# EDGAR Filing Document

**Accession Number:** 0001913724
**File Stem:** 0001628280-25-044521
**Filing Date:** 2025-10
**Character Count:** 1369083
**Document Hash:** 81a4e2dd47d9bc37ea4d34040f97c997
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-044521.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001628280-25-044521

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251001

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPG Twin Brook Capital Income Fund
- **CENTRAL INDEX KEY:** 0001913724

**ORGANIZATION NAME:**
- **EIN:** 886103622
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01523
- **FILM NUMBER:** 251380528

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167
- **BUSINESS PHONE:** (212) 692-8237

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AG Twin Brook Capital Income Fund
- **DATE OF NAME CHANGE:** 20220225

?xml version='1.0' encoding='ASCII'? agci-20251001

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported): October 1, 2025**

**TPG Twin Brook Capital Income Fund**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56502** | **88-6103622** |
| (State or Other Jurisdiction of Incorporation) | (Commission<br>File Number) | (IRS Employer Identification Number) |

---

**245 Park Avenue, 26th Floor, New York, NY 10167**

(Address of Principal Executive Offices, Zip Code)

**(212) 692-2000**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. ☐

------

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

---

*Truist Credit Facility Amendment*

On October 1, 2025, TPG Twin Brook Capital Income Fund, a Delaware statutory trust (the "Company"), as borrower, entered into the Second Amendment to Senior Secured Revolving Credit Agreement (the "Truist Second Amendment"), with the lenders and issuing banks party thereto and Truist Bank, as administrative agent, which amends the Senior Secured Revolving Credit Agreement dated as of November 17, 2023 (as amended, supplemented or otherwise modified from time to time, the "Existing Truist Credit Facility" and, as amended by the Truist Second Amendment, the "Truist Credit Facility").

The Truist Second Amendment amends the Truist Credit Facility to, among other things: (i) reduce the interest rate on revolving loans to adjusted term SOFR plus 1.875% or, at the Company's option, the alternate base rate plus 0.875%; provided that, the interest rate may be reduced further depending on the ratio of the borrowing base and certain outstanding indebtedness of the Company, as further described in the Truist Credit Facility, (ii) extend the termination date of the lenders' obligation to make loans under the Truist Credit Facility from August 16, 2028 to October 1, 2029 and extend the final scheduled maturity date from August 16, 2029 to October 1, 2030, and (iii) remove the net worth covenant and liquidity covenant previously included in the Existing Truist Credit Facility. The other material terms of the Existing Truist Credit Facility were unchanged.

The preceding summary of the Truist Second Amendment is not complete and is qualified in its entirety by reference to, and should be read in connection with, the complete copy of the Truist Second Amendment attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

*Ally Credit Facility Amendment*

On October 2, 2025, Twin Brook Capital Funding XXXIII ASPV, LLC (the "ASPV Borrower"), an indirect, wholly-owned subsidiary of the Company, entered into the Second Amendment to Loan, Security and Collateral Management Agreement (the "Ally Second Amendment"), among the ASPV Borrower, as borrower, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as the administrative agent and swingline lender, Western Alliance Trust Company, N.A., as the collateral custodian, and the lenders from time to time party thereto, which amends the Loan, Security, and Collateral Management Agreement dated as of December 13, 2022 (as amended, supplement or otherwise modified from time to time, the "Existing Ally Credit Facility" and, as amended by the Ally Second Amendment, the "Ally Credit Facility").

The Ally Second Amendment amends the Ally Credit Facility to, among other things: (i) reduce the interest rate on revolving loans from daily simple SOFR plus 2.40% per annum to daily simple SOFR plus 1.90% per annum, (ii) extend the termination date of the lenders' obligation to make revolving commitments under the Ally Credit Facility from August 9, 2027 to October 2, 2028 and extend the final scheduled maturity date from August 9, 2029 to October 2, 2030, and (iii) increase certain advance rates pursuant to the Ally Credit Facility.

The preceding summary of the Ally Second Amendment is not complete and is qualified in its entirety by reference to, and should be read in connection with, the complete copy of the Ally Second Amendment attached hereto as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement** |

---

------

The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Truist Second Amendment and Ally Second Amendment is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

(d) *Exhibits.*

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[10.1](exhibit101truist-twinbrook.htm)</u> | <u>[Second Amendment to Senior Secured Revolving Credit Agreement, dated as of October 1, 2025, by and among TPG Twin Brook Capital Income Fund, the Lenders and Issuing Banks (as defined therein) party thereto and Truist Bank](exhibit101truist-twinbrook.htm)</u> |
| <u>[10.2](exhibit102ally-twinbrookxs.htm)</u> | <u>[Second Amendment to Loan, Security and Collateral Management Agreement, dated as of October 2, 2025, by and among Twin Brook Capital Funding XXXIII A SPV, LLC, as the Borrower, AGTB Fund Manager, LLC, as the Collateral Manager, Ally Bank, as the Administrative Agent and as the Swingline Lender, the Lenders party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian](exhibit102ally-twinbrookxs.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
| | **TPG Twin Brook Capital Income Fund** | **TPG Twin Brook Capital Income Fund** |
| Dated: October 7, 2025 | By: | /s/ Terrence Walters |
|  | Name: | Terrence Walters |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 10.1

**EXHIBIT 10.1**

SECONDAMENDMENT

TOSENIORSECUREDREVOLVINGCREDITAGREEMENT

ThisSECONDAMENDMENTTOSENIORSECUREDREVOLVINGCREDIT

AGREEMENT, dated as of October 1, 2025 (this "<u>Amendment</u>"), is entered into among TPG

TWIN BROOK CAPITAL INCOME FUND, a Delaware statutory trust (the "<u>Borrower</u>"), the

LENDERS and ISSUING BANKS party hereto and TRUIST BANK, as Administrative Agent

(the "<u>Administrative Agent</u>").

