underlying Instruments shall be conducted by the Person designated as Collateral Agent hereunder from time to time in accordance with this <u>Section 7.1</u>. Until the Administrative Agent shall give to Computershare Trust Company, N.A. a Collateral Agent Termination Notice, Computershare Trust Company, N.A. is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Agent pursuant to the terms hereof. The Collateral Agent's services hereunder shall be conducted through its CCT division (including, as applicable, any agents or Affiliates utilized thereby).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Successor Collateral Agent</u>. Upon the Collateral Agent's receipt of a Collateral Agent Termination Notice from the Administrative Agent of the designation of a successor Collateral Agent pursuant to the provisions of <u>Section 7.5</u>, the Collateral Agent agrees that it will terminate its activities as Collateral Agent hereunder.

Section 7.2 <u>Duties of Collateral Agent</u>.

&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 of the Borrower and the Administrative Agent hereby designate and appoint the Collateral Agent to act as its agent and hereby authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement. By entering into, or performing its duties under, this Agreement, the Collateral Agent shall not be deemed to assume any obligations or liabilities of the Borrower or the Servicer under this Agreement or any other Transaction Document, and nothing herein contained shall be deemed to release, terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties, obligations or liabilities of the Borrower or the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties</u>. On or before the initial Funding Date, and until its removal pursuant to <u>Section 7.5</u>, the Collateral Agent shall perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Agent shall take and retain custody of the Required Loan Documents delivered by the Borrower pursuant to and in accordance with the terms and conditions of this Agreement, all for the benefit of the Secured Parties. Within five (5) Business Days of its receipt of any Required Loan Documents and the related Loan Checklist, the Collateral Agent shall review the Required Loan Documents delivered to it to confirm that (A) the Obligor name matches the Loan Checklist, (B) such Required

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Loan Documents have been executed by each party thereto and appear to have no missing or mutilated pages, (C) each item listed in the Loan Checklist has been provided to the Collateral Agent and (D) the related original balance (based on a comparison to the note or assignment agreement, as applicable) is greater than or equal to the loan balance listed on the related Loan Schedule (such items (A) through (D) collectively, the "<u>Review Criteria</u>"). In order to facilitate the foregoing review by the Collateral Agent, in connection with each delivery of Required Loan Documents hereunder to the Collateral Agent, the Servicer shall provide to the Collateral Agent a hard copy (which may be preceded by an electronic copy in EXCEL or a comparable format acceptable to the Collateral Agent, as applicable) of the related Loan Checklist that contains a list of all related Required Loan Documents and whether they require original signatures, the Loan identification number and the name of the Obligor with respect to each related Loan. Notwithstanding anything herein to the contrary, the Collateral Agent's obligation to review the Required Loan Documents shall be limited to reviewing such Required Loan Documents based on the information provided on the Loan Checklist. If, at the conclusion of such review, the Collateral Agent is unable to confirm the Review Criteria, the Collateral Agent shall within one (1) Business Day notify the Servicer and the Borrower of such determination and provide the Servicer and the Borrower with a list of the non-complying Loans and the applicable Review Criteria that they fail to satisfy. The Servicer shall have twenty (20) Business Days to correct any non-compliance with any Review Criteria. If after the conclusion of such time period the Servicer has still not cured any non-compliance by a Loan with any Review Criteria, the Collateral Agent shall promptly notify the Servicer, the Borrower and the Administrative Agent of such continued non-compliance and such Loan shall cease to be an Eligible Loan until such non-compliance is cured. In addition, if requested in writing in the form of <u>Exhibit D</u> by the Servicer and approved by the Administrative Agent within ten (10) Business Days of the Collateral Agent's delivery of such report, the Collateral Agent shall return the Required Loan Documents for any Loan which fails to satisfy any Review Criteria to the Borrower. Other than the foregoing, the Collateral Agent shall not have any responsibility for reviewing any Underlying Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In taking and retaining custody of the Underlying Instruments, the Collateral Agent shall be deemed to be acting as the agent of the Secured Parties; <u>provided</u> that the Collateral Agent makes no representations as to the existence, perfection or priority of any Lien on the Underlying Instruments or the instruments therein; and <u>provided further</u> that the Collateral Agent's duties as agent shall be limited to those expressly contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All Required Loan Documents that are originals shall be kept in fire resistant vaults, rooms or cabinets at the offices of the Collateral Agent set forth in Section 5.5(c). All Required Loan Documents shall be placed together with an appropriate identifying label and maintained in such a manner so as to permit retrieval and access. The Collateral Agent shall segregate the Required Loan Documents on its inventory system and will not commingle the physical Required Loan Documents with any other files of the Collateral Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On each Reporting Date, the Collateral Agent shall provide a written report to the Administrative Agent and the Servicer (in a form mutually agreeable to the Administrative Agent and the Collateral Agent) identifying each Loan for which it holds Required Loan Documents and any Review Criteria that each such Loan fails to satisfy. The Servicer shall have twenty (20) Business Days after notice or knowledge thereof to correct any non-compliance with any Review Criteria. To the extent such non-compliance has not been cured within such time period, such Loan shall cease to be an Eligible Loan until such non-compliance is cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Collateral Agent agrees to cooperate with the Administrative Agent and deliver any Required Loan Documents to the Administrative Agent as requested in order to take any action that the Administrative Agent deems necessary or desirable in order to exercise or enforce any of the rights of a Secured Party hereunder. In the event the Collateral Agent receives instructions from the Servicer or the Borrower which conflict with any instructions received by the Administrative Agent, the Collateral Agent shall rely on and follow the instructions given by 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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Collateral Agent shall, promptly upon its actual receipt of a Borrowing Base Certificate from the Servicer on behalf of the Borrower, calculate the Borrowing Base and, if the Collateral Agent's calculation does not correspond with the calculation provided by the Servicer on such Borrowing Base Certificate, deliver such calculation to each of the Administrative Agent, Borrower and Servicer within one (1) day of receipt by the Collateral Agent of such Borrowing Base Certificate. The Collateral Agent shall also make required calculations for each Payment Date Statement as of the Determination Date, and deliver such calculations to the Borrower and the Servicer (and, following the delivery of a Notice of Exclusive Control, the Administrative Agent and the Servicer) for the Servicer's (or Administrative Agent's, as applicable) review no later than the Reporting Date. Upon the approval (which may be by email) by the Servicer (or after delivery of a Notice of Exclusive Control, the Administrative Agent), the Payment Date Statement shall constitute instructions by the Servicer (or after delivery of a Notice of Exclusive Control, the Administrative Agent) to the Collateral Agent to withdraw on the related Payment Date from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in accordance with the priorities established, in <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Collateral Agent shall make payments in accordance with <u>Section 2.7</u> and <u>Section 2.8</u> and as otherwise expressly provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Administrative Agent and each other Secured Party further authorizes the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Administrative Agent) as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise

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or enforce any of their respective rights hereunder, including, without limitation, the execution by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Loans now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this clause shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If, in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the Collateral Agent may request written instructions from the Administrative Agent as to the course of action desired by the Administrative Agent. If the Collateral Agent does not receive such instructions within two (2) Business Days after its request therefor, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent accountants obtained in good faith in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Collateral Agent shall create a collateral database with respect to the Collateral (the "<u>Collateral Database</u>"), and update the Collateral Database daily for changes, including to reflect the sale or other disposition of the Collateral, based upon, and to the extent of, information furnished to the Collateral Agent by the Borrower as may be reasonably required by the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Collateral Agent shall track the receipt and daily allocation to the Accounts of Collections, the outstanding balances therein, and any withdrawals therefrom and, on each Business Day, provide to the Servicer daily reports reflecting such actions as of the close of business on the preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Collateral Agent shall provide such other information with respect to the Collateral as may be routinely maintained by the Collateral Agent or as may be required by this Agreement, in each case as the Borrower, the Servicer or the Administrative Agent may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Collateral Agent shall notify the Borrower, the Servicer and the Administrative Agent upon receiving notices, reports or proxies or any other requests relating to corporate actions affecting 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;(xiv) In performing its duties, (A) the Collateral Agent shall exercise such rights and powers vested in it by this Agreement and the other Transaction Documents and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own

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affairs and (B) all calculations made by the Collateral Agent pursuant to this <u>Section 7.2(b)</u> using information that is not routinely maintained by the Collateral Agent, including EBITDA, Assigned Value and Unrestricted Cash of any Obligor shall be made using such amounts as provided by the Administrative Agent, the Borrower or the Servicer to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The Administrative Agent may direct the Collateral Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of 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;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Nothing herein shall prevent the Collateral Agent or any of its Affiliates from engaging in other businesses or from rendering services of any kind to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Concurrently herewith, the Administrative Agent directs Computershare Trust Company, N.A. as Collateral Agent to enter into the Securities Account Control Agreement and the Sale Agreement. For the avoidance of doubt, all the Collateral Agent's rights, protections and immunities provided herein shall apply to Computershare Trust Company, N.A. as Collateral Agent and as Securities Intermediary, respectively, for any actions taken or omitted to be taken under the Securities Account Control Agreement and the Sale Agreement in such capacities.

