# EDGAR Filing Document

**Accession Number:** 0001772918
**File Stem:** 0001193125-26-136761
**Filing Date:** 2026-4
**Character Count:** 2321539
**Document Hash:** d67237888bda1dfdb27ac7dc5d85772e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-136761.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001193125-26-136761

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

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20260401

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56831
- **FILM NUMBER:** 26826875

**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 April 1, 2026** 

**File No. [**●**]** 

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

**Washington, D.C. 20549** 

**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) |  | 5 |
| ITEM 1. | [BUSINESS](#tx807896_4) |  | 8 |
| ITEM 1A. | [RISK FACTORS](#tx807896_5) |  | 49 |
| ITEM 2. | [FINANCIAL INFORMATION](#tx807896_6) |  | 104 |
| ITEM 3. | [PROPERTIES](#tx807896_7) |  | 110 |
| ITEM 4. | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#tx807896_8) |  | 111 |
| ITEM 5. | [TRUSTEES AND EXECUTIVE OFFICERS](#tx807896_9) |  | 112 |
| ITEM 6. | [EXECUTIVE COMPENSATION](#tx807896_10) |  | 118 |
| ITEM 7. | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND TRUSTEE INDEPENDENCE](#tx807896_11) |  | 119 |
| ITEM 8. | [LEGAL PROCEEDINGS](#tx807896_12) |  | 124 |
| ITEM 9. | [MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS](#tx807896_13) |  | 125 |
| ITEM 10. | [RECENT SALES OF UNREGISTERED SECURITIES](#tx807896_14) |  | 128 |
| ITEM 11. | [DESCRIPTION OF REGISTRANT'S SECURITIES TO BE REGISTERED](#tx807896_15) |  | 129 |
| ITEM 12. | [INDEMNIFICATION OF TRUSTEES AND OFFICERS](#tx807896_16) |  | 134 |
| ITEM 13. | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#tx807896_17) |  | 135 |
| ITEM 14. | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#tx807896_18) |  | 136 |
| ITEM 15. | [FINANCIAL STATEMENTS AND EXHIBITS](#tx807896_19) |  | 137 |

---

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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); and

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

After filing this Registration Statement, the Company will file an election to be regulated as a BDC under the 1940 Act as soon as reasonably practicable. Upon filing such election, the Company will become 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.

&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.

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&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 Ratings and lower than "BBB-" by Fitch Ratings or 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 intends to elect 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 Company's Shareholders and result in losses.

&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 1940 Act imposes significant limits on co-investment with affiliates
of the Company, and the Company will need to 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 will invest may be difficult to
value and are generally illiquid.

&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 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 conflicts involving Russia/Ukraine and Israel/Palestine, and other ongoing conflicts,
including in the Middle East;

&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 the Company's and third parties' 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 qualify and maintain the Company's qualification as a BDC and 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;• 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, 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 will be a privately placed BDC, and the Company's investors may not be able to transfer or
otherwise dispose of the Company's 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 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 Company's investments in portfolio companies may be risky, and the Company could lose all or part of
its 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).

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&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.

***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.

&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 over time, and our distributions per Share may be reduced. We have not established any limit on the extent to which we
may use borrowings, if any, and proceeds from our offerings to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred shares could be issued with rights and preferences that would adversely affect the Company's
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.

***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.

&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 intends to elect 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 will manage the Company's day-to-day operations and provide investment advisory and management services to the Company. The Company also 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 will be 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 will be 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 Standard & Poor's Rating Services), 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 (as defined below), 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. In addition, Adams Street Partners, L.P. issued the Company an unsecured promissory note, the proceeds from which have been used to facilitate certain acquisitions of Middle Market Senior Loans (the "**ASP Note**"); however, the Company intends to repay any amounts outstanding under the ASP Note in connection with the BDC Election. Following the BDC Election, the Company may determine to re-draw amounts under, 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**"). Following the filing of the BDC Election, at such time as determined in the Company's sole discretion, the Company intends to commence holding 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 intend to apply 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 is currently conducting a private offering of its preferred shares, that will be classified and designated as "12.0% Series A Cumulative Preferred Shares," par value $0.01 per share (the "**Series A Preferred Shares**"), to unaffiliated individual investors who are "accredited investors" as defined in Regulation D of the 1933 Act, which is expected to close in April 2026. Pursuant to this private offering the Company expects to issue and sell up to 515 shares of Series A Preferred Shares for an aggregate purchase price of $1,545,000 (the "**Preferred Offering**"). The holders of the Series A Preferred Shares will be 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 $65 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 will manage 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 will be 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 Standard & Poor's Rating Services), 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 intends to use 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, it is expected that 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, will perform 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 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.

In addition, as a BDC regulated under the 1940 Act, the Company will be 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 will be 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 will be 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.

***Managerial Assistance***

As a BDC, the Company will offer, and will be required to provide upon request, managerial assistance to its portfolio companies. This assistance could involve, among other things, monitoring the operations of the Company's portfolio companies, participating in 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.

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**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 will manage the day-to-day operations of, and provide investment advisory and management services to, the Company pursuant to the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Adviser will be 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 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 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 60 days' written notice.

***Compensation of the Adviser***

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

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<u>Management Fee</u> 

The Management Fee will be payable monthly in arrears. The Management Fee will be 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 will pay 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 will be calculated and payable on a quarterly basis, in arrears, and will equal 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 will pay 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;

&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

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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 Capital Gains Incentive Fee is an annual fee that will be 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 will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

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

***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**") will be 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 will 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 terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the

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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 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 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 will perform 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 will follow the valuation policies and procedures of the Company and the Adviser.

The fees payable to the Sub-Administrator will be 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, will be provided and paid for by the Adviser. The Company will bear 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 Company's 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 Company's 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 Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser, or its affiliates, until such

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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 (and any other relevant entities), pursuant to which Adams Street will grant 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 will have 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.

Following the BDC Election, the Company intends to commence holding monthly closings for its private offering. Shares will be able to 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 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 intend to apply for exemptive relief from the SEC that, if granted, will permit the Company to issue multiple classes of the Company's 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 is currently conducting 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, which is expected to close in April 2026. Pursuant to the Preferred Offering, the Company expects to issue and sell up to 515 shares of Series A Preferred Shares for an aggregate purchase price of $1,545,000. The holders of the Series A Preferred Shares will be 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 will provide for reinvestment of the Company's distributions on behalf of the Company's 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

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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.

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 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 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 will be managed by the Adviser. The services necessary for the origination and administration of the Company's investment portfolio will be 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

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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.

*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). Prior to the BDC Election, the Company expects to obtain the approval of its initial Shareholder of a proposal to reduce the asset coverage ratio to 150%; therefore, the Company expects that the asset coverage ratio applicable to the Company's senior securities will be 150%.

In addition, while any senior securities remain outstanding, the Company would be required to make provisions to prohibit any dividend distribution to the Company's 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.

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*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 certification requirements of Section 404 of the Sarbanes-Oxley Act, 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 is in compliance 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 will be available on the EDGAR Database on the SEC's website at http://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

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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 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 us 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 Company's 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.

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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 Company's Shareholders, and (ii) the Company's Shareholders have approved the Company's policy and 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.

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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 there exists compelling long-term reasons to do so.

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.

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**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.

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 Company's 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

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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.

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**.**

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***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.

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 Company's 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

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&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").

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 Company's 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 Company's 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 Company's 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 Company's 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

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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 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

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taxable to the Company's 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 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 Company's Shareholders as ordinary dividend income to the extent of its 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 seek 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,

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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.

***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 the investor's 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 Company's Shareholders prior to the expiration of 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

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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 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 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 Company's 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.

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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. 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 Company's 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

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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 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.

**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 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

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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 will be 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 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 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 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 preferred shares, if any, 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, on June 30, 2025, the Company obtained the ASP Note providing a principal amount of up to $55 million. Proceeds from borrowings under the ASP Note were used to facilitate certain acquisitions of Middle Market Senior Loans. The Company intends to repay any amounts outstanding under the ASP Note in connection with the BDC Election. Following the BDC Election, the Company may determine to re-draw amounts under, 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 will value 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.

**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 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

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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 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

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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 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

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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 change 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 is 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 of the Sarbanes-Oxley Act. 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 of the Sarbanes-Oxley Act, 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

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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 Exchange 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 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

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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 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

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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 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

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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 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

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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 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

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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 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 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.

**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

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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.

**Inflation:** Some countries, including the United States, are currently 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

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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, and the Russia-Ukraine and Middle Eastern conflicts, 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 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.

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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;

&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

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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 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

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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 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

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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.

**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 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 will bear all expenses related to its operations and will pay 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;

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&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 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,

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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.

**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.

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**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 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

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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 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

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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 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

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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 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 will prohibit 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.

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**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 preferred shares, if any, 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.

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 will be 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

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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 expects to obtain the approval of its initial Shareholder of a proposal to reduce the asset coverage ratio to 150%; therefore, the Company expects that the asset coverage ratio applicable to the Company's senior securities will be 150%.

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.

Following the BDC Election, pursuant to the 1940 Act, the Company will generally be 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

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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 such secondary market will develop in the future. The Shares will not be registered under the 1933 Act, nor will they 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.

The Company anticipates that liquidity for a Shareholder's Shares will be limited to participation in a Share repurchase program, which the Company intends to commence no later than the second full calendar quarter after the BDC Election. 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. Any such repurchases will be at a purchase price equal to the NAV per Share as of the last calendar day of the applicable month. As a result, the price at which the Company repurchases Shares may be greater or less than the price at which a Shareholder purchased Shares in this offering. As a result, the Share repurchase program should not be relied upon as a method to sell Shares promptly or at a desired price.

**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

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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 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 will also have 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;

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&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 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 the holders of the Shares 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 the holders of the Shares. Therefore, if the market value of the Company's portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of the Shares 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 Company's 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 the holders of the Shares 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:** The Company is currently conducting the Preferred Offering, which is expected to close in April 2026. Series A Preferred Shares issued by the Company pursuant to the Preferred Offering will 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 holders of Series A Preferred Shares issued pursuant to the Preferred Offering will be 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 holders of the Company's Shares and Series A Preferred Shares, 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 will 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 holders of the Series A Preferred Shares.

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**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 Interest 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 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

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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 will be 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 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 grow, 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

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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.

**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

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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 will be 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 will be 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, the Company will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit 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 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.

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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 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

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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.

**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

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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 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.

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**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.

**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 makes a contribution to certain elected officials or candidates. If the Adviser or its affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on the Adviser, and thus, 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.

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**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*."

The Annual Distribution Requirement (as defined below) for a RIC will be satisfied if the Company distributes to the Company's 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;

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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 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 Company's 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

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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 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 advisers 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 Company's 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 Company's 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.

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**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, 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), 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

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"**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.

**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

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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 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

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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 percentage stake increased to more than 5%, thus triggering this filing requirement. Each 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 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. The Company intends to elect to be treated as a BDC under the 1940 Act and 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 is a newly formed entity that 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.

The Company is currently in the development stage and has not commenced investment operations. To date, the Company's efforts have been limited to organizational and initial operating activities, the cost of which has been borne by the Adviser, but may be subject to recoupment. In the event there is no first Drawdown date or a date on which the Company has drawn amounts on any subscription facility, all initial organizational and operating costs will be borne by the Adviser. As the Initial Closing has not occurred yet, nor has the Company drawn amounts on any subscription facility, no such costs have been recorded by the Company.

***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.

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***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 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 first Drawdown date or the date on which the Company has drawn amounts on any subscription facility, 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 Company's Shareholders.

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**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.

In addition, on June 30, 2025, the Company obtained the ASP Note providing a principal amount of up to $55 million. Proceeds from borrowings under the ASP Note were used to facilitate certain acquisitions of Middle Market Senior Loans. The Company intends to repay any amounts outstanding under the ASP Note in connection with the BDC Election. Following the BDC Election, the Company may determine to re-draw amounts under, 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.

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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.

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.

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***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 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

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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.

***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 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 [●], 2026, certain ownership information with respect to the Company's 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 60 days of the date of this Registration Statement. Percentage of beneficial ownership is based on [●] Shares outstanding as of [●], 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** |  |  |
|  [●] | [●] | [●]% |
|  **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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\* Represents less than 1.0% 

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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, 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.

(2) The Fund Complex consists of the Company, Adams Street Private Equity Navigator Fund, LLC and Adams Street
Venture & Growth Fund.

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**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 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

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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.

**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

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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 Company's 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 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

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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 is 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 their own independent interest in risk management, and their policies and methods of risk management depends 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;

&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.

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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 http://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 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* 

Following the BDC election, the Independent Trustees will each receive an annual fee of $50,000. The Chair of the Audit Committee will receive 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.

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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 will pay 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 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.

It is expected that 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 is 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 will be 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** 

On June 30, 2025, the Company obtained the ASP Note providing a principal amount of up to $55 million. Proceeds from borrowings under the ASP Note were used to facilitate certain acquisitions of Middle Market Senior Loans. The Company intends to repay any amounts outstanding under the ASP Note in connection with the BDC Election. Following the BDC Election, the Company may determine to re-draw amounts under, 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 AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS**  |

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**Market Information** 

The Company's Shares will be 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 Company's 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. As of the date of this Registration Statement, there were no holders of record of our Shares. Please see "*Item 4. Security Ownership of Certain Beneficial Owners and Management*."

**Determination of NAV – Valuation of Portfolio Securities** 

The NAV per Share of outstanding Shares will be 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 Company expects that the Board of Trustees will designate 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 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 [●], 2026, Adams Street Partners, L.P. purchased [●] 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.

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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 [●] Shares were outstanding as of the date of this Registration Statement, 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 Company's 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** 

The Company does not currently have any preferred shares issued and outstanding. The Company however is currently conducting the Preferred Offering, which is expected to close in April 2026. 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. In the event the Company issues preferred shares, it will make any required disclosure to Shareholders. 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 shares 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 expected to be issued in the Preferred Offering will be classified and designated as "Series A Cumulative Preferred Shares." Holders of the Series A Preferred Shares will be 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 will be 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 will not be 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 holders of the Series A Preferred Shares will be entitled to one vote for each Series A Preferred Share held by such holder on any matter submitted to the Shareholders for a vote, and the holders of the Shares and the Series A Preferred Shares 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 holders of the Series A Preferred Shares, 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 holders of the Shares and the Series A Preferred Shares 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, will be 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 will be 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 as determined under the terms of the Declaration of Trust); (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 Trust 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 the 10% Threshold and the Shareholder Undertaking do not apply to claims arising under the U.S. federal securities laws.

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##### [**Table of Contents**](#toc)
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 make it more expensive for a Shareholder to bring a suit but does not apply to claims arising under the U.S. federal securities laws.

**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 http://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 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**  |

---

**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**  |

---

Set forth below is an index to the Company's financial statements attached to this Registration Statement.

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#fin807896_1) | F-[●] |
|  [Statement of Assets and Liabilities as of December 31, 2025 and 2024](#fin807896_2) | F-[●] |
|  [Statement of Operations for the Years Ended December 31, 2025 and 2024](#fin807896_3) | F-[●] |
|  [Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#fin807896_4) | F-[●] |
|  [Schedule of Investments as of December 31, 2025](#fin807896_5) | F-[●] |
|  [Notes to Financial Statements](#fin807896_6) | F-[●] |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **ITEM 14.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**  |

---

There are not and have not been any disagreements between the Company and 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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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **ITEM 15.** | **FINANCIAL STATEMENTS AND EXHIBITS**  |

---

(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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##### [**Table of Contents**](#toc)
**Exhibit Index** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Certificate of Trust<sup>(1)</sup>](d807896dex31.htm) |
| 3.2 | [Amended and Restated Declaration of Trust<sup>(1)</sup>](d807896dex32.htm) |
| 3.3 | [Supplement to the Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares<sup>(1)</sup>](d807896dex33.htm) |
| 3.4 | [By-Laws<sup>(1)</sup>](d807896dex34.htm) |
| 4.1 | [Form of Subscription Agreement<sup>(1)</sup>](d807896dex41.htm) |
| 10.1 | [Investment Advisory Agreement<sup>(1)</sup>](d807896dex101.htm) |
| 10.2 | [Administration Agreement<sup>(1)</sup>](d807896dex102.htm) |
| 10.3 | [Distribution Reinvestment Plan<sup>(1)</sup>](d807896dex103.htm) |
| 10.4 | [Form of Indemnification Agreement<sup>(1)</sup>](d807896dex104.htm) |
| 10.5 | [Custody Agreement<sup>(1)</sup>](d807896dex105.htm) |
| 10.6 | [License Agreement<sup>(1)</sup>](d807896dex106.htm) |
| 10.7 | [Expense Support and Conditional Reimbursement Agreement<sup>(1)</sup>](d807896dex107.htm) |
| 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<sup>(1)</sup>](d807896dex108.htm) |
| 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<sup>(1)</sup>](d807896dex109.htm) |
| 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<sup>(1)</sup>](d807896dex1010.htm) |
| 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<sup>(1)</sup>](d807896dex1011.htm) |
| 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<sup>(1)</sup>](d807896dex1012.htm) |
| 21.1 | List of Subsidiaries—Adams Street Credit Solutions Blocker LLC – Delaware; ASP BDC Lev Facilitation LLC – Delaware; Adams Street PC Funding LLC – Delaware. |
| 99.1(a) | [Code of Ethics of the Company<sup>(1)</sup>](d807896dex991a.htm) |
| 99.1(b) | [Code of Ethics of the Adviser<sup>(1)</sup>](d807896dex991b.htm) |

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<sup>(1)</sup> Filed herewith.

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##### [**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.

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| | |
|:---|:---|
| **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: April 1, 2026

[*Signature Page to Form 10*]

## Exhibit 3.1

**Exhibit 3.1** 

**CERTIFICATE OF TRUST** 

**OF** 

**ADAMS STREET CREDIT SOLUTIONS FUND** 

This Certificate of Trust of Adams Street Credit Solutions Fund (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. Section 3801 *et seq.*) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust is Adams Street Credit Solutions Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office; Registered Agent</u>. The business address of the Trust's registered office in the
State of Delaware is 1209 Orange Street, Wilmington, DE 19801, New Castle County. The name and address of the registered agent of the Trust for service of process at such location is The Corporation Trust Company, 1209 Orange Street, Wilmington, DE
19801, New Castle County.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Business Development Company</u>. The Trust will be a regulated business development company under the
Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act, as of this 5th day of August 2025.

---

| |
|:---|
| /s/ James F. Walker |
| James F. Walker, as Trustee and not individually |

---

## Exhibit 3.2

**Exhibit 3.2** 

**<u>ADAMS STREET CREDIT SOLUTIONS FUND</u>**

**<u>AMENDED AND RESTATED DECLARATION OF TRUST</u>**

**<u>Dated as of August 19, 2025</u>**

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**Table of Contents** 

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| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| ARTICLE I The Trust | ARTICLE I The Trust | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Trust Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.3 | Definitions | 2 |
| ARTICLE II Board of Trustees | ARTICLE II Board of Trustees | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Number and Qualification | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3 | Resignation and Removal | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4 | Vacancies | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5 | Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6 | Trustee Action by Written Consent | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7 | Officers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.8 | Principal Transactions | 4 |
| ARTICLE III Powers and Duties of Trustees | ARTICLE III Powers and Duties of Trustees | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | General | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Investments | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Legal Title | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Issuance and Repurchase of Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 | Borrow Money or Utilize Leverage | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 | Delegation by Trustees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7 | Collection and Payment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8 | By-Laws | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9 | Miscellaneous Powers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Further Powers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Sole Discretion; Good Faith; Corporate Opportunities of Adviser | 7 |
| ARTICLE IV Fees and Expenses; Advisory, Management and Distribution Arrangements | ARTICLE IV Fees and Expenses; Advisory, Management and Distribution Arrangements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Advisory and Management Arrangements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | Distribution Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 | Parties to Contract | 8 |

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| | | |
|:---|:---|:---|
| ARTICLE V Limitations of Liability and Indemnification | ARTICLE V Limitations of Liability and Indemnification | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | No Personal Liability of Shareholders, Trustees, etc. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Mandatory Indemnification | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | No Bond Required of Trustees | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | No Duty of Investigation; No Notice in Trust Instruments, etc. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 | Reliance on Experts, etc. | 10 |
| ARTICLE VI Shares of Beneficial Interest | ARTICLE VI Shares of Beneficial Interest | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Beneficial Interest | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Other Securities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Rights of Shareholders | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | Trust Only | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5 | Issuance of Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6 | Register of Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7 | Transfer Agent and Registrar | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8 | Transfer of Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9 | Notices | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10 | Derivative Actions | 12 |
| ARTICLE VII Custodians | ARTICLE VII Custodians | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Appointment and Duties | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | Central Certificate System | 13 |
| ARTICLE VIII Redemption | ARTICLE VIII Redemption | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | Redemptions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | Disclosure of Holding | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3 | Redemption by Trust | 13 |
| ARTICLE IX Net Asset Value and Distributions | ARTICLE IX Net Asset Value and Distributions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | Net Asset Value | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | Distributions to Shareholders | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 | Power to Modify Foregoing Procedures | 14 |
| ARTICLE X Shareholders | ARTICLE X Shareholders | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Meetings of Shareholders | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Voting | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 | Record Date; Notice of Meeting; Postponement and Adjournment | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4 | Quorum and Required Vote | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5 | Proxies, etc | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6 | Reports | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7 | Inspection of Records | 16 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8 | Delivery by Electronic Transmission or Otherwise | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9 | Shareholder Action by Written Consent | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10 | Meetings by Remote Communication | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.11 | Other Agreements | 17 |
| ARTICLE XI Duration; Amendment; Mergers, Etc. | ARTICLE XI Duration; Amendment; Mergers, Etc. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | Duration | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | Amendment Procedure | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | Tax Matters | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | Subsidiaries | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | Merger, Consolidation, Incorporation | 18 |
| ARTICLE XII Miscellaneous | ARTICLE XII Miscellaneous | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.1 | Power of Attorney | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.2 | Filing | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.3 | Governing Law | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.4 | Exclusive Delaware Jurisdiction | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.5 | Counterparts | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.6 | Reliance by Third Parties | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.7 | Provisions in Conflict with Law or Regulation | 21 |

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**<u>AMENDED AND RESTATED DECLARATION OF TRUST OF</u>**

**<u>ADAMS STREET CREDIT SOLUTIONS FUND</u>**

This AMENDED AND RESTATED DECLARATION OF TRUST is made as of August 19, 2025 by the Trustees hereunder.

WHEREAS, this Trust has been formed to carry on the business as set forth more particularly hereinafter;

WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;

WHEREAS, effective as of August 5, 2025, the Trust was converted from a Delaware limited partnership to a Delaware statutory trust, and changed its name from "Adams Street Credit Solutions Fund, LP" to "Adams Street Credit Solutions Fund", by filing with the Secretary of State of the State of Delaware a (i) Certificate of Conversion and (ii) Certificate of Trust of the Trust (the "Certificate of Trust");

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth;

WHEREAS, the initial Declaration of Trust of the Trust was entered into effective as of August 5, 2025 (the "Initial Declaration of Trust");

WHEREAS, the Trustees now desire to amend and restate the Initial Declaration of Trust as hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Statute and that this Declaration (as defined below) and the By-Laws shall constitute the governing instrument of such statutory trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets that they may from time to time acquire in any manner as Trustees hereunder to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.

**ARTICLE I** 

**The Trust** 

Section 1.1 <u>Name</u>. This Trust shall be known as the "Adams Street Credit Solutions Fund," and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon approval by the Trustees of such change and the filing and effectiveness of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Statute (as defined below). Any such action shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

Section 1.2 <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of a business development company within the meaning of the 1940 Act (as defined below). In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Statute, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

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Section 1.3 <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

The "<u>1940 Act</u>" shall mean the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

The "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

The terms "<u>Affiliated Person</u>", "<u>Commission</u>", "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given to them in the 1940 Act.

"<u>Adviser</u>" shall mean Adams Street Advisors, LLC or an affiliated successor in interest thereto. If the Adviser no longer serves as the investment adviser to the Trust, the rights of the Adviser in this Declaration will become the rights of the Trustees.

"<u>Board of Trustees</u>" shall mean the Trustees collectively.

"<u>By-Laws</u>" shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

"<u>Capital Commitment</u>" shall mean each Shareholder's commitment to contribute capital to the Trust in exchange for Shares pursuant to a subscription agreement with the Trust.

"<u>Capital Contribution</u>" shall mean a Shareholder's total investment, including the original investment and amounts reinvested pursuant to a dividend reinvestment plan. Unless otherwise specified, Capital Contributions shall be deemed to include principal amounts to be received on account of deferred payments.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Declaration</u>" shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.

"<u>Delaware General Corporation Law</u>" shall mean the Delaware General Corporation Law, 8 Del. C. § 100, et seq., as amended from time to time.

"<u>Delaware Statutory Trust Statute</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 Del. C. § 3801, et seq., as amended from time to time.

"<u>Disinterested Non-Party Trustees</u>" shall have the meaning set forth in Section 5.2(b).

"<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>RIC Election</u>" shall have the meaning set forth in Section 11.3.

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

"<u>Shareholders</u>" shall mean, as of any particular time, the holders of record of outstanding Shares of the Trust, at such time.

"<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares. In addition, Shares shall also mean any preferred shares or preferred units of beneficial interest that may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.

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"<u>Trust</u>" shall mean the statutory trust governed by this Declaration and the By-Laws, as amended from time to time, inclusive of each such amendment.

"<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

"<u>Trustees</u>" shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other Persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

**ARTICLE II** 

**Board of Trustees** 

Section 2.1 <u>Number and Qualification</u>. As of the date hereof, the Trustees shall be the signatories hereto and the number of Trustees shall be the number of Persons so signing until changed by the Trustees. Thereafter, the number of Trustees shall be determined by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two nor more than fifteen; provided further that a majority of the Trustees at any time shall be Persons that are not Interested Persons. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of the Trustee's term. Trustees need not own Shares and may succeed themselves in office.

Section 2.2 <u>Term and Election</u>. Each Trustee shall serve during the continued lifetime of the Trust until the Trustee dies, resigns or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of the Trustee's successor.

Section 2.3 <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair, if any, the Chief Executive Officer, the President or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without 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, 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. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of the Trustee's resignation or removal, or any right to damages on account of a removal.

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Section 2.5 <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the Chief Executive Officer, President, Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws, the Chair or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of the Trustees as provided in Section 2.6.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of the members as provided in Section 2.6.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

Section 2.6 <u>Trustee Action by Written Consent</u>. Any action that may be taken by Trustees by vote may be taken without a meeting if the number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee at which all of the Trustees are present and voted consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 2.7 <u>Officers</u>. The Trustees shall elect a Chief Executive Officer, President, Chief Financial Officer, Treasurer, Chief Compliance Officer and Secretary and may elect a Chair who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chair, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chair shall, and the Chief Executive Officer, President, Chief Financial Officer, Treasurer, Chief Compliance Officer and Secretary may, but need not, be a Trustee. All officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law.

Section 2.8 <u>Principal Transactions</u>. Except to the extent prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliated Person of the Trust, investment adviser, investment sub-adviser, distributor or transfer agent for the Trust or with any Interested Person of such Affiliated Person or other Person; and the Trust may employ any such Affiliated Person or other Person, or firm or company in which such Affiliated Person or other Person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub- advisor, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

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**ARTICLE III** 

**Powers and Duties of Trustees** 

Section 3.1 <u>General</u>. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. Unless another standard is specified herein, in conducting the business of the Trust and in exercising their rights and powers hereunder, the Trustees may take any actions and make any determinations in their subjective belief that such actions or determinations are in, or not opposed to, the best interest of the Trust. The Trustees have the power to construe and interpret this Declaration and to act upon any such construction or interpretation. Any construction or interpretation of this Declaration by the Trustees and any action taken pursuant thereto and any determination as to what is in the interests of the Trust and the Shareholders made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court. Except as otherwise specifically provided in this Declaration and the By-Laws, each Trustee and officer of the Trust shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the Delaware General Corporation Law and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the Delaware General Corporation Law. Notwithstanding anything to the contrary in this Declaration, no provision of this Declaration that modifies, restricts, or eliminates the duties or liabilities of the Trustees shall apply to, or in any way limit, the duties (including fiduciary duties of loyalty and care under state law) or liabilities of such persons with respect to matters arising under the federal securities laws.

Section 3.2 <u>Investments</u>. Unless otherwise determined by the Board of Trustees, the investment objective of the Trust will be to generate current income and capital appreciation. The Trustees shall have power with respect to the Trust to manage, conduct, operate and carry on the business of a business development company, including to vary any investment of the Trust.

Section 3.3 <u>Legal Title</u>. Legal title to all of the Trust Property shall be vested in the Trust as a separate legal entity except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

To the extent any Trust Property is titled in the name of one or more Trustees, the right, title and interest of such Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee upon the Person's due election and qualification. Upon the ceasing of any Person to be a Trustee for any reason, such Person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 3.4 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Article VIII, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust.

Section 3.5 <u>Borrow Money or Utilize Leverage</u>. The Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration, the Trust is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Trust, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) to the extent applicable, the Shareholders' subscription agreements, Capital Commitments, and the Shareholders' obligations to make one or more Capital Contributions under the subscription agreements, to satisfy their Capital Commitments, subject to the terms thereof, and (ii) any other assets,

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rights or remedies of the Trust or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of a Capital Contribution and the right to receive Capital Contributions and other payments, subject to the terms hereof and of the subscription agreements. Notwithstanding any provision in this Declaration, (i) the Trust may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines is fair and reasonable to the Trust, and (ii) in connection with any borrowing, indebtedness or guarantee by the Trust, all Capital Contributions shall be payable to the account of the Trust designated by the Board of Trustees, which may be pledged to any lender or other credit party of the Trust. All rights granted to a lender pursuant to this Section 3.5 shall apply to its agents and its successors and permitted assigns.

Section 3.6 <u>Delegation by Trustees</u>. Subject only to any limitations required by federal law including the 1940 Act, the Trustees may delegate any and all powers and authority hereunder as they consider desirable to any officer of the Trust, to any committee of the Trustees, any committee composed of Trustees and other Persons and any committee composed only of Persons other than Trustees and to any agent, independent contractor or employee of the Trust or to any custodian, administrator, transfer or shareholder servicing agent, manager, investment advisor or sub-advisor, Principal Underwriter or other service provider, provided that such delegation of power or authority by the Trustees shall not cause any Trustee to cease to be a Trustee of the Trust or cause such Person, officer, agent, employee, custodian, transfer or shareholder servicing agent, manager, Principal Underwriter or other service provider to whom any power or authority has been delegated to be a Trustee of the Trust. The reference in this Declaration to the right of the Trustees to, or circumstances under which they may, delegate any power or authority, or the reference in this Declaration to the authorized agents of the Trustees or any other Person to whom any power or authority has or may be delegated pursuant to any specific provision of this Declaration, shall not limit the authority of the Trustees to delegate any other power or authority under this Declaration to any Person, subject only to any limitations under federal law including the 1940 Act.

Section 3.7 <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

Section 3.8 <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

Section 3.9 <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, the Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept.

Section 3.10 <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of

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America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees.

Section 3.11 <u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</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 of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&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 their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; 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) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless expressly provided otherwise in this Declaration, the Trust's offering document (as may be amended from time to time), or the federal securities laws the Adviser and any Affiliated Person of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust, and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Trustee. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall not have any duty to communicate or offer such opportunity to the Trust, subject to the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty, except as to duties and liabilities with respect to matters arising under the federal securities laws, by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Declaration or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper.

**ARTICLE IV** 

**Fees and Expenses; Advisory, Management and Distribution Arrangements** 

Section 4.1 <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees shall have the power to incur and pay out of the assets or income of the Trust any expenses that in the sole discretion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable, and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall bear and be responsible for all costs and expenses of the Trust's operations, administration and transactions, including, but not limited to, fees and expenses paid for investment advisory, administrative or other services and all other expenses of its operations and transactions.

Section 4.2 <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their sole discretion from time to time cause the Trust to enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their sole discretion determine.

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Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

Section 4.3 <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may cause the Trust to retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Trust. The Trustees may in their sole discretion from time to time cause the Trust to enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party as its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Trust.

Section 4.4 <u>Parties to Contract</u>. Any contract of the character described in Sections 4.2 and 4.3 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.2 and 4.3 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.4.

**ARTICLE V** 

**Limitations of Liability and Indemnification** 

Section 5.1 <u>No Personal Liability of Shareholders, Trustees, etc</u>. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for their duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, they shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

Section 5.2 <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby agrees to indemnify each Person who at any time serves as a Trustee, officer, employee or agent of the Trust (each such Person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which such Person may be or may have been involved as a party or otherwise or with which such Person may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of such Person having acted in any such

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capacity; provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee unless (1) the indemnified party was acting on the Trust's behalf or performing services for the Trust; (2) such liability or loss was not the result of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of their position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct") and (3) the indemnification or agreement to hold harmless is recoverable only out of the Trust's net assets and not from its Shareholders. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce the indemnitee's rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a Person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of their heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any Person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that the indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees") that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for the indemnitee's undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification and advancement of expenses provided or authorized by this Article V shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any indemnitee may be entitled under the By-Laws, a resolution of Shareholders or Trustees, an agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

Section 5.3 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of the Trustee's duties hereunder.

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Section 5.4 <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees in their sole discretion shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 5.5 <u>Reliance on Experts, etc</u>. The Trustees may rely in good faith upon advice of counsel or other experts with respect to the meaning and operation of this Declaration and their duties as Trustees hereunder and shall be under no liability for any act or omission in accordance with such advice; provided the Trustees shall be under no liability for failing to follow such advice. A Trustee shall be fully protected in relying in good faith upon the records of the Trust and upon information, opinions, reports or statements presented by another Trustee or any officer, employee or other agent of the Trust, or by any other Person as to matters the Trustee believes in good faith are within such other Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Trust or any series or class, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the Trust or any series or class or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Shareholders or creditors of the Trust might properly be paid. The appointment, designation or identification of a Trustee as a Chair of the Board of Trustees, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that Person any standard of care or liability that is greater than that imposed on that Person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.

**ARTICLE VI** 

**Shares of Beneficial Interest** 

Section 6.1 <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of Shares of beneficial interest, par value $0.01 per Share. Such Shares of beneficial interest may be issued in different classes and/or series of beneficial interests. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

Section 6.2 <u>Other Securities</u>. The Trustees may, subject to the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such Persons as they see fit to offer and sell such securities.

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Section 6.3 <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights specifically set forth in this Declaration. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust, nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified by the Trustees when creating the Shares, as in preferred shares). Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust or any class or series.

Section 6.4 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a general partnership, limited partnership, joint stock association or any form of legal relationship other than a Delaware statutory trust.

Section 6.5 <u>Issuance of Shares</u>. The Trustees, in their sole discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, classify, convert, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

Section 6.6 <u>Register of Shares</u>. A register shall be kept at the offices of the Trust, or any transfer agent duly appointed by the Trustees under the direction of the Trustees, which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to them as herein provided, until the Shareholder has given its address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

Section 6.7 <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

Section 6.8 <u>Transfer of Shares</u>. To the fullest extent permitted by law, the Shares shall not be transferable, except as determined otherwise by the Adviser in its sole discretion, and any transfer of Shares shall be made on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. If a transfer is approved by the Adviser, upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

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Any Person becoming entitled to any Shares in consequence of the death, bankruptcy or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

Section 6.9 <u>Notices</u>. Subject to the 1940 Act, notices and all other communications to Shareholders shall be in writing and delivered personally, or sent by electronic transmission to an electronic mail address provided by the Shareholder or mailed to the Shareholders at their addresses appearing on the books of the Trust or given by a document publicly filed by the with Commission or given as otherwise provided herein. Notices to Trustees shall be oral or by telephone or in writing delivered personally or mailed to the Trustees at their addresses appearing on the books of the Trust or by electronic transmission to an electronic mail address provided by the Trustee. Notice by mail shall be deemed to be given at the time when the same shall be mailed, notice by electronic transmission shall be deemed given at the time when sent, and notice by a document publicly filed by with the Commission shall be deemed given at the time the Trust files such document. Subject to the provisions of the 1940 Act, notice to Trustees need not state the purpose of a regular or special meeting.

Section 6.10 <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees 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); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel and other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.10, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by Delaware law, the Shareholders' right to bring direct actions against the Trust and/or its Trustees is eliminated, except for a direct action to enforce an individual Shareholder right to vote or a direct action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Delaware Statutory Trust Statute. To be clear, any direct actions permissible hereunder, or otherwise permissible under Delaware law, shall be filed solely on behalf of the individual Shareholder(s) and not as a class action. To the extent Shareholders' rights to bring direct actions cannot be eliminated or restricted to the extent set forth herein as a matter of Delaware law, then the conditions required for the bringing of a derivative action pursuant Section 3816 of the Delaware Statutory Trust Statute shall be equally applicable to bringing a direct action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 6.10 shall not apply to claims arising under the federal securities laws.

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**ARTICLE VII** 

**Custodians** 

Section 7.1 <u>Appointment and Duties</u><u>.</u> The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

Section 7.2 <u>Central Certificate System</u><u>.</u> Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Exchange Act or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

**ARTICLE VIII** 

**Redemption** 

Section 8.1 <u>Redemptions</u>. Holders of Shares of the Trust shall not be entitled to require the Trust to repurchase or redeem Shares of the Trust.

Section 8.2 <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall, upon demand, disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 8.3 <u>Redemption by Trust</u>. Each Share is subject to redemption (out of the assets of the Trust) by the Trust at a redemption price equal to the then current net asset value per Share of the Trust determined in accordance with Section 9.1 at any time if the Trustees determine in their sole discretion that a Shareholder has breached any of its representations or warranties contained in such Shareholder's subscription agreement with the Trust, and upon such redemption the holders of the Shares so redeemed shall have no further right with respect thereto other than to receive payment of such redemption price.

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**ARTICLE IX** 

**Net Asset Value and Distributions** 

Section 9.1 <u>Net Asset Value</u>. The net asset value of each outstanding Share of the Trust shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees.

Section 9.2 <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital or assets held by the Trust as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of Shares or series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, additional Shares of any class or series in such manner, at such times and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. The Trustees may cause the Trust to enter into a dividend reinvestment plan with terms and conditions as agreed to by the Trustees from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 9.2 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their sole discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

Section 9.3 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IX, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per Share asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the 1940 Act, or any securities exchange or association registered under the Exchange Act or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

**ARTICLE X** 

**Shareholders** 

Section 10.1 <u>Meetings of Shareholders</u>. A special meeting of the Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate not less than thirty-three and one-third percent (331/3%) of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called, provided that in the case of a meeting called by any Trustee at the request of Shareholders for the purpose of electing Trustees or removing the Adviser, written request of Shareholders of the Trust holding in the aggregate not less than fifty-one percent (51%) of the outstanding Shares of the Trust or class or series of Shares having voting rights on the matter shall be required to elect a Trustee or to remove the Adviser. For a special Shareholder meeting to be called for a proper purpose (as used in the preceding sentence), it is not a requirement that such purpose relate to a matter on which Shareholders are entitled to vote, provided that if such meeting is called for a purpose for which Shareholders are not entitled to vote, no vote will be taken at such meeting. Any Shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate or may be held virtually.

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Section 10.2 <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Statute in the absence of a contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all of the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all of the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees. Except as provided in Section 10.1, Trustees shall be elected by a plurality of votes.

Section 10.3 <u>Record Date; Notice of Meeting; Postponement and Adjournment</u>. The Trustees may fix in advance a date up to one hundred and twenty (120) days (or such other number of days as the Board of Trustees shall determine) before the date of any Shareholders' meeting as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such meeting. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees to each Shareholder of record entitled to vote thereat at least 10 days and not more than 90 days (or such longer period as the Trustees may determine) before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may cancel or postpone such meeting one or more times for any reason and for such period of time as the Board of Trustees shall determine by giving notice to each Shareholder entitled to vote at the meeting so cancelled or postponed of the place, date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Sections 6.9 and 10.8 and this Section 10.3. Any Shareholders' meeting may be adjourned by the chair of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chair of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to Persons present at the meeting unless the adjourned meeting is not held within 120 days (or such longer period as the Trustees may determine) after the record date. Any adjourned meeting may be held at such time and place as determined by the chair of the meeting if such time and place are announced at the meeting at which the adjournment is taken or otherwise by the Board of Trustees. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. The Shareholders of record entitled to vote at a Shareholders' meeting shall be deemed the Shareholders of record at any meeting that has been postponed or reconvened after one or more adjournments, unless the Trustees have fixed a new record date. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chair of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals. In the absence of fraud, any irregularities in the notice of any meeting or the nonreceipt of any such notice by any of the Shareholders shall not invalidate any action otherwise properly taken at any such meeting.

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Section 10.4 <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise required by the 1940 Act, the holders of one third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of the Shareholders of such class or series with respect to such matter.

Section 10.5 <u>Proxies, etc</u>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a Person of unsound mind, and subject to guardianship or to the legal control of any other Person as regards the charge or management of such Share, the holder may vote by its guardian or such other Person appointed or having such control, and such vote may be given in person or by proxy.

Section 10.6 <u>Reports</u>. The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act, and in any event within a reasonable period preceding the meeting of Shareholders. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

Section 10.7 <u>Inspection of Records</u>. To the fullest extent permitted by law, no Shareholder or any other Person (except the Trustees) shall have any rights under Section 3819 of the Delaware Statutory Trust Statute to request or receive any information from the Trust or the Trustees. Except to the extent otherwise determined by the Trustees in their sole discretion, the only rights that Shareholders shall have is to inspect those accounts, books, records or documents of the Trust that are otherwise publicly available.

Section 10.8<u> </u><u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, to the fullest extent permitted by law, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-Laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Statute), including via the internet, by a document publicly filed with the Commission or in any other manner permitted by applicable law.

Section 10.9 <u>Shareholder Action by Written Consent</u>. Any action required or permitted to be taken at any meeting of the Shareholders may be taken without a meeting, without a prior notice and without a vote if the consent setting forth the action to be taken is given in writing or by electronic transmission by the Shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders entitled to vote thereon were present and voted.

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Section 10.10 <u>Meetings by Remote Communication</u>. The Trustees may provide for meetings by remote communication as provided in the By-Laws or as otherwise determined by the Trustees.

Section 10.11 <u>Other Agreements.</u> Consistent with applicable law (including the 1940 Act), the Trust, the Adviser and/or Affiliates of the Adviser may negotiate agreements ("Side Letters") with certain Shareholders that will result in different terms than those applicable to other Shareholders and that may have the effect of establishing rights under, or altering or supplementing the terms of, this Declaration or disclosure contained in the Trust's offering document. The Trust, the Adviser and/or affiliates of the Adviser may enter into such Side Letters with any Shareholder as each may determine in its sole discretion at any time. Unless agreed otherwise in a Side Letter, in general, the Trust, the Adviser and affiliates of the Adviser will not be required to notify any other Shareholder of any such Side Letters or any of the rights and/or terms thereof, nor will the Trust, the Adviser or affiliates of the Adviser be required to offer such rights and/or terms to any other Shareholder. The other Shareholders will have no recourse against the Trust, the Trustees, the Adviser and/or any of their affiliates as a result of Side Letters. Any exceptions or departures contained in any Side Letter with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of the Declaration (including with respect to amendments to this Declaration) or any applicable subscription agreements.

**ARTICLE XI** 

**Duration; Amendment; Mergers, Etc.** 

Section 11.1 <u>Duration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the Delaware Statutory Trust Statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust may be dissolved at any time upon affirmative vote by a majority of the Trustees. Shareholders of the Trust shall not be entitled to vote on the dissolution or plan of liquidation of the Trust under this Article XI except to the extent required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon dissolution of the Trust, the Board of Trustees shall cause the Trust to liquidate and wind-up in a manner consistent with Section 3808 of the Delaware Statutory Trust Statute, including the distribution to the Shareholders of any assets of the Trust. Upon dissolution and the completion of the winding up of the affairs of the Trust, the Trust shall be terminated by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the Certificate of Trust of the Trust.

Section 11.2 <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration. Shareholders shall only have the right to vote: (i) on any amendment to this Section 11.2(a), (ii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith and (iii) on any amendment submitted to them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Declaration, the Trustees may, without the approval or vote of the Shareholders, amend or supplement this Declaration in any manner, including, without limitation to classify the Board of Trustees, to permit annual meetings of Shareholders, to impose advance notice provisions for the bringing of Shareholder nominations or proposals, to impose super-majority approval for certain types of transactions, to impose "control share" type provisions and to otherwise add provisions that may be deemed adverse to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment duly adopted by the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be.

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Section 11.3 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall be treated as a business entity and not as a trust in accordance with Treasury Regulations Section 301.7701-4(c). In the sole discretion of the Board of Trustees, the Trust shall elect to be treated as a corporation for U.S. federal income tax purposes by filing an IRS Form 8832 with the Internal Revenue Service, effective as of the date hereof determined by the Board of Trustees, and shall elect to be treated as a "regulated investment company" as contemplated by Section 851 of the Code (the "RIC Election"), also effective as of the effective date on which the Trust is treated as a corporation for U.S. federal income tax purposes. None of the Trust, Shareholders or Trustees shall take any action or file any tax return inconsistent with such tax treatment. Furthermore, the Trust shall not revoke the RIC Election without the prior written consent of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Shareholder hereby authorizes the Trust to withhold and to pay over any taxes payable by the Trust or any of its affiliates as a result of such Shareholder's participation in the Trust; if and to the extent that the Trust shall be required to withhold or pay any such taxes, or if any such taxes are withheld from amounts payable to the Trust or any of its affiliates, such Shareholder shall be deemed for all purposes of this Agreement to have received a payment from the Trust as of the time such withholding or other tax is required to be withheld or paid, which payment shall be deemed to be a distribution to such Shareholder, provided that if the Board of Trustees reasonably determines that such Shareholder would not be expected to receive any future distributions in the amount of such withholding or payment, such Shareholder shall pay to the Trust the amount by which such withholding or payment exceeds such expected future distributions. For so long as the Trust is not treated as a corporation for U.S. federal income tax purposes, to the fullest extent permitted by law, each Shareholder hereby agrees to indemnify and hold harmless the Trust, the Trustees and other Shareholders from and against any liability for taxes, penalties, additions to tax or interest with respect to income attributable to or distributions or other payments to such Shareholder. The obligations of a Shareholder set forth in this Section 11.3(b) shall survive the withdrawal of a Shareholder from the Trust or any transfer of a Shareholder's Shares, and any other event that causes a Shareholder to cease to be a Shareholder of the Trust.

Section 11.4 <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

Section 11.5 <u>Merger, Consolidation, Incorporation</u>.

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obligations, taxes and other liabilities, accrued or contingent of the Trust, and which may include shares of beneficial interest, stock or other ownership interest of such trust, partnership, limited liability company, association, corporation or other business entity (or series thereof) or (v) at any time, sell or convert into money all or any part of the assets of the Trust. Any agreement of merger, reorganization, consolidation, exchange or conversion or certificate of merger, certificate of conversion or other applicable certificate may be signed by any Trustee or an authorized officer of the Trust and facsimile signatures conveyed by electronic or telecommunication means shall be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to and in accordance with the provisions of Section 3815(f) of the Act, and notwithstanding anything to the contrary contained in this Declaration, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 11.5 may affect any amendment to the Declaration or effect the adoption of a new declaration of the Trust or change the name of the Trust if the Trust is the surviving or resulting entity in the merger or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, create one or more statutory or business trusts, limited liability companies, limited partnerships or other entities or associations to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and may provide for the conversion of Shares in the Trust into beneficial or ownership interests in any such newly created trust or trusts, limited liability companies, limited partnerships or other entities or associations, or any series or classes thereof.

**ARTICLE XII** 

**Miscellaneous** 

Section 12.1 <u>Power of Attorney</u>. By execution of a counterpart to this Declaration or execution of a subscription agreement with the Trust, each Shareholder agrees to be bound by the terms of this Declaration and hereby appoints the Trustees and each officer of the Trust (and any substitute or successor Trustees or any substitute or successor officer of the Trust) (and, if appointed, any liquidator of the Trust), each acting individually, as the true and lawful representative and attorney-in-fact of such Shareholder, in such Shareholder's name, place and stead:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to complete or correct, on behalf of such Shareholder, all documents to be executed by such Shareholder in connection with such Shareholder's subscription for Shares or other securities in, and admission to, the Trust, including, without limitation, filling in or amending amounts, dates, and other pertinent information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make, execute, sign, acknowledge, swear to and file: (i) any and all instruments, certificates, and other documents that may be deemed necessary or desirable to effect the termination and winding up of the Trust; (ii) any instrument, agreement or document of any kind necessary or desirable to accomplish the business, purpose and objectives of the Trust, or required by any applicable federal, state or local law; (iii) any counterparts of this Declaration to be entered into pursuant to any agreements to which such Shareholder is a signatory; (iv) any duly adopted amendment to and/or restatement of this Declaration; and (v) all other filings with agencies of the Federal government, or any state or local government, or of any other jurisdiction, which any Trustee considers necessary or desirable to carry out the purposes of this Declaration, and the business of the Trust created hereunder.

The power of attorney granted by each Shareholder pursuant to this Section 12.1 is coupled with an interest, is irrevocable, shall survive the transfer of the whole or any part of a Shareholder's interest in the Trust (and shall be binding on the transferee thereof) and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetence, termination, bankruptcy, insolvency or dissolution of such Shareholder.

Section 12.2 <u>Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or duly authorized officer stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a duly authorized officer and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements 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;(b) The Trustees hereby ratify the previous filing of the Certificate of Trust with the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Statutory Trust Statute.

Section 12.3 <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Statute and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Statute) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Statute, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 12.4 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and, except as otherwise agreed in writing by the Trust, the Adviser and/or affiliates of the Adviser, each Person legally or beneficially owning a Share or an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that 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 Trust, the Delaware Statutory Trust Statute, this Declaration or the By-Laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the By-Laws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Statute, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute, the Declaration or the By-Laws relating in any way to the Trust (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; provided, however, that the Federal District Courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the 1940 Act, the Securities Act, and the Exchange Act, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding.

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Section 12.5 <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 12.6 <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any Person dealing with the Trustees and their successors.

Section 12.7 <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

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| |
|:---|
| /s/ James F. Walker |
|  James F. Walker, as Trustee and Chair |
| /s/ Miguel Gonzalo |
|  Miguel Gonzalo, as Trustee |
| /s/ William Adams IV |
|  William Adams IV, as Trustee |
| /s/ Victoria J. Herget |
|  Victoria J. Herget, as Trustee |
| /s/ Frank M. Porcelli |
|  Frank M. Porcelli, as Trustee |

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*[Signature Page to Amended and Restated Declaration of Trust]*

## Exhibit 3.3

**Exhibit 3.3** 

**SUPPLEMENT TO THE** 

**AMENDED AND RESTATED DECLARATION OF TRUST** 

**OF** 

**ADAMS STREET CREDIT SOLUTIONS FUND** 

**RELATING TO** 

**12.0% SERIES A CUMULATIVE PREFERRED SHARES** 

This SUPPLEMENT TO THE AMENDED AND RESTATED DECLARATION OF TRUST of the Company (as defined below) (the "<u>Supplement</u>") is made as of March 25, 2026 by the Trustees hereunder.

WHEREAS, the Trustees of Adams Street Credit Solutions Fund, a Delaware statutory trust (the "<u>Company</u>"), may authorize and issue preferred shares of the Company having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under <u>Sections 6.1</u> and <u>6.2</u> of the Company's Amended and Restated Declaration of Trust made as of August 19, 2025 (as amended, restated and/or supplemented from time to time, together with this Supplement is referred to herein as the "<u>Declaration of Trust</u>"), without the approval of any holders of shares of beneficial interests in the Company; and

WHEREAS, the Trustees have made this Supplement to the Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and restrictions of the 12.0% Series A Cumulative Preferred Shares, par value $0.01 per share, of the Company.

NOW, THEREFORE, the Trustees hereby supplement the Declaration of Trust to authorize the issuance by the Company of its 12.0% Series A Cumulative Preferred Shares as follows:

**ARTICLE I** 

**Number of Shares; Ranking** 

Section 1.1 <u>Designation and Number</u>. A series of preferred shares of beneficial interest in the Company ("<u>Preferred Shares</u>"), designated the "12.0% Series A Cumulative Preferred Shares", par value $0.01 per share (the "<u>Series A Preferred Shares</u>"), is hereby established. The total number of authorized Series A Preferred Shares shall be five hundred fifteen (515). The Series A Preferred Shares shall initially be uncertificated, unless and until otherwise determined by the Company's Board of Trustees (the "<u>Board</u>").

Section 1.2 <u>Rank</u>. The Series A Preferred Shares shall, with respect to dividend and redemption rights and rights upon liquidation, dissolution or winding up of the Company, rank senior to all classes or series of common shares of beneficial interest, par value $0.01 per share, in the Company ("<u>Common Shares</u>") and will rank on parity with any other class or series of Preferred Shares, whether such class or series is now existing or is created in the future; provided, however that the consent of the holders of a majority of the outstanding Preferred Shares, including the Series A Preferred Shares, voting as a separate class, shall be required for the authorization or issuance of any class or series of Preferred Shares ranking on parity with the Series A Preferred Shares, as further described in <u>Section</u> <u>5.3</u> below.

**ARTICLE II** 

**Dividends** 

Section 2.1 <u>Payment of Dividends</u>. Each holder of the then-outstanding Series A Preferred Shares shall be entitled to receive, when and as authorized by the Board, out of funds legally available for the payment of dividends, cumulative preferential cash dividends at the rate of 12.0% per annum of the total of $3,000.00 per share plus all accumulated and unpaid dividends thereon. Such dividends shall accrue on outstanding Series A Preferred Shares on a daily basis and be cumulative from the earlier of (1) the first date on which any Series A Preferred Share is issued or (2) the date that falls 45 days after the Funding Notice Date (as defined below), which may

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occur prior to the first date on which any Series A Preferred Share is issued. Upon written instruction from the Company (via email being sufficient), REIT Funding (as defined below) will instruct the Escrow Agent (as defined below) to remit to the Company all subscription funds in exchange for the issuance of the Series A Preferred Shares, such issuance to be contemporaneous with the receipt by the Company of the subscription funds. Dividends on the Series A Preferred Shares shall be payable semi-annually in arrears on or before June 30 and December 31 of each year (each a "<u>Dividend Payment Date</u>"); *provided*, *however*, that if any Dividend Payment Date is not a business day, then the dividend which would otherwise have been payable on such Dividend Payment Date may be paid on the preceding business day or the following business day with the same force and effect as if paid on such Dividend Payment Date. Any dividend payable on the Series A Preferred Shares for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. A "<u>dividend period</u>" shall mean, with respect to the first "dividend period," the period from and including the earlier of (1) the first date on which any Series A Preferred Share is issued or (2) the date that falls 45 days after the Funding Notice Date, to and including the first Dividend Payment Date, and with respect to each subsequent "dividend period," the period from but excluding a Dividend Payment Date to and including the next succeeding Dividend Payment Date or other date as of which accrued dividends are to be calculated. Dividends will be payable to holders of record as they appear in the share records of the Company at the close of business on the applicable record date, which shall be the fifteenth day of the calendar month in which the applicable Dividend Payment Date falls or on such other date designated by the Board for the payment of dividends that is not more than 30 nor less than 10 days prior to such Dividend Payment Date (each, a "<u>Dividend Record Date</u>"). As used herein, "<u>Funding Notice Date</u>" means December 19, 2025, which is the date on which any representative of REIT Funding, LLC ("<u>REIT Funding</u>") first notified the Company or any representative thereof in writing (via email being sufficient) that five hundred fifteen (515) eligible offerees of Series A Preferred Shares had (1) properly completed and executed subscription documents for the Series A Preferred Shares and (2) submitted subscription proceeds for the Series A Preferred Shares, with receipt of such proceeds confirmed, in writing (via email being sufficient), as received by REIT Funding's escrow agent for custody of subscription funds (the "<u>Escrow Agent</u>") and ready to be transferred to the Company.

Section 2.2 <u>Prohibition of Dividend</u>. No dividends on Series A Preferred Shares shall be declared by the Company or paid or set apart for payment by the Company at such time as the terms and provisions of any written agreement between the Company and any party that is not an affiliate of the Company, including any agreement relating to its indebtedness, prohibit such declaration, payment or setting apart for payment or provide that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), or any other applicable law. For purposes of this Supplement, "<u>affiliate</u>" shall mean any party that controls, is controlled by or is under common control with the Company.

Section 2.3 <u>Accrual of Dividend</u>. Notwithstanding the foregoing, dividends on the Series A Preferred Shares shall accrue whether or not the terms and provisions set forth in <u>Section</u> <u>2.2</u> hereof at any time prohibit the current payment of dividends, whether or not the Company has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared. Furthermore, dividends will be declared and paid when due in all events to the fullest extent permitted by law and except as provided in <u>Section</u> <u>2.2</u> above. Accrued but unpaid dividends on the Series A Preferred Shares will accumulate as of the Dividend Payment Date on which they first become payable.

Section 2.4 <u>No Dividends</u>. Unless full cumulative dividends on all outstanding Preferred Shares, including Series A Preferred Shares, have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past dividend periods, no dividends (other than in Common Shares) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon any Common Shares, nor shall any Common Shares be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Company (except by conversion into or exchange for other Common Shares), *provided, further*, that the "asset coverage" (as defined under the 1940 Act) on the Preferred Shares, including Series A Preferred Shares, must be at least 150 per centum (or such other amount as provided under the 1940 Act), giving effect to any exemptive relief granted to the Company by the U.S. Securities and Exchange Commission, after deducting the amount of such dividend, distribution or purchase price.

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Section 2.5 <u>Pro Rata Payment</u>. When dividends are not paid in full (or a sum sufficient for such full payment is not set apart) on the Preferred Shares, including the Series A Preferred Shares, all dividends declared upon the Preferred Shares, including the Series A Preferred Shares, shall be declared and paid pro rata based on the number of Preferred Shares, including Series A Preferred Shares, then outstanding.

Section 2.6 <u>Order of Payment</u>. Any dividend payment made on the Series A Preferred Shares shall first be credited against the earliest accrued but unpaid dividend due with respect to such shares which remains payable. Holders of the Series A Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of full cumulative dividends on the Series A Preferred Shares as described above.

Section 2.7 <u>Electronic Payment</u>. Any dividend payment made on the Series A Preferred Shares may be made via check or electronic payment. Permissible forms of electronic payment pursuant to this paragraph shall include, without limitation, Automated Clearing House ("<u>ACH</u>") transfers, direct deposits or wire transfers.

Section 2.8 <u>Appointment of the Paying Agent</u>. The Company and the holders of the Series A Preferred Shares hereby authorize REIT Administration, LLC ("<u>REIT Administration</u>") with an address at 1175 Peachtree Street, NE, Suite 2200, Atlanta, Georgia 30361-6206, to act as paying agent on behalf of the holders of Series A Preferred Shares. Any dividend payments received by REIT Administration shall be deemed paid to such holders of Series A Preferred Shares on the later of the date received by REIT Administration or the date declared for payment.

**ARTICLE III** 

**Liquidation Preference** 

Section 3.1 <u>Liquidation Preference</u>. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company (each a "<u>Liquidation Event</u>"), the holders of Series A Preferred Shares then outstanding are entitled to be paid, or have the Company declare and set aside for payment, out of the assets of the Company legally available for distribution to its shareholders, a liquidation preference equal to the sum of the following (collectively, the "<u>Liquidation Preference</u>"): (i) $3,000.00 per share, (ii) all accrued and unpaid dividends thereon through and including the date of payment, and (iii) if the Liquidation Event occurs before the Redemption Premium (as defined below) right expires, the per share Redemption Premium in effect on the date of payment of the Liquidation Preference, before any distribution of assets is made to holders of any Common Shares. In the event that the Company elects to set aside the Liquidation Preference for payment, the Series A Preferred Shares shall remain outstanding until the holders thereof are paid the full Liquidation Preference, which payment shall be made no later than immediately prior to the Company making its final liquidating distribution on the Common Shares. In the event that the Redemption Premium in effect on the payment date is less than the Redemption Premium on the date that the Liquidation Preference was set apart for payment, the Company may make a corresponding reduction to the funds set apart for payment of the Liquidation Preference.

Section 3.2 <u>Pro Rata Distribution</u>. If, upon any Liquidation Event, the available assets of the Company are insufficient to pay the full amount of the Liquidation Preference on all outstanding Preferred Shares, including Series A Preferred Shares, then the holders of the Preferred Shares, including the Series A Preferred Shares shall share ratably in any such distribution of assets in proportion to the full Liquidation Preference to which they would otherwise be respectively entitled.

Section 3.3 <u>No Right</u>. After payment of the full amount of the Liquidation Preference to which they are entitled, the holders of Series A Preferred Shares will have no right or claim to any of the remaining assets of the Company.

Section 3.4 <u>Termination upon Redemption</u>. Upon the Company's provision of written notice as to the effective date of any such Liquidation Event, accompanied by a check or electronic payment in the amount of the full Liquidation Preference to which each record holder of the Series A Preferred Shares is entitled, the Series A Preferred Shares shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate. Such notice shall be given by first class mail, postage pre-paid, or via electronic mail to each record holder of the Series A Preferred Shares at the respective addresses of such holders as the same shall appear on the share transfer records of the Company. Permissible forms of electronic payment pursuant to this paragraph shall include, without limitation, ACH transfers, direct deposits or wire transfers, in each case to be initiated on or before the day on which the related notice is given.

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Section 3.5 <u>Consolidation or Merger</u>. The consolidation or merger of the Company with or into any other business enterprise or of any other business enterprise with or into the Company, or the sale, lease or conveyance of all or substantially all of the assets or business of the Company, shall not be deemed to constitute a Liquidation Event; *provided*, *however* that any such transaction which results in an amendment, restatement or replacement of the Declaration of Trust that has a material adverse effect on the rights and preferences of the Series A Preferred Shares, or that increases the number of authorized or issued Series A Preferred Shares, shall be deemed a Liquidation Event for purposes of determining whether the Liquidation Preference is payable unless the right to receive payment is waived by holders of a majority of the outstanding Series A Preferred Shares voting as a separate class.

**ARTICLE IV** 

**Redemption** 

Section 4.1 <u>Right of Optional Redemption</u>. The Company, at its option, may redeem the Series A Preferred Shares, in whole or in part, at any time or from time to time, for cash at a redemption price (the "<u>Redemption Price</u>") equal to $3,000.00 per share plus all accrued and unpaid dividends thereon to and including the date fixed for redemption (except as provided in <u>Section</u> <u>4.3</u> below), plus a redemption premium per share (each, a "<u>Redemption Premium</u>") calculated as follows based on the date fixed for redemption: (i) until the date that is two (2) years from the date of original issuance of the Series A Preferred Shares, $300, and (ii) thereafter, no Redemption Premium. If less than all of the outstanding Series A Preferred Shares are to be redeemed, the Series A Preferred Shares to be redeemed may be selected by any equitable method determined by the Company provided that such method does not result in the creation of fractional shares.

Section 4.2 <u>Limitations on Redemption</u>. Unless full cumulative dividends on all Preferred Shares, including Series A Preferred Shares, shall have been, or contemporaneously are, declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods, no Preferred Shares, including Series A Preferred Shares, shall be redeemed or otherwise acquired, directly or indirectly, by the Company unless all outstanding Preferred Shares, including Series A Preferred Shares, are simultaneously redeemed or acquired, and the Company shall not purchase or otherwise acquire, directly or indirectly, any Common Shares of the Company (except by exchange for Common Shares).

Section 4.3 <u>Rights to Dividends on Shares Called for Redemption</u>. Immediately prior to or upon any redemption of Series A Preferred Shares, the Company shall pay, in cash, any accumulated and unpaid dividends to and including the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case each holder of Series A Preferred Shares at the close of business on such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares before such Dividend Payment Date.

Section 4.4 <u>Procedures for Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the Company's provision of written notice as to the effective date of the redemption, accompanied by a check or electronic payment in the amount of the full Redemption Price through such effective date to which each record holder of Series A Preferred Shares is entitled, the Series A Preferred Shares shall be redeemed and shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate. Such notice shall be given by first class mail, postage pre-paid, or via electronic mail to each record holder of the Series A Preferred Shares at the respective addresses of such holders as the same shall appear on the share transfer records of the Company. No failure to give such notice or any defect therein or in the distribution thereof shall affect the validity of the proceedings for the redemption of any Series A Preferred Shares except as to the holder to whom notice was defective or not given. Permissible forms of electronic payment pursuant to this paragraph shall include, without limitation, ACH transfers, direct deposits or wire transfers, in each case to be initiated on or before the day on which the related notice is given.

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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) In addition to any information required by law or by the applicable rules of any exchange upon which Series A Preferred Shares may be listed or admitted to trading, such notice shall state: (A) the redemption date; (B) the Redemption Price; (C) the number of Series A Preferred Shares to be redeemed; (D) the place or places where the Series A Preferred Shares are to be surrendered (if so required in the notice) for payment of the Redemption Price (if not otherwise included with the notice); and (E) that dividends on the shares to be redeemed will cease to accrue on such redemption date. If less than all of the Series A Preferred Shares held by any holder is to be redeemed, the notice given to such holder shall also specify the number of Series A Preferred Shares held by such holder to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If notice of redemption of any Series A Preferred Shares has been given and if the funds necessary for such redemption have been set aside by the Company for the benefit of the holders of any Series A Preferred Shares so called for redemption, then, from and after the redemption date, dividends will cease to accrue on such Series A Preferred Shares, such Series A Preferred Shares shall no longer be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the Redemption Price. If the Company shall so require and the notice shall so state, holders of Series A Preferred Shares to be redeemed shall surrender the certificates evidencing such Series A Preferred Shares, to the extent that such shares are certificated, at the place designated in such notice and, upon surrender in accordance with said notice of the certificates for Series A Preferred Shares so redeemed (properly endorsed or assigned for transfer, if the Company shall so require and the notice shall so state), such Series A Preferred Shares shall be redeemed by the Company at the Redemption Price. In case less than all of the Series A Preferred Shares evidenced by any such certificate are redeemed, a new certificate or certificates shall be issued evidencing the unredeemed Series A Preferred Shares without cost to the holder thereof. In the event that the Series A Preferred Shares to be redeemed are uncertificated, such shares shall be redeemed in accordance with the notice and no further action on the part of the holders of such shares shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The deposit of funds with a bank or trust corporation for the purpose of redeeming Series A Preferred Shares shall be irrevocable except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall be entitled to receive from such bank or trust corporation the interest or other earnings, if any, earned on any money so deposited in trust, and the holders of any shares redeemed shall have no claim to such interest or other earnings; 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) any balance of monies so deposited by the Company and unclaimed by the holders of the Series A Preferred Shares entitled thereto at the expiration of two years from the applicable redemption dates shall be repaid, together with any interest or other earnings thereon, to the Company, and after any such repayment, the holders of the shares entitled to the funds so repaid to the Company shall look only to the Company for payment of the Redemption Price without interest or other earnings.

Section 4.5 <u>Status of Redeemed Shares</u>. Any Series A Preferred Shares that shall at any time have been redeemed or otherwise acquired by the Company shall, after such redemption or acquisition, have the status of authorized but unissued Series A Preferred Shares which may be issued by the Board from time to time at its discretion.

**ARTICLE V** 

**Voting Rights** 

Section 5.1 <u>General Voting Rights</u>. Except as otherwise provided in the Declaration of Trust or as otherwise required by law, (i) each holder of Series A Preferred Shares shall be entitled to one vote for each Series A Preferred Share held by such holder on each matter submitted to a vote of shareholders of the Company, and (ii) the holders of outstanding Preferred Shares, including Series A Preferred Shares, and of outstanding Common Shares shall vote together as a single class; provided, however, that the holders of outstanding Preferred Shares, including Series A Preferred Shares, shall be entitled, voting as a separate class, to elect two members of the Board (each, a "<u>Trustee</u>") of the Company at all times.

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Section 5.2 <u>Right to Elect a Majority of the Board Under Certain Circumstances</u>. The holders of Preferred Shares, including Series A Preferred Shares, shall be entitled, voting as a separate class, to elect a majority of the Board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the close of business on any Dividend Payment Date, dividends (whether or not declared) on outstanding Preferred Shares, including Series A Preferred Shares, are unpaid in an amount equal to at least two (2) full years' dividends on the Preferred Shares, including Series A Preferred Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time holders of shares of Preferred Shares, including Series A Preferred Shares, are otherwise entitled under the 1940 Act to elect a majority of the Board (any period in which one or more of the conditions in clauses 5.2(a) or 5.2(b) shall exist is referred to herein as the "<u>Voting</u> <u>Period</u>").

Upon the termination of a Voting Period, the voting rights described in this <u>Section</u> <u>5.2</u> shall cease, subject always, however, to the revesting of such voting rights in the holders of Preferred Shares, including Series A Preferred Shares, upon the further occurrence of any of the events described in this <u>Section</u> <u>5.2</u>.

Section 5.3 <u>Holders of Preferred Shares, including Series A Preferred Shares, to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consent of the holders of a majority of the outstanding Series A Preferred Shares, voting as a separate class, shall be required for (a) authorization or issuance of any equity security of the Company senior to or on a parity with the Series A Preferred Shares, (b) any amendment to the Declaration of Trust 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. For purposes of the foregoing, no matter shall be deemed to have a material adverse effect on the rights and preferences of the Series A Preferred Shares unless such matter (i) alters or abolishes any preferential right of such Series A Preferred Shares, or (ii) creates, alters or abolishes with respect to the Series A Preferred Shares any right in respect of dividends or redemption or rights upon liquidation, dissolution, or winding up of the Company. The term "equity securities" shall not include convertible debt securities unless and until such securities are converted into equity securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the holders of at least a "majority of the outstanding shares of Preferred Shares," including Series A Preferred Shares, as determined in accordance with Section 2(a)(42) of the 1940 Act, voting as a separate class, shall be required (1) to approve any plan of reorganization (as defined in Section 2(a)(33) of the 1940 Act) adversely affecting such shares or (2) to the extent required under the 1940 Act, to approve any action requiring a vote of security holders as in Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding shares of Preferred Shares" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

Section 5.4 <u>No Relative Voting Rights, Preferences or Other Special Rights</u>. Unless otherwise required by the 1940 Act or the Declaration of Trust, the holders of Series A Preferred Shares shall not have any relative voting rights or preferences or other special rights with respect to voting other than those expressly set forth in this <u>Article V</u>. Subject to the rights of the holders of the Preferred Shares, including Series A Preferred Shares described in <u>Article II</u>, in the event that the Company fails to declare or pay dividends on the Series A Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the holders of the Series A Preferred Shares shall be the right to vote for Trustees pursuant to the provisions of <u>Section</u> <u>5.2</u>.