<u>RECITALS</u>

WHEREAS, the Borrower and the Administrative Agent entered into that certain Senior

SecuredRevolvingCreditAgreement,datedasofNovember17, 2023(asamendedbythatcertain

First Amendment to Senior Secured Revolving Credit Agreement, dated as of August 16, 2024,

andasfurtheramended,supplemented,amendedandrestatedorotherwisemodifiedfromtimeto

time, the "<u>Credit Agreement</u>"), with the lenders and issuing banks party thereto (the "<u>Lenders</u>"),

pursuant to which the Lenders extended certain commitments and made certain loans to the

Borrower; and

WHEREAS,theBorrower,theLendersandtheAdministrativeAgentdesiretoamendthe

Credit Agreement to make certain changes, as set forth below.

NOW, THEREFORE, in consideration of the premises and the mutual agreements

contained herein and in the Credit Agreement, the Borrower, the Lenders and the Administrative

Agent hereto agree as follows:

SECTION 1.<u>Definitions</u>.All capitalized terms not otherwise defined herein are used as

defined in (or by reference in) the Credit Agreement as amended hereby.

SECTION2.[Reserved].

SECTION 3.<u>Amendments</u><u>to</u><u>Credit</u><u>Agreement</u>.SubjecttotheoccurrenceoftheSecond

Amendment Effective Date, the parties hereto hereby agree as follows:

(a)The Credit Agreement (excluding the Exhibits and Schedules thereto) is

hereby amended to delete the stricken text (indicated textually in the same manner as the

following example: stricken text) and to add the double-underlined text (indicated textually

in the same manner as the followingexample:<u>double-underlined text</u>) as set forthin the pages

attached as <u>Exhibit A</u> hereto.

(b)The Schedules to the Credit Agreement are hereby amended and restated in

their entirety as set forth in the form of <u>Exhibit B</u> hereto.

SECTION4.<u>Conditions Precedent</u>.This Amendment shall become effective on the first

date on which each of the following conditions precedent has been satisifed (the "<u>Second</u>

<u>Amendment Effective Date</u>"):

4.1.<u>Documents</u>.TheAdministrativeAgentshallhavereceivedeachofthefollowing,

each of which shall be satisfactory to the Administrative Agent in form and substance:

(a)fromeachotherpartyheretoeither(i)acounterpartofthisAmendmentsigned

onbehalfofsuchpartyor(ii)writtenevidencesatisfactorytotheAdministrativeAgent(which

may include telecopy transmission of a signed signature page to this Amendment) that such

party has signed a counterpart of this Amendment;

(b)a favorable written opinion (addressed to the Administrative Agent and the

Lenders and dated as of the date hereof) of (a) Winston & Strawn LLP, special counsel for

the Obligors and (b) Richards, Layton & Finger, P.A., special Delaware counsel for the

Borrower,eachinformandsubstancereasonablyacceptabletotheAdministrativeAgent(and

the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the

Administrative Agent);

(c)suchdocumentsandcertificatesastheAdministrativeAgentoritscounselmay

reasonably request relating to the organization, existence and good standing of the Obligors,

theauthorizationofthisAmendmentandanyotherlegalmattersrelatingtotheObligors,this

Amendment or the Transactions, all in form and substance reasonably satisfactory to the

Administrative Agent and its counsel; and

(d)confirmationofreceiptbytheAdministrativeAgentofanyfeesandexpenses

due and payable by the Borrower as of the date hereof, in each case that have been invoiced

atleasttwoBusinessDayspriortothedatehereof(exceptasotherwisereasonablyagreedby

the Borrower).

4.2.<u>Representations</u><u>and</u><u>Warranties</u>.TheObligorsshallhavesatisifiedthefollowing

conditions:

(a)the representations and warranties of the Obligors set forth in the Credit

AgreementandintheotherLoanDocumentsshallbetrueandcorrectinallmaterialrespects

(or, in the case of any portion of any representations and warranties already subject to a

materialityqualifier,trueandcorrectinallrespects)onandasofthedateofthisAmendment,

or, as to any such representation or warranty that refersto a specific date, as of such specific

date; and

(b)at the time of and immediately after giving effect to this Amendment, no

Default shall have occurred and be continuing.

SECTION5.<u>Miscellaneous</u>.

5.1.<u>Representations</u><u>and</u><u>Warranties</u>.TheBorrowerherebyrepresentsandwarrantsthat

(i)thisAmendmentandtheCreditAgreementeachconstitutesalegal,validandbindingobligation

ofit,enforceableagainstitinaccordancewithitsterms,(ii)immediatelypriortotheeffectiveness

of this Amendment, no Default or Event of Default shall exist and, upon the effectiveness of this

Amendment,noDefaultorEventofDefaultshallexistand(iii)itsrepresentationsandwarranties

as set forth in the Loan Documents, as applicable, are true and correct in all material respects

(except thoserepresentations andwarranties qualifiedby materialityor byreference toa material

adverse effect, which are true and correct in all respects) on and as of the date hereof as though

madeonandasofthedatehereof (unlesssuch representationsandwarrantiesspecificallyreferto

apreviousday,inwhichcase,theyshallbecompleteandcorrectinallmaterialrespects(or,with

respecttosuchrepresentationsorwarrantiesqualifiedbymaterialityorbyreferencetoamaterial

adverse effect, complete and correct in all respects) on and as of such previous day).

5.2.<u>References</u><u>to</u><u>Credit</u><u>Agreement</u>.UpontheeffectivenessofthisAmendment,each

referenceintheCreditAgreementto"thisAgreement","hereunder","hereof","herein",orwords

oflikeimportshallmeanandbeareferencetotheCreditAgreementasamendedherebyandeach

reference to the Credit Agreement in the other Loan Documents and in any other document,

instrumentoragreementexecutedand/ordeliveredinconnectionwiththeCreditAgreementshall

mean and be a reference to the Credit Agreement as amended hereby.

5.3.<u>Effect on Existing Agreements</u>.Except as specifically amended above, the Credit

Agreement, the other Loan Documents and all other documents, instruments and agreements

executed and/or delivered in connection therewith shall remain in full force and effect and are

hereby ratified and confirmed in all respects.This Amendment does not constitute a novation or

termination of the Secured Obligations (as defined in the Guarantee and Security Agreement)

undertheCreditAgreementasineffectimmediatelypriortotheeffectivenessofthisAmendment

and which remain outstanding.