Section 7.3 <u>Merger or Consolidation</u>.

Any Person (i) into which the Collateral Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this Agreement.

Section 7.4 <u>Collateral Agent Compensation</u>.

As compensation for its Collateral Agent activities hereunder, the Collateral Agent shall be entitled to a Collateral Agent Fee pursuant to the provision of <u>Section 2.7(a)(1)</u>, <u>Section 2.7(b)(1)</u> or <u>Section 2.8(1)</u>, as applicable. The Collateral Agent's entitlement to receive the Collateral Agent Fee shall cease on the earlier to occur of: (i) its removal as Collateral Agent pursuant to <u>Section 7.5</u> or (ii) the termination of this Agreement.

Section 7.5 <u>Collateral Agent Removal</u>.

The Collateral Agent may be removed, with or without cause, by the Administrative Agent by thirty (30) days' written notice given in writing to the Collateral Agent and the Lenders (the "<u>Collateral Agent Termination Notice</u>"); <u>provided</u> that notwithstanding its

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receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such capacity until a successor Collateral Agent has been appointed, has agreed to act as Collateral Agent hereunder in full compliance with the requirements of <u>Section 5.5(d)</u>, and has received all Underlying Instruments held by the previous Collateral Agent. In the case of a resignation or removal of the Collateral Agent, if no successor shall have been appointed and an instrument of acceptance by a successor shall not have been delivered to the Collateral Agent within ninety (90) days after the giving of such notice of resignation or removal, the Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.

Section 7.6 <u>Limitation on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative Agent. The Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder unless a Responsible Officer of the Collateral Agent receives written or email notice of such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Collateral Agent may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct, bad faith or grossly negligent performance or omission of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Agent shall not be obligated to take any legal action hereunder that might in its judgment be contrary to Applicable Law or involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing or overseeing the performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Collateral Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys; <u>provided</u>, that the Collateral Agent shall not be responsible for any willful misconduct or gross negligence on the part of any non-Affiliated agent or attorney appointed with due care by it hereunder.

&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 responsible for delays or failures in performance resulting from circumstances beyond its control (such circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities, computer (hardware or software) or communications services, terrorism, labor disputes, disease, epidemic, pandemic, quarantine, national emergency, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) It is expressly acknowledged by the parties hereto that application and performance by the Collateral Agent of its various duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Administrative Agent, the Borrower and/or any related bank agent, obligor or similar party, and the Collateral Agent shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The parties acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the USA Patriot Act and its implementing regulations, the Collateral Agent in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Collateral Agent. The Borrower hereby agrees that it shall provide the Collateral Agent with such information as it may request including, but not limited to, the Borrower's name, physical address, tax identification number and other information that will help the Collateral Agent to identify and verify the Borrower's identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In no event shall the Collateral Agent be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

Section 7.7 <u>Resignation of the Collateral Agent</u>.

The Collateral Agent shall not resign from the obligations and duties hereby imposed on it except upon (a) ninety (90) days' prior written notice to the Borrower, the Servicer, Administrative Agent and each Lender, or (b) the Collateral Agent'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 Collateral Agent could take to make the

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performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Agent shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until a successor Collateral Agent acceptable to the Administrative Agent, the Servicer (if no Servicer Termination Event has occurred) and the Borrower (if no Default or Event of Default has occurred and is continuing) in their respective sole discretion shall have assumed the responsibilities and obligations of the Collateral Agent hereunder, which Collateral Agent satisfies all requirements of <u>Section 5.5(d)</u>.

Section 7.8 <u>Release of Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Release for Servicing</u>. From time to time and as appropriate for the enforcement or servicing of any of the Collateral, the Collateral Agent is hereby authorized (unless and until such authorization is revoked by the Administrative Agent after the occurrence of an Event of Default), upon written receipt from the Servicer of a request for release of documents and receipt in the form annexed hereto as <u>Exhibit D</u>, to release to the Servicer within two (2) Business Days of receipt of such request, the related Underlying Instruments or the documents set forth in such request and receipt to the Servicer. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Collateral Agent in accordance with the terms of this Agreement. The Servicer shall return to the Collateral Agent the Underlying Instruments or other such documents (i) promptly upon the request of the Administrative Agent (after the occurrence of an Event of Default), or (ii) when the Servicer's need therefor in connection with such enforcement or servicing no longer exists, unless the Loan shall be liquidated or sold, in which case, upon receipt of an additional request for release of documents and receipt certifying such liquidation or sale from the Servicer to the Collateral Agent in the form annexed hereto as <u>Exhibit D</u>, the Servicer's request and receipt submitted pursuant to the first sentence of this subsection shall be released by the Collateral Agent to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Release for Payment</u>. Upon receipt by the Collateral Agent of the Servicer's request for release of documents and receipt in the form annexed hereto as <u>Exhibit D</u> (which certification shall include a statement to the effect that all amounts received in connection with such payment or repurchase have been or will be credited to the Collection Account as provided in this Agreement), the Collateral Agent shall promptly release the related Underlying Instruments to the Servicer.

Section 7.9 <u>Return of Underlying Instruments</u>.

The Borrower may, with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the Collateral Agent return each Required Loan Document (as applicable), respectively (a) delivered to the Collateral Agent in error, (b) as to which the lien on the Underlying Asset has been so released pursuant to <u>Section 8.2</u>, (c) that has been the subject of a Discretionary Sale, Substitution or Optional Sale pursuant to <u>Section 2.14</u> or (e) that is required to be redelivered to the Borrower in connection with the termination of this Agreement, in each case by submitting to the Collateral Agent and the Administrative Agent a written request in the form of <u>Exhibit D</u> hereto (signed by both the Borrower and the Administrative Agent) specifying the Collateral to be so returned and reciting

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that the conditions to such release have been met (and specifying the Section or Sections of this Agreement being relied upon for such release). The Collateral Agent shall upon its receipt of each such request for return executed by the Borrower and the Administrative Agent promptly, but in any event within five (5) Business Days, return the Underlying Instruments so requested to the Borrower.

Section 7.10 <u>Access to Certain Documentation and Information Regarding the Collateral; Audits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer, the Borrower and the Collateral Agent shall provide to the Administrative Agent access to the Underlying Instruments and all other documentation in the possession of such Persons regarding the Collateral including in such cases where the Administrative Agent may direct the Collateral Agent in connection with the enforcement of the rights or interests of the Collateral Agent hereunder, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two (2) Business Days' prior written request, (ii) during normal business hours and (iii) subject to the Servicer's, the Borrower's and Collateral Agent's normal security and confidentiality procedures. Periodically, at the discretion of the Administrative Agent, the Administrative Agent may review the Servicer's collection and administration of the Collateral in order to assess compliance by the Servicer with <u>Article VI</u> and may conduct an audit of the Collateral, and Underlying Instruments in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing provisions of <u>Section 7.10(a)</u>, from time to time on request of the Administrative Agent, the Collateral Agent shall permit certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct a review of the Underlying Instruments and all other documentation regarding the Collateral. Up to two (2) such reviews per fiscal year at a cost not to exceed $50,000 per audit shall be at the expense of the Borrower and additional reviews in a fiscal year shall be at the expense of the requesting Lender(s); <u>provided</u> that, after the occurrence and during the continuance of an Event of Default, any such reviews, regardless of frequency, shall be at the expense of the Borrower.