**ARTICLE VI** 

**Conversion** 

Section 6.1 <u>Conversion or Exchange.</u> The Series A Preferred Shares are not convertible into or exchangeable for any other property or securities of the Company.

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**ARTICLE VII** 

**Transfer Restrictions** 

Section 7.1 <u>Transfer Restrictions.</u> During the period (the "<u>Restricted Period</u>") ending on the date of any listing of the Series A Preferred Shares on a national securities exchange (a "Listing"), no holder of Series A Preferred Shares will, directly or indirectly, transfer, assign, sell or pledge all or any part of any Series A Preferred Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any part of such shares) (each, a "<u>Transfer</u>") except in accordance with (i) the registration provisions of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") or an exemption from such registration provisions and (ii) any applicable state or non-U.S. securities laws. During the Restricted Period, no Transfer of Series A Preferred Shares shall be made without (a) registration of the transfer on the Company's books and (b) the prior written consent of the Company, which may be given or withheld in its sole discretion for any reason or no reason except in the event of a request to Transfer Series A Preferred Shares necessitated by the death or divorce of a holder of Series A Preferred Shares, in which case, such consent of the Company shall not be required provided that certain certifications (via email sufficient) are provided to the Company in advance of such Transfer, including, without limitation, that such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or "blue sky" laws applicable to the Company or the Transfer of such Series A Preferred Shares. Any purported Transfer of any Series A Preferred Shares effected in violation of this <u>Article VII</u> shall be void ab initio and shall have no force or effect, and the Company shall not register or permit registration of (and shall direct its transfer agent, if any, not to register or permit registration of) any such purported Transfer on its books and records.

**ARTICLE VIII** 

**Miscellaneous** 

Section 8.1 <u>Limitation of Liability</u>. Except to the extent required by applicable law, no holder of Series A Preferred Shares shall be bound by, or be personally liable for, by reason of being a holder of Series A Preferred Shares, the expenses, liabilities or obligations of the Company in excess of his or her initial capital contribution made in exchange for the Series A Preferred Shares.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed as of the day and year first above written.

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| |
|:---|
| **ADAMS STREET CREDIT SOLUTIONS FUND** |
| /s/ James F. Walker |
| Name: James F. Walker, *as Trustee* |
| /s/ Miguel F. Gonzalo |
| Name: Miguel F. Gonzalo, *as Trustee* |
| /s/ William Adams IV |
| Name: William Adams IV, *as Trustee* |
| /s/ Victoria J. Herget |
| Name: Victoria J. Herget, *as Trustee* |
| /s/ Frank M. Porcelli |
| Name: Frank M. Porcelli, *as Trustee* |

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[*Signature Page to Adams Street Credit Solutions Fund Supplement to Declaration of Trust*]

## Exhibit 3.4

**Exhibit 3.4** 

**ADAMS STREET CREDIT SOLUTIONS FUND** 

**BYLAWS** 

These Bylaws are made and adopted pursuant to Section 3.8 of the Declaration of Trust governing Adams Street Credit Solutions Fund dated as of August 19, 2025, as from time to time amended and/or restated (the "Declaration"). All words and terms capitalized in these By-Laws shall have the meaning or meanings set forth for such words or terms in the Declaration.

**ARTICLE I** 

**MEETINGS OF SHAREHOLDERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Chair</u>. The Chair, if any, shall act as chairperson at all meetings of the Shareholders; in the Chair's absence, the Trustee or Trustees present at each meeting may elect a temporary chairperson for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the Chair, if any, of any meeting of Shareholders may appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three as determined by the Chair of the meeting. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as Chair. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chair, if any, of the meeting, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Records at Shareholder Meetings</u>. The officer of the Trust who has charge of the Share ledger of the Trust shall prepare and make, at least ten (10) days before every meeting of the Shareholders, a complete list of the Shareholders of record entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each Shareholder and the number of Shares registered in the name of each Shareholder. Such list shall be open to the examination of any Shareholder, for any purpose germane to the meeting as determined by the Trustees, during ordinary business hours, for a period of at least ten (10) days prior to the meeting (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided to the Shareholders, or (ii) during ordinary business hours, at the principal place of business of the Trust. In the event that the Trust determines to make the list available on an electronic network, the Trust may take reasonable steps to ensure that such information is available only to Shareholders of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Nomination of Trustees</u>. Nominations of persons for election to the Board of Trustees at a special meeting may be made only (1) pursuant to notice of the meeting, (2) by the Board of Trustees or (3) provided that the Board of Trustees has determined that trustees will be elected at the meeting, by a Shareholder who is entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Meetings by Remote Communications</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held partly or solely by means of remote communications and to the extent so authorized, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communications: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communications. In connection with any such meeting, the Trust may implement such measures as the Trustees deem to be reasonable to verify that each person deemed present and permitted to vote at the meeting by means of remote communications is a Shareholder or proxyholder and to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders. If any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communications, a record of such vote or other action shall be maintained by the Trust.

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**ARTICLE II** 

**TRUSTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, the Chief Executive Officer, the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Chair</u>. The Trustees shall have the power to appoint a Chair from among the members of the Board of Trustees. Such appointment shall be by majority vote of the Trustees. Such Chair shall serve until the Chair's successor is appointed or until the earlier death, resignation or removal of the Chair. When present, the Chair shall preside at the meetings of the Shareholders and of the Trustees. The Chair shall, subject to the control of the Trustees, perform such other powers and duties as may be from time to time assigned to the Chair by the Trustees or prescribed by the Declaration or these By-Laws, consistent with the Chair's position. The Chair need not be a Shareholder.

**ARTICLE III** 

**OFFICERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Officers of the Trust</u>. The officers of the Trust shall consist of a Chief Executive Officer, President, Chief Financial Officer, Treasurer, Chief Compliance Officer, Secretary and such other officers or assistant officers as may be elected or authorized by the Trustees. Subject to any applicable provisions of the Declaration, the compensation of the officers and Trustees shall be fixed from time to time by the Trustees or, in the case of officers, by any Committee or officer upon whom such power may be conferred by the Trustees. No officer shall be prevented from receiving such compensation as such officer by reason of the fact that he or she is also a Trustee. Any two or more of the offices may be held by the same Person. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Chair, if any, Chief Executive Officer, President, Chief Financial Officer, Treasurer, Chief Compliance Officer, Secretary and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Removal of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, Chief Executive Officer, President or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, Chief Executive Officer, President or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Chief Executive Officer</u>. The Chief Executive Officer, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer of a corporation. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust, at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the Chief Executive Officer, the Board of Trustees may by resolution delegate the powers and duties of the Chief Executive Officer to any other officer or to any Trustee, or to any other person whom it may select. Such delegatee shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>President</u>. In the absence of a designation of a Chief Executive Officer by the Trustees, the President (or any co-president, as selected by the majority of Trustees then in office) shall be the Chief Executive Officer. The President may sign with the Secretary or any other proper officer of the Trust authorized by the Trustees, deeds, mortgages, bonds, contracts, or other instruments which the Board has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by these By-Laws to some other officer or agent of the Trust, or shall be required by law to be otherwise signed or executed, and in general shall perform all duties incident to the office of President and such other duties as may be prescribed by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Chief Financial Officer</u>. The Board may designate a Chief Financial Officer. The Chief Financial Officer shall have the responsibilities and duties incident to the office of Chief Financial Officer and such other duties as may be prescribed as set forth by the Board or the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Chief Compliance Officer</u>. The Board shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as may be assigned to the Chief Compliance Officer from time to time by the Board or the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Treasurer</u>. Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees and of the Chief Executive Officer all powers and duties normally incident to the office. The Treasurer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Treasurer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Treasurer's possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall otherwise determine, the Treasurer shall be the Principal Accounting Officer of the Trust and shall also be the Chief Financial Officer of the Trust. The Treasurer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any series of the Trust on behalf of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and the Executive Committee, if any. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer or President.

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**ARTICLE IV** 

**COMMITTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Appointment</u>. The Board of Trustees may appoint from its members an Audit Committee, a Nominating and Governance Committee and other committees, composed of one or more trustees, to serve at the pleasure of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Powers</u>. The Board of Trustees may delegate to committees appointed under Section 4.1 hereof any of the powers of the Board of Trustees, except as prohibited by law.

**ARTICLE V** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Depositories</u>. In accordance with Section 7.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its authorized officers, agent or agents, as provided in the Declaration or By-Laws or as the Trustees may from time to time provide by resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

**ARTICLE VI** 

**STOCK TRANSFERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.7 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have the power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Transfer of Shares</u>. The Shares of the Trust shall not be transferrable except as permitted in the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of such evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

**ARTICLE VII** 

**AMENDMENT OF BY-LAWS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Amendment and Repeal of By-Laws</u>. In accordance with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws that are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Exhibit 4.1

**Exhibit 4.1** 

**<u>CONFIDENTIAL & PROPRIETARY</u>**

**<u>TRADE SECRET</u>**

**ADAMS STREET CREDIT SOLUTIONS FUND** 

**SUBSCRIPTION BOOKLET** 

**If the prospective investor does not wish to subscribe for Class I common shares of beneficial interest of Adams Street Credit Solutions Fund (the "<u>Company</u>"), or if the prospective investor's subscription is rejected, please return this Subscription Booklet, the Company's Confidential Private Placement Memorandum dated April 2026, the Company's Declaration of Trust, the Company's Bylaws, the Investment Advisory Agreement between the Company and Adams Street Advisors, LLC (the "<u>Adviser</u>") and the Administration Agreement between the Company and the Adviser, as each may be amended, restated and/or supplemented from time to time (collectively, the "<u>Company Documents</u>"). The Company Documents may not be reproduced, duplicated, disclosed or delivered, in whole or in part, to any other person (other than confidentially to legal counsel to and professional advisors of prospective investors) without the prior written consent of the Adviser.** 

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**ADAMS STREET CREDIT SOLUTIONS FUND** 

**INSTRUCTIONS FOR SUBSCRIBERS** 

Adams Street Credit Solutions Fund, a Delaware statutory trust (the "<u>Company</u>") will operate, subject to legal, tax, regulatory, accounting and other considerations, as set forth in the Company's Confidential Private Placement Memorandum (as amended, restated and/or supplemented from time to time, the "<u>Memorandum</u>"). Capitalized terms used herein (including in the Questionnaires, Exhibits and Schedules attached hereto) without definition have the meanings set forth in the Memorandum.

This Subscription Booklet contains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Subscription Agreement (the " <u>Subscription Agreement</u> "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) forms of Investor Qualification Statements relating to Accredited Investor Status, U.S. Person Status and Plan
Investor Representations (the " <u>Investor Qualification Statements</u> ") as Exhibits A through C,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Anti-Money Laundering and Anti-Terrorism Financing Questionnaire (the " <u>AML Questionnaire</u> ") as Exhibit D,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a Supplemental Investor Qualification Statement for Canadian Subscribers (the " <u>Canadian Supplemental IQS</u> ") as Exhibit E,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Supplemental Investor Qualification Statement for European Economic Area (the " <u>EEA</u> "),
United Kingdom (the " <u>UK</u> ") and Swiss Subscribers (the " <u>EEA, UK and Swiss Supplemental IQS</u> ") as Exhibit F,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Privacy Notice (the " <u>Privacy Notice</u> ") as Exhibit G,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a Subscriber Contact Sheet (" <u>Contact Sheet</u> ") as Exhibit H,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Consent to Electronic Delivery Form and Disclosure Statement (" <u>E-Consent Form</u> ") as Exhibit
I,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) links to IRS Form W-9 and the various IRS Forms W-8 as Exhibit J, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a cost basis election form as Exhibit K.

Please complete, execute and return in its entirety each of the applicable documents referenced in items (i) through (x). Each of the above-mentioned documents must be completed and properly executed by or on behalf of the person or entity making the investment (the "<u>Subscriber</u>") before a subscription will be accepted; <u>provided</u> that the Canadian Supplemental IQS is only required for persons resident in Canada, and the EEA, UK and Swiss Supplemental IQS is only required for persons resident in the EEA,<sup>1</sup> UK or Switzerland.

In addition, please note that the Privacy Notice attached hereto as Exhibit G include (i) a Privacy Notice as required under the U.S. Federal Trade Commission's "Privacy of Consumer Financial Information Rules" and Regulation S-P, (ii) a Privacy Notice Supplement for California Residents (the "<u>California Privacy Notice</u>") and (iii) a Privacy Notice Supplement for the EU and the UK (the "<u>EU-UK Privacy Notice</u>").

<sup>1</sup> As used herein, "<u>EEA</u>" means the European Economic Area, consisting of Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. 

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Subscription Booklet Instructions – Page 1

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In addition to the contact information provided on the signature page to the Subscription Agreement, please complete the attached E-Consent Form and Contact Sheet or provide as an attachment the contact information for any additional contacts who should also receive some or all notices from Adams Street, e.g., for distribution notices and general correspondence as well as any procedures relating to the modification of wire instructions or contact persons.

Additionally, each Subscriber must submit a completed and properly executed Form W-9 (for U.S. persons) or applicable Form(s) W-8 (for non-U.S. persons) of the Internal Revenue Service, as appropriate (See "Taxpayer Identification Number and Certification" instructions below for additional details).<sup>2</sup>

Please direct any questions regarding the terms and provisions of this offering or regarding the subscription procedure to Lizzie Gomez of Adams Street Partners (lgomez@adamsstreetpartners.com).

<sup>2</sup> Current forms can be obtained from www.irs.gov. See Exhibit J.

Adams Street Credit Solutions Fund

Subscription Booklet Instructions – Page 2

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**GENERAL INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription Agreement</u>. On the signature page to the Subscription Agreement fill in: (a) the date the Subscription Agreement was signed by or on behalf of the Subscriber, (b) the total amount of the Subscriber's desired subscription, (c) the Subscriber's contact information, (d) the Subscriber's printed name, and (e) the Subscriber's signature (or in the case of an authorized representative signing on behalf of an entity, such person's signature and title as an authorized representative). The Subscription Agreement signature page does *not* need to be notarized. By returning an executed Subscription Agreement, the Subscriber authorizes the Company, and its agents or legal advisers to date and deliver this Subscription Agreement on the Subscriber's behalf at closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Investor Qualification Statement</u>. Forms of Investor Qualification Statements relating to Accredited Investor Status, U.S. Person Status and Plan Investor Representations are included in this Subscription Booklet, as well as the Canadian Supplemental IQS and the EEA, UK and Swiss Supplemental IQS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investor Qualification Statements</u>. The forms of Investor Qualification Statements relating to Accredited
Investor Status, U.S. Person Status and Plan Investor Representations, attached hereto as Exhibit A, B and C, respectively, must be completed by each Subscriber, including any Subscriber that is a natural person (i.e., an individual), a natural
person investing through a *revocable* grantor trust, an individual retirement account or a self-directed employee benefit plan, or an entity that is a corporation, partnership, limited liability company, trust, retirement system or similar
entity. In the event the Subscriber consists of more than one natural person subscribing as joint tenants or tenants in common (other than a married couple subscribing as joint tenants), each should complete a separate Investor Qualification
Statements. If you are a married couple subscribing as joint tenants, only one Investor Qualification Statement is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Canadian Supplemental IQS</u>. In addition to completing the Investor Qualification Statements, any Canadian
Subscriber also must complete the Canadian Supplemental IQS attached hereto as Exhibit E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>EEA, UK and Swiss Supplemental IQS</u>. In addition to completing the Investor Qualification Statements, any
EEA, UK or Swiss Subscriber must also complete the EEA, UK and Swiss Supplemental IQS attached hereto as Exhibit F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Signature Pages</u>. On each applicable signature page fill in: (i) the date that the Investment
Qualification Statement (or, as applicable, the Canadian Supplemental IQS or the EEA, UK and Swiss Supplemental IQS) was signed by (or on behalf of) the Subscriber, (ii) the Subscriber's printed name and (iii) the Subscriber's
signature (or in the case of an authorized representative signing on behalf of a Subscriber that is not an individual, such representative's signature and title as an authorized representative). These signature pages do *not* need to be
notarized or witnessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Instruction for Attorneys-In-Fact Signing on behalf of a Subscriber</u>. If any of the subscription documents included or referenced in this Subscription Booklet are executed for a Subscriber by its attorney-in-fact, a copy of the applicable power of attorney must be submitted together with the executed subscription documents. In addition, the signatory must clearly disclose any principal/agent relationship by indicating in the signature block that such party is signing as an agent (e.g., "(name of agent) as agent for (name of principal)").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Taxpayer Identification Number and Certification</u>. For purposes of this paragraph 4, "<u>U.S. person</u>" means (i) a U.S. citizen or resident, (ii) a partnership, corporation or limited liability company organized under U.S. law, (iii) a U.S. estate (or any other estate whose income from sources outside of the United States is subject to U.S. federal income tax regardless of the source) or (iv) a trust (A) if a court within the United States is able to exercise primary supervision over the trust's administration and one or more U.S. persons have the authority to control all of its substantial decisions or (B) if a valid election to be treated as a U.S. person is in effect with respect to such trust.

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Subscription Booklet Instructions – Page 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>U.S. Persons</u>: Each Subscriber that is a "U.S. person" (as well as each beneficial owner of
any amounts expected to be paid or allocated for U.S. federal income tax purposes to a Foreign Flow-Through Subscriber (a " <u>Beneficial Owner</u> ") if such Beneficial Owner is a U.S. person) must complete a Form W-9. For purposes
of this paragraph 4, "Foreign Flow-Through Subscriber" means any Subscriber organized as a flow-through entity<sup>3</sup> that is not a "U.S. person." These forms are necessary for
the Company to comply with its tax filing obligations and to establish that the Subscriber or Beneficial Owner, as the case may be, is not subject to certain withholding tax obligations applicable to "non-U.S. persons." A link to Form
W-9 and its instructions, which can be obtained on the IRS website (www.irs.gov), is included in Exhibit J hereto. The completed form, if applicable, should be returned with the Subscriber's Subscription Agreement. The completed forms should
be returned with the Subscriber's Subscription Agreement.  ***Do not send them to the IRS*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-U.S. Persons</u>: Subscribers and Beneficial Owners (as defined above) that are not "U.S.
persons" are required to provide information about their status for withholding tax purposes on Form W-8BEN (for individual non-U.S. Beneficial Owners), Form W-8BEN-E (for certain non-U.S. Beneficial Owners that are entities),
Form W-8IMY (for non-U.S. intermediaries, flow-through entities, and certain U.S. branches), Form W-8EXP (for non-U.S. governments, non-U.S. central banks of issue, non-U.S. tax-exempt organizations, non-U.S. private foundations, and
governments of certain U.S. possessions), or Form W-8ECI (for non-"U.S. persons" receiving income that is effectively connected with the conduct of a trade or business in the United States), as more specifically described in the
instructions accompanying those forms. A non-U.S. taxpayer required to provide Form W-8IMY may also be required to remit a withholding statement and withholding certificates (e.g., Forms W-8 and W-9) for the Beneficial Owners on whose behalf it is
directly or indirectly acting. Any Subscriber or Beneficial Owner that is not a "U.S. person" must also provide a U.S. taxpayer identification number on the applicable Form W-8. Additionally, any Subscriber or Beneficial Owner that
is not a "U.S. person" must provide on the applicable Form W-8 the taxpayer identification number, if any, issued to it by the jurisdiction in which such Subscriber or Beneficial Owner is a tax resident. Links to the various Forms W-8
and their instructions, which can be obtained on the IRS website (www.irs.gov), are included in Exhibit J hereto. The completed form(s), if applicable, should be returned with the Subscriber's Subscription Agreement.  ***Do not send them to the IRS*** *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Consent to Electronic Delivery</u>. Each Subscriber must consent to receive U.S. Internal Revenue Service Form 1099-DIV ("<u>Form 1099</u>") in respect of the Company, the Company's Privacy Notice and other Company documentation and communications electronically via email, the Internet, and/or another electronic reporting medium in lieu of paper copies by completing the consent statement attached hereto as Exhibit I and following the instructions therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Privacy Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Privacy Notice</u>. The Privacy Notice, which is provided to the Subscriber as a result of the privacy
notice and disclosure regulations promulgated under applicable U.S. federal law, explains the manner in which the Company collects, utilizes and maintains nonpublic personal information about each Subscriber.

<sup>3</sup> A "<u>flow-through entity</u>" means a partnership, a limited liability company treated as a partnership for U.S. federal income tax purposes, a grantor trust (within the meaning of Sections 671-679 of the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) or an S corporation (within the meaning of Code §1361). 

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Subscription Booklet Instructions – Page 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Privacy Notice Supplement for California Residents</u>. The California Privacy Notice, which is provided to
the Subscriber as a result of the California Consumer Privacy Act of 2018, as amended (the " <u>CCPA</u> "), supplements the Privacy Notice with respect to specific rights granted under the CCPA and explains the manner in which the Company
and/or its affiliates collect and share the personal information of natural person California residents under the CCPA. This California Privacy Notice applies only to natural persons who are California residents and only to the extent the CCPA
applies to the collection and sharing of personal information of such persons, as described in Section 10(t)(ii) of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>EU-UK Privacy Notice</u>. The EU-UK Privacy Notice, which is provided to the Subscriber as a result of the
privacy notice and disclosure regulations promulgated under applicable law, explains the manner in which the Company collects, utilizes and/or transfers certain personal information about each Subscriber. The EU-UK Privacy Notice applies only to
Subscribers who are natural persons, or who provide personal information on natural persons, and in each case to whom EU Data Protection Legislation (as defined in the EU-UK Privacy Notice) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Contact Sheet</u>. Please provide additional contact information for any of the Subscriber's authorized business, financial, legal or tax representatives, as well as the types of information the Subscriber would like such representatives to receive; <u>provided</u>, that the Subscriber has granted such representatives the necessary authorization for such representatives to receive such information. See Exhibit H.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Anti-Money Laundering and Anti-Terrorism Financing Questionnaire</u>. Each Subscriber must complete the required sections and provide the applicable information and documentation required in the AML Questionnaire included in this Subscription Booklet. The execution of the Subscription Agreement signature pages will constitute for all purpose the execution of the AML Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Supporting Documentation</u>. Subscribers may be required, if requested by the Company, to furnish further certifications, documentation or information regarding the Subscriber or its direct or indirect beneficial owners or holders of interests as the Company deems necessary or advisable to verify any information provided by the Subscriber or to comply with any applicable law or regulation. The Subscriber shall provide such documentation as is reasonably requested by the Company for purposes of anti-money laundering and Know Your Customer ("<u>KYC</u>") compliance.

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Subscription Booklet Instructions – Page 5

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**RETURNING SUBSCRIPTION MATERIALS FOR THE CLOSING** 

All subscription documents are to be executed and returned to the following e-mail address: AdamsStreet_RegAlts_INQ@statestreet.com.

Please complete, execute and return in its entirety each of the applicable documents referenced in items (i) through (x) of the Instructions for Subscribers.

The Company reserves the right at any time to accept or reject all or any portion of any subscription at one or more closings in its sole discretion. The Company also has the right to cease accepting subscriptions at any time without notice. If a Subscriber's subscription is rejected, the Company will promptly return any funds provided by the Subscriber, without interest, by wire transfer to an account designated by the Subscriber.

Adams Street Credit Solutions Fund

Subscription Booklet Instructions – Page 6

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Name of Subscriber (Please Print or Type)

**ADAMS STREET CREDIT SOLUTIONS FUND** 

**SUBSCRIPTION AGREEMENT** 

THE SHARES (AS DEFINED BELOW) HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), THE SECURITIES LAWS OF ANY STATE OR OF ANY OTHER JURISDICTION. THE SHARES ARE BEING OFFERED AND SOLD (I) IN THE UNITED STATES TO "ACCREDITED INVESTORS" AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT, AND (II) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S OR REGULATION D UNDER THE SECURITIES ACT AND OTHER SIMILAR EXEMPTIONS UNDER THE LAWS OF THE STATES AND JURISDICTIONS WHERE THE OFFERING WILL BE MADE. THERE IS CURRENTLY NO PUBLIC MARKET FOR THE SHARES AND THERE CAN BE NO ASSURANCE THAT SUCH MARKET WILL DEVELOP IN THE FUTURE. THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS PERMITTED UNDER THIS SUBSCRIPTION AGREEMENT AND UNLESS THE SHARES ARE REGISTERED UNDER THE SECURITIES ACT OR IN A TRANSACTION EXEMPT FROM OR NOT SUBJECT TO THE REGISTRATION REQUIREMENTS THEREUNDER.

IN MAKING AN INVESTMENT DECISION, SUBSCRIBERS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY (AS DEFINED BELOW) AND THE TERMS OF THE OFFERING OF THE SHARES, INCLUDING THE MERITS AND RISKS INVOLVED. SUBSCRIBERS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

Reference is made to the Confidential Private Placement Memorandum dated April 2026 (as amended, restated and/or supplemented from time to time, the "<u>Memorandum</u>") relating to the offering of Class I common shares of beneficial interest, par value $0.01 per share (the "<u>Shares</u>") of Adams Street Credit Solutions Fund, a Delaware statutory trust (the "<u>Company</u>"), the Company's Declaration of Trust (the "<u>Declaration of Trust"</u>), the Company's Bylaws (the "<u>Bylaws</u>"), the Investment Advisory Agreement (the "<u>Advisory Agreement</u>") between the Company and Adams Street Advisors, LLC (the "<u>Adviser</u>") and the Administration Agreement (the "<u>Administration Agreement</u>") between the Company and the Adviser, as each may be amended, restated and/or supplement from time to time (such Memorandum, Declaration of Trust, Bylaws, Advisory Agreement and Administration Agreement collectively are referred to herein as the "<u>Company Documents</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement of Subscriber to Become a Shareholder of the Company</u>. Subject to the terms and conditions hereof, including the acceptance of this subscription agreement (this "<u>Subscription Agreement</u>") by the Company, and in reliance upon the representations, warranties and covenants of the respective parties contained herein, the undersigned subscriber (the "<u>Subscriber</u>") (a) irrevocably offers to subscribe for and agrees to purchase Shares for the total amount indicated on the signature page of this Subscription Agreement (or such lesser amount that is accepted by the Company), which shall become contractually binding upon acceptance by the Company, in its sole discretion, (b) agrees to be bound by the terms and provisions of this Subscription Agreement and the Company Documents and (c) agrees to be admitted as a shareholder of the Company ("<u>Shareholder</u>"). The minimum subscription is $10,000, although lesser amounts may be accepted in the sole discretion of the Adviser. The Company may waive this requirement at its sole discretion. The Subscriber hereby agrees that, in the event it is permitted by the Company to make an additional subscription to purchase Shares on a date after its initial subscription has been accepted, the Subscriber shall be required to enter into an agreement covering such additional subscription. Notice of the acceptance of a Subscriber's subscription will be provided to the Subscriber. To the fullest extent not prohibited by law, if accepted by the Company, this Subscription Agreement may not be canceled, terminated or revoked by the Subscriber, except and only to the extent expressly provided for by applicable law in certain jurisdictions outside the United States. Unless otherwise defined herein, capitalized terms used in this Subscription Agreement will have the meanings ascribed to such terms in the Company Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closings</u>. The closing of the Subscriber's subscription for the Shares (a "<u>Closing</u>") shall take place on the date that this Subscription Agreement is first accepted in whole or in part by the Company. Prior to the Company's acceptance of a subscription order, proceeds from sales of the Shares may be placed in a non-interest bearing account at State Street Bank and Trust Company, under the control of the Company's transfer agent, until the Company accepts or rejects such subscription order. In accordance with Rule 15c2-4 under the Exchange Act, when the Company determines to accept or reject such subscription, such proceeds will be transmitted to the Company or returned to the Subscriber promptly, as applicable. Upon the Company's acceptance of a Subscriber's subscription, such proceeds will be transferred by the Company's transfer agent into an account maintained by the Company's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Rejection; Reduction</u>. The Subscriber acknowledges that the subscription for the Shares contained herein may be rejected by the Company, or the amount that the Subscriber desires to invest in the Company may be reduced, in either case in the Company's sole discretion at any time prior to the Closing. If the Subscriber's subscription is rejected, the Subscriber shall be relieved of all further obligations under this Subscription Agreement, provided that <u>Section 10(a)</u> and <u>(k)</u> shall survive and continue to be binding on the Subscriber and the Subscriber shall, at the request of the Company, return all Company Documents provided to the Subscriber or certify as to their destruction. If the amount the Subscriber desires to invest in the Company is not accepted in full by the Company, the Company may accept, in its sole discretion, all or any portion of such amount not accepted at one or more subsequent Closings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Exchange Traded, Perpetual-Life Business Development Company</u>. The Company will elect to be treated as a business development company ("<u>BDC</u>") under the Investment Company Act. The Company intends to be a non-exchange traded, "perpetual-life BDC". As a "perpetual-life BDC", the Company's Shares will not be listed for trading on a stock exchange or any other securities market. As a perpetual-life BDC, the Company will be an investment vehicle of indefinite duration that does not intend to complete a liquidity event within any specific time period, if at all, and whose Shares are intended to be sold by the Company on an ongoing basis at a price equal to the Company's then-current monthly net asset value per Share. In the sole discretion of the Board of Trustees of the Company, and beginning no later than the second full calendar quarter after the filing of the Company's election to be regulated as a BDC under the Investment Company Act, as more fully set forth in the Memorandum, the Company intends to commence a share repurchase program in which it intends to repurchase up to 5% of its Shares outstanding (either by number of Shares or aggregate net asset value) in each quarter. Aside from the potential for limited liquidity offered by quarterly Share repurchases, Subscribers generally should not expect to be able to sell their Shares regardless of how well the Company performs. Subject to the receipt of appropriate Shareholder approvals, the Company may offer alternative liquidity options to its Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Distribution Reinvestment Plan</u>. The Company has adopted an "opt out" distribution reinvestment plan that will provide for reinvestment of the Company's distributions on behalf of Shareholders, unless a Shareholder elects to receive cash distributions. An option to opt out of the distribution reinvestment plan is included on the signature page hereto. 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 Company's distribution reinvestment plan, will have their cash distributions automatically reinvested in additional Shares, rather than receiving cash distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Limitations on Transfer</u>. The Subscriber may not directly, indirectly or synthetically sell, assign, transfer, pledge or otherwise convey, encumber or dispose (a "<u>Transfer</u>") its Shares without the prior written consent of the Adviser, which be granted or withheld in the sole discretion of the Adviser. Prior to a listing of the Shares on a national securities exchange, if any, Subscribers may not Transfer Shares unless the Transfer is made in compliance with applicable federal securities laws and the transfer restrictions set forth in Annex 1 hereto. The Subscriber further agrees that hedging transactions in the Shares may not be conducted except in compliance with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Additional Shares</u>. The Subscriber shall receive, at the end of the quarter in which Subscriber becomes a Shareholder, a number of additional Shares (the "<u>Additional Shares</u>"), if the Subscriber is not a Defaulting Subscriber as of the date of issuance of such Shares. So long as Subscriber is a non-

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Defaulting Subscriber, such Additional Shares will either (i) be transferred to the Subscriber by the Adviser and/or its affiliates that then own such Shares, or (ii) be newly issued to the Subscriber by the Company, with the purchase price of such Additional Shares to be contributed by the Adviser and/or its affiliates from their own resources. The Subscriber acknowledges that the receipt of such Additional Shares may adjust the Subscriber's tax basis in the Shares on a per-Share basis or constitute taxable income depending upon the Subscriber's circumstances. The Subscriber is urged to consult its tax advisors with respect to the specific U.S. federal, state, local, U.S. and non-U.S. tax consequences, including applicable tax reporting requirements, associated with an investment in Shares and receipt of Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Investor Qualification Statement and Tax Forms</u>. The Subscriber represents, warrants and agrees that all of the statements, answers, information and, as applicable, covenants in the Investor Qualification Statements that the Subscriber has completed (together with all similar and/or related statements (e.g., the Canadian Supplemental IQS *or* the EEA, UK and Swiss Supplemental IQS, if applicable) and/or agreements required to be completed with respect to the Subscriber's subscription (e.g., by certain direct or indirect owners or control persons or entities), the "<u>Investor Qualification Statement</u>") and each Form W-9, Form W-8BEN, Form W-8BEN-E, Form W-8IMY, Form W-8EXP, and/or Form W-8ECI (collectively, the "<u>Tax Forms</u>"), including any portion of the Investor Qualification Statement and/or Tax Forms that is submitted electronically and/or updated by or on behalf of the Subscriber after the Subscriber's initial submission of this Subscription Agreement, are true and correct as of the date hereof, will be true and correct as of the date and/or dates of the acceptance of this subscription and, as of each such date, do not and will not omit to state any material fact necessary in order to make the statements contained therein not misleading. The representations, warranties and covenants provided by the Subscriber in the Investor Qualification Statement are hereby incorporated by reference as if set out herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Consent to Electronic Delivery of Form 1099</u>. The Subscriber (a) consents to receive Forms 1099 in respect of the Company, the Company's Privacy Notice and other Company documentation and communications electronically via email, the Internet, and/or another electronic reporting medium in lieu of paper copies and (b) agrees that, upon notification, will access the consent document attached hereto as Exhibit I and follow the instructions contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations, Warranties and Covenants of the Subscriber</u>. In connection with the Subscriber's agreement to subscribe for Shares, the Subscriber represents, warrants and covenants to the Company as of the date hereof and through and including each date that this Subscription Agreement is accepted in whole or in part by the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Subscriber is a natural person or if beneficial ownership of the Subscriber is held by an individual
through a revocable grantor trust or an individual retirement account, the Subscriber or the Subscriber's beneficial owner is at least twenty-one (21) years old and it is within the Subscriber's right, power and capacity to
complete, execute and submit this Subscription Agreement, the Tax Forms, the Investor Qualification Statement, the AML Questionnaire and all agreements contemplated hereby and thereby, to invest in the Company as contemplated by, and in accordance
with, this Subscription Agreement and the Company Documents. If the Subscriber lives in a community property state in the United States, either (A) the source of the Subscriber's subscription will be the Subscriber's separate
property and the Subscriber will hold the Shares as separate property, or (B) the Subscriber alone has the authority to bind the community property of his or her marital estate with respect to this Subscription Agreement, the Tax Forms, the
Investor Qualification Statement, the AML Questionnaire and all agreements contemplated hereby and thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Subscriber is a corporation, limited liability company, partnership, trust, retirement system or other
entity, the Subscriber is duly organized, formed or incorporated, as the case may be, and the Subscriber is authorized, empowered and qualified to complete, execute and submit, as applicable, this Subscription Agreement, the Tax Forms, the Investor
Qualification Statement, the AML Questionnaire and all agreements and documents

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contemplated hereby and thereby to invest in the Company and to fund its subscription as contemplated by, and in accordance with, this Subscription Agreement and the Company Documents. The individual completing, signing and submitting, as applicable, this Subscription Agreement, the Tax Forms, the Investor Qualification Statement, the AML Questionnaire and all agreements and documents contemplated hereby and thereby on the Subscriber's behalf has been duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Execution; Binding Obligation</u>. Each of this Subscription Agreement, the Investor Qualification
Statement, the AML Questionnaire, the Tax Forms and all other documents or agreements executed or completed and delivered by the Subscriber in connection herewith (each, a " <u>Subscription Document</u>," and collectively, the
" <u>Subscription Documents</u> ") is a valid and binding agreement or instrument, as applicable, enforceable against the Subscriber in accordance with its terms. The Subscriber understands that, upon acceptance by the Company and except
as explicitly provided for by law in certain jurisdictions outside the United States, the Subscriber is not entitled to cancel, terminate or revoke this Subscription Agreement or any of the powers conferred herein. The Subscriber represents and
warrants that this Subscription Agreement (including all documents and forms incorporated by reference herein, including the power of attorney granted herein) has been executed by it in compliance with the laws of the state or jurisdiction in which
this Subscription Agreement was executed and to which the Subscriber is subject. The Subscriber hereby covenants and agrees on behalf of itself and its successors and assigns, without further consideration, to prepare, execute, acknowledge, file,
record, publish and deliver such other instruments, documents and statements and to take such other actions as the Company may determine to be necessary or appropriate to effectuate and carry out the purposes of any Subscription Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict</u>. The execution and delivery of and/or adherence to, as applicable, the Subscription
Documents by or on behalf of the Subscriber, the consummation of the transactions contemplated hereby and the performance of the Subscriber's obligations under the Subscription Documents will not conflict with, or result in any violation of or
default under, any provision of any governing instrument applicable to the Subscriber, or any agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties are bound, or any U.S. or non-U.S.
permit, franchise, judgment, decree, statute, order, rule or regulation applicable to the Subscriber or the Subscriber's business or properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>BDC Election</u>. The Subscriber understands that the Company intends to file an election to be treated as a
BDC under the Investment Company Act and intends to elect, to be treated as a "regulated investment company" within the meaning of Section 851 of the Code for U.S. federal income tax purposes. Pursuant to these elections, the
Subscriber shall be required to furnish certain information to the Company as required under U.S. Treasury Regulation §1.852-6 and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Company, it
understands that it shall be required to include additional information on its U.S. federal income tax return as provided in U.S. Treasury Regulation §1.852-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Offering Materials and Other Information</u>. The Subscriber has a pre-existing and substantive personal or
business relationship with the Adviser and/or any of its principals, agents or Affiliates. The Subscriber has received and read a copy of the Memorandum, this Subscription Agreement and a copy of all other Company Documents provided to the
Subscriber before the Company's initial acceptance of any of the Subscriber's subscription amount (collectively, the " <u>Offering Materials</u> "), and the Subscriber has relied on nothing other than the Offering Materials in
deciding whether to make an investment in the Company. In addition, the Subscriber acknowledges that the Subscriber has been given the opportunity to (i) ask questions and receive satisfactory answers concerning the terms and conditions of the
offering, (ii) perform its own independent investigations and (iii) obtain additional information in order to evaluate the merits and risks of an investment in the Company and to verify the accuracy of the information contained in the
Offering Materials. No statement, printed material or other information that is contrary to the information contained in the Offering Materials has been given or made by or on behalf of the Adviser and/or the Company to the Subscriber. The
Subscriber has consulted to the extent deemed appropriate by the Subscriber with

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the Subscriber's own advisers as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in the Shares and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in the Shares, and believes that an investment in the Shares is suitable and appropriate for the Subscriber based on its independent investigation of the Company and the offering of Shares. The Subscriber acknowledges and agrees that to the extent the Adviser posts amendments, updates or other modifications to any Company Document to Adams Street's investor portal or dataroom at least two (2) business days prior to the Closing at which the Subscriber is admitted to the Company, the Subscriber shall be deemed to have been provided by Adams Street the opportunity to access and examine such revised Company Document, and revoke its subscription prior to such Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Final Form</u>. The Subscriber understands that its investment in the Company will be subject to the terms
and conditions of this Subscription Agreement and the other Company Documents in such final forms as shall be executed by the parties thereto and as the same may be amended from time to time in accordance with their respective terms. The Subscriber
further understands and acknowledges that certain of the terms and conditions of the Company and the Shares set forth in any summary of principal terms and conditions, summaries of certain terms provided by the Company or the Adviser and/or earlier
drafts of the Company Documents may have been modified (and such documents may not be updated to reflect such modifications) and, as modified, will be reflected in the final form of the Company Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Securities Laws.</u> The Subscriber first received the Company Documents and learned of the Company in the
jurisdiction listed as the address of the Subscriber set forth on the Subscriber's signature page hereto. If such jurisdiction is a state within the United States, the Subscriber intends that the state securities laws of such state alone shall
govern this transaction. If the Subscriber is not a resident of the United States, the Subscriber represents that to the best of its knowledge, no filing or registration with or approval by the relevant governmental authorities or self-regulatory
organizations in such jurisdiction is required in connection with the offer and sale of Shares to the Subscriber. The Subscriber is, with respect to the Company, one person within the meaning of Rule 12g5-1 under the U.S. Securities Exchange Act of
1934, as amended (the " <u>Exchange Act</u> "), unless the Subscriber shall have otherwise indicated in writing and submitted such to the Company along with this Subscription Agreement. The Subscriber's form of holding Shares (and
any other interest in the Company) is not used primarily to circumvent the provisions of Section 12(g) or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Registration of Shares</u>. The Subscriber understands that the Shares have not been, and will not be,
registered under the Securities Act, or any state or non-U.S. securities laws, and are being offered and sold in reliance upon U.S. federal, state and applicable non-U.S. exemptions from registration requirements for transactions not involving a
public offering. The Subscriber recognizes that reliance upon such exemptions is based in part upon the representations of the Subscriber contained in the Subscription Documents. The Subscriber represents and warrants that the Shares will be
acquired by the Subscriber solely for the account of the Subscriber, for investment purposes only and not with a view to the distribution thereof. The Subscriber represents and warrants that the Subscriber is (i) a sophisticated investor with
the knowledge and experience in business and financial matters to enable the Subscriber to evaluate the merits and risks of an investment in the Company, (ii) able to bear the economic risk and lack of liquidity of an investment in the Company
and (iii) able to bear the risk of loss of its entire investment in the Company. The Subscriber's subscription, together with the Subscriber's other investments that are not readily marketable, is not disproportionate to the
Subscriber's net worth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Purchaser Representative</u>. If the Subscriber has utilized a purchaser representative, the Subscriber has
previously given the Company notice in writing of such fact, specifying that such representative would be acting as the Subscriber's "purchaser representative" as defined in Rule 501(i) of Regulation D under the
Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accredited Investor and U.S. Person Status</u>. If the Subscriber is a "U.S. Person" (as that
term is defined in Rule 902 promulgated under the Securities Act), one or more of the categories set forth in Exhibit A hereto correctly and in all respects describes the Subscriber, and, as to accredited investor status, the Subscriber or its
authorized representative has so indicated by checking the box adjacent to a category on Exhibit A. If the Subscriber is not a "U.S. Person" under the Securities Act, the Subscriber represents, warrants and covenants that (A) the
Subscriber is not subscribing for Shares for the account or benefit of any person that is a "U.S. Person" under the Securities Act, (B) the offer and sale of Shares to the Subscriber constitute an "Offshore Transaction,"
as that term is defined in Rule 902 and/or has been made in conformity with Regulation D under the Securities Act and (C) the Subscriber will resell the Shares, in whole or in part, only (1) in accordance with the provisions of applicable
non-U.S. securities laws and regulations, applicable state securities laws and regulations and the Company Documents and (2) in accordance with the provisions of Regulation S (Rules 901 through 905) promulgated under the Securities Act and the
"Preliminary Notes" (as that term is defined in Regulation S), pursuant to a registration under the Securities Act or pursuant to another available exemption from registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Rule 506(d) of Regulation D</u>. The
Subscriber<sup>1</sup> has not been subject to any event specified in Rule 506(d)(1) of the Securities Act or any proceeding or event that could result in any such disqualifying event
(" <u>Disqualifying Event</u> ") that would either require disclosure under the provisions of Rule 506(e) of the Securities Act or result in disqualification under Rule 506(d)(1) of the Company's use of the Rule 506
exemption. The Subscriber will immediately notify the Company in writing if the Subscriber becomes subject to a Disqualifying Event at any date after the date hereof. In the event that the Subscriber becomes subject to a Disqualifying
Event at any date after the date hereof the Subscriber agrees and covenants to use its best efforts to coordinate with the Company to (i) provide documentation as reasonably requested by the Company related to any such Disqualifying Event and
(ii) implement a remedy to address the Subscriber's changed circumstances such that the changed circumstances will not affect in any way the Company's ongoing and/or future reliance on the Rule 506 exemption under the
Securities Act. The Subscriber acknowledges that, at the discretion of the Company, such remedies may include the waiver of all or a portion of the Subscriber's voting power in the Company and/or the Subscriber's withdrawal from the
Company through the transfer or sale of its Shares. The Subscriber also acknowledges that the Company may periodically request assurance that the Subscriber has not become subject to a Disqualifying Event at any date after the date hereof, and
the Subscriber further acknowledges and agrees that the Company shall understand and deem the failure by the Subscriber to respond in writing to such requests to be an affirmation and restatement of the representations, warranties and covenants in
this <u>Section 10(k).</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Acknowledgement of Risks; Restrictions on Transfer</u>. The Subscriber recognizes that: (i) an
investment in the Company involves certain risks, (ii) the Shares will be subject to certain restrictions on transferability as described in this Subscription Agreement and the Company Documents, and (iii) as a result of the foregoing, the
marketability of the Shares will be severely limited. The Subscriber agrees that it will not transfer, sell, assign, convey, pledge, encumber, mortgage, divide, hypothecate or otherwise dispose of all or any portion of the Shares directly,
indirectly or synthetically in any manner that would violate this Subscription Agreement or the Company Documents, the Securities Act or any U.S. federal or state or non-U.S. securities laws.

<sup>1</sup> For the purposes of Section 10(k), references to the "Subscriber" shall include any Person whose interest in, or relationship to, the Subscriber is deemed to make such Person a beneficial owner of the Company's voting securities under Exchange Act Rule 13d-3 and within the meaning of Rule 506(d). Under Rule 13d-3, a Person is a beneficial owner of a security if, for among other reasons, such Person directly or indirectly has or shares (a) the power to vote or to direct the voting of such security and/or (b) the power to dispose of or direct the disposition of such security. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Additional Investment Risks</u>. The Subscriber is aware that: (i) the Company has a limited financial
and operating history, (ii) investment returns, if any, set forth in the Memorandum or in any supplemental letters or materials thereto, particularly with respect to certain other Adams Street funds, which have different investment focuses and
strategies than the Company, are not necessarily comparable to or indicative of the returns, if any, that may be achieved on investments made by, or in, the Company, (iii) the Adviser will receive substantial compensation in connection with the
management of the Company, and (iv) no U.S. federal, state or local or non-U.S. agency, governmental authority or other person has passed upon the Shares or made any finding or determination as to the fairness of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Reliance; No Public Solicitation of Subscriber</u>. The Subscriber has not relied on the Company, the
Adviser, their affiliates, or their respective partners, members, shareholders, officers, directors or trustees (as the case may be) or employees, as applicable, or any agent or representative of any of them (including their respective legal
counsel) for investment advice with respect to an investment in the Company. The Subscriber is not relying upon any representation, warranty or agreement by the Company, the Adviser, their affiliates, or their respective partners, members,
shareholders, officers, directors or trustees (as the case may be) or employees, as applicable, or any agent or representative of any of them (including their respective legal counsel), written or otherwise, in determining to invest in the Company.
The Subscriber confirms that it is not subscribing for any Shares as a result of any form of general solicitation or general advertising, including (i) any advertisement, article, notice or other communications published in any newspaper,
magazine or similar media (including any internet site that is not password protected) or broadcast over television or radio or (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Benefit Plan Investor Status of Subscriber</u>. The Subscriber represents and warrants that, except as
disclosed by the Subscriber to the Company in the Investor Qualification Statement, the Subscriber is not (i) an "employee benefit plan" that is subject to Title I of ERISA, (ii) an individual retirement account or annuity or
other "plan" that is subject to Code §4975, or (iii) a fund of funds, an insurance company separate account or an insurance company general account or another entity or account (such as a group trust), in each case whose
underlying assets are deemed under the U.S. Department of Labor regulation codified at 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA or 29 C.F.R. § 2550.401c-1, to include "plan assets" of any
"employee benefit plan" subject to ERISA or "plan" subject to Code §4975 (each of clause (i) through (iii), a " <u>Benefit Plan Investor</u> "). If the Subscriber has indicated in the Investor
Qualification Statement that it is not a Benefit Plan Investor, it represents, warrants and covenants that it shall not become a Benefit Plan Investor for so long as it holds any Shares. If the Subscriber is (x) a Benefit Plan Investor or
(y) a governmental plan or other retirement arrangement (collectively with Benefit Plan Investors, " <u>Plans</u> "), the Subscriber makes the following representations, warranties and covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Plan's decision to invest in the Company was made on an arm's-length basis by duly authorized
fiduciaries in accordance with the Plan's governing documents, which fiduciaries (each, a " <u>Plan Fiduciary</u> ") (I) are independent of the Company, the Adviser, and their respective affiliates, (II) are capable of
evaluating investment risks and exercising independent judgment with regard to the Plan's prospective investment in the Company and (III) are fiduciaries under ERISA and/or the Code or any other U.S. federal, state or local or non-U.S. law
substantially similar to ERISA or Code §4975 (" <u>Similar Law</u> "), as applicable, with respect to the decision to invest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) None of the Company, the Adviser, or any of their respective affiliates has undertaken to provide any advice,
or recommendation to any Plan Fiduciary, including in a fiduciary capacity, and no such advice nor any such recommendation was relied upon by any Plan Fiduciaries in deciding to invest in the Company. Such Plan Fiduciaries have considered any
fiduciary duties or other obligations arising under ERISA, Code §4975 and any other Similar Law, including any regulations, rules and procedures issued thereunder and related judicial interpretations, in determining to invest in the Company,
and such Plan Fiduciaries have independently determined that an investment in the Company is consistent with such fiduciary duties and other obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) No discretionary authority or control was exercised by the Company, the Adviser, or any of their respective
affiliates in connection with the Plan's investment in the Company. No investment advice was provided to the Plan or the Plan Fiduciary by the Company, the Adviser, or their respective affiliates, including any advice based upon the
Plan's investment policies or strategies, overall portfolio composition or diversification with respect to its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Subscriber acknowledges and agrees that the Company does not intend to hold plan assets of the Plan and
that none of the Company, the Adviser, or any of their respective affiliates will act as a fiduciary to the Plan under ERISA, the Code or any Similar Law with respect to the Subscriber's purchase or retention of Shares in the Company or the
management or operation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Assuming the assets of the Company are not "plan assets" within the meaning of Section 3(42)
of ERISA, the Subscriber's acquisition and holding of Shares will not constitute or result in a non-exempt "prohibited transaction" under ERISA or Code §4975 or a violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The information provided in Exhibit C of the Investor Qualification Statement is true and accurate as of the
date hereof; such information will remain true and accurate for so long as the Subscriber holds Shares in the Company; and the Subscriber agrees to notify the Company immediately if it has any reason to believe that it is or may be in breach of the
foregoing representation and covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) The investment by the Subscriber and the transactions entered into by the Company do not violate any provision
of ERISA or the Code, or any other legal or regulatory requirement applicable to the Subscriber, including, without limitation, those provisions relating to "prohibited transactions" by a "party-in-interest" (as defined under
ERISA) or "disqualified person" (as defined in Section 4975 of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) The Subscriber will promptly provide to the Adviser such information as the Adviser may from time to time
reasonably request for purposes of determining whether the assets of any Program Entity are "plan assets" and to permit the Adviser to comply with ERISA, the Code and other applicable laws, and undertakes to advise the Adviser promptly
of any change in circumstances which causes any of such information to be inaccurate or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>FOIA Subscribers</u>. If the Subscriber is subject to the Freedom of Information Act, as amended (a
" <u>FOIA Subscriber</u> "), the Subscriber has so indicated by checking the appropriate box on the signature page hereto. The Subscriber agrees that it shall promptly notify the Company if it becomes a FOIA Subscriber at any time
subsequent to the date hereof. " <u>FOIA Subscriber</u> " shall mean any Subscriber that is: (i) an entity that is directly or indirectly subject to either Section 552(a) of Title 5, United States Code (commonly known as the
" <u>Freedom of Information Act</u> ") or any similar U.S. or non-U.S. federal, state, county or municipal public disclosure law; (ii) an entity that is subject, by regulation, contract or otherwise, to disclose Company information to
a U.S. or non-U.S. trading exchange or other market where interests in such entity are sold or traded; (iii) a pension fund or retirement system for a U.S. or non-U.S. government entity; (iv) an entity who, by virtue of such person's
(or any of its affiliate's) current or proposed involvement in government office, is required to or will likely be required to disclose Company information to a U.S. or non-U.S. governmental body, agency or committee (including any disclosures
required in accordance with the Ethics in Government Act of 1978, as amended, and/or any rules and regulations of any executive, legislative or judiciary organization); (v) an agent, nominee, fiduciary, custodian or trustee for any person

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described in clauses (i) through (iv) above or (vi) below where Company information provided to or disclosed to such agent, nominee, fiduciary, custodian or trustee could at any time become available to such person described in clauses (i) through (iv) above or (vi) below; or (vi) an investor that is itself an investment fund or other entity that has any entity described in clauses (i) through (iv) above as a partner, member or other beneficial owner where Company information provided to or disclosed to such Subscriber could at any time become available to such partner, member or other beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>BHC Subscriber</u>. If the Subscriber is BHC Subscriber (as defined below), the Subscriber has so indicated
by checking the appropriate box on the signature page hereto. A " <u>BHC Subscriber</u> " is defined as a Subscriber that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the
" <u>BHC Act</u> "), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R.
§ 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case
holds Shares for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Nominees and Custodians; Trustees; Non-U.S. Entities</u>. If the
undersigned is acting as a nominee or custodian for another person, entity, organization or governmental agency in connection with the purchase and holding of the Shares, the undersigned has so indicated on the signature page hereto. The
representations and warranties contained in this Subscription Documents and any other documents provided to the Company in connection with the Subscriber's investment in the Company regarding the Subscriber are true and accurate with regard to
the person, entity, organization or governmental agency for which the undersigned is acting as nominee or custodian. Without limiting the generality of the foregoing, the representations and warranties regarding the status of the Subscriber in the
Exhibits hereto are true with respect to, and accurately describe, the person, entity, organization or governmental agency for which the undersigned is acting as nominee or custodian and the undersigned nominee or custodian has the full power
and authority to make such representations on behalf of and execute binding agreements enforceable against such person, entity, organization or governmental agency. The person, entity, organization or governmental agency for which the undersigned is
acting as nominee or custodian will not Transfer, withdraw and redeem or otherwise dispose of or distribute any part of its economic or beneficial interest in (or any other rights with respect to) the Shares without complying with applicable
securities laws and all of the applicable provisions of the Company Documents as if such person, entity, organization or governmental agency were a direct shareholder of the Company and were transferring directly Shares. If the undersigned is acting
as nominee or custodian for another person, entity, organization or governmental agency, the undersigned agrees to provide such other information as the Company may reasonably request regarding the undersigned and the person, entity, organization or
governmental agency for which the undersigned is acting as nominee or custodian in order to determine the eligibility of the Subscriber to purchase the Shares and the identity of the person for which the undersigned is acting as a nominee or
custodian. If the undersigned is a trustee of a trust, all of the representations and warranties contained in the Subscription Documents and any other documents provided to the Company or the Adviser in connection with the Subscriber's
investment in the Company are true with respect to such trust, such trustee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Company and the
representations in <u>Section 10(a)</u> and <u>(c)</u> with respect to the power and authority of, and lack of conflicts with, the governing documents of and other applicable agreements and laws binding upon the Subscriber, are made both
by the Subscriber and such trustee, this Subscription Agreement has been duly executed on behalf of the Subscriber by such trustee, is binding against such trustee in such capacity and such trustee has obtained all necessary consents. If the
undersigned is a non-U.S. entity without separate legal personality under the laws of the jurisdiction of its formation (such as a Cayman Islands exempted limited partnership or a limited partnership formed
under the laws of Guernsey, Jersey or England and Wales), the representations and warranties regarding the Subscriber in <u>Section 10</u> and any other documents provided to the Adviser or the Company in connection with the Subscriber's
investment in the Company are made

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on behalf of and regarding such non-U.S. entity by the person or entity (such as its general partner) that has the power and authority to act on behalf of or in trust of such non-U.S. entity and the representations in <u>Section 10(a)</u> and <u>(c)</u> with respect to the power and authority of, and lack of conflicts with, the governing documents of and other applicable agreements and laws binding upon the Subscriber, are made by such applicable person or entity that has the power and authority to act on behalf of or in trust of such non-U.S. entity, both on behalf of itself and on behalf of and regarding such non-U.S. entity, this Subscription Agreement has been duly executed on behalf of such non-U.S. entity by such person or entity, is binding against such person or entity in such capacity and such person or entity has obtained all necessary consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Anti-Money Laundering, Economic Sanctions, Anti-Bribery and Anti-Boycott Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber acknowledges that the Company seeks to comply with all applicable anti-money laundering,
economic sanctions, anti-bribery and anti-boycott laws and regulations. In furtherance of these efforts, the Subscriber represents, warrants and agrees that: (A) none of the Subscriber, its affiliates, its beneficial owners/controllers or
authorized persons (such Persons, other than the Subscriber, " <u>Related Persons</u> ") are or have been the target of economic or financial sanctions imposed, administered, or enforced by the U.S. federal government, including the U.S.
Department of the Treasury Office of Foreign Assets Control, U.S. Department of State, the U.S. Department of Commerce **,** the United Nations Security Council, the European Union or the United Kingdom (collectively,
" <u>Sanctions</u>," and any person that is either the subject of such Sanctions or directly or indirectly 50% or more owned or controlled by one or more persons that are the subject of such Sanctions, a " <u>Sanctioned Person</u> "), (B) no subscription, contribution or payment to the Company by the Subscriber and no distribution to the Subscriber shall cause the Company or the Adviser to be in violation of any applicable U.S. federal or state or
non-U.S. laws or regulations, including anti-money laundering, Sanctions, anti-bribery or anti-boycott laws or regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
(U.S.A PATRIOT ACT) Act of 2001, the various statutes, regulations and Executive Orders administered by OFAC and the U.S. Foreign Corrupt Practices Act, (C) all capital contributions or payments to the Company by the Subscriber will be made
through an account located in a jurisdiction that does not appear on the list of boycotting countries published by the U.S. Department of Treasury pursuant to Code §999(a)(3), as in effect at the time of such contribution or payment,
(D) neither the Subscriber nor any Related Persons are or have engaged, or will engage, or are owned or controlled by any party that is or has engaged, or will engage, in activities that could result in being designated a Sanctioned Person or
on any list of restricted parties maintained by the U.S. federal government and (E) the Subscriber otherwise will not engage in any business or other activities that could cause the Company to be in violation of applicable anti-money
laundering, anti-terrorist financing, Sanctions, anti-bribery or anti-boycott laws or regulations. The Subscriber acknowledges and agrees that, notwithstanding anything to the contrary contained in the Company Documents, any side letter or any other
agreement, to the extent required by or deemed advisable by the Company under any anti-money laundering, Sanctions, anti-bribery or anti-boycott law or regulation, the Company and the Adviser may freeze the Subscriber's interest, prohibit
additional capital contributions, restrict distributions or take any other reasonably necessary or advisable action with respect to the Shares, and the Subscriber shall have no claim, and shall not pursue any claim, against the Company, the Adviser
or any other Person in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Subscriber represents and warrants that none of the Subscriber, or to the best of its knowledge after due
and reasonable inquiry, any Related Person or any person for whom the Subscriber is acting as agent or nominee in connection with this subscription is a senior political figure,<sup>2</sup> or any immediate
family member<sup>3</sup> or close associate<sup>4</sup> of a senior political figure (any such person, a " <u>Politically Exposed Person</u> "). The
Subscriber represents and warrants that to the extent the Subscriber has any beneficial owners, it has carried out thorough due diligence to establish the identities of such beneficial owners. The Subscriber reasonably believes upon due inquiry that
no such beneficial owner is or has been a Sanctioned Person, and that no funds contributed to the Company or otherwise transferred or conveyed pursuant to this Subscription Agreement are derived directly or indirectly from a Sanctioned Person. The
Subscriber represents, warrants and agrees that it holds the evidence of identities of all beneficial owners and will maintain all such evidence for at least five (5) years from the date of a complete withdrawal from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Subscriber is a non-U.S. banking institution (a " <u>Non-U.S. Bank</u> ") or if the Subscriber
receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Non-U.S. Bank, the Subscriber represents and warrants to the Company and Adviser that such Non-U.S. Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) has a fixed address, other than solely an electronic address, in a country in which the Non-U.S. Bank is
authorized to conduct banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) employs one or more individuals on a full-time basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) maintains operating records related to its banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) is subject to inspection by the banking authority that licensed the Non-U.S. Bank to conduct banking
activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any
country and that is not a regulated affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Privacy Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Subscriber is a natural person (or an entity that is an "alter ego" of a natural person
(e.g., a revocable grantor trust, an individual retirement account, such as a 401(k)/IRA Investor or an estate planning vehicle)), the Subscriber acknowledges the receipt, and reading, of the notice, attached hereto *,* regarding privacy of
financial information under Regulation S-P, 17 C.F.R. 248.1 **-** 248.30 (" <u>Regulation S-P</u> "), adopted by the U.S. Securities and Exchange Commission (the " <u>SEC</u> ") and agrees that the Shares are a financial product
that the Subscriber has requested and authorized. In accordance with Section 14 of Regulation S-P, the Subscriber acknowledges and agrees that the Company may disclose non-public personal information of the Subscriber to the other investors, as
well as to the Company's accountants, attorneys and other service providers as necessary to effect, administer and enforce the Company's and the investors' rights and obligations.

<sup>2</sup> A "<u>senior political figure</u>" is defined as a current or former senior official in the executive, legislative, administrative, military or judicial branches of the U.S. government (whether elected or not), a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major U.S. or non-U.S. political party or a current or former senior executive of a U.S. or non-U.S. government-owned commercial enterprise or a current or former senior official in a non-U.S. international organization. For purposes of this definition, (i) a "<u>senior official</u>" or "<u>senior executive</u>" means an individual with substantial authority over policy, operations or the use of government-owned resources and (ii) a "senior political figure" includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior political figure as described above. 

<sup>3</sup> An "<u>immediate family member</u>" of a senior political figure means spouses, parents, siblings, children or a spouse's parents and siblings.

<sup>4</sup> A "<u>close associate</u>" of a senior political figure means a person who is widely and publicly known (or is actually known) to be a close associate of a senior political figure, or any natural person who is known to hold the ownership or control of a legal instrument or person jointly with a senior political figure, or who maintains some other kind of close business or personal relationship with a senior political figure, or who holds the ownership or control of a legal instrument or person which is known to have been established to the benefit of a senior political figure. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the California Consumer Privacy Act of 2018, as amended, applies to the collection and sharing of personal
information of the Subscriber or its partners, officers, directors, trustees, employees, shareholders, members, managers, ultimate beneficial owners, or affiliates by the Company and/or its affiliates, the Subscriber acknowledges that it has read
and understood the Privacy Notice Supplement for California Resident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>EU-UK Data Protection Legislation</u>. The Subscriber acknowledges that it has read and understood the
European Union and United Kingdom Privacy Notice attached hereto as Part B to "Privacy Notices" (the " <u>EU-UK Privacy Notice</u> "), the contents of which shall be deemed to be incorporated herein by reference in its
entirety. In particular, if personal data is provided by anyone other than a natural person (*e.g.*, a partnership, trust, corporation or other entity), the Subscriber hereby undertakes, represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all such personal data has been collected, processed and transferred in accordance with EU-UK Data Protection
Legislation (as defined in the EU-UK Privacy Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such personal data is and will be adequate, relevant, limited to what is necessary for the purposes described
in the EU-UK Privacy Notice, and is accurate and up to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the data subjects of such personal data have been made aware of the purposes for, and manner in, which such
personal data will be processed (as set out in the EU-UK Privacy Notice) and, where required by EU-UK Data Protection Legislation, have consented in writing to such processing, including the transfer of personal data to Non-Equivalent Countries (as
defined in the EU-UK Privacy Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Confidentiality</u>. The Subscriber acknowledges that the Memorandum, the Company Documents and other
information relating to the Company (collectively, the " <u>Confidential Information</u> ") have been submitted to the Subscriber on a confidential basis for use solely in connection with the Subscriber's consideration of the
purchase of Shares. The Subscriber agrees that, without the prior written consent of the Company (which consent may be withheld in the sole discretion of the Company), the Subscriber shall not (a) reproduce the Confidential Information, in
whole or in part, or (b) disclose the Confidential Information to any person, except to the extent (i) such information is in the public domain (other than as a result of any action or omission of the Subscriber or any person to whom the
Subscriber has disclosed such information) or (ii) such information is required by applicable law or regulation to be disclosed, in which case the Subscriber shall first notify the Company of such requirement (unless such notification is
prohibited by law) so that the Company may pursue a protective order or other appropriate remedy or waive compliance with the terms of this <u>Section 10(v)</u>, and if a protective order or other appropriate remedy is not obtained, or if the
Company waives compliance with the terms of this <u>Section 10(v)</u>, then the Subscriber shall disclose only that portion of such information that the Subscriber is advised by counsel is legally required to be disclosure and shall use its
commercially reasonable efforts to protect the confidentiality of such information disclosed, including by requesting that confidential treatment be accorded such information. The Subscriber further agrees to return the Memorandum, the Company
Documents and any other information relating to the Company upon the Company's request therefor. The Subscriber acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this <u>Section 10(v)</u> by
the Subscriber and that, in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

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The Subscriber hereby represents and warrants that, except as previously disclosed to the Company in writing, (A) it is not subject to any law, statute, governmental rule or regulation or judicial or governmental order, judgment or decree requiring it to disclose any information or materials (whether or not confidential information) relating to the Company and (B) it is not required by any law, statute, governmental rule or regulation or judicial or governmental order, judgment or decree or any agreement or contract to obtain any consent or approval prior to agreeing to be bound by the provisions of this Section 10(v). The Subscriber hereby represents and warrants that except as previously disclosed in writing to the Company, it has taken all actions and obtained all consents necessary to enable it to comply with the provisions of this <u>Section 10(v)</u>. The Subscriber hereby agrees that it will not use any Confidential Information it receives for any purpose other than monitoring and evaluating its investment in the Company. Any information provided to a Person at the direction or request of the Subscriber shall be treated for purposes, in this Subscription Agreement, and in the Company Documents, as instead having been provided to such Person by the Subscriber, and such deemed disclosure by the Subscriber shall be subject to all of the limitations and other provisions in this Subscription Agreement and in the Company Documents relating to confidential information.

Notwithstanding the forgoing, the Company consents to the Subscriber sharing any Confidential Information at the Subscriber's discretion (without prior notice to the Company or any other person) to trustees, directors, officers, employees, auditors, agents, attorneys, financial advisors and other professional advisors, potential or actual investors, or members of the Investment Committee of the Subscriber or any affiliates of the Subscriber provided that, in each case, Subscriber will use its commercially reasonable efforts to preserve the confidentiality of the information disclosed and any such recipients are and shall be required to maintain the confidentiality of the information to a substantially similar extent as the Subscriber. The Subscriber shall be responsible for the failure of any such recipient to so comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>FINRA Matters and New Issues</u>. The Subscriber agrees to promptly provide to the Company information
regarding the Subscriber's associations and affiliates as the Company may request from time to time in connection with matters related with the rules and regulations of the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Additional Representations for Non-U.S. Subscribers</u>. If the Subscriber is (i) not a U.S. Person,
(ii) an EEA Subscriber (as defined in Appendix I to this Subscription Agreement), (iii) a UK Subscriber (as defined in Appendix I to this Subscription Agreement) or (iv) a Swiss Subscriber (as defined in Appendix I to this
Subscription Agreement) the Subscriber hereby makes those additional representations applicable to residents of the Subscriber's country of residence as specified in Appendix I to this Subscription Agreement. Any such Subscriber understands
that it is such Subscriber's responsibility to satisfy itself as to the full observance of the law of any relevant territory outside the United States in connection with the offer and sale of the Shares, including obtaining any required
governmental or other consent and observing any applicable formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Investment Company Act Representations</u>. The Subscriber, except as otherwise indicated in the signature
page to this Subscription Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not registered or required to be registered as an "investment company" under the Investment
Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has not elected to be regulated as a BDC under the Investment Company Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) either (A) is not relying on the exception from the definition of "investment company" under
the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a BDC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>FATCA and other Automatic Exchange of Information Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber covenants and agrees to provide promptly, and update periodically, at any times requested by the
Company and following any change that may cause information set forth in this <u>Section 10(z)</u> to become untrue or misleading in any material respect, all information, documentation, certifications and forms (including Tax Forms), and
verifications thereof that the Company deems necessary to comply with (A) any requirement imposed by Code §§1471–1474, and any U.S. Department of Treasury Regulations, forms, instructions or other guidance issued pursuant
thereto (commonly referred to as " <u>FATCA</u> "), any similar legislation, regulations or guidance enacted or promulgated by any jurisdiction or international organization which seeks to implement similar automatic exchange of
information, tax reporting and/or withholding tax regimes (including the OECD Common Reporting Standard), (B) any intergovernmental agreement between any jurisdictions concerning the collection and sharing of information, and (C) any
current or future legislation, regulations or guidance promulgated by or between any jurisdictions or international organizations giving rise to or effect to any item described in <u>clause (A)</u> or <u>(B)</u> (collectively, all of the
authorities described in <u>clauses (A)</u>, <u>(B)</u> and <u>(C)</u> are referred to herein as " <u>AEOI Regimes</u> "), including information, documentation, certifications and forms (and verifications thereof) that the
Company deems necessary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to determine the residence, citizenship, country of domicile, incorporation or organization, and any tax status
ascribed to the Subscriber and its beneficial owners pursuant to AEOI Regimes (including, the most current applicable version of IRS Form W-9 or W-8 and any "self-certification" documentation the Company deems necessary),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to determine whether withholding of tax is required with respect to amounts payable or attributable to the
Subscriber pursuant to any AEOI Regime,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to satisfy reporting obligations imposed by any AEOI Regime, for the Company to enter into any agreement
required pursuant to any AEOI Regime, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to comply with the terms of such an agreement on an annual or more frequent basis.