5.4.<u>No</u><u>Waiver</u>.Theexecution,deliveryandeffectivenessofthisAmendmentshallnot

operate as a waiver of any right, power or remedy of the Administrative Agent under the Credit

Agreement,theotherLoanDocumentsoranyotherdocument,instrumentoragreementexecuted

in connection therewith, nor constitute a waiver of any provision contained therein, except as

specifically set forth herein.The parties hereto hereby agree that this Amendment is a Loan

Document.

5.5.<u>Governing</u><u>Law;</u><u>Jurisdiction,</u><u>Etc.</u>.ThisAmendmentandanyclaims,controversy,

disputeorcauseofaction(whetherincontract,tort,orotherwiseandwhetheratlaworinequity)

basedupon,arisingoutof,orrelatingtothisAmendmentandthetransactionscontemplatedhereby

shall be construed in accordance with and governed by the law of the State of New York.The

provisions of Section 9.09(b) (Submission to Jurisdiction), Section 9.09(c) (Waiver of Venue),

Section 9.09(d) (Service of Process) and Section 9.10 (Waiver of Jury Trial) of the Credit

Agreement are incorporated into this Amendment as if fully set forth herein, *mutatis mutandis*.

5.6.<u>Successors</u><u>and</u><u>Assigns</u>.ThisAmendmentshallbebindinguponandshallinureto

the benefit of the parties hereto and their respective successors and assigns.

5.7.<u>Headings</u>.The Section headings in this Amendment are inserted for convenience

of reference only and shall not affect the meaning or interpretation of this Amendment or any

provision hereof.

5.8.<u>Counterparts;</u><u>Electronic</u><u>Execution</u>.

(a)This Amendment may be executed by the parties hereto in several

counterparts, each of which shall be deemed to be an original and all of which shall

constitute togetherbutoneandthesameagreement.Deliveryofanexecutedcounterpart of

a signature page to this Amendment by telecopy or electronically (e.g. pdf) shall be effective

as delivery of a manually executed counterpart of this Amendment.

(b)The words "execution," "signed," "signature," and words of like import 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 manuallyexecuted

signatureortheuseofapaper-basedrecordkeepingsystem,asthecase 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.

5.9.[Reserved].

5.10.<u>Reaffirmation</u>.Each of the Borrower, Twin Brook Capital Funding XXXIII,

LLC, the Administrative Agent and the Lenders (i) hereby consents to the terms of this

Amendment and the Credit Agreement, (ii) solely in the case of Twin Brook Capital Funding

XXXIII,LLC,herebyconfirmsthat,aftergivingeffecttothisAmendmentandthetransactions

contemplated hereby, its Guarantee under the Guarantee and Security Agreement remains

unaltered and in full force and effectandcontinuetoguaranteetheGuaranteedObligationsas

amendedhereby,and(iii) solelyin thecaseoftheBorrowerandTwinBrookCapitalFunding

XXXIII,LLC,herebyreaffirms,ratifiesandconfirmsthat,aftergivingeffecttothisAmendment

andthetransactionscontemplatedhereby, the Liens and other security interests granted by it

pursuant to, and the terms and conditions of, the Guarantee and Security Agreement remain

unaltered and in full force and effectand secure the Secured Obligations as amended hereby.

[SIGNATURESFOLLOW]

*SignaturePagetoSecond Amendment*

**IN WITNESS WHEREOF**, the parties have caused this Amendment to be executed by

their respective officers thereunto duly authorized, as of the date first above written.