**ARTICLE VIII** 

**SECURITY INTEREST** 

Section 8.1 <u>Grant of Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans by the applicable Lenders to the Borrower under Applicable Law. For such purpose, the Borrower hereby transfers, conveys, assigns and grants as of the Closing Date to the Collateral Agent for the benefit of the Secured Parties, a lien and continuing security interest in all of the Borrower's right, title and interest in, to and under (but none of the obligations under) all Collateral (other than any Collateral which constitutes Margin Stock), whether now existing or hereafter arising or acquired by the Borrower, and wherever the same may be located, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the

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Borrower arising in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, including, without limitation, all Obligations. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall not constitute a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by any Applicable Law in effect as of the date hereof or requires a consent not obtained of any Governmental Authority pursuant to such Applicable Law. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's interests in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible to the Borrower for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. If the Borrower fails to perform or comply with any of its agreements contained herein, the Collateral Agent, at its option and at the direction of the Administrative Agent, but without any obligation to do so, may itself perform or comply, or otherwise cause performance or compliance, with such agreement. The expenses of the Collateral Agent incurred in connection with such performance or compliance, together with interest thereon at the rate *per annum* applicable to Advances, shall be payable by the Borrower to the Collateral Agent in accordance with <u>Sections 2.7</u> and <u>2.8</u> and shall constitute Obligations secured hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant of a security interest under this <u>Section 8.1</u> does not constitute and is not intended to result in a creation or an assumption by the Collateral Agent of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent on behalf of the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral, and (c) the Collateral Agent shall not have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Collateral Agent be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

&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, the Seller, the Borrower, the Servicer, the Administrative Agent, the Collateral Agent and each Lender hereby agree to treat, and to cause each of their respective Affiliates to treat, each Advance as indebtedness for purposes of United States federal and state income tax or state franchise tax to the extent permitted by Applicable Law and shall file its tax returns or reports, or cause its Affiliates to file such tax returns or reports, in a manner consistent with such treatment.

Section 8.2 <u>Release of Lien on Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the same time as (i) any Loan expires by its terms or is prepaid in full and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account or (ii) any Loan has been the subject of a Discretionary Sale, Substitution or Optional Sale pursuant to <u>Section 2.14</u>, has been sold to the Seller as required under the Sale

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Agreement or has been sold pursuant to <u>Section 9.2</u>, the Collateral Agent, as agent for the Secured Parties will, to the extent requested by the Servicer or the Borrower, release its interest in such Collateral. In connection with any release of such Collateral, the Collateral Agent, on behalf of the Secured Parties, will upon receipt into the General Collection Account of the Proceeds of any such sale, payment in full or prepayment in full of a Loan, at the sole expense of the Borrower, (i) execute and deliver to the Borrower or the Servicer (or its designee) requesting the same, any assignments, bills of sale, termination statements and any other releases and instruments as such Person may reasonably request in order to effect the release and transfer of such Collateral, (ii) deliver any portion of the Collateral to be released from the Lien granted under this Agreement in its possession to or at the direction of the Borrower and (iii) otherwise take such actions as are necessary and appropriate to release the Lien of the Collateral Agent for the benefit of the Secured Parties on the applicable portion of the Collateral to be released and delivered to or at the direction of the Borrower such portion of the Collateral to be so released; <u>provided</u> that, the Collateral Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such release, sale, transfer and/or assignment. Nothing in this Section shall diminish the Servicer's obligations pursuant to <u>Section 6.5</u> with respect to the Proceeds of any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Collection Date, the Collateral Agent, on behalf of the Secured Parties, will release the security interest in the Collateral created hereby, which release shall occur simultaneously with receipt in the Collection Account of the payoff amount specified in a payoff letter signed by the Administrative Agent. Upon request of the Borrower to the Collateral Agent and to the Administrative Agent, the Collateral Agent shall promptly provide to the Borrower and the Administrative Agent a computation of all amounts owing to the Collateral Agent as of the anticipated Collection Date and the Administrative Agent shall promptly provide to the Borrower, with a copy to the Collateral Agent, a computation of all amounts owing to the Administrative Agent and the Lenders as of the anticipated Collection Date. In connection with such release of the Collateral, the Collateral Agent, on behalf of the Secured Parties, will, at the sole expense of the Borrower, (i) execute and deliver to the Borrower or the Servicer (or its designee) requesting the same, any assignments, bills of sale, termination statements and any other releases and instruments as the Borrower may reasonably request in order to effect the release of the Collateral, (ii) deliver any portion of the Collateral to be released from the Lien granted under this Agreement in its possession to or at the direction of the Borrower or the Servicer (on behalf of the Borrower) and (iii) otherwise take such actions as are necessary and appropriate to release the Lien of the Collateral Agent for the benefit of the Secured Parties on the Collateral (including, without limitation, delivering a Termination Notice (as defined in the Securities Account Control Agreement) in respect of the Securities Account Control Agreement); <u>provided</u> that, the Collateral Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such release.

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**ARTICLE IX** 

**EVENTS OF DEFAULT** 

Section 9.1 <u>Events of Default</u>.

The following events shall be Events of Default ("<u>Events of Default</u>") hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Servicer (under <u>Section 10.2</u>), the Equityholder, the Seller fails to make any payment in excess of $500,000 when due under any Transaction Document, within five (5) Business Days of the day such payment or deposit is required to be made, (ii) the Borrower fails to pay any Interest or Non-Usage Fee on any Payment Date or any other payments when due and such failure continues for five (5) Business Days or (iii) the Borrower fails to repay the outstanding Obligations (other than contingent indemnification obligations for which no claim has been made) in full on the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower, the Equityholder or the Seller defaults in making any payment required to be made under an agreement for borrowed money owing by it (other than, in the case of the Borrower, this Agreement) to which it is a party individually or in an aggregate principal amount in excess of (i) with respect to the Borrower, $500,000, and (ii) with respect to the Seller and the Equityholder, $2,500,000 in excess of any amounts disputed in good faith by such Person and, in each case, such default is not cured within the applicable cure period, if any, provided for under such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure on the part of the Borrower, the Equityholder or the Seller to duly observe or perform in any material respect any other covenants or agreements of the Borrower or Seller (other than those specifically addressed by a separate Event of Default), as applicable, set forth in this Agreement or the other Transaction Documents to which the Borrower or Seller is a party and the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to such Person and (ii) the date on which a Responsible Officer of such Person acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of an Insolvency Event relating to the Borrower, the Equityholder or the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the occurrence of a Servicer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess (net of insurance) individually or in the aggregate of $500,000 (or $5,000,000 with respect to the Seller or the Equityholder) against the Borrower, the Equityholder or the Seller, and the Borrower, the Equityholder or the Seller, as applicable, shall not have either (i) discharged any such judgment, decree or order dismissed within sixty (60) days, or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower shall assign or attempt to assign any of its rights, obligations or duties under this Agreement without the prior written consent of each Lender in their respective sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower shall have made payments (other than payments made on behalf of such Person from insurance proceeds) individually or in the aggregate in excess of $750,000 in settlement of any litigation claim or dispute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower or the Seller or the Servicer fails to observe or perform any agreement or obligation with respect to the management and distribution of funds received with respect to the Collateral, and such failure is not cured within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower shall fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in <u>Section 4.1(t)</u>, such that reputable counsel of national standing could no longer render a substantive non-consolidation opinion with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Transaction Document (or any material provision thereof), or any Lien granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, the Servicer or the Seller,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower, the Equityholder, the Servicer, the Seller or any other party shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document or any lien or security interest thereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Borrower ceases to have a valid ownership interest in all of the Collateral (subject to Permitted Liens) or the Collateral Agent shall fail to have a first priority perfected security interest in any part of the Collateral (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with the applicable Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the existence of a Borrowing Base Deficiency on any date of determination, which continues unremedied for at least five (5) Business Days after the earliest to occur of (i) the date on which written notice of such Borrowing Base Deficiency shall have been given to the Borrower or the Servicer and (ii) the date on which a Responsible Officer of the Borrower or the Servicer acquires actual knowledge thereof; <u>provided</u>, that if the Borrower delivers a Cure Notice with respect to such Borrowing Base Deficiency in an amount sufficient to cure such failure, then the grace period hereunder shall be extended to twelve (12) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Borrower, the pool of Collateral or the Seller shall become required to register as an "investment company" within the meaning of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Internal Revenue Service or any other Governmental Authority shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower and such Lien shall not have been released within five (5) Business Days, or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any assets of the Borrower and such lien shall not have been released within five (5) Business Days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any representation, warranty or certification made or deemed made by the Borrower, the Equityholder or the Seller in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect in any material respect when made or deemed made and the same continues to be unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to such Person and (ii) the date on which a Responsible Officer of such Person acquires actual knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) a Change of Control of the Borrower or the Seller occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) (i) failure of the Borrower to maintain at least one Independent Manager for more than seven days; <u>provided</u>, that no vote for a "Material Action" (as defined in the limited liability company agreement of the Borrower) shall be held until a new Independent Manager is appointed or (ii) the removal of any Independent Manager of the Borrower without "cause" (as such term is defined in the organizational document of the Borrower) or without giving prior written notice to the Administrative Agent, each as required in the organizational documents of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the Equityholder fails to maintain at least $5,000,000<u>7,000,000</u> of unencumbered liquidity (calculated as the sum of (i) cash or cash equivalents, (ii) committed, undrawn or recallable equity capital available to be drawn and (iii) undrawn commitments under credit facilities of the Equityholder or its Subsidiaries (including the amount of any Borrowing Base Deficiency hereunder)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) at the end of any fiscal quarter following the BDC Election Date, the Equityholder fails to maintain the Asset Coverage Ratio at greater than or equal to 1:5:1.