All of the information, documentation, certifications and forms (and verifications thereof) described in this <u>Section 10(z)</u>, collectively with the Tax Forms and any other tax-related information collected pursuant to this Subscription Agreement or the other Subscription Documents, is referred to herein as "<u>Tax Information</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Subscriber acknowledges and agrees that, for itself, and for and on behalf of its beneficial owners and
controllers as applicable, it waives, and/or shall cooperate with the Company and the Adviser to obtain a waiver of, the provisions of any law that (A) prohibits the disclosure by the Adviser or the Company, or by any of their respective agents
or Affiliates, of the information or documentation requested from the Subscriber, (B) prohibits the reporting of financial or account information by the Adviser or the Company, or by any of their respective agents or Affiliates, required
pursuant to AEOI Regimes or (C) otherwise prevents compliance by the Adviser or the Company with their obligations under AEOI Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Subscriber acknowledges that if it fails to supply any Tax Information required pursuant hereto on a timely
basis or provides any Tax Information that is in any way misleading or incorrect, the Subscriber and/or the Company may be subject to withholding taxes pursuant to AEOI Regimes. The Subscriber hereby agrees to indemnify and hold harmless the Company
against any such withholding taxes or any other penalties that may arise as a result of the Subscriber's action, inaction or status in connection with any AEOI Regime (including where the Subscriber's failure to provide Tax Information
is based on a

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statutory, regulatory or other prohibition). The Subscriber further acknowledges that its failure to comply with any requirement pursuant to this <u>Section 10(z)</u> (including a failure based on a statutory, regulatory or other prohibition) may result in the Company being unable to enter into or comply with an agreement required pursuant to an AEOI Regime, or may cause the termination of such an agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Subscriber shall promptly notify the Company in writing if any governmental body terminates any agreement
entered into with the Subscriber pursuant to any AEOI Regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Subscriber acknowledges that any Tax Information requested or compiled by the Company, the Adviser or their
agents pursuant to this Subscription Agreement or any AEOI Regime, may be disclosed to (A) the IRS and U.S. Department of Treasury, (B) any other governmental body which collects information pursuant to an applicable AEOI Regime, and
(C) any withholding agent where the provision of Tax Information is required by such withholding agent to avoid the application of any withholding tax on any payments to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Subscriber further consents to the disclosure of Tax Information concerning the Subscriber and its owners
to, and the collection, access, processing and storage of Tax Information concerning the Subscriber and its owners by, affiliates and agents of the Company and the Adviser, and other service providers to any of them, in any jurisdiction, including
in the U.S. and in countries outside the EEA, for the purposes of (A) providing services related to any AEOI Regime, and (B) assisting any of them with compliance with any AEOI Regime, including the disclosure by such parties of Tax
Information to applicable governmental authorities or international organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Subscriber acknowledges that Tax Information can become subject to the legal systems and laws in force in
each state or country (A) where it is held, received or stored, (B) from where it is accessed in connection with providing services related to any AEOI Regime or other services, or (C) through which it passes, and such jurisdictions
may not have the same data protection laws as the country in which the Subscriber is domiciled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Asset Coverage</u>. The Subscriber (i) acknowledges that the Investment Company Act allows a BDC 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; (ii) acknowledges that the Company's initial shareholders, approved a proposal
that allows the Company to reduce its asset coverage to 150%; and (iii) agrees that the minimum asset coverage ratio that the Company is required to maintain under the Investment Company Act is 150%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>NAV</u>. The Subscriber acknowledges that subscriptions must be submitted at least five business days prior
to the first day of each month and that their investment will be executed as of the first day of the applicable month at the NAV per Share class as of the preceding day. The Subscriber acknowledges that they will not know the NAV per Share class at
which their investment will be executed at the time they subscribe and the NAV per Share class as of the last calendar day of each month will generally be made available within 20 business days of the last calendar day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification</u>. To the maximum extent not prohibited by applicable law, the Subscriber covenants to the
Company and Adviser, and agrees to indemnify and hold harmless (i) the Company, (ii) the Adviser and (iii) each officer, trustee or director (as the case may be), shareholder, partner, member, other beneficial owner, manager,
employee, agent or affiliate of the Company or Adviser and each other Person that controls, is controlled by, or is under common control with, any of the foregoing within the meaning of Section 15 of the Securities Act (each, an
" <u>Indemnified Party</u> "), from and against any and all losses, claims, damages, expenses and liabilities relating to or arising out of (x)

Adams Street Credit Solutions Fund

Subscription Agreement – Page 15

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any breach of any representation, warranty or certification, or any breach of or failure to comply with any covenant or undertaking, made by or on behalf of the Subscriber in any Subscription Document furnished by or on behalf of the Subscriber to any Indemnified Party in connection with acquiring the Shares or (y) any action instituted by or on behalf of the Subscriber against an Indemnified Party that is finally resolved by judgment against the Subscriber or in favor of an Indemnified Party. Each Indemnified Party is an intended third-party beneficiary hereof. The reimbursement and indemnity obligations of the Subscriber under this <u>Section 11(a)</u> shall survive the date of admission to the Company as a Shareholder applicable to the Subscriber. The remedies provided in this <u>Section 11(a)</u> shall be cumulative and shall not preclude the assertion by any Indemnified Party of any other rights or the seeking of any other remedies against the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representations and Warranties; Additional Information</u>. The Subscriber represents and warrants that all
of the answers, statements and information set forth in any Subscription Document are true and correct on the date hereof, will be true and correct as of the date, if any, that the Company accepts this Subscription Agreement, in whole or in part,
and will remain true and accurate for so long as the Subscriber holds Shares in the Company. The Subscriber covenants and agrees to notify the Company and Adviser promptly of any change that may cause any answer, statement or information set forth
in any Subscription Document to become untrue or misleading in any material respect, and to promptly provide such additional information that the Company requests from time to time and deems necessary to determine (i) the eligibility of the
Subscriber to hold Shares, (ii) the Company's or the Adviser's compliance with applicable regulatory (including tax and ERISA) requirements or (iii) the Company's tax status. The Subscriber acknowledges and agrees that
the Company intends to continue to rely upon the answers, statements and/or information set forth in the Subscription Documents, including <u>Section 10(j),</u> until notified by the Subscriber of any change thereto. The Subscriber also
covenants and agrees to provide the Company with all information that otherwise may be reasonably requested by the Company in connection with compliance with applicable law by the Company, the Adviser, and their respective affiliates, including all
applicable anti-money laundering, anti-terrorist financing, Sanctions, anti-bribery and anti-boycott laws and regulations. The Subscriber further represents and warrants that, except for any alterations to any Subscription Document that have been
clearly marked on or prior to the date of acceptance of this Subscription Agreement or otherwise have been specifically identified in writing and accepted by the Company on or prior to the date of acceptance of this Subscription Agreement, the
Subscriber has not altered or otherwise revised this Subscription Agreement or any other Subscription Document in any manner from the version initially received by the Subscriber. The Company may agree to waive, modify or limit the applicability
and/or scope of any representation, agreement or covenant contained in any Subscription Document, and any obligation(s) related thereto, with respect to any Person and any such agreement shall not be a side letter or similar agreement for purposes
of the Company Documents. The Subscriber acknowledges and agrees that the Company will rely on the Tax Forms (including any Tax Forms delivered by the Subscriber in the future) provided to the Company or the Adviser by or on behalf of the
Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Company Advisers</u>. The attorneys, accountants and other experts and agents who perform services for the
Adviser may also perform services for the Company and/or its respective affiliates. It is contemplated that any such dual representation, if commenced, will continue. The Adviser may, without the consent of any Shareholder, execute on behalf of the
Company any consent to the representation of the Company that counsel may request pursuant to the rules of professional conduct in the applicable jurisdiction. The Company has retained Kirkland & Ellis LLP (together with its affiliate,
Kirkland & Ellis International LLP, " <u>Kirkland & Ellis</u> ") in connection with the formation of the Company and may retain Kirkland & Ellis as legal counsel in connection with the management and operation of
the Company, including making, holding and disposing of investments. Kirkland & Ellis will not represent the Subscriber or any other Shareholder or prospective Shareholder of the Company, unless the Company and such Shareholder or
prospective Shareholder otherwise agree, in connection with the formation of the Company, the offering of the Shares, the management and operation of the Company or any dispute that may arise between any Shareholder, on one hand, and the Company, on
the other hand (the " <u>Company Legal Matters</u> "). The Subscriber will, if it wishes to have counsel on any Company Legal Matter, retain its own

Adams Street Credit Solutions Fund

Subscription Agreement – Page 16

------

independent counsel with respect thereto and will pay all fees and expenses of such independent counsel. The Subscriber agrees that Kirkland & Ellis may represent the Company in connection with the formation of the Company and any and all other Company Legal Matters (including any dispute between the Company and the Subscriber or any Shareholder). The Subscriber acknowledges and agrees that (i) Kirkland & Ellis' representation of the Company is limited to the specific matters with respect to which it has been retained and consulted by the Company, (ii) there may exist other matters that could have a bearing on the Company, the Company's investments, and the Company's respective affiliates as to which Kirkland & Ellis has been neither retained nor consulted, (iii) Kirkland & Ellis does not undertake to monitor the compliance of the Company and its affiliates with the investment program and other investment guidelines and procedures set forth in the Memorandum, the Company Documents, and any other presentation or materials presented or provided to the Subscriber by or on behalf of the Company or other compliance matters, nor does Kirkland & Ellis monitor compliance by the Company and/or its respective affiliates with applicable laws, unless in each case Kirkland & Ellis has been specifically retained to do so, (iv) Kirkland & Ellis does not investigate or verify the accuracy and completeness of information set forth in the Memorandum or other Offering Materials concerning the Company or any of its affiliates and personnel or investments, and (v) except for any opinions specifically set forth in a signed opinion letter issued by Kirkland & Ellis, Kirkland & Ellis is not providing any advice, opinion, representation, warranty or other assurance of any kind as to any matter to any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Power of Attorney</u>. The Subscriber hereby irrevocably constitutes and appoints the Company as its true
and lawful representative, agent and attorney in fact, in its name, place and stead, with full power to make, execute, deliver, sign, swear to, acknowledge and file all certificates and other instruments (including the Company Documents and any
other deeds) necessary to (i) amend and/or restate the Company Documents in accordance with its terms, (ii) admit and accede the Subscriber or any other Person, including any transferee of any Shareholder, as a Shareholder of the Company,
and (iii) complete any relevant details and schedules of and to the Company Documents in respect of the Subscriber's or any other Person's subscription for, or other acquisition of, a Share and/or such Person's subscription
to, and/or subscriptions in respect of, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Placement Agent</u>. The Subscriber hereby acknowledges and agrees that the Company may engage placement
agents in connection with fund-raising for the Company and such placement agents, if retained, may be paid a fee, based, in whole or in part, on the aggregate amount of subscriptions to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Successors and Assigns</u>. This Subscription Agreement, to the extent accepted by the Company, will be
binding upon the Subscriber's heirs, legal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Headings and Construction</u>. Section headings and other headings contained in this Subscription Agreement
(including the Investor Qualification Statements) are for reference only and are not intended to describe, interpret, define or limit the scope or intent of this Subscription Agreement (including the Investor Qualification Statement). The word
"includes" and its derivatives means "includes, but is not limited to" and corresponding derivative expressions in any case where such phrase is not otherwise used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. This Subscription Agreement and all claims or causes of action (whether in contract, tort
or statute) that may be based upon, arise out of or relate to this Subscription Agreement or the negotiation, execution or performance of this Subscription Agreement (including any claim or cause of action based upon, arising out of or related to
any representation or warranty made in or in connection with this Subscription Agreement or as an inducement to enter into this Subscription Agreement) shall be governed by, and construed and enforced in accordance with, the internal laws of the
State of Delaware, including its statutes of limitations, without giving effect to any choice of law or conflict of law rules or provisions or any borrowing statute that would cause the application of the laws or any statute of limitations of any
jurisdiction other than the State of Delaware.

Adams Street Credit Solutions Fund

Subscription Agreement – Page 17

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Counterparts; Electronic Signatures</u>. This Subscription Agreement may be executed in multiple
counterparts which, taken together, shall constitute one and the same agreement. For the avoidance of doubt, the execution and delivery of this Subscription Agreement by electronic signature and electronic transmission (jointly, an
" <u>Electronic Signature</u> "), including via Docusign, OneSpan or other similar method, shall constitute the execution and delivery of a counterpart of this Subscription Agreement by or on behalf of such person and shall bind such
person to the terms of this Subscription Agreement. The parties hereto agree that this Subscription Agreement and any additional information incidental hereto may be maintained as electronic records. Any person executing and delivering this
Subscription Agreement by Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Subscription Agreement (including the power of attorney contained
herein), as may be requested by the Company at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be sufficiently
given if personally delivered or sent by postage prepaid, registered or certified mail, return receipt requested, or by overnight courier or by facsimile transmission with transmission confirmed, addressed as follows: if intended for the Company, to
the Company's principal office, and if intended for any Subscriber to the address of such Subscriber set forth on the signature page hereto, or to such other address as the Company or such Subscriber may designate by written notice. Notices
shall be deemed to have been given (i) when personally delivered (ii), if mailed, on the date on which received, or (iii) if sent by overnight courier or facsimile transmission, on the date on which received; provided, that notices of
a change of address shall not be deemed given until the actual receipt thereof. The provisions of this <u>Section 11(j)</u> shall not prohibit the giving of written notice in any other manner; any such written notice shall be deemed given only
when actually received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability</u>. Each provision of this Subscription Agreement and each representation, warrant and
covenant made in the Subscription Documents shall be considered severable. If it is determined by a court of competent jurisdiction that any provision of this Subscription Agreement or the other Subscription Documents is invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the applicable Subscription Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Survival</u>. The representations and warranties of the Subscriber in, and the other provisions of, this
Subscription Agreement and the other Subscription Documents shall survive the completion, execution and delivery, as applicable, of this Subscription Agreement and the other Subscription Documents and the admission of the Subscriber to the Company.

\* \* \* \* \*

**[THE SUBSCRIBER MUST COMPLETE THE** 

**FOLLOWING SIGNATURE PAGE AND EXHIBITS]** 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Adams Street Credit Solutions Fund

Subscription Agreement – Page 18

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**Annex 1** 

**TRANSFER RESTRICTIONS** 

This <u>Annex 1</u> is attached to and made a part of the Subscription Agreement with the Subscriber, and by signing this Subscription Agreement the Subscriber expressly agrees to be bound by the transfer restrictions contained in this <u>Annex 1</u>. Capitalized terms not defined herein shall have the meanings assigned to them in the Subscription Agreement.

Prior to any listing of the Shares on a national securities exchange, if any, transfers of Shares may be made (i) only in transactions exempt from, or not subject to, the registration requirements of the Securities Act and (ii) upon receipt of approval of such Transfer by the Adviser, which may be granted or withheld in the sole discretion of the Adviser. Specifically, the Adviser may deny a Transfer (x) if the creditworthiness of the proposed transferee, as determined by the Adviser in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion of counsel (who may be Company Counsel) satisfactory in form and substance to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer has been registered under the Securities Act in a transaction exempt from or not subject to the
registration requirements thereunder, an exemption from registration is available or such sale or disposition is made in accordance with the provisions of Regulation S under the Securities Act and such Transfer does not violate any state (or other
jurisdiction) securities or "blue sky" laws applicable to the Company or the Shares to be Transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a Transfer to a "benefit plan investor" (as defined in Section 3(42) of ERISA),
such Transfer would not be a non-exempt "prohibited transaction" under ERISA or Section 4975 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such transfer would not cause all or any portion of the assets of the Company to constitute "plan
assets" for purposes of ERISA or Section 4975 of the Code.

The Company shall not recognize for any purpose any purported Transfer of all or any portion of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to such transferor, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (1) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Agreement and its agreement to be bound thereby, and (2) represents that such Transfer was made in accordance with this Agreement, the Declaration of Trust, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee and the transferor.

Adams Street Credit Solutions Fund

Subscription Agreement – Annex 1

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**SUBSCRIBER SIGNATURE PAGE** 

IN WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement for the purchase of Class I Shares of the Company as of , 2026.

---

| | |
|:---|:---|
| **Subscriber's Subscription Amount:** |  |
| $ |  |
| **Wire Instructions:** |  |
| State Street Bank and Trust Company<br> ABA: [\*\*\*]<br> Account Number: [\*\*\*]<br> Account Name: Adams Street Credit Solutions Fund<br> FBO: (Insert Investor Name and Account Number (if applicable)) | |
| **Subscriber's Formal Notice Information (to be used for formal notice):** | **Subscriber's Other Contact Information if different than Formal Notice Information (e.g., home, business or main office):** |
| Address: | Address: |
| Attention: | Attention: |
| Phone No.: | Phone No.: |
| Fax No.: | Fax No.: |
| Email: | Email: |

---

**<u>PLEASE PROVIDE ANY CONTACT INFORMATION FOR ADDITIONAL CONTACTS IN THE SUBSCRIBER CONTACT SHEET ATTACHED HERETO AS EXHIBIT H</u>**

Adams Street Credit Solutions Fund

Subscription Agreement Signature Page – Page 1

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**FOR COMPLETION BY SUBSCRIBERS WHO ARE NATURAL PERSONS (i.e., individuals):** 

The Subscriber "opts out" of the Company's distribution reinvestment plan as described in Section 5 of this Subscription Agreement. ☐

---

| | |
|:---|:---|
| Subscriber's Name: |  |
|  | (print or type) |
| Signed By: |  |
|  | (signature) |
|  | (title, if applicable; print or type) |
| Subscriber's Social Security Number |  |
|  | (print or type) |
| Spouse's Name: |  |
|  | (print or type) |
| Signed By: |  |
|  | (signature) |
|  | (title, if applicable; print or type) |
| Spouse's Social Security Number |  |
| (Signature and social security number only required if subscription is being made by a married couple as joint tenants) | (print or type) |

---

**Please select one (1) type of ownership below:** 

---

| | |
|:---|:---|
| Non-Qualified | Qualified |
| ☐ **Individual Ownership** | ☐ **Traditional IRA** |
| ☐ **Transfer on Death**<br> Fill out Transfer on Death Form to effect designation.<br> (Available through your financial professional) | ☐ **Roth IRA** |
| ☐ **Joint Tenants with Rights of Survivorship** | ☐ **Decedent IRA** |
|  | <br> Name of Deceased |
| ☐ **Tenants in Common** | ☐ **Simplified Employee Pension/Trust (SEP)** |
| ☐ **Community Property** | ☐ **Other (Specify)** |
| ☐ **Uniform Gift to Minors Act** |  |
| ☐ **Plan**<br> Additional documentation required. Please refer to the section below entitled "Completion by Subscribers who are not Natural Persons." |  |
| ☐ **Trust**<br> Additional documentation required. Please refer to the section below entitled "Completion by Subscribers who are not Natural Persons." |  |
| ☐ **Corporation/Partnership**<br> Additional documentation required. Please refer to the section below entitled "Completion by Subscribers who are not Natural Persons." |  |
| ☐ **Other (Specify)** |  |

---

Adams Street Credit Solutions Fund

Subscription Agreement Signature Page – Page 2

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**Investor Information** 

(Investor/Trustee/Executor/Authorized Signatory Information)

---

| | | | | |
|:---|:---|:---|:---|:---|
| First Name | First Name | Last Name | Last Name | Last Name |
| Social Security / Taxpayer ID # | Social Security / Taxpayer ID # | Date of Birth (MM/DD/YYYY) | Date of Birth (MM/DD/YYYY) | Date of Birth (MM/DD/YYYY) |
| Telephone #<br>Residential Address (no P.O. Box) | Telephone #<br>Residential Address (no P.O. Box) | E-mail Address | | |
| Street Address<br>Mailing Address (if different from above) | Street Address<br>Mailing Address (if different from above) | City | State | ZIP |
| Street Address | Street Address | City | State | ZIP |
| Please Indicate Citizenship Status<br>|  | | | |
| ☐ U.S. Citizen<br>| ☐ Resident Alien | ☐ Non-Resident Alien | ☐ Non-Resident Alien | ☐ Non-Resident Alien |
| **Co-Investor Information** | **Co-Investor Information** | **Co-Investor Information** |  |  |
| (Co-Investor/Co-Trustee/Co-Authorized Signatory Information, if applicable) | (Co-Investor/Co-Trustee/Co-Authorized Signatory Information, if applicable) | (Co-Investor/Co-Trustee/Co-Authorized Signatory Information, if applicable) | | |
| First Name<br>| | Last Name | Last Name | Last Name |
| Social Security/Taxpayer ID #<br>| | Date of Birth (MM/DD/YYYY) | Date of Birth (MM/DD/YYYY) | Date of Birth (MM/DD/YYYY) |
| Telephone #<br>Residential Address (no P.O. Box)<br>| | | | |
| Street Address<br>Mailing Address (if different from above)<br>| | City | State | ZIP |
| Street Address<br>|  | City | State | ZIP |
| Please Indicate Citizenship Status |  | | | |
| ☐ U.S. Citizen | ☐ Resident Alien | ☐ Non-Resident Alien | ☐ Non-Resident Alien | ☐ Non-Resident Alien |

---

Adams Street Credit Solutions Fund

Subscription Agreement Signature Page – Page 3

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**FOR COMPLETION BY SUBSCRIBERS WHO ARE NOT NATURAL PERSONS (i.e., corporations, partnerships, limited liability companies, trusts or other entities):** 

**Subscriber Information** 

Entity Name Entity Tax ID # Date of Formation

☐ I am an employee of Adams Street Partners, LLC or its affiliates.

Entity Type (Select one (1) — required)

---

| | |
|:---|:---|
| ☐ Retirement Plan | ☐ LLC (Plan documentation required) |
| ☐ Taxable Trust (First and last pages of the trust document required) | ☐ Partnership (Plan documentation required) |
| ☐ Tax-exempt Trust (First and last pages of the trust document required) | ☐ Estate (Letter of Testamentary required) |
| ☐ S-Corp (Corporate Resolution required) | ☐ Other (Specify) |
| ☐ C-Corp (Corporate Resolution required) |  |

---

Check if appropriate:

☐ I am an exempt recipient as defined under U.S. federal income tax regulations (*e.g.*, C-Corporation, financial institution, registered broker-dealer, or tax-exempt organization).

Exempt Payee Code (see IRS Form W-9 for a list of exempt payee codes):

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

The Subscriber is a "FOIA Subscriber" as such term is defined in Section 10(p) of this Subscription Agreement: ☐

The Subscriber is a "BHC Subscriber" as such term is defined in Section 10(q) of this Subscription Agreement: ☐

The Subscriber is an "investment company" within the meaning of the Investment Company Act or an entity that would be an "investment company" but for the exception provided for in Section 3(c)(1) or 3(c)(7) thereof. ☐

The Subscriber "opts out" of the Company's distribution reinvestment plan as described in Section 5 of this Subscription Agreement. ☐

---

| | |
|:---|:---|
| Subscriber's Name: |  |
|  | (print or type) |
| By: |  |
|  | (signature of authorized representative) |
| Name: |  |
|  | (print or type name of authorized representative) |
| Title: |  |
|  | (print or type title of authorized representative) |

---

Adams Street Credit Solutions Fund

Subscription Agreement Signature Page – Page 4

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**APPENDIX I** 

**TO SUBSCRIPTION AGREEMENT** 

**Additional Representations for Non-U.S. Persons** 

As used herein, the term "Shares" shall mean the Company's Class I common shares of beneficial interest, par value $0.01 per share, and the term "Subscriber" shall mean the person or entity executing the Subscription Agreement as the "Subscriber" to which this <u>Appendix I</u> is attached.

**SUBSCRIBERS IN EUROPEAN ECONOMIC AREA JURISDICTIONS,** 

**THE UNITED KINGDOM AND SWITZERLAND** 

If (a) the Subscriber is domiciled in, or has a registered office in the EEA, the UK or Switzerland, or (b) the decision to invest in the Company was made for or on behalf of the Subscriber by a person that is domiciled in, or has its registered office in, the EEA, the UK or Switzerland (together with (a), each an "EEA Subscriber," a "UK Subscriber" or a "Swiss Subscriber" respectively), the Subscriber represents, warrants and agrees that (i) the Subscriber has completed the EEA, UK and Swiss Supplemental IQS and (ii) all of the statements, answers and information in the EEA, UK and Swiss Supplemental IQS are true and correct as of the date hereof, will be true and correct as of the date and/or dates of the acceptance of this subscription and, as of each such date, do not and will not omit to state any material fact necessary in order to make the statements contained therein not misleading.

**SUBSCRIBERS IN BAHRAIN** 

The Subscriber represents, warrants and acknowledges that the offering and sale of the Shares has been made outside of Bahrain.

**SUBSCRIBERS IN CANADA** 

The Subscriber represents and warrants that (a) the Subscriber is an "accredited investor" as defined in National Instrument 45-106 *Prospectus Exemptions* ("<u>NI 45-106</u>") and, for investors in Ontario, section 73.3 of the *Securities Act* (Ontario), (b) the Subscriber is a "permitted client", as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations* and *Multilateral Instrument 32-102 Registration Exemptions for Non-Resident Investment Fund Managers*, (c) the Subscriber has fully and truthfully completed the Supplemental Investor Qualification Statement for Canadian Subscribers attached hereto and (d) the Subscriber has not received any general advertising materials relating to the Shares.

**SUBSCRIBERS IN THE CAYMAN ISLANDS** 

The Subscriber represents, warrants and acknowledges that it is not a member of the public in the Cayman Islands, as such phrase is defined in the Exempted Limited Partnership Law (2018 Revision) of the Cayman Islands.

**SUBSCRIBERS IN COLOMBIA** 

The Subscriber represents, warrants and acknowledges that it is being provided with this Subscription Agreement and any Offering Materials solely in response to the Subscriber's request. The Subscriber confirms that the Subscriber's interest in requesting such documents and information arose out of the Subscriber's own private interest and was not the result of any direct or indirect solicitation, promotion or offering of services or products by the Company or by any of its representatives. Accordingly, the information contained in this document is not intended and should not be construed as constituting promotion, marketing or solicitation of financial or capital-market services or products.

The distribution of the information contained in this document, including all Offering Materials, is restricted by law, and persons who access it are required to comply with all such restrictions. The information is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By receiving this document and the Offering Materials, the Subscriber confirms that the Subscriber is aware of the laws in Colombia relating to the promotion and marketing of financial services products and the Subscriber warrants and represents that the Subscriber will not pass on or utilize the information contained in this document in a manner that could constitute a breach of such laws by the Company, its affiliates or any other person.

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Subscription Agreement – Appendix I-1

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Any Shares mentioned in this document have not been and will not be registered with the National Register of Securities ("<u>Registro Nacional de Valores y Emisores</u>") maintained by the Colombian Financial Superintendency ("<u>Superintendencia Financiera de Colombia</u>") and may not be publicly offered or sold in Colombia. This information does not constitute and should not be construed as an offer to enter into any agreement, or to purchase or subscribe to securities for purposes of applicable Colombian laws and regulations relating to the promotion and marketing of financial services products in Colombia.

The information in this document, including the Offering Materials, is provided for information purposes only and does not constitute investment, legal, tax or other advice or any recommendation to buy, sell or otherwise transact in any of the funds or securities mentioned. Prospective investors should take appropriate professional advice before making any investment decision.

**SUBSCRIBERS IN HONG KONG** 

The Subscriber represents and warrants that it is a professional investor within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

**SUBSCRIBERS IN JAPAN** 

The Subscriber represents, warrants, acknowledges and agrees that (a) in addition to all other restrictions on transfer, the Subscriber shall not transfer its Shares to more than one investor in Japan and (b) the Subscriber is in compliance with any applicable filing requirements under the Foreign Exchange and Foreign Trade Law and other applicable laws of Japan.

**SUBSCRIBERS IN KUWAIT** 

The Subscriber acknowledges that the Subscription Agreement and all other Subscription Documents will be executed and this Subscription Agreement will be accepted on behalf of the Company outside Kuwait, and that the sale of the Shares will take place outside of Kuwait.

**SUBSCRIBERS IN MEXICO** 

The Subscriber represents and acknowledges that (a) the Subscriber became aware of the offering of the Shares through personal communication with the Adviser and not through mass means of communication and (b) the Shares have neither been registered with the National Registry of Securities (Registro Nacional de Valores) maintained by the National Banking and Securities Commission of Mexico (Comisión Nacional Bancaria y de Valores) (the "<u>CNBV</u>") nor approved by the CNBV.

**SUBSCRIBERS IN SINGAPORE** 

The Subscriber represents and warrants that it is an institutional investor within the meaning of Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "<u>SFA</u>") or a person referred to in Section 275 of the SFA.

**SUBSCRIBERS IN TAIWAN (REPUBLIC OF CHINA)** 

The Subscriber represents and warrants that it is a qualified investor under the ruling issued by the Republic of China Securities and Futures Bureau, Financial Supervisory Commission under the Securities Investment Trust and Consulting Act and the Rules Governing Offshore Funds.

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Subscription Agreement – Appendix I-2

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**SUBSCRIBERS IN THAILAND** 

The Subscriber represents that this Subscription Agreement and any Offering Materials or any other documents and materials provided to the Subscriber in connection with the offer, sale or invitation for subscription or purchase, of the Shares are provided to the Subscriber solely in response to the Subscriber's request, and further acknowledges that such documents are not intended to be an offer, sale or invitation for subscription or purchase of securities in Thailand. No prospectus, disclosure or other documents and materials in connection with the offer, sale, or invitation for subscription or purchase of the Shares have been or will be registered with the Office of the Securities and Exchange Commission of Thailand. Accordingly, this Subscription Agreement, the Memorandum and any other documents and materials provided to the Subscriber in connection with the offer, sale or invitation for subscription or purchase, of the Shares may not be circulated or distributed, nor may the Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand. None of the Adviser, the Company, any of their respective affiliates or any of their respective representatives maintain any license, authorization or registration in Thailand nor is the Company registered in Thailand. The offer and sale of securities within Thailand and the provision of securities services in Thailand or to Thai persons or entities may not be possible or may be subject to legal restriction or conditions.

**SUBSCRIBERS IN THE UNITED ARAB EMIRATES** 

The Subscriber represents and warrants that it is an investor exempted under the Investment Fund Regulations of the Securities and Commodities Authority of the United Arab Emirates (the "<u>SCA</u>") in accordance with SCA Board Resolution No. 13 of 2013.

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Subscription Agreement – Appendix I-3

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Name of Subscriber (Please Print or Type)

**EXHIBIT A** 

**INVESTOR** 

**QUALIFICATION STATEMENT** 

**ACCREDITED INVESTOR STATUS** 

The Subscriber hereby represents and warrants, pursuant to Section 10(j) of the attached Subscription Agreement, that he, she or it is correctly and in all respects described by the category or categories set forth below directly next to which the Subscriber or its authorized representative has checked the corresponding box(es). Capitalized terms not defined herein shall have the meanings assigned to them in the Subscription Agreement.

☐ 1. The Subscriber is a natural person (or a 401(k)/IRA Investor directed by and for the benefit of a single natural person) whose net worth,<sup>1</sup> either individually or jointly with such person's spouse or spousal equivalent,<sup>2</sup> exceeds $1,000,000.

☐ 2. The Subscriber is a natural person (or a 401(k)/IRA Investor directed by and for the benefit of a single natural person) who (a) either had (i) individual income in excess of $200,000 in each of the previous two calendar years or (ii) joint income with that person's spouse or spousal equivalent<sup>2</sup> in excess of $300,000 in each of the previously two calendar years and (b) reasonably expects to reach the same income level in the current calendar year.

☐ 3. The Subscriber is a natural person (or a 401(k)/IRA Investor directed by and for the benefit of a single natural person) holding in good standing a General Securities Representative license (Series 7), a Private Securities Offerings Representative license (Series 82), or a Licensed Investment Adviser Representative license (Series 65). *The Company and/or the Adviser may require additional information regarding the Subscriber's credential referred to above*.

☐ 4. The Subscriber is an entity which falls within one of the following categories of accredited investor set forth in Rule 501(a) of Regulation D under the Securities Act:

☐ (a) A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or a fiduciary capacity.

<sup>1</sup> In calculating the Subscriber's net worth: (a) the Subscriber's primary residence shall not be included as an asset; (b) indebtedness that is secured by the Subscriber's primary residence, up to the estimated fair market value of the primary residence at the time of calculation, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the Subscriber's primary residence in excess of the estimated fair market value of the primary residence at the time of calculation shall be included as a liability. In calculating the Subscriber's joint net worth with the Subscriber's spouse or spousal equivalent, (i) the Subscriber's spouse's or spousal equivalent's primary residence (if different from the Subscriber's own) and indebtedness secured by such primary residence shall be treated in a similar manner and (b) joint net worth can be calculated as the aggregate net worth of the Subscriber and such Subscriber's spouse or spousal equivalent (*i.e*., the assets included in such joint net worth calculation need not be held jointly by the Subscriber and such Subscriber's spouse or spousal equivalent). 

<sup>2</sup> Rule 501(j) under the Securities Act defines a "spousal equivalent" as a cohabitant occupying a relationship generally equivalent to that of a spouse.

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☐ (b) A broker or dealer registered pursuant to Section 15 of the Exchange Act.

☐ (c) The Subscriber is an investment adviser (a) registered pursuant to Section 203 of the U.S. Investment Advisers Act of 1940 Act, as amended (the "<u>Investment Advisers Ac</u>t"), (b) registered pursuant to the laws of a state within the United States or (c) relying on the exemption from registration with the SEC under Section 203(l) or 203(m) of the Investment Advisers Act. 

☐ (d) An insurance company as defined in Section 2(a)(13) of the Securities Act.

☐ (e) An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act.

☐ (f) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

☐ (g) A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act, as amended.

☐ (h) Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000. 

☐ (i) An employee benefit plan within the meaning of Title I of ERISA, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons or entities that are accredited investors as described in one or more of the categories set forth in items 1 through 5 of this <u>Exhibit A</u>. 

☐ (j) A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act.

☐ (k) An organization described in Section 501(c)(3) of the Code, corporation, Massachusetts or similar business trust, partnership, or limited liability company not formed for the specific purpose of acquiring the Shares, with total assets in excess of $5,000,000. 

☐ (l) A trust, with total assets in excess of $5,000,000 not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a "sophisticated person" (meaning a person that has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Company) as described in Section 506(b)(2)(ii) of Regulation D under the Securities Act. 

☐ (m) The Subscriber is of an entity type not listed above, not formed for the specific purpose of acquiring the securities offered and owning investments in excess of $5,000,000. 

☐ (n) The Subscriber is a "family office" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) with assets under management in excess of $5,000,000, not formed for the specific purpose of acquiring the Interests offered, and whose purchase of the Interests is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the purchase of the Interests. 

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Investor Qualification Statement – Accredited Investor Status – Page 2

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☐ (o) A "family client" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) of a "family office" meeting the requirements of the immediately preceding category, whose purchase of the Interests is directed by such family office.

☐ 5. The Subscriber is a revocable grantor trust and (a) each grantor of the trust has the power to revoke the trust at any time and regain title to the trust assets, (b) the grantors may amend the trust at any time and (c) each grantor is an accredited investor as described in one or more of the categories set forth in items 1 through 4 above. If the Subscriber is described by this item 5, the Subscriber should describe the circumstances under which the trust may be revoked and amended by the grantor(s).

Circumstances under which the trust is revocable and may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ☐ The Subscriber is an entity (other than a trust) in which all of the equity owners are accredited investors as described in one or more of the categories set forth in items 1 through 4 of this <u>Exhibit A</u>. Beneficiaries of a trust are not considered equity owners for these purposes. *If the Subscriber selects this category, the General Partner and/or Adams Street may require additional information or documentation in support of the Subscriber's status as an "accredited investor."*

7 .☐ The Subscriber is not described in any of the categories set forth above but is not a U.S. Person (as defined in <u>Exhibit B)</u>.

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**RULE 506(D) "BAD ACTOR" STATUS** 

The Subscriber<sup>1</sup> has not been subject to any Regulation D Rule 506(d) Disqualifying Event.

☐ True ☐ False

Each of the enumerated instances below is a Disqualifying Event for the purposes of the Subscriber's response above. The Subscriber has been subject to a Disqualifying Event if the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Has been convicted within ten years of the date hereof of any felony or misdemeanor (i) in connection with
the purchase or sale of any security, (ii) involving the making of any false filing with the SEC or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Is subject to any order, judgment or decree of any court of competent jurisdiction entered within five years of
the date hereof that presently restrains or enjoins the Subscriber from engaging or continuing to engage in any conduct or practice (i) in connection with the purchase or sale of any security, (ii) involving the making of any false filing
with the SEC or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Is subject to a final order of a state securities commission (or an agency or officer of a state performing
like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S.
Commodity Futures Trading Commission; or the National Credit Union Administration that (i) as of the date hereof, bars the Subscriber from (A) association with an entity regulated by such commission, authority, agency or officer,
(B) engaging in the business of securities, insurance or banking or (C) engaging in savings association or credit union activities or (ii) constitutes a final order based on a violation of any law or regulation that prohibits
fraudulent, manipulative or deceptive conduct entered within ten years of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Is subject to any order of the SEC pursuant to Section 15(b) or 15B(c) of the Exchange Act or
Section 203(e) or (f) of the Investment Advisers Act that as of the date hereof (i) suspends or revokes the Subscriber's registration as a broker, dealer, municipal securities dealer or investment adviser, (ii) places
limitations on the activities, functions or operations of the Subscriber or (iii) bars the Subscriber from being associated with any entity or from participating in the offering of any penny stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Is subject to any order of the SEC entered within five years of the date hereof that presently orders the
Subscriber to cease and desist from committing or causing a violation or future violation of (i) any scienter-based anti-fraud provision of the federal securities laws (including, but not limited to Section 17(a)(1) of the Securities Act,
Section 10(b) of the Securities Exchange Act, and Section 206(1) of the Investment Advisers Act)or (ii) Section 5 of the Securities Act;

<sup>1</sup> For the purposes of this question, references to the "Subscriber" shall include any person whose interest in, or relationship to, the Subscriber is deemed to make such person a beneficial owner of the Company's voting securities under Exchange Act Rule 13d-3 and within the meaning of Rule 506(d). Under Rule 13d-3, a person is a beneficial owner of a security if, for among other reasons, such person directly or indirectly has or shares (a) the power to vote or to direct the voting of such security and/or (b) the power to dispose of or direct the disposition of such security. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Is, as of the date hereof, suspended or expelled from membership in, or suspended or barred from association
with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Has filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or
Regulation A offering statement filed with the SEC that, within five years of the date hereof, was the subject of a refusal order, stop order or order suspending the Regulation A exemption, or is presently the subject of an investigation or
proceeding to determine whether a stop order or suspension order should be issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Is subject to a U.S. Postal Service false representation order entered within five years of the date hereof or
is presently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false
representations.

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IN WITNESS WHEREOF, the Subscriber has executed this Investor Qualification Statement Regarding Accredited Investor Status on the date set forth below.

Dated ,

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| | |
|:---|:---|
| If a corporation, partnership or other entity: | If an individual: |
| *Name of Entity* | *Signature* |
|  |  |
| *Type of Entity* | *Name of Individual* |
|  |  |
| *Signature of Authorized Representative* |  |
|  |  |
| *Title of Authorized Representative* |  |

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Investor Qualification Statement – Accredited Investor Status – Page 3

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**EXHIBIT B** 

**U.S. PERSON STATUS** 

The Subscriber hereby represents and warrants, pursuant to Section 10(j) of the attached Subscription Agreement, that he, she or it is a "<u>U.S. Person</u>" set forth in Rule 902(k) of Regulation S under the Securities Act.

If the Subscriber is not a U.S. Person, as set forth below, please check the following box: ☐

Capitalized terms not defined herein shall have the meanings assigned to them in the Subscription Agreement.

A "<u>U.S. Person</u>" is defined for the purposes of Rule 902(k) of Regulation S under the Securities Act as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A natural person resident in the United States of America, its territories and possessions, any state of the United States, or the District of Columbia (the "<u>United States</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A partnership or corporation organized or incorporated under the laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An estate of which any executor or administrator is a U.S. Person, unless, in the case of an estate of which any professional fiduciary acting as executor or administrator is a U.S. Person, the estate is governed by laws of a jurisdiction other than the United States and an executor or administrator who is not a U.S. Person has sole or shared investment discretion with respect to the assets of the estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A trust of which any trustee is a U.S. Person, unless, in the case of a trust of which any professional fiduciary acting as trustee is a U.S. Person, a trustee who is not a U.S. Person has sole or shared investment discretion with respect to the trust assets and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An agency or branch of a non-United States entity located in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A discretionary account or similar account (other than an estate or trust) held by a dealer or other professional fiduciary organized, incorporated or (if an individual) resident in the United States unless such account is held for the benefit or account of a non-U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A partnership or corporation (i) organized or incorporated under the laws of any jurisdiction other than the United States and (ii) formed by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Regulation D under the Securities Act) who are not natural persons, estates or trusts.

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**EXHIBIT C** 

**PLAN INVESTOR REPRESENTATIONS** 

The Subscriber hereby represents and warrants, pursuant to <u>Section 10(o)</u> of the attached Agreement, as set forth below. Subscribers for whom the answer to items 1, 3, 4 or 5 below is "Yes" shall be referred to in this <u>Exhibit C</u> and the Subscription Agreement as "<u>Plan Investors.</u>" Please execute the signature block below even if all answers are "No." Capitalized terms not defined herein shall have the meanings assigned to them in the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Subscriber is, or is acting on behalf of: (a) an "employee benefit plan" within the meaning of Section 3(3) of ERISA, that is subject to Part 4 of Subtitle B of Title I of ERISA; (b) a "plan" within the meaning of Section 4975(e)(1) of the Code, that is subject to Section 4975 of the Code (including individual retirement accounts); or (c) any other entity or account that is deemed under applicable law to hold the assets of a plan described in (a) or (b) (each, a "<u>Benefit Plan Investor</u>").

☐ Yes ☐ No

**If the Subscriber answered "*<u>No</u>*" to this Item 1 (i.e., the Subscriber is not a Benefit Plan Investor), it will promptly notify the Company in writing in the event it ever becomes, or there is a material likelihood that it will become, a Benefit Plan Investor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the answer to Item 1 above is "*<u>Yes</u>*" based on clause (c) thereof (including insurance company general accounts), the current participation in the Subscriber (or the entity or account on whose behalf the Subscriber is acting) by Benefit Plan Investors, expressed as a percentage, is:<u> </u>% (the "<u>Current Percentage</u>"), and the maximum participation in the Subscriber (or the entity or account on whose behalf the Subscriber is acting) by Benefit Plan Investors, expressed as a percentage, while the Subscriber holds an interest in the Company will be<u> </u>%.

The Subscriber expressly agrees to promptly disclose in writing any changes with respect to the Current Percentage, to promptly re-confirm such percentages in writing at any time upon the request of the Company (or other person acting on behalf of the Company), and to provide such other information reasonably requested by the Company (or other person acting on behalf of the Company) for purposes of determining whether or not the Company is holding "plan assets."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Subscriber is, or is acting on behalf of, a "governmental plan" within the meaning of Section 3(32) of ERISA, a "foreign plan," or another plan or retirement arrangement that is not subject to Part 4 of Subtitle B of Title I of ERISA and with respect to which Section 4975 of the Code does not apply or a partnership, limited liability company or other entity or account that is deemed to hold the assets of such a governmental plan, foreign plan or other plan or retirement arrangement under applicable law (each, an "<u>Other Plan Investor"</u>).

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Subscriber is, or is acting on behalf of, a "church plan" within the meaning of Section 3(33) of ERISA that has elected to be subject to ERISA.

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Subscriber is, or is acting on behalf of, an entity or account described under 29 C.F.R. § 2510.3-101(h) (such as, for example, a group trust, a bank common or collective trust or certain insurance company separate accounts).

☐ Yes ☐ No

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Please indicate whether or not the Subscriber is (a) a person or entity who has discretionary authority or control with respect to the assets of the Company, (b) a person or entity who provides investment advice for a fee (direct or indirect) with respect to the assets of the Company, or (c) an "affiliate" (within the meaning of 29 C.F.R. Section 2510.3-101(f)(3)) of a person or entity described in (a) or (b).

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If the answer to any of items 1, 3, 4 or 5 above is "*<u>Yes</u>*," the Subscriber hereby represents and warrants to and agrees with the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The decision to invest the Subscriber's assets in the Company was made by fiduciaries independent of the
Company, the Adviser and any placement agent, which parties are duly authorized to make such investment decisions and who have concluded, after consideration of their fiduciary duties under applicable law, that the investment of assets of the
Subscriber in the Company is prudent and made in accordance with the governing documents of the applicable employee benefit plan, plan or Other Plan Investor and such documents do not prohibit the investment contemplated herein, and the Subscriber
and such parties have not relied on any advice or recommendation of the Company, the Adviser or any placement agent or any of their respective partners, members, employees, shareholders, officers, directors, agents, representatives or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Adviser or any placement agent nor any of their respective partners, members, employees,
shareholders, officers, directors, agents, representatives or affiliates have exercised any discretionary authority or control with respect to the Subscriber's investment in the Company, nor have the Adviser or any placement agent or any of
their respective partners, members, employees, shareholders, officers, directors, agents, representatives or affiliates rendered any advice or recommendation, including in a fiduciary capacity, to the Subscriber based upon the Subscriber's
investment policies or strategy, overall portfolio composition or diversification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) The Subscriber has been informed of and understands the investment objectives and policies of the Company;
(ii) the Subscriber is aware of the provisions of Section 404 of ERISA or any similar provisions of applicable law governing the Subscriber (" <u>Similar Law</u> ") relating to fiduciary duties, including any applicable
requirement for diversifying the investments of an employee benefit plan; (iii) the Subscriber has given appropriate consideration to the facts and circumstances relevant to the investment by the Subscriber in the Company and has determined
that such investment is reasonably designed, as part of the Subscriber's portfolio of investments, to further the purposes of the relevant plan(s); and (iv) the Subscriber's investment in the Company is permissible under the
documents governing the investment of its plan assets and under ERISA or Similar Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The terms of the Agreement, including all exhibits and attachments thereto, comply with the Subscriber's
governing instruments and applicable laws governing the Subscriber, and the Subscriber will promptly advise the Company in writing of any changes in any governing law or any regulations or interpretations thereunder affecting the duties,
responsibilities, liabilities or obligations of the Company or the Adviser or any of their respective partners, members, employees, shareholders, officers, directors, agents, representatives or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assuming the assets of the Company do not constitute "plan assets", the Subscriber's purchase
and holding of the Shares will not result in a non-exempt "prohibited transaction" under Section 406 of ERISA or the Section 4975 of Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of any Other Plan Investor, the Company's assets will not constitute the assets of the
Subscriber, any plan the Subscriber is acting on behalf of, or any plan whose assets are held by the Subscriber under the provisions of any applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Subscriber that is an insurance company general account hereby represents and warrants to the Company that,
for so long as the Subscriber owns Shares, the reserves and liabilities for the general account contract held by or on behalf of any benefit fund investors, together with any other plans maintained by the same employer (or its affiliates) or
employee organization, do not exceed 10% of

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the total reserves and liabilities of the insurance company general account (exclusive of separate account liabilities) plus surplus as set forth in the National Associate of Insurance Commissioners Annual Statement filed with the state of domicile of the issuer, in accordance with PTCE 95-60, and the other applicable conditions of such exemption are otherwise satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Subscriber expressly agrees to promptly disclose any changes with respect to the Current Percentage, to
promptly re-confirm such percentages at any time upon the request of the Adviser (or other person acting on behalf of the Company) and to promptly provide such other information reasonably requested by the Adviser (or other person acting on behalf
of the Company) for purposes of determining whether or the Company is holding "plan assets."

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The Subscriber shall notify the Company promptly after obtaining knowledge of the occurrence of any event which invalidates or otherwise renders inaccurate (or will be reasonably expected to invalidate or otherwise render inaccurate) any of the foregoing representations and warranties.

Name of Subscriber:

 <br> By:

 <br> Name:

 <br> Title:

Adams Street Credit Solutions Fund

Investor Qualification Statement – Plan Investor Representations – Page 4

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**EXHIBIT D** 

**UNITED STATES ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING** 

**QUESTIONNAIRE TO SUBSCRIPTION AGREEMENT** 

**PART A SUBSCRIBER REPRESENTATIONS AND WARRANTIES WITH RESPECT TO ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING** 

**The Subscriber is subscribing for Class I common shares of beneficial interest in Adams Street Credit Solutions Fund (the "<u>Company</u>"). The Subscriber hereby represents, warrants and agrees as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Subscriber acknowledges that the Company has anti-money laundering and anti-terrorist financing
responsibilities and has appointed State Street Bank and Trust Company, its transfer agent (the " <u>Transfer Agent</u> "), to perform anti money laundering and anti-terrorist financing procedures in relation to the Company's
Subscribers in accordance with the Transfer Agent's anti-money laundering and sanction compliance program (the " <u>Program</u> "). The Subscriber acknowledges and agrees that, if the laws and/or regulations reflected in the Program
change, the Company may be required to make changes to its anti-money laundering and anti-terrorist financing procedures or to implement additional anti-money laundering and anti-terrorist financing measures in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Subscriber acknowledges and agrees that this Anti-Money Laundering and Anti-Terrorism Financing
Questionnaire (the " <u>Questionnaire</u> ") contains references to certain lists and definitions adopted or published by applicable governmental authorities for the convenience of the Subscriber and that because these lists and
definitions are subject to change from time to time, it is the responsibility of the Subscriber to ensure that the lists and definitions are current as of the time the Subscription Agreement is executed and that each representation made by the
Subscriber is true and correct as of the date of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Subscriber represents and warrants that the Subscriber and, where applicable, any Beneficial Owner (as such
term is defined (in this paragraph and throughout this Questionnaire) in <u>Appendix 2</u>) of the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not (a) named on the list of Specially Designated Nationals and Blocked Persons published by the U.S.
Treasury Department's Office of Foreign Assets Control (" <u>OFAC</u> ") or any other similar list maintained by OFAC pursuant to any authorizing statute including, but not limited to, the International Emergency Economic Powers Act,
50 U.S.C. §§ 1701 et seq., the Trading with the Enemy Act, 50 U.S.C. App.1 et. seq. and any executive order, rule or regulation promulgated thereunder, and (b) named on a list pursuant to European Union (" <u>EU</u> ") or
United Kingdom (" <u>UK</u> ") sanctions Regulations; (c) operationally based or domiciled in a country or territory in relation to which trade or financial sanctions imposed by the United Nations, OFAC, the EU or the UK apply
(" <u>Sanctioned Country</u> "); or (d) otherwise subject to sanctions imposed by the United Nations, OFAC, the EU or the UK ((a), (b), (c) and (d) collectively, a " <u>Prohibited List</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not a Shell Bank (as such term is defined in <u>Appendix 2</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not resident in, or organized or chartered under the laws of, a jurisdiction that is designated by the U.S.
Secretary of the Treasury under Section 311 or 312 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 as warranting special measures due to money laundering concerns;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not resident in, or organized or chartered under the laws of, any foreign country that is designated as
non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering (" <u>FATF</u> "); (a person or entity listed
under (a) to (e) shall be collectively referred to as a " <u>Sanctions Subject</u> ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Subscriber represents and warrants that, to the best of the Subscriber's knowledge after reasonable
due diligence, the money that the Subscriber seeks to invest was derived from legitimate sources in connection with its regular business activities and was not and is not directly or indirectly derived from activities that may contravene applicable
laws and regulations, including anti-money laundering and anti-terrorist financing laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Except as otherwise disclosed to the Company in writing, the Subscriber represents and warrants that [ **CHECK APPROPRIATE BOX (ONE ONLY)** ]:

☐ **Investing for Own Account as a Subscriber:** 

The Subscriber is subscribing solely for its own account, risk and beneficial or economic interest, as an Subscriber, and the Subscriber (i) is not acting as an agent, trustee, nominee, investment manager or representative or in a similar agency capacity (a "<u>Nominee</u>") for any other individual or entity and (ii) is not an investment fund or trust with Subscribers of its own (an "<u>Intermediary</u>," which does not include an employee benefit plan or pension plan of a U.S. Federal, state or local government or a company publicly traded in the United States).

☐ **Investing for Own Account as an Intermediary:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber is subscribing for its own account, risk and beneficial or economic interest, as an investment
fund, investment trust or other Intermediary, and is not otherwise acting as a Nominee for any other individual or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber, in accordance with applicable anti-money laundering and anti-terrorist financing requirements
(A) routinely establishes and verifies the identities and source of funds of its Subscribers and, where applicable, their Beneficial Owners and checks their names against the Prohibited Lists, (B) conducts anti-money laundering and
anti-terrorist financing due diligence investigations of its Subscribers and, where applicable, their Beneficial Owners when appropriate, (C) maintains records of anti-money laundering and anti-terrorist financing information about, and
documents obtained from, its Subscribers and, where applicable, their Beneficial Owners and (D) represents and warrants that it has adopted procedures to elicit information from its Beneficial Owners and persons it controls or that are
controlled by it that are intended to substantiate the representations in this Part A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber makes all representations and warranties in this <u>Part A</u> with respect to the Subscriber
and, on the basis of such identity and source of funds verifications and due diligence investigations, with respect to each Subscriber and, where applicable, their Beneficial Owner(s).

☐ **Investing as a Nominee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber is subscribing as a record owner in its capacity as a Nominee for one or more principals or
beneficiaries; The Subscriber shall provide a Nominee Representation Letter in the form set out in <u>Appendix 3</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber makes all representations and warranties in this <u>Part A</u> with respect to the Subscriber
and, on the basis of such identity and source of funds verifications and due diligence investigations, with respect to each of its principals and beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Subscriber agrees to provide to the Company or its agents or service providers such additional information
as the Company or its agents or service providers may request, and to take such other reasonable actions on request as may be advisable in the reasonable judgment of the Company or its agents or service providers, to enable the Company to satisfy
its anti-money laundering and anti-terrorist financing responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Subscriber acknowledges and agrees that the Subscriber may encounter delays in receiving distributions or
other payments from the Company, and may be required to withdraw from the Company, if information requested by the Company or its agents or service providers is not provided in a timely manner. In the event of any such delay, the Subscriber shall
indemnify the Company and its agents and service providers, and hold them harmless, against any loss resulting from such delay.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Subscriber acknowledges and agrees that distributions or other amounts paid to the Subscriber by the
Company will be paid only to an account in the Subscriber's name, unless the Company in its sole discretion agrees otherwise, and that, if the Company in its sole discretion deems it advisable, the Company may require that such proceeds or
other amounts be paid into the account from which the Subscriber's subscription funds originated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Subscriber acknowledges and agrees, for itself and, where an entity, on behalf of its management,
Beneficial Owners, principals or beneficiaries, that (i) the Company or its agents or service providers may monitor communications, investments, distributions and other payments; (ii) the Company or its agents or service providers may be
required to report any suspicious activity to appropriate authorities; (iii) in the course of making investments, the Company may disclose information contained in the Subscription Agreement, including information about the Subscriber,
management, Beneficial Owners, principals or beneficiaries, or otherwise provided by the Subscriber, to third parties; (iv) the Company or its agents or service providers may disclose information contained in the Subscription Agreement,
including information about the Subscriber, management, Beneficial Owners, principals or beneficiaries, or otherwise provided by the Subscriber, to OFAC or other government, regulatory, fiscal or administrative authorities and agencies where
required or requested; and (v) in order to enable it to perform the anti-money laundering and anti-terrorist financing checks in relation to the Subscribers and Beneficial Owners as required by applicable law, the Company and/or the Transfer
Agent may be required to disclose identification information in relation to such Subscribers and Beneficial Owners to a third party service provider of web-based anti-money laundering and anti-terrorist financing identity verification and search
applications, which applications are commonly used as a component of anti-money laundering and anti-terrorist financing compliance programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Subscriber acknowledges that, if the Subscriber is or becomes a Sanctions Subject or otherwise becomes
named on or blocked by any Prohibited List, or if the Company or the Transfer Agent is otherwise required by law, the Company or the Transfer Agent may freeze the Subscriber's investment, by prohibiting additional investments, delaying
indefinitely the payment of distributions or segregating assets constituting the investment, or the Subscriber may be required to withdraw from the Company and that the Company may immediately and without notice to the Subscriber cease any further
dealings with the Subscriber and/or the Subscriber's interest in the Company until the Subscriber ceases to be a Sanctions Subject or a license is obtained under applicable law to continue such dealings. The Subscriber further acknowledges
that the Company may decide not to make distributions or other payments to the Subscriber if the Company reasonably deems it necessary to do so to comply with the anti-money laundering and anti-terrorist financing, or equivalent, regulations
applicable to the Company or any of the Company's agents or service providers. In such event, the Subscriber shall indemnify the Company and the Transfer Agent, and hold them harmless, against any resulting loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Subscriber acknowledges and agrees that should any investment made on behalf of the Company subsequently
become subject to applicable sanctions, the Company may immediately and without notice to the Subscriber cease any further dealings with that investment until the applicable sanctions are lifted or a license is obtained under applicable law to
continue such dealings (a " <u>Sanctioned Investment Event</u> "). Should a Sanctioned Investment Event occur, the Company may exercise its power to freeze such investment as further disclosed in the Company Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Subscriber represents and warrants that the Subscriber, including any subsidiaries and affiliates, engages
in or expects to engage in activity with a Sanctioned Country in the following manner *(*  ***select the answer which applies*** *)*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Physical locations (offices/branches/operations/joint ventures), assets or investments:

☐ YES ☐ NO

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Buy, sell or otherwise deal in or finance products, merchandise, commodities or services:

☐ YES ☐ NO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Has a director, senior officer or 10% or greater owner/shareholder who is a (1) citizen or resident or
(2) governmental agency/authority of a Sanctioned Country:

☐ YES ☐ NO

If you selected "YES" to any of (i) through (iii) above, please contact the Administrator immediately for further instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Subscriber represents and warrants that the Subscriber, and, if the Subscriber is an entity, to the best of
the Subscriber's knowledge after appropriate due diligence *(*  ***select the answer which applies*** *)*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ at least one Beneficial Owner of the Subscriber  **<u>IS</u>** 

or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☒  **<u>NO</u>** Beneficial Owner of the Subscriber is

a "Politically Exposed Person" (as defined in the Subscription Agreement), any immediate family member (as defined in the Subscription Agreement) of a Politically Exposed Person, or any close associate (as defined in the Subscription Agreement) of a Politically Exposed Person, (all as such terms are defined in <u>Appendix 2</u>):

If you selected "**IS**" above, please contact the Company immediately for further instructions as the Company is required by law to verify source of wealth and source of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Subscriber acknowledges that the Transfer Agent may re-use the information and materials provided by the
Subscriber to the Transfer Agent (in support of the Transfer Agent 's anti-money laundering or similar reviews) for any such reviews undertaken by the Transfer Agent in connection with the Subscriber's investment in other funds.

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**PART B IDENTITY VERIFICATION MATERIALS** 

The information and documentation required to enable the Transfer Agent to determine the Subscriber's anti-money laundering and anti-terrorist financing verification status is set out below. Please note that pursuant to applicable laws and regulations, in respect of any paper or electronic document provided to the Transfer Agent pursuant to this Questionnaire, the Subscriber by doing so shall be deemed to <u>certify</u>, to the best of his/her/its knowledge, that the information in the document provided is complete and correct.

**<u>Section I. Simplified Due Diligence</u>**

All documents listed in <u>Section II</u>—Identity Verification Requirements will <u>not</u> normally be required if the Subscriber falls within one of the following categories of this Section and the Company assesses the Subscriber relationship as being low risk. Documents are acceptable in electronic form, rather than paper form, where approved by the Company on a risk-based approach. Subscriber should tick the appropriate box (one only) to indicate which category is applicable and complete and provide the information and documentation required:

☐ Subscriber is a central or local government, statutory body or agency of government, in a FATF Member Country (as defined in <u>Appendix 2</u>).

Name of Country/Territory:

**Note:** A paper or electronic copy of appropriate documentation evidencing this status must be provided to the Company; or

☐ Subscriber is a Financial Institution (as defined in <u>Appendix 2</u>) and is required to comply with the AMLR (as defined in <u>Appendix 2</u>).

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status must be provided to the Company; or

☐ Subscriber is a majority-owned subsidiary of a Financial Institution which is required to comply with the AMLR.

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status and ownership structure must be provided to the Company; or

☐ Subscriber is acting in the course of a business in relation to which a regulatory authority exercises regulatory functions and it is based or incorporated in, or formed under the law of an FATF Member Country.

Name of Regulatory Authority:

Name of Country/Territory:<u> </u>

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status must be provided to the Company; or

☐ Subscriber is a majority-owned subsidiary of the business in relation to which a regulatory authority exercises regulatory functions and it is based or incorporated in, or formed under the law of an FATF Member Country.

Name of Regulatory Authority:

Name of Country/Territory: *<u> </u>*

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**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status and ownership structure must be provided to the Company; or

☐ Subscriber is a company that is listed on a stock exchange included in <u>Appendix 1</u> ("<u>Stock Exchange</u>") and subject to disclosure requirements which impose requirements to ensure adequate transparency of beneficial ownership.

Name of Stock Exchange:

**Note**: A paper or electronic copy of appropriate documentation evidencing this listing status must be provided to the Company; or

☐ Subscriber is a majority-owned subsidiary of a company that is listed on a Stock Exchange and subject to disclosure requirements which impose requirements to ensure adequate transparency of beneficial ownership.

Name of Stock Exchange:

**Note**: A paper or electronic copy of appropriate documentation evidencing this listing status and ownership structure must be provided to the Company; or

☐ Subscriber is a pension fund for a professional association or trade union or is acting on behalf of employees of an entity referred to any of the categories above.

**Note**: A paper or electronic copy of a certificate of registration, approval or regulation by a government regulatory or fiscal authority in the jurisdiction in which the fund is established must be provided to the Company.

☐ There is an Eligible Introducer who is prepared to provide an introduction for the Subscriber and (where applicable) each Beneficial Owner. The categories of persons/entities who/which is qualified to act as an Eligible Introducer are as noted above under Section I, as set out in the Eligible Introducer Form (<u>Appendix 3</u>). 

**Note**: The Eligible Introducer should complete the Eligible Introducer Form (<u>Appendix 3</u>) and provide the original to the Company.

☐ Payment has been made by wire transfer from an account held in Subscriber's name from a regulated financial institution in a FATF Member Country. If relying on this exception: (i) the Subscriber must provide Bank Account Wire Details information and the Administrator should be provided with evidence of proof of actual payment (e.g. a wire transfer confirmation or SWIFT payment form) and (ii) identity verification materials may be required from Subscriber prior to any onward payments being made by the Company to the Subscriber (or any other third party) or prior to the Subscriber's Interest being transferred. 

**In addition, as noted above, if Subscriber is acting as agent or nominee for a principal, Subscriber must also provide the Company with the original of a Nominee Representation Letter as set out in <u>Appendix 3</u>.** 

**<u>Section II. Identity Verification Requirements</u>**

If the Subscriber does not qualify for Simplified Due Diligence (Section I) the Subscriber should refer to the appropriate section of the Standard Identification Verification for Individuals/Companies/ Partnerships/Trusts in <u>Appendix 4</u> and provide the Administrator with all information and documentation referred to therein.

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If the Subscriber ***selects*** "**IS**" in (13) of Part A, enhanced due diligence status <u>shall</u> apply and Subscriber should refer to the appropriate section of the Standard Identification Verification for Individuals/Companies/ Partnerships/Trusts in <u>Appendix 4</u> and provide the Company with all information and documentation referred to therein and further the Company will be required to verify source of wealth and source of funds.

**In addition, as noted above, if Subscriber is acting as agent or nominee for a principal, but does not meet the criteria noted above under section I, the Subscriber must complete <u>Appendix 4</u> and provide the relevant documentation as required, as well as provide the Administrator with the original of a Nominee Representation Letter as set out in <u>Appendix 3</u>.** 

**<u>Updated Documentation</u>**

The Company, or the Transfer Agent on behalf of the Company, will contact each Subscriber to obtain updated documentation when such documents become expired, no longer meet applicable legal and regulatory requirements, or in accordance with requirements for periodic reviews based on the Subscriber's risk rating.

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**APPENDIX 1** 

**STOCK EXCHANGES** 

---

| | |
|:---|:---|
| Abu Dhabi Securities Exchange | Irish Stock Exchange |
| American Stock Exchange | Isle of Man Stock Exchange |
| Amsterdam Stock Exchange | Johannesburg Stock Exchange |
| Athens Stock Exchange | Korea Stock Exchange |
| Australian Securities Exchange | Kuala Lumpur Stock Exchange |
| Barbados Stock Exchange | London Stock Exchange |
| Bahamas International Stock Exchange | Luxembourg Stock Exchange |
| Bahrain Stock Exchange | Madrid Stock Exchange |
| Barcelona Stock Exchange | Malta Stock Exchange |
| Berlin Stock Exchange | Mexican Stock Exchange |
| Bermuda Stock Exchange | Montreal Exchange |
| Bilbao Stock Exchange | Munich Stock Exchange |
| Bolsa de Comercio de Buenos Aires | Nagoya Stock Exchange |
| Bolsa de Comercio de Santiago | NASDAQ |
| Bolsa de Valores de Caracas | NASDAQ Dubai |
| Bolsa de Valores de Lima | National Stock Exchange |
| Bolsa de Valores de Panama | New York Stock Exchange |
| Borsa Istanbul | New Zealand Stock Exchange |
| Borsa Italiana SPA | NYSE Arca |
| Boston Stock Exchange | OMX Nordic Exchange |
| British Virgin Islands Stock Exchange | Osaka Securities Exchange |
| Channel Islands Securities Exchange | Oslo Stock Exchange |
| Chicago Stock Exchange | Philadelphia Stock Exchange |
| Copenhagen Stock Exchange | Rio de Janeiro Stock Exchange |
| Dubai Financial Market | Sao Paulo Stock Exchange (Bovespa) |
| Dusseldorf Stock Exchange | Shanghai Stock Exchange |
| Euronext Brussels | Shenzhen Stock Exchange |
| Euronext Lisbon | Singapore Exchange |
| Euronext NV | Stuttgart Stock Exchange |
| Euronext Paris | SWX Swiss Exchange |
| Frankfurt Stock Exchange | Taiwan Stock Exchange |
| Fukuoka Stock Exchange | Tel Aviv Stock Exchange |
| Gibraltar Stock Exchange | The Stock Exchange of Thailand |
| Hamburg and Hannover Stock Exchange | Tokyo Stock Exchange |
| Helsinki Stock Exchange | Toronto Stock Exchange |
| Hong Kong Stock Exchange | Valencia Stock Exchange |
| Iceland Stock Exchange | Vienna Stock Exchange |
| International Securities Exchange |  |

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**APPENDIX 2** 

**DEFINITIONS** 

**AMLR** means anti-money laundering regulations promulgated by FinCEN.

**Beneficial Owner** means the natural person who ultimately owns or controls the Subscriber or on whose behalf a transaction or activity is being conducted and includes but is not restricted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. in the case of a legal person other than a company whose securities are listed on a Stock Exchange, a natural
person who ultimately owns or controls, whether through direct or indirect ownership or control, 10% or more of the shares or voting rights in the legal person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. in the case of any legal person, a natural person who otherwise exercises ultimate effective control over the
management of the legal person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. in the case of a legal arrangement, the trustee or other person who exercises ultimate effective control over
the legal arrangement.

**FATF Member Country** means country member of FATF, as listed at http://www.fatf-gafi.org/about/membersandobservers/.

**Financial Institution** refers to the definition of "financial institution" under 31 U.S.C. § 5312(a)(2) of the Bank Secrecy Act of the United States.

**FinCEN** means the Financial Crimes Enforcement Network at the U.S. Department of the Treasury.

**Shell Bank** means any institution that accepts currency for deposit and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. has no physical presence in the jurisdiction in which it is incorporated or in which it is operating, as the
case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is unaffiliated with a regulated financial group that is subject to consolidated supervision.

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**APPENDIX 3** 

**ELIGIBLE INTRODUCER'S FORM OR NOMINEE REPRESENTATION LETTER** 

***(To be completed by the Introducer/Nominee on Company Letterhead)***

To: ADAMS STREET CREDIT SOLUTIONS FUND

[Address]

[Address]

[City, State ZIP]

Dear Sirs,

[**Name and [Business or Residential] Address of Client**] (the ["**Subscriber**"]["**Principal**"])

We confirm that we are a [***type of financial institution e.g. a bank***]<sup>1</sup> regulated and operating in [***name of FATF Member Country***] and subject to the anti-money laundering and anti-terrorist financing regime of this jurisdiction.

We confirm that the [Subscriber/Principal] (a) is a [describe type of entity]; (b) has a relationship with this company/firm and has had such since [***date***]; and (c) [***Describe nature and intended purpose of business relationship with Subscriber/Principal***].

We confirm that we have obtained and maintain satisfactory evidence of the identity of the [Subscriber/Principal] [and its beneficial owners], and have verified the identity of the [Subscriber/Principal] [and its beneficial owners] and its [their] source of funds, in accordance with applicable anti-money laundering and anti-terrorist financing requirements.

We confirm that we will provide to you a copy of the evidence of the identity of the [Subscriber/Principal] [and the beneficial owners] and relevant documentation, upon your request, without delay, and will not destroy such evidence before notifying you.

We confirm that we are not aware that (i) the [Subscriber/Principal] has been found to be or has been suspected of activity that would presently constitute a money laundering and/or terrorist financing offence, (ii) the source of funds is not legitimate; or (iii) the [Subscriber/Principal] is, or is associated with, a Politically Exposed Person.

We confirm that we are compliant with the anti-money laundering and anti-terrorist financing requirements of this jurisdiction as set out in paragraph 1.

Yours faithfully

Name: Job Title:

Signature: Date:

<sup>1</sup> See Section I of Part B of this Supplement for the types of entities that can be relied upon as Eligible Introducers/Nominees.

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**APPENDIX 4** 

**Standard Identification Verification for Individuals/ Companies/ Partnerships/ Trusts** 

**<u>Where the Subscriber is an individual:</u>**

☐ (One of the following) paper or electronic copy of a current valid Passport, National ID Card, Driver's License (bearing photo and signature)

☐ (One of the following) Bank Reference (dated within the previous 90 days) or Professional Character Reference (dated within the previous 90 days) or Utility Bill (dated within the previous 90 days) or Bank Statement (dated within the previous 90 days) etc. that confirms the Subscriber's address (originals required<sup>1</sup>) 

☐ If applicable, original or paper or electronic copy of Power of Attorney or Account Authorization (where acting on behalf of a legal person or arrangement), together with specimen signatures with name and title printed underneath for each authorized signatory

**<u>Where the Subscriber is a legal person</u>:**

☐ Paper or electronic copy of Certificate of Incorporation/Establishment

☐ Paper or electronic copy of Constitutional Documents (e.g. Memorandum and Articles of Association or equivalent)

☐ Paper or electronic copy of Board Resolution (or equivalent) authorizing the investment

☐ Paper or electronic copy of Authorized Signatory List with specimen signatures or Powers of Attorney or Letters of Authority with specimen signatures (if applicable)

☐ Paper or electronic copy of the Register of Directors (or equivalent)

☐ Identification verification information from two persons who are a Director or equivalent senior managing officer position and any other natural person exercising ultimate effective control over the management of the Subscriber (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below); and 

☐ Identification verification information for all persons with a direct or indirect interest in the Subscriber of more than 10% (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below). Where there are one or more entities in a chain of ownership meeting this criteria, you may instead provide either (a) a structure chart, or (b) ownership register for each entity in the chain together with identification verification information for the top person in the chain 

**<u>Where the Subscriber is a Partnership which is not a legal person:</u>**

☐ Paper or electronic copy of Partnership Agreement

☐ Paper or electronic copy of Partnership mandate for making the investment (e.g. Partnership Resolution or General Partner Resolution)

<sup>1</sup> If a document is presented in an electronic form, it may be regarded as an original if it is evident that it was issued or created in such an electronic form

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☐ Paper or electronic copy of Authorized Signatory List with specimen signatures or Powers of Attorney or Letters of Authority with specimen signatures (if applicable)

☐ Identification verification information for the beneficial owners/controllers of the Subscriber; i.e. the General Partner, or other person with principal control over the partnership, or any person on whose instructions the authorized signatories are to act (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below) 

☐ Identification verification information for all persons with a direct or indirect interest in the Subscriber of more than 10% (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below). Where there are one or more entities in a chain of ownership meeting this criteria, you may instead provide either (a) a structure chart, or (b) ownership register for each entity in the chain together with identification verification information for the top person in the chain 

**<u>Where the Subscriber is a Trust:</u>**

☐ Paper or electronic copy of the Trust Deed or Declaration (or equivalent)

☐ Paper or electronic copy of Trust mandate for making the investment (e.g. Trustee Minute)

☐ Paper or electronic copy of Authorized Signatory List with specimen signatures or Powers of Attorney or Letters of Authority with specimen signatures (if applicable)

☐ Identification verification information for the Trustees, Settlors, Protector, Enforcer, beneficiaries or class of beneficiaries (with a fixed and/or vested interest) or any other natural person exercising ultimate effective control over the trust (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below). Where there are one or more entities in a chain of ownership meeting this criteria, you may instead provide either (a) a structure chart, or (b) ownership register for each entity in the chain, together with identification verification information for the top person in the chain. 