**TPGTWINBROOKCAPITALINCOME** 

**FUND**,

as Borrower

By: <u>/s/ Terrence Walters</u>

Name: Terrence Walters

Title:Authorized Signatory

*SignaturePagetoSecond Amendment*

**<u>TRUIST</u><u>BANK</u>**<u>,</u>

asAdministrativeAgent,aSwinglineLender,an

Issuing Bank and a Lender

By: <u>/s/ Hays Wood</u>

Name: Hays Wood

Title:ManagingDirector

*SignaturePagetoSecond Amendment*

**THEBANKOFNEWYORKMELLON,**

asa Lender

By: <u>/s/ Bhavesh Mistry</u>

Name: Bhavesh Mistry

Title:Vice President

*SignaturePagetoSecond Amendment*

**GOLDMANSACHSBANKUSA**,

asa Swingline Lender, an Issuing Bank and a Lender

By: <u>/s/ Ananda DeRoche</u>

Name: Ananda DeRoche

Title:Authorized Signatory

*SignaturePagetoSecond Amendment*

**JPMORGANCHASEBANK,N.A.**,

asa Swingline Lender, an Issuing Bank and a Lender

By: <u>/s/ Alfred Chi</u>

Name: Alfred Chi

Title:Executive Director

*SignaturePagetoSecond Amendment*

**MORGANSTANLEYBANK, N.A.**,

asa Swingline Lender, an Issuing Bank and a Lender

By: <u>/s/ Michael King</u>

Name: Michael King

Title:AuthorizedSignatory

*SignaturePagetoSecond Amendment*

**WELLSFARGOBANK,NATIONAL**

**ASSOCIATION,**asaSwinglineLender,anIssuing

Bank and a Lender

By: <u>/s/ Nik Broschofsky</u>

Name: Nik Broschofsky

Title:ExecutiveDirector

*SignaturePagetoSecond Amendment*

**MUFGBANK,LTD.,**asa Lender

By: <u>/s/ Rajiv Ranjan</u>

Name: Rajiv Ranjan

Title:Director

*SignaturePagetoSecond Amendment*

**BARCLAYSBANKPLC,**asa Lender

By: <u>/s/ Craig J. Malloy</u>

Name: Craig J. Malloy

Title:Director

*SignaturePagetoSecond Amendment*

**U.S.BANKNATIONALASSOCIATION,**asa

Lender

By: <u>/s/ Stephen J. Heinen</u>

Name: Stephen J. Heinen

Title:VicePresident

*SignaturePagetoSecond Amendment*

**DEUTSCHEBANKAGNEWYORKBRANCH,**as

aLender

By: <u>/s/ Ming K. Chu</u>

Name: Ming K. Chu

Title:Director

By: <u>/s/ Alison Lugo</u>

Name: Alison Lugo

Title:VicePresident

*SignaturePagetoSecond Amendment*

**CANADIANIMPERIALBANKOF**

**COMMERCE,**asaLender

By: <u>/s/ Kathryn Lagroix</u>

Name: Kathryn Lagroix

Title:ManagingDirector

*SignaturePagetoSecond Amendment*

**REGIONSBANK,**asa Lender

By: <u>/s/ Jon McRae</u>

Name: Jon McRae

Title:Director

*SignaturePagetoSecond Amendment*

Agreedandacknowledgedsolelywithrespectto

<u>Section 5.10</u>

**TWINBROOKCAPITALFUNDINGXXXIII,** 

**LLC**

By: <u>/s/ Terrence Walters</u>

Name: Terrence Walters

Title:Authorized Signatory

**<u>Exhibit A</u>**

**AmendedCreditAgreement**

[*Seeattached.*]

ExhibitAtoFirst<u>Second</u>Amendment,datedasofAugust16<u>October</u><u>1</u>,2024<u>2025</u>

SENIOR SECURED

REVOLVINGCREDITAGREEMENT

dated as of

November 17, 2023

asamendedbytheFirstAmendmenttoSeniorSecuredRevolvingCreditAgreementdatedasof

August 16, 2024<u>and</u><u>by</u><u>the</u><u>Second</u><u>Amendment</u><u>to</u><u>Senior</u><u>Secured</u><u>Revolving</u><u>Credit</u><u>Agreement</u>

<u>dated as of October 1, 2025</u>

among

AG<u>TPG</u>TWINBROOKCAPITALINCOMEFUND

asBorrower

TheLENDERSAndISSUINGBANKSPartyHereto

and

TRUISTBANK

asAdministrativeAgent

$975,000,000

TRUISTSECURITIES,INC.

asJointLeadArrangerandSoleBookRunner

and

GOLDMAN SACHS BANK USA

JPMORGANCHASEBANK,N.A.

MORGANSTANLEYSENIORFUNDING,INC.

MUFG BANK, LTD.