Notwithstanding <u>Section 9.1</u>, upon the occurrence of an Event of Default under <u>Section 9.1(t)</u> which is not or cannot be remedied, there shall be a forty-five (45) day standstill period during which each party hereto agrees to work together using its commercially reasonable efforts to identify a remediation plan which is mutually acceptable. It is understood and agreed that the standstill period shall terminate immediately upon the occurrence of any other Event of Default in <u>Section 9.1</u> other than <u>Section 9.1(t)</u>. The Servicer agrees, if at the end of the standstill period, a mutually agreeable resolution is not or cannot be reached, the Servicer shall act under the sole direction of the Administrative Agent with respect to the Collateral to effectuate any and all remedies available to the Lenders under the Transaction Documents.

Section 9.2 <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Default, the Collateral Agent shall, at the request of the Administrative Agent and by notice to the Borrower, declare (i) the Termination Date to have occurred and all outstanding Obligations to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which are hereby waived by the Borrower) or (ii) the Reinvestment Period End Date to have occurred;

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<u>provided</u> that, (x) in the case of any event involving the Borrower described in <u>Section 9.1(d)</u>, all of the Obligations shall be immediately due and payable in full (without presentment, demand, notice of any kind, all of which are hereby expressly, waived by the Borrower) and the Termination Date shall be deemed to have occurred automatically upon the occurrence of any such event and (y) in the case of any event involving the Borrower described in <u>Section 9.1(e)</u> resulting solely from a Servicer Termination Event described in <u>clause (k)</u> of the definition thereof, no such declaration may be made for a period of ninety (90) days after such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On and after the declaration or occurrence of the Termination Date, the Collateral Agent, for the benefit of the Secured Parties, shall have, with respect to the Collateral granted pursuant to <u>Section 8.1</u>, and in addition to all other rights and remedies available to the Collateral Agent and the Secured Parties under this Agreement or other Applicable Law, all rights and remedies of a secured party upon default provided under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. Without limiting the generality of the foregoing, but subject to <u>Section 9.2(c)</u>, the Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Borrower or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances transfer all or any part of the Collateral into the Collateral Agent's name or the name of any Secured Party or its nominee or nominees, and/or forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the Collateral Agent or any Secured Party or elsewhere upon such terms and conditions (including by lease or by deferred payment arrangement) as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk and/or may take such other actions as may be available under applicable law. The Collateral Agent or any Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, auction or closed tender, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. In addition, the Borrower and the Servicer hereby agree that they will, at the Borrower's expense and at the direction of the Collateral Agent, forthwith, (i) assemble all or any part of the Collateral as directed by the Collateral Agent and make the same available to the Collateral Agent at a place to be designated by the Collateral Agent, whether at the Borrower's premises or elsewhere, and (ii) without notice except as specified below, sell the Collateral or any part thereof upon such terms, in such lots, to such buyers, and according to such other instructions as the Collateral Agent at the direction of the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, ten (10) days' notice to the Borrower of any sale hereunder shall constitute reasonable and proper notification. All cash Proceeds received by the Collateral Agent on behalf of the Secured Parties in respect of any sale of, collection from, or other realization upon, all or any part of the Loans(after payment of any amounts incurred in connection with such sale) shall be deposited into the General Collection Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, and shall be applied pursuant to <u>Section 2.8</u>. To the extent permitted by applicable law, the Borrower waives all claims, damages and demands it may acquire against the Collateral Agent or any other Secured

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Party arising out of the exercise by the Collateral Agent or any other Secured Party of any of its rights hereunder. The Borrower shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and disbursements of any attorneys employed by the Collateral Agent or any Secured Party to collect such deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the sale of the Collateral following a declaration that the Obligations are immediately due and payable pursuant to <u>Section 9.2(a)</u>, the Equityholder 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 Equityholder or any Affiliates thereof fail to exercise this purchase right within ten (10) days following the declaration that the Obligations are immediately due and payable pursuant to <u>Section 9.2(a)</u>, then such contractual rights shall be irrevocably forfeited by the Equityholder and Affiliates thereof, but nothing herein shall prevent the Equityholder or its Affiliates from bidding at any sale of such Collateral.

Section 9.3 <u>Collateral Agent Shall Enforce Claims</u>.

All rights of action and claims under this Agreement or any other Transaction Document shall be prosecuted and enforced by the Collateral Agent, at the direction of the Administrative Agent, in any legal or equitable proceeding, judicial or otherwise, relating thereto in its own name as trustee of an express trust, and any recovery of judgment shall be applied as set forth in <u>Section 2.8</u>.

Section 9.4 <u>Application of Cash Collected</u>.

Any cash collected by the Collateral Agent with respect to the Obligations pursuant to this <u>Article IX</u> and any cash that may then be held or thereafter received by the Collateral Agent with respect to the Obligations hereunder shall be applied in accordance with <u>Section 2.8</u>, at the date or dates fixed by the Collateral Agent; <u>provided</u>, that (a) subject to clause (b), no such date may be fixed by the Collateral Agent unless the Collateral Agent has given the Borrower no fewer than two (2) Business Days' prior written notice of such date, which notice shall set forth in reasonable detail the expected applications of cash on such date and (b) no failure by the Collateral Agent to deliver the notice required pursuant to the foregoing clause (a) will affect the application of funds in the Collection Accounts pursuant to <u>Section 2.8</u> on the next succeeding Payment Date.

Section 9.5 <u>Rights of Action</u>.

Notwithstanding any other provision of this Agreement (other than <u>Section 12.10</u>) or in any other Transaction Document, the Administrative Agent shall have the right to direct the Collateral Agent to institute any proceedings, judicial or otherwise, with respect to any Transaction Document, or for the appointment of a separate receiver or trustee, or for any other remedy hereunder. The Collateral Agent shall only institute proceedings and exercise remedies hereunder at the direction of the Administrative Agent (which the Collateral Agent shall implement without delay) and, in taking any action as so directed, shall have the right to indemnity against the costs, expenses and liabilities to be incurred in compliance with such request.

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Section 9.6 <u>Unconditional Rights of Lenders to Receive Principal and Interest</u>.

&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 in this Agreement, each Lender shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on the Obligations as such principal and interest become due and payable in accordance with the terms hereof and, subject to the provisions of <u>Section 9.5</u>, to institute proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If collections in respect of the Collateral are insufficient to make payments due in respect of the Obligations, no other assets will be available for payment of the deficiency following realization of the Collateral and application of the proceeds thereof in accordance with <u>Sections 2.7</u> and <u>2.8</u>, and the obligations of the Borrower to pay any deficiency shall thereupon be extinguished and shall not thereafter revive.

Section 9.7 <u>Restoration of Rights and Remedies.</u>

If the Collateral Agent or any Lender has instituted any judicial proceeding to enforce any right or remedy under this Agreement and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Collateral Agent or to such Lender, then and in every such case the Borrower, the Collateral Agent and the Lenders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Secured Parties shall continue as though no such proceeding had been instituted.

Section 9.8 <u>Rights and Remedies Cumulative</u>.

No right or remedy herein conferred upon or reserved to the Collateral Agent or to the Lenders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing by law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 9.9 <u>Delay or Omission Not Waiver</u>

No delay or omission of the Collateral Agent or of any Lender to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this <u>Section 9.9</u> or by law to the Collateral Agent or to the Lenders may be exercised from time to time, and as often as may be deemed expedient, by the Collateral Agent or by the Lenders, as the case may be.

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Section 9.10 <u>Waiver of Stay or Extension Laws</u>.

The Borrower covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenant that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 9.11 <u>Power of Attorney</u>. The Borrower hereby irrevocably appoints the Collateral Agent its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense, in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement after the occurrence and during the continuance of a Default or an Event of Default, including without limitation the following powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Collateral Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Agent or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. For the avoidance of doubt, the power of attorney granted by the Borrower pursuant to this <u>Section 9.11</u> supersedes any other power of attorney or similar rights granted by the Borrower to any other party (including, without limitation, the Servicer) under this Agreement, any other Transaction Document or any other agreement; <u>provided</u> that, the Servicer may continue to exercise its rights under this Agreement until the Servicer has received notice of the Collateral Agent's exercise of its power of attorney hereunder.