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Anti-Money Laundering and Anti-Terrorism Questionnaire – Page 12

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| |
|:---|
| <br> Name of Subscriber<br> (Please Print or Type) |
| <br> Province or Territory of Residence<br> (Please Print or Type) |

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**EXHIBIT E** 

**SUPPLEMENTAL INVESTOR** 

**QUALIFICATION STATEMENT** 

**FOR CANADIAN SUBSCRIBERS<sup>1</sup>**

**Part I. <u>Disclosure Matters</u>.** 

(1) The Subscriber and, if applicable, the disclosed principal of the Subscriber (the "<u>Disclosed Principal</u>") understands that the Company may be required to provide any one or more of the Canadian securities regulators, stock exchanges, other regulatory agencies (each a "<u>Securities Regulator</u>") or the Company's registrar and transfer agent or other agents with the name, residential address, telephone number, facsimile number and e-mail address of the Subscriber (and, if applicable, the Disclosed Principal) as well as information regarding the Shares subscribed for under the Subscription Agreement and the identities of any beneficial subscribers of the Shares (collectively, the "<u>Canadian Required Information</u>"), and may make any other filings of the Canadian Required Information as the Company deems or its agents deem appropriate. In addition, the Canadian Required Information may be used by the Company for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluating the Subscriber's eligibility and suitability as a potential Shareholder of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with all corporate governance and disclosure requirements under applicable securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contacting the Subscriber in its capacity as an investor.

(2) The Subscriber (and, if applicable, the Disclosed Principal) hereby consents to and authorizes the foregoing use and disclosure of such Canadian Required Information and agrees to provide, on request, all particulars required by the Company in order to comply with the foregoing.

(3) Each Subscriber (and, if applicable, the Disclosed Principal) authorizes the indirect collection of Canadian Required Information by the applicable Securities Regulator and confirms that it has been notified by the Company: (i) that the Company will be delivering the Canadian Required Information to the applicable Securities Regulator; (ii) that such Canadian Required Information is being collected indirectly by the applicable Securities Regulator under the authority granted to it in applicable securities laws; (iii) that such Canadian Required Information is being collected for the purpose of the administration and enforcement of applicable securities laws; and (iv) that the title, business address and business telephone number of the public official in each of the Provinces and Territories of Canada (each a "<u>Canadian Jurisdiction</u>" and collectively the "<u>Canadian Jurisdictions</u>") who can answer questions about such indirect collection of the Canadian Required Information is as follows:

<sup>1</sup> If the Subscriber consists of more than one natural person (other than a married couple subscribing as joint tenants), then a separate IQS must be prepared by each such natural person.

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Supplemental Investor Qualification Statement for Canadian Subscribers – Page 1

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Alberta

Alberta Securities Commission

Suite 600, 250 – 5th Street SW Calgary, Alberta T2P 0R4

Telephone: (403) 297-6454

Toll free in Canada: 1-877-355-0585

Facsimile: (403) 297-2082

British Columbia

British Columbia Securities Commission

P.O. Box 10142, Pacific Centre

701 West Georgia Street

Vancouver, British Columbia V7Y 1L2

Inquiries: (604) 899-6854

Toll free in Canada: 1-800-373-6393

Facsimile: (604) 899-6581

Email: inquiries@bcsc.bc.ca

Manitoba

The Manitoba Securities Commission

500 - 400 St Mary Avenue

Winnipeg, Manitoba R3C 4K5

Telephone: (204) 945-2548

Toll free in Manitoba 1-800-655-5244

Facsimile: (204) 945-0330

New Brunswick

Financial and Consumer Services Commission (New Brunswick)

85 Charlotte Street, Suite 300

Saint John, New Brunswick E2L 2J2

Telephone: (506) 658-3060

Toll free in Canada: 1-866-933-2222

Facsimile: (506) 658-3059

Email: info@fcnb.ca

Newfoundland and Labrador

Government of Newfoundland and Labrador

Financial Services Regulation Division

P.O. Box 8700

Confederation Building

2nd Floor, West Block

Prince Philip Drive

St. John's, Newfoundland and Labrador A1B 4J6

Attention: Director of Securities

Telephone: (709) 729-4189

Facsimile: (709) 729-6187

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Nova Scotia

Nova Scotia Securities Commission

Suite 400, 5251 Duke Street

Duke Tower

P.O. Box 458

Halifax, Nova Scotia B3J 2P8

Telephone: (902) 424-7768

Facsimile: (902) 424-4625

Ontario

Ontario Securities Commission

Public official contact regarding indirect collection of information: Inquiries Officer

20 Queen Street West, 22nd Floor

Toronto, Ontario M5H 3S8

Telephone: (416) 593- 8314

Toll free in Canada: 1-877-785-1555

Facsimile: (416) 593-8122

Email: exemptmarketfilings@osc.gov.on.ca

Prince Edward Island

Prince Edward Island Securities Office

95 Rochford Street, 4th Floor Shaw Building

P.O. Box 2000

Charlottetown, Prince Edward Island C1A 7N8

Telephone: (902) 368-4569

Facsimile: (902) 368-5283

Québec

Autorité des marchés financiers

800, Square Victoria, 22e étage

C.P. 246, Tour de la Bourse

Montréal, Québec H4Z 1G3

Telephone: (514) 395-0337 or 1-877-525-0337

Facsimile: (514) 873-6155 (For filing purposes only)

Facsimile: (514) 864-6381 (For privacy requests only)

Email: fonds_dinvestissement@lautorite.qc.ca

Saskatchewan

Financial and Consumer Affairs Authority of Saskatchewan

Suite 601 - 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Telephone: (306) 787-5879

Facsimile: (306) 787-5899

Northwest Territories

Government of the Northwest Territories

Office of the Superintendent of Securities

P.O. Box 1320

Yellowknife, Northwest Territories X1A 2L9

Attention: Deputy Superintendent, Legal & Enforcement

Telephone: (867) 920-8984

Facsimile: (867) 873-0243

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Nunavut

Government of Nunavut

Department of Justice Legal Registries Division

P.O. Box 1000, Station 570

1st Floor, Brown Building

Iqaluit, Nunavut X0A 0H0

Telephone: (867) 975-6590

Facsimile: (867) 975-6594

<u>Yukon</u>

Government of Yukon

Department of Community Services Law Centre, 3rd Floor

2130 Second Avenue

Whitehorse, Yukon Y1A 5H6

Telephone: (867) 667-5314

Facsimile: (867) 393-6251

The Subscriber hereby consents to and authorizes the foregoing use and disclosure of such Canadian Required Information and agrees to provide, on request, all particulars required by the Company in order to comply with the foregoing. For purposes of compliance with Canada's Anti-Spam Legislation, the Subscriber's execution of this Supplemental Investor Qualification Statement provides consent to receive email communications from the Company or the Adviser and their representatives. Such email communication will contain the appropriate instructions for opting out of future communications.

The Subscriber represents and warrants that it has the authority to provide consents and acknowledgements set out in the above paragraphs on behalf of all beneficial purchasers.

**Part II. <u>Risk Acknowledgment</u>.** 

The Subscriber acknowledges that in order for a subscription to be accepted and processed, if the Subscriber is an individual and is subscribing as an "accredited investor" (as described in Part III below) that does not meet the criteria set out in subparagraph 12 of Part III(b) below, the Subscriber will complete and deliver a completed Form 45-106F9 –*Form for Individual Accredited Investors* as described in National Instrument 45-106 –*Prospectus Exemptions* ("<u>NI 45-106</u>").

**Part III. <u>Accredited Investor Matters</u>.** 

Please indicate with an "X" the category in Part III(a) and the category or categories in Part III(b) below that accurately describe the Subscriber and qualify it as an "accredited investor" pursuant to NI 45-106 and, for investors in Ontario, Section 73.3 of the *Securities Act* (Ontario):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber represents, warrants and certifies to the Company and the Adviser and to any of their agents that the Subscriber is:

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| | | |
|:---|:---|:---|
| _____ | (1) | an "accredited investor" within the meaning of NI 45-106 and, for investors in Ontario, section 73.3 of the Securities Act (Ontario), as applicable, is resident in Canada and is subscribing for the Shares as principal for its own account and not for the benefit of any other Person, and it is subscribing for investment only and not with a view to resale or distribution and no other Person, corporation, firm or other organization has a beneficial interest in the Shares; |
| _____ | (2) | subscribing for the Shares as agent for a "Disclosed Principal," and the Disclosed Principal is an "accredited investor" within the meaning of NI 45-106 and, for investors in Ontario, Section 73.3 of the *Securities Act* (Ontario), as applicable, subscribing as principal for its own account, and not for the benefit of any other Person, and is subscribing for investment only and not for a view to resale or distribution; or |

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_____ (3) a Person described in paragraph 18 or 19 of Part III(b) below and is subscribing for the Shares on behalf of one or more Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Subscriber or the Disclosed Principal is an "accredited investor" within the meaning of NI 45-106 and, for investors in Ontario, Section 73.3 of the *Securities Act* (Ontario), subscribing pursuant to (1), (2) or (3) above, check or initial the categories that apply to the Subscriber or the Disclosed Principal:

(1) except for a Subscriber resident in Ontario, a Canadian Financial Institution, or a Schedule III bank, and for a Subscriber resident in Ontario, financial institution described in paragraph 1, 2 or 3 of subsection 73.1(1) of the Securities Act (Ontario);

(2) the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada);

(3) a Subsidiary of any Person referred to in paragraphs (1) or (2), if the Person owns all of the voting securities of the Subsidiary, except the voting securities required by law to be owned by Directors of that Subsidiary;

(4) a Person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer;

(5) an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a Person referred to in paragraph (4);

(6) an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador);

(7) the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;

(8) a municipality, public board or commission in Canada and a metropolitan community, school board, the *Comité de gestion de la taxe scolaire de l'île de Montréal* or an intermunicipal management board in Québec;

(9) any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;

(10) a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction of Canada;

(11) an individual who, either alone or with a Spouse, beneficially owns Financial Assets having an aggregate realizable value that, before taxes, but net of any Related Liabilities, exceeds CDN$1,000,000;

(12) an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds CDN$5,000,000;

(13) an individual whose net income before taxes exceeded CDN$200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a Spouse exceeded CDN$300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year;

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| | |
|:---|:---|
| (14) | an individual who, either alone or with a Spouse, has net assets of at least CDN$5,000,000; |
| (15) | a Person, other than an individual or Investment Fund, that has net assets of at least CDN$5,000,000 as shown on its most recently prepared financial statements; |
| (16) | an Investment Fund that distributes or has distributed its securities only to: |
|  | (A) a Person that is or was an accredited investor at the time of the distribution; |
|  | (B) a Person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45-106 (*Minimum amount investment*), or 2.19 of NI 45-106 (*Additional investment in investment funds*); or |
|  | (C) a Person described in paragraph (A) or (B) above that acquires or acquired securities under section 2.18 of NI 45-106 (*Investment fund reinvestment*); |
| (17) | an Investment Fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the applicable regulator or, in Québec, the securities regulatory authority, has issued a receipt; |
| (18) | a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a Fully Managed Account managed by the trust company or trust corporation, as the case may be; |
| (19) | a Person acting on behalf of a Fully Managed Account managed by that Person, if that Person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or foreign jurisdiction; |
| (20) | a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an Eligibility Adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; |
| (21) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (1) to (4) or paragraph (11) in form and function; |
| (22) | a Person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by Directors, are Persons that are accredited investors; |
| (23) | an Investment Fund that is advised by a Person registered as an adviser or a Person that is exempt from registration as an adviser; |
| (24) | a Person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or |
| (25) | a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of the accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. |

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Supplemental Investor Qualification Statement for Canadian Subscribers – Page 6

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**Part IV. <u>Canadian Permitted Client Matters</u>.** 

The Subscriber represents, warrants and certifies that the Subscriber qualifies as a Canadian permitted client because the Subscriber is:

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| | |
|:---|:---|
| _____(a) | a Canadian Financial Institution or a Schedule III bank; |
| _____ (b) | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); |
| _____ (c) | a Subsidiary of any Person or company referred to in paragraph (a) or (b), if the Person or company owns all of the voting securities of the Subsidiary, except the voting securities required by law to be owned by Directors of the Subsidiary; |
| _____ (d) | a Person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer; |
| _____ (e) | a pension fund that is regulated by either the federal Office of the Superintendent of Financial Institutions or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned Subsidiary of such a pension fund; |
| _____ (f) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (e); |
| _____ (g) | the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada; |
| _____ (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| _____ (i) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; |
| _____ (j) | a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation, as the case may be; |
| _____ (k) | a Person or company acting on behalf of a managed account managed by the Person or company, if the Person or company is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; |
| _____ (l) | an Investment Fund if one or both of the following apply: |
|  | (1) the fund is managed by a Person or company registered as an investment fund manager under the securities legislation of a jurisdiction of Canada; |
|  | (2) the fund is advised by a Person or company authorized to act as an adviser under the securities legislation of a jurisdiction of Canada; |
| _____ (m) | in respect of a dealer, a registered charity under the *Income Tax Act* (Canada) that obtains advice on the securities to be traded from an eligibility adviser, as defined in section 1.1 of NI 45-106, or an adviser registered under the securities legislation of the jurisdiction of the registered charity; |

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Supplemental Investor Qualification Statement for Canadian Subscribers – Page 7

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| | |
|:---|:---|
| _____(n) | in respect of an adviser, a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser, as defined in section 1.1 of NI 45-106, or an adviser registered under the securities legislation of the jurisdiction of the registered charity; |
| _____ (o) | an individual who beneficially owns Financial Assets, having an aggregate realizable value that, before taxes but net of any Related Liabilities, exceeds CDN$5,000,000; |
| _____ (p) | a Person or company that is entirely owned by an individual or individuals referred to in paragraph (o), who holds the beneficial ownership interest in the Person or company directly or through a trust, the trustee of which is a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction; |
| _____ (q) | a Person or company, other than an individual or an Investment Fund, that has net assets of at least CDN$25 million as shown on its most recently prepared financial statements; or |
| _____ (r) | a Person or company that distributes securities of its own issue in Canada only to Persons or companies referred to in paragraphs (a) to (q). |

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**Part V. <u>Definitions</u>.** 

For purposes of Parts III and IV of this Supplemental Investor Qualification Statement for Canadian Subscribers, the following terms have the meanings set forth below. Capitalized terms not defined herein shall have the meanings assigned to them in the Subscription Agreement.

"<u>Canadian Financial Institution</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative
credit society for which an order has been made under section 473(1) of that Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union,
caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada.

"<u>company</u>" means any corporation, incorporated association, incorporated syndicate or other incorporated organization.

"<u>control</u>" means a person (first person) is considered to control another person (second person) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first person beneficially owns or directly or indirectly exercises control or direction over securities of
the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless that first person holds the voting securities only to secure an obligation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the second person is a partnership, other than a limited partnership, and the first person holds more than 50%
of the interests of the partnership, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the second person is a limited partnership and the general partner of the limited partnership is the first
person.

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"<u>Director</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a member of the board of directors of a company or an individual who performs similar functions for a company,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a Person that is not a company, an individual who performs functions similar to those of a
director of a company.

"<u>Eligibility Adviser</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Person that is registered as an investment dealer and authorized to give advice with respect to the type of
security being distributed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in Manitoba, also means a lawyer who is a practicing member in good standing with a law society of a
jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada; provided that the
lawyer or public accountant must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) have a professional, business or personal relationship with the issuer, or any of its directors, executive
officers, founders or control persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate
or partner of a Person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within the previous 12 months.

"<u>executive officer</u>" means, for an issuer, an individual who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a chair, vice-chair or president,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a vice-president in charge of a principal business unit, division or function including sales, finance or
production, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) performing a policy-making function in respect of the issuer.

"<u>Financial Assets</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of
securities legislation.

"<u>financial institution described in paragraph 1, 2 or 3 of subsection 73.1(1) of the *Securities Act* (Ontario)</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a bank listed in Schedule I, II or III to the *Bank Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an association to which the *Cooperative Credit Associations Act* (Canada) applies or a central
cooperative credit society for which an order has been made under subsection 473(1) of that Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse
populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be.

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"<u>foreign jurisdiction</u>" means a country other than Canada or a political subdivision of a country other than Canada.

"<u>founder</u>" means, in respect of an issuer, a person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the
initiative in founding, organizing or substantially reorganizing the business of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time of the distribution or trade is actively involved in the business of the issuer.

"<u>Fully Managed Account</u>" means an account of a client for which a Person makes the investment decisions if that Person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction.

"<u>Investment Fund</u>" means a Mutual Fund or a Non-Redeemable Investment Fund.

"<u>Mutual Fund</u>" means an issuer whose primary purpose is to invest money provided by its securityholders and whose securities entitle the holder to receive on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in part of the net assets, including a separate fund or trust account, of the issuer.

"<u>Non-Redeemable Investment Fund</u>" means an issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whose primary purpose is to invest money provided by its securityholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that does not invest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for the purpose of exercising or seeking to exercise control of an issuer, other than an issuer that is a
mutual fund or a non-redeemable investment fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for the purpose of being actively involved in the management of any issuer in which it invests, other than an
issuer that is a Mutual Fund or a Non-Redeemable Investment Fund, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is not a Mutual Fund.

"<u>Person</u>" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons,
whether incorporated or not; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an individual or other person in that person's capacity as a trustee, executor, administrator, or
personal or other legal representative.

"<u>Related Liabilities</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets;
or

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Supplemental Investor Qualification Statement for Canadian Subscribers – Page 10

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) liabilities that are secured by financial assets.

"<u>Spouse</u>" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is married to another individual and is not living separate and apart within the meaning of the *Divorce Act* (Canada), from the other individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is living with another individual in a marriage-like relationship, including a marriage-like relationship
between individuals of the same gender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent partner
within the meaning of the *Adult Interdependent Relationships Act* (Alberta).

"<u>Subsidiary</u>" means an entity that is controlled directly or indirectly by another entity and includes a subsidiary of such subsidiary. For purposes of the definition of "Subsidiary," an entity is considered to control another entity if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first entity, directly or indirectly, beneficially owns or exercises control or direction over securities
of the second entity carrying votes which, if exercised, would entitle the first entity to elect a majority of the directors of the second entity, unless that first entity holds the voting securities only to secure an obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the second entity is a partnership, other than a limited partnership, and the first entity holds more than 50%
of the interests of the partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the second entity is a limited partnership and the general partner of the limited partnership is the first
entity.

**Part VI. <u>Representations, etc</u>.** 

The Subscriber makes the following representations, warranties, acknowledgments and certifications, as applicable, to the Company and to any of its agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber is resident within a Canadian Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber acknowledges that the declarations, representations and warranties it is providing and as
described herein are made with the intent that they be relied upon by the Adviser in determining the Subscriber's eligibility to purchase Shares on a basis exempt from the prospectus requirements of Canadian securities laws and the Subscriber
hereby agrees to indemnify the Company and the Adviser against any and all losses, claims, costs, expenses, damages and liabilities which the Company and/or the Adviser may suffer or incur caused or arising from reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber acknowledges that no Securities Regulator in Canada has reviewed or passed on the merits of the
Shares subscribed for hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subscriber is: (i) an "accredited investor" as defined in NI 45-106 and, for investors in
Ontario, section 73.3 of the Securities Act (Ontario), by virtue of being a person, company or other entity of the type indicated in certification set out in Part III above; or (ii) able to subscribe for Shares pursuant to a prospectus
exemption that has been discussed with, and approved by, the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Subscriber is subscribing as an "accredited investor" (as described in Part III above), the
Subscriber is not a company or other entity created solely or primarily to purchase or hold securities as an "accredited investor".

Adams Street Credit Solutions Fund

Supplemental Investor Qualification Statement for Canadian Subscribers – Page 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber is a "permitted client" as defined in National Instrument 31-103 Registration
Requirements, Exemptions and Ongoing Registrant Obligations, by virtue of being a person, company or other entity of the type indicated in the certification set out in Part IV above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subscriber acknowledges that Shares are being distributed in the Canadian Jurisdictions pursuant to
exemptions from the prospectus requirements of the applicable securities laws of the Canadian Jurisdictions, and any resale of such Shares must be made in accordance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Subscriber is either purchasing Shares as principal for its own account and not as agent or trustee for the
benefit of another or is deemed to be purchasing Shares as principal for its own account, in either case in accordance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber acknowledges that no person or company has made any representation, written or oral, that they
will resell or repurchase or refund all or any of the purchase price of the Shares or with respect to the future value of the Shares or that the Shares will be listed and posted for trading on a securities exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Subscriber acknowledges that none of the funds that the Subscriber is using to purchase the Shares
represent proceeds for the purposes of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (the " <u>PCMLTFA</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Subscriber is not named on or blocked by any of the following lists (the " <u>Prohibited Lists</u> ") promulgated by the Department of Foreign Affairs, Trade and Development or the Department of Public Safety and Emergency Preparedness of Canada:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the list of names subject to the *Regulations Establishing a List of Entities* made under subsection
83.05(1) of the *Criminal Code* (Canada) (found at the website of the Office of the Superintendent of Financial Institutions Canada (OSFI) at http://www.osfi-bsif.gc.ca/);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the lists of names subject to Regulations made under the *United Nations Act* (Canada) (found at the
website of Foreign Affairs and International Trade Canada at http://www.international.gc.ca/); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the lists of names subject to Regulations made under the *Special Economic Measures Act* (Canada) (found
at the website of Foreign Affairs and International Trade Canada at http://www.international.gc.ca/).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber acknowledges that the Company and/or the Adviser may in the future be required by law to
disclose the Subscriber's name and other information relating to the acquisition of the Shares hereunder, on a confidential basis, pursuant to the PCMLTFA and/or the Prohibited Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Subscriber acknowledges and consents to the fact that the Company and the Adviser are collecting the
Subscriber's (and any beneficial purchaser for which the Subscriber is contracting hereunder) personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws in effect from time to time) for the purpose of completing the Subscriber's
subscription. The Subscriber acknowledges and consents to the Company and the Adviser retaining the personal information for so long as permitted or required by applicable law or other business practices.

Adams Street Credit Solutions Fund

Supplemental Investor Qualification Statement for Canadian Subscribers – Page 12

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To the best of the Subscriber's knowledge the funds that the Subscriber is using to purchase the Shares:
(A) have not been or will not be derived from or related to any activity that is deemed criminal under the laws of Canada, or any other jurisdiction; or (B) are not being tendered on behalf of a person or entity who has not been identified
to the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Subscriber understands that the Company is not currently a reporting issuer in any Canadian Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Subscriber understands and acknowledges that no prospectus or other offering document has been filed by the
Company with the Securities Regulator in any Canadian Jurisdiction in connection with the issuance or qualification of Shares, that such issuance is exempt from the prospectus requirements otherwise applicable under Canadian securities laws and, as
a result, in connection with its purchase of Shares hereunder, as applicable: (A) the Subscriber will not receive information that might otherwise be required to be provided to the Subscriber under Canadian securities laws or contained in a
prospectus prepared in accordance with Canadian securities laws, and (B) the Company is relieved from certain obligations that would otherwise apply under Canadian securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Subscriber is aware that there are securities and tax laws applicable to the holding and disposition of the
Shares and has been given the opportunity to seek advice in respect of such laws and is not relying solely upon information from the Adviser or the Company.

**Part VII. <u>Business Conduct</u>.** 

The Subscriber acknowledges: (i) its understanding that the Company shall not be deemed to have carried on business in the Canadian Jurisdiction in which the Subscriber is resident solely as a result of the offering and sale of the Shares (without regard to any other activities of the Company which may have occurred in such Canadian Jurisdiction); and (ii) that the Company may not be registered in such Canadian Jurisdiction pursuant to the provisions of applicable legislation governing corporations in the Canadian Jurisdiction the Subscriber is resident ("<u>Corporation Legislation</u>") and may have no intention of registering under such Corporation Legislation. In addition, the Subscriber hereby acknowledges and confirms its agreement and acceptance that the Company and its affiliates are subject to limited liability in accordance with the terms of the Company Documents. The Subscriber hereby agrees to waive its right, if any, to claim otherwise and hereby agrees that it will not initiate any proceeding against the Company or its affiliates on a basis contrary to such limited liability status.

**Part VIII. <u>Statutory Rights</u>.** 

The Subscriber represents that it has reviewed the securities legend set out in the private placement memorandum of the Company relating to Canadian Subscribers and the notice of statutory rights of actions under the sub-heading "Statutory Rights of Action For Damages or Rescission" described therein.

**Part IX. <u>English Language Conduct</u>.** 

Upon receipt of this Supplemental Investor Qualification Statement for Canadian Subscribers, the Subscriber, as an investor in Canada, hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. *Chaque investisseur canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement.*

**Part X. <u>Miscellaneous</u>.** 

The Subscriber hereby represents and warrants that all of the answers, statements and information set forth in this Supplemental Investor Qualification Statement for Canadian Subscribers are true and correct on the date hereof and will be true and correct as of each date, if any, that the subscription set forth in the Subscription Agreement of which this Supplemental Investor Qualification Statement for Canadian Subscribers forms a part is accepted, in whole or in part, by the Adviser. The Subscriber hereby agrees to provide such additional information related to the foregoing as is requested by the Adviser and to notify the Adviser promptly of any change which may cause any answer, statement or information set forth in this Supplemental Investor Qualification Statement for Canadian Subscribers to become untrue in any material respect.

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Supplemental Investor Qualification Statement for Canadian Subscribers – Page 13

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This Supplemental Investor Qualification Statement for Canadian Subscribers shall be deemed a part of, and incorporated into, the Subscription Agreement.

\* \* \* \* \*

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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Supplemental Investor Qualification Statement for Canadian Subscribers – Page 14

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IN WITNESS WHEREOF, the Subscriber has executed this Supplemental Investor Qualification Statement for Canadian Subscribers on the date set forth below.

Dated<u> </u>,<u> </u>

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| | |
|:---|:---|
| *If a corporation, partnership or other entity:* | *If an individual:* |
|  |  |
| *Name of Entity* | *Signature* |
|  |  |
| *Type of Entity* | *Name of Individual* |
|  |  |
| *Signature of Authorized Representative* | *Signature of Witness* |
|  |  |
| *Title of Authorized Representative* | *Name of Witness* |

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Adams Street Credit Solutions Fund

Supplemental Investor Qualification Statement For Canadian Subscribers Signature Page

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Name of Subscriber (Please Print or Type)

**EXHIBIT F** 

**SUPPLEMENTAL INVESTOR** 

**QUALIFICATION STATEMENT** 

**FOR EEA,<sup>1</sup> UK AND SWISS SUBSCRIBERS** 

The undersigned Subscriber,<sup>2</sup> by executing the Subscription Agreement of the Company, to which this European Economic Area, United Kingdom and Switzerland Investor Questionnaire (this "<u>EEA, UK and Swiss Supplemental IQS</u>") is attached, has agreed to become a Shareholder in the Company on the terms set forth in the Company Documents.

Unless otherwise defined herein, capitalized terms used in this EEA, UK and Swiss Supplemental IQS will have the meanings ascribed to such terms in the Company Documents, or the Subscription Agreement, as applicable. In addition, unless the context otherwise requires, the words "include," "includes," "including" and other words of similar import are meant to be illustrative rather than restrictive.

**Part I. <u>Jurisdictional Matters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Is the Subscriber domiciled in, or does the Subscriber have a registered office in an EEA Member State, the United Kingdom ("UK") or Switzerland?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes<u> </u>No

If "Yes", please specify the relevant EEA Member State, the UK or Switzerland:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Has the decision to invest in the Company been made for or on behalf of the Subscriber by a person who is domiciled in, or has its registered office in, the EEA, the UK or Switzerland?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes No

If "Yes", please provide further details, specifying the name of the person making the investment decision and the relevant EEA Member State, the UK or Switzerland:

Name:

Position/Authorization:<u> </u>

Corporate Status:<u> </u>

EEA Member State/UK/Switzerland:<u> </u>

<sup>1</sup> "<u>EEA</u>" means the European Economic Area, consisting of Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. 

<sup>2</sup> If the Subscriber consists of more than one natural person (other than a married couple subscribing as joint tenants), then a separate IQS must be prepared by each such natural person.

Adams Street Credit Solutions Fund

EEA, UK and Swiss Supplemental IQS – Page 1

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Please note that the Adviser, may require further information from a person making investment decisions on behalf of the Subscriber. Please contact the Adviser for more information.

**Part II. <u>European Professional Investor Status for EEA or UK Subscribers only</u>**.

The Subscriber confirms that it possesses the experience, knowledge and expertise to make its own investment decisions and to properly assess the risks that an investment in the Company incurs. The Subscriber represents to the Company and the Adviser that the Subscriber is capable of being categorised or treated as a "professional client" within the meaning of Annex II of Directive 2014/65/EC of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, as implemented in any relevant EEA Member State or the UK by virtue of the Subscriber being (*please tick where applicable*):

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| | | |
|:---|:---|:---|
| _____(a) | a credit institution; | a credit institution; |
| _____ (b) | an investment firm; | an investment firm; |
| _____ (c) | another authorized or regulated financial institution; | another authorized or regulated financial institution; |
| _____ (d) | an insurance company; | an insurance company; |
| _____ (e) | a collective investment scheme or a management company of such a scheme; | a collective investment scheme or a management company of such a scheme; |
| _____ (f) | a pension fund or a management company of such a fund; | a pension fund or a management company of such a fund; |
| _____ (g) | a commodity or commodity derivatives dealer; | a commodity or commodity derivatives dealer; |
| _____ (h) | a local firm;<sup>3</sup> | a local firm;<sup>3</sup> |
| _____ (i) | another institutional investor (for the avoidance of doubt, which is authorized to operate in financial markets); | another institutional investor (for the avoidance of doubt, which is authorized to operate in financial markets); |
| _____ (j) | is a national or regional government, a public body that manages public debt, a Central Bank, an international and supranational institution such as the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank or another similar international organisation; | is a national or regional government, a public body that manages public debt, a Central Bank, an international and supranational institution such as the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank or another similar international organisation; |
| _____ (k) | is another institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financing transactions; | is another institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financing transactions; |
| _____ (l) | is a large undertaking meeting two of the following size requirements on a company basis; | is a large undertaking meeting two of the following size requirements on a company basis; |
|  | (1) balance sheet total: | EUR 20 million |
|  | (2) net turnover: | EUR 40 million |
|  | (3) own funds: | EUR 2 million |
| _____ (m) | an opted-up "professional client" i.e. the Subscriber has previously requested that the Adviser treat the Subscriber as a "professional client" for these purposes and the Subscriber has fulfilled the relevant criteria and has completed the relevant opt-up procedure with the Adviser. | an opted-up "professional client" i.e. the Subscriber has previously requested that the Adviser treat the Subscriber as a "professional client" for these purposes and the Subscriber has fulfilled the relevant criteria and has completed the relevant opt-up procedure with the Adviser. |

---

<sup>3</sup> For the purposes of this section, a "local firm" means a firm that deals for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or deals for the accounts of other members of those markets and is guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by the firm is assumed by clearing members of the same markets (Article 4 (4) of the EU Capital Requirements Regulation (Regulation (EU) No. 575/2013)). 

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EEA, UK and Swiss Supplemental IQS – Page 2

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**Part III. <u>United Kingdom Investor Status</u>**.

If the Subscriber is domiciled in the UK, the Subscriber represents to the Company and the Adviser the following (*please tick where applicable*):

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| | |
|:---|:---|
| _____(a) | The Subscriber qualifies as an "investment professional" within the meaning of Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended) (the "CIS Promotion Order") or Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 (the "Financial Promotion Order"), as applicable, by falling into one of the following categories (please check the category which applies): |
| _____ | (1) a person authorized by the Prudential Regulation Authority or the Financial Conduct Authority in the UK; |
| _____ | (2) a person exempt further to an exemption order granted under Section 38(1) of the Financial Services and Markets Act 2000; |
| _____ | (3) a person: |
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whose ordinary activities involve it participating in unregulated collective investment schemes for the purposes of a business carried on by it; or<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• who it is reasonable to expect will so participate for the purposes of a business carried out by it; or<br>|
| _____ | (4) a government, local authority or an international organisation. |
| _____ (b) | The Subscriber is a body corporate which has, or which is a member of the same group as an undertaking which has, a called-up share capital or net assets of not less than: |
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Subscriber has more than 20 members or is a subsidiary undertaking of an undertaking which has more than 20 members, £500,000; or<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• £5 million.<br>|
| _____ (c) | The Subscriber is an unincorporated association or partnership that has net assets of not less than £5 million. |
| _____ (d) | The Subscriber is the trustee of a trust with cash and investments with an aggregate value of at least £10 million. |
| _____ (e) | The Subscriber is a person to whom the Company Documents (and any ancillary information relating thereto) may otherwise lawfully be made available in accordance with the Financial Services and Markets Act 2000 and the CIS Promotion Order or the Financial Promotion Order, as applicable. |

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EEA, UK and Swiss Supplemental IQS – Page 3

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**Part IV. <u>French Investor Status</u>**.

If the Subscriber is domiciled in France, in accordance with the Autorité des marchés financiers ("<u>AMF</u>") Position No. 2014-04, "Guide to UCITS, AIF and other investment fund marketing regimes in France", the Subscriber represents to the Company and the Adviser the following (*please tick where applicable*):

---

| | | |
|:---|:---|:---|
| _____ | (a) | The Subscriber is authorized by the AMF to manage alternative investment funds ("AIFs") or undertakings for collective investment in transferable securities ("UCITS") in France, and the investment in the Company will be made only within the framework of the Subscriber's management of one or more AIFs or UCITS. |
| _____ | (b) | The Subscriber is authorized by the AMF to provide portfolio management services. The investment in the Company will be under the terms of a third party portfolio management agreement between the Subscriber and an investor, and such an investment is authorized in the investor's portfolio. |

---

**Part V. <u>Swiss Investor Status.</u>**

If the Subscriber is incorporated, established, domiciled or resident in Switzerland, the Subscriber represents and warrants to the Company and the Adviser the following (as applicable).

**Section I. Qualified Investor Status** 

The Subscriber represents, warrants and confirms that it is a "Qualified Investor" as defined in the Collective Investment Scheme Act 2006, as amended ("<u>CISA</u>"), and an "Institutional Client" as defined in the Financial Services Act 2018 ("<u>FINSA</u>"), being (*please tick where applicable*):

---

| | |
|:---|:---|
| _____(a) | a financial intermediary pursuant to the Banking Act dated November 8, 1934, as amended, the Financial Institutions Act dated June 15, 2018 or the CISA, as amended; |
| _____ (b) | an insurance company as defined in the Insurance Supervision Act dated December 17, 2004, as amended; |
| _____ (c) | a foreign client subject to prudential supervision such as the persons listed under (a) and (b) above; |
| _____ (d) | a central bank; and |
| _____ (e) | a national or supranational public entity with professional treasury operations;<sup>4</sup> |

---

and is aware of the possibility of "opting in" to being a Professional Client but has chosen not to do so.

The Subscriber represents, warrants and confirms that it is a "Qualified Investor" (as defined in CISA) and (where applicable) a "Professional Client" (as defined in FINSA), being (*please tick where applicable*):

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| | |
|:---|:---|
| _____(a) | a public entity with professional treasury operations;<sup>5</sup> |
| _____ (b) | a pension scheme or another institution which serves the purpose of an occupational benefits scheme with professional treasury operations; |
| _____ (c) | a company with professional treasury operations;<sup>6</sup> |

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<sup>4</sup> A company has professional treasury operations where it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector.

<sup>5</sup> A company has professional treasury operations where it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector.

<sup>6</sup> A company has professional treasury operations where it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector.

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EEA, UK and Swiss Supplemental IQS – Page 4

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| | |
|:---|:---|
| _____(d) | a large company, because it is a company which exceeds two of the following parameters: i) balance sheet total of CHF 20 million; ii) turnover of CHF 40 million; iii) equity of CHF 2 million; |
| _____ (e) | a private investment structure with professional treasury operations established for high-net-worth retail clients;<sup>7</sup> |
| _____ (f) | a high net worth individual having requested in writing to be treated as a professional client (opt-out), on the basis that the relevant individual: i) holds assets of at least CHF 500,000 <u>and</u> has sufficient professional knowledge or experience to understand the risks related to an investment in the Company; <u>or</u> ii) holds bankable assets of at least CHF 2,000,000; |
| _____ (g) | an investment structure created for a high net worth individual and has requested in writing to be treated as a professional client (opt-out);<sup>8</sup> |
| _____ (h) | a retail client for whom discretionary asset management or investment advisory services are being provided by a regulated financial intermediary according to FINSA Article 4 paragraph 3 lit. a or a foreign asset manager subject to equivalent prudential supervision in accordance with a long-term written agreement and who has not declared that it does not want to be treated as a Qualified Investor. |

---

and, where applicable, it is aware of the possibility of "opting in" to being a retail client but has chosen not to do so.

The Subscriber agrees to provide such further information and execute and deliver such documents as the Adviser and/or the Company may reasonably request to verify that the Subscriber can verify the foregoing representations and warranties.

The Subscriber further undertakes to inform the Adviser, without any delay should it cease to be a Qualified Investor for the purposes of CISA or an Institutional Client or Professional Client (as applicable) for the purposes of FINSA.

**Section II. Exempt / Reverse Solicitation** 

Where applicable, the Subscriber represents, warrants and confirms to the Company and the Adviser:

---

| | |
|:---|:---|
| _____ | that it was not solicited by any person in relation to the Subscriber's investment in the Company, and that the Subscriber, on its own initiative, requested to receive the Memorandum, the Subscription Agreement, Company Documents, and other information related to the Company. The Subscriber understands and acknowledges that the Shares have not been, nor will be, "offered" to it in accordance with CISA and FINSA nor has it been provided with a financial service in accordance with FINSA. Consequently, the Subscriber acknowledges that it will not benefit from any protection or rights under CISA or FinSA or supervision by FINMA. |

---

<sup>7</sup> A private investment structure has professional treasury operations where it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector.

<sup>8</sup> This means that the relevant individual must: i) hold assets of at least CHF 500,000 <u>and</u> have sufficient professional knowledge or experience to understand the risks related to an investment in the Company; <u>or</u> ii) hold bankable assets of at least CHF 2,000,000. 

Adams Street Credit Solutions Fund

EEA, UK and Swiss Supplemental IQS – Page 5

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**Part VI. <u>Additional Acknowledgements for EEA and UK Investors.</u>**

References to the Adviser in this Part VI shall be deemed to include the affiliates of the Adviser, as applicable.

The Subscriber acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from time to time, certain co-investment opportunities may arise in connection with the Company
(" <u>Co-investment Opportunities</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Adviser may determine in its absolute discretion that Co-investment Opportunities will not be marketed
actively to investors domiciled in or having a registered office in the EEA or the UK, including the Subscriber, for various reasons, including where the Adviser determines in its absolute discretion that it is not possible or desirable for
Co-investment Opportunities to be managed or marketed in accordance with the EU Alternative Investment Fund Managers Directive (" <u>AIFMD</u> ") and any law, rule or regulation relating to the implementation thereof in any relevant
jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Adviser may, in certain circumstances, provide the Subscriber with information relating to Co-investment
Opportunities and in the event that such information is provided, it is provided solely at the request and on the initiative of the Subscriber; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber agrees, represents, warrants and confirms that the above acknowledgements override any
provisions of the Company Documents, this Subscription Agreement and any side letter issued to the Subscriber in connection with the Subscriber's investment in the Company which could give rise to any express or implicit obligation on the
Adviser to market or otherwise make available any Co-investment Opportunities to the Subscriber.

The Subscriber wishes to make certain requests to the Adviser by checking the relevant statements below (*please tick one of the below*):

---

| | | |
|:---|:---|:---|
| _____ | (a) | Please inform us of any potential Co-investment Opportunities that may arise from time to time. We hereby request that you provide us with information regarding such Co-investment Opportunities (however structured). |
| _____ | (b) | We do not wish to make the request set out above. We acknowledge and agree that this does not affect any of the statements, acknowledgements, representations and confirmations made by us in Part VI above (*Additional Acknowledgements for EEA and UK Investors*), or the other provisions of this Subscription Agreement and the Company Documents. |

---

The Subscriber hereby acknowledges that the Subscriber may later be required to re-affirm the above request, and that the Subscriber's subscription for, and participation in, any Co-investment Opportunities may be conditional upon giving further representations and undertakings in relation to such Co-investment Opportunities.

Furthermore, the Subscriber agrees and acknowledges that the Adviser will not be under any obligation to market or otherwise make available any Co-investment Opportunities to the Subscriber solely as a result of the Subscriber having checked the statement (i) above, and that the marketing or making available of any Co-investment Opportunities to any person is at the absolute discretion of the Adviser.

The Subscriber hereby agrees, confirms and represents that the above request is made at the Subscriber's own initiative, freely and in full awareness of the fact that any Co-investment Opportunities made available to the Subscriber further to such request may not benefit from protections that may otherwise have been available had such Co-investment Opportunities been marketed at the initiative of the Adviser in accordance with the AIFMD and any law, rule or regulation relating to the implementation thereof in any relevant jurisdiction.

Adams Street Credit Solutions Fund

EEA, UK and Swiss Supplemental IQS – Page 6

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The Subscriber confirms and acknowledges that the Subscriber has taken independent advice regarding the implications of the AIFMD and the protections that may be lost as a consequence of the above request.

\* \* \* \* \*

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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EEA, UK and Swiss Supplemental IQS – Page 7

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The Subscriber hereby represents and warrants that all of the answers, statements and information set forth in this Supplemental Investor Qualification Statement for EEA, UK and Swiss Subscribers are true and correct on the date hereof and will be true and correct as of each date, if any, that the subscription set forth in the Subscription Agreement to which this Supplemental Investor Qualification Statement for EEA, UK and Swiss Subscribers relates is accepted, in whole or in part, by the Adviser and, as of each such date, do not and will not omit to state any material fact necessary in order to make the statements contained therein not misleading. The Subscriber hereby agrees to provide such additional information related to the foregoing as is requested by the Adviser or the Company and to notify the Adviser promptly of any change that may cause any answer, statement or information set forth in this Supplemental Investor Qualification Statement for EEA, UK and Swiss Subscribers to become untrue in any material respect.

IN WITNESS WHEREOF, the Subscriber has executed this Supplemental Investor Qualification Statement for EEA, UK and Swiss Subscribers on the date set forth below.

Dated<u> </u><u> </u>,<u> </u>

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| | |
|:---|:---|
| If a corporation, partnership or other entity: | If an individual: |
| *Name of Entity* | *Signature* |
| *Type of Entity* | *Name of Individual* |
| *Signature of Authorized Representative* |  |
| *Title of Authorized Representative* |  |

---

Adams Street Credit Solutions Fund

EEA, UK and Swiss Supplemental IQS Signature Page

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**EXHIBIT G** 

**ADAMS STREET ADVISORS PRIVACY NOTICE** 

**Part A: Non-EU Individuals** 

**Adams Street Advisors' Commitment to Privacy** 

Adams Street Advisors LLC (together with its affiliates, "Adams Street Advisors") recognizes and respects your privacy. This Privacy Notice describes the types of non-public personal information Adams Street Advisors obtains, how Adams Street Advisors uses that information and to whom Adams Street Advisors discloses it. Non-public personal information means personally identifiable financial information that is not publicly available and any list, description or other grouping of consumers (and publicly available information pertaining to such consumers) that is derived using any personally identifiable financial information that is not publicly available. If you are an individual investor, this Privacy Notice will be relevant to you directly. If you are providing information to Adams Street Advisors on behalf of other individuals, such as your employees or clients, this Privacy Notice will be relevant to those individuals, and you should transmit this document to such individuals or otherwise advise them of its content.

**Information Adams Street Advisors Collects About You** 

Adams Street Advisors collects the following categories of non-public personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that you provide, which may include your name and address, social security number or
tax identification number, date of birth and/or other information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about transactions and balances in accounts with Adams Street Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about transactions and balances in accounts with non-affiliated third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information from consumer reporting agencies, service providers or other sources that may be engaged
or consulted in connection with conducting due diligence, know-your-customer, anti-money laundering and other checks required to be performed in relation to admitting new investors.

**How Adams Street Advisors Discloses Your Personal Information** 

Adams Street Advisors uses and shares your non-public personal information with Adams Street Advisors' affiliates (including any of its advised investment funds) and their employees that have a legitimate business need for the information, primarily to complete financial transactions that you request or to make you aware of other financial products and services. Adams Street Advisors does not sell your non-public personal information to third parties. Below are the details of circumstances in which Adams Street Advisors may disclose non-public personal information to third parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To service providers (including financial, technical, marketing and professional service providers
and consultants) and financial institutions that provide services to Adams Street Advisors, who are required protect the confidentiality of your personal information and to use the information only for the purposes for which it is
disclosed to them).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To regulatory, self-regulatory, administrative or law enforcement agencies or other oversight bodies
in certain circumstances where we are required to share personal information and other information with respect to your interest in an investment with the relevant regulatory authorities. They, in turn, may exchange this information
with other authorities, including tax authorities.

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Privacy Notice – Page 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As authorized, for example, by subscription agreements or organizational documents of an investment and as
authorized by you or your designated representatives or other authorized persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with a corporate transaction – for example, to third parties as part of a corporate
business transaction, such as a merger, acquisition, joint venture or financing or sale of company assets.

**How Adams Street Advisors Safeguards and Retains Your Personal Information** 

Adams Street Advisors restricts access to non-public personal information about you to its employees and to third parties, as described above. Adams Street Advisors maintains physical, electronic, and procedural safeguards reasonably designed to protect the confidentiality of your non-public personal information. Despite these security measures that Adams Street Advisors has put in place to protect your personal information, no such measures can guarantee security or protect against unauthorized activity. Adams Street Advisors may retain your personal information for such a period as permitted or required by any applicable laws or regulations and for such a period as may be permitted in accordance with the lawful purposes or legitimate interests outlined above.

**Keeping You Informed** 

Adams Street Advisors reserves the right to modify this policy at any time and will keep you informed of further changes as required by law.

**Part B: EU Individuals** 

Part B of this Privacy Notice applies to the extent that EU Data Protection Legislation (as defined below) applies to the processing of personal data by an Authorized Entity (as defined below) or to the extent that a data subject is a resident of the United Kingdom (the "UK"), the European Union (the "EU") or the EEA. If this EU Privacy Notice applies, the data subject has certain rights with respect to such personal data, as outlined below.

For the purposes of this EU Privacy Notice: (i) "<u>EU Data Protection Legislation</u>" means all applicable legislation and regulations relating to the protection of personal data in force from time to time in the EU, the EEA, or the UK, including (without limitation): the Data Protection Directive (95/46/EC), the Data Protection Act 2018, the Privacy and Electronic Communications (EC Directive) Regulations 2003, or any other legislation which implements any other current or future legal act of the European Union or the UK concerning the protection and processing of personal data (including Regulation (EU) 2016/679 (the General Data Protection Regulation) and any national implementing or successor legislation (including the Data Protection Act 2018)), and including any amendment or re-enactment of the foregoing; and (ii) "data controller", "data processor", "data subject", "personal data" and "processing and process" shall have the meanings given to them under applicable EU Data Protection Legislation.

If any Subscriber has any questions about this EU Privacy Notice and whether any of the following applies to such Subscriber, please contact us.

We are sensitive to the privacy concerns of our individual Subscribers. We have a policy of protecting the confidentiality and security of information we collect about Subscribers. We are providing Subscribers this EU Privacy Notice to help Subscribers better understand why and how we collect certain personal data, the care with which we treat that personal data, and how we use that personal data.

***Categories of personal data collected and lawful bases for processing***

In connection with forming and operating our investment funds for our Subscribers, we, the Adviser, their affiliates and, in each case, their respective administrators, legal and other advisors and agents (the "<u>Authorized Entities</u>", "we" or "our") collect, record, store, adapt, and otherwise process and use personal data either relating to Subscribers, or to any other person, partner, officer, director, employee, shareholder, ultimate beneficial owner or affiliate of the Subscriber, or to any other data subject from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) information we receive from Subscribers in conversations over the telephone, in voicemails, through written
correspondence, via email, or on subscription agreements, investor questionnaires, applications or other forms (including, without limitation, any anti-money laundering, identification, and verification documentation);

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Privacy Notice – Page 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) information about Subscribers' transactions with us or others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) information captured on our website, including registration information and any information captured via
"cookies"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) information relating to Subscribers from available public sources.

We may process the following categories of personal data:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) names, dates of birth and birth place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) contact details and professional addresses (including physical address, email address and telephone number);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) account data and other information contained in any document provided by the Subscriber to the Authorized
Entities (whether directly or indirectly);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) information regarding your status under various laws and regulations, including your tax status, income and
assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) information regarding your interest in our funds, including ownership percentage, capital investment, income
and losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) information regarding your citizenship and location of residence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) source of funds used to make the investment in our funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) anti-money laundering, identification (including passport and drivers' license) and verification
documentation.

Any Authorized Entity may, in certain circumstances, combine personal data it receives from a Subscriber with information collected from, or about, such Subscriber. This will include information collected in an online or offline context.

One or more of the Authorized Entities are each data controllers of personal data collected in connection with this offering. In simple terms, this means such Authorized Entities: (i) "control" the personal data that they or other Authorized Entities collect from potential investors or other sources; and (ii) make certain decisions on how to use and protect such personal data.

We rely on the legal bases of contractual necessity to provide the services under the Subscription Booklet and our legitimate interests in operating our businesses, in each case, to process the personal data as set out in this EU Privacy Notice. From time to time, we may need to process the personal data on other legal bases, including: with the Subscriber's explicit consent; to comply with a legal obligation; if it is necessary to protect the vital interests of the Subscriber or other data subjects; or if it is necessary for a task carried out in the public interest.

The Subscriber's failure to provide the personal data requested to fulfil the purposes described in this EU-UK Privacy Notice may result in us being unable to provide the services required by the Subscriber pursuant to this Subscription Booklet.

***Purpose of processing***

We will process the personal data for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) for the performance of, or in connection with, the terms of this Subscription Booklet and the operation of our
funds, including processing the personal data in connection with credit, anti-money laundering and sanction list checks, identification of a professional investor qualification checks, and for the purpose of complying with the applicable laws in
connection thereto;

Adams Street Credit Solutions Fund

Privacy Notice – Page 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) in our legitimate business interests in relation to communicating with you as necessary in connection with its
affairs and generally in connection with its interest in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) in our legitimate business interests in relation to managing corporate transactions, such as investments,
mergers or acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) in our legitimate business interests to understand and improve our fund business or investor relationships
generally and to market our funds to our current and former investors (in each case, to the extent permitted by EU Data Protection Legislation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) to administer, manage and set up your investor account(s) to allow you to purchase your holding (of shares) in
our funds (and any other funds operated by us or our affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) to facilitate the execution, continuation or termination of the contractual relationship between you and us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) to facilitate the transfer of funds, and administering and facilitating any other transaction, between you and
us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) to enable any actual or proposed assignee or transferee, participant or sub-participant of our rights or
obligations to evaluate proposed transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) to facilitate business asset transactions involving us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) to enable or administer our funds and for account administration purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) where necessary or advisable in connection with applicable law or regulatory requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) for any other purposes notified to you or agreed in writing with you (as applicable) from time to time.

The Authorized Entities monitor communications where the law requires them to do so. The Authorized Entities also monitor communications, where required to do so, to comply with regulatory rules and practices and, where permitted to do so, to protect their respective businesses and the security of their respective systems.

***Sharing and transfers of personal data***

In addition to disclosing personal data among the Authorized Entities, we will disclose personal data where permitted by EU Data Protection Legislation and to our service providers, employees, agents, contractors, consultants, professional advisers, lenders, data processors and other persons employed and/or retained by us in order to fulfil the purposes described in this EU Privacy Notice. In addition, we may share personal data with regulatory bodies having competent jurisdiction over us, as well as with the tax authorities, auditors and tax advisers (where necessary or required by law).

Any Authorized Entity may transfer personal data to a Non-Equivalent Country (as defined below), in order to fulfil the purposes described in this EU Privacy Notice and in accordance with applicable law, including where such transfer is a matter of contractual necessity to enter into, perform and administer this Subscription Booklet and the Company Documents, and to implement requested pre-contractual measures. For information on the safeguards applied to such transfers, please contact us. For the purposes of this EU Privacy Notice, "<u>Non-Equivalent Country</u>" shall mean a country or territory other than (i) a member state of the European Economic Area; or (ii) a country or territory which has at the relevant time been decided by the European Commission in accordance with EU Data Protection Legislation to ensure an adequate level of protection for personal data.

Adams Street Credit Solutions Fund

Privacy Notice – Page 4

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***Retention and security of personal data***

We consider the protection of personal data to be a sound business practice, and to that end, we employ appropriate technical and organizational measures, including robust physical, electronic and procedural safeguards to protect your personal data in our possession or under our control.

We shall not retain personal data for longer than necessary with regard to the purposes described in this EU Privacy Notice, unless we are required by law to retain personal data for a longer period. We maintain personal data of our former Subscribers and apply the same policies that apply to current Subscribers.

***Data subject rights***

We acknowledge that, subject to applicable EU Data Protection Legislation, you, or the data subjects to which personal data relates, have rights under EU Data Protection Legislation: to obtain information about, or (where applicable) withdraw any consent given in relation to, the processing of personal data by us; to access and receive a copy of their personal data and/or request rectification or erasure of their personal data; to exercise his or her right to data portability; and the right not to be subject to automated decision making. Please note that it may not always be possible for us to erase your personal data on your request, due to legal obligations. In addition, should you request erasure of the personal data requested to fulfil the purposes described in this EU Privacy Notice, we may be unable to provide the services required by you pursuant to this Subscription Booklet.

In case the data subject to whom personal data relate disagrees with the way in which his or her personal data is being processed in relation to this Subscription Booklet, the data subject has the right to object to this processing of personal data and request restriction of the processing. The data subject may also lodge a complaint with the competent data protection supervisory authority in the relevant jurisdiction.

The data subject may raise any request relating to the processing of his or her personal data with us.

**Part C: Privacy Notice Supplement For California Residents** 

This California Privacy Notice applies solely to California residents. This California Privacy Notice uses certain terms that have the meaning given to them in the California Consumer Privacy Act of 2018 and its implementing regulations (the "<u>CCPA</u>").

1. <u>Notice of Collection and Use of Personal Information</u>. We may collect the following categories of personal information about you online or offline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Identifiers:** identifiers such as a real name, alias, postal address, telephone number, email address,
account name, Social Security number, driver's license number, passport number, and other similar identifiers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Additional Data Subject to Cal. Civ. Code § 1798.80:** signature, state identification card
number, education, bank account number, and other financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Protected Classifications:** characteristics of protected classifications under California or federal law,
such as national origin, age, sex, gender, marital status or citizenship status

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employment Information:** professional or employment-related information

We may use the categories of personal information listed above for certain business or commercial purposes, as described in this table:

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Privacy Notice – Page 5

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| | |
|:---|:---|
| **Purposes** | **Categories of Personal Information** |
| For our everyday business purposes, such as to complete investments by our investment funds, to maintain subscribers' accounts, to complete transactions that subscribers request and other customary uses in connection with the activities of our investment funds | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information; |
| Conducting anti-money laundering KYC due diligence activities in connection with a subscriber's investment | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information; |
| For responding to court orders and legal investigations and other customary uses in connection with the activities of our investment funds | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information; |

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2. <u>Our Prior Collection, Use and Disclosure of Personal Information</u>. We may have collected and used your personal information, as described in section 1 above, during the 12-month period prior to the effective date of this California Privacy Notice. For the personal information collected during that timeframe, we describe below: (a) the categories of sources from which we may have obtained the personal information, (b) the categories of third parties with whom we may have shared the information, and (c) the categories of personal information we may have disclosed for a business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Sources of Personal Information.** We may have obtained personal information about you from various
sources, as described below.

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| | |
|:---|:---|
| **Categories of Sources of Data Collection** | **Categories of Personal Information** |
| Directly from you, such as when you provide information through surveys, emails, calls, forms, and other features on our website | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |
| From your devices, such as when you visit our website | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |
| Our affiliates | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information; |
| Businesses that we are evaluating in connection with a potential investment or business opportunity | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Sharing of Personal Information.** We may have shared your personal information with certain categories of
third parties, as described below.

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Privacy Notice – Page 6

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| | |
|:---|:---|
| **Categories of Third Parties** | **Categories of Personal Information** |
| Our affiliates | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |
| Vendors who provide services on our behalf | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |
| Professional services organizations, such as auditors and law firms | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |
| Government entities | Identifiers; Additional Data Subject to Cal. Civ. Code § 1798.80; Protected Classifications; Employment Information |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Disclosure of Personal Information for a Business Purpose**. We may have disclosed to third parties the
following categories of personal information for a business purpose:

• **Identifiers:** identifiers such as a real name, alias, postal address, telephone number email address,
account name, Social Security number, driver's license number, passport number, and other similar identifiers

• **Additional Data Subject to Cal. Civ. Code § 1798.80:** signature, state identification card
number, education, bank account number, and other financial information

• **Protected Classifications:** characteristics of protected classifications under California or federal law,
such as race, color, national origin, age, sex, gender, marital status or citizenship status

• **Employment Information:** professional or employment-related information

3. <u>California Consumer Privacy Rights</u>. You have certain choices regarding our use and disclosure of your personal information, as described below.

**Access:** You may have the right to request, twice in a 12-month period, that we disclose to you the personal information we have collected, used and disclosed about you during the past 12 months.

**Deletion:** You have the right to request that we delete certain personal information we have collected from you.

**How to Submit a Request:** To submit an access or deletion request or submit a Shine the Light request, email: notices@adamsstreetpartners.com.

**Verifying Requests:** To help protect your privacy and maintain security, we will take steps to verify your identity before granting you access to your personal information or complying with your request. If you designate an authorized agent to make an access or deletion request on your behalf (1) we may require you to provide the authorized agent written permission to do so, and (2) for access and deletion requests, we may require you to verify your own identity directly with us (as described above).

**Additional Information:** If you choose to exercise any of your rights under the CCPA, you have the right to not receive discriminatory treatment by us. To the extent permitted by applicable law, we may charge a reasonable fee to comply with your request. This California Privacy Notice is available in alternative formats upon request. Please contact notices@adamsstreetpartners.com to request this California Privacy Notice in an alternative format.

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Privacy Notice – Page 7

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Name of Subscriber (Please Print or Type)

**EXHIBIT H** 

**ADAMS STREET CREDIT SOLUTIONS FUND** 

**SUBSCRIBER CONTACT SHEET** 

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| | |
|:---|:---|
| Please check here if you are completing this Subscription Agreement on behalf of yourself or your organization: | ☐ |
| **<u>For Nominees and Custodians Only</u>** – Please check here if you are acting as nominee<sup>1</sup> or custodian (other than for tax purposes) for another person, entity, or organization in connection with the Interest: | ☐ |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subscriber Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Person/Entity Type of Subscriber:

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| | |
|:---|:---|
| ☐ Individual Person | ☐ Custodian |
| ☐ Corporation | ☐ Governmental or International Organization |
| ☐ Partnership | ☐ Private Foundation |
| ☐ Limited Liability Company | ☐ Employee Benefit Plan |
| ☐ Trust ☐ University |  |
| ☐ Nominee | ☐ Tax-Exempt |
| ☐ Other (Please Specify): _______________________________________________ | ☐ Other (Please Specify): _______________________________________________ |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. State and Country of Organization (if not an individual):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. City and State of Principal Place of Business (if not an individual):

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

<sup>1</sup> The Subscriber should consult with Adams Street Advisors, LLC if the Subscriber intends to hold the Shares as a nominee for tax purposes.

Adams Street Credit Solutions Fund

Subscriber Contact Sheet – Page 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Occupation/Nature of Business (if applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Year End for Income Tax Purposes (U.S. Persons: Year End for U.S. Federal Income Tax Purposes):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Subscriber's Tax ID Number:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Subscriber's Contact Information (address – not a PO Box: Residential for individuals, Business for
entity):

---

| |
|:---|
| a. Attention:  |
| b. Street:  |
| c. City: _____________________________________________ |
| d. State/Country: _____________________________________ |
| e. Zip/Postal Code: ___________________________________ |
| f. Telephone Number: _________________________________ |
| g. E-mail Address: ___________________________________ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Contact Information for AML/KYC<sup>2</sup> Purposes (if different
than items a through g in 8):

---

| |
|:---|
| a. Attention: _________________________________________ |
| b. Street: ____________________________________________ |
| c. City: _____________________________________________ |
| d. State/Country: _____________________________________ |
| e. Zip/Postal Code: ___________________________________ |
| f. Telephone Number: _________________________________ |
| g. E-mail Address: ____________________________________ |

---

<sup>2</sup> The Subscriber may be obligated to provide additional information in order for Adams Street to comply with relevant anti-money laundering and "know your customer" (AML/KYC) laws, rules and regulations. The Subscriber acknowledges and agrees that for purposes of gathering such information, the Subscriber may be contacted by, and may be obligated to provide information to, Adams Street, fund counsel, fund AML administrator, and/or such other third parties retained by Adams Street in connection with the fundraising. 

Adams Street Credit Solutions Fund

Subscriber Contact Sheet – Page 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Cash Wire Instructions (if you hold an account in the
U.S.):<sup>3</sup>

---

| |
|:---|
| a. Bank: |
| b. ABA Number: |
| c. Account Number: |
| d. Account Name: |
| e. Ultimate Beneficiary Number: |
| f. Ultimate Beneficiary Name: |
| g. Additional Information (if applicable): |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Cash Wire Instructions (if you hold an account outside the
U.S.):<sup>4</sup>

---

| |
|:---|
| a. Correspondence Bank: |
| b. Correspondence ABA Number: |
| c. Correspondent SWIFT Code: |
| d. Beneficiary Bank: |
| e. Beneficiary Bank SWIFT Code: |
| f. Beneficiary Bank Account Number: |
| g. Ultimate Beneficiary Account Number or IBAN: |
| h. Ultimate Beneficiary Account Name: |
| i. Additional Information (if applicable): |

---

<sup>3</sup> A member of the Adams Street Finance Team will contact you to verbally confirm all details provided. Should you need any assistance, please reach out to DL-RegisteredProductsAccountingandOperations@adamsstreetpartners.com.

<sup>4</sup> Please note that a U.S. correspondence bank is required when wiring USD.

Adams Street Credit Solutions Fund

Subscriber Contact Sheet – Page 3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Additional Recipient(s) of Reporting (if any):

---

| |
|:---|
| a. Name:  |
| b. Title:  |
| c. Street:<u> </u> |
| d. City:  |
| e. State/Country:<u> </u> |
| f. Zip/Postal Code:<u> </u> |
| g. Telephone Number:<u> </u> |
| h. E-mail address:  |
| i. Relationship to Subscriber:  |
| j. Recipient Should Receive:  |

---

☐ Financial Statements

☐ Schedules K-1 and K-3 (if applicable)

☐ Investment Reports

☐ Legal Correspondence

☐ Distribution Notices

Adams Street Credit Solutions Fund

Subscriber Contact Sheet – Page 4

------

**EXHIBIT I** 

**CONSENT TO ELECTRONIC DELIVERY FORM AND DISCLOSURE STATEMENT** 

---

| | |
|:---|:---|
| ☐ I consent to electronic delivery of Company Communications (as defined below) | ☐ I consent to electronic delivery of Company Communications (as defined below) |
| E-mail Address: |  |
|  | (If blank, the e-mail address provided in the Contact Sheet will be used) |

---

As a shareholder of Adams Street Credit Solutions Fund (the "<u>Company</u>"), the undersigned (the "<u>Subscriber</u>") hereby consents, notwithstanding anything to the contrary in the Company's Confidential Private Placement Memorandum and Subscription Agreement, to receive Company Communications (as defined below) through electronic delivery.

The Subscriber hereby acknowledges the following:

1) Instead of receiving paper copies of Company documentation and shareholder communications, including the Confidential Private Placement Memorandum, and supplements thereto, subscription confirmations, shareholder reports and statements, repurchase offers and notifications, proxy materials (if any), U.S. Internal Revenue Service Form 1099-DIV ("<u>Form 1099</u>") in respect of the Company and the Company's Privacy Notice (collectively, "<u>Company Communications</u>"), the Subscriber hereby elects to receive electronic delivery of Company Communications and consent to stop delivery of all paper communications. 

2) If the Subscriber chooses not to consent to electronic delivery or if the Subscriber subsequently withdraws its consent to electronic delivery, paper copies of Company Communications will be furnished to the Subscriber, through mail or hand delivery.

3) This consent applies to each Form 1099 required to be furnished to the Subscriber by the Company after this consent is given until the Subscriber withdraws consent or ceases to be a shareholder of the Company. The Company will cease to furnish Form 1099, electronically or otherwise, beginning with the year after the year in which the Subscriber ceases to be a shareholder of the Company. 

4) Forms 1099 may be required to be printed and attached to a Federal, State, or local income tax return.

5) The Subscriber will not receive paper copies of Company Communications unless: (i) the Subscriber affirmatively changes or withdraws its election, which the Subscriber may do at any time by notifying the Company; (ii) the delivery of electronic materials is prohibited; (iii) the Company, in its sole discretion, elects to send paper copies of the materials; or (iv) the Subscriber specifically requests a paper copy of a particular document or communication, which the Subscriber may do at any time. 

6) Notwithstanding the Subscriber's consent, the Subscriber is entitled to receive paper Forms 1099 and other Company Communications upon request. The Company will **<u>NOT</u>** treat the Subscriber's request for paper forms of Company Communications as a withdrawal of consent. If the Subscriber wishes to withdraw consent, the Subscriber understands that it must do so affirmatively. 

7) The Subscriber may withdraw consent by contacting the Company in writing at c/o Adams Street Advisors, LLC, One North Wacker Drive, Suite 2700, Chicago, IL 60606, by telephone at 844-705-0580 or by email at AdamsStreet_RegAlts_INQ@statestreet.com. The withdrawal of consent will be effective within 60 (sixty) days of receipt by the Company. A withdrawal of consent does not apply to a Form 1099 that was furnished electronically before the withdrawal takes effect. 

8) The Subscriber can contact the Company in writing at c/o Adams Street Advisors, LLC, One North Wacker Drive, Suite 2700, Chicago, IL 60606, by telephone at 844-705-0580 or by email at AdamsStreet_RegAlts_INQ@statestreet.com to communicate any changes in its contact information. The Subscriber agrees to promptly notify the Company of any change in the Subscriber's e-mail address. The Company will email the Subscriber if the contact information for the Company changes. 

Adams Street Credit Solutions Fund

Electronic Consent Form – Page 1

------

9) The Subscriber understands that the Company's electronic delivery program may be changed or discontinued and that the terms of this agreement may be amended, restated and/or supplemented at any time.

10) By consenting to electronic access, the Subscriber will be responsible for certain costs, such as the Subscriber's customary internet service provider charges, and may be required to download software in connection with access to these materials. The Subscriber understands that there are possible risks associated with electronic delivery such as e-mails not transmitting, hyperlinks failing to function properly and system failure of online service providers, and that there is no warranty or guarantee given concerning the transmissions of e-mail, the availability of the website, or information on it, other than as required by law. 

11) The Subscriber agrees that sending of the notice or e-mail by the Company will constitute good and effective delivery of the information to the Subscriber, regardless of whether the Subscriber actually accesses the website containing the information or opens the e-mail and/or attachments.

12) **Company Communications delivered electronically may be formatted in Adobe Acrobat's portable document format ("<u>PDF</u>"), hypertext mark-up language or other file formats the Company deems appropriate.** In order to view or print documents provided in PDF, the Subscriber will have to obtain the Adobe Acrobat Reader, which is available free of charge at Adobe's website (located at www.adobe.com), and install it on the Subscriber's computer. The Subscriber is responsible for having any necessary hardware, software or other technology to access the information sent electronically, including a printer or other device to download and save any information that the Subscriber may wish to retain. 

Adams Street Credit Solutions Fund

Electronic Consent Form – Page 2

------

**EXHIBIT J** 

**TAX FORMS** 

**(Required by all investors)** 

**U.S. Investors** 

Link to IRS Form W-9: <u>http://www.irs.gov/file_source/pub/irs-pdf/fw9.pdf</u>

**Non-U.S. Investors** 

Link to IRS Form W-8BEN: <u>http://www.irs.gov/pub/irs-pdf/fw8ben.pdf</u>

Link to IRS Form W-8BEN-E: <u>http://www.irs.gov/pub/irs-pdf/fw8bene.pdf</u>

Link to IRS Form W-8IMY: <u>http://www.irs.gov/pub/irs-pdf/fw8imy.pdf</u>

Link to IRS Form W-8EXP: <u>http://www.irs.gov/pub/irs-pdf/fw8exp.pdf</u>

Adams Street Credit Solutions Fund

Tax Forms – Page 1

------

**EXHIBIT K** 

**COST BASIS ELECTION** 

The Fund has elected the first in-first out (FIFO) cost method as the default cost basis method for purposes of this requirement.