WELLSFARGOBANK,NATIONALASSOCIATION

BARCLAYS BANK PLC

asJointLeadArrangers

i<br>

**TABLE OF CONTENTS**

**Page**

ARTICLEIDEFINITIONS1

SECTION1.01.Defined Terms1

SECTION1.02.ClassificationofLoansandBorrowings45<u>46</u>

SECTION1.03.TermsGenerally45<u>46</u>

SECTION1.04.AccountingTerms;GAAP46

SECTION1.05.Currencies;CurrencyEquivalents.46<u>47</u>

SECTION1.06.Divisions47

SECTION1.07.Rates47<u>48</u>

SECTION1.08.LetterofCredit Amounts48

SECTION1.09.Paymentor Performance48

ARTICLEIITHECREDITS48<u>49</u>

SECTION2.01.TheCommitments48<u>49</u>

SECTION2.02.Loansand Borrowings49

SECTION2.03.RequestsforSyndicatedBorrowings50

SECTION2.04.Swingline Loans51

SECTION 2.05.Letters of Credit.53<u>54</u>

SECTION 2.06.Funding of Borrowings.59<u>60</u>

SECTION 2.07.Interest Elections.60<u>61</u>

SECTION2.08.Termination,ReductionorIncreaseoftheCommitments.61<u>62</u>

SECTION 2.09.Repayment of Loans; Evidence of Debt.65<u>66</u>

SECTION 2.10.Prepayment of Loans.67<u>68</u>

SECTION2.11.Fees.70<u>72</u>

SECTION 2.12.Interest.72<u>74</u>

SECTION 2.13.Inabilityto Determine Interest Rates; Benchmark

Replacement73<u>75</u>

SECTION 2.14.Increased Costs.76<u>78</u>

SECTION 2.15.Break Funding Payments77<u>79</u>

SECTION2.16.Taxes.78<u>80</u>

SECTION2.17.PaymentsGenerally;ProRataTreatment:Sharingof

Set-offs.81<u>83</u>

SECTION 2.18.Mitigation Obligations; Replacement of Lenders.85<u>87</u>

SECTION 2.19.Defaulting Lenders.85<u>87</u>

SECTION 2.20.Illegality90<u>92</u>

SECTION 2.21.Reallocation Following a Non-Extended Commitment

Termination Date.91<u>93</u>

ARTICLEIIIREPRESENTATIONSANDWARRANTIES93<u>95</u>

SECTION 3.01.Organization; Powers93<u>95</u>

SECTION 3.02.Authorization; Enforceability93<u>95</u>

SECTION3.03.GovernmentalApprovals;NoConflicts93<u>95</u>

ii<br>

SECTION 3.04. Financial Condition; No Material Adverse Effect93<u>95</u>

SECTION 3.05.Litigation94<u>96</u>

SECTION 3.06.Compliance with Laws and Agreements94<u>96</u>

SECTION3.07.Taxes94<u>96</u>

SECTION3.08.ERISA94<u>96</u>

SECTION 3.09.Disclosure94<u>96</u>

SECTION 3.10.Investment Company Act; Margin Regulations.95<u>97</u>

SECTION 3.11.Material Agreements and Liens.95<u>97</u>

SECTION 3.12.Subsidiaries and Investments.95<u>97</u>

SECTION 3.13.Properties.96<u>98</u>

SECTION 3.14.Affiliate Agreements96<u>98</u>

SECTION 3.15.Sanctions96<u>98</u>

SECTION3.16.PATRIOTAct96<u>98</u>

SECTION 3.17.Collateral Documents97<u>99</u>

SECTION 3.18.EEA<u>Affected</u>Financial Institutions97<u>99</u>

SECTION 3.19.Plan Assets97<u>99</u>

<u>SECTION</u><u>3.20.</u><u>Outbound</u><u>Investment</u><u>Rules</u><u>99</u>

ARTICLEIVCONDITIONS97<u>99</u>

SECTION 4.01.Effective Date97<u>99</u>

SECTION4.02.EachCredit Event99<u>101</u>

ARTICLEVAFFIRMATIVECOVENANTS100<u>102</u>

SECTION 5.01.Financial Statements and Other Information100<u>102</u>

SECTION 5.02.Notices of Material Events102<u>104</u>

SECTION 5.03.Existence;Conduct of Business103<u>105</u>

SECTION 5.04.Payment of Obligations103<u>105</u>

SECTION 5.05.Maintenance of Properties; Insurance103<u>105</u>

SECTION 5.06.Books and Records; Inspection and Audit Rights103<u>105</u>

SECTION 5.07.Compliance with Laws104<u>106</u>

SECTION 5.08.Certain Obligations Respecting Subsidiaries; Further

Assurances.104<u>106</u>

SECTION 5.09.Use of Proceeds105<u>107</u>

SECTION 5.10.Status of RIC and BDC106<u>108</u>

SECTION 5.11.Investment Policies106<u>108</u>

SECTION 5.12.Portfolio Valuation and Diversification Etc.106<u>108</u>

SECTION5.13.Calculation ofBorrowingBase111<u>113</u>

ARTICLEVINEGATIVECOVENANTS120<u>122</u>

SECTION6.01.Indebtedness120<u>122</u>

SECTION6.02.Liens122<u>124</u>

SECTION 6.03.Fundamental Changes123<u>125</u>

SECTION 6.04.Investments124<u>127</u>

SECTION6.05.RestrictedPayments125<u>128</u>

iii<br>

SECTION 6.06.Certain Restrictions on Subsidiaries126<u>129</u>

SECTION 6.07.Certain Financial Covenants.127<u>129</u>

SECTION 6.08.Transactions with Affiliates127<u>130</u>

SECTION 6.09.Lines of Business128<u>130</u>

SECTION 6.10.No Further Negative Pledge128<u>130</u>

SECTION6.11.ModificationsofLonger-TermIndebtednessDocuments129<u>131</u>

SECTION 6.12.Payments of Longer-Term Indebtedness129<u>131</u>

SECTION 6.13.Accounting Changes130<u>132</u>

SECTION 6.14.[Reserved]130<u>132</u>

SECTION6.15.SBIC Guarantee130<u>132</u>

<u>SECTION</u><u>6.16.</u><u>Outbound</u><u>Investment</u><u>Rules</u><u>132</u>

ARTICLE VII EVENTS OF DEFAULT130<u>133</u>

ARTICLEVIIITHEADMINISTRATIVEAGENT135<u>137</u>

SECTION 8.01.Appointment of the Administrative Agent135<u>137</u>

SECTION 8.02.Capacity as Lender135<u>138</u>

SECTION 8.03.Limitation of Duties; Exculpation135<u>138</u>

SECTION8.04.Reliance136<u>138</u>

SECTION8.05.Sub-Agents136<u>138</u>

SECTION 8.06.Resignation; Successor Administrative Agent136<u>139</u>

SECTION 8.07.Reliance by Lenders137<u>140</u>

SECTION 8.08.Modifications to Loan Documents137<u>140</u>

SECTION8.09.Erroneous Payments.138<u>140</u>

ARTICLEIXMISCELLANEOUS141<u>143</u>

SECTION 9.01.Notices; Electronic Communications.141<u>143</u>

SECTION 9.02.Waivers; Amendments.143<u>145</u>

SECTION 9.03.Expenses; Indemnity; Damage Waiver.146<u>148</u>

SECTION 9.04.Successors and Assigns.149<u>151</u>

SECTION9.05.Survival154<u>156</u>

SECTION9.06.Counterparts;Integration;Effectiveness;Electronic

Execution.155<u>157</u>

SECTION 9.07.Severability155<u>157</u>

SECTION 9.08.Right of Setoff155<u>157</u>

SECTION 9.09.Governing Law; Jurisdiction; Etc.156<u>158</u>

SECTION9.10.WAIVEROFJURYTRIAL157<u>159</u>

SECTION 9.11.Judgment Currency157<u>159</u>

SECTION9.12.Headings158<u>160</u>

SECTION 9.13.Treatment of Certain Information; No Fiduciary Duty;

Confidentiality.158<u>160</u>

SECTION9.14.PATRIOTAct160<u>162</u>

SECTION 9.15.Interest Rate Limitation.160<u>162</u>

SECTION 9.16.Acknowledgement and Consent to Bail-In of Affected

FinancialInstitutions160<u>162</u>

iv<br>

SECTION 9.17.Certain ERISA Matters161<u>163</u>

SECTION9.18.AcknowledgementRegardingAnySupportedQFCs162<u>164</u>

<u>SECTION 9.19.</u><u>Representations and Warranties of the Lenders and Issuing</u>

<u>Banks</u><u>165</u>

<u>SECTION</u><u>9.20.</u><u>German Bank</u><u>Separation</u><u>Act</u><u>165</u>

SCHEDULE 1.01(a)-ApprovedDealersandApprovedPricingServices

SCHEDULE 1.01(b)-Commitments

SCHEDULE 1.01(c)-IndustryClassificationGroupList

SCHEDULE 2.05-Issuing Bank Exposures

SCHEDULE 3.11-Material Agreements and Liens

SCHEDULE 3.12(a)-Subsidiaries

SCHEDULE3.12(b)-Investments

SCHEDULE 6.08-Transactions with Affiliates

EXHIBIT A-FormofAssignmentandAssumption

EXHIBIT B-Form of Borrowing Base Certificate

EXHIBIT C-Form of Borrowing Request

EXHIBIT D-FormofIncreasingLender/JoiningLenderAgreement

EXHIBIT E-Form of Revolving Promissory Note

EXHIBITF-FormofU.S.TaxComplianceCertificate

SENIORSECUREDREVOLVINGCREDITAGREEMENTdatedasof

November 17, 2023 (as amended, restated, supplemented or otherwise modified from time to

time, this "<u>Agreement</u>"), among AG<u>TPG</u>TWIN BROOK CAPITAL INCOME FUND, a

Delawarestatutorytrust(the"<u>Borrower</u>"),theLENDERSANDISSUINGBANKSpartyhereto,

and TRUIST BANK, as Administrative Agent.