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**ARTICLE X** 

**INDEMNIFICATION** 

Section 10.1 <u>Indemnities by the Borrower</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Secured Parties and each of their respective assigns and officers, directors, employees and agents thereof (collectively, the "<u>Indemnified Parties</u>"), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related reasonable out-of-pocket costs and expenses, including reasonable attorneys' fees and disbursements (all of the foregoing being collectively referred to as the "<u>Indemnified Amounts</u>") awarded against, incurred by or asserted against such Indemnified Party or any of them arising out of or as a result of this Agreement or having an interest in the Collateral or in respect of any Loan included in the Collateral, excluding, however, any Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of any Indemnified Party. If the Borrower has made any indemnity payment pursuant to this <u>Section 10.1</u> or <u>Section 10.3</u> and such payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of such Indemnified Amounts then, the recipient shall repay to the Borrower an amount equal to the amount it has collected from others in respect of such Indemnified Amounts. Without limiting the foregoing, the Borrower shall indemnify each Indemnified Party for Indemnified Amounts (except to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party) relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any representation or warranty made or deemed made by the Borrower, the Servicer (on behalf of the Borrower) or any of their respective officers under or in connection with this Agreement or any other Transaction Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&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 failure of any Loan acquired on the Closing Date to be an Eligible Loan as of the Closing Date and the failure of any Loan acquired after the Closing Date to be an Eligible Loan on the related Funding Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure by the Borrower or the Servicer (on behalf of the Borrower) to comply with any term, provision or covenant contained in this Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law, with respect to any Collateral or the nonconformity of any Collateral with any such Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure to vest and maintain vested in the Collateral Agent, for the benefit of the Secured Parties, a first priority, perfected security interest in the Collateral, together with all Collections, free and clear of any Lien (other than Permitted Liens) whether existing at the time of any Advance or at any time thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&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) prior to the Termination Date, a Borrowing Base Deficiency existing as of the close of business on any Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance or at any subsequent time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment with respect to any Collateral (including, without limitation, a defense based on the Collateral not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any failure of the Borrower or the Servicer (on behalf of the Borrower) to perform its duties or obligations in accordance with the provisions of this Agreement or any of the other Transaction Documents to which it is a party or any failure by the Borrower or the Servicer (on behalf of the Borrower) to perform its respective duties under 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;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an Obligor may be located as a result of the failure of the Borrower to qualify to do business or file any notice or business activity report or any similar report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any action taken by the Borrower or the Servicer (on behalf of the Borrower) in the enforcement or collection of 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;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with the Underlying Assets or services that are the subject of 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;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any repayment by the Administrative Agent or another Secured Party of any amount previously distributed in reduction of Advances Outstanding or payment of Interest or any other amount due hereunder which amount the Administrative Agent or another Secured Party believes in good faith is required to be repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except with respect to funds held in the Collection Account, the commingling of Collections on the Collateral at any time with other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or the security interest 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;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any failure by the Borrower to give reasonably equivalent value to the Seller or to the applicable third party transferor, in consideration for the transfer by the Seller or such third party to the Borrower of any item of Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation, any provision 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;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the use of the proceeds of any Advance in a manner other than as provided in this Agreement, the Sale Agreement and the Closing Date Participation Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the failure of the Borrower or any of its agents or representatives to remit to the Servicer (on behalf of the Borrower) or the Collateral Agent, Collections on the Collateral remitted to the Borrower, the Servicer (on behalf of the Borrower) or any such agent or representative as provided in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amounts subject to the indemnification provisions of this <u>Section 10.1</u> shall be paid by the Borrower to the Collateral Agent on behalf of the applicable Indemnified Party pursuant to <u>Section 2.7</u> or <u>2.8</u>, as applicable, on the Payment Date following such Person's demand therefor (if given at least five (5) Business Days prior to such Payment Date, and, if not, on the next subsequent Payment Date), accompanied by a reasonably detailed description in writing of the related damage, loss, claim, liability and related costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If for any reason the indemnification provided above in this <u>Section 10.1</u> is unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Borrower shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the Borrower on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable considerations; <u>provided</u> that the Borrower shall not be required to contribute in respect of any Indemnified Amounts excluded in Section 10.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of the Borrower under this Section 10.1 shall survive the resignation or removal of the Administrative Agent, the Servicer or the Collateral Agent and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 10.1</u> shall not apply with respect to Taxes other than any Taxes representing damages, losses, or claims, etc. arising from non-Tax claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything contained in this <u>Section 10.1</u> or otherwise in this Agreement or in any other Transaction Document, the Borrower shall not be liable to the Administrative Agent, the Lenders, any of the Secured Parties or any other Person for any consequential (including loss of profit), indirect, special or punitive damages under this Agreement or any other Transaction Document; provided that nothing contained in this sentence shall limit the Borrower's indemnification obligations hereunder to the extent such damages are included in a third party claim in connection with which an Indemnified Party is entitled to indemnification hereunder.

Section 10.2 <u>Indemnities by the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Servicer hereby agrees to indemnify each Indemnified Party forthwith on demand, from and against any and all Indemnified Amounts awarded against or incurred by any such Indemnified Party by reason of any acts or omissions of the Servicer arising out of a breach of its obligations and duties under this Agreement and each other Transaction Document to which it is a party, including, but not limited to (i) any representation or warranty made by the Servicer under or in connection with any Transaction Document or any other information or report delivered by or on behalf of the Servicer pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made or deemed made, (ii) the failure by the Servicer to comply with any Applicable Law, (iii) the failure of the Servicer to comply with its duties or obligations in accordance with this Agreement, (iv) any gross

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negligence, willful misconduct, bad faith or fraud on the part of the Servicer or (v) any litigation, proceedings or investigation against the Servicer in connection with any Transaction Document or its role as Servicer hereunder solely to the extent arising from the Servicer's breach of its obligations and duties under this Agreement or any other Transaction Document to which it is a party excluding, however, any Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of any Indemnified Party. The provisions of this indemnity shall run directly to and be enforceable by an Indemnified Party subject to the limitations hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amounts subject to the indemnification provisions of this <u>Section 10.2</u> shall be paid by the Servicer to the applicable Indemnified Party within ten (10) Business Days following receipt by the Servicer of the Administrative Agent's written demand therefor.

&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 Servicer shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for uncollectible or uncollected Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of the Servicer under this <u>Section 10.2</u> shall survive the resignation or removal of the Administrative Agent, the Collateral Agent and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any indemnification pursuant to this <u>Section 10.2</u> shall not be payable from the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything contained in this <u>Section 10.2</u> or otherwise in this Agreement or in any other Transaction Document, the Servicer shall not be liable to the Administrative Agent, the Lenders, any of the Secured Parties or any other Person for any consequential (including loss of profit), indirect, special or punitive damages under this Agreement or any other Transaction Document.

Section 10.3 <u>After-Tax Basis</u>.

<u>Section 10.1</u> and <u>Section 10.2</u> shall not apply with respect to Taxes other than any Taxes that represent Indemnified Amounts arising from any non-Tax claim.

**ARTICLE XI** 

**THE ADMINISTRATIVE AGENT** 

Section 11.1 <u>Appointment</u>.

Each Secured Party hereby appoints and authorizes the Administrative Agent as its agent and hereby further authorizes the Administrative Agent to appoint additional agents and bailees (including, without limitation, the Collateral Agent) to act on its behalf and for the benefit of each of the Secured Parties. Each Secured Party further authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent

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by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality, of the foregoing, each Secured Party hereby appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may deem necessary or appropriate or that a Secured Party may reasonably request in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. The Lenders may direct the Administrative Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Administrative Agent hereunder, the Administrative Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Lenders; <u>provided</u> that the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative Agent requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or negative) from such Person within ten (10) Business Days of such Person's receipt of such request, then such Lender shall be deemed to have declined to consent to the relevant action.

Section 11.2 <u>[Reserved]</u>.

Section 11.3 <u>Administrative Agent's Reliance, etc</u>.

Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents. Without limiting the foregoing, the Administrative Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Seller), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for any statements, warranties or representations made by any other Person in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Transaction Documents on the part of any of the Borrower, the Servicer, the Equityholder or the Seller or to inspect the property (including the books and records) of any of the Borrower, the Servicer, the Equityholder or the Seller; (iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.

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Section 11.4 <u>Credit Decision with Respect to the Administrative Agent</u>.

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the other Transaction Documents to which it is a party.

Section 11.5 <u>Indemnification of the Administrative Agent</u>.

Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or the Servicer), ratably in accordance with its Pro Rata Share from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any of the other Transaction Documents, or any action taken or omitted by the Administrative Agent hereunder or thereunder. The payment of amounts under this <u>Section 11.5</u> shall be on an after-Tax basis. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent, ratably in accordance with its Pro Rata Share promptly upon demand for any reasonable out-of-pocket expenses (including fees of one outside counsel in each applicable jurisdiction) incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower or the Servicer.

Section 11.6 <u>Successor Administrative Agent</u>.