If an investor wishes to accept the FIFO cost method as its default cost basis calculation method in respect of the Shares in its account, the investor does not need to take any additional action.

If, however, an investor wishes to affirmatively elect an alternative cost basis calculation method other than FIFO cost in respect of the Shares, please select one (1) of the following:

---

| | |
|:---|:---|
| ☐ ACST – AVERAGE COST | ☐ **LGUT** – LOSS/GAIN UTILIZATION |
| ☐ **HIFO** – HIGH COST | ☐ **SAAC** – SINGLE ACCOUNT AVERAGE COST |
| ☐ **LIFO** – LAST IN FIRST OUT | ☐ **LOFO** – LOW COST |
| ☐ **SLID** – SPECIFIC LOT IDENTIFICATION (Shareholders choose which tax lots they are tendering and must specify particular lots to be sold prior to or at the time of each tender.) | ☐ **SLID** – SPECIFIC LOT IDENTIFICATION (Shareholders choose which tax lots they are tendering and must specify particular lots to be sold prior to or at the time of each tender.) |

---

Adams Street Credit Solutions Fund

Electronic Consent Form – Page 2

## Exhibit 10.1

**Exhibit 10.1** 

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

This Investment Advisory Agreement (this "<u>Agreement</u>") made as of August 19, 2025 (the "Effective Date"), by and between ADAMS STREET CREDIT SOLUTIONS FUND, a Delaware statutory trust (the "<u>Company</u>"), and ADAMS STREET ADVISORS, LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Company is a closed-end, non-diversified management investment company that intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, and for other good and valuable consideration, the parties agree as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company appoints the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the board of trustees of the Company (the "<u>Board</u>"), for the period and upon the terms herein set forth, in accordance with the: (x) investment objective, policies and restrictions that are set forth in the Company's private placement memorandum and/or registration statements submitted or filed by the Company with the Securities and Exchange Commission (the "<u>SEC</u>"), in each case as the same may be amended and/or restated from time to time; (y) 1940 Act, Advisers Act and all other applicable federal and state laws; and (z) Company's declaration of trust and bylaws, in each case as the same may be amended and/or restated from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: (i) determine the composition of the portfolio of the Company, the nature and timing of changes therein and the manner of implementing such changes; (ii) identify/source, research, evaluate and negotiate the structure of the investments made by the Company; (iii) execute, close, service and monitor the Company's investments; (iv) determine the securities and other assets that the Company will purchase, retain or sell; (v) perform due diligence on prospective and existing portfolio companies; (vi) determine the fair value of debt and equity securities that are not publicly traded or whose market prices are not readily available, subject to the oversight of the Board; and (vii) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company's investments and the placing of orders for purchase or sale transactions on behalf of the Company, and the Company's allocation of brokerage commissions. In the event that the Company, consistent with its investment objective and policies, determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Company's behalf, subject to the oversight and approval of the Board. If it is necessary or appropriate for the Adviser to make investments on behalf of the Company through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the 1940 Act. The Company also

------

grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems appropriate, necessary or advisable to carry out its duties pursuant to this Agreement, including the authority to provide, on behalf of the Company, significant managerial assistance to the Company's portfolio companies to the extent required by the 1940 Act or otherwise deemed appropriate by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser accepts such appointment and agrees during the term hereof to render the services described herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the requirements of the 1940 Act, the Adviser is authorized, but not required, to enter into one or more sub-advisory agreements with other investment advisers (each, a "<u>Sub-Adviser</u>") pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company's investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject in all cases to the oversight of the Adviser and the Company. The Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act, the Advisers Act and other applicable federal and state laws. Nothing in this Subsection (c) will obligate the Adviser to pay any expenses that are expenses of the Company under Section 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For all purposes herein provided, the Adviser, and any Sub-Adviser, shall be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall keep and preserve, in the manner and for the period required by the 1940 Act, any books and records relevant to the provision of its investment advisory services to the Company, shall specifically maintain all books and records in accordance with Section 31(a) of the 1940 Act with respect to the Company's portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and shall surrender promptly to the Company any such records upon the Company's request, provided that the Adviser may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Company's Responsibilities and Expenses Payable by the Company</u>. Except as otherwise provided herein or in the administration agreement dated as of August 19, 2025, (as may be amended and/or restated from time to time, the "<u>Administration Agreement</u>"), by and between the Company and the Adviser in its capacity as the Company's administrator, or in any other related agreement, written arrangement or set of policies, all investment professionals of the Adviser (or its affiliates) and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the base compensation, bonus and benefits and the routine overhead expenses (including rent, utilities and office supplies) of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company. The Company shall bear all other costs and expenses of its operations, administration and transactions, including those expenses incurred prior to electing to be regulated as a BDC (the "<u>BDC Election</u>") and those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) organizational expenses of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) calculating the net asset value of the Company, including the cost and expenses of any independent valuation firm or pricing service;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) offerings of common shares of beneficial interest ("<u>Shares</u>") and other securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Management Fee (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Incentive Fee (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any distribution and/or servicing fee, as described in the Company's private placement memorandum;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any expense reimbursements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) U.S. federal and state registration and franchise fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) independent trustees' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) expenses related to meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) costs of any reports, proxy statements or other notices to shareholders, including printing and mailing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) costs associated with individual or group shareholders, including the costs of any shareholder meetings or communications and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) costs of preparing financial statements and maintaining books and records;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) costs associated with compliance with Sarbanes-Oxley Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) costs of effecting sales and any repurchases of the Company's Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) certain costs and expenses relating to distributions paid on the Company's Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) costs associated with currency conversion and translation;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) 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 or shareholders or performing other business activities that relate to the Company;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) 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 Company's 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 shall 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 costs and expenses set forth in the foregoing clauses (a) through (uu) incurred during periods prior to the date on which the Company commenced operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation of the Adviser</u>. The Company agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the "<u>Management Fee</u>") and an incentive fee (the "<u>Incentive Fee</u>"), each as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or the Company may adopt, a deferred compensation plan pursuant to which the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time. The Adviser may agree to temporarily or permanently waive, in whole or in part, the Management Fee and/or the Incentive Fee.

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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;(a) The Management Fee shall be calculated and paid as set forth on Schedule A hereto, as such schedule may be amended and/or restated 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;(b) The Incentive Fee shall be calculated and paid as set forth on Schedule A hereto, as such schedule may be amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Covenants of the Adviser</u>. The Adviser covenants that it is registered as an investment adviser under the Advisers Act and will remain so registered when, and for so long as the Company makes its BDC Election. The Adviser agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Excess Brokerage Commissions</u>. The Adviser is authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company's portfolio, and constitutes the best net result for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Company in the best interest of the Company and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended and/or restated from time to time. The Company has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Limitations on the Employment of the Adviser</u>. The services of the Adviser to the Company are not, and shall not be, exclusive. The Adviser may engage in any other business or render similar or different services to others including the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company; provided that it remains able to perform its obligations to the Company hereunder. Nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser (or an affiliate) to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a trustee of, or providing consulting services to, one or more of the portfolio companies of the Company, subject at all times to applicable law). So long as this Agreement or any extension, renewal or amendment hereof remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser's right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Adviser and its affiliates, as trustees, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

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Subject to any restrictions prescribed by law, by the provisions of the Codes of Ethics of the Company and the Adviser and by the Adviser's allocation policy, the Adviser and members, officers, employees and agents of the Adviser (or its affiliates) shall be free from time to time to acquire, possess, manage and dispose of securities or other investment assets for their own accounts, for the accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services (collectively, "<u>Managed Accounts</u>"), in transactions that may or may not correspond with transactions effected or positions held by the Company or to give advice and take action with respect to Managed Accounts that differs from advice given to, or action taken on behalf of, the Company; provided that the Adviser allocates investment opportunities to the Company, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed Accounts. The Adviser is not, and shall not be, obligated to initiate the purchase or sale for the Company of any security that the Adviser and members, officers, employees or agents of the Adviser (or its affiliates) may purchase or sell for its or their own accounts or for the account of any other client if, in the opinion of the Adviser, such transaction or investment appears unsuitable or undesirable for the Company. Moreover, it is understood that when the Adviser determines that it would be appropriate for the Company and one or more Managed Accounts to participate in the same investment opportunity, the Adviser shall seek to execute orders for the Company and for such Managed Account(s) on a basis that the Adviser considers to be fair and equitable over time. In such situations, the Adviser may (but is not required to) place orders for the Company and each Managed Account simultaneously or on an aggregated basis. If all such orders are not filled at the same price, the Adviser may cause the Company and each Managed Account to pay or receive the average of the prices at which the orders were filled for the Company and all relevant Managed Accounts on each applicable day. If all such orders cannot be fully executed under prevailing market conditions, the Adviser may allocate the investment opportunities among participating accounts in a manner that the Adviser considers equitable, taking into account, among other things, the size of each account, the size of the order placed for each account and any other factors that the Adviser deems relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Responsibility of Dual Trustees, Officers and/or Employees</u>. If any person who is a manager, partner, officer or employee of the Adviser (or an affiliate) is or becomes a trustee, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser (or an affiliate) shall be deemed to be acting in such capacity solely for the Company and not as a manager, partner, officer and/or employee of the Adviser (or an affiliate) or under the control or direction of the Adviser (or an affiliate), even if paid by the Adviser (or an affiliate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Limitation of Liability of the Adviser; Indemnification</u>. The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) shall not be liable to the Company or its shareholders for any action taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Company.

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Notwithstanding the preceding sentence of this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Effectiveness, Duration and Termination of Agreement</u>. This Agreement shall become effective as of the Effective Date. This Agreement shall continue for a term of two years, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act, as such requirements may be modified by rule, regulation, order or guidance of the SEC or its staff. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, by the vote of the Company's trustees or by the Adviser, or, following the Company's election to be treated as a BDC under the 1940 Act, by the vote of a majority of the outstanding voting securities of the Company. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Indemnified Parties shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office, or alternatively shall be given by email to the chief legal officer or chief compliance officer of the respective party and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendments</u>. This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

EACH OF THE PARTIES HERETO AGREES THAT THIS AGREEMENT INVOLVES AT LEAST U.S. $100,000.00 AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY CONFIRMS AND AGREES THAT IT IS AND SHALL CONTINUE TO BE (i) SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (ii) SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>No Waiver</u>. The failure of either party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed in writing by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Survival of Certain Provisions</u>. The provisions of Sections 9, 13, 14 and 15 of this Agreement shall survive any termination or expiration of this Agreement and the dissolution, termination and winding up of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Certain Matters of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The words "hereof," "hereto," "herein," "hereunder" and words of similar import shall refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section hereof shall include all subsections thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Definitions shall be equally applicable to both the singular and plural forms of the terms defined, and references to the masculine, feminine or neuter gender shall include each other gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The word "including" shall mean including without limitation.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

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| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: | /s/ Eric Mansell |
| Name: | Eric Mansell |
| Title: | Vice President, Chief Legal Officer and Secretary |
| **ADAMS STREET ADVISORS, LLC** | **ADAMS STREET ADVISORS, LLC** |
| By: | /s/ Eric Mansell |
| Name: | Eric Mansell |
| Title: | Chief Legal Officer, Executive Vice President and Partner |

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[*Signature Page to Adams Street Credit Solutions Fund Investment Advisory Agreement*]

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**<u>SCHEDULE A</u>**

**CALCULATION AND PAYMENT OF MANAGEMENT FEE AND INCENTIVE FEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Management Fee is payable monthly in arrears. The Management Fee for any partial month will be appropriately prorated based on the actual number of days elapsed relative to the total number of days in such calendar month. For purposes of this Schedule A, "<u>net assets</u>" means the total assets of the Company less liabilities determined on a consolidated basis in accordance with generally accepted accounting principles in the United States ("<u>GAAP</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 the first calendar month following the BDC Election, net assets will be measured as the beginning net assets as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Incentive Fee shall consist of two parts: the income component (the "<u>Investment Income Incentive Fee</u>") and the capital gains component (the "<u>Capital Gains Incentive Fee</u>"). The Investment Income Incentive Fee shall be calculated as provided in clause (a) below and payable quarterly in arrears. The Capital Gains Incentive Fee shall be calculated as provided in clause (b) below and payable (i) in arrears at the end of each calendar year or (ii) in the event that this Agreement is terminated, as of the termination date. The Adviser shall not be required to reimburse the Company for any part of an Incentive Fee it receives that was based on accrued interest that the Company accrues but never actually receives. The Incentive Fees for any partial period will be appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investment Income Incentive Fee component is calculated quarterly in arrears based on Pre-Incentive Fee Net Investment Income (as defined below) of the Company for the immediately preceding quarter. The Investment Income Incentive Fee component will equal 12.5% of Pre-Incentive Fee Net Investment Income for the immediately preceding quarter, to the extent that such Pre-Incentive Fee Net Investment Income exceeds a 1.25% quarterly (5.0% annualized) hurdle rate (the "<u>Hurdle Rate</u>"), subject to a "catch-up" feature. Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter, expressed 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 a "hurdle amount" equal to the product of the Hurdle Rate and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investment Income Incentive Fee component will be calculated with respect to the Company's Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) zero in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate for such calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than 1.42857% for that calendar quarter is payable to the Adviser; 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) 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.

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For purposes of this Schedule A, "<u>Pre-Incentive Fee Net Investment Income</u>" means interest income, dividend income and any other income (including any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence, consulting or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company's operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees). These calculations shall be appropriately adjusted for any Share issuances or repurchases during the calendar quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Capital Gains Incentive Fee will be an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of this Agreement) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of this Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the commencement of the Company's operations (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of this Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of Section 2(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Realized capital gains are calculated as the sum of the differences, if positive, between (A) the net sales price of each investment in the Company's portfolio when sold and (B) the accreted or amortized cost basis of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Realized capital losses are calculated as the sum of the amounts by which (A) the net sales price of each investment in the Company's portfolio when sold is less than (B) the accreted or amortized cost basis of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unrealized capital depreciation is calculated as the sum of the differences, if negative, between (A) the valuation of each investment in the Company's portfolio as of the applicable Capital Gains Incentive Fee calculation date and (B) the accreted or amortized cost basis of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing, if the Company is required by 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 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 "<u>Contractual Cost Basis</u>") equal to (A) (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 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 (B) any amounts recorded in the Company's financial statements as required by

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GAAP that are attributable to the amortization of such investment. For the avoidance of doubt, the Contractual Cost Basis as determined pursuant to the foregoing sentence may be higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition. In connection with the foregoing, in the event investments are purchased in a single transaction or series of related transactions for an aggregate purchase price without the Company allocating such purchase price to specific investments, the Company may assign a Contractual Cost Basis to a specific investment equal to such investment's Pro Rata Share of such aggregate purchase price paid. "<u>Pro Rata Share</u>" means the resulting percentage determined using the amount at which a specific investment acquired in a single transaction or series of related transactions is recorded in the Company's financial statements at the time of acquisition according to GAAP divided by the total amount at which all investments acquired in the same transaction or series of related transactions are recorded in the Company's financial statements at the time of acquisition according to GAAP.

## Exhibit 10.2

**Exhibit 10.2** 

**<u>ADMINISTRATION AGREEMENT</u>**

This Administration Agreement (this "<u>Agreement</u>") made as of August 19, 2025 (the "<u>Effective Date</u>"), by and between ADAMS STREET CREDIT SOLUTIONS FUND, a Delaware statutory trust (the "<u>Company</u>"), and ADAMS STREET ADVISORS, LLC, a Delaware limited liability company (the "<u>Administrator</u>").

WHEREAS, the Company is a closed-end, non-diversified management investment company that intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, and for other good and valuable consideration, the parties agree as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Appointment of Administrator</u>. The Company hereby appoints the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "<u>Board</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such appointment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, 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, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations with sub-administrators, custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the members of the Board (the "<u>Trustees</u>") of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible for providing portfolio collection functions for interest income, fees and warrants and maintaining the financial, accounting and other records that the

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Company is required to maintain and shall prepare, print and disseminate reports to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "<u>SEC</u>") or any other regulatory authority. The Administrator shall provide on the Company's behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. In addition, the Administrator also shall: assist the Company in determining and publishing (as necessary or appropriate) the Company's net asset value (the "<u>NAV</u>"); oversee the preparation and filing of the Company's tax returns, compliance monitoring (including diligence and oversight of the Company's other service providers) and the preparation of materials and coordination of meetings of the Board; and generally oversee the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. For the avoidance of doubt, the parties agree that the Administrator is authorized to enter into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u> 

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and, if required by the 1940 Act, will maintain and keep such books, accounts and records in accordance with the 1940 Act. The Administrator may delegate the foregoing responsibility to a third party with the consent of the Board, subject to the oversight of the Administrator and the Company. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided for above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Confidentiality</u> 

The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC and, to the extent applicable, pursuant to certain U.S. state and non-U.S. data privacy laws and regulations), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory or legal authority, or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

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

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder. If requested to perform significant managerial assistance to portfolio companies of the Company, the Administrator will be paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from the portfolio companies for providing this assistance.

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The Company shall bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Administrator, in its capacity as the Company's investment adviser (the "<u>Adviser</u>"), pursuant to that certain investment advisory agreement dated August 19, 2025, by and between the Company and the Adviser, as may be amended and/or restated from time to time (the "<u>Advisory Agreement</u>"), or another related agreement, written arrangement or set of policies. Costs and expenses to be borne by the Company include those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) organizational expenses of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) calculating the NAV of the Company, including the cost and expenses of any independent valuation firm or pricing service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) offerings of common shares of beneficial interest ("<u>Shares</u>") and other securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Management Fee (as defined in the Advisory Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Incentive Fee (as defined in the Advisory Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any distribution and/or servicing fee, as described in the Company's private placement memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administration fees and expenses payable under this Agreement and any sub-administration agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any expense reimbursements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) U.S. federal and state registration and franchise fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) fees payable to rating agencies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) independent trustees' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) expenses related to meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) costs of any reports, proxy statements or other notices to shareholders, including printing and mailing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) costs associated with individual or group shareholders, including the costs of any shareholder 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) costs of preparing financial statements and maintaining books and records;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) costs associated with compliance with Sarbanes-Oxley Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) costs of effecting sales and any repurchases of Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) extraordinary or non-recurring expenses or liabilities incurred by the Company outside of the ordinary course of its business, including litigation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) costs of derivatives and hedging;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) costs associated with currency conversion and translation;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) 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 or shareholders or performing other business activities that relate to the Company;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) 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 this Agreement based upon the Company's allocable portion (subject to the review and approval of the Company's independent trustees) of the Adviser's overhead in performing its obligations under this 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 shall 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).

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To the extent the Administrator outsources any of its functions, the Company shall pay the fees associated with such functions on a direct basis without profit to the Administrator. For the avoidance of doubt, the Company shall be responsible for the costs and expenses set forth in the foregoing clauses (a) through (uu) incurred during periods prior to the date on which the Company commenced operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation of Liability of the Administrator; Indemnification</u> 

The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Administrator) shall not be liable to the Company or its shareholders for any action taken or omitted to be taken by the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Administrator) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Activities of the Administrator</u> 

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and its affiliates and each other person providing services as arranged by the Administrator is free to render services to others. It is understood that Trustees, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

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

This Agreement shall become effective as of the Effective Date. This Agreement shall continue for a term of two years, and thereafter shall continue from year to year, but only so long as such continuance is specifically approved at least annually by: (i) the Board or by the holders of a majority of the Company's outstanding Shares; and (ii) a majority of those Trustees who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement.

This Agreement may be terminated at any time, without the payment of any penalty, by the Company or by the Administrator, upon 60 days' written notice to the other party.

The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Indemnified Parties shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any amounts owed under Section 4 through the date of termination or expiration and Section 5 shall continue in force and effect and apply to the Administrator and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments to this Agreement</u> 

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Assignment</u> 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party. No assignment by either party permitted hereunder shall relieve the applicable party of its obligations under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party's rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement; Governing Law</u> 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

EACH OF THE PARTIES HERETO AGREES THAT THIS AGREEMENT INVOLVES AT LEAST U.S. $100,000.00 AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY CONFIRMS AND AGREES THAT IT IS AND SHALL CONTINUE TO BE (i) SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (ii) SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Waiver</u> 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u> 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office, or alternatively shall be given by email to the chief legal officer or chief compliance officer of the respective party and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u> 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u> 

This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Survival of Certain Provisions</u> 

The provisions of Sections 5, 10, 11 and 13 of this Agreement shall survive any termination or expiration of this Agreement and the dissolution, termination and winding up of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Certain Matters of Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The words "hereof," "hereto," "herein," "hereunder" and words of similar import shall refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section hereof shall include all subsections 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;(b) Definitions shall be equally applicable to both the singular and plural forms of the terms defined, and references to the masculine, feminine or neuter gender shall include each other gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The word "including" shall mean including without limitation.

*[Remainder of Page Intentionally Left Blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

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| | |
|:---|:---|
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: | /s/ Eric Mansell |
| Name: | Eric Mansell |
| Title: | Vice President, Chief Legal Officer and Secretary |
| **ADAMS STREET ADVISORS, LLC** | **ADAMS STREET ADVISORS, LLC** |
| By: | /s/ Eric Mansell |
| Name: | Eric Mansell |
| Title: | Chief Legal Officer, Executive Vice President and Partner |

---

[*Signature Page to Adams Street Credit Solutions Fund Administration Agreement*]

## Exhibit 10.3

**Exhibit 10.3** 

**DISTRIBUTION REINVESTMENT PLAN** 

Adams Street Credit Solutions Fund (the "**Company**") has adopted the following plan (the "**Plan**"), to be administered by State Street Bank and Trust Company or such other entity as the Company may appoint (the "**Plan Administrator**") with respect to distributions authorized by the Company's Board of Trustees (the "**Board**"), and declared by the Company, on the Company's common shares of beneficial interest (the "**Shares**").

A shareholder who participates in the Plan (each a "**Participant**") will be subject to the terms below. Shareholders who do not wish to participate in the Plan must "opt out" of the Plan as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For any Participant, all cash distributions hereafter authorized by the Board, and declared by the Company, net of any applicable withholding tax, shall be automatically reinvested by the Plan Administrator, as agent for the Participants in administering the Plan, in additional Shares, and no action shall be required on such Participant's part in order for such Participant's cash distribution to be reinvested by the Plan Administrator on such Participant's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Such distributions shall be payable on such date or dates as may be fixed from time to time by the Board to shareholders of record at the close of business on the record date established by the Board for the distribution involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to each distribution pursuant to this Plan, the Board shall, subject to the provisions of the Investment Company Act of 1940, as amended (the "**1940 Act**"), issue new Shares for the accounts of Participants. The number of Shares to be issued to a Participant is determined by dividing the total dollar amount of the distribution payable to such Participant, net of any applicable withholding tax, by the then-current net asset value ("**NAV**") per Share. The Plan Administrator shall be notified of the price per Share by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan Administrator may establish an account for the Shares acquired pursuant to the Plan for each Participant or may otherwise record the ownership of the Shares acquired pursuant to the Plan. Each Participant's Shares acquired pursuant to the Plan may be held together with the shares of other Participants in non-certificated form. The Plan Administrator shall not issue stock certificates to any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan Administrator shall confirm to each Participant each issuance of Shares made to such Participant pursuant to the Plan as soon as practicable following the date of such issuance but not later than 30 business days after the payable date. Each Participant may from time to time have an undivided fractional interest (computed to four decimal places) in a Share, and distributions on fractional shares shall be credited to each Participant. In the event of termination of a Participant's account under the Plan, the Plan Administrator shall adjust for any such undivided fractional interest in cash at the time of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. For the avoidance of doubt, any distributions reinvested pursuant the Plan on behalf of a Participant shall have no effect on the amount of any capital commitment of such Participant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Plan Administrator's service fee, if any, and expenses for administering the Plan shall be paid for by the Company. There will be no brokerage charges or other charges to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Each shareholder may opt out of the Plan and elect to receive distributions in cash (1) in the subscription agreement relating to the shareholder's investment in the Company or (2) at any time thereafter by notifying the Plan Administrator in writing so long as such notice is received by the Plan Administrator no later than 10 days prior to the record date for such distribution to shareholders, otherwise the election will be effective only with respect to any subsequent distributions. Those Participants who 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Each Participant may terminate the Participant's account under the Plan by submitting a letter of instruction terminating the Participant's account under the Plan to the Plan Administrator. Such termination shall be effective immediately if the Participant's notice is received by the Plan Administrator no later than 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 written notice at least 30 days prior to any record date for the payment of any distributions by the Company. Upon any termination, the Plan Administrator shall cause the Shares held for each Participant under the Plan to be delivered to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. These terms and conditions may be amended or supplemented by the Company at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other applicable regulatory authority, only by appropriate written notice at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice of the termination of the Participant's participation in the Plan. Any such amendment may include an appointment in the place and stead of the Plan Administrator of a successor agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and conditions. Upon any such appointment of any agent for the purpose of receiving distributions, the Company shall be authorized to pay to such successor agent, for each Participant's account, all distributions payable on Shares held in the Participant's name or under the Plan for retention or application by such successor agent as provided in these terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator's negligence, actual fraud, bad faith or willful misconduct or that of its employees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. These terms and conditions shall be governed by the laws of the State of Delaware.

Adopted: August 19, 2025

## Exhibit 10.4

**Exhibit 10.4** 

**INDEMNIFICATION AGREEMENT** 

THIS INDEMNIFICATION AGREEMENT ("Agreement"), dated as of [●], 2026, is made and entered into by and between ADAMS STREET CREDIT SOLUTIONS FUND, a Delaware statutory trust (the "Company"), and [●] ("Indemnitee").

WHEREAS, at the request of the Company, Indemnitee currently serves as a trustee of the Company;

WHEREAS, Indemnitee may be subjected to claims, suits or proceedings arising as a result of Indemnitee's service as a trustee of the Company;

WHEREAS, as an inducement to Indemnitee to serve or continue to serve as a trustee, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

Section 1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Corporate Status</u>" means the status of a person as a present or former trustee, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee's service to the Company, Indemnitee is subject to duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as deemed fiduciary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Disinterested Trustee</u>" means a trustee of the Company who is not and was not (i) a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee and (ii) an "interested person" of the Company, as defined in Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Effective Date</u>" means the date set forth in the first paragraph of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all reasonable and documented out-of-pocket attorneys' fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedes bond or other appeal bond or its equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters under the Investment Company Act and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Proceeding</u>" means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

Section 2. <u>Services by Indemnitee</u>. Indemnitee serves as a trustee of the Company. However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee's service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

Section 3. <u>General</u>. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and the Company's declaration of trust, as may be amended and/or restated from time to time (the "Declaration of Trust"), and (b) otherwise to the maximum extent permitted by applicable law in effect on the Effective Date and as amended from time to time; provided, however, that no change in applicable law shall have the effect of reducing the benefits available to Indemnitee hereunder based on applicable law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other Sections of this Agreement, as well as any additional indemnification permitted by the Delaware Statutory Trust Act (12 <u>Del.C</u><u>.</u> § 3801, et seq.).

Section 4. <u>Standard for Indemnification</u>. If, by reason of Indemnitee's Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with any such Proceeding unless it is established in a court of appropriate jurisdiction that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

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Section 5. <u>Certain Limits on Indemnification</u>. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee's Corporate Status; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Declaration of Trust, a resolution of the Company's shareholders entitled to vote in the election of the members of the Board of Trustees of the Company (the "Board") or an agreement approved by the Board to which the Company is a party expressly provide otherwise.

Section 6. <u>Court-Ordered Indemnification</u>. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in such circumstances as it may determine is permitted by applicable law.

Section 7. <u>Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful</u>. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and, without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 8. <u>Advance of Expenses for Indemnitee</u>. If, by reason of Indemnitee's Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee's ultimate entitlement to indemnification hereunder (except as set out in this Section 8), advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding. Such advance or advances shall be made within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication) (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advancement to Indemnitee of funds in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee's payment of such Expenses. Such statement or

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statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as <u>Exhibit A</u> or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established in a court of appropriate jurisdiction that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement. For so long as the Company is subject to the 1940 Act, any advancement of Expenses under this Agreement shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for Indemnitee's undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Trustees, or Independent Counsel, in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is no reason to believe that Indemnitee ultimately will be found to not be entitled to indemnification. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee's financial ability to repay such advanced Expenses and without any requirement to post security therefor.

Section 9. <u>Indemnification and Advance of Expenses as a Witness or Other Participant</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee's Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.

Section 10. <u>Procedure for Determination of Entitlement to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Secretary of the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee's sole discretion. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall promptly be made (i) by the Board by a majority vote of a quorum consisting of Disinterested Trustees or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board consisting solely of one or more Disinterested Trustees, (ii) if Independent Counsel has been selected by the Board and approved by Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (iii) if so directed by a majority of the members of the Board, by the shareholders of the Company. If it is so determined that Indemnitee is entitled to

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indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board or Independent Counsel if retained pursuant to clause (ii) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall pay the reasonable and documented fees and expenses of Independent Counsel, if one is appointed.

Section 11. <u>Presumptions and Effect of Certain Proceedings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof, by clear and convincing evidence, to overcome that presumption in connection with the making of any determination contrary to that presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The knowledge and/or actions, or failure to act, of any other trustee, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

Section 12. <u>Remedies of Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or Section 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or Section 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other Section of this Agreement or the Declaration of Trust is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Delaware, or in any other court of appropriate jurisdiction, of Indemnitee's entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an

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award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Delaware law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

Section 13. <u>Defense of the Underlying Proceeding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company's ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c), the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 days following receipt of notice of any such Proceeding under Section 13(a). The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 13(b), if in a Proceeding to which Indemnitee is a party by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee's choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

Section 14. <u>Non-Exclusivity; Survival of Rights; Subrogation; 1940 Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Declaration of Trust, any agreement or a resolution of the Company's shareholders entitled to vote in the election of the members of the Board, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything contained in this Agreement to the contrary, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the 1940 Act, indemnification or payment or reimbursement of expenses would not be permissible under the 1940 Act.

Section 15. <u>Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and conditions deemed appropriate by the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) and the Company has trustees and officers liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

Section 16. <u>Coordination of Payments</u>. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

Section 17. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or Section 8 or due to the provisions of Section 5, then, in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu or indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

Section 18. <u>Duration of Agreement; Binding Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a trustee, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability

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company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to (i) be a trustee, officer, employee or agent of the Company, or (ii) be a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

Section 19. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

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Section 20. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Section 21. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

Section 22. <u>Modification and Waiver</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

Section 23. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, (ii) transmitted by email (notice deemed given upon delivery if no automated notice of delivery failure is received by sender) or (iii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Indemnitee, to the address set forth on the signature page hereto and, in the case of an Indemnitee that is an Independent Trustee, with copies to:

Eric S. Purple

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700

Washington, DC 20006

Email: epurple@stradley.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Company, to:

Adams Street Credit Solutions Fund

c/o Adams Street Advisors, LLC

One North Wacker Drive, Suite 2700

Chicago, Illinois 60606

Attn: Legal Department

Email: notices@adamsstreetpartners.com

or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

Section 24. <u>Governing Law</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflicts of laws rules, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

*[Remainder of Page Intentionally Left Blank]* 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of [●], 2026.

 One North Wacker Drive, Suite 2700

 Chicago, Illinois 60606

*[Signature Page to Indemnification Agreement]* 

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**EXHIBIT A** 

**AFFIRMATION AND UNDERTAKING** 

**TO REPAY EXPENSES ADVANCED** 

To: The Board of Trustees of Adams Street Credit Solutions Fund

Re: Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated as of [•], by and between Adams Street Credit Solutions Fund, a Delaware statutory trust (the "Company"), and the undersigned Indemnitee (the "Indemnification Agreement"), pursuant to which I am entitled to advance of Expenses in connection with **[Description of Proceeding]** (the "Proceeding").

Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as a trustee of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

In consideration of the advance of Expenses by the Company of Expenses incurred by me in connection with the Proceeding (the "Advanced Expenses"), I hereby agree that if, in connection with the Proceeding, it is established in a court of appropriate jurisdiction that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established in a court of appropriate jurisdiction.

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on [●].

Name:

## Exhibit 10.5

**Exhibit 10.5** 

**CUSTODY AGREEMENT** 

**This Agreement** (the "Agreement") is made as of January 30, 2026 (the "Effective Date") **between**:

**(1)** Each entity identified on Appendix A, whose jurisdiction of formation is identified opposite its name (each, a
"Client"); and

**(2)** **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The
Commonwealth of Massachusetts (the "Custodian").

**1 Definitions and Interpretation** 

Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

**2 Appointment of the Custodian** 

The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services") subject to and in accordance with the terms of this Agreement.

**3 Safekeeping Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holding Securities**. The Custodian will hold Securities delivered or credited to its account under this
Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through accounts at CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Client Entitlements and Segregation**. The Custodian will take the following steps to reflect the
Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **Accounts at the Custodian**. Open and maintain on the records of the Custodian one or more
securities accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account") and credit Securities to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** **Accounts at the Subcustodians or CSDs**. Open and maintain securities accounts at the Subcustodians or
CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts:
(i) may be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or separate) accounts for
Securities of the Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian or the CSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** **Physical Securities**. Physically segregate bearer Securities from the proprietary assets of the
Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's proprietary assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Registration Names**. Register certificated Securities (other than bearer securities) in the name of the
Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and

Information Classification: Limited Access

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5** **Records of Transactions; Reconciliation**. Maintain records of the Client's transactions in the
Securities Accounts and reconcile its records of the Client's securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local
Market Practice. Subcustodians will likewise maintain records of their clients transactions and reconcile their records of the securities holdings of their clients against the records of the CSDs in which they are a direct participant in accordance
with the Subcustodians' standard procedures and Local Market Practice. The books and records of the Custodian shall at all times identify those Securities belonging to the Client, whether held directly at the Custodian or through accounts at
Subcustodians or CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Securities Interchangeable**. Securities of the Client (whether held in separate or commingled accounts)
are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually
deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Acceptance of Securities**. Except as otherwise agreed in writing with the Client, the Custodian will only
accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and, may decline to accept custody
of certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law or regulation.

**4 Cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Cash Accounts**. The Custodian will open and maintain in the name of the Client one or more cash deposit
accounts (each a "Cash Account") in such currencies as may be required in connection with the investment activity of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Location of Cash Deposits**. Cash received for the Client will be deposited with the Custodian, or with a
Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and
recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a
Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. The Client will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to
such designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Cash Records**. The Custodian will reflect Cash balances held in all On Book and Off Book Cash Client
deposit accounts on its books and records and report the balances to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Banking Relationship**. In accepting deposits under this Agreement, the Custodian (for On Book Cash) or
the relevant Subcustodian (for Off Book Cash) acts as banker and (i) does not hold the money deposited on trust or segregated from its proprietary assets and (ii) does not collateralize such deposits. Accordingly, the Client is an
unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant
Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian.

Information Classification: Limited Access

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Interest and Charges**. Cash Accounts may be interest bearing or non-interest bearing and may be subject
to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid or
charged to the Client from time to time with respect to a Cash Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2** the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that will
trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Overdrafts**. The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in
the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any
transaction that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is
earlier, plus any applicable overdraft fees and interest on the principal overdraft.

**5 Transaction Settlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Settlement.** The Custodian will settle all transactions in accordance with Local Market Practice, which
may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment
basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Contractual Settlement**. In order to facilitate transaction settlement, the Custodian may provisionally
credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible clients as
determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Use of Funds**. Where Contractual Settlement applies, the Custodian will credit or debit the appropriate
Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier
than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Reversal**. The Custodian may reverse any Contractual Settlement credit at any time before actual receipt
of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of
Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Secured Liability**. To the extent that the Custodian has not received the cash payment associated with a
credit, the amount credited remains a Secured Liability under this Agreement.

**6 Corporate Actions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Transmit Information**. The Custodian will promptly transmit or make available to the Client all material
written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information
is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the
Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note
if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one
additional source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exercise**. The Custodian will process the Client's elections with respect to any voluntary
Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate
Actions Deadline Date"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of
receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper
Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Class Actions**. The Custodian will transmit written information received by the Custodian regarding
any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian act as a lead
plaintiff in a class action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions**. Fractional positions resulting from Corporate Actions will be dealt with in
accordance with the Client Publications.

**7 Proxy Servicing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Transmit Information**. The Custodian will forward to the Client all proxies received by the Custodian
relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies and
will share the Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Voting**. The Custodian provides proxy voting services for the markets designated in the Client
Publications. The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to
provide the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set out in the Client Publications must have been met, including where applicable
receiving an executed power of attorney, in each case by the deadline specified in the Custodian's proxy notification.

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**8 Income Collection** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Monitoring and Crediting**. The Custodian will use reasonable efforts to monitor and collect on a timely
basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and, if applicable, any Securities on loan through the securities lending program
sponsored by the Custodian or its Affiliates The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Repatriation of Income**. The Client is responsible for directing the repatriation of income into the base
currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 of this Agreement.

**9 Statements and Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Contents**. The Custodian will make available reports to the Client regarding the Portfolio on a periodic
basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities
transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Cash and Securities Not Held**. The Custodian may agree to incorporate information in respect of
cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will reasonably rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such
information. The Custodian will not perform any other Services in relation to such cash or securities.

**10 Tax Withholding and Tax Relief** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Withholding**. The Custodian will withhold (or cause to be withheld) the amount of any tax which is
required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's domicile and entity type in respect of any dividend, interest income or other distribution in relation to
any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation after reasonable request by the Custodian, the Custodian is
obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Tax Relief**. The Custodian will apply for a reduction of withholding tax and refund of any tax paid or
tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to
time in the Client Publications The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are generally
ineligible for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Documentation**. In order for the Custodian to perform the services in this Section 10, the Client
will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or
treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and
information provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The
provision of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and
determining available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Client Responsible for Taxes**. The Client will be liable for all taxes, levies or similar obligations
which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior
payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **No Tax Advice**. The Client acknowledges that the Custodian is not, and will not be deemed to be,
providing tax advice or tax counsel.

**11 Physical Safekeeping of Investment Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Document Safekeeping**. The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time. Investment Documents held in
physical safekeeping will be segregated from the securities and investments of any other person and marked so as to clearly identify them as property of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services**. The Custodian will not otherwise perform any other Services in relation to such
Investment Documents.

**12 Alternative Asset Servicing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Alternative Assets**. The Custodian may agree to reflect the Client's Alternative Assets on its
books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the
Client's interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time.

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**13 Foreign Exchange** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Role of Custodian**. The role of the Custodian with respect to foreign exchange transactions is limited to
facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other
than the obligation as agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Role of Counterparties**. If the Client enters into any foreign exchange transaction with State Street
Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are
governed by separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of
these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications.

**14 Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Use of Subcustodians**. The Custodian is authorized to utilize Subcustodians in connection with its
performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Selection and Monitoring**. The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis
monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint one or more
qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian") for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the
Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement shall comply with Law applicable to the Client and shall be
consistent with the terms and provisions of this Agreement, to the extent practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** **Provisions Relating to Rule 17f-5.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1** **Delegation**. The Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule
17f-5(b), and until such delegation may be rescinded by delivery of Proper Instructions, the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Client that it does not accept such delegation
with respect to a country, the Custodian accepts such delegation. The Custodian acting in this capacity shall be referred to as the "Foreign Custody Manager."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable
care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.3** **Foreign Custody Arrangements**. The Foreign Custody Manager will perform the delegated responsibilities
only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody
Manager may amend the list from time to time in its sole discretion upon prompt notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining Foreign
Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the
Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the
Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor (a) the appropriateness of maintaining the Foreign Assets
with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the Client if it determines that the custody arrangements with an Eligible Foreign
Custodian are no longer appropriate, including if such arrangements have ceased to meet the requirements of Rule 17f-5 under the 1940 Act, and will act in accordance with the Client's Proper Instructions with respect to the disposition of the
affected Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.5** **Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign
Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end of the calendar quarter in which the action has occurred, and
(ii) promptly after the occurrence of any other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.6** **Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to Client
that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated
pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is incurred by placing and maintaining the
Client's Foreign Assets in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager**. Upon reasonable prior written notice
to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as
Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.8** **Settlement Practices**. The Custodian will provide to the Client the information with respect to custody
and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will
result in the Client being provided with substantively less information than had been previously provided on Schedule C.

**15 Central Securities Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Use of Central Securities Depositories**. The Custodian and its Subcustodians will use CSDs in connection
with the performance of the Services and will notify the Client of the CSDs so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Rules of Central Securities Depositories**. Where the Custodian or its Subcustodians use CSDs, the Client
acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other financial
assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Provisions Relating to Rule 17f-7**. The Custodian will (i) provide the Client or its Investment
Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and
promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in
subsections (i) and (ii) above. If following the foregoing notification of a material change in risks, the Client determines in its sole discretion that a custody arrangement with an Eligible Securities Depository no longer meets the
requirements of Rule 17f-7, the Custodian shall act in accordance with Proper Instructions to withdraw such Foreign Assets from the relevant depository to the extent permissible.

**16 Delegation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates**. The Custodian will have the right, without prior notice to or the consent of the
Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee
schedule, the Custodian will be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Provision of Information Regarding Delegates**. The Custodian will provide or make available to the Client
on a quarterly or other periodic basis (including upon request by the Client) information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian
that perform or may perform any part of the Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Third Parties**. Nothing in this Section limits or restricts the Custodian's right to use Affiliates
or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement other than the provision of the Services.

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**17 Standard of Care and Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Standard of Care.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1** The Custodian will at all times exercise the reasonable skill, care and diligence expected of a professional
provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2** If the Client elects to use a Thir-Party Agent as a service provider, including but not limited to a
third-party administrator (or sub-administrator) and/or a third-party accounting agent, the Client acknowledges that the Custodian shall not be responsible for reviewing, interpreting, reconciling, researching, or correcting any information received
from the Client's Third Party Agents. The Custodian shall not be liable for any loss or damage due to errors arising from the information and data provided by, or the instructions received from, or the actions or omissions of, such Third-Party
Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Liability for Losses**. Subject to the limitations and exclusions of liability in this Agreement, the
Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, willful default, bad faith or fraud of the Custodian in the performance of its obligations under this Agreement. The
parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Responsibility for Subcustodians**. The Custodian will be liable to the Client for the acts and omissions
of its Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with
the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default of a
Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the
Subcustodian as required under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Responsibility for Special Subcustodians**. Notwithstanding the provisions of Section 17.3 to the
contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the negligence, willful default,
bad faith or fraud of the Custodian. In the event of any such Loss, the Custodian shall use reasonable efforts to enforce such rights as it may have against any Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Responsibility for Delegates**. The Custodian will be liable to the Client for the acts and omissions of
its Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Force Majeure**. Neither Party will be in breach of this Agreement or liable for Losses arising by reason
of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its
business continuity obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **No Liability for Certain Losses**. The Custodian will not be liable to the Client for any Losses to the
extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required
in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person
authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under
Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations under
this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party, including any
Third-Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Mutual Exclusion of Indirect and Other Loss**. Notwithstanding any other provision of this Agreement,
neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of
any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either
Party.

**18 Error Correction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Error Correction**. If an error results from an act or omission of the Custodian in performing the
services under this Agreement, the Custodian will promptly notify the Client of any error that results in a material Loss or gain, and may take such remedial action as it considers appropriate under the circumstances, which may include effecting
corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for
Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions taken by the Custodian unless otherwise prohibited by Law. Where an error results
in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Law. Except as provided in this Section 18.1, the Custodian will have no duty to notify or account to the Client for any Loss
or gain associated with an error it has fully remediated.

**19 Limits on the Scope of the Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **No Fiduciary or Implied Duties**. The Custodian is responsible only for the duties it has expressly
undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Investment and Other Risk, Client Compliance Matters**. The Client bears the risk of investing in
Securities or other assets or holding cash denominated in any currency or holding assets in a particular market (excluding the risk associated with the Custodian not performing the Services in accordance with the terms of this Agreement), including
investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client
or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by
or on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Data Accuracy**. The Custodian has no responsibility for, or duty to review, verify or otherwise perform
any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources,
except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Title**. The Custodian is not responsible for title or entitlement to, validity or genuineness, including
good deliverable form, of any asset received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** **Proceedings**. The Custodian is not responsible for commencing legal or administrative proceedings on
behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and
presentment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6** **Laws Applicable to the Custodian or Subcustodian**. Laws applicable to the Custodian or a Subcustodian may
from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be
entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7** **Securities on Loan**. Asset servicing is not generally performed for securities on loan unless otherwise
noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services agreement.

**20 Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Indemnity by Client**. Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in
connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client's Securities, except, in each case, to the extent such Losses
result from the Custodian's negligence, willful default, bad faith or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Indemnity by Custodian**. Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, willful default, bad
faith or fraud of the Custodian (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** **Duty to Mitigate**. Each Party will use reasonable efforts to mitigate any Losses in respect of which it
claims indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** **Notice of Claims**. A Party seeking indemnification under this Section ("Indemnified Party")
against a third-party claim ("Indemnified Claim") will promptly provide written notice of such claim to the Party obligated to indemnify ("Indemnifying Party"). The failure to notify the Indemnifying Party will not relieve
such Party of any liability under this Section, except to the extent that such notice would be contrary to law or the order of a relevant governmental body or to the extent that such failure to notify materially prejudices the investigation and/or
defense of the Indemnified Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** **Right to Control Third Party Claims**. The Indemnifying Party will, at its own expense, be entitled but
not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise
related to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which
indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defense of the Indemnified Claim, the Indemnified Party may retain separate counsel at
its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** **Settlement of Claims**. Neither Party may settle an Indemnified Claim without the consent of the other
Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of, but with prior notice to, the Indemnified Party if such
settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount paid in
settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3** does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7** **Cooperation**. In all cases, each Party will, as applicable, provide reasonable cooperation and
assistance to the other Party and use reasonable efforts to keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer.

**21 Obligations of the Client** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** **Provide Information**. The Client will provide or cause to be provided to the Custodian all data,
information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and
timely manner, in order to enable the Custodian to discharge its duties under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** **AML Compliance**. The Client will comply with all applicable anti-money laundering, sanctions or other
financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** **Pass Through Representations**. To the extent that the Custodian is required to give (or is deemed to have
given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications,
confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the
Client will be deemed to have made such representation, warranty or undertaking to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4** **Operational Requirements**. The Client will adhere to the deadlines and other operational requirements set
out in the Client Publications, to facilitate meeting the requirements of CSD's, Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5** **Client Review and Notification**. In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's inability to access
any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6** **Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees as
agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption,
withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7** **Client Publications**. The Client will ensure that it provides the Custodian with and regularly updates,
as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

**22 Proper Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Dealings in Cash and Securities**. The Custodian will effect all transactions and dealings in Cash and
Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Appointment of Authorized Persons**. The Client and each Investment Manager will provide the Custodian
with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the Parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary
from the Client and has had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Authentication Procedures**. The Custodian will implement Authentication Procedures. The Client
acknowledges that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction
received by the Custodian in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4** **Security Measures by Client**. The Client is responsible for ensuring that appropriate security measures
are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5** **No Duty to Verify**. Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly
authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6** **Decline/Delay in Processing**. The Custodian reserves the right to decline to process or delay the
processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2** the instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local Market
Practice or the Custodian's standard operating procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.4** the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions to
cancel or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.2** the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time to
time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied. In the event that such request to cancel or amend cannot be satisfied, the Custodian will use reasonable efforts to notify Client, in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Oral Instructions**. If applicable, the Custodian may act on an oral instruction (given in accordance with
an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Conflicting Claims**. If there is a dispute or conflicting claim with respect to Securities or Cash held
by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting
claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the
Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Matters Not Requiring Proper Instructions**. The Client authorizes the Custodian in the absence of Proper
Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates
of ownership and other certificates and documents relating to Securities.

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**23 Creditors Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Security**. To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby
grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or
under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** **Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured
Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice
to the Custodian's other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its
right of retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or
realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in any
manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market
price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term
deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the
Custodian receives on the interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4** **Notice**. The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the
right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable
judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

**24 Confidentiality and Use of Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1** **No Disclosure Without Consent**. Subject to Section 24.2 and Section 24.3, Confidential
Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.2** **No limitations of obligations under Agreement or at Law**. Except as expressly contemplated by this
Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.1** **Use of Confidential Information and Data Generally.** Subject to this Section 24.2 and
Section 24.3, all Confidential Information, including Data, will be used by the Receiving Party solely for the purpose of providing or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.2** **Use of Data for Indicators.** The Custodian and its Affiliates may use Data to develop, publish or
otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the
"Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B) information derived from other sources, in each case such that the
Indicators do not allow for attribution to or identification of such Data with the Client, an Investment Manager, any Affiliate of the Client or its Investment Manager or any investor of the Client, (ii) the Data represents less than a
statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes
or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.3** **Economic benefit from Indicators.** The Client acknowledges that the Custodian may seek and realize
economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.4** **Press Releases.** The Custodian agrees that it will not utilize the name of the Client or any derivative
thereof, or the name of any of its affiliates in connection with any press release or other written public communication related to the Client or this Agreement, unless permission to do so is granted by the Client or Investment Manager in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.1** **Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the
Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information
("Representatives"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the
specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential
Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its
Affiliates and Service Providers (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2** **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit use
(as applicable) of Confidential Information of the Client without the Client's consent:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.1** to its Affiliates and any of its third-party agents and service providers ("Service Providers") and
to Third-Party Agents of the Client, in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance
with the standard practices or requirements of any Financial Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.2** to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates,
including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing.

Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3** **Confidential Information and Cloud Computing and Storage.** Each Party may store Confidential Information
with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software
maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.4** **Disclosure of Confidential Information to comply with law**. The Receiving Party may disclose the
Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the
requirements of any applicable regulatory authority). To the extent reasonably practicable and not prohibited by Law, the Receiving Party shall use reasonable efforts to notify the Disclosing Party in advance of any such disclosure to the extent
such disclosure relates to a targeted inquiry with respect to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5** **Harm of Unauthorized Disclosure of Confidential Information.** Each Party acknowledges that the disclosure
to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such
cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.6** **Responsibility for Representatives.** Each Party will be responsible for any use or disclosure of
Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.7** **No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives
of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data.

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**25 Term and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1** **Term.** This Agreement will commence on the Effective Date and will continue until terminated in
accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2** **Termination Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1** **Prior Notice.** The Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.1 the Client may terminate this Agreement by giving not less than 30 days' prior written notice to the
Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.2 the Custodian may terminate this Agreement by giving not less than 270 days' prior written notice to the
Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2** **Immediate Effect.** A Party may terminate this Agreement with immediate effect at any time by written
notice to the other Party, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.1 an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.2 such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such
breach within 30 days of receipt of notice from the Custodian requesting it to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.3 such other Party commits a material breach of an obligation under this Agreement and has failed to cure such
breach within 30 days of receipt of notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to subsections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3** **Actions on Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.1** **Successor Custodian.** Upon termination of the Agreement, the Custodian will deliver the Portfolio to the
successor custodian designated by the Client in Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.2** **Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or its
Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not
terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing
business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in
any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense
incurred by the Custodian, in connection with the transfer will be for the account of the Client.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.3** **Payment of Fees.** Upon termination of this Agreement, Fees will become due and payable for the period to
the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

**26 Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** **Each Party.** Each Party represents and warrants to the other that: (i) it has the power to enter
into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** **Client.** The Client further represents and warrants to the Custodian which representations and warranties
shall be deemed to be continuing throughout the term of this Agreement, that: (i) it is the beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it
were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3** **Custodian.** The Custodian further represents and warrants to the Client, which representations and
warranties shall be deemed to be continuing throughout the term of this Agreement, that: (i) it holds such authorizations and licenses as are necessary to lawfully perform its obligations under this Agreement; (ii) it will seek to maintain
such authorizations and licenses for the term of this Agreement; and (iii) it is conducting its business in compliance in all material respects with all applicable Law and regulations.

**27 Record Retention and Audit Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** **Records.** The Custodian will retain the records it is required to maintain under this Agreement in
accordance with the Law applicable to the Custodian and the Law applicable to investment companies registered under the 1940 Act. The books and records maintained by the Custodian in respect of the Client shall be maintained for the periods required
by the rules and regulations applicable to investment companies registered under the 1940 Act, or as mutually agreed between the Custodian and Client and unless previously provided to the Client, and shall be reasonably arranged and indexed by the
Custodian in a manner that permits reasonably prompt location, access and retrieval of a particular record including, if requested by the Client, retrieval within the reasonable time period specified by any regulatory entity with jurisdiction over
the Client. All books and records maintained by the Custodian pursuant to this Agreement for the Client shall at all times be the property of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators or
supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** **Frequency and Scope.** For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4** **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide
access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian's corporate policies,
including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or information that
the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable
opportunity to communicate with the Custodian's personnel regarding such technology.

**28 Business Continuity, Internal Controls and Information Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1** **Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan and a
disaster recovery plan and will take reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be
provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2** **Internal Controls Review and Report.** The Custodian will retain a firm of independent auditors to perform
an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a
copy of the report to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.3** **Information Security Systems and Controls.** The Custodian will maintain reasonable information security
systems and controls that are consistent with industry standards, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data; (ii) protect
against any anticipated threats or hazards to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against
unauthorized access to or use of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4** **Virus Detection.** The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

**29 General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1** provide a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.2** engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and
acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients; which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its
Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian,
its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1** may do business with its clients on different contractual or financial terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.2** will seek to profit and is entitled to receive and retain profits and compensation in connection with such
activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3** may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4** may act or refrain from acting based upon information derived from such activities that is not available to the
Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.5** are not under a duty to notify or disclose to the Client any information which comes to their notice as a
result of such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.6** do not have an obligation to consider, act in, or provide information to the Client in respect of, the
interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** **Notice.** Unless otherwise specified, all notices, requests, demands and other communications under this
Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1** when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.2** on the next Business Day after being sent by e-mail (unless the sender receives an automated message that the
e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.3** on the next Business Day after being sent by overnight courier service for next Business Day delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.4** on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule</u> <u>2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** **Waiver.** No failure on the part of any Party to exercise, and no delay on its part in exercising, any
right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.5** **Sole Remedy.** Subject to the right to seek relief under the specific circumstances expressly permitted in
this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any
and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the Agreement or provision of the Services, whether before, during or after the
term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would be available to such party
in law or equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.6** **Assignment and Successors.** The terms of this Agreement are binding on the Parties'
representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event that either Party
becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a bridge bank or
similar entity) and the other Party irrevocably consents to such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.7** **Entire Agreement.** This Agreement is the complete and exclusive agreement of the Parties regarding the
Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.8** **Amendments.** This Agreement may be amended by written agreement between the Parties However, in
extraordinary situations where the Custodian has a reasonable belief that is requires amendments to its custody contracts across the Custodian's client base, the Custodian may amend this Agreement by giving written notice to the Client of such
proposed amendment and the Client will be taken to have consented to the amendment if the Client does not affirmatively object in writing within sixty (60) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.9** **Counterparts and Electronic Signatures.** This Agreement may be executed in separate counterparts, each of
which will be an original, but which together will constitute one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the
Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as
conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.10** **Severance.** In the event that any part of this Agreement will be determined to be void or unenforceable
for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable
part were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.11** **Survival.** The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and
Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions) on Termination) are continuing obligations and will survive termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.12** **Governing Law and Jurisdiction.** This Agreement is governed by and interpreted in accordance with the
laws of the State of New York, and any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the New York courts.

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| | |
|:---|:---|
| Signed by the Parties: | Signed by the Parties: |
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: | /s/ Eric Mansell |
| Name: Eric Mansell | Name: Eric Mansell |
| Title: Chief Legal Officer | Title: Chief Legal Officer |
| Date: 12/23/25 | Date: 12/23/25 |
| **ADAMS STREET CREDIT SOLUTIONS BLOCKER LLC** | **ADAMS STREET CREDIT SOLUTIONS BLOCKER LLC** |
| By: | /s/ Eric Mansell |
| Name: Eric Mansell | Name: Eric Mansell |
| Title: Chief Legal Officer | Title: Chief Legal Officer |
| Date: 12/23/25 | Date: 12/23/25 |
| **ADAMS STREET PC FUNDING LLC** | **ADAMS STREET PC FUNDING LLC** |
| By: | /s/ Eric Mansell |
| Name: Eric Mansell | Name: Eric Mansell |
| Title: Chief Legal Officer | Title: Chief Legal Officer |
| Date: 12/23/25 | Date: 12/23/25 |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Timothy Bias |
| Name: Timothy Bias | Name: Timothy Bias |
| Title: Managing Director | Title: Managing Director |
| Date: January 30 2026 | Date: January 30 2026 |

---

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**Schedule 1** 

**Definitions** 

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

"**Affiliate**" means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership.

"**Alternative Assets**" means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as reasonably determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on behalf of the Client in connection with this Agreement, including but not limited to the Client's Third-Party Agents.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to the Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble.

"**Client Publications**" means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

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"**Collateral**" has the meaning given to it in Section 23.1.

"**Confidential Information**" means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; or (iv) is rightfully obtained on a non-confidential basis from a third party source.

"**Contractual Settlement**" has the meaning given to it in Section 5.2

"**Corporate Actions**" means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognized book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

"**Effective Date**" has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the Parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

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"**Foreign Assets**" means the Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**," "**Indemnified Party**" and "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realization of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties**" means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

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"**Proper Instructions**" means instructions (which may be standing instructions, and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

(i) in writing given by an Authorized Person including a facsimile transmission;

(ii) in an electronic communication as may be agreed upon between the Custodian and the Client in writing from time
to time; or

(i) by such other means as may be agreed from time to time by the Custodian and the Client.

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule**" or "**Schedules**" are all of the schedules referenced herein and attached to this Agreement.

"**Secured Liabilities**" means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or subadvisor, distributor, broker, dealer, transfer agent, administrator, sub-administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalized terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

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**Schedule 2** 

**Notices** 

**(Section 29)** 

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| | |
|:---|:---|
| CUSTODIAN: | **STATE STREET BANK AND TRUST COMPANY** |
| Attention: | Senior Vice President – Custody Operations |
| CC: | Legal Department |
| Address: | One Congress Street, Suite 1 |
|  | Boston, MA 02114-2106 |
| Telephone No: | (617) 664-0071 |
| Email: | tabias@statestreet.com |
|  | **ADAMS STREET CREDIT SOLUTIONS FUND** |
|  | **ADAMS STREET CREDIT SOLUTIONS BLOCKER LLC** |
|  | **ADAMS STREET PC FUNDING LLC** |
| CLIENT: |  |
| C/O: | Adams Street Advisors, LLC |
| Attention: | Legal Department |
| Address: | 1 N Wacker Dr, Suite 2700, Chicago, IL 60606 |
| Email: | notices@adamsstreetpartners.com |

---

Information Classification: Limited Access

------

**Appendix A** 

**List of Funds and Jurisdictions** 

---

| | |
|:---|:---|
| **Fund Name** | **Jurisdiction of Formation** |
| Adams Street Credit Solutions Fund | Delaware |
| Adams Street Credit Solutions Blocker LLC | Delaware |
| Adams Street PC Funding LLC | Delaware |

---

Information Classification: Limited Access

## Exhibit 10.6

**Exhibit 10.6** 

**TRADEMARK LICENSE AGREEMENT** 

This Trademark License Agreement (this "<u>Agreement</u>") is made and effective as of August 19, 2025 (the "<u>Effective Date</u>") by and between ADAMS STREET PARTNERS, LLC (the "<u>Licensor</u>") and ADAMS STREET CREDIT SOLUTIONS FUND (the "<u>Licensee</u>").

**RECITALS** 

WHEREAS, to its knowledge, Licensor is the owner of the trade names "Adams Street", "Adams Street Advisors", "Adams Street Partners", "ASA", "ASP" and derivatives thereof (the "<u>Licensed Marks</u>") in the United States of America (the "<u>Territory</u>");

WHEREAS, the Licensee is a newly organized Delaware statutory trust that intends to elect to be treated as a "business development company" under the Investment Company Act of 1940, as amended;

WHEREAS, pursuant to the Investment Advisory Agreement dated August 19, 2025, by and between Adams Street Advisors, LLC, a subsidiary of Licensor (the "<u>Adviser</u>"), and the Licensee (the "<u>Investment Advisory Agreement</u>"), the Licensee has engaged the Adviser to act as the investment adviser to the Licensee; and

WHEREAS, the Licensee desires to use the Licensed Marks in connection with the operation of its business, and Licensor is willing to permit the Licensee to use the Licensed Marks, subject to the terms and conditions of this Agreement.

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

**ARTICLE I** 

**LICENSE GRANT** 

1.1 *License.* Subject to the terms and conditions of this Agreement, Licensor hereby grants to the Licensee, and the Licensee hereby accepts from Licensor, a personal, non-exclusive, non-assignable and non-transferable, royalty-free right and license to use the Licensed Marks solely and exclusively as an element of the Licensee's own company name and in connection with the business of the Licensee of making investments. Except as provided above, neither the Licensee nor any affiliate, owner, director, trustee, officer, employee, or agent thereof shall otherwise use the Licensed Marks or any derivative thereof without the prior express written consent of Licensor in its sole and absolute discretion.

1.2 All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of Licensor. Licensee shall not sub license the Licensed Marks except to a wholly-owned subsidiary with prior written consent of Licensor and any such sub license shall terminate with immediate effect if such entity ceases to be a wholly-owned subsidiary.

1.3 *Licensor's Use.* Nothing in this Agreement shall preclude Licensor, its affiliates, or any of their respective successors or assigns from using or permitting other entities to use the Licensed Marks whether or not such entity directly or indirectly competes or conflicts with the Licensee's business in any manner.

**ARTICLE II** 

**OWNERSHIP** 

2.1 *Ownership.* Licensee agrees that, as between the parties, Licensor is the sole and exclusive owner of the Licensed Marks and any goodwill in connection therewith. Licensee has no right to apply to register for trademark protection, copyright, trade dress or other intellectual property protection of the Licensed Marks or enforce any rights therein (subject to Section 3.3 herein) against third parties, in each case, without the prior written consent of Licensor. Licensee agrees not to directly or indirectly challenge or contest the validity of, or Licensor's rights in the Licensed

------

Marks, the associated goodwill, including, without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or suit (each, an "<u>Action</u>") regarding enforcement of this Agreement or involving any third party. The parties agree that any and all goodwill in the Licensed Marks arising from Licensee's use of the Licensed Marks shall inure solely to the benefit of Licensor. Notwithstanding the foregoing, in the event that Licensee is deemed to own any rights in the Licensed Marks, Licensee hereby assigns such rights to Licensor together with all goodwill associated therewith. The Licensee shall not otherwise contest, dispute, or challenge Licensor's right, title, and interest in and to the Licensed Marks during the term of this Agreement or anytime thereafter.

2.2 *Goodwill.* All goodwill and reputation generated by the Licensee's use of the Licensed Marks shall inure to the benefit of Licensor. The Licensee shall not by any act or omission use the Licensed Marks in any manner that disparages or reflects, or has the potential to reflect, adversely on Licensor or its business or reputation. Except as expressly provided herein, neither party may use any trademark or service mark (or any other indicia of source) of the other party without that party's prior written consent, which consent shall be given in that party's sole discretion.

**ARTICLE III** 

**COMPLIANCE** 

3.1 *Quality Control.* In order to preserve the inherent value of the Licensed Marks, the Licensee agrees to use the Licensed Marks in a manner that maintains the quality of the Licensee's business and the operation thereof equal to the standards prevailing in the operation of Licensor's business. The Licensee further agrees to use the Licensed Marks in accordance with quality standards established by Licensor. Licensee will provide Licensor with samples of Licensee's use of the Licensed Marks and, if Licensor determines that such use does not conform to such standards, Licensor will make such change as shall be requested by Licensor within fifteen (15) days of written notice from Licensor. Licensor, upon notice to Licensee, may revoke its approval of any such use at any time in its discretion, in which case Licensee shall cease all use of the Licensed Marks within five (5) business days of receipt of notice of such revocation.

3.2 *Compliance With Laws.* The Licensee agrees that the business operated by it in connection with the Licensed Marks shall comply with all laws, rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising and promotion of the business, and shall notify Licensor of any action that must be taken by the Licensee to comply with such law, rules, regulations or requirements.

3.3 *Notification of Infringement.* Each party shall promptly notify the other party and provide to the other party all relevant background facts upon becoming aware of (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with any Licensed Marks, and (ii) any infringements, imitations, or illegal use or misuse of the Licensed Marks in the Territory. Notwithstanding the foregoing, Licensor shall have the sole right to bring any Action to remedy the foregoing, but may request that Licensee bring any Action or undertake any act in connection therewith that Licensor deems in its sole business judgment to be necessary or desirable, and Licensee shall cooperate with Licensor in same, at Licensor's expense.

**ARTICLE IV** 

**REPRESENTATIONS AND WARRANTIES** 

4.1 *Mutual Representations.* Each party hereby represents and warrants to the other party as follows:

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

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE IV, LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THIS AGREEMENT AND THE LICENSED MARKS, AND EXPRESSLY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING ANY WITH RESPECT TO TITLE, NON-INFRINGEMENT, MERCHANTABILITY, VALUE, RELIABILITY OR FITNESS FOR USE. LICENSEE'S USE OF THE FOREGOING IS ON AN "AS IS" BASIS AND IS AT ITS OWN RISK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Licensee will defend at its expense, indemnify and hold harmless Licensor and its affiliates from any losses arising out of or relating to any third-party Action against any of them that arises out of or relates to (i) any breach by Licensee of this Agreement or its warranties, representations, covenants and undertakings hereunder; or (ii) any claim that Licensee's use of the Licensed Marks infringes the rights of a third party anywhere in the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Licensor will promptly notify the Licensee in writing of any indemnifiable claim and promptly tender its defense to Licensee, whereupon Licensor shall be entitled to control the defense and settlement of such claim. Any delay in such notice will not relieve Licensor from its obligations to the extent it is not prejudiced thereby. Licensor will cooperate with Licensee at Licensee's expense. Licensor agrees to not settle any indemnified claim in a manner that adversely affects Licensee without its consent (which shall not be unreasonably withheld or delayed). Licensor may participate in its defense with counsel of its own choice at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) EXCEPT WITH RESPECT TO A PARTY'S INDEMNIFICATION OBLIGATIONS HEREUNDER, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR INCIDENTAL DAMAGES (INCLUDING LOST PROFITS OR GOODWILL, BUSINESS INTERRUPTION AND THE LIKE) RELATING TO THIS AGREEMENT, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

**ARTICLE V** 

**TERM AND TERMINATION** 

5.1 *Term.* This Agreement shall expire (i) upon expiration or termination of the Investment Advisory Agreement, including in the event of its assignment to an entity that is not a subsidiary or affiliate of Licensor; (ii) upon the liquidation and dissolution of the Licensee; or (iii) due to termination by Licensor or the Licensee upon sixty (60) days' written notice to the other party, which notice may be waived by the other party.

5.2 *Upon Termination.* Upon expiration or termination of this Agreement, all rights granted to the Licensee under this Agreement with respect to the Licensed Marks shall cease, and the Licensee shall immediately discontinue use of the Licensed Marks.

**ARTICLE VI** 

**MISCELLANEOUS** 

6.1 *Assignment.* This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Licensee may not assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of Licensor. No assignment by Licensee permitted hereunder shall relieve Licensee of its obligations under this Agreement. Any assignment by Licensee in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the Licensee's rights and obligations hereunder.

------

6.2 *Independent Contractor.* Except as expressly provided or authorized in the Investment Advisory Agreement, neither party shall have, or shall represent that it has, any power, right or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

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

6.4 *Governing Law.* This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, including without limitation Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Practice Laws and Rules 327(b). The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

6.5 *Amendment.* This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

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

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

6.8 *Headings.* The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

6.9 *Counterparts.* This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. Federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

6.10 *Entire Agreement.* This Agreement constitutes the entire agreement of the parties and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to the subject matter hereof.

6.11 *Third Party Beneficiaries.* Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

*[Remainder of Page Intentionally Left Blank]* 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the Effective Date.

---

| | |
|:---|:---|
|  *LICENSOR:* | *LICENSOR:* |
|  **ADAMS STREET PARTNERS, LLC** | **ADAMS STREET PARTNERS, LLC** |
|  By: | /s/ Eric Mansell |
|  Name: Eric Mansell | Name: Eric Mansell |
|  Title: Executive Vice President | Title: Executive Vice President |
|  *LICENSEE:* | *LICENSEE:* |
|  **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 |

---

[Signature Page to Trademark License Agreement]

## Exhibit 10.7

**Exhibit 10.7** 

**EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT** 

This Expense Support and Conditional Reimbursement Agreement (the "<u>Agreement</u>") made as of August 19, 2025, by and between Adams Street Credit Solutions Fund, a Delaware statutory trust (the "<u>Company</u>"), and Adams Street Advisors, LLC, a Delaware limited liability company (the "<u>Adviser</u>").

**WHEREAS**, the Company is a non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company (such election, the "<u>BDC Election</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

**WHEREAS**, the Adviser will serve as the investment adviser to the Company and furnish investment advisory services to the Company on the terms and conditions set forth in the investment advisory agreement to be entered into by and between the Company and the Adviser, as may be amended and/or restated (the "<u>Investment Advisory Agreement</u>"); and

**WHEREAS**, the Company and the Adviser have determined that it is appropriate and in the best interests of the Company that the Adviser may elect to pay a portion of the Company's expenses from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

**NOW**, **THEREFORE**, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

1. <u>**Adviser Expense Payments to the Company**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At such times as the Adviser and/or its affiliates determines, the Adviser and/or its affiliates may elect to
pay certain expenses of the Company on the Company's behalf (each such payment, an " <u>Expense Payment</u> "). In making an Expense Payment, the Adviser and/or its affiliates will designate, as it deems necessary or advisable, what
type of expense it is paying (including whether it is paying organizational or offering expenses); provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or servicing fees of the Company. For the
avoidance of doubt, this Agreement is intended to apply to, and govern, Expense Payments made by the Adviser and/or its affiliates prior to and after the date of this Agreement, including expenses incurred by or on behalf of the Company prior to the
BDC Election, to the extent such Expense Payments are designated pursuant to this Agreement; provided, that the Company shall have commenced operations prior to making any Reimbursement Payments (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's right to receive an Expense Payment shall be an asset of the Company upon the Adviser
electing in writing to pay the Expense Payment pursuant to a notice substantially in the form set forth in Appendix A hereto. Any Expense Payment that the Adviser and/or its affiliates has committed to pay shall be paid by the Adviser and/or its
affiliates to or on behalf of the Company in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing by the Adviser, and/or offset against amounts due from the Company to the
Adviser and/or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to this Agreement, the economic burden of the expenses of the Company shall be borne by the Adviser
and/or its affiliates unless and until reimbursed in accordance with Section 2 hereof.