ARTICLE I

<u>DEFINITIONS</u>

SECTION1.01.<u>Defined</u><u>Terms</u>.AsusedinthisAgreement,thefollowingterms

havethemeaningsspecifiedbelow:

"<u>ABR</u>",whenusedinreferencetoanyLoanorBorrowing,referstowhethersuch

Loan is, or the Loans constituting such Borrowing are, denominated in Dollars and bearing

interest at a rate determined byreference to the Alternate Base Rate.

"<u>Adjusted Borrowing Base</u>" means the Borrowing Base <u>minus</u> the aggregate

amountofCashandCashEquivalentsincludedinthePortfolioInvestmentsheldbytheObligors

(provided that Cash Collateral for outstanding Letters of Credit and any Cash or Cash

Equivalentsincludedinthecalculationof<u>clause</u><u>(b)</u>ofthedefinitionofNetRevolvingExposure

shall, in each case, not be treated as a portion of the Portfolio Investments).

"<u>Adjusted</u><u>Covered</u><u>Debt</u><u>Balance</u>"means,onanydate,theCoveredDebtAmount

onsuchdate<u>minus</u>theaggregateamountofCashandCashEquivalentsincludedinthePortfolio

InvestmentsheldbytheObligors(providedthatCashCollateralforoutstandingLettersofCredit

and any Cash or Cash Equivalents included in the calculation of <u>clause (b)</u> of the definition of

Net Revolving Exposure shall, in each case, not be treated as a portion of the Portfolio

Investments).

"<u>Administrative Agent</u>" means Truist, in its capacity as administrative agent for

the Lenders hereunder.

"<u>Administrative Agent's Account</u>" means, for each Currency, an account in

respectofsuchCurrencydesignatedbytheAdministrativeAgentinanoticetotheBorrowerand

the Lenders.

"<u>Administrative Questionnaire</u>" means an administrative questionnaire in a form

supplied by the Administrative Agent.

"<u>Advance Rate</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Affected Currency</u>" has the meaning assigned to such term in <u>Section 2.13</u>.

"<u>Affected</u><u>Financial</u><u>Institution</u>"means(a)any EEAFinancialInstitutionor(b)

anyUKFinancialInstitution.

2<br>

"<u>Affiliate</u>" means, with respect to a specified Person at any time, another Person

that at such time directly, or indirectly through one or more intermediaries, Controls or is

Controlled by or is under common Control with the Person specified.Anything herein to the

contrary notwithstanding, the term "Affiliate" shall not include any Person that constitutes an

Investment held by any Obligor or Financing Subsidiary in the ordinary course of business;

<u>provided</u> that the term "Affiliate" shall include each Subsidiaryof the Borrower.

"<u>Affiliate Agreements</u>" means (a) that certain Amended and Restated Investment

Management Agreement, dated as of November 1, 2023, by and between the Borrower and the

Investment Adviser, (b)that certain Amended andRestated Administration Agreement,datedas

of September 6, 2023, by and between the Borrower and the Investment Adviser and (c) that

certain Expense Support and Conditional Reimbursement Agreement, dated as of October 25,

2022, by and between the Borrower and the Investment Adviser.

"<u>Agreed</u><u>Foreign</u><u>Currency</u>"meansCanadianDollars.

"<u>Agreement</u>"hasthemeaningassignedtosuchterminthe<u>preamble</u>tothis

Agreement.

"<u>Alternate</u><u>Base</u><u>Rate</u>"means,foranyday,arateperannumequaltothegreaterof

(a) 1.00% and (b) the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds

EffectiveRateforsuchdayplus1/2of1%,(iii)therateperannumequalto1%<u>plus</u>TermSOFR

for an interest period of one (1) month.Anychange in the Alternate Base Rate due to a change

in the Prime Rate, theFederal Funds Effective Rate or Term SOFR (or successor therefor) as set

forth above shall be effective from and including the effective date of such change in the Prime

Rate, the Federal Funds Effective Rate or Term SOFR (or successor therefor), respectively.

"<u>Anti-Corruption Laws</u>" has the meaning assigned to such term in <u>Section 5.09</u>.

"<u>Anti-Money</u><u>Laundering</u><u>Laws</u>"meansanyapplicableU.S.orUnitedKingdom

regulation relating to money laundering or terrorism financing, any predicate crime to money

laundering, or any financial record keeping and reporting requirements related thereto.

"<u>Applicable Dollar Percentage</u>" means, with respect to any Dollar Lender, the

percentage of the total Dollar Commitments represented by such Dollar Lender's Dollar

Commitment.If the Dollar Commitments have terminated or expired, the Applicable Dollar

Percentages shall be determined based upon the Dollar Commitments most recently in effect,

giving effect to any assignments; <u>provided</u> that, for the avoidance of doubt, on and after the

Non-Extended Commitment Termination Date for any Non-Extending Lender that is a Dollar

Lender, the Applicable Dollar Percentage of such Non-Extending Lender shall be 0%.

"<u>Applicable Financial Statements</u>" means, as at anydate,themost-recent audited

financial statements of the Borrower delivered to the Administrative Agent; <u>provided</u> that if

immediately prior to the delivery to the Administrative Agent of new audited financial

statements of the Borrower a Material Adverse Effect (the "<u>Pre-existing MAE</u>")shall exist

(regardlessofwhenitoccurred),thenthe"ApplicableFinancialStatements"asatsaiddate

3<br>

meanstheApplicableFinancialStatementsineffectimmediately priortosuchdelivery until

such time as the Pre-existing MAE shall no longer exist.

"<u>Applicable Margin</u>" means (i) in the case of any Extending Lender, the

Extending Lender Applicable Margin and (ii) in the case of any Non-Extending Lender, the

Non-Extending Lender Applicable Margin for such Non-Extending Lender.