The Administrative Agent may resign at any time, effective upon the appointment and acceptance of a successor Administrative Agent as provided below, by giving at least ten (10) days' written notice thereof to each Lender and the Borrower. Upon any such resignation, the Lenders acting jointly shall appoint a successor Administrative Agent with the consent of the Borrower, such consent not to be unreasonably withheld. Each of the Borrower and each Lender agree that it shall not unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent shall have been so appointed, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent's giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Secured Parties, appoint a successor Administrative Agent which successor

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Administrative Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000, (ii) a Lender or (iii) an Affiliate of such a bank or a Lender. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent's resignation as Administrative Agent, the provisions of this <u>Article XI</u> shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

Section 11.7 <u>Payments by the Administrative Agent</u>.

Unless specifically allocated to a specific Lender pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in the applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their most recent Commitments, on the Business Day received by the Administrative Agent, unless such amounts are received after 3:30 p.m. on such Business Day, in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such Business Day, but, in any event, shall pay such amounts to such Lender not later than the following Business Day.

Section 11.8 <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender, each other Secured Party and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or any other Secured Party or any other Person who has received funds on behalf of a Lender, Secured Party or other Person (each such recipient, a "<u>Payment Recipient</u>") that the Administrative Agent has determined in its sole discretion that any funds (or any portion thereof) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment or (z) that such Payment Recipient otherwise becomes aware that such payment was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this <u>Section 11.8(a)</u>, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an "<u>Erroneous Payment</u>") then such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; <u>provided</u> that nothing in this <u>Section 11.8</u> shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient shall not assert any right or claim to the Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly (and, in all events, within one (1) Business Day of its knowledge of such error) notify the Administrative Agent in writing of such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and, upon written notice from the Administrative Agent, shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, with respect to any Payment Recipient who received such funds on its behalf shall cause such Payment Recipient to), promptly, but in all events no later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&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 an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient (such unrecovered amount as to such Lender, an "<u>Erroneous Payment Return Deficiency</u>"), then at the sole discretion of the Administrative Agent and upon the Administrative Agent's written notice to such Payment Recipient (i) such Payment Recipient shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous Payment was made to the Administrative Agent or, at the option of the Administrative Agent, any Lender Affiliated with the Administrative Agent, in a principal amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Advances (but not Commitments), the "<u>Erroneous Payment Deficiency Assignment</u>") at par plus any accrued and unpaid interest, without further consent or approval of any party hereto, without any further payment by the Administrative Agent or its Affiliated Lender as the assignee of such Erroneous Payment Deficiency Assignment, and the Administrative Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. As to any Erroneous Payment Deficiency Assignment, the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of <u>Section 12.16</u>. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each party hereto hereby agrees that (x) in the event 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, the Administrative Agent shall be subrogated to all the rights of such Payment Recipient with respect to such amount, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower (except to the extent that the funds used to make such Erroneous Payment were received from the Borrower as repayment of such Obligations) and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received (except to the extent that the funds used to make such Erroneous Payment were received from the Borrower as repayment of such Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Payment Recipient hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under pursuant to this <u>Section 11.8</u> or under the indemnification provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations under this <u>Section 11.8</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The provisions of this Section 11.8 shall similarly apply to any Erroneous Payment sent by the Collateral Agent, *mutatis mutandis*.

**ARTICLE XII** 

**MISCELLANEOUS** 

Section 12.1 <u>Amendments and Waivers</u>.

Except as provided in this <u>Section 12.1</u>, no amendment, waiver or other modification of any provision of this Agreement shall be effective without the written agreement of the Borrower, the Administrative Agent, the Servicer and the Required Lenders; <u>provided</u> that no amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the Commitment of any Lender without the written consent of such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive, extend or postpone any date fixed by this Agreement or any other Transaction Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitment hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the principal of, or the rate of interest specified herein on, any Advance or Obligation, or any fees or other amounts payable hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change <u>Section 2.7</u>, <u>2.8</u> or any related definitions or provisions in a manner that would alter the order of application of proceeds or would alter the *pro rata* sharing of payments required thereby, in each case, without the written consent of each Lender directly and adversely affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of this Section or reduce the percentages specified in the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) consent to the assignment or transfer by the Borrower, the Seller or the Servicer of such Person's rights and obligations under any Transaction Document to which it is a party (except as expressly permitted hereunder), in each case, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make any modification to the definition of "Applicable Percentage", "Assigned Value", "Minimum Equity Amount", "Eligible Loan", "Aggregate Borrowing Base", "Borrowing Bases", "Canadian Dollar Borrowing Base", "Dollar Borrowing Base", "Euro Borrowing Base", "GBP Borrowing Base" or "Adjusted Borrowing Value", in each case, which would have a material adverse effect on the calculation of the Borrowing Base, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) release all or substantially all of the Collateral or release any Transaction Document (other than as specifically permitted or contemplated in this Agreement or the applicable Transaction Document) without the written consent of each Lender;

<u>provided</u>, <u>further</u>, that, (i) any amendment of this Agreement that is solely for the purpose of adding a Lender may be effected without the written consent of the Borrower or any Lender, (ii) no such amendment, waiver or modification materially adversely affecting the rights or obligations of the Collateral Agent shall be effective without the written agreement of such Person, (iii) any amendment of this Agreement that a Lender is advised by its legal or financial advisors to be necessary or desirable in order to avoid the consolidation of the Borrower with such Lender for accounting purposes may be effected without the written consent of any other Lender and (iv) the Administrative Agent, the Servicer and the Borrower shall be permitted to amend any provision of the Transaction Documents (and such amendment shall become effective without any further action or consent of any other party to any Transaction Document) if the Administrative Agent, the Servicer and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any such provision. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender.

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Each waiver, amendment and consent made pursuant to this <u>Section 12.1</u> shall be effective only in the specific instance and for the specific purpose for which given.

Section 12.2 <u>Notices, etc</u>.

All notices, reports and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by facsimile copy) and mailed, e-mailed, faxed, transmitted or delivered, as to each party hereto, at its address set forth on <u>Annex A</u> to this Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, (b) one Business Day after delivery to an overnight courier, (c) on the date personally delivered to a Responsible Officer of the party to which sent, or (d) on the date transmitted by legible facsimile transmission or electronic mail transmission with a confirmation of receipt.

Section 12.3 <u>Ratable Payments</u>.

If any Secured Party, whether by setoff or otherwise, has payment made to it with respect to any portion of the Obligations owing to such Secured Party (other than payments received pursuant to <u>Section 10.1</u>) in a greater proportion than that received by any other Secured Party, such Secured Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of the Obligations held by the other Secured Parties so that after such purchase each Secured Party will hold its ratable proportion of the Obligations; <u>provided</u> that if all or any portion of such excess amount is thereafter recovered from such Secured Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

Section 12.4 <u>No Waiver; Remedies</u>.

No failure on the part of the Administrative Agent, the Collateral Agent or a Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 12.5 <u>Binding Effect; Benefit of Agreement</u>.

This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Administrative Agent, the Collateral Agent, the Secured Parties and their respective successors and permitted assigns. Each Indemnified Party shall be an express third-party beneficiary of this Agreement to the extent set forth herein.

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Section 12.6 <u>Term of this Agreement</u>.

This Agreement, including, without limitation, the Borrower's representations and covenants set forth in <u>Articles IV</u> and <u>V</u>, the Servicer's representations, covenants and duties set forth in <u>Articles IV</u> and <u>V</u>, and the Seller's and the Equityholder's representations and covenants set forth in <u>Articles IV</u> and <u>V</u>, creates and constitutes the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect during the Covenant Compliance Period; <u>provided</u> that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower, the Servicer, the Seller or the Equityholder pursuant to <u>Articles IV</u> and <u>V</u>, the provisions, including, without limitation the indemnification and payment provisions, of <u>Article X</u>, <u>Section 2.13</u>, <u>Section 12.9</u>, <u>Section 12.10</u> and <u>Section 12.11</u>, shall be continuing and shall survive (i) any termination of this Agreement and the occurrence of the Collection Date and (ii) with respect to the rights and remedies of the Lenders under <u>Article X</u>, any sale by the Lenders of the Obligations hereunder.

Section 12.7 <u>Governing Law; Consent to Jurisdiction; Waiver of Objection to Venue</u>.

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

Section 12.8 <u>Waivers</u>.