**2. <u>Reimbursement of Expense Payments by the Company</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the BDC Election, following any calendar quarter (such calendar quarter, the
" <u>Applicable Calendar Quarter</u> ") 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 the Applicable Calendar Quarter (the amount of such excess being hereinafter referred to as " <u>Excess Operating Funds</u> "), the Company shall pay such

------

Excess Operating Funds, or a portion thereof in accordance with Section 2(b), as applicable, to the Adviser or its affiliates until such time as all Expense Payments made by the Adviser and/or its affiliates to or on behalf of the Company within three years prior to the last business day of the Applicable Calendar Quarter have been reimbursed; provided 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. Any payments required to be made by the Company pursuant to this Section 2(a) shall be referred to herein as a "<u>Reimbursement Payment</u>." For purposes of this Agreement, "<u>Available Operating Funds</u>" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the Reimbursement Payment for any Applicable Calendar Quarter shall equal the lesser of
(i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser and/or its affiliates to or on behalf of the Company within three years prior to the last business day of such
Applicable Calendar Quarter 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 its right to receive all or a portion of any Reimbursement Payment in
any particular calendar quarter, in which case such waived amount will remain unreimbursed Expense Payments subject to reimbursement in future quarters pursuant to the terms of this Agreement, and further provided 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, no Reimbursement Payment for any Applicable
Calendar Quarter shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense
Payment was made to which such Reimbursement Payment relates, or (2) the Company's Operating Expense Ratio at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was
made to which such Reimbursement Payment relates. For purposes of the Agreement, " <u>Effective Rate of Distributions Per Share</u> " means the annualized rate (based on a 365-day year) of regular
cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The " <u>Operating Expense Ratio</u> " is calculated by dividing all of the Company's operating costs and
expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the
Company's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 and/or its affiliates has waived its right to receive such payment for the Applicable Calendar Quarter. In connection with any Reimbursement
Payment, the Company may deliver a notice substantially in the form set forth in <u>Appendix A</u> hereto. The Reimbursement Payment for any Applicable Calendar Quarter shall 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 Applicable Calendar Quarter and in no event later than 90 days after the end of such Applicable Calendar Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments
made by the Adviser and/or its affiliates to or on behalf of the Company within three years prior to the last business day of the Applicable Calendar Quarter in which such Reimbursement Payment obligation is accrued.

------

**3. <u>Termination and Survival</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated, without the payment of any penalty, by the Company or the Adviser at any
time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of: (i) the termination by the Company of the
Investment Advisory Agreement; (ii) the Board of Trustees of the Company makes a determination to dissolve or liquidate the Company; or (iii) upon a quotation or listing of the Company's securities on a national securities exchange
(including through an initial public offering) or a sale of all or substantially all of the Company's assets to, or a merger or other liquidity transaction with, an entity in which the Company's shareholders receive shares of a publicly
traded company that continues to be managed by the Adviser or an affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to
the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Company to the Adviser and/or its affiliates.

**4. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the
provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the State of Delaware. For so long as the Company is regulated as a business development company under the 1940 Act, this Agreement shall also be construed in accordance with the applicable
provisions of the 1940 Act. In such case, to the extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act, the latter shall control. Further, nothing in this Agreement shall be
deemed to require the Company to take any action contrary to the Company's Agreement and Declaration of Trust or By-Laws, as each may be further amended or restated, or to relieve or deprive the Board of
Trustees of the Company of its responsibility for and control of the conduct of the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall not assign this Agreement or any right, interest or benefit under this Agreement without the
prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by
the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

*[Remainder of page intentionally left blank.]* 

------

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

---

| | |
|:---|:---|
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: | /s/ Eric Mansell |
| Name: | Eric Mansell |
| Title: | Vice President, Chief Legal Officer and Secretary |
| **ADAMS STREET ADVISORS, LLC** | **ADAMS STREET ADVISORS, LLC** |
| By: | /s/ Eric Mansell |
| Name: | Eric Mansell |
| Title: | Chief Legal Officer, Executive Vice President and Partner |

---

*[Signature Page to Expense Support and Conditional Reimbursement Agreement]* 

------

**Appendix A** 

<u>Form of Notice of Expense Payment or Reimbursement Payment</u> 

☐ **Expense Payment** 

---

| |
|:---|
| Expense Payment Effective Date: |
| *Expense Payment Amount:* |
| &nbsp;&nbsp;&nbsp;&nbsp; Organizational Expense: |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering Expense: |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee: |
| &nbsp;&nbsp;&nbsp;&nbsp; Incentive Fee: |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: |
| &nbsp;&nbsp;&nbsp;&nbsp; Total: |

---

*All Expense Payments are subject to reimbursement pursuant to the terms of the Agreement.*

☐ **Reimbursement Payment** 

---

| |
|:---|
| Reimbursement Payment Effective Date: |
| *Reimbursement Payment Amount:* |
| &nbsp;&nbsp;&nbsp;&nbsp; Organizational Expense: |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering Expense: |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee: |
| &nbsp;&nbsp;&nbsp;&nbsp; Incentive Fee: |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: |
| &nbsp;&nbsp;&nbsp;&nbsp; Total: |

---

## Exhibit 10.8

**Exhibit 10.8** 

**$100,000,000** 

**LOAN AND SECURITY AGREEMENT** 

by and among

**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 | ARTICLE I | ARTICLE I |
| DEFINITIONS | DEFINITIONS | DEFINITIONS |
|  Section 1.1 | Certain Defined Terms | 2 |
|  Section 1.2 | Other Terms | 52 |
|  Section 1.3 | Computation of Time Periods | 53 |
|  Section 1.4 | Interpretation | 53 |
| ARTICLE II | ARTICLE II | ARTICLE II |
| THE ADVANCES | THE ADVANCES | THE ADVANCES |
|  Section 2.1 | The Advances | 55 |
|  Section 2.2 | Procedures for Advances by the Lenders | 56 |
|  Section 2.3 | Reduction of the Facility Amount; Principal Repayments | 57 |
|  Section 2.4 | Determination of Interest | 58 |
|  Section 2.5 | [Reserved] | 59 |
|  Section 2.6 | Borrowing Base Deficiency Cures | 59 |
|  Section 2.7 | Priority of Payments | 59 |
|  Section 2.8 | Alternate Priority of Payments | 62 |
|  Section 2.9 | Collections and Allocations | 63 |
|  Section 2.10 | Payments, Computations, etc. | 65 |
|  Section 2.11 | Fees | 65 |
|  Section 2.12 | Increased Costs; Capital Adequacy; Illegality | 65 |
|  Section 2.13 | Taxes | 67 |
|  Section 2.14 | Reinvestments; Discretionary Sales, Substitutions and Optional Sales of Loans | 71 |
|  Section 2.15 | Assignment of the Sale Agreement and the Closing Date Participation Agreement | 75 |
|  Section 2.16 | Capital Contributions | 75 |
|  Section 2.17 | Defaulting Lenders | 75 |
|  Section 2.18 | Mitigation Obligations; Replacement of Lenders | 77 |
|  Section 2.19 | Effect of Benchmark Transition Event | 78 |
| ARTICLE III | ARTICLE III | ARTICLE III |
| CONDITIONS TO CLOSING AND ADVANCES | CONDITIONS TO CLOSING AND ADVANCES | CONDITIONS TO CLOSING AND ADVANCES |
|  Section 3.1 | Conditions to Closing | 79 |
|  Section 3.2 | Conditions Precedent to All Advances and Acquisitions of Loans | 81 |
|  Section 3.3 | Custodianship; Transfer of Loans and Permitted Investments | 84 |

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-i-

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| | | |
|:---|:---|:---|
| ARTICLE IV | ARTICLE IV | ARTICLE IV |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
|  Section 4.1 | Representations and Warranties of the Borrower | 85 |
|  Section 4.2 | Representations and Warranties of the Borrower Relating to this Agreement and the Collateral | 95 |
|  Section 4.3 | Representations and Warranties of the Servicer | 95 |
|  Section 4.4 | Representations and Warranties of the Collateral Agent | 97 |
|  Section 4.5 | Representations and Warranties of the Seller and the Equityholder | 98 |
| ARTICLE V | ARTICLE V | ARTICLE V |
| GENERAL COVENANTS | GENERAL COVENANTS | GENERAL COVENANTS |
|  Section 5.1 | Affirmative Covenants of the Borrower | 99 |
|  Section 5.2 | Negative Covenants of the Borrower | 105 |
|  Section 5.3 | Affirmative Covenants of the Servicer | 107 |
|  Section 5.4 | Negative Covenants of the Servicer | 110 |
|  Section 5.5 | Affirmative Covenants of the Collateral Agent | 112 |
|  Section 5.6 | Negative Covenants of the Collateral Agent | 112 |
|  Section 5.7 | Covenants of the Equityholder and the Seller | 113 |
| ARTICLE VI | ARTICLE VI | ARTICLE VI |
| COLLATERAL ADMINISTRATION | COLLATERAL ADMINISTRATION | COLLATERAL ADMINISTRATION |
|  Section 6.1 | Appointment of the Servicer | 114 |
|  Section 6.2 | Duties of the Servicer | 114 |
|  Section 6.3 | Authorization of the Servicer | 120 |
|  Section 6.4 | Collection of Payments; Accounts | 120 |
|  Section 6.5 | Realization Upon Defaulted Loans | 121 |
|  Section 6.6 | Servicer Compensation | 122 |
|  Section 6.7 | Expense Reimbursement | 122 |
|  Section 6.8 | Reports; Information | 122 |
|  Section 6.9 | Annual Statement as to Compliance | 123 |
|  Section 6.10 | The Servicer Not to Resign | 124 |
|  Section 6.11 | Servicer Termination Events | 124 |
| ARTICLE VII | ARTICLE VII | ARTICLE VII |
| THE COLLATERAL AGENT | THE COLLATERAL AGENT | THE COLLATERAL AGENT |
|  Section 7.1 | Designation of Collateral Agent | 124 |
|  Section 7.2 | Duties of Collateral Agent | 125 |
|  Section 7.3 | Merger or Consolidation | 129 |

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-ii-

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---

| | | |
|:---|:---|:---|
|  Section 7.4 | Collateral Agent Compensation | 129 |
|  Section 7.5 | Collateral Agent Removal | 129 |
|  Section 7.6 | Limitation on Liability | 129 |
|  Section 7.7 | Resignation of the Collateral Agent | 131 |
|  Section 7.8 | Release of Documents | 131 |
|  Section 7.9 | Return of Underlying Instruments | 132 |
|  Section 7.10 | Access to Certain Documentation and Information Regarding the Collateral; Audits | 132 |
| ARTICLE VIII | ARTICLE VIII | ARTICLE VIII |
| SECURITY INTEREST | SECURITY INTEREST | SECURITY INTEREST |
|  Section 8.1 | Grant of Security Interest | 133 |
|  Section 8.2 | Release of Lien on Collateral | 134 |
| ARTICLE IX | ARTICLE IX | ARTICLE IX |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT | EVENTS OF DEFAULT |
|  Section 9.1 | Events of Default | 135 |
|  Section 9.2 | Remedies | 138 |
|  Section 9.3 | Collateral Agent Shall Enforce Claims | 139 |
|  Section 9.4 | Application of Cash Collected | 140 |
|  Section 9.5 | Rights of Action | 140 |
|  Section 9.6 | Unconditional Rights of Lenders to Receive Principal and Interest | 140 |
|  Section 9.7 | Restoration of Rights and Remedies | 140 |
|  Section 9.8 | Rights and Remedies Cumulative | 141 |
|  Section 9.9 | Delay or Omission Not Waiver | 141 |
|  Section 9.10 | Waiver of Stay or Extension Laws | 141 |
|  Section 9.11 | Power of Attorney | 141 |
| ARTICLE X | ARTICLE X | ARTICLE X |
| INDEMNIFICATION | INDEMNIFICATION | INDEMNIFICATION |
|  Section 10.1 | Indemnities by the Borrower | 142 |
|  Section 10.2 | Indemnities by the Servicer | 145 |
|  Section 10.3 | After-Tax Basis | 146 |

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| | | |
|:---|:---|:---|
| ARTICLE XI | ARTICLE XI | ARTICLE XI |
| THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT |
|  Section 11.1 | Appointment | 146 |
|  Section 11.2 | [Reserved] | 147 |
|  Section 11.3 | Administrative Agent's Reliance, etc. | 147 |
|  Section 11.4 | Credit Decision with Respect to the Administrative Agent | 147 |
|  Section 11.5 | Indemnification of the Administrative Agent | 147 |
|  Section 11.6 | Successor Administrative Agent | 148 |
|  Section 11.7 | Payments by the Administrative Agent | 148 |
|  Section 11.8 | Erroneous Payments | 149 |
| ARTICLE XII | ARTICLE XII | ARTICLE XII |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
|  Section 12.1 | Amendments and Waivers | 151 |
|  Section 12.2 | Notices, etc. | 152 |
|  Section 12.3 | Ratable Payments | 153 |
|  Section 12.4 | No Waiver; Remedies | 153 |
|  Section 12.5 | Binding Effect; Benefit of Agreement | 153 |
|  Section 12.6 | Term of this Agreement | 153 |
|  Section 12.7 | Governing Law; Consent to Jurisdiction; Waiver of Objection to Venue | 153 |
|  Section 12.8 | Waivers | 154 |
|  Section 12.9 | Costs and Expenses | 154 |
|  Section 12.10 | No Proceedings | 155 |
|  Section 12.11 | Recourse Against Certain Parties | 155 |
|  Section 12.12 | Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances | 156 |
|  Section 12.13 | Confidentiality | 157 |
|  Section 12.14 | Execution in Counterparts; Severability; Integration | 159 |
|  Section 12.15 | Waiver of Setoff | 160 |
|  Section 12.16 | Assignments by the Lenders | 160 |
|  Section 12.17 | Heading and Exhibits | 162 |
|  Section 12.18 | Recognition of the U.S. Special Resolution Regimes | 162 |
|  Section 12.19 | Intent of the Parties | 162 |

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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 |
| ANNEX B | Commitments |

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-v-

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**<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 PRIVATE CREDIT BDC, LLC,** a Delaware limited liability company, 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 PRIVATE CREDIT BDC, LLC,** a Delaware limited liability company, 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</u> <u>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.

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**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:

**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>.

"<u>Advance Date</u>": With respect to any Advance, the date on which such Advance is made.

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"<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 Available Currency other than Dollars, Advances Outstanding shall be measured in respect of the equivalent in Dollars of such amounts, determined by the Servicer using the Applicable Exchange 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 and the Principal Collections on deposit in the Canadian Dollar Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *plus* (iii) the amount on deposit in the Principal Collection Account and the Principal Collections on deposit in the Euro Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *plus* (iv) the amount on deposit in the Principal Collection Account and the Principal Collections on deposit in the GBP Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *minus* (v) the Unfunded Exposure Equity Amount (converted into Dollars using the Applicable Exchange Rate, if applicable), *plus* (vi) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the Canadian Dollar Account (if any and converted into Dollars using the Applicable Exchange Rate), *plus* (vii) the amount on deposit in the

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Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the Euro Account (if any and converted into Dollars using the Applicable Exchange Rate), *plus* (viii) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the GBP Account (if any and converted into Dollars using the Applicable Exchange Rate);

&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 and the Principal Collections on deposit in the Canadian Dollar Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *plus* (iv) the amount on deposit in the Principal Collection Account and the Principal Collections on deposit in the Euro Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *plus* (v) the amount on deposit in the Principal Collection Account and the Principal Collections on deposit in the GBP Account (converted into Dollars using the Applicable Exchange Rate) as of such date, *minus* (vi) the Unfunded Exposure Equity Amount (converted into Dollars using the Applicable Exchange Rate, if applicable), *plus* (vii) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the Canadian Dollar Account (if any and converted into Dollars using the Applicable Exchange Rate), *plus* (viii) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the Euro Account (if any and converted into Dollars using the Applicable Exchange Rate), *plus* (ix) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in 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* (iii) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the Canadian Dollar Account (if any and converted into Dollars using the Applicable Exchange Rate), *minus* (iv) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the Euro Account (if any and converted into Dollars using the Applicable Exchange Rate), *minus* (v) the amount on deposit in the Unfunded Exposure Account and the amount designated as Unfunded Exposure Collections in the GBP Account (if any and converted into Dollars using the Applicable Exchange Rate).

"<u>Agreement</u>": The meaning specified in the Preamble.

"<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.

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"<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 Eligible Currency (other than Dollars) on any date of determination (x) the applicable currency-Dollar spot rate obtained by the Borrower (or the Servicer on its behalf) on such date through customary banking channels or (y) if the Borrower (or the Servicer on its behalf) fails to obtain a spot rate pursuant to <u>clause (x)</u>, the applicable currency-Dollar spot rate obtained by the Borrower (or the Servicer on its behalf) (either by publication or otherwise provided or made available to the Administrative Agent) on the Thomson Reuters screen for such currency (i) if such date is a Determination Date, at the end of such day or (ii) otherwise, at the end of the immediately preceding Business Day.

"<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% and (c) in the case of a Second Lien Loan, 25.0%.

"<u>Applicable Reference Rate</u>": (a) With respect to Advances denominated in Dollars, Daily Simple SOFR, (b) with respect to any Advances denominated in Canadian Dollars, Daily Simple CORRA, (c) with respect to any Advances denominated in GBP, Daily Simple SONIA or (d) with respect to any Advances denominated in Euros, EURIBOR.

"<u>Applicable Spread</u>": The rate per *annum* set forth in each Fee Letter and each Lender Fee Letter.

"<u>Approval Notice</u>": 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.

"Asset Coverage Ratio": The asset coverage ratio of the Equityholder as a "business development company" under the 1940 Act calculated in accordance with the 1940 Act.

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"<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<br> 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 |

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| | |
|:---|:---|
| **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 to7.00x | Facility Attachment Ratio as of the date of acquisition of such Loan less 0.50x |
| Greater than or equal to 6.00x and less date than 7.00x | 0.00x |

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| | |
|:---|:---|
| **Designated Loans** | **Designated Loans** |
| **Net Total Leverage Ratio** | **Minimum Facility Attachment Ratio** |
| Less than 6.00x | Lesser of (x) the Facility Attachment Ratio as of the date of acquisition of such Loan and (y) 2.00x |
| Greater than or equal to 6.00x | 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;

&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.

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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;

&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;

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&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; or

&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.

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 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>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 Eligible Currency, the Applicable Reference Rate; provided 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 Eligible Currency, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to such <u>Section 2.19</u>.

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"<u>Benchmark Replacemen</u>t": 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 Eligible 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 Eligible 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 Eligible Currency:

&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 clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (x) the date of the public statement or publication of information referenced therein and (y) 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

&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 clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; <u>provided</u> that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any other tenor of such Benchmark (or such component thereof) continues to be provided on such date.

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"<u>Benchmark Transition Event</u>": With respect to the then-current Benchmark for any Eligible 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), 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 any 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 Eligible 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) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that such Benchmark (or such component thereof) is not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

"<u>Benchmark Transition Start Date</u>": Following the occurrence of a Benchmark Transition Event with respect to any then-current Benchmark for any Eligible 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 Eligible 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.

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"<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</u> <u>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.

"<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. 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." "Canadian Dollar Account": Means the Securities Account and any sub-accounts, including the Interest Collection Account (CAD), the Principal Collection Account (CAD), and the Unfunded Exposure Account (CAD), 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.

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"<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.

"<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.

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"<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;

&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.</u><u>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.

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"<u>Collateral Agent Termination Notice</u>": The meaning specified in <u>Section 7.5</u>.

"<u>Collection Accoun</u>t": 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.

"<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 Closing Date to the twelve-month anniversary of the 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 either the use or administration any Benchmark or any other then-current Benchmark, 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. Governmental Securities Business Day," the definition of "Accrual Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of <u>Section 12.1</u> and other technical, administrative or operational matters) that the Administrative Agent decides in consultation with the Borrower may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by

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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).

"<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.

"<u>Control</u>": The possession, directly or indirectly, of either of both (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 Adjustment</u>": A percentage equal to 0.32138 (32.138 basis points) per annum.

"<u>CORRA Administrator</u>": The Bank of Canada (or any successor administrator). "CORRA Administrator's Website": The website of the CORRA Administrator, currently at https://www.bankofcanada.ca, or any successor source for the Canadian Overnight Repo Rate Average identified as such by the CORRA Administrator from time to time.

"<u>CORRA Determination Day</u>": The meaning specified in the definition of "Daily Simple CORRA."

"<u>CORRA Rate Day</u>": The meaning specified in the definition of "Daily Simple CORRA."

"<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).

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"<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.

"<u>Daily Simple CORRA</u>": For any day (a "<u>CORRA Rate Day</u>"), a rate per annum equal to the greater of (a) the sum of (x) CORRA for the day (such day, a "<u>CORRA Determination Day</u>") that is five (5) Business Days prior to (i) if such CORRA Rate Day is a Business Day, such CORRA Rate Day or (ii) if such CORRA Rate Day is not a Business Day, the Business Day immediately preceding such CORRA Rate Day, in each case, as such CORRA is published by the CORRA Administrator on the CORRA Administrator's Website, plus (y) the CORRA Adjustment and (b) the Floor. If by 5:00 p.m. (Toronto time) on the second (2nd) Business Day immediately following any CORRA Determination Day, CORRA in respect of such CORRA Determination Day has not been published on the CORRA Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple CORRA has not occurred, then CORRA for such CORRA Determination Day will be CORRA as published in respect of the first preceding Business Day for which such CORRA was published on the CORRA Administrator's Website; <u>provided</u> that CORRA as determined pursuant to this proviso shall be utilized for purposes of calculation of Daily Simple CORRA for no more than three (3) consecutive CORRA Rate Days; provided <u>further</u> that in no event shall Daily Simple CORRA determined pursuant to this sentence be less than the Floor. Any change in Daily Simple CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to Borrower.

"<u>Daily Simple SOFR</u>": On 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

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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 the 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</u> <u>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) Business Days prior to (i) if such SONIA Rate Day is a Business Day, such SONIA Rate Day or (ii) if such SONIA Rate Day is not a Business Day, the Business Day immediately preceding such SONIA Rate Day, in each case, as such SONIA is published by the SONIA Administrator on the SONIA Administrator's Website, and (b) the Floor. If by 5:00 p.m. (London time) on the second (2nd) 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 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.

"<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

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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. "Discretionary Sale": The meaning specified in <u>Section 2.14(c)</u>.

"<u>Disruption Event</u>": The occurrence of any of the following: (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 Dollars to fund any Advance, (b) 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 Dollars are being offered to such Lender does not accurately reflect the cost to such Lender of making, funding or maintaining any Advance or (c) 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 Dollars to make, fund or maintain any Advance.

"<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.

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"<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 Currency</u>": Dollars, Canadian Dollars, Euros and GBP.

"<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):

&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 Eligible 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) (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;

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&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;

&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;

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&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; provided 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;

&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;

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&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, 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 for each of the three largest (3) Obligors or (ii) otherwise, $5,000,000;

&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;

&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 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 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;

&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 and Second Lien Loans will not exceed the greater of (x) 20% of the aggregate Adjusted Borrowing Value of all Loans and (y) $13,250,000;

&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;

&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;

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&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 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 of all Loans; <u>provided</u> that (i) Eligible 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 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 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 of all Loans; and

&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 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).

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;

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&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;

&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 day during the applicable Accrual Period with respect to each Advance denominated in Euros, the greater of (I) the Floor and (II) (a) the rate per *annum* appearing on Reuters Screen EURIBOR01 Page (or any successor or substitute page) as the euro interbank offered rate administered by the European Money Market Institute (or any other person

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which takes over the administration of that rate) for deposits in Euros at approximately 11:00 a.m., London time, for such day; <u>provided</u> that, if such day is not a Business Day, the immediately preceding Business Day, for a three-month maturity; and (b) if no rate specified in clause (II)(a) of this definition so appears on Reuters Screen EURIBOR01 Page (or any successor or substitute page), the interest rate *per annum* at which dollar deposits of €5,000,000 and for a three-month maturity are offered by the principal London office of Wells Fargo in immediately available funds in such interbank market at approximately 11:00 a.m., London time, for such day.

"<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, including the Interest Collection Account (EUR), the Principal Collection Account (EUR), and the Unfunded Exposure Account (EUR), 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.

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"<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 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>": August 6, 2027.

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"<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.

"<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, including the Interest Collection Account (GBP), the Principal Collection Account (GBP), and the Unfunded Exposure Account (GBP), 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.

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"<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.

"<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, 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:

IR x P x 1/D

where:

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| | | |
|:---|:---|:---|
| 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 (x) Daily Simple |
|  |  | CORRA or Daily Simple 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 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 Eligible Currency, then, with respect to the Advances owing to such Lender accruing interest at the Benchmark applicable to such Eligible Currency or (y) during a Benchmark Unavailability Period, "Interest Rate" 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 Eligible 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.

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"<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.

"<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

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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;

&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except for Material Modifications described in clause (a) 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>": 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 $25,000,000.

"<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.

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"<u>Non-Hardwired Currency</u>": Each Eligible Currency other than Dollars.

"<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 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>.

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"<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>).

"<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 Eligible Currency other than Dollars, 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.

"<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.

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"<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:

&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; provided 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+";

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&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;&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 subsection (iii) shall not affect any determination as to whether a Default or an Event of Default under Section 9.1(p) has occurred) and (iv) restrictions on transfer of such Loans set forth in the applicable Underlying Instruments; and

"<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

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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.

"<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.

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"<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.

"<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); provided, 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

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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>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.

"<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 Non-Hardwired Currency, (1) the central bank for the Eligible 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 Eligible 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.

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"<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 Section 4.1(v).

"<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.

"<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

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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.

"<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>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.

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"<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.

"<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>": August 6, 2025.

"<u>SEC</u>": The Securities and Exchange Commission or any successor Governmental Authority.

"<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

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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.

"<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 Private Credit BDC, LLC (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>;

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&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;

&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;

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&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 Private Credit BDC, LLC 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>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).

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"<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 Determination Day</u>": The meaning specified in the definition of "Daily Simple SONIA."

"<u>SONIA Rate Day</u>": The meaning specified in the definition of "Daily Simple SONIA."

"<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>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>Termination Date</u>": The earliest of (a) the date of the termination of all the Commitments pursuant to Section 2.3(a), (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 Section 9.2(a).

"<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 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 Account (CAD)</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 (CAD)" 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 Account (EUR)</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 (EUR)" 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 Account (GBP)</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 (GBP)" 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.

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"<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 Unfunded 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 Unfunded 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.

"<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.

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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." All time deadlines shall be based on the Eastern Standard Time zone unless stated otherwise.

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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to day or days without further qualification means calendar days;

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

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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) 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;&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;&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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&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, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&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 credit such amounts to the respective Interest Collection Account (CAD), the Principal Collection Account (CAD), and the Unfunded Exposure Account (CAD); 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 credit such amounts to the respective Interest Collection Account (EUR), the Principal Collection Account (EUR), and the Unfunded Exposure Account (EUR); 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 shall credit such amounts to the respective Interest Collection Account (GBP), the Principal Collection Account (GBP), and the Unfunded Exposure Account (GBP); 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;&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

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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;&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 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 Section 2.19, will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Daily Simple SOFR 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 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;&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.

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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) 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;&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;&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>.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Eligible 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;(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;(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, 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.

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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 proposed Funding Date, subject to the limitations set forth in Section 2.1(a) 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;&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.

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;&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 equivalent amount in the applicable Eligible Currency) and in integral multiples of $250,000 (in the applicable Eligible Currency) 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 anniversary of the 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 S<u>ections 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, (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</u>

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 <u>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 or (6) such termination or permanent reduction occurs as a result of a refinancing of all or a material portion of this credit facility in connection with any transaction which Wells Fargo serves as the arranger, underwriter, placement agent, administrative agent or similar capacity for such transaction. 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;&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 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 equivalent amount in the applicable Eligible Currency) and in integral multiples of $100,000 (or the equivalent amount in the applicable Eligible Currency) 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;&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;&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;&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;&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.

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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) 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.

Section 2.5 [<u>Reserved</u>].

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 <u>Section 2.3(b)</u>; 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.

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:

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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;(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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 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;&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;&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;&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;&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.

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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>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;&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;&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;&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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) (A) during the Reinvestment Period, to the Unfunded Exposure Account (USD) in an amount directed by the Servicer in its sole discretion to cause the amount on deposit in the Unfunded Exposure Account (USD) to equal the aggregate of all Unfunded Exposure Equity Amounts, if any or (B) after the Reinvestment Period, to the Unfunded Exposure Account (USD) in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account (USD) to equal the Unfunded Exposure Amount;

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

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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;(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;&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;&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 Section 9.2(a) 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;&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; provided 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*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Section 2.7(a)(2), Section 2.7(b)(2) 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to the Unfunded Exposure Account (USD), in an amount necessary to cause the amount in the Unfunded Exposure Account (USD) to equal (i) prior to the Reinvestment Period End Date, the Unfunded Exposure Equity Amount and (ii) after the Reinvestment Period End Date, the Unfunded Exposure Amount;

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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;(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;&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;&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 Section 2.8(1) 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;&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;&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;&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 Eligible 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 (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 Section 2.7, 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; provided, 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 Eligible 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 Eligible

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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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>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;&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.

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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;&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) Daily Simple CORRA or Daily Simple 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any 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 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;&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)

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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;&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 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 Section 6.7, 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;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&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 Eligible 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;&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 Section 2.12, 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; provided 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each 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;&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

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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 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

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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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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:

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

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"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 2.13-2 or Exhibit 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 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;(3) 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), 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;(4) 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.

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Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the 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.

&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;&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;&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>.

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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.

&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;&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&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;&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;&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 <u>Section 4.5</u> 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;&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>;

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

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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;(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;&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;&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;&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.

&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)).

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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.

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;&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;&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

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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

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

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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:

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

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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 the removal or reinstatement of any tenor of a Benchmark. 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 Section 2.19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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 Eligible 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 available, the Base Rate shall be used instead of such Benchmark to calculate Interest.

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**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:

&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;

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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 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;

&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</u> <u>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;

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&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</u> <u>3.1(k)</u> and shall be 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;(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</u> <u>2.14(a)(i)</u> and each acquisition of Loans in connection with a Substitution pursuant to <u>Section</u> <u>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

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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) 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</u> <u>2.14(a)(i)</u> and each acquisition of Loans in connection with a Substitution pursuant to <u>Section</u> <u>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;

&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</u> <u>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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties contained in <u>Section</u> <u>4.1</u> and <u>Section</u> <u>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;&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;&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</u> <u>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;&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;&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</u> <u>3.2</u>) all conditions precedent to the requested Transaction have been satisfied:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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</u> <u>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;(iii) the representations and warranties contained in <u>Section</u> <u>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</u> <u>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</u> <u>4.5</u>, the Seller shall be deemed to have certified that the representations and warranties contained in <u>Section</u> <u>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</u> <u>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.

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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.

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</u> <u>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;

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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) 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;

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

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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.

&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

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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.

&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;&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;&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</u> <u>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;&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;&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;&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;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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;&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;

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

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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;(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.

&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</u> <u>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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;

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

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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;

&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;(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;(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</u> <u>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

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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.

&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</u> <u>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</u> <u>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.

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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>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.

&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</u> <u>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</u> <u>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</u> <u>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:

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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>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 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</u> <u>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</u> <u>2.14(a)(i)</u> or acquisition by the Borrower of Loans in connection with a Substitution pursuant to <u>Section</u> <u>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;&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;&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</u> <u>4.1</u> or <u>Section</u> <u>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;&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;&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</u> <u>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;&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</u> <u>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

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related Funding Date in respect of such Loan), or (6) unless notice of such default has been provided by the Servicer under <u>Section</u> <u>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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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</u> <u>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;&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;&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;(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;&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;&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</u> <u>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</u> <u>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</u> <u>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

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<u>Section</u> <u>4.1(t)(v)</u>, form any Subsidiary or make any Investment in any other Person.

&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</u> <u>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</u> <u>2.7</u> or <u>Section</u> <u>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.

&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.

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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>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;&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;&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;&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;&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.

&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.

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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) <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</u> <u>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.

&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,

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(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</u> <u>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:

&nbsp;&nbsp;&nbsp;&nbsp;&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</u> <u>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;

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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 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.

&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</u> <u>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 (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.

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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</u> <u>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</u> <u>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</u> <u>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</u> <u>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:

&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.

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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</u> <u>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 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.

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**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</u> <u>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, 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

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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</u> <u>6.10</u> or any termination and removal of the Servicer pursuant to <u>Section</u> <u>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;

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

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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;(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;

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

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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) 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

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

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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) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&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</u> <u>2.7</u> and <u>Section</u> <u>2.8</u> and prepare such other reports as required to be prepared by the Servicer pursuant to <u>Section</u> <u>6.8</u>.

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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>").

&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.

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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) Nothing in this <u>Section</u> <u>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</u> <u>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.

&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.

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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>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</u> <u>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</u> <u>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.

&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>.

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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</u> <u>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</u> <u>2.7</u> or <u>Section</u> <u>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 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.

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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>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</u> <u>2.7</u> or <u>Section</u> <u>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</u> <u>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 pursuant to this <u>Section</u> <u>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.

&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>.

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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</u> <u>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.

**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</u> <u>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).

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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>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</u> <u>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</u> <u>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 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</u> <u>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

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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.

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

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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 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</u> <u>2.7</u> or <u>Section</u> <u>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</u> <u>2.7</u> and <u>Section</u> <u>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 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.

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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;(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 comply with the standard of care set forth in Section 7.6(c) and express terms of the Transaction Documents and (B) all calculations made by the Collateral Agent pursuant to this <u>Section</u> <u>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.

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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) 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</u> <u>2.7(a)(1)</u>, <u>Section</u> <u>2.7(b)(1)</u> or <u>Section</u> <u>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</u> <u>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 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</u> <u>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.

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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) 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.

&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).

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&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 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</u> <u>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

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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</u> <u>8.2</u>, (c) that has been the subject of a Discretionary Sale, Substitution or Optional Sale pursuant to <u>Section</u> <u>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 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</u> <u>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.

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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 foregoing provisions of <u>Section</u> <u>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 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.

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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) The grant of a security interest under this <u>Section</u> <u>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</u> <u>2.14</u>, has been sold to the Seller as required under the Sale Agreement or has been sold pursuant to <u>Section</u> <u>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</u> <u>6.5</u> with respect to the Proceeds of any such sale.

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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) 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.

**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</u> <u>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;

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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) 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;

&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</u> <u>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,

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&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;

&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;

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&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 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</u> <u>9.1</u>, upon the occurrence of an Event of Default under <u>Section</u> <u>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</u> <u>9.1</u> other than <u>Section</u> <u>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; <u>provided</u> that, (x) in the case of any event involving the Borrower described in <u>Section</u> <u>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</u> <u>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</u> <u>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</u> <u>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

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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</u> <u>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 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</u> <u>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</u> <u>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</u> <u>2.8</u>.

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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</u> <u>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</u> <u>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</u> <u>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.

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</u> <u>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.

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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</u> <u>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.

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

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(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</u> <u>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.

**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</u> <u>10.1</u> or <u>Section</u> <u>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;(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;(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;

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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 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;

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

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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;(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.

&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</u> <u>10.1</u> shall be paid by the Borrower to the Collateral Agent on behalf of the applicable Indemnified Party pursuant to <u>Section</u> <u>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</u> <u>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 <u>Section</u> <u>10.1(a)</u>.

&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 <u>Section</u> <u>10.1</u> 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</u> <u>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.

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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 contained in this <u>Section</u> <u>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 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</u> <u>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</u> <u>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</u> <u>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</u> <u>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.

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Section 10.3 <u>After-Tax Basis</u>.

<u>Section</u> <u>10.1</u> and <u>Section</u> <u>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 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. To the extent not delivered or required to be delivered to the Lenders by the Borrower or the Servicer hereunder or the other Transaction Documents, the Administrative Agent shall furnish to the Lenders, promptly upon the Administrative Agent's receipt of the same, copies of all notices, certificates and other information delivered to the Administrative Agent under the Transaction Documents.

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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

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

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</u> <u>11.5</u> shall be on an after-Tax basis. Without limitation of the foregoing, each Lender

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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 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.

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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</u> <u>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</u> <u>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.

&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.

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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) 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</u> <u>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</u> <u>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.

&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</u> <u>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</u> <u>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.

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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 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</u> <u>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;

&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</u> <u>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;

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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) 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.

Each waiver, amendment and consent made pursuant to this <u>Section</u> <u>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.

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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</u> <u>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.

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</u> <u>2.13</u>, <u>Section</u> <u>12.9</u>, <u>Section</u> <u>12.10</u> and <u>Section</u> <u>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</u> <u>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.

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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

&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</u> <u>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</u> <u>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

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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</u> <u>12.10</u> are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this <u>Section</u> <u>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

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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.

&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</u> <u>12.11</u> shall survive the termination of this Agreement.

Section 12.12 <u>Protection of Right, Title and Interest in the Collateral; Further</u> <u>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</u> <u>12.12(a)</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;(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.

&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 (5<sup>th</sup>) anniversary of the date of filing of the financing statements referred to in <u>Section</u> <u>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

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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</u> <u>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</u> <u>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.

&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

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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.

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

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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 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.

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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) 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</u> <u>12.16(a)</u> shall be entitled to the benefits of <u>Section</u> <u>2.12</u> and <u>Section</u> <u>2.13</u> (subject to the requirements and limitations therein, including the requirements under <u>Section</u> <u>2.13(f)</u> (it being understood that the documentation required under <u>Section</u> <u>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</u> <u>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</u> <u>2.12</u> or <u>Section</u> <u>2.13</u>, 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</u> <u>2.12(g)</u> with respect to the applicable participant.

&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</u> <u>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).

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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 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: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Authorized Signatory |

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[Signatures Continued on the Following Page]

[Signature Page to Loan and Security Agreement]

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| | |
|:---|:---|
| **SERVICER:** | **SERVICER:** |
| **ADAMS STREET PRIVATE CREDIT BDC, LLC** | **ADAMS STREET PRIVATE CREDIT BDC, LLC** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Authorized Officer |

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| | |
|:---|:---|
| **SELLER:** | **SELLER:** |
| **ADAMS STREET PRIVATE CREDIT BDC, LLC** | **ADAMS STREET PRIVATE CREDIT BDC, LLC** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Authorized Officer |

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| | |
|:---|:---|
| **EQUITYHOLDER:** | **EQUITYHOLDER:** |
| **ADAMS STREET PRIVATE CREDIT BDC, LLC** | **ADAMS STREET PRIVATE CREDIT BDC, LLC** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Authorized Officer |

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[Signatures Continued on the Following Page]

[Signature Page to Loan and Security Agreement]

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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: | /s/ Christopher R. Williams |
|  | Name: Christopher R Williams |
|  | Title: Vice President |

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| | |
|:---|:---|
| **LENDER:** | **LENDER:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION** | **WELLS FARGO BANK, NATIONAL ASSOCIATION** |
| By: | /s/ Christopher R. Williams |
|  | Name: Christopher R Williams |
|  | Title: Vice President |

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[Signatures Continued on the Following Page]

[Signature Page to Loan and Security Agreement]

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| | |
|:---|:---|
| **THE COLLATERAL AGENT:** | **THE COLLATERAL AGENT:** |
| **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but solely as Collateral Agent | **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but solely as Collateral Agent |
| By: | /s/ William Wood |
|  | Name: William Wood |
|  | Title: Vice President |

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[Signature Page to Loan and Security Agreement]

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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 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 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 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

------

**<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

------

**<u>Annex B</u>**

---

| | |
|:---|:---|
| <u>Lender</u> | Commitment |
|  Wells Fargo Bank, National Association | $100000000 |

---

Annex B to LSA

------

**<u>EXHIBITS AND SCHEDULES</u>**

**<u>TO</u>**

**<u>LOAN AND SECURITY AGREEMENT</u>**

**Dated as of August 6, 2024** 

**<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>EXHIBIT A-1</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF FUNDING NOTICE

[Date]

(ASP BDC LEV FACILITATION LLC)

WELLS FARGO BANK, NATIONAL ASSOCIATION

as the 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 and cp.conduits@wellsfargo.com

Computershare Trust Company, N.A.

as the Collateral Agent

9062 Old Annapolis Rd.

Columbia, Maryland 21045

Attn: CLO Trust Services – ASP BDC Lev Facilitation LLC

Email: cctadamsstreet@computershare.com

Re: Loan and Security Agreement dated as of August 6, 2024

Ladies and Gentlemen:

This Funding Notice is delivered to you pursuant to Sections 2.2 and 3.2 of that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the " <u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.

The undersigned, through its authorized Person, hereby certifies as follows:

1. The [Servicer on behalf of the] Borrower hereby requests an Advance in the principal amount of [$][Canadian
Dollars][£][€][_____________]. Each Advance requested pursuant to the first sentence shall be at least equal to $250,000 (or the equivalent amount in the applicable Eligible Currency) (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) (the " <u>Requested Advance</u> ").

2. The Servicer on behalf of the Borrower hereby requests that such Advance be made on the following date:
_____________ (the " <u>Requested Funding Date</u> ").

Exhibit A-1

------

3. <u>Wire Instructions</u>: Name of Bank: _____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C No.: __________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABA No.: _________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference: _________________

4. Attached to this Funding Notice is a true, correct and complete list of the Obligors and all Loans (if any)
which will be acquired with the Requested Advance and become part of the Collateral, each Loan reflected thereon being an Eligible Loan, and specifying the appropriate file number, Obligor, Outstanding Balance, Assigned Value and Purchase Price of
each such Loan (if any).

5. [The Borrower hereby certifies that as of the Requested Funding Date all of the conditions precedent set forth
in <u>Section</u> <u>3.2</u> of the Loan and Security Agreement (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, (g) and the conditions precedent in clauses (f) and (i) of such <u>Section</u> <u>3.2</u>) to the making of the Advances requested hereby set forth have been satisfied.]

6. [The Servicer hereby certifies that as of the Requested Funding Date all of the conditions precedent set forth
in <u>Section</u> <u>3.2</u> of the Loan and Security Agreement (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) and (i) of such <u>Section</u> <u>3.2</u>) to the making of the Advances requested hereby set forth have been satisfied.]

7. The undersigned certifies that all information contained herein and in the attached Borrowing Base Certificate
is true, correct and complete as of the date hereof.

Exhibit A-1

------

IN WITNESS WHEREOF, the undersigned has executed this Funding Notice as of the date first written above.

---

| | |
|:---|:---|
| **[ASP BDC LEV FACILITATION LLC**, as the Borrower | **[ASP BDC LEV FACILITATION LLC**, as the Borrower |
|  By: | _______________________________ |
|  | Name: |
|  | Title: ] |

---

---

| | |
|:---|:---|
| **[ADAMS STREET PRIVATE CREDIT BDC, LLC**, as the Servicer on behalf of the Borrower | **[ADAMS STREET PRIVATE CREDIT BDC, LLC**, as the Servicer on behalf of the Borrower |
|  By: | _______________________________ |
|  | Name: |
|  | Title: ] |

---

**[Attach Borrowing Base Certificate and List of Loans]** 

Exhibit A-1

------

<u>EXHIBIT A-2</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF REPAYMENT NOTICE

[Date]

(ASP BDC LEV FACILITATION LLC)

WELLS FARGO BANK, NATIONAL ASSOCIATION

as the 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 and cp.conduits@wellsfargo.com

Re: Loan and Security Agreement dated as of August 6, 2024

Ladies and Gentlemen:

This Repayment Notice is delivered to you pursuant to Section 2.3 of that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the " <u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.

The undersigned, through its duly elected Responsible Officer, and holding the office set forth below such officer's name, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Pursuant to <u>Section</u> <u>2.3(b)</u> of the Loan and Security Agreement, [the Servicer on behalf of the] Borrower desires to reduce the Advances Outstanding (an "<u>Advance Reduction</u>") by the amount of [$][Canadian Dollars][£][€]_____________ of Advances on _________(the "<u>Requested Advance Reduction Date</u>"). Any reduction of the Advances Outstanding (other than with respect to payments of Advances Outstanding made by the Borrower to cure a Borrowing Base Deficiency) shall be in a minimum amount of $250,000 (or the equivalent amount in the applicable Eligible Currency) and in integral multiples of $100,000 in excess thereof (or the equivalent amount in the applicable Eligible Currency).]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [In connection with the Advance Reduction (if such Advance Reduction is in connection with an Optional Sale pursuant to <u>Section</u> <u>2.14</u> of the Loan and Security Agreement), the Borrower shall deliver to the Administrative Agent, on the Requested Advance Reduction Date, funds sufficient to repay such Advances Outstanding together with all accrued Interest thereon.] [In connection with the Advance Reduction (if such Advance Reduction is not in connection with an Optional Sale pursuant to <u>Section</u> <u>2.14</u> of the Loan and Security Agreement), the Borrower shall deliver to the Administrative Agent, on the Requested Advance Reduction Date, funds sufficient to repay such Advances Outstanding.]

A-2-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Pursuant to <u>Section</u> <u>2.3(a)</u> of the Loan and Security Agreement, [the Servicer on behalf of] the Borrower desires to permanently and irrevocably reduce the Commitments (a "<u>Commitment Reduction</u>") by the amount of [$][Canadian Dollars][£][€]_____________ on

__________ (the "<u>Requested Commitment Reduction Date</u>"). Such Commitment Reduction shall be in an amount equal to the aggregate Commitments, or, in the case of a partial reduction, $1,000,000 (or the equivalent amount in the applicable Eligible Currency) and in integral multiples of $250,000 in excess thereof (or the equivalent amount in the applicable Eligible Currency). In connection with any such Commitment Reduction, other than as provided in the proviso to Section 2.3(a)(iii) of the Loan and Security Agreement, the Borrower shall deliver to the Administrative Agent the applicable Commitment Reduction Fee.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [On the Commitment Reduction Date, the Borrower certifies that, after giving effect to the Commitment Reduction, the Advances Outstanding owing to any Lender will be less than the remaining Commitments.]

The undersigned certifies that all information contained herein is true and correct as of the date hereof.

**[Remainder of Page Intentionally Left Blank]** 

A-2-2

------

IN WITNESS WHEREOF, the undersigned has executed this Repayment Notice this ______ day of __________, ____.

---

| | |
|:---|:---|
| **[ASP BDC LEV FACILITATION LLC**, as the Borrower | **[ADAMS STREET PRIVATE CREDIT BDC, LLC**,<br> as the Servicer on behalf of the Borrower |
|  | By: [•], its general partner |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:_______________________________ | By:_______________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: | 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; Title: ] | Title: ] |

---

**[Attach Borrowing Base Certificate]** 

A-2-3

------

<u>EXHIBIT A-3</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF REINVESTMENT NOTICE

[Date]

(ASP BDC LEV FACILITATION LLC)

WELLS FARGO BANK, NATIONAL ASSOCIATION

as the 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 and cp.conduits@wellsfargo.com

Re: Loan and Security Agreement dated as of August 6, 2024

Ladies and Gentlemen:

This Reinvestment Notice is delivered to you pursuant to <u>Section</u> <u>3.2(b)</u> of that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the " <u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.

The Servicer (on behalf of the Borrower), through its duly elected Responsible Officer, and holding the office set forth below such officer's name, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In connection with a proposed [Reinvestment of Principal Collections permitted by <u>Section</u> <u>2.14(a)</u>] [acquisition of Additional Loans in connection with a Substitution pursuant to <u>Section</u> <u>2.14(b)</u>] of the Agreement, the Servicer (on behalf of the Borrower) hereby requests a disbursement (a "<u>Disbursement</u>") of Principal Collections from the Principal Collections Account in the amount of [$][Canadian Dollars][£][€]_____________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Servicer (on behalf of the Borrower) hereby requests that such Disbursement be made on the following date: _____________ (the "<u>Requested Reinvestment Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attached to this Reinvestment Notice is a true, correct and complete calculation of the Borrowing Base and all components thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the Requested Reinvestment Date all of the conditions precedent set forth in <u>Section</u> <u>3.2</u> of the Loan and Security Agreement to the Disbursement requested hereby (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) and (i) of such <u>Section</u> <u>3.2</u>) have been satisfied. The Borrower is deemed to have certified that each of the representations in <u>Section</u> <u>3.2(c)</u> are true and correct.

A-3-1

------

The undersigned certifies that all information contained herein and in the attached Borrowing Base Certificate is true and correct as of the date hereof.

**[Remainder of Page Intentionally Left Blank]** 

A-3-2

------

IN WITNESS WHEREOF, the undersigned has executed this Reinvestment Notice this ______ day of __________, ____.

---

| | |
|:---|:---|
| **ADAMS STREET PRIVATE CREDIT BDC,LLC**, as the Servicer on behalf of the Borrower | **ADAMS STREET PRIVATE CREDIT BDC,LLC**, as the Servicer on behalf of the Borrower |
|  By: [•], its general partner | By: [•], its general partner |
|  By: | __________________________________ |
|  Name: | Name: |
|  Title: | Title: |

---

**[Attach Borrowing Base Certificate]** 

A-3-3

------

<u>EXHIBIT A-4</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF BORROWING BASE CERTIFICATE

[DATE]

This certificate is delivered pursuant to that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the "<u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u> "), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.

As of the date hereof, the undersigned each certify that (i) all of the information set forth in Annex I attached hereto is true, correct and complete; (ii) no Event of Default has occurred and is continuing under the Loan and Security Agreement; (iii) all of the Loans owned by the Borrower are Eligible Loans other than as waived by the Administrative Agent on the applicable Funding Date of such Loan; (iv) solely with respect to the Borrower, each of the representations and warranties in Sections 4.1 and 4.2 of the Loan and Security Agreement is true, correct and complete in all material respects on and as of the date hereof as though made on and as of the date hereof (other than any representation and warranty that is made as of a specific date); (v) solely with respect to the Servicer, each of the representations and warranties set forth in Section 4.3 of the Loan and Security Agreement is true, correct and complete in all material respects on and as of the date hereof as though made on and as of the date hereof (other than any representation and warranty that is made as of a specific date); and (vi) solely with respect to the Seller, each of the representations and warranties set forth in Sections 3.1 and 3.2 of the Sale Agreement and in Section 4.5 of the Loan and Security Agreement is true, correct and complete in all material respects on and as of the date hereof as though made on and as of the date hereof (other than any representation and warranty that is made as of a specific date).

**[Remainder of Page Intentionally Left Blank]** 

A-4-1

------

This Borrowing Base Certificate is certified as of the date first written above.

---

| | |
|:---|:---|
| **[ASP BDC LEV FACILITATION LLC**, as the Borrower | **[**ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Servicer |
|  | By: [•], its general partner |
| By: _______________________________ | By: _______________________________ |
| Name: | Name: |
| Title: ] | Title: ] |

---

A-4-2

------

<u>ANNEX I</u> 

<u>To Exhibit A-4</u> 

BORROWING BASE REPORT

SEE ATTACHED

A-4-3

------

<u>EXHIBIT A-5</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF APPROVAL NOTICE

---

| | |
|:---|:---|
|  DATE |  |
|  ELIGIBLE LOAN INFORMATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligor Name |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche Description |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Amount of Loan Asset |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining Term to Maturity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Senior Leverage Ratio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Total Leverage Ratio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Interest Coverage Ratio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applicable Percentage |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eligible Currency |  |
|  ASSIGNED VALUE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assigned Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase Price |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Type | [FLL][FLLO][SLL] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designated Loan | [YES] [NO] |
|  ADMINISTRATIVE AGENT APPROVAL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval Good Until |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval Conditioned Upon |  |

---

---

| | |
|:---|:---|
| Reviewed by: | |
|  | Name: |
|  | Telephone No. : |

---

A-5-1

------

<u>EXHIBIT B</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF OFFICER'S CERTIFICATE AS TO SOLVENCY

[ASP BDC LEV FACILITATION LLC]

[ADAMS STREET PRIVATE CREDIT BDC, LLC]

Reference is made to that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security</u> <u>Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the " <u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.

The undersigned, through its duly elected Responsible Officer, hereby certifies as of the ______ day of __________, ____ (the "<u>Certification Date</u>") to the [Borrower,] the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows:

Both before and after giving effect to (a) the transactions contemplated by the [Loan and Security Agreement][Sale Agreement] and the other Transaction Documents and (b) the payment and accrual of all transaction costs in connection with the foregoing, the undersigned is and will be Solvent.

**[Remainder of Page Intentionally Left Blank]** 

------

IN WITNESS WHEREOF, I have signed and delivered this Officer's Certificate as to Solvency as of the Certification Date.

---

| | |
|:---|:---|
| **[ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Servicer** | **[ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Servicer** |
| By: |  |
|  | Name: |
|  | Title:] |
| **[ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Seller** | **[ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Seller** |
| By: |  |
|  | Name: |
|  | Title:] |
| **[ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Equityholder** | **[ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Equityholder** |
| By: |  |
|  | Name: |
|  | Title:] |
| **[ASP BDC LEV FACILITATION LLC, as the Borrower** | **[ASP BDC LEV FACILITATION LLC, as the Borrower** |
| **[ASP BDC LEV FACILITATION LLC, as the Borrower** | **[ASP BDC LEV FACILITATION LLC, as the Borrower** |
| By: |  |
|  | Name: |
|  | Title:] |

---

------

<u>EXHIBIT C</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF OFFICER'S CERTIFICATE

Dated as of [_____], 20[__]

The undersigned, the [Officer's Title] of [Name of Entity] (the "<u>Company</u>"), does, as of the date hereof, hereby certify in such capacity, and not individually, as follows pursuant to that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the " <u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the Loan and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Duly Formed</u>. The Company is duly formed, validly existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>No Default</u>. No Default, Event of Default, Change of Control or Servicer Termination Event has occurred and is continuing.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Certificate of [Formation]</u>. Attached hereto as "<u>Exhibit A</u>" is a true, correct and complete copy of the Certificate of [Formation] of the Company, together with any and all amendments thereto, as on file with the Secretary of State of the State of Delaware, and no action has been taken to amend, modify or repeal such Certificate of [Formation], the same being in full force and effect in the attached form as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Governing Documents</u>. Attached hereto as "<u>Exhibit B</u>" are true, correct and complete copies of the [Limited Liability Company Agreement][Limited Partnership Agreement] of the Company, together with any and all amendments thereto, and such [Limited Liability Company Agreement][Limited Partnership Agreement] remains in full force and effect in the attached form as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Resolutions</u>. Attached hereto as "<u>Exhibit C</u>" is a true and correct copy of the resolutions that have been duly adopted by the [Unanimous Written Consent of the Board of Directors][Sole Member][General Partner] of the Company dated [_________], and such resolutions have not been amended, modified, revoked or rescinded in any respect since its adoption and remains in full force and effect on the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Incumbency</u>. Attached hereto as "<u>Exhibit D</u>" is an Incumbency Certificate which sets forth the names, titles, and specimen signatures of the individuals who are duly elected, qualified and acting officers of the Company as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Good Standing/Existence</u>. Attached hereto as "<u>Exhibit E</u>" are copies of recently dated certificates issued by the Secretary of State or other appropriate authority of each jurisdiction in which the Company was formed or is qualified to do business, such certificates evidencing the good standing and existence of the Company in such jurisdictions.

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IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer's Certificate as of the date first set forth above.

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| |
|:---|
|  Name: |
|  Title: |

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The undersigned, ____________________, does hereby certify that he is a duly elected and presently incumbent ____________________ of the Company and in such capacity on behalf of the Company, does hereby certify that ____________________ is a duly elected and presently incumbent ____________________ of the Company.

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| |
|:---|
|  Name: |
|  Title: |

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Signature Page to Officer's Certificate

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<u>Exhibit A</u> 

<u>to Officer's Certificate</u> 

**Certificate of [Formation]** 

Exh. A

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<u>Exhibit B</u> 

<u>to Officer's Certificate</u> 

**Governing Documents** 

Exh. B

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<u>Exhibit C</u> 

<u>to Officer's Certificate</u> 

**Resolutions** 

Exh. C

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<u>Exhibit D</u> 

<u>to Officer's Certificate</u> 

**Incumbency** 

NAME TITLE SIGNATURE <br>

Exh. D

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<u>Exhibit E</u> 

<u>to Officer's Certificate</u> 

**Good Standing Certificates** 

Exh. E

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<u>EXHIBIT D</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF RELEASE OF UNDERLYING INSTRUMENTS

**[Delivery Date]** 

Computershare Trust Company, N.A.

as the Collateral Agent

9062 Old Annapolis Rd.

Columbia, Maryland 21045

Attn: CLO Trust Services – ASP BDC Lev Facilitation LLC

Email: cctadamsstreet@computershare.com

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| | |
|:---|:---|
| Re: | Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the "<u>Servicer</u> "), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.  |

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Ladies and Gentlemen:

In connection with the administration of the Underlying Instruments held by Wells Fargo Bank, National Association as the Collateral Agent on behalf of the Secured Parties, under the Loan and Security Agreement, we request the release of the Underlying Instruments (or such documents as specified below) for the Loans described below, for the reason indicated. All capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement.

<u>Obligor's Name, Address</u> <u>& Zip Code</u>:

<u>Loan Identification Number</u>:

<u>Reason for Requesting Documents</u> (check one)

1. Loan paid in full. (The Servicer hereby certifies that all amounts received in connection with such Loan have been or will be credited to the Collection Account as required by the Loan and Security Agreement.)

2. Loan liquidated by ____________________________. (The Servicer hereby certifies that all proceeds (net of liquidation expenses which the Servicer may retain to pay such expenses) of foreclosure, insurance, condemnation or other liquidation have been finally received and have been or will be credited to the Collection Account.)

3. Loan in foreclosure.

4. Delivered in Error.

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5. Substitution.

6. Failure to satisfy Review Criteria.

7. Repurchased.

8. Occurrence of the Collection Date.

9. Discretionary Sale.

10. Servicing.

11. Other (explain). ____________________________________________________

If box 1, 2, 4, 5, 6, 7, 8, or 9 above is checked, and if all or part of the Underlying Instruments were previously released to us, please release to us the Underlying Instruments, requested in our previous request and receipt on file with you, as well as any additional documents in your possession relating to the specified Loan.

If box 6 is checked, we understand that the Underlying Instruments will not be released to us until such release is approved by the Administrative Agent pursuant to Section 7.2(b)(i) of the Loan and Security Agreement.

If box 3, 10 or 11 above is checked, we will return of all of the above Underlying Instruments to you as the Collateral Agent (i) promptly upon the request of the Administrative Agent (after an Event of Default) or (ii) when our need therefor no longer exists.

**[Remainder of Page Intentionally Left Blank]** 

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| | |
|:---|:---|
| **ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Servicer** | **ADAMS STREET PRIVATE CREDIT BDC, LLC, as the Servicer** |
| By: [•], its general partner | By: [•], its general partner |
| By: | ____________________________ |
|  | Name: |
|  | Title: |

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Consent of Administrative Agent if required under the Loan and Security Agreement:

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| |
|:---|
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** as the Administrative Agent |
| By: ________________________________ |
| Name: _____________________________ |
| Title: ______________________________ |
| Date: ______________________________ |

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<u>EXHIBIT E</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF ASSIGNMENT OF UNDERLYING INSTRUMENTS

THIS GENERAL ASSIGNMENT OF UNDERLYING INSTRUMENTS (this "<u>Assignment</u>"), made as of the ____ day of _______ , 20__ by __________________ ("_____"), having an address ___________________________________ ("<u>Assignor</u>") to ASP BDC Lev Facilitation LLC, a Delaware limited liability company, having an address at [_______]. ("<u>Assignee</u>").

KNOW ALL MEN BY THESE PRESENTS, that for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby does sell, assign, transfer, grant, convey and set over unto Assignee and to the successors and assigns of Assignee all of Assignor's right, title and interest in, to and under (a) the document(s) referenced in <u>Exhibit A</u> attached hereto and made a part hereof, including any amendments or supplements thereto (such documents collectively referred to herein as the "<u>Underlying Instruments</u>"), (b) the instruments, documents, certificates, letters, records and papers relating to the Underlying Instruments and all other documents executed and/or delivered in connection with the loan evidenced and or secured by the Underlying Instruments, including, without limitation, all of Assignor's right, title and interest in any title insurance policies, and other insurance policies, endorsements and certificates, security agreements, guaranties, indemnities, bank accounts, certificates of deposit, letters of credit, bonds, operating accounts, reserve accounts, escrow accounts and other accounts, permits, licenses, opinions, surveys, appraisals, environmental reports, inspection reports, financial statements, and any and all other documents and collateral arising out of and/or executed and/or delivered in connection with the Underlying Instruments, (c) all rights and benefits of Assignor related to the Underlying Instruments, including without limitation, all of Assignor's rights to receive insurance proceeds, condemnation awards, indemnity payments, sales proceeds and all other income, issues, profits, payments and proceeds of any nature under or in connection with the Underlying Instruments, and all of Assignor's rights to exercise any rights or remedies thereunder, and all claims, demands and causes of action related to the items referenced in clauses (a) and (b) above (the items referenced in clauses (a), (b) and (c) are collectively referred to herein as the "<u>Assigned Documents</u>"). Assignor represents to Assignee that Assignor has good right, title and authority to assign the Assigned Documents as set forth herein.

[Signature Page To Follow]

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IN WITNESS WHEREOF, Assignor has caused these presents to be duly executed as of the day and year first written above.

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| | |
|:---|:---|
| **[Entity]**, a **[State of Inc./Formation] [Entity Type]** | **[Entity]**, a **[State of Inc./Formation] [Entity Type]** |
| [By: | _____________________, its _________] |
| By: | _____________________________ [SEAL] |
|  | Name: |
|  | Title: |

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<u>EXHIBIT A</u> 

<u>To Exhibit E</u> 

**<u>EXHIBIT A<sup>1</sup></u>**

**[Modify/add/delete as appropriate]**

1. [Loan Agreement][Credit Agreement], dated as of ______________ ___, 20__ (together with all amendments and
supplements from time to time thereto), between _______________________ and _____________________.

2. Promissory Note dated ___________ ___, 20__ in the original principal amount of $_________ issued by
_____________ in favor of ______________, or order.

3. UCC-1 Financing Statements showing ________, as debtor, and
___________, as secured party.

4. [Reference other major loan documents if applicable, such as: note purchase agreement, acquisition agreement,
intercreditor agreement, guarantees, insurance policies and assumption or substitution agreements.]

1 Capitalized terms used but not defined herein shall have the meaning ascribed to them in the _______________.

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<u>EXHIBIT F</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

FORM OF JOINDER SUPPLEMENT

JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the financial institution identified in Item 2 of Schedule I hereto, ASP BDC Lev Facilitation LLC, as the borrower (the "<u>Borrower</u>") and Wells Fargo Bank, National Association, as Administrative Agent (the "<u>Administrative Agent</u>").

WHEREAS, this Joinder Supplement is being executed and delivered under <u>Section</u> <u>2.1(c)</u> of the Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the "<u>Servicer</u>"), as the seller (in such capacity, the " <u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement; and

WHEREAS, the party set forth in Item 2 of Schedule I hereto (the "<u>Proposed Lender</u>") wishes to become a Lender party to the Loan and Security Agreement;

NOW, THEREFORE, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt by the Administrative Agent of an executed counterpart of this Joinder Supplement, to which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Proposed Lender, the Borrower and the Administrative Agent, the Administrative Agent will transmit to the Proposed Lender and the Borrower, a Joinder Effective Notice, substantially in the form of Schedule III to this Joinder Supplement (a "<u>Joinder</u> <u>Effective Notice</u>"). Such Joinder Effective Notice shall be executed by the Administrative Agent and shall set forth, <u>inter alia</u>, the date on which the joinder effected by this Joinder Supplement shall become effective (the "<u>Joinder Effective Date</u>"). From and after the Joinder Effective Date, the Proposed Lender shall be a Lender party to the Loan and Security Agreement for all purposes thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties to this Joinder Supplement agrees and acknowledges that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Joinder Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By executing and delivering this Joinder Supplement, the Proposed Lender confirms to and agrees with the Administrative Agent and the other Lenders as follows: (i) none of the Administrative Agent and the other Lenders makes any representation or warranty or assumes any responsibility with respect to any statements, warranties or representations made in or in connection with the Loan and Security Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan and Security Agreement or any other instrument or document furnished pursuant thereto, or the Collateral (as defined under the Loan and Security Agreement) or the financial condition of the Seller, the Servicer or the Borrower, or the performance or observance by the Seller, the Servicer or the Borrower of any of their respective obligations under the Loan and Security Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto; (ii) the Proposed

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Lender confirms that it has received a copy of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Supplement; (iii) the Proposed Lender will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan and Security Agreement; (iv) the Proposed Lender appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan and Security Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with the Loan and Security Agreement; and (v) the Proposed Lender agrees (for the benefit of the parties hereto and the other Lenders) that it will perform in accordance with their terms all of the obligations which, by the terms of the Loan and Security Agreement, are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Schedule II hereto sets forth administrative information with respect to the Proposed Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Joinder Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

IN WITNESS WHEREOF, the parties hereto have caused this Joinder Supplement to be executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto.

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SCHEDULE I TO

<u>JOINDER SUPPLEMENT</u> 

COMPLETION OF INFORMATION AND

SIGNATURES FOR JOINDER SUPPLEMENT

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| | |
|:---|:---|
| Re: | Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, by supplemented and among or Adams restated Street from Private time to Credit time, BDC, the "Loan LLC, and as the Security servicer Agreement"), (in such capacity, equityholder the (in "Servicer"), such capacity, as the the seller "Equityholder"), (in such capacity, ASP the BDC "Seller") Lev Facilitation and as the LLC, National as the Association, borrower (in as the such Administrative capacity, the "Borrower"), Agent, each of Wells the Lenders Fargo Bank, from time to Agent. time party thereto, and Computershare Trust Company, N.A., as the Collateral  |

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| | | |
|:---|:---|:---|
|  Item 1: | Date of Joinder Supplement: |  |
|  Item 2: | Proposed Lender: |  |
|  Item 3: |  | Commitment - |
|  |  | Facility Maturity Date: |
|  Item 4: | Signatures of Parties to Agreement: |  |

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| | |
|:---|:---|
| ___________________________, as | ___________________________, as |
| Proposed Lender | Proposed Lender |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| **ASP BDC LEV FACILITATION LLC**, as the Borrower | **ASP BDC LEV FACILITATION LLC**, as the Borrower |
| By: |  |
|  | Name: |
|  | Title: |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| **[NAME OF LENDER]**, as Lender | **[NAME OF LENDER]**, as Lender |
| By: |  |
|  | Name: |
|  | Title: |

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SCHEDULE II TO

<u>JOINDER SUPPLEMENT</u> 

ADDRESS FOR NOTICES

AND

<u>WIRE INSTRUCTIONS</u> 

**<u>Address for Notices:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone:   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile:   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

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| |
|:---|
|  email: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to: |

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 Telephone:<br>

Facsimile:    

 email:<br>

<u>Wire Instructions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of Bank:    

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C No.:    

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABA No.    

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference:    

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SCHEDULE III TO

<u>JOINDER SUPPLEMENT</u> 

FORM OF

<u>JOINDER EFFECTIVE NOTICE</u> 

To: [Name and address of the Borrower, Administrative Agent and Proposed Lender]

This Joinder Effective Notice is delivered to you pursuant to Section (a) of the Joinder Supplement by the undersigned, as Administrative Agent under the Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the " <u>Loan and Security Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the "<u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Terms defined in such Joinder Supplement are used herein as therein defined.

Pursuant to such Joinder Supplement, you are advised that the Joinder Effective Date for [Name of Proposed Lender] will be _____________ with a Commitment of __________.

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| |
|:---|
| Very truly yours, |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent |
| By: |
| Name: |
| Title: |

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<u>EXHIBIT G</u>

<u>To Loan and</u>

<u>Security Agreement</u> 

FORM OF SECTION 2.13 CERTIFICATE

**[FORM OF EXHIBIT 2.13-1]** 

**U.S. TAX COMPLIANCE CERTIFICATE** 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan and Security Agreement dated as of August 6, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "<u>Agreement</u>"), among Adams Street Private Credit BDC, LLC, as Servicer, as Seller and as Equityholder, ASP BDC Lev Facilitation LLC, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Computershare Trust Company, N.A., as Collateral Agent, and the Lenders from time to time party thereto.

Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Obligations in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W- 8BEN-E (as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

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| | |
|:---|:---|
|  [NAME OF LENDER] | [NAME OF LENDER] |
|  By: |  |
|  | Name: |
|  | Title: |

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Date: , 20[ ]

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**[FORM OF EXHIBIT 2.13-2]** 

**U.S. TAX COMPLIANCE CERTIFICATE** 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan and Security Agreement dated as of August 6, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "<u>Agreement</u>"), among Adams Street Private Credit BDC, LLC, as Servicer, as Seller and as Equityholder ASP BDC Lev Facilitation LLC, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Computershare Trust Company, N.A., as Collateral Agent, and the Lenders from time to time party thereto.

Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

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| | |
|:---|:---|
|  [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
|  By: |  |
|  | Name: |
|  | Title: |

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Date:<u> </u> , 20[ ]

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**[FORM OF EXHIBIT 2.13-3]** 

**U.S. TAX COMPLIANCE CERTIFICATE** 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan and Security Agreement dated as of August 6, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "<u>Agreement</u>"), among Adams Street Private Credit BDC, LLC, as Servicer, as Seller and as Equityholder, ASP BDC Lev Facilitation LLC, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Computershare Trust Company, N.A., as Collateral Agent, and the Lenders from time to time party thereto.

Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W- 8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

---

| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
|  By: |  |
|  | Name: |
|  | Title: |

---

Date: ,20[ ]

------

**[FORM OF EXHIBIT 2.13-4]** 

**U.S. TAX COMPLIANCE CERTIFICATE** 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan and Security Agreement dated as of August 6, 2024 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "<u>Agreement</u>"), among Adams Street Private Credit BDC, LLC, as Servicer, as Seller and as Equityholder, ASP BDC Lev Facilitation LLC, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Computershare Trust Company, N.A., as Collateral Agent, and the Lenders from time to time party thereto.

Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Obligations in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Obligations, (iii) with respect to the extension of credit pursuant to this Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

---

| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date:<u> </u>, 20[ ]

------

<u>EXHIBIT H</u>

<u>To Loan and</u>

<u>Security Agreement</u> 

FORM OF CERTIFICATE OF REQUIRED LOAN DOCUMENTS

Reference is made to that certain Loan and Security Agreement, dated as of August 6, 2024 (as amended, modified, supplemented or restated from time to time, the "<u>Loan and Security</u> <u>Agreement</u>"), by and among Adams Street Private Credit BDC, LLC, as the servicer (in such capacity, the " <u>Servicer</u>"), as the seller (in such capacity, the "<u>Seller</u>") and as the equityholder (in such capacity, the "<u>Equityholder</u>"), ASP BDC Lev Facilitation LLC, as the borrower (in such capacity, the "<u>Borrower</u>"), Wells Fargo Bank, National Association, as the Administrative Agent, each of the Lenders from time to time party thereto, and Computershare Trust Company, N.A., as the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement.