"<u>Applicable</u><u>Multicurrency</u><u>Percentage</u>"means,withrespecttoanyMulticurrency

Lender, the percentage of the total Multicurrency Commitments represented by such

Multicurrency Lender's Multicurrency Commitment.If the Multicurrency Commitments have

terminatedorexpired,theApplicableMulticurrencyPercentagesshallbedeterminedbasedupon

the Multicurrency Commitments most recently in effect, giving effect to any assignments;

<u>provided</u> that, for the avoidance of doubt, on and after the Non-Extended Commitment

Termination Date for anyNon-Extending Lender that is a MulticurrencyLender, the Applicable

Multicurrency Percentage of such Non-Extending Lender shall be 0%.

"<u>Applicable</u><u>Percentage</u>"means,withrespecttoanyLender,thepercentageofthe

total Commitments represented by such Lender's Commitment.If the Commitments have

terminated or expired, the Applicable Percentages shall be determined based upon the

Commitments most recently in effect, giving effect to any assignments; <u>provided</u> that, for the

avoidance of doubt, on and after the Non-Extended Commitment Termination Date for any

Non-Extending Lender, the Applicable Percentage of such Non-Extending Lender shall be 0%.

"<u>Approved</u><u>Dealer</u>"means(a)inthecaseofanyPortfolioInvestmentthatisnota

U.S. Government Security, a bank or a broker-dealer registered under the Securities Exchange

Actof1934,asamended,ofnationallyrecognizedstandingoranAffiliatethereof,(b)inthecase

of aU.S. Government Security, anyprimarydealerin U.S.GovernmentSecurities,and(c)in the

case of any foreign Portfolio Investment, any foreign bank or broker-dealer of internationally

recognized standing or an Affiliate thereof, in the case of each of <u>clauses (a)</u>, <u>(b)</u>and <u>(c)</u>above,

either as set forth on <u>Schedule 1.01(a)</u> or any other bank or broker-dealer or Affiliate thereof

acceptable to the Administrative Agent in its reasonable determination.

"<u>Approved Fund</u>" means any Fund that is administered or managed by (a) a

Lender,(b)anAffiliateofaLenderor(c)anentityoranAffiliateofanentitythatadministersor

manages a Lender.

"<u>Approved</u><u>Pricing</u><u>Service</u>"meansapricingorquotationserviceeither:(a)asset

forth in <u>Schedule 1.01(a)</u> or (b) any other pricing or quotation service approved by the

Investment Adviser (so long as it has the necessary delegated authority) or the board of trustees

of the Borrower and designated in writing by the Borrower to the Administrative Agent (which

designation, if approved by the board of trustees of the Borrower, shall be accompanied by a

copy of a resolution of the board of trustees of the Borrower that such pricing or quotation

service has been approved by the Borrower).

"<u>Approved Third-Party</u><u>Appraiser</u>" means anyIndependent nationallyrecognized

third-partyappraisalfirm(a)approvedbytheInvestmentAdviser(solongasithasthenecessary

delegatedauthority)ortheboardoftrusteesoftheBorroweranddesignatedinwritingbythe

4<br>

BorrowertotheAdministrativeAgent(whichdesignation,ifapprovedbytheboardoftrusteesof

the Borrower, shall be accompanied by a copy of a resolution of the board of trustees of the

Borrower that such firm has been approved by the Borrower for purposes of assisting the

Investment Adviser (so long as it has the necessary delegated authority) or the board of trustees

oftheBorrowerinmakingvaluationsofportfolioassetstodeterminetheBorrower'scompliance

with the applicable provisions of the Investment Company Act) and (b) acceptable to the

Administrative Agent.It isunderstoodandagreedthatHoulihan Lokey, Inc.,Kroll, LLC,Citrin

Cooperman,LincolnInternational,LLC,Alvarez&Marsal,andValuationResearchCorporation

are acceptable to the Administrative Agent.As used in <u>Section 5.12</u>, an "Approved Third-Party

Appraiser selected by the Administrative Agent" shall mean any of the firms identified in the

preceding sentence and any other Independent nationally recognized third-party appraisal firm

identified bytheAdministrativeAgent andconsented to bytheBorrower(suchconsent not to be

unreasonably withheld).

"<u>Assignment and Assumption</u>" means an Assignment and Assumption entered

into by a Lender and an assignee (with the consent of any party whose consent is required by

<u>Section 9.04</u>), and accepted by the Administrative Agent, in the form of <u>Exhibit A</u> or any other

formapprovedbytheAdministrativeAgentand,solongasnoEventofDefaulthasoccurredand

is continuing, the Borrower.

"<u>Assuming Lender</u>" has the meaning assigned to such term in <u>Section 2.08(e)</u>.

"<u>Availability</u><u>Period</u>"means(a)inthecaseofanyExtendingLender,the

ExtendedAvailabilityPeriodor(b)inthecaseofanyNon-ExtendingLender,theNon-Extended

Availability Period for such Non-Extending Lender.

"<u>Available Tenor</u>" means, as of anydateofdetermination and with respect tothe

then-current Benchmark for any available Currency, as applicable, (x) if such Benchmark is a

term rate, any tenor for such Benchmark (or component thereof) that is or may be used for

determining the length of an interest period pursuant to this Agreement or (y) otherwise, any

paymentperiodforinterestcalculatedwithreferencetosuchBenchmark(orcomponentthereof)

that is or may be used for determining anyfrequencyof making payments of interest calculated

with reference to such Benchmark pursuant to this Agreement, in each case, as of suchdate and

not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed

from the definition of "Interest Period" pursuant to <u>Section 2.13(e)</u>.

"<u>Bail-In Action</u>" means the exercise of anyWrite-Down and Conversion Powers

by the applicable Resolution Authority in respect of any liability of an Affected Financial

Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country

implementingArticle55ofDirective2014/59/EUoftheEuropeanParliamentandoftheCouncil

of the European Union, the implementing law, regulation, rule or requirement for such EEA

Member Country from time to time which is described in the EU Bail-In Legislation Schedule

and (b) withrespect to theUnitedKingdom,Part IoftheUnitedKingdomBankingAct 2009(as

amended from time to time) and any other law, regulation or rule applicable in the United

Kingdomrelatingtotheresolutionofunsoundorfailingbanks,investmentfirmsorother

5<br>

financial institutions or their affiliates (other than through liquidation, administration or other

insolvency proceedings).