Each of the Servicer, the Borrower, the Seller, the Lenders, the Administrative Agent and the Collateral Agent hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process on the Borrower and Servicer in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower or the Servicer, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 12.8</u> any special, indirect, exemplary, punitive or consequential (including loss of profit)damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 12.9 <u>Costs and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to (and without duplication of) the rights of indemnification granted to the Indemnified Parties under <u>Article X</u> hereof and amounts payable pursuant to <u>Section 2.11</u>, the Borrower agrees to pay on the next Payment Date occurring at least five (5) Business Days after submission of an invoice therefor, all reasonable invoiced out-of-pocket costs and expenses of the Administrative Agent and the Collateral Agent and, following the occurrence of an Event of Default, the other Secured Parties incurred in connection with the preparation, execution, delivery, administration (including periodic auditing, to the extent required to be paid by the Borrower pursuant to this Agreement), renewal, amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable invoiced fees and out-of-pocket expenses of one external counsel for each of the Administrative Agent and the Collateral Agent and, following the occurrence of an Event of Default, one external counsel for the other Secured Parties in each applicable jurisdiction with respect thereto and with respect to advising the Administrative Agent, the Servicer, the Collateral Agent and the Secured Parties as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all reasonable invoiced out-of-pocket costs and expenses, if any (including reasonable fees and expenses of one external counsel in each applicable jurisdiction), incurred by the Administrative Agent and the Collateral Agent and, following the occurrence of an Event of Default, the other Secured Parties in connection with the enforcement of this Agreement by such Person and the other documents to be delivered hereunder or in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall pay on the Payment Date following receipt of a request therefor, all other reasonable out-of-pocket costs and expenses that have been invoiced at least two (2) Business Days prior to such Payment Date and incurred by the Administrative Agent, in each case in connection with periodic audits of the Borrower's books and records on two (2) occasions per fiscal year.

Section 12.10 <u>No Proceedings</u>. Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower or the Equityholder any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period. The provisions of this <u>Section 12.10</u> are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an

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essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this <u>Section 12.10</u> and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws of any jurisdiction. The provisions of this paragraph shall survive the termination of this Agreement.

Section 12.11 <u>Recourse Against Certain Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, affiliate, stockholder, officer, partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder 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 the agreements of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate or limited liability company obligations of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder, and that no personal liability whatsoever shall attach to or be incurred by the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder or any incorporator, stockholder, affiliate, officer, partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder under or by reason of any of the obligations, covenants or agreements of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder contained in this Agreement or in any other such instruments, documents or agreements, or that are implied therefrom, and that any and all personal liability of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder and each incorporator, stockholder, affiliate, officer, partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder, or any of them, for breaches by the Administrative Agent, any Secured Party, the Borrower, the Servicer, the Seller or the Equityholder of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement; <u>provided</u> that the foregoing non-recourse provisions shall in no way affect any rights the Secured Parties might have against any incorporator, affiliate, stockholder, officer, employee, partner, member, manager or director of the Borrower, the Servicer, the Seller or the Equityholder to the extent of any fraud, misappropriation, embezzlement or any other financial crime constituting a felony by such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any contrary provision set forth herein, no claim may be made by the Borrower, the Seller, the Servicer or any other Person against the Administrative Agent and the Secured Parties or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect to 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 any act, omission or event occurring in connection therewith; and each of the Borrower, the Seller 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Administrative Agent and the Secured Parties under or as a result of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this <u>Section 12.11</u> shall survive the termination of this Agreement.

Section 12.12 <u>Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall cause this Agreement, all amendments hereto and/or all financing statements and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent, as agent for the Secured Parties, and of the Secured Parties to the Collateral to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Administrative Agent, as agent of the Secured Parties, hereunder to all property comprising the Collateral. The Borrower shall cooperate fully with the Servicer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this <u>Section 12.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees that from time to time, at its expense, it will promptly authorize, execute and deliver all instruments and documents, and take all actions, that the Administrative Agent may reasonably request in order to perfect, protect or more fully evidence the security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder or under any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Borrower or the Servicer fails to perform any of its obligations hereunder, the Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent's or such Secured Party's costs and expenses incurred in connection therewith shall be payable by the Borrower as provided in <u>Article X</u>. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as its attorney-in-fact to act on behalf of the Borrower (i) to execute on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral, including those that describe the Collateral as "all assets," or words of similar effect, and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral. This appointment is coupled with an interest and is irrevocable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting the generality of the foregoing, the Borrower will, not earlier than six (6) months and not later than three (3) months prior to the fifth (5th) anniversary of the date of filing of the financing statements referred to in <u>Section 3.1(j)</u> or any other financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant Compliance Period shall have ended, authorize, execute and deliver and file or cause to be filed an appropriate continuation statement with respect to each such financing statement.

Section 12.13 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent, the Secured Parties, the Collateral Agent, the Borrower and the Servicer shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and all information with respect to the other parties, including all information regarding the Collateral, the business and beneficial ownership of the Borrower and the Servicer hereto and their respective businesses and its Affiliates and any Obligor obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information (x) to any other party hereto, (y) to its branches and Affiliates and its and their partners, directors, officers, employees (legal and contractual), investment advisors, external accountants, investigators, auditors, attorneys, investors, rating agencies, potential investors or other agents engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Loans contemplated herein and the agents of such Persons ("<u>Excepted Persons</u>") and (z) subject to an agreement containing provisions substantially the same as (or no less restrictive than) those of this <u>Section 12.13</u>, to (i) any assignee of or participant in, or any bona fide prospective assignee of or participant in (other than any Competitor if the Borrower's consent is required hereunder for such assignment or participation and has not yet been received, the Servicer or the Equityholder), any of its rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Excepted Persons) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder; <u>provided</u> that each Excepted Person (other than investors in the Equityholder and external accountants, auditors, attorneys and other Excepted Persons governed by ethical obligations and requirements) shall, as a condition to any such disclosure, agree that such information shall be used solely in connection with such Excepted Person's evaluation of, or relationship with, the Borrower, (ii) disclose the existence of this Agreement, but not the financial terms thereof, (iii) disclose such information as is required by Applicable Law, and (iv) disclose this Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents. It is understood that the financial terms that may not be disclosed except in compliance with this <u>Section 12.13(a)</u> include, without limitation, all fees and other pricing terms, and all Events of Default, Servicer Termination Events, and priority of payment provisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anything herein to the contrary notwithstanding, each of the Borrower and the Servicer hereby consents to the disclosure of any nonpublic information with respect to it (i) to the Administrative Agent, the Servicer, the Collateral Agent or the Secured Parties by each other, or (ii) by the Administrative Agent, and the Secured Parties to S&P or Moody's, any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Lender, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information. In addition, the Secured Parties, the Administrative Agent, and the Servicer may disclose any such nonpublic information as required pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known; (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any aspects of the Administrative Agent's, the Secured Parties', the Collateral Agent's, the Servicer's, the Equityholder's or the Borrower's business or that of their affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, the Secured Parties, the Collateral Agent, the Servicer or the Borrower or an officer, director, employee, shareholder or affiliate of any of the foregoing is a party, (D) in any preliminary or final offering circular, registration statement or contract or other document approved in advance by the Borrower or, to the extent information with respect to the Servicer is included therein, the Servicer, (E) to any affiliate, independent or internal auditor, agent (including any potential sub-or-successor servicer), employee or attorney of the Collateral Agent or the Servicer having a need to know the same, (F) to any Person whose consent is required or to whom notice is required to be given in connection with the Borrower's acquisition or disposition of any Loan or any assignment thereof, or (G) to any Person when required for USA Patriot Act or other "know your customer" purposes, <u>provided</u> that the Collateral Agent or the Servicer, as applicable, advises such recipient of the confidential nature of the information being disclosed; or (iii) any other disclosure authorized by the Borrower or the Servicer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, each of the Borrower and the Servicer shall each have the right to keep confidential from the Administrative Agent, the Collateral Agent and/or the Secured Parties, for such period of time as such Person determines is reasonable (i) any information that such Person reasonably believes to be in the nature of trade secrets and (ii) any other information that such Person or any of their Affiliates, or the officers, employees or directors of any of the foregoing, is required by law as evidenced by an Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Administrative Agent, the Secured Parties and the Collateral Agent will keep the information of the Obligors confidential in the manner required by the applicable Underlying Instruments.

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Section 12.14 <u>Execution in Counterparts; Severability; Integration</u>.

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, "<u>Signature Law</u>"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement, the other Transaction Documents and any agreements or letters (including fee letters) executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.

Section 12.15 <u>Waiver of Setoff</u>.

Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender or its assets.