In connection with the acquisition of [_______] (the "<u>Loan</u>") by the Borrower as of the ______ day of __________, ____ (the "<u>Certification Date</u>"), the undersigned hereby certifies to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, that it has possession of, to the extent applicable for the related Loan, copies of the documents specified on Exhibit A attached hereto relating to the Loan.

IN WITNESS WHEREOF, I have signed and delivered this certificate as of the Certification Date.

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

---

------

<u>Exhibit A</u><sup>2</sup>

**[Modify/add/delete as appropriate]** 

1. [Loan Agreement], dated as of ______________ ___, 20__ (together with all amendments and supplements from time
to time thereto), between _______________________ and _____________________ relating to a loan in the original principal amount of $___________.

2. Promissory Note dated ___________ ___, 20__ in the original principal amount of $_________ issued by
_____________ in favor of ______________, or order.

3. UCC-1 Financing Statements showing ________, as debtor, and
___________, as secured party. [Reference Recording Office and any assignments.]

4. [Reference other major loan documents, such as: loan agreement, credit agreement, note purchase agreement,
acquisition agreement, intercreditor agreement, guarantees, insurance policies and assumption or substitution agreements.]

<sup>2</sup> Capitalized terms used but not defined herein shall have the meaning ascribed to them in the _______________.

------

<u>EXHIBIT I</u>

<u>To Loan and</u>

<u>Security Agreement</u> 

FORM OF LOAN CHECKLIST

[DRAFT]

---

| | |
|:---|:---|
| **Item** | **Obligor:** |
| **Required Loan Document** | **Status** |
| Credit Agreement or other similar document |  |
| Note Purchase Agreement |  |
| Security/Collateral Agreement (including, to the extent delivered to the Borrower, control agreements) [attach multiple agreements where applicable] |  |
| Acquisition Agreement |  |
| Sale and Servicing Agreement |  |
| Subordination Agreement |  |
| Intercreditor Agreement |  |
| Guarantee Agreement |  |
| Certificates of Insurance |  |
| UCC-1 Financing Statement |  |
| UCC-3 Continuation Statement (if applicable) |  |
| Original Promissory Note |  |
| If a Lost Note: Underlying Promissory Note and original executed indemnity endorsed by Borrower in blank |  |
| Unbroken Chain of Assignments (prior to contribution to facility). Please attach all relevant assignments |  |
| If no Promissory Note or Noteless Loan: Executed copy of each assignment and assumption agreement, transfer document or other instrument evidencing the assignment of such Loan from prior third party owner to Borrower |  |
| Assignment Agreement – Borrower to BLANK (undated) |  |
| Loan Register |  |
| Funding Memo |  |

---

---

| | |
|:---|:---|
| Completed By: | Completed By: |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date |

---

------

---

| |
|:---|
| **If documents are being submitted with a funding request:** |
| Funding Notice (Exhibit A-1) |
| Reinvestment Notice (Exhibit A-3) |
| Borrowing Base Certificate (Exhibit A-4) |
| Form of Approval Notice (Exhibit A-5) |
| **Wells Fargo To Complete** |
| **File Number** |
| **Obligor** |
| **Outstanding Balance** |
| **Assigned Value** |
| **Purchase Price (% of par)** |
| **Purchase Price ($)** |
| Documents Received By: |
| Confirmation of All Received Documents |

---

------

<u>SCHEDULE I</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

LEGAL NAMES

The exact legal name of each of the Borrower, the Servicer, the Seller and the Equityholder is as follows:

Borrower: ASP BDC Lev Facilitation LLC

Servicer: Adams Street Private Credit BDC, LLC

Seller: Adams Street Private Credit BDC, LLC

Equityholder: Adams Street Private Credit BDC, LLC

SCHEDULE I-1

------

<u>SCHEDULE II</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

LOAN SCHEDULE

NONE.

SCHEDULE II-1

------

<u>SCHEDULE III</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

AGREED-UPON PROCEDURES

In accordance with Section 6.8(e) of the Loan and Security Agreement, the Servicer will cause a firm of nationally recognized independent public accountants to furnish in accordance with attestation standards established by the American Institute of Certified Public Accountants a report to the effect that such accountants have either verified, compared, or recalculated each of the following accounts in Borrowing Base Certificates and Payment Date Statements to applicable system or records of the Borrower or the Servicer, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outstanding Balance (Loan & Obligor)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan Origination Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan Purchase Date (date Loan was added to facility)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan Maturity Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed/Floating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Index (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spread or coupon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIK (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current outstanding principal amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Moody's, Fitch and S&P ratings (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Days Delinquent (if any)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trailing twelve-month revenue for the most recent Relevant Test Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trailing twelve-month EBITDA for the most recent Relevant Test Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The as-of date for each of the statistics in the foregoing two bullet
points

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Senior Leverage Ratio (and related Original Net Senior Leverage Ratio)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Total Leverage Ratio (and related Original Net Total Leverage Ratio)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash Interest Coverage Ratio (and related Original Cash Interest Coverage Ratio)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Applicable Percentage (calculated as a weighted average based on the portfolio)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unused Facility Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Availability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Borrowing Base

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advances Outstanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Borrowing Base minus Advances Outstanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discretionary Sales Calculations, Repurchase/Substitution Calculations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Applicable Spread

At the discretion of the Administrative Agent and a firm of nationally recognized independent public accountants, three (3) random Borrowing Base Certificates and Payment Date Statements from the 2024 fiscal year and for each subsequent fiscal year (including one that pertains to a month immediately prior to a Payment Date) will be chosen and reviewed.

SCHEDULE III-1

------

The report provided by such firm may be in a format such typically utilized for a report of this nature; *provided* that it will consist of at a minimum (i) a list of deviations from the applicable Borrowing Base Certificate or Payment Date Statement and (ii) discuss with the Servicer the reason for such deviations, and set forth the findings in such report.

SCHEDULE III-2

------

<u>SCHEDULE IV</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

Closing Date Participation Interests

NONE.

SCHEDULE IV-1

------

<u>SCHEDULE V</u> 

<u>To Loan and</u> 

<u>Security Agreement</u> 

---

| | |
|:---|:---|
| GICS INDUSTRY CLASSIFICATIONS | GICS INDUSTRY CLASSIFICATIONS |
| **Asset Type Code** | **Asset Type Description** |
| 101010 | Energy Equipment & Services |
| 101020 | Oil, Gas & Consumable Fuels |
| 151010 | Chemicals |
| 151020 | Construction Materials |
| 151030 | Containers & Packaging |
| 151040 | Metals & Mining |
| 151050 | Paper & Forest Products |
| 201010 | Aerospace & Defense |
| 201020 | Building Products |
| 201030 | Construction & Engineering |
| 201040 | Electrical Equipment |
| 201050 | Industrial Conglomerates |
| 201060 | Machinery |
| 201070 | Trading Companies & Distributors |
| 202010 | Commercial Services & Supplies |
| 202020 | Professional Services |
| 203010 | Air Freight & Logistics |
| 203020 | Passenger Airlines |
| 203030 | Marine Transportation |
| 203040 | Ground Transportation |
| 203050 | Transportation Infrastructure |
| 251010 | Auto Components |
| 251020 | Automobiles |
| 252010 | Household Durables |
| 252020 | Leisure Products |
| 252030 | Textiles, Apparel & Luxury Goods |
| 253010 | Hotels, Restaurants & Leisure |
| 253020 | Diversified Consumer Services |
| 255010 | Distributors |
| 255030 | Broadline Retail |
| 255040 | Specialty Retail |
| 301010 | Consumer Stables Distribution & Retail |
| 302010 | Beverages |
| 302020 | Food Products |
| 302030 | Tobacco |
| 303010 | Household Products |
| 303020 | Personal Care Products |

---

SCHEDULE V-1

------

---

| | |
|:---|:---|
| 351010 | Health Care Equipment & Supplies |
| 351020 | Health Care Providers & Services |
| 351030 | Health Care Technology |
| 352010 | Biotechnology |
| 352020 | Pharmaceuticals |
| 352030 | Life Sciences Tools & Services |
| 401010 | Banks |
| 402010 | Financial Services |
| 402020 | Consumer Finance |
| 402030 | Capital Markets |
| 402040 | Mortgage Real Estate Investment Trusts (REITs) |
| 403010 | Insurance |
| 451020 | IT Services |
| 451030 | Software |
| 452010 | Communications Equipment |
| 452020 | Technology Hardware, Storage & Peripherals |
| 452030 | Electronic Equipment, Instruments & Components |
| 453010 | Semiconductors & Semiconductor Equipment |
| 501010 | Diversified Telecommunication Services |
| 501020 | Wireless Telecommunication Services |
| 502010 | Media |
| 502020 | Entertainment |
| 502030 | Interactive Media & Services |
| 551010 | Electric Utilities |
| 551020 | Gas Utilities |
| 551030 | Multi-Utilities |
| 551040 | Water Utilities |
| 551050 | Independent Power and Renewable Electricity Producers |
| 601010 | Diversified REITs |
| 601025 | Industrial REITs |
| 601030 | Hotel & Resort REITs |
| 601040 | Office REITs |
| 601050 | Health Care REITs |
| 601060 | Residential REITs |
| 601070 | Retail REITs |
| 601080 | Specialized REITs |
| 602010 | Real Estate Management & Development |

---

SCHEDULE V-2

## Exhibit 10.9

**Exhibit 10.9** 

AGREEMENT MEMORIALIZING MAY 2025 AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Agreement"), dated as of February 5, 2026, among ASP BDC LEV FACILITATION LLC, a Delaware limited liability company, as the borrower (the "Borrower"), ADAMS STREET CREDIT SOLUTIONS FUND ("Adams Street") (f/k/a Adams Street Private Credit BDC, LLC), a Delaware statutory trust, as the servicer (in such capacity, the "Servicer"), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (in such capacity, the "Administrative Agent") and as a lender (the "Required Lender");

WHEREAS, the Borrower, the Servicer, Adams Street, as the seller (the "Seller") and as the equityholder (the "Equityholder"), the Administrative Agent, the Required Lender, each of the other lenders from time to time party to the Loan and Security Agreement (together with their respective successors and assigns in such capacity, each a "Lender," and collectively, the "Lenders") and COMPUTERSHARE TRUST COMPANY, N.A., as the collateral agent (in such capacity, the "Collateral Agent") are party to the Loan and Security Agreement, dated as of August 6, 2024 (as amended from time to time, the "Loan and Security Agreement");

WHEREAS, the Borrower, the Servicer, the Seller, the Equityholder, the Administrative Agent, the Required Lender and the Collateral Agent agreed to make certain amendments to the Loan and Security Agreement on August 5, 2025 (such amendment, the "Second Amendment to LSA");

WHEREAS, prior to the Second Amendment to LSA, the Borrower, the Servicer, the Administrative Agent and the Required Lender agreed to certain amendments to the Loan and Security Agreement via e-mail on May 14, 2025 (the "May 2025 Amendment") pursuant to Section 12.1 of the Loan and Security Agreement; and

WHEREAS, the parties now desire to memorialize the May 2025 Amendment.

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 from time to time).

------

<u>ARTICLE II</u>

<u>May 2025 Amendment</u>

SECTION 2.1. Effective as of May 14, 2025, the parties hereto agreed to amend the definition of "Minimum Equity Amount" in Section 1.1 of the Loan and Security Agreement to delete such definition in its entirety and replace such definition with the following definition:

"Minimum Equity Amount": (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, 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 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, 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.

SECTION 2.2. For the avoidance of doubt, the parties hereto acknowledge and agree that the May 2025 Amendment described in Section 2.1 above which was agreed to via e-mail on May 14, 2025 is hereby ratified and confirmed.

<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 date hereof, (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 Agreement shall become effective as of the date hereof upon the execution and delivery of this Agreement by each party hereto.

------

<u>ARTICLE V</u>

<u>Miscellaneous</u>

SECTION 5.1. <u>Governing Law</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 5.2. <u>Severability Clause</u>. In case any provision in this Agreement 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. Effective as of May 14, 2025, the May 2025 Amendment formed 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 Agreement in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Agreement 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 Agreement 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 Agreement 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 Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| **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 Agreement Memorializing May 2025 Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **SERVICER:** | **SERVICER:** |
| **ADAMS STREET CREDIT SOLUTIONS** | **ADAMS STREET CREDIT SOLUTIONS** |
| **FUND** | **FUND** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Chief Legal Officer |

---

[Signature Page to Agreement Memorializing May 2025 Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **THE ADMINISTRATIVE AGENT:** | **THE ADMINISTRATIVE AGENT:** |
| **WELLS FARGO BANK, NATIONAL** | **WELLS FARGO BANK, NATIONAL** |
| **ASSOCIATION**, in its capacity as Administrative Agent | **ASSOCIATION**, in its capacity as Administrative Agent |
| By: | /s/ Christopher R Williams |
|  | Name: Christopher R Williams |
|  | Title: Executive Director |

---

[Signature Page to Agreement Memorializing May 2025 Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **LENDER:** | **LENDER:** |
| **WELLS FARGO BANK, NATIONAL** | **WELLS FARGO BANK, NATIONAL** |
| **ASSOCIATION**, as Lender | **ASSOCIATION**, as Lender |
| By: | /s/ Christopher R Williams |
|  | Name: Christopher R Williams |
|  | Title: Executive Director |

---

[Signature Page to Agreement Memorializing May 2025 Amendment to Loan and Security Agreement]

## Exhibit 10.10

**Exhibit 10.10** 

**SECOND AMENDED AND RESTATED** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**ASP BDC LEV FACILITATION LLC** 

**a Delaware limited liability company** 

**August 5, 2025** 

------

<u>**TABLE OF CONTENTS**</u>

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE I GENERAL PROVISIONS | ARTICLE I GENERAL PROVISIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01. | Definitions; Interpretation | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02. | Name | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03. | Registered Agent and Office; Other Offices; Filings and Qualifications | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.04. | Term | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.05. | Purpose | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.06. | Limited Liability Company Agreement; Certificate of Formation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.07. | Separate Existence | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.08. | Limitation on Certain Activities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.09. | No State Law Partnership | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.10. | Limitation on Liability | 11 |
|  ARTICLE II CAPITAL; EQUITY ACCOUNT | ARTICLE II CAPITAL; EQUITY ACCOUNT | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | Initial Capital | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02. | Additional Capital Contributions | 11 |
|  ARTICLE III ALLOCATIONS; BOOKS | ARTICLE III ALLOCATIONS; BOOKS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | Status of the Company | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02. | Allocations of Net Income and Net Loss | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03. | Other Allocation Provisions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04. | Allocations of Taxable Income and Loss | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05. | Withholding | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06. | Books of Account | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07. | Access to Accounting Records | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08. | Annual Tax Information | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09. | Tax Matters Partner | 13 |
|  ARTICLE IV MEMBERS | ARTICLE IV MEMBERS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01. | Powers | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02. | Initial Member; Special Member | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03. | Other Ventures | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04. | Actions by the Members | 15 |
|  ARTICLE V MEMBERSHIP INTERESTS | ARTICLE V MEMBERSHIP INTERESTS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01. | General; Qualifications for Membership | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02. | Distributions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03. | Rights on Liquidation, Dissolution or Winding Up | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04. | Transfer of Membership Interests | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05. | Admission of Transferee as Member | 16 |
|  ARTICLE VI MANAGERS | ARTICLE VI MANAGERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01. | Managers | 16 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02. | Powers of the Designated Manager | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.03. | Designated Manager as Attorney-in-Fact | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.04. | Compensation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.05. | Removal of Managers | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.06. | Resignation of Manager | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.07. | Meetings of the Managers | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.08. | Electronic Communications | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.09. | Limitations on the Independent Manager | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10. | Officers; Authorized Signatories | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11. | Non-Petition | 20 |
|  ARTICLE VII EXPENSES | ARTICLE VII EXPENSES | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01. | Expenses | 21 |
|  ARTICLE VIII DISSOLUTION, LIQUIDATION AND WINDING-UP | ARTICLE VIII DISSOLUTION, LIQUIDATION AND WINDING-UP | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01. | Dissolution | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02. | Accounting | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.03. | Winding Up, Liquidation and Distribution of Assets | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.04. | Order of Payment of Liabilities Upon Dissolution | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.05. | Certificate of Cancellation | 23 |
|  ARTICLE IX INDEMNIFICATION | ARTICLE IX INDEMNIFICATION | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.01. | Exculpation | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.02. | Indemnification | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.03. | Further Indemnity | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.04. | Expenses | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.05. | Advance Payment of Expenses | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.06. | Other Arrangements Not Excluded | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.07. | Subordination of Indemnification | 25 |
|  ARTICLE X MISCELLANEOUS PROVISIONS | ARTICLE X MISCELLANEOUS PROVISIONS | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.01. | Amendments | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.02. | Governing Law | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.03. | Headings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.04. | Severability | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.05. | Assigns | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.06. | Enforcement by Managers | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.07. | Waiver of Partition; Nature of Interest | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.08. | Counterparts | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.09. | Automatic Removal of Independent Manager and Special Member | 26 |

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| | |
|:---|:---|
| SCHEDULES |  |
| Schedule A | Members and Capital Contributions |

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**SECOND AMENDED AND RESTATED** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**ASP BDC LEV FACILITATION LLC** 

a Delaware Limited Liability Company

This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this "<u>Agreement</u>") of ASP BDC LEV FACILITATION LLC, a Delaware limited liability company (the "<u>Company</u>"), is made and entered into as of August 5, 2025 by ADAMS STREET CREDIT SOLUTIONS FUND (F/K/A ADAMS STREET PRIVATE CREDIT BDC, LLC), a Delaware statutory trust, in its capacity as a member of the Company (the "<u>Initial Member</u>") and in its capacity as the Designated Manager (as such term defined below), and is acknowledged and agreed to by the Independent Manager and Special Member (as such terms are defined below).

WHEREAS, the Initial Member has caused to be filed a Certificate of Formation with the Secretary of State of the State of Delaware to form the Company under and pursuant to the Delaware Limited Liability Company Act, 6 Del. C. §18-101, et seq., as amended from time to time (the "<u>LLC Act</u>");

WHEREAS, the initial limited liability company agreement of the Company was entered into as of July 10, 2024, by and among the Company and the Initial Member;

WHEREAS, the amended and restated limited liability company agreement of the Company was entered into as of August 6, 2024, by and among the Company and the Initial Member (the "Original Agreement");

WHEREAS, in accordance with the LLC Act, the Initial Member desires to amend and restate the Original Agreement in its entirety and enter into this Agreement to set forth the rights, powers and interests of the Members with respect to the Company and the Membership Interests therein and to provide for the management of the business and operations of the Company.

NOW, THEREFORE, the Initial Member agrees to continue the Company and hereby amend and restate the Original Agreement, which is replaced and superseded in its entirety by this Agreement, as follows:

ARTICLE I

GENERAL PROVISIONS

<u>Section 1.01.</u> <u>Definitions; Interpretation</u>. (a) Certain terms used in this Agreement are defined in this <u>Section 1.01(a)</u> or otherwise herein.

"<u>Accounting Period</u>" means any period that begins at the opening of business on the day following the end of a previous Accounting Period and ends at the close of business on the earlier of the next Adjustment Date, the end of a Fiscal Year and the date on which the Company is terminated.

"<u>Adjustment Date</u>" means (i) each day immediately prior to the day on which an additional Member is admitted to the Company as a Member and (ii) any other date reasonably believed by the Designated Manager to be appropriate so as to properly reflect the economic relationship among the Members.

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"<u>Administrative Agent</u>" means Wells Fargo Bank, National Association, in its capacity as administrative agent under the Loan Agreement, together with its successors and assigns, including any successor appointed pursuant to the terms of the Loan Agreement.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such Person.

"<u>Agreement</u>" has the meaning set forth in the first paragraph hereof.

"<u>Bankruptcy</u>" means, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged as bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (B) if 60 days have elapsed after the commencement of any proceeding against such Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if 60 days have elapsed after the appointment without such Person's consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 60 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of "Bankruptcy" is intended to replace and shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18-101(1) and 18-304 of the LLC Act.

"<u>Book Value</u>" means, with respect to any Company asset as of any date, such Company asset's adjusted basis for Federal income tax purposes as of such date, except as follows: (i) on each Adjustment Date, the Book Value of each Company asset shall be adjusted to equal its Value on such Adjustment Date; and (ii) if the Book Value of a Company asset has been determined under clause (i) above, such Book Value shall thereafter be adjusted by the depreciation, cost recovery and amortization attributable to such Company asset assuming that the adjusted basis of such Company asset was equal to its Book Value determined under the methodology described in Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3).

"<u>Business Day</u>" means any day other than a Saturday or Sunday; <u>provided</u> that days on which banks are authorized or required to close in New York, New York or Chicago, Illinois shall not constitute Business Days.

"<u>Capital Account</u>" means with respect to each Member the account established and maintained for such Member on the books of the Company in compliance with Treasury Regulation Sections 1.704-1(b)(2)(iv) and 1.704-2, as amended. Subject to the preceding sentence, each Member's Capital Account balance shall initially equal the amount of cash and/or Value of property contributed by such Member, which initial Capital Account balance is on file with the Company. Throughout the term of the Company, each Capital Account will be (i) increased by the amount of (A) income and gains allocated to such Capital Account pursuant to <u>Article III</u> and (B) the amount of any cash and/or Value of property subsequently contributed to such Capital Account, and (ii) decreased by the amount of (A) losses and deductions allocated to such Capital Account pursuant to <u>Article III</u> and (B) the amount of cash and the Value of any other property distributed or transferred from such Capital Account.

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"<u>Cause</u>" means, with respect to an Independent Manager, (i) acts or omissions by such Independent Manager that constitute willful disregard of, or bad faith or gross negligence with respect to, such Independent Manager's duties under this Agreement, (ii) that such Independent Manager has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Manager, (iii) that such Independent Manager is unable to perform his or her duties as Independent Manager due to death, disability or incapacity, or (iv) that such Independent Manager no longer meets the definition of Independent Manager.

"<u>Certificate of Formation</u>" has the meaning set forth in <u>Section 1.02</u> hereof.

"<u>Code</u>" has the meaning set forth in <u>Section 3.01</u> hereof.

"<u>Collection Date</u>" has the meaning set forth in the Loan Agreement.

"<u>Company</u>" has the meaning set forth in the first paragraph hereof.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or otherwise. "Controlling" and "Controlled" shall have correlative meanings. Without limiting the generality of the foregoing, a Person shall be deemed to Control any other Person in which it owns, directly or indirectly, a majority of the ownership interests of such Person.

"<u>Covered Person</u>" has the meaning set forth in <u>Section 9.01</u> hereof.

"<u>Designated Manager</u>" means the Manager designated as such by the Majority Members from time to time or as provided in <u>Section 6.01</u> hereof for any period in which no such designation has been made.

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

"<u>Fiscal Year</u>" means the taxable year utilized by the Company for federal income tax reporting purposes, which shall be the calendar year (or a period of less than the full calendar year in the case of the Company's formation or termination), unless a different period is required by law.

"<u>Independent Manager</u>" means a natural person 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 Company, the Member or the Designated Manager 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 Company or any of its equityholders, the Designated Manager or Affiliates (other than as an Independent Manager of an Affiliate of the Company that is not in the direct chain of ownership of the Company 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 Company, the Designated Manager 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 Company, the Designated Manager or any of its equityholders or Affiliates in the

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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 Company shall be qualified to serve as an Independent Manager of the Company.

"<u>Initial Member</u>" has the meaning set forth in the first paragraph hereof.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940.

"<u>LLC Act</u>" has the meaning set forth in the preamble.

"<u>Loans</u>" has the meaning set forth in the Loan Agreement.

"<u>Loan Agreement</u>" means the Loan and Security Agreement, dated August 6, 2024, by and among the Company, as borrower, the Initial Member, as seller, as equityholder and as the servicer, the lenders party thereto from time to time, Wells Fargo Bank, National Association, as the Administrative Agent and Computershare Trust Company, N.A., as the collateral agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"<u>Majority Members</u>" means Members having Percentage Interests aggregating more than 50% of the aggregate Percentage Interests in the Company.

"<u>Manager</u>" has the meaning set forth in <u>Section 6.01(a)</u> hereof.

"<u>Material Action</u>" has the meaning set forth in <u>Section 1.08</u> hereof.

"<u>Member</u>" means the Initial Member, as a member of the Company on the date of this Agreement, and includes any Person admitted as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company; <u>provided</u>, <u>however</u>, the term "Member" shall not include any Special Member.

"<u>Membership Interest</u>" has the meaning set forth in <u>Section 5.01</u> hereof.

"<u>Membership Interests Transfer Certificate</u>" means a transfer certificate acceptable to the Designated Manager executed by the proposed transferee of a Membership Interest and delivered to the Designated Manager in accordance with <u>Section 5.04(b)</u> hereof.

"<u>Net Income</u>" and "<u>Net Loss</u>", respectively, for any period means the income or loss of the Company for such period as determined in accordance with the method of accounting followed by the Company for Federal income tax purposes, including, for all purposes, any income exempt from tax and any expenditures of the Company which are described in Code Section 705(a)(2)(B); <u>provided</u>, <u>however</u>, that in determining Net Income and Net Loss and every item entering into the computation thereof, solely for the purpose of adjusting the Capital Accounts of the Members (and not for tax purposes), (i) any income, gain, loss or deduction attributable to the taxable disposition of any Company asset shall be computed as if the adjusted basis of such Company asset on the date of such disposition equaled its Book Value as of such date, (ii) if any Company asset is distributed in-kind to a Member, the difference between its Value and its Book Value at the time of such distribution shall be treated as gain or loss, (iii) any depreciation, cost recovery and amortization as to any Company asset shall be computed by assuming that the adjusted basis of such Company asset equaled its Book Value determined under the methodology

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described in Treasury Regulation Section 1.704-1(b)(2)(iv)(g)(3) and (iv) as to any Company asset held by the Company on an Adjustment Date the difference between such Company asset's Book Value on such Adjustment Date and its Book Value immediately prior to such Adjustment Date shall be treated as gain or loss, as appropriate; <u>provided</u>, <u>further</u>, that any item (computed with the adjustments in the preceding proviso) allocated under <u>Section 3.03</u> shall be excluded from the computation of Net Income and Net Loss.

"<u>Obligations</u>" shall mean the indebtedness, liabilities and obligations of the Company under or in connection with the Transaction Documents (other than contingent indemnification obligations for which no claim giving rise thereto has been asserted).

"<u>Percentage Interest</u>" with respect to each Member, as of any time of determination, means a fraction, expressed as a percentage, the numerator of which is the Capital Account balance of such Member, and the denominator of which is the aggregate Capital Account balances of all Members.

"<u>Permitted Assets</u>" means Loans (and the Related Security), Permitted Investments and Equity Securities and any property or instruments related thereto.

"<u>Permitted Investments</u>" has the meaning set forth in the Loan Agreement.

"<u>Person</u>" means an individual, partnership, corporation, business trust, trust, limited liability company, joint stock company, unincorporated association, sole proprietorship, joint venture, government (or any agency or subdivision thereof) or any other entity.

"<u>Related Security</u>" means any related property, insurance policies, guarantees, letters of credit, warrants, other forms of security relating thereto or other agreements or arrangements of whatever character from time to time supporting or securing payment of Permitted Assets and any proceeds or further rights associated with Permitted Assets.

"<u>Revised Partnership Audit Provisions</u>" means Sections 6221 through 6241 of the Code, including any other Code provisions with respect to the same subject matter as Sections 6221 through 6241, and any regulations promulgated or proposed under any such Sections and any administrative guidance with respect thereto.

"<u>Satisfaction Date</u>" has the meaning set forth in <u>Section 1.07</u> hereof.

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

"<u>Special Member</u>" has the meaning set forth in <u>Section 4.02(b)</u> hereof.

"<u>Special Purpose Provisions</u>" mean, collectively, Sections 1.05, 1.07, 1.08, 4.02(b), 5.02, 5.04(b), 5.05, 6.01(b), 6.01(f), 6.05, 6.06, 8.01, 8.03, 9.07, 10.01, 10.06, 10.07 and any defined term contained in Section 1.01 to the extent such term is used in any of the foregoing sections including, but not limited to, the definition of "Independent Manager".

"<u>Tax Matters Partner</u>" has the meaning set forth in <u>Section 3.09</u> hereof.

"<u>Transaction Documents</u>" means, collectively, this Agreement, the Loan Agreement, each agreement entered into by the Company from time to time in connection with the acquisition of Loans and Related Security, the sale or pledge of interests therein and the issuance of notes (or other incurrence of indebtedness) and other securities, and all other documents, instruments and certificates delivered in connection therewith.

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"<u>Value</u>" of any non-cash capital contribution made by a Member to the Company or of any asset of the Company, as the case may be, as of any date, means the fair market value of such asset as determined by the Designated Manager in good faith. Any determination of the Value or of the fair market value of any such non-cash capital contribution or of any such asset of the Company made in good faith by the Designated Manager shall be binding on the Members for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a contrary intention appears in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;(ii) reference to any Person includes such Person's successors and assigns but, if applicable in the context of a particular Transaction Document, only if such successors and assigns are permitted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reference to any gender includes each other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reference to day or days without further qualification means calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reference to any agreement (including this Agreement or any Transaction Document), document or instrument means such agreement, document or instrument, together with all schedules, exhibits and annexes thereto, in each case 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 this Agreement or the other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 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 including those 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;(vii) the words "hereof," "herein," "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Section, Schedule, Exhibit, Annex and Attachment references contained in this Agreement are references to Sections, Schedules, Exhibits, Annexes and Attachments in or to this Agreement unless otherwise specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the term "including" shall mean "including without limitation."

<u>Section 1.02.</u> <u>Name</u>. The name of the Company is "ASP BDC Lev Facilitation LLC". The name of the Company may be changed from time to time by the Designated Manager with the prior written consent of the Majority Members and the filing of an appropriate amendment to the certificate of formation of the Company with the Secretary of State of the State of Delaware (the "<u>Certificate of Formation</u>") as required by the LLC Act.

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<u>Section 1.03.</u> <u>Registered Agent and Office; Other Offices; Filings and Qualifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registered agent and registered office of the Company in the State of Delaware is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. The Designated Manager may change the registered agent and the registered office of the Company from time to time to another registered agent and registered office in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's principal office is located at One North Wacker Drive, Suite 2700, Chicago, IL 60606. The Company may move its principal office, and may have other offices, at any place or places within or outside the State of Delaware as determined from time to time by the Designated Manager, subject to compliance by the Company with the applicable requirements of any Transaction Document.

<u>Section 1.04.</u> <u>Term</u>. The Company was formed and commenced on the date the Certificate of Formation was filed with the Secretary of State of the State of Delaware. The Company shall have a perpetual term until dissolved as provided herein. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the LLC Act.

<u>Section 1.05.</u> <u>Purpose</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The sole purpose to be conducted or promoted by the Company is to engage in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to acquire (including by way of capital contribution), own, hold, sell, transfer, participate, service, foreclose on, exercise rights or remedies under, syndicate, invest in, convey, safe keep, dispose of, pledge, assign, secure, borrow money against, finance or otherwise deal with from time to time, publicly or privately and whether with unrelated third parties or with affiliated entities, the Permitted Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to enter into and perform its obligations under the Transaction Documents and the other agreements, instruments and notes to be delivered from time to time in connection therewith, including any agreement to which it is a party pursuant to which or in connection therewith any Loans are acquired or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to take any and all other action necessary to maintain the existence of the Company as a limited liability company in good standing under the laws of the State of Delaware and/or to qualify the Company to do business as a foreign limited liability company in any other state in which such qualification is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to establish bank accounts as are necessary, convenient or advisable to accomplish the activities set forth herein or in the Transaction Documents or any other agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to contract with third parties to provide services as may be required from time to time by the Company, including legal, investment, accounting, data processing, administrative and management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to invest the proceeds derived from the pledge, financing, sale or ownership of the Permitted Investments and to make distributions to the Members, in each case as determined by the Designated Manager and to the extent not prohibited by the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to engage in any lawful act or activity and to exercise any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company, by or through the Designated Manager (or any duly authorized officer or signatory appointed by the Designated Manager) on behalf of the Company, may enter into, perform and from time to time amend (except as otherwise expressly restricted in this Agreement or in the Transaction Documents), the Transaction Documents and all documents, agreements, certificates or financing statements contemplated thereby or related thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement, the LLC Act or applicable law, rule or regulation. The foregoing authorization shall not be deemed a restriction on the powers of the Designated Manager (or any duly authorized officer or signatory appointed by the Designated Manager) to enter into other agreements on behalf of the Company.

<u>Section 1.06.</u> <u>Limited Liability Company Agreement; Certificate of Formation</u>. This Agreement shall constitute a "limited liability company agreement" within the meaning of the LLC Act. Eric R. Mansell, as an authorized person within the meaning of the LLC Act, has caused a certificate of formation of the Company to be executed and filed in the office of the Secretary of State of the State of Delaware on June 28, 2024 (such execution and filing being hereby ratified and approved in all respects). Effective as of the date hereof, his/her powers as an "authorized person" ceased, and the Designated Manager thereupon became a designated "authorized person" and shall continue as a designated "authorized person" within the meaning of the LLC Act. The Designated Manager (or any duly authorized officer or signatory appointed by the Designated Manager) on behalf of the Company shall execute, deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company's operations so require.

<u>Section 1.07.</u> <u>Separate Existence</u>. Except for financial reporting purposes (to the extent consolidated reports including the Company are required by generally accepted accounting principles) and for federal income tax purposes if required by the Code and regulations thereunder, and, to the extent consistent with applicable state tax law, state income and franchise tax purposes, the Members and the Managers shall take all steps necessary to continue the identity of the Company as a separate legal entity and to make it apparent to third Persons that the Company is an entity with assets and liabilities distinct from those of the Members, Affiliates of the Members or any other Person, and that the Company is not a division of any of the Members, Affiliates of the Company or any other Person. In that regard, prior to the date on which the Obligations are paid and discharged and the commitments of the lenders under the Loan Agreement are terminated (the "<u>Satisfaction Date</u>"), the Company shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage in any business activity other than the activities that are permitted pursuant to <u>Section 1.05</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acquire or own any assets other than the Loans and incidental property as may be necessary for the operation of the Company and the performance of the Company's obligations under the Transaction Documents including, without limitation, capital contributions which it may receive from the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer, sell, exchange, pledge or otherwise dispose of all or substantially all of its assets (other than in accordance with the provisions of the Loan Agreement), without in each case first obtaining the prior written consent of the Administrative Agent, or except as permitted by the Loan 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except as otherwise permitted by Section 1.07(c), 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 Special Purpose Provisions, or fail to observe Delaware limited liability company formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) form, acquire or own any subsidiary, own any equity interest in any other entity or make any investment in any Person (except as permitted by the Loan Agreement), without the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commingle or pool its funds or assets with the assets of any of its Affiliates, or of any other Person and it shall hold all of its assets in its own name, except as otherwise permitted or required under the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) incur or assume any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than the Obligations, except for accrued expenses and payables in the ordinary course of its business which are paid when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) become insolvent or fail to pay its debts, expenses and liabilities from its assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fail to maintain its accounts, records, books of account and bank accounts separate and in its own name and apart from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) enter into any contract or agreement with any Person (other than the Transaction Documents), except to the extent permitted under the Loan Agreement and 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) seek its dissolution or winding up in whole or in part or divide or permit any division of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) fail to correct any known misunderstandings regarding the separate identities of the Company and the Members or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) 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;(n) 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 (i) to mislead others as to the identity of the Person with which such other party is transacting business, or (ii) 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;(o) 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;(p) except as may be required 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 any of its principals or Affiliates, any Affiliate of a principal or of any other Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) 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 Company'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 Company from such Person and to indicate that the Company'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 Company's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) fail to pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) fail to maintain a sufficient number of employees or to pay the salaries of its own employees, if any, in light of its contemplated business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) 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;(u) acquire the obligations or securities of its Affiliates or partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;(w) to the extent used in its business, fail to use separate stationery, invoices and checks bearing its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) pledge its assets to secure the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) fail to file its own separate tax return, or file a consolidated federal income tax return with any other Person, except as may be required by the Code and regulations, and pay any taxes required to be paid under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) fail at any time to have at least one Independent Manager, except while a vacancy is being filled as required by Section 6.01(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) fail to ensure that all limited liability company actions relating to the appointment, maintenance or replacement of the Independent Manager are complied with; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) breach any of its obligations set forth in Section 1.08 hereof.

Failure of the Company, or any Member or Manager on behalf of the Company, to comply with any of the foregoing covenants or any other covenants contained in this Agreement shall not affect the status of the Company as a separate legal entity or the limited liability of a Member or a Manager.

<u>Section 1.08</u>. <u>Limitation on Certain Activities</u>. Notwithstanding any other provisions of this Agreement, prior to the Satisfaction Date, the Company shall not, without the prior unanimous affirmative vote of each Member and the prior unanimous affirmative vote of all of the Managers, including the Independent Manager (<u>provided</u>, <u>however</u>, that the Managers may not vote on or authorize the taking of any action set forth in this <u>Section 1.08</u> (any such action, a "<u>Material Action</u>"), unless there is at least one Independent Manager appointed pursuant to, and in compliance with, each of the provisions of this Agreement and then serving in such capacity, and any taking or purported taking of any Material

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Action that is not in strict compliance with this <u>Section 1.08</u> shall be void and of no effect) to the fullest extent permitted by law, institute proceedings to be adjudicated bankrupt or insolvent; or consent to the institution of bankruptcy or insolvency proceedings against it; or file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy; or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part of its property; or make any assignment for the benefit of creditors; or admit in writing its inability to pay its debts generally as they become due; or take any Company action in furtherance of any such action.

<u>Section 1.09.</u> <u>No State Law Partnership</u>. Other than for tax purposes as provided herein and if applicable, no provisions of this Agreement shall be deemed or construed to constitute a partnership (including a limited partnership) or joint venture, or any Member a partner or joint venturer of or with any other Member, Manager or the Company, for any purposes.

<u>Section 1.10.</u> <u>Limitation on Liability</u>. Except as otherwise provided by the LLC Act and except as otherwise characterized for tax and financial reporting purposes, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member, Special Member or Manager of the Company shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Special Member or a Manager of the Company.

ARTICLE II

CAPITAL; EQUITY ACCOUNT

<u>Section 2.01.</u> <u>Initial Capital</u>. The capital of the Company shall be the sum of cash and the Value of other property contributed to the Company by the Initial Member in the amount set out opposite the name of the Initial Member on Schedule A hereto, as amended from time to time and incorporated herein by this reference. If an additional Member is admitted to the Company so that the Company ceases to be treated as a disregarded entity and becomes treated as a partnership for federal income tax purposes, then for federal income tax purposes (i) if the additional Member purchased a portion of the interest of the Initial Member (or its successor), the additional Member shall be treated as having purchased an undivided interest in the assets of the Company and the Initial Member shall be treated as having retained the remaining undivided interest and the Initial Member and the additional Member shall be deemed to contribute their undivided interests in the assets to the Company for their interests in the Company and each Member's Capital Account balance shall equal the fair market values of the undivided interests it shall be deemed to have contributed (net of liabilities secured by the contributed interests that the Company is treated as assuming or taking pursuant to the provisions of Section 752 of the Code) and (ii) if the additional Member contributes cash or property to the Company, then the Initial Member shall be deemed to contribute all the assets of the Company and each Member's Capital Account balance shall equal the amount of cash or the fair market values of the assets each shall be deemed to have contributed (net of liabilities secured by the contributed interests that the Company is treated as assuming or taking pursuant to the provisions of Section 752 of the Code).

<u>Section 2.02.</u> <u>Additional Capital Contributions</u>. No Member shall be required to make any additional capital contributions to the Company. However, any Member may make additional capital contributions to the Company in cash or in other property at any time. To the extent that a Member makes an additional capital contribution to the Company, (i) if the capital contribution includes property other than cash, the Designated Manager shall determine the Value thereof as of the date of such capital contributions and (ii) the Designated Manager shall revise <u>Schedule A</u> of this Agreement. The provisions of this <u>Section 2.02</u> are intended solely to benefit the Members and no Member shall have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement. Each capital contribution will be reflected by the Designated Manager in the appropriate books and records of the Company.

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ARTICLE III

ALLOCATIONS; BOOKS

<u>Section 3.01.</u> <u>Status of the Company</u>. The Company shall comply with the applicable provisions of the Internal Revenue Code of 1986, as amended from time to time, and any successor statute (the "<u>Code</u>") and the applicable Treasury Regulations thereunder in the manner necessary to effect the intention of the parties that the Company be treated, for federal income tax purposes, (i) so long as it has a single Member, as a disregarded entity that is not separate from its sole Member and (ii) as long as it has more than a single Member, as a partnership pursuant to Treasury Regulations Sections 301.7701-1 et seq. and that the Company be accorded such treatment until its dissolution pursuant to <u>Article VIII</u> hereof and shall take all actions, and shall refrain from taking any action, required by the Code or Treasury Regulations thereunder in order to maintain such status of the Company.

<u>Section 3.02.</u> <u>Allocations of Net Income and Net Loss</u>. (a) As long as the Company has a single Member it will be taxed as a disregarded entity for federal income tax purposes under Section 301.7701-3(b)(1) of the Treasury Regulations and all Net Income and Net Loss of the Company shall be taken into account by its sole Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company has more than one Member and is taxed as a partnership, the Company's Net Income and Net Loss for any Accounting Period shall be allocated to the Members in proportion to their Percentage Interests.

<u>Section 3.03.</u> <u>Other Allocation Provisions</u>. (a) The Members intend that the allocations pursuant to <u>Section 3.02</u> be equivalent to allocations that have or are deemed to have "substantial economic effect" within the meaning of Treasury Regulations Sections 1.704-1(b) and 1.704-2, and the Designated Manager shall make such allocations pursuant to this <u>Section 3.03</u> as it believes are reasonably necessary to meet the requirements of such Regulations, including without limitation the allocations required by the minimum gain provisions, allocation of partner nonrecourse deductions and partnership non recourse deductions and the qualified income offset provisions of such Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent otherwise required by the Code and Treasury Regulations, if one or more Membership Interests in the Company is transferred in any Accounting Period, the items of income, gain, loss, deduction and credit allocable to such Membership Interests for such Accounting Period shall be apportioned between the transferor and the transferee in proportion to the number of days in such Accounting Period such Membership Interests are held by each of them, except, that if they agree between themselves and so notify the Company within 30 days after the transfer, then at their option and expense, (i) all items or (ii) extraordinary items, may be allocated to the Person that held such Membership Interests on the date such items were realized or incurred by the Company.

<u>Section 3.04.</u> <u>Allocations of Taxable Income and Loss</u>. The income, gains, losses, deduction and credits of the Company for any Fiscal Year shall be allocated to the Members in the same manner Net Income and Net Loss were allocated to the Members for all Accounting Periods ending with or within such Fiscal Year pursuant to <u>Sections 3.02</u> and <u>3.03</u>; <u>provided</u>, <u>however</u>, that solely for Federal, state and local income and franchise tax purposes and not for book or Capital Account purposes, income, gain, loss and deduction with respect to any Company asset properly carried on the Company's books at a value other than the tax basis of such Company asset shall be allocated in a manner determined in the discretion of the Designated Manager, so as to take into account (consistently with Code Section 704(c) principles) the difference between such Company asset's book basis and its tax basis.

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<u>Section 3.05.</u> <u>Withholding</u>. The Company shall comply with withholding requirements under Federal, state and local law and shall remit amounts withheld to and file required forms with the applicable jurisdictions. To the extent the Company is required to withhold and pay over any amounts to any authority with respect to distributions or allocations to any Member, the amount withheld shall be deemed to be, at the option of the Tax Matters Partner, either a distribution to or a demand loan by the Company to that Member in the amount of the withholding. In the event of any claimed over-withholding, Members shall be limited to an action against the applicable jurisdiction. If the amount was deemed to be a demand loan, the Company may, at its option, (a) at any time require the applicable Member to repay such loan in cash or (b) at any time reduce any subsequent distributions by the amount of such loan. Each Member agrees to furnish the Company with any representations and forms as shall reasonably be requested by the Company to assist it in determining the extent of, and in fulfilling, its withholding obligations.

<u>Section 3.06.</u> <u>Books of Account</u>. At all times during the continuance of the Company, the Company shall maintain or cause to be maintained full, true, complete and correct books of account in accordance with generally accepted accounting principles, using the Fiscal Year. In addition, the Company shall keep all records required to be kept pursuant to the LLC Act.

<u>Section 3.07.</u> <u>Access to Accounting Records</u>. All books and records of the Company shall be maintained at any office of the Company or at the Company's principal place of business, and the Members, and their duly authorized representatives, shall have access to them at such office of the Company and the right to inspect and copy them at reasonable times.

<u>Section 3.08.</u> <u>Annual Tax Information</u>. The Designated Manager shall cause the Company to deliver to each Member all information necessary for the preparation of such Member's federal income tax return.

<u>Section 3.09.</u> <u>Tax Matters Partner</u>. For purposes of Code Section 6231(a)(7), if the Company is taxed as a partnership, the "<u>Tax Matters Partner</u>" shall be the Member owning the largest Percentage Interest in the Company. For taxable years after December 31, 2017, the Member owning the largest Percentage Interest in the Company will be designated as the "partnership representative" as described in Code Section 6223 of the Revised Partnership Audit Provisions (the "<u>Partnership Representative</u>"). The Tax Matters Partner or Partnership Representative, as applicable, is specifically directed and authorized to take whatever steps may be necessary or desirable to perfect such designation, including filing any forms or documents with the Internal Revenue Service and taking such other action as may from time to time be required under the Treasury Regulations. The Tax Matters Partner or Partnership Representative, as applicable, shall communicate and negotiate with the Internal Revenue Service on any federal tax matter on behalf of the Members and the Company. For taxable years after December 31, 2017, the Partnership Representative shall cause the Company, to the extent eligible, to make the election under Code Section 6221(b) with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the Partnership Representative shall cause the Company to make the election under Code Section 6226(a) with respect to the alternative to payment of imputed underpayment by the Company and take any other action such as filings, disclosures and notifications necessary to effectuate such election.

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ARTICLE IV

MEMBERS

<u>Section 4.01.</u> <u>Powers</u>. Except as otherwise expressly set forth in this Agreement, the Members (in their capacities as such) shall have no right or power to, and shall not, take part in the management of the Company. The Members (in their capacities as such) in no event shall have the power to sign for or bind the Company.

The Majority Members shall have the power to select and remove any Manager as provided in and subject to the conditions of <u>Article VI</u> and any and all officers (if any), agents and employees (if any) of the Company, prescribe such powers and duties for them as may be consistent with the LLC Act, any other applicable law and this Agreement, and fix their compensation, but shall not require from them security for faithful service. Unless the Administrative Agent consents (such consent not to be unreasonably withheld or delayed), no Independent Manager may be removed or expelled except for Cause.

<u>Section 4.02.</u> <u>Initial Member; Special Member</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Initial Member of the Company is set forth in the first paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time when there is only one Member of the Company and an event occurs that causes such Member to cease to be a Member of the Company (other than upon continuation of the Company without dissolution upon an assignment by such Member of all of its limited liability company interest in the Company and the admission of a transferee pursuant to <u>Sections 5.04</u> and <u>5.05</u>), the Independent Manager pursuant to the terms of this Agreement shall continue to serve as an Independent Manager and, in addition, without any action of any Person and simultaneously with such Member ceasing to be a Member of the Company, automatically be admitted to the Company as a Special Member and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement, and (ii) such successor has also accepted its appointment as an Independent Manager pursuant to this Agreement; <u>provided</u>, <u>however</u>, the Special Member shall automatically cease to be a member of the Company upon the admission to the Company of a substitute Member. Each Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company assets (and no Special Member shall be treated as a member of the Company for federal income tax purposes). Pursuant to Section 18-301 of the LLC Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in its capacity as Special Member, may not bind the Company. Except as required by any mandatory provision of the LLC Act, each Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including the merger, consolidation or conversion of the Company. In order to implement the admission to the Company of the Special Member, each Person acting as an Independent Manager pursuant to this Agreement shall execute a counterpart to this Agreement. Prior to his or her admission to the Company as Special Member, each Person acting as an Independent Manager pursuant to this Agreement shall not be a member of the Company. A "<u>Special Member</u>" means, upon such Person's admission to the Company as a member of the Company pursuant to this <u>Section 4.02(b)</u>, a Person acting as Independent Manager, in such Person's capacity as a member of the Company. A Special Member shall only have the rights and duties expressly set forth in this Agreement. For purposes of this Agreement, a Special Member is not included within the defined term "Member."

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<u>Section 4.03.</u> <u>Other Ventures</u>. Notwithstanding any duty otherwise existing at law or in equity, but subject to the limitations contained in this Agreement with respect to the Independent Manager, it is expressly agreed that the Members, the Special Member, the Managers and any Affiliates, officers, directors, managers, stockholders, partners or employees thereof, may engage in other business ventures of any nature and description, whether or not in competition with the Company, independently or with others, and the Company shall not have any rights in and to any independent venture or activity or the income or profits derived therefrom.

<u>Section 4.04.</u> <u>Actions by the Members</u>. All actions of the Members may be taken by written consent of the Members (which shall be signed on behalf of each Member which is an entity by an authorized officer, general partner or manager of each such Member) which is filed with the records of the Company.

ARTICLE V

MEMBERSHIP INTERESTS

<u>Section 5.01.</u> <u>General; Qualifications for Membership</u>. "<u>Membership Interest</u>" means the limited liability company interest of a Member in the Company. A Membership Interest constitutes personal property and, subject to <u>Section 5.04</u>, shall be freely transferable and assignable upon registration of such transfer and assignment on the books of the Company in accordance with the procedures established for such purpose by this Agreement. No Membership Interest shall be held by a Person who is not (i)(x) a "qualified purchaser" as defined in Section 2(a)(51)(A) of the Investment Company Act, or (y) a company, each of whose beneficial owners is a "qualified purchaser" as defined in Section 2(a)(51)(A) of the Investment Company Act, (ii) an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act and (iii) a "United States person" as defined in section 7701(a)(30) of the Code.

<u>Section 5.02.</u> <u>Distributions</u>. The Members shall be entitled to receive, out of the assets of the Company legally available therefor, and in proportion to their Percentage Interests, distributions payable in cash in such amounts, if any, as the Designated Manager shall declare. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not, and shall not be required to, make a distribution to the Members on account of their interests in the Company if such distribution would violate Section 18-607 of the LLC Act or any other applicable law or the Loan Agreement.

<u>Section 5.03.</u> <u>Rights on Liquidation, Dissolution or Winding Up</u>. (a) In the event of any liquidation, dissolution or winding up of the Company, the Members shall be entitled to all remaining assets of the Company available for distribution to the Members after satisfaction (whether by payment or reasonable provision for payment) of all liabilities, debts and obligations of the Company in accordance with <u>Section 8.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the sale of all or substantially all of the property or business of the Company, nor the merger or consolidation of the Company into or with another Person or other entity, shall be deemed to be a dissolution, liquidation or winding up, voluntary or involuntary, for the purpose of this Section 5.03.

<u>Section 5.04.</u> <u>Transfer of Membership Interests</u>. (a) Upon the written consent of the Designated Manager in its sole discretion, a Member may transfer its Membership Interest, in whole or in part, but the transferee shall not be admitted as a Member except in accordance with <u>Section 5.05</u>. Until the transferee is admitted as a Member, the transferring Member shall continue to be a Member of the Company (subject to <u>Section 4.02</u>) and to be entitled to exercise any rights or powers of a Member of the

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Company with respect to the Membership Interest transferred. Notwithstanding anything contained herein to the contrary and to the fullest extent permitted by law, a Member may not transfer any Membership Interest in violation of any provision of this Agreement or in violation of any applicable federal or state securities laws and no transfer will be permitted if such transfer would (i) result in the Company's assets being considered "plan assets" within the meaning of the Employee Retirement Income Security Act of 1974, as amended, (ii) result in a violation of any applicable federal or state securities law, (iii) require the Company to register as an investment company under the Investment Company Act, (iv) require the Company, the Designated Manager or any Affiliate thereof to register as an investment adviser under the Investment Advisers Act of 1940, as amended, (v) result in a termination of the Company's status either as a disregarded entity or as a partnership, other than a publicly traded partnership, for tax purposes, (vi) result in a violation of any law, rule or regulation by the Company or result in a breach of any obligations of the Company relating to transfers set forth in the Transaction Documents or (vii) be inconsistent with <u>Section 3.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Designated Manager shall not consent to any transfer of a Membership Interest (or portion thereof) unless (i) it shall have received an executed Membership Interest Transfer Certificate from the proposed transferee and such other instruments, certificates and opinions as the Designated Manager may reasonably request be provided, or cause to be provided, by the proposed transferor or the proposed transferee, and (ii) prior to the Satisfaction Date, such transfer does not cause the Company to violate its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, any purported transfer of any Membership Interest in violation of the provisions of this Agreement shall be wholly void and shall not effectuate the transfer contemplated thereby.

<u>Section 5.05.</u> <u>Admission of Transferee as Member</u>. One or more additional members of the Company may be admitted to the Company with the written consent of the Initial Member; <u>provided</u>, <u>however</u>, that prior to the Satisfaction Date, no additional Member may be admitted to the Company except as provided in <u>Section 4.02(b)</u> (unless otherwise consented to by the Administrative Agent or permitted by the Transaction Documents). An additional member and a transferee of a Membership Interest desiring to be admitted as a Member must execute a counterpart of, or an agreement adopting, this Agreement. Provided the transfer complies with the provisions of <u>Section 5.04</u>, such admission shall be deemed effective at the time of the transfer designated by the Designated Manager and, if the transfer is of all of a Member's Membership Interest, immediately following such admission, the transferor Member (in the case of a transfer of all of such transferor Member's interest) shall cease to be a member of the Company. Upon admission of an additional member or transferee as a Member, such additional transferee shall have the rights, powers and duties and shall be subject to the restrictions and obligations of a Member under this Agreement and the LLC Act.

ARTICLE VI

MANAGERS

<u>Section 6.01.</u> <u>Managers</u>. (a) "<u>Manager</u>" means each Person designated as a Manager from time to time by the Majority Members, in their capacity as managers of the Company within the meaning of the LLC Act, including the Designated Manager and, solely where expressly provided herein, the Independent Manager. Subject to the terms of this Agreement, the Majority Members may determine at any time the number of Managers; <u>provided</u>, that, except while a vacancy is being filled as provided in <u>Section 6.01(b)</u>, at all times that any Obligations are outstanding, the Company shall have at least one Independent Manager appointed by the Majority Members. The initial number of Managers is two, the Designated Manager and the Independent Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Satisfaction Date, the Majority Members shall cause the Company at all times to have at least one Independent Manager who will be appointed by the Majority Members. Unless the Administrative Agent consents (such consent not to be unreasonably withheld or delayed), no Independent Manager may be removed or expelled except for Cause. To the fullest extent permitted by law, including Section 18-1101(c) of the LLC Act, the Independent Manager shall consider only the interests of the Company and its respective creditors (including the secured parties under the Transaction Documents) and, to the fullest extent permitted by law, shall have no duty to consider the interests of the Members, in acting or otherwise voting on the matters for which its vote is required as described herein. Upon the death, resignation or removal of the Independent Manager, the Majority Members shall appoint a successor Independent Manager in accordance with the terms of this Agreement. No resignation or removal of the Independent Manager, and no appointment of a successor Independent Manager, shall be effective until such successor (i) shall have accepted his, her or its appointment as an Independent Manager by a written instrument, and (ii) shall have executed a counterpart to this Agreement as required by <u>Section 4.02(b)</u>. In the event of a vacancy in the position of Independent Manager, the Majority Members shall, as soon as practicable, but with two Business Days' prior written notice to the Administrative Agent, appoint a successor Independent Manager. Any appointment of a successor or additional Independent Manager by the Majority Members not in strict compliance with this <u>Section 6.01(b)</u> shall be void and of no effect. All right, power and authority of an Independent Manager shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement. In considering whether to give or withhold written consent to a Material Action, each Independent Manager, with the consent of the Majority Members (which consent the Majority Members hereby give and believe to be in the best interests of the Members and the Company), shall consider (i) the interests of the Company's creditors (including the secured parties under the Transaction Documents) in addition to the interests of the Company, (ii) whether the Company is insolvent and (iii) whether resort to a Material Action is necessary to address the Company's insolvency or similar financial problems and/or to protect the interests of (or to provide material benefit to) such parties. No Independent Manager shall have any duty to give such written consent to a Material Action if such Independent Manager shall not have been furnished (at the expense of the Company) a letter from an independent accounting firm (or similar valuation firm) of national reputation stating that in the opinion of such firm the Company is then insolvent or suffering from similar financial problems. No Independent Manager shall be personally liable to any Member on account of such Independent Manager's good faith reliance on the provisions of this <u>Section 6.01(b)</u>, and no Member shall have any claim for breach of fiduciary duty or otherwise against any Independent Manager for withholding his, her or its consent to any Material Action. The Company shall pay, directly or indirectly, the Independent Manager's annual fee. Such fee shall be determined without regard to the income of the Company and shall not be deemed to constitute distributions to the recipient of any profit, loss or capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise expressly provided in <u>Section 1.08</u> or to the extent delegated to officers and agents under <u>Section 6.10</u>, the Designated Manager shall have full and exclusive management and control of the business of the Company and shall make all decisions affecting the business and affairs of the Company and take all such actions as it deems necessary or appropriate to accomplish the purpose of the Company as set forth herein and permitted hereunder and shall (i) be responsible for the day-to-day operation and management of the business and affairs of the Company and (ii) make all decisions, and take or cause to be taken all such actions, on behalf of the Company or otherwise as are necessary in connection with the operation and management of the Company in the ordinary course of business. The Designated Manager is an agent of the Company's business, and the actions of the Designated Manager taken in such capacity and in accordance with this Agreement shall bind the Company. The Members, as such, shall not take part in the management of the Company except as otherwise expressly provided in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Only the Designated Manager (or any officers or authorized signatories appointed pursuant to <u>Section 6.10</u>) shall have the authority to bind the Company and no Member, in its capacity as such, nor the Independent Manager, shall have the authority to bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Initial Member hereby appoints Adams Street Credit Solutions Fund to act as Designated Manager hereunder and Adams Street Credit Solutions Fund hereby accepts such appointment and agrees to act as Designated Manager hereunder. The Initial Member hereby appoints Orlando Figueroa as the Independent Manager hereunder and Orlando Figueroa hereby accepts such appointment and agrees to act as Independent Manager hereunder. Each Manager, including the Independent Manager, is hereby deemed to be a "manager" of the Company within the meaning 18-101(10) of the LLC Act. Each Manager designated by the Majority Members shall hold office until a successor is elected and qualified and accepts such appointment or until such Manager's earlier death, resignation, expulsion or removal. Each Manager shall be obliged to devote only as much of their time to the Company's business as shall be reasonably required in light of the Company's business and objectives. A Manager shall perform his, her or its duties as a Manager in good faith, in a manner he, she or it reasonably believes to be in the best interests of the Company, and with such care as an ordinarily prudent Person in a like position would use under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except for duties to the Company as set forth in <u>Section 6.01(b)</u> (including duties to the Members and the Company's creditors solely to the extent of their respective economic interests in the Company but excluding (i) all other interests of the Members, (ii) the interests of other Affiliates of the Company, and (iii) the interests of any group of Affiliates of which the Company is a part), the Independent Manager shall not have any fiduciary duties to the Members, any officer or any other Person bound by this Agreement; <u>provided</u>, <u>however</u>, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.

<u>Section 6.02.</u> <u>Powers of the Designated Manager</u>. Subject to <u>Section 1.08</u>, the Designated Manager shall have the right, power and authority, in the management of the business and affairs of the Company, to do or cause to be done any and all acts, at the expense of the Company, deemed by the Designated Manager to be necessary or appropriate to effectuate the business, purposes and objectives of the Company. Without limiting the generality of the foregoing, the Designated Manager shall have the power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) bring and defend on behalf of the Company actions and proceedings at law or in equity before any court or governmental, administrative or other regulatory agency, body or commission or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) execute all documents or instruments, perform all duties and powers and do all things for and on behalf of the Company in all matters necessary, desirable, convenient or incidental to the purpose of the Company, including all documents, agreements and instruments related thereto and the consummation of all transactions contemplated thereby.

The expression of any power or authority of the Designated Manager in this Agreement shall not in any way limit or exclude any other power or authority which is not specifically or expressly set forth in this Agreement.

<u>Section 6.03.</u> <u>Designated Manager as Attorney-in-Fact</u>. Provided that the approvals required under <u>Section 1.08</u> with respect thereto, if any such approvals are then so required, have been obtained, each of the Members hereby irrevocably makes, constitutes and appoints the Designated Manager, with full power of substitution and resubstitution, its true and lawful attorney-in-fact, for it and in its name, place, and stead and for its use and benefit, to make, sign, execute, certify, acknowledge, swear, file, and

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record: (a) all limited liability company certificates, and assumed name or similar certificates which the Designated Manager deems necessary in its reasonable discretion to be filed by the Company under the laws of the State of Delaware or any other state or jurisdiction in which the Company is doing or intends to do business; (b) any and all amendments, restatements or changes to the instruments described in clause (a), as now or hereafter amended, which the Designated Manager may deem necessary in its reasonable discretion to effect a change or modification of the Company in accordance with the terms of this Agreement, including amendments, restatements or changes to reflect (i) any amendments adopted by the Members in accordance with the terms of this Agreement and (ii) the disposition by any Member of its interest in the Company; (c) all certificates of cancellation and other instruments which the Designated Manager deems necessary in its reasonable discretion to effect the dissolution and termination of the Company pursuant to the terms of this Agreement; and (d) any other instrument which is now or may hereafter be required by law to be filed on behalf of the Company. Each of the Members authorizes such attorney-in-fact to take any further action which such attorney-in-fact shall reasonably consider necessary in connection with any of the foregoing, hereby giving such attorney-in-fact full power and authority to do and perform each and every act or thing whatsoever requisite or advisable to be done in connection with the foregoing as fully as such Member might or could do personally, and hereby ratifying and confirming all that any such attorney-in-fact shall lawfully do or cause to be done by virtue thereof or hereof.

<u>Section 6.04.</u> <u>Compensation</u>. The Independent Manager shall receive such compensation for its services as may be agreed from time to time by the Independent Manager and the Company. To the extent permitted by applicable law, the Company may pay, or reimburse any Manager for, out-of-pocket expenses incurred by such Manager in connection with its services rendered to the Company. Any such compensation, payment or reimbursement shall be determined by the Designated Manager without regard to the income of the Company and shall not be deemed to constitute distributions to the recipient of any profit, loss or capital of the Company. No such compensation, payment or reimbursement shall preclude the Designated Manager from serving the Company in any other capacity and receiving compensation therefor.

<u>Section 6.05.</u> <u>Removal of Managers</u>. (a) Subject to <u>Sections 1.07(y)</u>, <u>6.01</u> and <u>6.06</u>, the Majority Members may remove any Manager with or without cause at any time; <u>provided</u>, <u>however</u>, that unless the Administrative Agent consents (such consent not to be unreasonably withheld or delayed), the Independent Manager shall not be removed or expelled except for Cause; <u>provided</u>, <u>further</u>, that an Independent Manager's unwillingness to approve a Bankruptcy of the Company or any other Material Action shall not constitute "cause" for removal or expulsion of such Independent Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Sections 1.07(y)</u>, <u>6.01</u>, <u>6.06</u> and this <u>Section 6.05</u>, any removal of a Manager shall become effective on such date as may be specified by the Majority Members in a notice delivered to the removed Manager, any remaining Managers and the replacement Manager designated to replace the removed Manager; <u>provided</u> that the removal of a Manager in any event shall not be effective on a date earlier than the date such notice is delivered and the replacement Manager accepts such appointment. Should a Manager be removed who is also a Member, such Member shall continue to participate in the Company as a Member and receive its share of the Company's income, gains, losses, deductions and credits pursuant to this Agreement.

<u>Section 6.06.</u> <u>Resignation of Manager</u>. A Manager, other than the Independent Manager, may resign or withdraw as a Manager at any time by 30 days' prior written notice to the Members. To the fullest extent permitted by law, the Independent Manager may not withdraw or resign as a Manager of the Company without the consent of the Majority Members and any such withdrawal or resignation shall be subject to <u>Section 6.01(b)</u>. Upon any removal or resignation of the Designated Manager, the Member owning the largest Percentage Interest in the Company shall assume all power and authority given to the Designated Manager under this Agreement until such time as the Majority Members select a replacement Designated Manager.

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<u>Section 6.07.</u> <u>Meetings of the Managers</u>. The Managers may hold meetings, both regular and special, within or outside the State of Delaware. Regular meetings of the Managers may be held without notice at such time and at such place as shall from time to time be determined by the Designated Manager. Special meetings of the Managers with respect to matters which require the action, vote or consent of the Independent Manager may be called by the Designated Manager on not less than one day's notice to each Manager by telephone, facsimile, mail, email or any other means of communication, and special meetings shall be called by the Designated Manager in like manner and with like notice upon the written request of any one or more of the Managers. The Independent Manager need not participate in any such meeting except if the meeting relates to matters on which the action, vote or consent of the Independent Manager is required hereunder. Notwithstanding any other provision in this Agreement and for the avoidance of doubt, actions permitted to be taken by the Designated Manager without any action, vote or consent of the Independent Manager may be taken by the Designated Manager without need to call a meeting or give any notice to, or without any vote or consent of, the Independent Manager with respect thereto.

<u>Section 6.08.</u> <u>Electronic Communications</u>. Managers may participate in meetings of the Managers by means of telephone conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. If all the participants are participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company.

<u>Section 6.09.</u> <u>Limitations on the Independent Manager</u>. All right, power and authority of the Independent Manager shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement.

<u>Section 6.10.</u> <u>Officers; Authorized Signatories</u>. The Designated Manager may, from time to time, as it deems advisable, appoint officers of the Company and assign in writing titles (including, without limitation, President, Corporate Vice President, Secretary and Treasurer) to any such person. In addition, the Designated Manager may, from time to time, as it deems advisable, appoint persons as authorized signatories on behalf of the Company to execute and deliver any and all documents on behalf of the Company to the extent consistent with this Agreement and approved by the Designated Manager. Unless the Designated Manager decides otherwise, if the title is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. All references in this Agreement to the authority of the Designated Manager to execute and deliver any document or other instrument shall be deemed to include any officer or authorized signatory appointed by the Designated Manager hereunder. Any appointment or delegation pursuant to this <u>Section 6.10</u> may be revoked at any time by the Designated Manager. As of the date hereof, the Designated Manager hereby designates and appoints each of the following persons as authorized signatories on behalf of the Company pursuant to this <u>Section 6.10</u>: Stephen Baranowski (at all times prior to August 20, 2025), Steven Montag and Eric R. Mansell.

<u>Section 6.11.</u> <u>Non-Petition</u>. Prior to the Satisfaction Date, each Manager and each Member agrees, solely in its capacity as a creditor of the Company on account of any indemnification or other payment owing to such Manager or Member by the Company, not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or governmental authority for the purpose of commencing or sustaining an involuntary case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company.

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ARTICLE VII

EXPENSES

<u>Section 7.01.</u> <u>Expenses</u>. Except as otherwise provided in this Agreement or the Transaction Documents, the Company shall be responsible for all of its own expenses and the allocation thereof (and shall reimburse any such expenses incurred by a Member or by the Designated Manager on behalf of the Company).

ARTICLE VIII

DISSOLUTION, LIQUIDATION AND WINDING-UP

<u>Section 8.01.</u> <u>Dissolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to Section 18-801 of the LLC Act and subject to <u>Section 1.08</u> and this <u>Section 8.01</u>, the Company shall be dissolved and its affairs shall be wound up upon the occurrence of the earlier of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to <u>Section 4.02(b)</u>, the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company unless the business of the Company is continued without dissolution in a manner permitted by the LLC Act or this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the entry of a decree of judicial dissolution of the Company pursuant to Section 18-802 of the LLC Act, following any action with respect thereto taken by the Majority Members and the Managers pursuant to and in accordance with the terms of this Agreement and as otherwise permitted by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The death, retirement, resignation, expulsion or dissolution of any Member of the Company or the occurrence of any other event that terminates the continued membership of any Member of the Company shall, in and of itself, not cause the Company to be dissolved or its affairs to be wound up, and upon the occurrence of any such event the Company shall be continued without dissolution. Subject to <u>Section 4.02(b)</u>, upon the occurrence of any event that causes the last remaining Member of the Company to cease to be a member of the Company, to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of such member of the Company in the Company. Notwithstanding any other provision of this Agreement, the Bankruptcy or dissolution of a Member or a Special Member shall not cause such Member or Special Member, respectively, to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution and it shall not be wound up. To the fullest extent permitted by law, each Member of the Company hereby waives any right that it may have under applicable law to reject this Agreement (as an executory contract or otherwise) in any proceeding involving or relating to the Bankruptcy of the Members or any Special Member of the Company, or the occurrence of an event that causes any Member or a Special Member to cease to be a member of the Company.

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<u>Section 8.02</u>. <u>Accounting</u>. In the event of the dissolution, liquidation and winding up of the Company, a proper accounting shall be made of the Net Income or Net Loss of the Company from the date of the last previous Accounting Period to the date of dissolution.

<u>Section 8.03</u>. <u>Winding Up, Liquidation and Distribution of Assets</u>. Upon the occurrence of any event specified in <u>Section 8.01</u>, the Company shall continue solely for the purpose of winding up its affairs in an orderly manner, and, prior to the Satisfaction Date, in accordance with the Transaction Documents, retaining its assets and servicing its indebtedness or liquidating its assets and satisfying the claims of its creditors, as applicable; <u>provided</u>, <u>however</u>, that, prior to the Satisfaction Date, no Member or the Company shall liquidate the assets of the Company pledged under the Transaction Documents, except as permitted by the Transaction Documents. The Designated Manager shall be responsible for overseeing the winding up and, if applicable, liquidation of the Company and shall take full account of the liabilities of the Company and its assets. If the Company is being liquidated, the Designated Manager shall either cause its assets to be sold or distributed, and, if sold, as promptly as is consistent with obtaining the fair market value thereof, shall cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed as provided in <u>Section 8.04</u>. The expenses incurred by the Designated Manager in connection with winding up the Company, all losses or liabilities of the Company incurred in accordance with the terms of this Agreement, and reasonable compensation for the services of the Designated Manager in connection with such winding up shall be borne by the Company. The Designated Manager shall not be liable to the Members or any other Person for any loss attributable to any act or omission of the Designated Manager taken in good faith in connection with the liquidation of the Company and distribution of its assets. The Designated Manager may consult with counsel and accountants with respect to the winding up, retention of assets and servicing of indebtedness or liquidation of the Company and distribution of its assets, as applicable, and shall be justified in acting or omitting to act in accordance with the advice or opinion of such counsel or accountants, provided they shall have been selected with reasonable care. All references in this <u>Section 8.03</u> to the Designated Manager shall include any officer duly appointed by the Designated Manager.