Section 12.16 <u>Assignments by the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Sections 12.16(b)</u> and <u>12.16(d)</u>, each Lender may, with the prior written consent of the Borrower (such consent not to be (x) unreasonably withheld, conditioned or delayed or (y) required if an Event of Default has occurred and is continuing), at any time assign an interest in, or sell a participation interest in any Advance (or portion thereof) or its Commitment hereunder (or any portion thereof) to any Person; <u>provided</u> that, (i) unless an Event of Default has occurred and is continuing, no transfer of any Advance (or any portion thereof) other than pursuant to the following clause (iii) shall be made unless the transferee has either a long-term unsecured debt rating of "Baa2" or above from Moody's or "BBB" or above from S&P, (ii) no such transfer may be made to any Competitor without the prior written consent of the Servicer other than pursuant to the following clause (iii) with, solely in the case of an

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assignment pursuant to clause (iii)(y), not less than 15 days prior written notice to the Servicer (which notice shall specify the economics of the assignment and the assignee), (iii) subject to <u>Sections 12.16(b)</u> and <u>12.16(d)</u>, the consent of the Borrower is not required for any assignment (x) to any Affiliate of a Lender (unless such Affiliate is a Competitor in which case the consent of the Borrower shall be required unless an Event of Default has occurred and is continuing) or (y) required by any change in Applicable Law (which change shall be disclosed in reasonable detail to the Borrower unless such disclosure is prohibited by Applicable Law or a Governmental Authority), (iv) in the case of an assignment of any Commitment (or any portion thereof) or any Advance (or any portion thereof), the assignee executes and delivers to the Servicer, the Borrower the Administrative Agent and the Collateral Agent a fully executed Joinder Supplement substantially in the form of <u>Exhibit F</u> hereto and (v) no transfer of any Commitment (or any portion thereof) or Advance (or any portion thereof) shall be made to an Affiliate of the Borrower or the Equityholder. Each Lender hereby represents and warrants that is a "Qualified Purchaser" within the meaning of Section 3(c)(7) of the 1940 Act. The parties to any such assignment or sale of a participation interest shall execute and deliver to such Lender for its acceptance and recording in its books and records, such agreement or document as may be satisfactory to such parties. The Borrower shall not assign or delegate, or grant any interest in, or permit any Lien (except Permitted Liens) to exist upon, any of the Borrower's rights, obligations or duties under the Transaction Documents without the prior written consent of the Administrative Agent. Notwithstanding anything contained in this Agreement to the contrary, Wells Fargo shall not need prior consent of the Borrower to consolidate with or merge into any other Person or convey or transfer substantially all of its properties and assets, including without limitation any Advance (or portion thereof), to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Servicer the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by Borrower, the Servicer and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower agrees that each participant pursuant to <u>Section 12.16(a)</u> shall be entitled to the benefits of <u>Section 2.12</u> and <u>Section 2.13</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 2.13(f)</u> (it being understood that the documentation required under <u>Section 2.13(f)</u> shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment; <u>provided</u> that such participant (A) agrees to be subject to the provisions of <u>Section 2.12(g)</u> as if it were an assignee hereunder; and (B) shall not be entitled to receive any greater payment under <u>Section 2.12</u> or Section 2.13, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation of any Applicable Law or (ii) the compliance by the participating Lender or such participant with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in each case that occurs after the participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of <u>Section 2.12(g)</u> with respect to the applicable participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of the applicable participants and the principal amounts (and stated interest) of each such participant's interest in the Obligations (the "<u>Participant Register</u>"); <u>provided</u> that 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 Obligations) to any Person except to the extent that such disclosure is necessary to establish that such Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 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;(e) Notwithstanding the foregoing provisions of this <u>Section 12.16</u> or any other provision of this Agreement, any Lender may at any time assign all or any portion of its Advances or Commitments as collateral security to a Federal Reserve Bank or, as applicable, to such Lender's trustee for the benefit of its investors (but no such assignment shall release any Lender from any of its obligations hereunder).

Section 12.17 <u>Heading and Exhibits</u>.

The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

Section 12.18 <u>Recognition of the U.S. Special Resolution Regimes</u>.

To the extent that this Agreement and/or any other Transaction Document constitutes a QFC, the Borrower agrees with each Secured Party as of the Closing Date as follows:

&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 Party becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this Agreement and/or such other Transaction Document, and any interest and obligation in or under this Agreement and/or such other Transaction Document 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 this Agreement and/or such other the Transaction Document, and any such interest and obligation, were governed by the laws of the United States or a 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;(b) In the event that a Covered Party or a BHC Act Affiliate of such Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights

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under this Agreement and/or such other Transaction Document 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 this Agreement and/or such other Transaction Document were governed by the laws of the United States or a state of the United States.

Section 12.19 <u>Intent of the Parties</u>.

It is the intent and understanding of each party hereto that the Advances are loans from the Lenders to the Borrower and do not constitute a "security" within the meaning of Section 8-102(15) of the UCC.

[Signature pages to follow.]

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

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| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **ASP BDC LEV FACILITATION LLC** | **ASP BDC LEV FACILITATION LLC** |
| By: |  |
|  | Name: |
|  | Title: |

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[Signatures Continued on the Following Page]

Signature Page to LSA

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| | |
|:---|:---|
| **SERVICER:** | **SERVICER:** |
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: |  |
|  | Name: |
|  | Title: |
| **SELLER:** | **SELLER:** |
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: |  |
|  | Name: |
|  | Title: |
| **EQUITYHOLDER:** | **EQUITYHOLDER:** |
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: |  |
|  | Name: |
|  | Title: |

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[Signatures Continued on the Following Page]

Signature Page to LSA

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| | |
|:---|:---|
| **THE ADMINISTRATIVE AGENT:** | **THE ADMINISTRATIVE AGENT:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, in its capacity as Administrative Agent | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, in its capacity as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| **LENDER:** | **LENDER:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION** | **WELLS FARGO BANK, NATIONAL ASSOCIATION** |
| By: |  |
|  | Name: |
|  | Title: |

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[Signatures Continued on the Following Page]

Signature Page to LSA

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| | |
|:---|:---|
| **THE COLLATERAL AGENT:** | **THE COLLATERAL AGENT:** |
| **COMPUTERSHARE TRUST COMPANY**, <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.A.**, not in its individual capacity but solely as Collateral Agent | **COMPUTERSHARE TRUST COMPANY**, <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.A.**, not in its individual capacity but solely as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

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Signature Page to LSA

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**<u>Annex A</u>**

**ASP BDC LEV FACILITATION LLC** 

**as Borrower** 

c/o Adams Street Partners, LLC

One North Wacker Drive

Suite 2700

Chicago, IL 60606

Attention: Eric R. Mansell

Telephone: (312) 553-8488

E-mail: emansell@adamsstreetpartners.com

**ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE** 

**CREDIT BDC, LLC)** 

**as Servicer** 

c/o Adams Street Partners, LLC

One North Wacker Drive

Suite 2700

Chicago, IL

60606 Attention: Eric R. Mansell

Telephone: (312) 553-8488

E-mail: emansell@adamsstreetpartners.com

**ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE** 

**CREDIT BDC, LLC)** 

**as Equityholder** 

c/o Adams Street Partners, LLC

One North Wacker Drive

Suite 2700

Chicago, IL 60606

Attention: Eric R. Mansell

Telephone: (312) 553-8488

E-mail: emansell@adamsstreetpartners.com

**ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE CREDIT BDC, LLC)** 

**as Seller** 

c/o Adams Street Partners, LLC

One North Wacker Drive

Suite 2700

Chicago, IL 60606

Attention: Eric R. Mansell

Telephone: (312) 553-8488

E-mail: emansell@adamsstreetpartners.com

Annex A to LSA

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**<u>Annex A (Continued)</u>**

**WELLS FARGO BANK, NATIONAL ASSOCIATION** 

**as Administrative Agent** 

550 S. Tryon Street

Charlotte, NC 28202

Attention: Corporate Debt Finance

Facsimile: (704) 715-0067

Confirmation: (704) 410-2358

All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com

**COMPUTERSHARE TRUST COMPANY, N.A.** 

**as Collateral Agent** 

9062 Old Annapolis Rd.

Columbia, Maryland 21045

Attn: CLO Trust Services – ASP BDC Lev Facilitation LLC

Email: cctadamsstreet@computershare.com

**WELLS FARGO BANK, NATIONAL ASSOCIATION** 

**as a Lender** 

550 S. Tryon Street

Charlotte, NC 28202

Attention: Corporate Debt Finance

Facsimile: (704) 715-0067

Confirmation: (704) 410-2358

All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com

Annex A to LSA

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**<u>Annex B</u>**

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| | |
|:---|:---|
| **Lender** | **Commitment** |
| Wells Fargo Bank, National Association | $100000000<u>140000000</u> |

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Annex B to LSA

## Exhibit 21.1

**Exhibit 21.1** 

**SUBSIDIARIES OF ADAMS STREET CREDIT SOLUTIONS FUND** 

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Adams Street Credit Solutions Blocker LLC | DE |
| ASP BDC Lev Facilitation LLC | DE |
| Adams Street PC Funding LLC | DE |

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