<u>Section 8.04</u>. <u>Order of Payment of Liabilities Upon Dissolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After determining all debts and liabilities of the Company, including all contingent, conditional or unmatured liabilities of the Company, in the process of winding-up, including debts and liabilities to the Members in the event that a Member (in its capacity as such) is a creditor of the Company, the Designated Manager (or any authorized officer) shall distribute the proceeds of the liquidation of the Company's assets and any other remaining, unliquidated assets in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the creditors of the Company, excluding Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilities (whether by payment or the making of reasonable provision for payment thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to Members who are creditors of the Company in satisfaction of Company liabilities, indebtedness and other obligations, including, without limitation, the repayment of principal of and interest on loans made by Members to the Company (whether by payment or the making of reasonable provisions for payment thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the Members according to their respective Percentage Interests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any assets of the Company are to be distributed in kind, the net Value of such assets as of the date of dissolution shall be determined by the Designated Manager. Such assets shall be deemed to have been sold as of the date of dissolution for their Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided by law or as expressly provided in this Agreement, upon dissolution of the Company, each Member shall look solely to the assets of the Company for the return of its capital contribution. If the Company property remaining after the payment or discharge of the debts, liabilities and other obligations of the Company is insufficient to return the cash contribution of one or more Members, such Member or Members shall have no recourse against any other Member.

<u>Section 8.05.</u> <u>Certificate of Cancellation</u>. When all debts, liabilities and Obligations have been paid and discharged or adequate provisions have been made therefor, the Commitments under the Loan Agreement have been terminated, and all of the remaining property and assets have been distributed to the Members, a certificate of cancellation shall be executed and filed by the Designated Manager in accordance with the LLC Act. Upon the filing with the Secretary of State of the State of Delaware of a certificate of cancellation of the Certificate of Formation, the existence of the Company shall cease.

ARTICLE IX

INDEMNIFICATION

<u>Section 9.01.</u> <u>Exculpation</u>. None of any Member, the Special Member, any Manager or any partner, member, officer, employee, representative, agent, authorized person, authorized signatory or Affiliate of any Member, the Special Member or any Manager (collectively, the "<u>Covered Persons</u>") shall, to the fullest extent permitted by law, be liable to the Company or any other Person who has an interest in or claim against the Company for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner which such Covered Person reasonably believed to be in or not opposed to the best interests of the Company, except that a Covered Person shall be liable for any such loss, damage or claim incurred as a direct result of any act or omission by such Covered Person that constitutes fraud, gross negligence, or willful misconduct.

<u>Section 9.02.</u> <u>Indemnification</u>. Subject to the provisions of <u>Section 9.04</u> hereof, to the fullest extent permitted by law, the Company shall indemnify any Covered Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by reason of any act or omission of such Covered Person or by reason of the fact that such Covered Person is or was a Covered Person, against any loss, damage, claim or expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by such Covered Person in connection with the defense or settlement of the actions or suit if such Covered Person acted in good faith and in a manner which such Covered Person reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u> that such Covered Person shall not be entitled to indemnification if such loss, damage, claim or expenses was directly caused by any act or omission by such Covered Person that constitutes fraud, gross negligence or willful misconduct. Indemnification may not be made for any claim, issue or matter as to which such Covered Person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Covered Person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper; <u>provided</u>, <u>however</u>, that any indemnity under this <u>Section 9.02</u> by the Company shall be provided out of and to the extent of Company assets only, and no Covered Person shall have personal liability on account thereof; <u>provided</u>, <u>further</u>, that prior to the Satisfaction Date, no indemnity payment from funds of

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the Company (as distinct from funds from other sources, such as insurance) in respect of any indemnity hereunder shall be payable from amounts allocable to any other Person pursuant to the Transaction Documents. Any Covered Person entitled to indemnification pursuant to this <u>Section 9.02</u> shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to matters such indemnified Covered Person reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information, opinions, reports or statements as to the value, amount of assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to the Members might properly be paid.

<u>Section 9.03</u>. <u>Further Indemnity</u>. To the fullest extent permitted by law, the Company shall indemnify any Person who is or was a Covered Person, against expenses, including attorneys' fees, actually and reasonably incurred by him or her in connection with the defense of any action, suit or proceeding referred to in <u>Section 9.02</u> or in defense of any claim, issue or matter therein; <u>provided</u>, that prior to the Satisfaction Date, no indemnity payment from funds of the Company (as distinct from funds from other sources, such as insurance) in respect of any indemnity hereunder shall be payable from amounts allocable to any other Person pursuant to the Transaction Documents.

<u>Section 9.04</u>. <u>Expenses</u>. Any indemnification under <u>Sections 9.02</u> and <u>9.03</u>, as well as the advance payment of expenses permitted under <u>Section 9.05</u> unless ordered by a court or advanced pursuant to <u>Section 9.05</u> below, must be made by the Company only as authorized in the specific case upon a determination that indemnification of the Covered Person is proper in the circumstances. The determination must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Designated Manager if the Designated Manager was not a party to the act, suit or proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Designated Manager was a party to the act, suit or proceeding, either by all of the Members owning Percentage Interests in the Company or by independent legal counsel in a written opinion.

<u>Section 9.05</u>. <u>Advance Payment of Expenses</u>. The expenses of each Person who is or was a Covered Person, incurred in defending a civil or criminal action, suit or proceeding may be paid by the Company as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of such Person to repay the amount if it is ultimately determined by a court of competent jurisdiction that such Person is not entitled to be indemnified by the Company. The provisions of this <u>Section 9.05</u> shall not affect any rights to advancement of expenses to which personnel other than the Members, the Special Member or the Managers (other than the Independent Manager) may be entitled under any contract or otherwise by law.

<u>Section 9.06</u>. <u>Other Arrangements Not Excluded</u>. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this <u>Article IX</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) does not exclude any other rights to which a Person seeking indemnification or advancement of expenses may be entitled under any agreement, decision of any Member or otherwise, for either an action of any Person who is or was a Covered Person, in the official capacity of such Person or an action in another capacity while holding such position, except that indemnification and advancement, unless ordered by a court or advanced pursuant to <u>Section 9.05</u> above, may not be made to or on behalf of such Person if a final adjudication established that its acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and were material to the cause of action; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) continues for a Person who has ceased to be a Covered Person and inures to the benefit of the successors, heirs, executors and administrators of such a Person.

<u>Section 9.07</u>. <u>Subordination of Indemnification</u>. Notwithstanding the foregoing provisions, any indemnification set forth herein shall be subject to the priority of payments set forth in the Loan Agreement and, to the fullest extent permitted by law, shall not constitute a claim against the Company in the event that the Company's cash flow is insufficient to pay all its obligations to creditors.

ARTICLE X

MISCELLANEOUS PROVISIONS

<u>Section 10.01</u>. <u>Amendments</u>. Subject to <u>Section 1.08</u>, this Agreement may be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered by the Designated Manager with the consent of the Majority Members. Notwithstanding anything to the contrary in this Agreement, this Agreement may not be modified, altered, supplemented or amended unless such action is permitted by or authorized in accordance with the Transaction Documents. Without limiting the generality of the foregoing, any modification, alteration, supplement or amendment to any Special Purpose Provision (or any other modification, alterations, supplement or amendment to this Agreement that would have the effect of modifying, altering, supplementing or amending the rights, duties or obligations of any Person under any Special Purpose Provision) shall require the consent of the Administrative Agent.

<u>Section 10.02</u>. <u>Governing Law</u>. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<u>Section 10.03</u>. <u>Headings</u>. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

<u>Section 10.04</u>. <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remainder of such provision (if any) or the remaining provisions hereof (unless such construction shall be unreasonable), and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

<u>Section 10.05</u>. <u>Assigns</u>. Each and all of the covenants, terms, provisions and agreements contained in this Agreement shall be binding upon and inure to the benefit of the Members, and their permitted successors and assigns. Notwithstanding anything else contained herein a Member's permitted successors and assigns must meet the qualifications for membership set forth in Section 5.01 of this Agreement.

<u>Section 10.06</u>. <u>Enforcement by Managers</u>. Notwithstanding any other provision of this Agreement, each Manager, each Member and the Special Member agree that this Agreement constitutes a legal, valid and binding agreement of such Manager, such Member and the Special Member, and is enforceable against such Member and the Special Member by the Designated Manager or by the Independent Manager, as appropriate, in accordance with its terms. The Designated Manager and the Independent Manager are intended beneficiaries of this Agreement. Except for the Administrative Agent, which is an intended third party beneficiary of the Special Purpose Provisions, none of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of a Member or the Special Member. Nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (except as provided in this <u>Section 10.06</u>).

------

<u>Section 10.07</u>. <u>Waiver of Partition; Nature of Interest</u>. Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each of the Members and the Special Member hereby irrevocably waives any right or power that such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company (pursuant to any applicable law or otherwise) or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company. No Member shall have any interest in any specific assets of the Company, and no Member shall have the status of a creditor with respect to any distribution pursuant to this Agreement.

<u>Section 10.08</u>. <u>Counterparts</u>. This Agreement may be executed and delivered in any number of counterparts, each of which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission (e.g., ".pdf") shall be effective as delivery of a manually executed counterpart hereof and deemed an original.

<u>Section 10.09</u>. <u>Automatic Removal of Independent Manager and Special Member</u>. Upon the occurrence of the Satisfaction Date (other than indemnification and other contingent Obligations), the person then serving as Independent Manager and Special Member hereunder shall cease to serve as an Independent Manager and Special Member, respectively, no Independent Manager or Special Member shall be required pursuant to this Agreement (and no further consents, approvals or permissions of an Independent Manager or Special Member shall be required), no Independent Manager or Special Member shall have any further rights or obligations under this Agreement and all references in this Agreement to the Independent Manager or a Special Member shall be deemed deleted, *mutatis mutandi.*

**[signature page follows]** 

------

IN WITNESS WHEREOF, this Agreement is hereby executed by the undersigned as the Initial Member of the Company and is effective as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Member: | ADAMS STREET CREDIT SOLUTIONS FUND | ADAMS STREET CREDIT SOLUTIONS FUND |
|  | By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell | Name: Eric R. Mansell |
|  | Title: Vice President, Chief Legal Officer and Secretary | Title: Vice President, Chief Legal Officer and Secretary |

---

*Signature Page to Second Amended and Restated Limited Liability Company Agreement* 

*of ASP BDC Lev Facilitation LLC* 

------

---

| |
|:---|
| ACKNOWLEDGED AND AGREED: |
| /s/ Orlando Figueroa |
| Orlando Figueroa, as Independent Manager and Special Member |

---

*Signature Page to Second Amended and Restated Limited Liability Company Agreement* 

*of ASP BDC Lev Facilitation LLC* 

------

---

| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED AS DESIGNATED MANAGER: | ACKNOWLEDGED AND AGREED AS DESIGNATED MANAGER: |
| ADAMS STREET CREDIT SOLUTIONS FUND | ADAMS STREET CREDIT SOLUTIONS FUND |
| By: | /s/ Eric R. Mansell |
| Name: Eric R. Mansell | Name: Eric R. Mansell |
| Title: Vice President, Chief Legal Officer and Secretary | Title: Vice President, Chief Legal Officer and Secretary |

---

*Signature Page to Second Amended and Restated Limited Liability Company Agreement* 

*of ASP BDC Lev Facilitation LLC* 

------

SCHEDULE A

Members and Capital Contributions

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| | | |
|:---|:---|:---|
| **Member's Name** | **Capital Contribution** | **Percentage Interest** |
|  Adams Street Credit Solutions Fund | On file with the Company | 100% |

---

## Exhibit 10.11

**Exhibit 10.11** 

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "<u>Amendment</u>"), dated as of October 28, 2025 (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, LP, a Delaware limited partnership, 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</u> <u>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</u> <u>Agreement</u>");

WHEREAS, the Borrower, the Servicer, the Administrative Agent, the Lenders and the Collateral Agent 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</u> <u>text</u>**) as set forth on the pages of the Loan and Security Agreement attached as Appendix A hereto.

------

<u>ARTICLE III</u> 

<u>Representations and Warranties</u> 

SECTION 3.1. The Borrower hereby represents and warrants to the Administrative Agent, the Lender and the Collateral Agent 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 execution and delivery of this Amendment by each party hereto.

<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.

SECTION 5.6. <u>Direction to Collateral Agent</u>. Each of the undersigned hereby consents to and directs the Collateral Agent to enter into and execute this Amendment and acknowledges and agrees that the Collateral Agent shall be fully protected in relying upon the foregoing consent and direction and hereby releases the Collateral Agent from any liability in complying with such direction. In executing and delivering this Amendment, the Collateral Agent shall each be afforded all of the rights, privileges, immunities and indemnities afforded to it under the Loan and Security Agreement as if such rights, privileges, immunities and indemnities were set forth herein.

[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 Third Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **SERVICER, SELLER, AND EQUITYHOLDER:** | **SERVICER, SELLER, AND EQUITYHOLDER:** |
| **ADAMS STREET CREDIT SOLUTIONS FUND** | **ADAMS STREET CREDIT SOLUTIONS FUND** |
| By: | /s/ Eric R. Mansell |
|  | Name: Eric R. Mansell |
|  | Title: Chief Legal Officer |

---

[Signature Page to Third Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **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: | /s/ Sarah Tsai |
|  | Name: Sarah Tsai<br> Title: Vice President |

---

[Signature Page to Third Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **THE COLLATERAL AGENT:** | **THE COLLATERAL AGENT:** |
| **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but solely as Collateral Agent | **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but solely as Collateral Agent |
| By: | /s/ Anthony Smaniotto |
|  | Name: Anthony Smaniotto<br> Title: Vice President |

---

[Signature Page to Third Amendment to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **LENDER:** | **LENDER:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** as Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** as Lender |
| By: | /s/ Sarah Tsai |
|  | Name: Sarah Tsai<br> Title: Vice President |

---

[Signature Page to Third Amendment to Loan and Security Agreement]

------

<u>APPENDIX A</u> 

------

**EXECUTION VERSION** 

***Conformed through Second<u>Third</u> Amendment, dated as of August 5<u>October</u> <u>28</u>, 2025*** 

**$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

------

"<u>Revaluation Date</u>": Subject to <u>Section</u> <u>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</u> <u><u>7.2(b)(i)</u></u><u>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.

"<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.

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"<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 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.

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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;(xiv) In performing its duties, (A) the Collateral Agent shall comply with the standard of care set forth in Section 7.6(c) and express terms of the<u>exercise such rights and powers vested in it by this Agreement and the other</u> Transaction Documents <u>and use the same degree of care and skill in their exercise as a</u> <u>prudent person would exercise or use under the circumstances in the conduct of such</u> person's own affairs and (B) all calculations made by the Collateral Agent pursuant to this <u>Section</u> <u><u>7.2(b)</u></u><u>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</u> <u>2.7(a)(1)</u>, <u>Section</u> <u>2.7(b)(1)</u> or <u>Section</u> <u>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</u> <u>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

## Exhibit 10.12

**Exhibit 10.12** 

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "<u>Amendment</u>"), dated as of January 29, 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>");

WHEREAS, the Borrower, the Servicer, the Administrative Agent, the Lenders and the Collateral Agent 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 Appendix A 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, the Lender and the Collateral Agent 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;(a) the execution and delivery of this Amendment by each party hereto;

&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;(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;(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.

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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.

SECTION 5.6. <u>Direction to Collateral Agent</u>. Each of the undersigned hereby consents to and directs the Collateral Agent to enter into and execute this Amendment and acknowledges and agrees that the Collateral Agent shall be fully protected in relying upon the foregoing consent and direction and hereby releases the Collateral Agent from any liability in complying with such direction. In executing and delivering this Amendment, the Collateral Agent shall each be afforded all of the rights, privileges, immunities and indemnities afforded to it under the Loan and Security Agreement as if such rights, privileges, immunities and indemnities were set forth herein.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the Amendment Date.

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| | | |
|:---|:---|:---|
| **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 |

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[Signature Page to Fourth Amendment to Loan and Security Agreement]

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| | | |
|:---|:---|:---|
| **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: | Chief Legal Officer |

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[Signature Page to Fourth Amendment to Loan and Security Agreement]

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| | | |
|:---|:---|:---|
| **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/ Christopher R Williams | /s/ Christopher R Williams |
|  | Name: | Christopher R Williams |
|  | Title: | Executive Director |

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[Signature Page to Fourth Amendment to Loan and Security Agreement]

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| | | |
|:---|:---|:---|
| **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/ Christopher R Williams | /s/ Christopher R Williams |
|  | Name: | Christopher R Williams |
|  | Title: | Executive Director |

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[Signature Page to Fourth Amendment to Loan and Security Agreement]

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<u>APPENDIX A</u> 

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**EXECUTION VERSION** 

***Conformed through*** ***Third*** ***<u>Fourth</u>***  ***Aendment, dated as of*** ***October 28*** ***<u>January 29</u>***, ***2025*** ***<u>2026</u>*** ****

**$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

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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>": **February** **<u>April</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 99.1

**Exhibit 99.1(a)** 

**RULE 17J-1 CODE OF ETHICS** 

This Code of Ethics (the "**Code**") has been adopted by Adams Street Private Equity Navigator Fund LLC, Adams Street Credit Solutions Fund and Adams Street Venture & Growth Fund (the "**Funds**"), in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "**1940 Act**"). The purpose of the Code is to establish standards and procedures to detect and prevent activities by which a person, having knowledge of the investments and investment decisions of the Funds, may abuse their fiduciary obligation to the Funds, and otherwise to deal with the types of conflict of interest situations that Rule 17j-1 is intended to address.

The Code seeks to make evident the principle that the directors<sup>1</sup> and officers of the Funds, owe a fiduciary responsibility to the Funds and as such must conduct their personal security transactions in a way that does not interfere with the Funds' investment decisions or otherwise provide them an unfair advantage due to their relationship with the Funds. Each provision of this Code and the general principles contained herein are required to be complied with by Access Persons (as defined below) of the Funds. Adams Street Advisors, LLC, the investment adviser to the Funds (the "**Adviser**"), is subject to a separate code of ethics in accordance with the 1940 Act and Investment Advisers Act of 1940, as amended ("**Integrity Policy**"). On at least an annual basis, the Adviser will present a report to the Funds' board of directors (the "**Board**") describing any issues arising under the Code or the Integrity Policy or procedures that occurred since the last report to the board, including information about material violations of such codes of ethics and/or procedures as well as the Adviser's response and any action taken as a response to such violation.

It is the responsibility of each individual Access Person to seek to avoid any conflict of interest or even the potential perception of a conflict of interest. Technical compliance with the Code will not automatically insulate any Access Persons from scrutiny of transactions that show a pattern of compromise or abuse of the individual's fiduciary obligations to the Funds. Accordingly, all Access Persons must seek to avoid any actual or potential conflicts between their personal interests and the interests of the Funds and their investors. In sum, all Access Persons shall place the interests of the Funds before their own personal interests. All Access Persons must read and retain this Code.

**I.**  **<u>Definitions</u>** 

(A) "**Access Person**" means any director, employee, officer, general partner or Advisory Person (as defined below) of the Funds.

(B) An "**Advisory Person**" of the Funds means: (i) any director, officer, general partner or employee of the Funds, or of any company in a Control (as defined below) relationship to the Funds, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of a Covered Security (as defined below) by the Funds, or whose functions relate to the making of any recommendation with respect to such purchases or sales; and (ii) any natural person in a Control relationship to the Funds, who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of a Covered Security by the Funds.

(C) "**Beneficial Ownership**" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "**1934 Act**"), in determining whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. This means that an Access Person should generally consider himself, herself or itself, as the case may be, to have Beneficial Ownership of any Securities in which he, she or it has a direct or indirect pecuniary interest, which include Securities held by any Covered Family Member.

(D) "**Chief Compliance Officer**" means the Chief Compliance Officer of the Funds; provided, that the Funds may from time to time designate another person to act on behalf of the Chief Compliance Officer during periods when the Chief Compliance Officer is absent or disabled, and during such periods the term "Chief Compliance Officer" shall mean such other officer.

(E) "**Control**" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

<sup>1</sup> References herein to a Fund's "directors" shall apply to a Fund's directors or trustees, as applicable.

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(F) "**Covered Family Member**" means a member of an Access Person's immediate family who is living in such Access Person's household. A person is considered a member of an Access Person's immediate family if such person is a spouse, registered domestic partner, child, stepchild, grandchild, parent, stepparent, grandparent, sibling, or person with whom the Access Person has an adoptive or "in-law" relationship.

(G) "**Covered Security**" means a security as defined in Section 2(a)(36) of the 1940 Act, which includes: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral- trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing; provided that Covered Securities do not include: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end investment companies registered under the 1940 Act.

(H) "**Independent Director**" means a director of the Funds who is not an "interested person" (as defined in the 1940 Act) of the Funds.

(I) "**Initial Public Offering**" means an offering of securities registered under the Securities Act of 1933, as amended (the "**1933 Act**"), the issuer of which, immediately before such registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

(J) "**Investment Personnel**" of the Funds means: (i) any employee of the Funds (or of any company in a Control relationship to the Funds) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Funds; and (ii) any natural person who Controls the Funds and who obtains information concerning recommendations made to the Funds regarding the purchase or sale of securities by the Funds.

(K) "**Limited Offering**" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

(L) "**Purchase or sale of a Covered Security**" includes, among other things, the writing of an option to purchase or sell a Covered Security.

(M) "**Security Held or to be Acquired**" by the Funds means: (i) any Covered Security which, within the most recent 15 calendar days: (A) is or has been held by the Funds, one of its subsidiaries or an entity for which a Fund acts as adviser; or (B) is being or has been considered by the Funds for purchase by the Funds, one of their subsidiaries or an entity for which a Funds acts as adviser; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in the foregoing clause (i).

(N) "**17j-1 Organization**" means the Funds.

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**II.**  **<u>Objectives and General Prohibitions</u>** 

An Access Person may not engage in any investment transaction under circumstances in which the Access Person benefits from or interferes with the purchase or sale of investments by the Funds. In addition, Access Persons may not use information concerning the investments or investment intentions of the Funds, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Funds.

Access Persons may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by the Funds. In this regard, Access Persons should recognize that Rule 17j-1 makes it unlawful for any affiliated person of the Funds, or any affiliated person of an investment adviser for the Funds, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Funds to:

(i) employ any device, scheme or artifice to defraud the Funds;

(ii) make any untrue statement of a material fact to the Funds or omit to state to the Funds a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

(iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Funds; or

(iv) engage in any manipulative practice with respect to the Funds.

Access Persons should also recognize that a violation of this Code or of Rule 17j-1 may result in the imposition of: (1) sanctions as provided by Section VIII below; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

**III.**  **<u>Prohibited Transactions</u>** 

The following are considered prohibited transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. An Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Covered
Security, and may not sell or otherwise dispose of any Covered Security in which he or she has direct or indirect Beneficial Ownership, if he or she knows or should know at the time of entering into the transaction that a Fund has purchased or
sold the Covered Security within the last 15 calendar days, or is purchasing or selling or intends to purchase or sell the Covered Security in the next 15 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Personnel of the Funds must obtain approval from the Funds before directly or indirectly acquiring
Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering. Such approval must be obtained from Legal and Compliance and the Chief Compliance Officer, unless the Chief Compliance Officer is the person seeking such
approval, in which case such approval must be obtained from Legal and Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person shall recommend any transaction in any Covered Securities by any Fund without having disclosed
to the Chief Compliance Officer his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person's Beneficial Ownership of any Covered Securities of such issuer; any contemplated transaction by the
Access Person in such Covered Securities; any position the Access Person has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party which the Access Person has a significant
interest).

**IV.**  **<u>Reports by Access Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Securities Holdings Reports

All Access Persons shall within 10 calendar days of the date on which they become Access Persons, and thereafter, within 45 calendar days after the end of each calendar year, disclose the title, number of shares and principal amount of all Covered Securities in which they have a Beneficial Ownership as of the date the person became an Access Person, in the case of such person's initial report, and as of the last day of the year, as to annual reports. The information in such reports must be current as of a date no more than 45 calendar days before the report is submitted. A form of such report, which is hereinafter called a "Personal Securities

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Holdings Report," is attached as Schedule A. Each Personal Securities Holdings Report must also disclose the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person or as of the last day of the year, as the case may be. Each Personal Securities Holdings Report shall state the date it is being submitted. Securities acquired in Limited Offerings and other holdings not commonly held in a brokerage account also must be included in such Securities Holdings Reports. An Access Person who fails to submit the Personal Securities Holdings Report within 10 calendar days of the date the person became an Access Person, in the case of an initial report, or within 45 calendar days of the end of the calendar year, in the case of an annual report, may be prohibited from engaging in any personal securities transactions that require pre-clearance under this Code until such certifications are submitted and may be subject to other sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Quarterly Securities Transaction Reports

Within 30 calendar days after the end of each calendar quarter, each Access Person shall make a written report of all transactions occurring in the quarter in a Covered Security in which he or she had any Beneficial Ownership. A form of such report, which is hereinafter called a "Quarterly Securities Transaction Report," is attached as Schedule B.

A Quarterly Securities Transaction Report shall be in the form of Schedule B or such other form approved by the Chief Compliance Officer or Legal and Compliance and must contain the following information with respect to each reportable transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Date and nature of the transaction (purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Title, interest rate and maturity date (if applicable), number of shares and principal amount of each Covered
Security involved and the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Independent Directors

Notwithstanding the reporting requirements set forth in this Section V, an Independent Director who would be required to make a report under this Section V solely by reason of being a director of the Funds is not required to file a Personal Securities Holding Report upon becoming a director of the Funds or an annual Personal Securities Holding Report. Such an Independent Director also need not file a Quarterly Securities Transaction Report unless such director knew or, in the ordinary course of fulfilling his or her official duties as a director of the Funds, should have known that, during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the Independent Director, such Covered Security is or was purchased or sold by the Funds or the Funds considered purchasing or selling such Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Brokerage Account and Statements

Access Persons, except Independent Directors, shall:

1) within 30 calendar days after the end of each calendar quarter, identify the name of the broker, dealer or bank with whom the Access Person established an account in which any securities were held during the quarter for the direct or indirect benefit of the Access Person and identify any new account(s) and the date the account(s) were established. This information shall be included on the appropriate Quarterly Securities Transaction Report; and 

2) instruct the brokers, dealers or banks with whom they maintain such an account to provide duplicate account statements to the Chief Compliance Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Form of Reports

A Quarterly Securities Transaction Report may consist of broker statements or other statements that provide a list of all personal Covered Securities holdings and transactions in the time period covered by the report and contain the information required in a Quarterly Securities Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Responsibility to Report

Access Persons will be informed of their obligations to report; however, it is the responsibility of each Access Person to take the initiative to comply with the requirements of this Section V. Any effort by the Funds to facilitate the reporting process does not change or alter that responsibility. A person need not make a report hereunder with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Disclaimers

Any report required by this Section V may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

**V.**  **<u>Other Prohibitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Confidentiality of the Funds' Transactions.

Until disclosed in a public report to shareholders or to the SEC in the normal course, all information concerning the securities "being considered for purchase or sale" by the Funds shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Chief Compliance Officer to report any inadequacy found in this regard to the directors of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Outside Business Activities and Directorships.

Access Persons may not engage in any outside business activities that may give rise to conflicts of interest or jeopardize the integrity or reputation of the Funds. Similarly, no such outside business activities may be inconsistent with the interests of the Funds. All directorships of public or private companies held by Access Persons shall be reported to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Gratuities.

Access Persons shall not, directly or indirectly, take, accept or receive gifts or other consideration in merchandise, services or otherwise of more than nominal value from any person, firm, company, association or other entity (other than such person's employer), in each case, that does business, or proposes to do business, with the Funds.

**VI.**  **<u>Annual Certifications</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Access Person is required to thoroughly read and maintain a copy of the Code. Upon initially becoming an
Access Person and on an annual basis thereafter, Access Persons are required to attest that they understand the policies and procedures addressed in this Code and will comply and have complied with such policies and procedures. If an Access Person
does not understand any part of this Code, it is such person's duty to contact the Chief Compliance Officer for further explanation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No less frequently than annually, the Funds will furnish, and the Board shall consider, a written report to the
Board (i) describing any issues arising under the Code, including any material violations of the Code or procedures and actions taken by the Funds in response to such material violations and (ii) certifying that each Fund has adopted
procedures reasonably necessary to prevent Access Persons from violating the Code.

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**VII. <u>Obligation to Report Violations; Sanctions</u>** 

Any violation of the Code should be brought to the immediate attention to the Chief Compliance Officer. Upon the investigation of the Chief Compliance Officer, the violation investigation will be presented to the Board. The Board, including a majority of the Independent Directors, will then decide on the appropriate sanctions. The sanctions may include, without limitation: suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Funds and the more advantageous price paid or received by the offending person or any other sanction the Board may deem appropriate. Any member of the Board to which a violation of this Code relates must recuse himself or herself from any discussion or decision with respect to the handling and/or imposition of sanctions regarding such violation. No Access Person shall retaliate against any person who reported a violation of the Code.

**VIII. <u>Administration and Construction</u>** 

The administration of the Code is the responsibility of the Chief Compliance Officer. The duties of the Chief Compliance Officer, with the assistance of Legal and Compliance, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Maintain an accurate and current list of all Access Persons with an appropriate description of their job
function and title as well as any reporting obligation that an Access Person may have in connection with their role at the Funds or any other business, and informing all Access Persons of their reporting obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide Access Persons with the Code annually as well as provide training on the Code to Access Persons
initially upon hiring and annually thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain or supervise the maintenance of records and reports required in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Assist in the review by Legal and Compliance of all Personal Security Holding Reports and Quarterly Securities
Transaction Reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Prepare listings of all transactions effected by Access Persons who are subject to the requirement to file
Quarterly Securities Transaction Reports and reviewing such transactions against a listing of all transactions effected by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Issue either personally or with the assistance of counsel, as may be appropriate, any interpretation of this
Code that may appear consistent with the objectives of Rule 17j-1 and this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Conduct such inspections or investigations as shall reasonably be required to detect and report, with
recommendations, any apparent violations of this Code to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Furnish a written report, at least annually, to the Board that (a) describes any issues arising under the
Code or procedures since the last report to the Board, including information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and (b) certifies that the Funds have adopted
procedures reasonably necessary to prevent Access Persons from violating the Code.

The Chief Compliance Officer shall maintain and cause to be maintained in an easily accessible place at the principal place of business of the 17j-1 Organization, the following records and must make these records available to the SEC at any time and from time to time for reasonable periodic, special or other examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of all codes of ethics adopted by the Funds pursuant to Rule 17j-1 that have been in effect at any time during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of each violation of such codes of ethics and of any action taken as a result of such violation for at
least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report made by an Access Person for at least two (2) years after the end of the fiscal year
in which the report is made, and for an additional three (3) years in a place that need not be easily accessible;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A copy of each report made by the Chief Compliance Officer to the Board for two (2) years from the end of
the fiscal year of the Funds in which such report is made or issued and for an additional three (3) years in a place that need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A list of all persons who are, or within the past five (5) years have been, required to make reports
pursuant to Rule 17j-1 and this Code, or who are or were responsible for reviewing such reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. copies of all written acknowledgements as required by this Code for each person who is, and within the past
five (5) years has been, an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A copy of each report required by Section VII(B) for at least two (2) years after the end of the fiscal
year in which it is made, and for an additional three (3) years in a place that need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A record of the approval by the Board, including a majority of the Independent Directors of this Code and any
material changes to this Code, including certifications from the Funds that each has adopted procedures reasonably necessary to prevent Access Persons from violating the Funds' code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment
Personnel of securities in an Initial Public Offering or Limited Offering for at least five (5) years after the end of the fiscal year in which the approval is granted.

**IX.**  **<u>Confidentiality</u>** 

All reports, duplicate account statements and other information filed or delivered to the Chief Compliance Officer or furnished to any other person pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by representatives of the SEC.

**X.**  **<u>Adoption and Amendments</u>** 

This Code may not be materially amended or modified except in a written form that is approved by majority vote of the Independent Directors within six (6) months after the adoption of such amendments or modifications. Prior to approving any such material amendments or modifications, the Board, including a majority of Independent Directors, must be provided a certification of each of the Funds that it has adopted procedures reasonably necessary to prevent Access Persons from violating this Code (and, in the case of the Adviser, from the Integrity Policy). The Board must base its approval of any material changes to the Code on a determination that the Code contains provisions reasonably designed to prevent Access Persons from engaging in any unlawful actions described in subparagraph (b) of Rule 17j-1.

Adopted: August 19, 2025

## Exhibit 99.1

**Exhibit 99.1(b)** 

**ADAMS STREET PARTNERS** 

**INTEGRITY POLICY** 

***DATED MARCH 20, 2025***

The following investment advisory firms (and collectively with the general partner entities affiliated with certain Adams Street Partners Funds, each an "**Adviser**," and collectively the "**Advisers**") have adopted the following code of ethics and securities trading policy (the "**Integrity Policy**") governing the business conduct of personal securities trading by personnel of Adams Street Partners, LLC and its affiliated investment advisers (collectively, "**Adams Street Partners**" or the "**Firm**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Partners, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Partners UK LLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Partners Singapore Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Partners (Beijing) Co., Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Partners Japan Godo Kaisha

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Partners (Europe) GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Credit Advisors LP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Advisors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adams Street Canada Ltd.

Adams Street Partners has many important assets, including its long standing reputation for integrity. Preserving this integrity demands the continuing attention of all personnel. All personnel are expected to use common sense and sound judgment, and to avoid any activity or relationship that may reflect unfavorably on Adams Street Partners as a result of a possible conflict of interest, the appearance of such a conflict, the improper use of confidential information or the appearance of any impropriety.

The purpose of this Integrity Policy is to foster compliance with applicable U.S. and non-U.S. legal and regulatory requirements and to eliminate transactions that present a conflict with the best interests of the Adams Street Partners Funds and other clients. Although no written code can take the place of personal integrity, this Integrity Policy sets forth the minimum standards of proper conduct. This Integrity Policy also includes policies designed to ensure that Employees of Adams Street Partners (as defined below) are in compliance with insider trading and market abuse laws both when trading in a personal capacity and when trading or advising others to trade in a professional capacity. Any conduct that violates this Integrity Policy is unacceptable.

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Employees are expected to notify the CCO of any violation (or potential violation) of the Compliance Program, including this Integrity Policy, of which they become aware. If a violation involves the CCO, Employees may report such concern to the firm's Chief Legal Officer. It is the Firm's policy that such reports will be maintained as confidential, except as required by law. Additionally, and as further described in the Firm's Compliance Manual in the section titled "Reporting Suspicious Activities and Concerns", it is the Firm's policy that no adverse action will be taken against an Employee reporting a violation or potential violation in good faith.

On occasion, various policies and procedures included herein will be updated throughout the year and such updates will be distributed to relevant Employees; however, such updates may not always be reflected in the current version of this Integrity Policy or other related policies and procedures until the following official revision.

**ARTICLE I** 

**DEFINITIONS** 

In addition to the terms defined in the foregoing paragraph, the following terms will have the following meanings for purposes of this Integrity Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **"Adams Street Partners"** has the meaning assigned to it in the forepart of this Integrity
Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "**Adams Street Partners Fund**" generally refers to private funds advised by Adams Street
Partners, LLC and operated in accordance with exemptions from registration under the Investment Company Act (*e.g.*, Section 3(c)(1) or Section 3(c)(7)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "**Adviser(s)**" has the meaning assigned to it in the forepart of this Integrity Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "**Advisers Act**" means the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "**Beneficial Ownership**" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act. As a general matter, you are the "**Beneficial Owner**" of Securities with respect to which you have a pecuniary interest, either directly or indirectly (such as
through a contract, arrangement, understanding, or other relationship). For example, you generally would be the Beneficial Owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities held in your own name or by a member of your Immediate Family (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities held jointly with another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Securities held in a trust of which you or an Immediate Family member is the beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Securities held by a bank or broker as a nominee or custodian on your behalf or pledged as collateral for a
loan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Securities owned by a corporation, trust, partnership or other entity which you directly or indirectly control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "**CCO**" means the Chief Compliance Officer of Adams Street Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "**Non-Discretionary Account**" means an account for
which an Employee does not (a) exercise any investment discretion or decision-making, (b) receive notice of transactions prior to execution, or (c) otherwise have direct or indirect influence or control, except with respect to the
ability to terminate the relationship with the relevant adviser and/or broker. Adams Street Partners requires any Employee wishing to have an account treated as a Non-Discretionary Account to contact the CCO
or the CCO's designee for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **"Employee"** means any partner, member (in the case of Adams Street Partners UK LLP), officer,
director, supervisor (or other person occupying a similar status or performing similar functions) or employee, including part-time employees, of an Adviser, or any other person who provides investment advice on behalf of an Adviser and is subject to
the supervision and control of such Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "**Federal Securities Laws**" means the Securities Act, the Exchange Act, the Investment Company
Act, the Advisers Act, Title V of the GLBA, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, any rules adopted by the SEC under any of these statutes, the Bank
Secrecy Act of 1970, as amended, as it applies to private funds and registered investment advisers; each of the foregoing as amended and revised from time to time as well as any rules adopted under any of the preceding by the SEC or the U.S.
Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "**GLBA**" means the Gramm-Leach-Bliley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "**Immediate Family**" means any of the following relationships *sharing the same household*: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **"Initial Public Offering"** means an offering of securities registered under the Securities
Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "**Integrity Policy**" means this Integrity Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "**Investment Company Act**" means the Investment Company Act of 1940, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **"Limited Offering"** means an offering that is exempt from registration under the Securities
Act pursuant to Section 4(a)(2) or Section 4(a)(6) thereof, or pursuant to Regulation D (Rules 504, 505 or 506) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "**Purchase or sale of a security**" includes, among other things, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "**Reportable Security**" refers to securities reportable under this Integrity Policy, and
generally will include all Securities, but for this purpose will <u>not</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held through a qualified tuition program established pursuant to Section 529 of the Internal
Revenue Code of 1986, as amended (529 Plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unaffiliated open-end mutual funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unit investment trusts that are invested exclusively in one or more unaffiliated open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. "**Restricted List"** means the list of companies/Securities in which trading by Employees is
prohibited, as maintained by the CCO, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all Adams Street Partners Fund portfolio Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities with respect to which Adams Street Partners may have material, non-public information, as determined by the CCO.

Companies and Securities will remain on the Restricted List until such time as the CCO determines. The Restricted List is not published internally; however it is maintained in the Software and is automatically checked when an Employee enters a preclearance request in association with the proposed purchase or sale of any Reportable Security.

For the avoidance of doubt, Employees are required to report any potential material, non-public information to appropriate compliance personnel so that the CCO can determine whether related securities should be placed on the firm's Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. "**SEC**" means the Securities and Exchange Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "**Securities Act**" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. "**Security**" generally will have the meaning set forth in Section 202(a)(18) of the
Advisers Act. Any questions regarding whether an instrument is a Security under the Federal Securities Laws and/or for purposes of this Integrity Policy should be directed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. "**SPAC**" means a special purpose acquisition company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. "**Software**" means the compliance software employed by the Advisers to track holdings relevant
to this policy.

**ARTICLE II** 

**STANDARDS OF BUSINESS CONDUCT** 

The following standards of business conduct will govern personal investment activities and the interpretation and administration of this Integrity Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of the Advisers' clients (*i.e.*, the Adams Street Partners Funds and separate account
clients) must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal securities transactions must be conducted consistent with this Integrity Policy and in such a
manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees should not take inappropriate advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Employees must comply with applicable Federal Securities Laws, as well as applicable laws and regulations in
all other jurisdictions in which Adams Street Partners does business.

This Integrity Policy prohibits all Employees from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing any device, scheme or artifice to defraud any investor or prospective investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Making to any investor or prospective investor any untrue statement of a material fact or failing to state to
such investor or prospective investor a material fact necessary to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit upon
any investor or any prospective investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging in any fraudulent, deceptive or manipulative act, practice or course of business with respect to any
investor or any prospective investor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Revealing to any other person (except in the normal course of an Employee's duties on behalf of a client)
any information regarding investments of, or transactions by, any investor or the consideration by any investor or Adams Street Partners of any securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Misrepresenting an Employee's title or role at Adams Street Partners to any other person.

This Integrity Policy does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield Employees from responsibility for personal trading or other conduct that violates a fiduciary duty to the Advisers' clients (*i.e.*, the Adams Street Partners Funds and Adams Street Partners' separate account clients).

An Employee who has any questions regarding the application of this Integrity Policy should contact the CCO or the CCO's designee.

**ARTICLE III** 

**TRADING RULES FOR PERSONAL/RELATED ACCOUNTS** 

The following rules govern Securities trading by all Employees and their Immediate Family members. In the event there is any uncertainty of the propriety of any trade being contemplated, consult with the CCO or the CCO's designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Insider Trading Strictly Prohibited</u> *.* No Employee may engage in any trade or order activity or
investment if such activity is the result of exposure to material, non- public information, *i.e.*, inside information (see Article V).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Front Running Strictly Prohibited</u> *.* No Employee may make an investment that anticipates
(*i.e*., front runs), competes with or parallels a client/fund investment or an investment in which Adams Street Partners is acting for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>IPO and SPAC Preclearance</u> *.* No Employee may acquire Beneficial Ownership in any Securities in an
Initial Public Offering or SPAC without obtaining prior approval of the CCO by submitting a clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Limited Offering Preclearance</u> *.* No Employee may acquire Beneficial Ownership in any Securities in
a Limited Offering without obtaining prior approval of the CCO by submitting a clearance request. Further, Employees must obtain pre-approval prior to exercising a voluntary redemption from any such Limited
Offerings (*e.g.*, withdrawal from a hedge fund or secondary sale of private equity interests, but not including non-discretionary capital distributions as determined by the relevant Fund's general
partner or investment manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restricted List Preclearance</u>. No Employee may acquire or dispose of Beneficial Ownership in any Security
of a company on the Adviser's Restricted List without obtaining prior approval of the CCO by submitting a clearance request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Avoiding Restricted List Trading Violations; Software Clearance and</u> <u>Timely Execution of Trades.</u> Because of the dynamic nature of the Advisers' Restricted List, Adams Street does not publish such Restricted List, instead maintaining the Restricted List directly in the automated trading Software, which facilitates pre-transaction checks against the Restricted List through an online form submission. Therefore, Employees should enter all proposed trades in public company and business development company Securities in the
Software prior to executing any transaction. The Software will inform the Employee if such transaction is "approved" or "pending". Note that a trade preclearance request that is "pending" indicates that a Security
may be on the Advisers' Restricted List, and Employees who still wish to trade such a Security must contact the CCO, submit a clearance request and obtain the CCO's approval prior to engaging in such transaction. Employees should attempt
to trade as soon as possible following such automated approval, and not more than twenty-four (24) hours following such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Non-Discretionary Account Pre-Approval</u> *.* Employees are not required to obtain prior approval of the CCO for transactions that are effected in any Non-Discretionary Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Non-Discretionary Transactions.</u> Employees are not required to
obtain pre-approval for shares acquired as a result of transactions for which the Employee did not exercise discretion as to price or timing of such trades. Such trades may include: shares issued as a result
of a tender offer or other corporate transaction which has been made generally available to all shareholders of the issuer; (ii) shares issued as a result of a Dividend Re-Investment Plan
("DRIP") plan; (iii) shares issued as part of a stock issuance for service as a director of a public company (and subject to the disclosure and approval requirements associated with such service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Cryptocurrencies</u>. Employees may purchase and sell Bitcoin and Ethereum without obtaining prior approval
of the CCO. Further, a list of precleared cryptocurrencies will be made available from time to time. No Employee may transact in any other cryptocurrency without obtaining prior approval from the CCO by submitting a clearance request. All
cryptocurrencies other than Bitcoin and Ethereum, including those on the pre-approved list, are treated as Reportable Securities under this Integrity Policy and are subject to the quarterly transaction and
annual holding reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Grandfathered Reportable Securities</u>: Employees who have Beneficial Ownership of Securities which do not
conform to the personal trading requirements or who hold Securities on the Firm's Restricted List are permitted to hold onto their positions (*i.e.*, they are not required to liquidate these positions). Situations that may result in
grandfathered holdings typically relate to: new Employees; when a person becomes an Immediate Family Member of an existing Employee; or if an Employee holds a position in his or her account that is subsequently added to the Firm's Restricted
List. Employees and their Immediate Family Members with Restricted List holdings in their account are required to seek pre-approval from the CCO prior to any additional transactions in such Restricted List
security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Frequent and Short-Term Trading Discouraged</u>. Adams Street encourages Employees to make long-term
investments rather than making overly frequent or "day-trades". Employees should not engage in personal trading that would be considered to consume an excessive amount of personal time and/or
attention while at work and which may reasonably interfere with the performance of their Adams Street duties (i.e., trying to time trades when the public stock markets are open). What is considered excessive may be implicated by the frequency of
trading, particularly repeatedly moving in and out of the same or equivalent securities. Although situations may arise where a purchase and then sale, or a sale and buy-back may occur over a short period of
time, generally Employees should (A) anticipate holding a Security (or exiting a Security) for a minimum of 30 days and (B) understand that more frequent trading may result in additional scrutiny from compliance personnel.

In addition to the restrictions set forth above, Adams Street Partners prohibits Employees from engaging in the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Making or maintaining an investment in the Securities of a company that he or she knows or should know is being
financed by Adams Street Partners managed entities, unless the Securities of the company have a broad public market and are registered on a national securities exchange or traded in over-the-counter markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Making or maintaining an investment in any company or business with which Adams Street Partners or its managed
entities has a business relationship if the investment is of such a character (*e.g.*, because of the size or value of the investment) as might create, or give the appearance of creating, a conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Entering into any derivative transaction when a direct transaction in the underlying Security would violate
this Integrity Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging in personal trading that is out of proportion with his or her personal assets or that might result in
financial hardship to him or her or a dereliction of duty to Adams Street Partners, its clients or other of its managed entities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Having another person engage in a transaction on his or her behalf that he or she is prohibited from doing by
this Integrity Policy.

The CCO generally will not grant prior approval to any transaction in Securities on the Restricted List, but may do so in situations where the transaction is determined to be in compliance with applicable laws and other contractual restrictions. Employees should not communicate any denial by the Software or the CCO of any proposed trade to any person (other than an Immediate Family Member for whose account the approval had been requested) as such denial may be indicative of the Advisers having material, non-public information with respect to such Security.

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Prior to the CCO engaging in Securities transactions for which preclearance is required under this Integrity Policy, the CCO will obtain prior approval by a designated Legal Counsel. Securities reports for the CCO will be reviewed by a designated Legal Counsel.

**ARTICLE IV** 

**REPORTING OF SECURITIES HOLDINGS AND TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial and Annual Holdings Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Except as otherwise provided below, every Employee will report to the CCO via the Software, in hard copy, or
via email, no later than 10 days after the person becomes employed by Adams Street Partners, the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes employed by Adams Street
Partners):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) As applicable, with respect to each Reportable Security in which the Employee has any direct or indirect
Beneficial Ownership, the title and type of such Reportable Security, and the exchange ticker symbol or CUSIP number, number of shares and principal amount, and in the case of any private investments or Limited Offerings held, any additional
information as compliance personnel may determine relevant;

ii) As applicable, the name of any broker, dealer or bank with which the Employee maintains an account in which any Reportable Securities are held for the Employee's direct or indirect benefit; and

iii) The date the Employee submits the report.

Alternatively, if an Employee has no transactions or accounts to report, this should be indicated on the initial and/or annual holdings report as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Except as otherwise provided below, every Employee must report to the CCO via the Software at least once
annually by February 14 the information described above (which must be current as of a date no more than 45 days before the date on which the report is submitted) for the year ended December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) During the course of their employment, Employees are also responsible for promptly advising the CCO or
applicable compliance personnel upon the opening of any new brokerage account over which the Employee or an Immediate Family member has beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Quarterly Transaction Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Except as otherwise provided below, every Employee will report to the CCO via the Software, no later than 30
days after the end of each calendar quarter, the following information with respect to all transactions during the quarter in any Reportable Security in which such person has, or by reason of such transaction acquires, or disposes of, any direct or
indirect Beneficial Ownership in the Reportable Security:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) As applicable, for each Reportable Security involved, the date of the transaction, the title and the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares and principal amount;

ii) The nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

iii) The price of the Reportable Security at which the transaction was effected;

iv) As applicable, the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) The date the Employee submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duplicate Confirmations and Statements</u>. All Employees must direct their brokers to supply to the CCO via
the Software (or, where necessary, in hard copy) on a timely basis duplicate copies of confirmations of all personal transactions in Securities and copies of periodic statements for all accounts pertaining to trading in Securities by the Employee
and the Employee's Immediate Family members. Employees should be aware that private investments/Limited Offerings (or other investments which are required to be reported but are not identified on any duplicate brokerage statements) must be
submitted to the CCO on a quarterly basis and may be required to be reported in hard copy, depending on whether such private investments/Limited Offerings are maintained in the Software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Acknowledgement of Receipt of Integrity Policy</u>. Each Employee must be provided with a copy of this
Integrity Policy and any amendments. Each Employee must provide the CCO or other designated compliance personnel with a written acknowledgement (in the form appended to Adams Street Partners' Investment Adviser Compliance Manual) of their
receipt of the Integrity Policy and any amendments. Such written acknowledgement may be in the form of an attestation delivered electronically. Employees must sign this acknowledgement upon becoming an Employee and annually thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Confidentiality of Reporting Under Integrity Policy</u>. The CCO and any other designated compliance
personnel receiving reports of Employee holdings and transactions under this Integrity Policy will keep such reports confidential, except to the extent that the CCO and such compliance personnel are required to disclose the contents of such reports
to regulators. The CCO will confer with counsel to the extent the CCO believes necessary to determine whether the content of any such reports must be disclosed to such regulators.

**ARTICLE V** 

**POLICY STATEMENT ON INSIDER TRADING** 

The Adviser seeks to foster a reputation for integrity and professionalism. That reputation is a vital business asset. To further that goal, this Policy Statement implements procedures to deter the misuse of material, non-public information in securities transactions.

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Accordingly, the Adviser forbids any Employee and his/her Immediate Family members from trading, either personally or on behalf of others, while in possession of material, non-public information or advising or encouraging any other person to do so, or communicating material, non- public information to others in violation of the law. This conduct is frequently referred to as "insider trading." This policy applies to every Employee and extends to activities within and outside their duties at the Adviser.

Examples of material non-public information may include (but are not limited to) any of the following with respect to a public company: periodic earnings information before a public press release; current company projections of future earnings and losses; declaration of stock splits and stock dividends; changes in previously disclosed financial information; mergers, acquisitions, or takeovers; going-private transactions; proposed issuances of new securities or repurchases of securities; significant changes in operation; significant increases or decreases in net income; extraordinary borrowings; major litigation; financial liquidity problems; significant changes in management; and increases or decreases in dividends. Due to the nature the Adviser's business, it is not anticipated that Employees will come into possession of such information regularly with respect to the Adviser's investments; however, Employees should remain alert to whether they may be in possession of material non-public information related to an investment's vendors, suppliers, competitors, etc.

Trading securities while in possession of material, non-public information or improperly communicating that information to others may expose you to stringent penalties. Under U.S. law, criminal sanctions may include a fine of up to $1,000,000 and/or 10 years imprisonment. The SEC can recover the profits gained or losses avoided through trading restricted under this Integrity Policy, impose a penalty of up to three times the illicit windfall and issue an order permanently barring you from the securities industry. In addition, you may be sued by investors seeking to recover damages for insider trading violations. In the UK, insider dealing is a criminal offence that can result in imprisonment of up to seven years and/or an unlimited fine. In addition, the FSA (including any successor regulator) has the power to impose civil penalties for market abuse in an unlimited amount, and may also impose disciplinary sanctions on ASP UK or its Approved Persons, which may include banning individuals from working in the financial services sector or withdrawal of ASP UK's authorization.

The term "insider trading" is not defined in the Federal Securities Laws, but generally is used to refer to the use of material, non-public information to trade in Securities (whether or not one is an "insider") or to the communication of material, non-public information to others. While the law concerning insider trading is not static, it is currently understood that the law generally prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider, while in possession of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider, while in possession of material, non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated;
or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material, non-public information to others.

Any Employee who has any question concerning the Adviser's policy and procedures regarding insider trading should consult with the CCO or the CCO's designee. To protect yourself and the Adviser, you should contact the CCO or the CCO's designee immediately if you believe that you may have received material, non-public information. Often, a single question can forestall disciplinary action or complex legal problems.

**ARTICLE VI** 

**PROCEDURES DESIGNED TO DETECT AND PREVENT INSIDER TRADING** 

The following procedures have been established to aid the Adviser and all Employees in avoiding insider trading, and to aid the Adviser in preventing, detecting, and imposing sanctions against insider trading. Every Employee must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and/or criminal penalties. Any questions about these procedures should be directed to the CCO or the CCO's designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Before trading Securities for yourself or others, an Employee should ask himself or herself the following
questions regarding information in his or her possession:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Is the information material? Is this information that an investor would consider important in making his or her
investment decisions? Is this information that would substantially affect the market price of the Securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Is the information non-public? To whom has this information been
provided? Has the information been effectively communicated to the marketplace by being published in SEC filings, Reuters, The Wall Street Journal or other publications of general circulation?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If, after consideration of the above, any Employee believes that the information is material and non-public, or if an Employee has questions as to whether the information is material and non-public, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Report the information and proposed trade immediately to the CCO or the CCO's designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Do not purchase or sell the Securities either on behalf of yourself or on behalf of others, or recommend or
encourage any other person to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Do not communicate the information inside or outside the Adviser, other than to the CCO or the CCO's
designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) After the CCO or the CCO's designee has reviewed the issue, the Employee will be instructed either to
continue the prohibitions against trading and communication because the CCO or the CCO's designee has determined that the information is material and non- public, or the Employee will be allowed to trade the Security and communicate the
information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Information in an Employee's possession that is identified as material and non-public may not be communicated to anyone, including persons within the Adviser, except as otherwise provided herein. In addition, care should be taken so that such information is secure. For example, files
containing material, non-public information should be kept in a secure location and access to computer files containing material, non- public information should be
restricted, and conversations containing such information, if appropriate at all, should be conducted in private (for example, not by cellular telephone, to avoid potential interception). Additionally, Adams Street has procedures in place regarding
(i) the admission and oversight of visitors to Adams Street offices and (ii) secure disposal of documents containing confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Employees and their Immediate Family members can possess material, non- public information for a variety of reasons, including, but not limited to: (i) serving on a public company's board of directors, or as an officer or employee; (ii) working at an investment bank, law firm, or consulting firm;
(iii) sitting on an issuer's credit committee and (iv) personal relationships with individuals who are themselves insiders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Adams Street Partners owns a position in a public company where an Employee is an officer or serves on the
board of directors, Adams Street Partners will generally place such issuer on the Restricted List and will only permit trading in extremely limited circumstances, including trading during such issuer's open trading window. However, any such
trading will be subject to confirmation by the Adviser's compliance personnel regarding any potential material, non-public information that may be possessed by an Employee serving in such roles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If, after consideration of the items set forth in Section 1 of this Article VI, doubt remains as to
whether information is material or non-public, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be
discussed with the CCO or the CCO's designee before trading or communicating the information to anyone.

**ARTICLE VII** 

**TREATMENT OF CONFIDENTIAL INFORMATION** 

The nature of Adams Street Partners' business is such that Employees may at times be in possession of or have access to confidential, proprietary or market-sensitive information, including material, non-public information as described above. The following provisions govern Employees' treatment of confidential information:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Obligation to Maintain Confidentiality</u>. The information, observations and data obtained by an Employee
during the course of his or her employment with Adams Street Partners concerning the business and affairs of the Firm are the property of Adams Street Partners. No Employee may disclose to any unauthorized person or use for his or her own account
any of such information, observations or data without Adams Street Partners' written consent, unless and to the extent that the information in question becomes generally known to and available for use by the public other than as a result of
the Employee's acts (or failure to act). Each Employee must deliver to Adams Street Partners at the time his or her relationship with Adams Street Partners terminates, or at any other time that Adams Street Partners may request in writing, all
memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the business of Adams Street Partners, which the Employee may then possess or have under his or her control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Property</u>. All inventions, innovations, improvements, developments, methods, processes,
programs, designs, analyses, drawings, reports, and all similar or related information (whether or not patentable) that relate to Adams Street Partners' actual or anticipated business, research and development, or existing or future products
or services and that are conceived, developed, contributed to, made, or reduced to practice by an Employee (either solely or jointly with others) while employed by Adams Street Partners (collectively, "Work Product") belong to Adams
Street Partners. Employees are required to assign all Work Product to Adams Street Partners or its designee. Any copyrightable work prepared in whole or in part by an Employee in the course of his or her work for Adams Street Partners shall be
deemed a "work made for hire" under the copyright laws, and Adams Street Partners shall own all rights therein. To the extent that any such copyrightable work is not a "work made for hire," Employees are required to assign to
Adams Street Partners or its designee all right, title, and interest, including without limitation, copyrights applicable to such copyrightable work. Each Employee shall promptly disclose such Work Product and copyrightable work to Adams Street
Partners and perform all actions reasonably requested by Adams Street Partners (whether during or after the period of the Employee's employment (the " <u>Employment Period</u> ") to establish and confirm Adams Street Partners'
ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Third Party Information</u>. Adams Street Partners from time to time receives from third parties
confidential or proprietary information (" <u>Third Party Information</u> ") that is subject to a duty on the part of Adams Street Partners to maintain the confidentiality of such information and to use it only for certain limited
purposes. During the Employment Period and thereafter, each Employee must hold Third Party Information in the strictest confidence and may not disclose to anyone (other than personnel of Adams Street Partners who need to know such information in
connection with their work for Adams Street Partners) or use, except in connection with his or her work for Adams Street Partners, Third Party Information unless expressly authorized by Adams Street Partners in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Use of Information of Prior Employers</u>. During the Employment Period, no Employee may improperly use or
disclose any confidential information or trade secrets of any former employers or any other person to whom the Employee has an obligation of confidentiality, and will not bring onto the premises of Adams Street Partners any unpublished documents or
any property belonging to any former employer or any other person to whom the Employee has an obligation of confidentiality unless consented to in writing by the former employer or person. Each Employee will use in the performance of his or her
duties only information which is (i) generally known and used by persons with training and experience comparable to the Employee's and which is (x) common knowledge in the industry or (y) is otherwise legally in the public
domain; (ii) is otherwise provided or developed by Adams Street Partners; or (iii) any other information which the Employee is lawfully entitled to use.

Certain confidential information may be disclosed to legal counsel, accountants, auditors and advisors to Adams Street Partners who have a need for such information. In fact, Adams Street Partners expects Employees to exercise candor in dealing with such persons. If you have any doubt regarding disclosure of information to these persons, please contact your supervisor, the CCO or the CCO's designee for guidance. Disclosure of confidential information may also be made where it is required by law.

**ARTICLE VIII** 

**EXPERT NETWORKS** 

The Advisers have adopted a policy (the "**Expert Network Policy**") governing the use of "expert networks" ("**Expert Networks**") that place Employees in contact with individual industry experts ("**Experts**").

As described in the Introduction to this Integrity Policy, the Advisers seek to foster a reputation for integrity and professionalism which is a vital asset to the Firm and have therefore implemented this Integrity Policy to, among other things, deter the misuse of material, non-public information in Securities transactions. *The Advisers strictly prohibit the exchange of material, non-public information with Expert Networks or Experts.* Accordingly, the purpose of this Expert Network Policy is to prevent the receipt or sharing of information that may be material, non-public information particularly with regard to public companies (which, generally, are outside the scope of the investment mandate for the Advisers), and to foster compliance with applicable Federal Securities Laws.

Employees are permitted to speak with Experts or Expert Networks only about subjects that do not include the sharing of material, non-public information. Although Employees are not expected to come into possession of material, non-public information in the course of speaking with Experts, Employees are required to adhere to this Expert Network Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Pre-Approval of Access by Employees</u>. Adams Street generally
limits the Employees who may be in contact with Expert Networks or Experts to members of its Co- Investment, Growth Equity, and Private Credit investment teams (collectively, the "Direct Investment
Teams"). Any additional Employees seeking to engage with an Expert or Expert Network must obtain pre-approval from the CCO in writing before doing so. The CCO will maintain a list of all additional
Employees who have been so approved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pre-Approval of Expert Networks.</u> The CCO maintains a list of all
Expert Networks that are approved and will monitor Employees' engagement of any such approved Expert Networks. Employees may engage or receive information only from Expert Networks on this list or such Expert Networks that subsequently are pre-approved by the CCO in writing. The CCO may remove an Expert Network from the list of approved Expert Networks at any time and will notify all relevant Employees.

In considering whether to pre-approve an Expert Network, the CCO may evaluate certain factors including: (a) reputation of the Expert Network; (b) regulatory history; (c) prior dealings with the Expert Network and its representatives; and (d) the Expert Network's willingness to represent—in an engagement letter or similar agreement— that it will comply with applicable laws and regulations and will not share material, non-public information with Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Procedures for Use of Expert Networks and Experts.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Members of the Direct Investment Teams, and such additional Employees that have been pre-approved by the CCO, may engage with an Expert Network (including its Experts) that is on the list of approved Expert Networks maintained by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prior to engaging a new Expert Network, an Employee must provide the Expert with a written notice substantially
in the form provided directly below, which may be provided in the engagement letter with the Expert Network or provided as a separate notice. In certain circumstances, the CCO may elect to conduct background due diligence on the Expert
Network's compliance policies and procedures in lieu of delivering such a written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Form of Written Notice to Expert

Adams Street Partners, LLC, and together with its affiliates ("Adams Street"), is an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC"). Adams Street provides investment advisory services to several private investment funds, separately managed accounts and other investment vehicles.

The general partners, management companies and other entities affiliated with Adams Street strictly prohibit the receipt of material, non-public information about any company during any discussions and/or correspondence. Adams Street maintains policies that require its personnel to report such material, non-public information to its legal and compliance personnel, and such material, non-public information may be reported to the SEC. Accordingly, you should not share any such material, non-public information, and by working with Adams Street you agree to refrain from doing so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Following a meeting or call in which any Employee receives material, non- public information, the lead Employee on the call must either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit to the CCO an "Expert Network Report"—a template form of the report is available
either on the Firm's intranet or from compliance staff upon request—which includes information on: the date and time of the meeting or call; names of participants; name(s) of relevant Adams Street Fund(s); project/deal name; whether the
deal represents an add-on to a company; whether any participants were officers or directors of a public company; names of companies discussed; and, a description of any information that could reasonably be
considered material, non-public information that was discussed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a transcript of the meeting or call.

In the more likely event that an Employee does not receive any information that reasonably could be considered material, non-public information, such Employee is not required to submit an Expert Network Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Direct Investment Teams will make available to the CCO upon the CCO's request a list of scheduled
Expert Network calls. The CCO or the CCO's designee may from time to time participate in Expert Network calls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Sharing or Receiving Material, Non-Public Information.</u> As
described above in Article VII on the Treatment of Confidential Information, this Integrity Policy prohibits Employees from communicating material, non-public information to others. For the avoidance of doubt,
Employees are prohibited from sharing material, non-public information with Expert Networks or Experts.

Notwithstanding anything contained in this Expert Network Policy, and consistent with the Integrity Policy, Employees should immediately notify the CCO if they believe they have come into possession of material, non-public information provided by an Expert Network, an Expert or any other person, regarding any company. Employees are required to consult with the CCO if they are unsure whether information is material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Experts.</u> This Expert Network Policy does not apply to legal
counsel, accountants, professional consulting firms engaged with respect to market or industry trends (e.g., Boston Consulting Group, L.E.K. Consulting), insurance providers (e.g., Marsh, Aon), financial advisory firms, debt financing sources and
other consultants engaged in connection with potential acquisition transactions, *subject in all cases to the "Sharing or Receiving Material, Non-Public Information"* 

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*section above*.

**ARTICLE IX** 

**GIFTS** 

Employees are permitted to accept and give business-related gifts of nominal value or those that are customary in the industry, such as meals or entertainment, at or below the de minimis threshold of $250 (or its equivalent). No gift with a value in excess of $250 (or its equivalent), or that is not customary in the industry, may be accepted or given by Adams Street Partners personnel without written preapproval from the CCO or the CCO's designee. For the avoidance of doubt, Employees may not accept business-related gifts of cash (or its equivalent, such as gift cards) without the approval of the CCO.

Other than nominal or customary gifts as described above, Employees generally may not accept business-related gifts (*e.g.*, gifts from GPs, investors, or vendors) and are required to avoid the receipt of any gift that would create an appearance of improper influence.

To the extent that you have any doubt regarding the propriety of a gift offered or given to you or proposed to be given by you, or to the extent that you are uncertain of the value of a gift offered to you, you should contact the CCO or the CCO's designee for guidance and/or written preapproval with respect to the gift in question. Also, if you find yourself in the position of accepting or giving a gift that is not nominal or customary or that is worth more than $250 because as a practical matter you could not refuse it (e.g., it would have been commercially embarrassing or awkward to refuse it), you are required to report it to the CCO or the CCO's designee as soon as possible.

Employees should use good judgment to avoid any Gifts that place an Adviser in a difficult, embarrassing or conflict situation with its clients. Employees should discuss any questions they may have regarding Gifts with the CCO prior to giving or accepting such Gifts.

Additional information on the Advisers' Gift Policy is available in the Compliance Manual.

**ARTICLE X** 

**OTHER POTENTIAL CONFLICTS OF INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Suppliers</u> *.* Adams Street Partners' policy is to award orders, contracts and commitments to
suppliers of goods and services only after a fair and impartial evaluation of relevant information has been completed. No Employee shall accept any bribe, "kick-back" or similar consideration from a supplier or potential supplier, nor
deal with a supplier solely on the basis of family relationship, friendship or similar considerations (such as direct or indirect ownership or financial relationship). Although a family or other personal or financial relationship will not
necessarily preclude Adams Street Partners from conducting business with a particular supplier, all such relationships must be clearly identified by an Employee to his or her supervisor prior to the awarding of a supplier contract. Additionally,
even if an Employee is not directly responsible for the awarding of a contract, an Employee still has an obligation to disclose potential conflicts of interest. For example, even if not involved in the negotiation or selection process, an Employee
should disclose if they become aware that the Advisers are considering engaging a law or accounting firm for which the Employee's Immediate Family Member works.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Outside Activities</u> *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *General*. Unless approved by the CCO or the CCO's designee, no Employee may engage in any outside
activity, including the conduct of another business or acceptance of employment with another business firm, that could interfere with the Employee's duties to Adams Street Partners, could reflect adversely on Adams Street Partners, or could
raise actual, potential or perceived conflict of interest issues. Except as specifically approved by the CCO or the CCO's designee, any compensation received for services as a director, or the equivalent of a director, of an entity in which
Adams Street Partners in its individual or fiduciary capacity has an equity interest shall be paid to Adams Street Partners, its managed entities or charity, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Not-for-Profit Activities*. Adams Street Partners encourages participation by Employees in not-for-profit activities to the extent that such activities do not reduce their
effectiveness in performing duties on behalf of Adams Street Partners, reflect negatively on Adams Street Partners, or generate an actual or potential conflict of interest. If there are any questions regarding participation in any such activity that
does not meet these standards, no action should be taken without the prior approval of the CCO or the CCO's designee. Employees who serve as directors or trustees of not-for-profit organizations must report that involvement to the CCO or the CCO's designee. Any request for Adams Street Partners' involvement with a not- for-profit organization should be referred to the CCO or the CCO's designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Business Interests and Government Positions*. Each Employee is required to maintain on file with the CCO
or the CCO's designee current information with respect to the Employee's Reportable Business Interests and Reportable Government Positions, as defined below. This information is to be reported at the time the Reportable Business Interest
or Reportable Government Position is acquired, and subsequently updated as needed (for example, by completion of an Affirmation Statement). All Employees also are required to notify the CCO or the CCO's designee promptly upon disposing of a
Reportable Business Interest or relinquishing a Reportable Government Position. An Employee is deemed to have a "Reportable Business Interest" as to each corporation, association, partnership, firm, business trust, sole proprietorship or
other business entity (other than Adams Street Partners) with respect to which:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Employee together with his/her Immediate Family (i) own (whether legally, equitably or otherwise), in
the aggregate, 10 percent or more of an equity interest in such entity (or, in the case of a corporation, 10 percent or more of the total outstanding shares of any class of stock), or (ii) hold, in the aggregate, indebtedness of such
entity which equals or exceeds 5 percent of such entity's outstanding debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Employee together with his/her Immediate Family has the power to direct, or cause the direction of, the
management or policies of such entity, whether through the ownership of securities, by contract, by intercompany relationships, or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such Employee or his/her Immediate Family holds any of the following positions in such entity:
(i) officer, director, trustee or general partner; or (ii) employee, beneficiary, participant or associate with managerial or policy-making responsibilities.

An Employee is deemed to have a "Reportable Government Position" in each national, local or other government entity where the Employee serves as a director, agent, employee, officer, trustee or member of any governing body or committee.

**ARTICLE XI** 

**ADMINISTRATION OF THE INTEGRITY POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Employee must report any violations of this Integrity Policy promptly to the CCO or the CCO's
designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO or the CCO's designee will review Employee securities holdings and transaction reports that are
submitted pursuant to Article IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The CCO may, under circumstances that she deems appropriate and not opposed to the interests of the
Adviser's clients, create exceptions to requirements under this Integrity Policy that are not expressly mandated under the Federal Securities Laws.

**ARTICLE XII** 

**SANCTIONS** 

Upon discovery of a violation of this Integrity Policy, the Adviser may impose such sanctions as it deems appropriate, including, among other sanctions, a letter of censure or suspension, disgorgement of profits from Securities transactions in violation of this Integrity Policy, or termination of the employment (or other applicable relationship with Adams Street Partners) of the violator.