"<u>Bank Loans</u>" means debt obligations (including term loans, notes, revolving

loans,debtor-in-possessionfinancings,thefundedandunfundedportionofrevolvingcreditlines

and letter of credit facilities and other similar loans and investments including interim loans,

bridge loans and senior subordinated loans)which are generally under a loan or credit facility

(whether or not syndicated) or note purchase agreement.

"<u>Bankruptcy</u><u>Code</u>"meanstheUnitedStatesBankruptcyCode,11U.S.C.Section

101<u>et</u><u>seq</u>.

"<u>Base</u><u>Rate</u><u>Term</u><u>SOFR</u><u>Determination</u><u>Day</u>"hasthemeaningsetforthinthe

definitionof"TermSOFR".

"<u>Basel III</u>" means the agreements on capital requirements, leverage ratio and

liquidity standards contained in "Basel III:A global regulatory framework for more resilient

banksandbankingsystems","BaselIII:Internationalframeworkforliquidityriskmeasurement,

standards and monitoring" and "Guidance for national authorities operating the countercyclical

capital buffer" published by the Basel Committee on Banking Supervision on December 16,

2010, each as amended, supplemented or restated.

<u>"Basel</u><u>IV"</u><u>means any</u><u>amendment,</u><u>replacement</u><u>or</u><u>refinement</u><u>of</u><u>Basel III</u><u>known</u>

<u>as</u><u>"Basel</u> <u>IV".</u>

"<u>Benchmark</u>"means,initially,withrespecttoanyLoansdenominatedin(a)

Dollars,theTermSOFRReferenceRateand(b)CanadianDollars,theTermCORRAReference

Rate;<u>provided</u>that,ifaBenchmarkTransitionEventhas<u>and</u><u>its</u><u>related</u><u>Benchmark</u><u>Replacement</u>

<u>Date have</u>occurred with respect to the Term SOFR Reference Rate or the Term CORRA

ReferenceRate,asapplicable, orthethen-currentBenchmark,then"Benchmark"shallmeanthe

applicable Benchmark Replacement for such Currency to the extent that such Benchmark

Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.13(b)</u>.

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition

Event for any then-current Benchmark, the first alternative set forth in the order below that can

be determined by the Administrative Agent for the applicable Benchmark Replacement Date;

<u>provided</u> that, other than in the case of the replacement of the Term SOFR ReferenceRate, such

alternative shall be the alternative set forth in clause (2) below:

(1)thesumof:(a)DailySimpleSOFRand(b)0.10%;and

(2)the sum of: (a) the alternate benchmark rate that has been selected bythe

Administrative Agent and the Borrower as the replacement for the then-current Benchmark for

the applicable Currency 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 <u>in the United</u>

<u>States</u>fordeterminingabenchmarkrateasareplacementforthethen-currentBenchmarkfor

6<br>

syndicated credit facilities denominated in the applicable Currency at such time and (b) the

related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less

than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of

this Agreement and the other Loan Documents.

"<u>Benchmark</u><u>Replacement</u><u>Adjustment</u>"means,withrespecttoanyreplacementof

the then-current Benchmark for a Currency 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 for the applicable Currency 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 bythe Relevant Governmental Bodyor (ii) anyevolving or then-prevailingmarket

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 applicableCurrency

in the U.S. syndicated loan market at such time.

"<u>Benchmark</u><u>Replacement</u><u>Date</u>"means,(x)withrespecttoanyBenchmark(other

than the Term SOFR Reference Rate), the earliest to occur of the following events with respect

to such then-current Benchmark and (y) with respect to the Term SOFR Reference Rate, a date

and time determined by the Administrative Agent in its reasonable discretion, which date shall

be no later than the earlier to occur of the following events with respect to such then-current

Benchmark:

(1)in the case of clause (1) or (2) of thedefinitionof "Benchmark Transition

Event,"thelaterof(a)the date of the public statement or publication of information referenced

therein and (b) the date on which the administrator of such Benchmark (or the published

component used in the calculation thereof) permanently or indefinitely ceases to provide all

Available Tenors of such Benchmark (or such component thereof); or

(2)in the case of clause (3) 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 the regulatory supervisor for the

administratorofsuchBenchmark(orsuchcomponentthereof)tobenon-representative;provided

that such non-representativeness will be determined by reference to the most recent statement or

publicationreferencedinsuchclause(3)andevenifanyAvailableTenorofsuchBenchmark(or

such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed

to have occurred in the case of clause (1) or (2) above with respect to anyBenchmark upon the

occurrence of the applicable event or events set forth therein with respect to all then-current

Available Tenors of such Benchmark (or the published component used in the calculation

thereof).

7<br>

"<u>Benchmark Transition Event</u>" means, with respect to any then-current

Benchmark, the occurrence of one or more of the following events with respect to such

Benchmark:

(1)a public statement or publication of information by or on behalf of the

administrator of such Benchmark (or the published component used in the calculation thereof)

announcing that such administrator has ceased or will cease to provide all Available Tenors of

such Benchmark (or such component thereof), permanentlyor indefinitely; provided that, at the

time of such statement or publication, there is no successor administrator that will continue to

provide any Available Tenor of such Benchmark (or such component thereof);

(2)a public statement or publication of information by the regulatory

supervisor for the administrator of such Benchmark (or the published component used in the

calculationthereof),includingthe Board, the FederalReserveBank ofNewYork ortheBank of

Canada, as applicable, an insolvency official with jurisdiction over the administrator for such

Benchmark (or such component thereof), a resolution authority with jurisdiction over the

administrator for such Benchmark (or such component thereof) or a court or an entity with

similar insolvency or resolution authority over the administrator for such Benchmark (or such

componentthereof),ineachcasewhichstatesthattheadministratorofsuchBenchmark(orsuch

component thereof)has ceased or will cease toprovide all Available Tenors ofsuch Benchmark

(or such component thereof) permanently or indefinitely; provided that, at the time of such

statement or publication, there is no successor administrator that will continue to provide any

Available Tenor of such Benchmark (or such component thereof); or

(3)a public statement or publication of information by the regulatory

supervisor for the administrator of such Benchmark (or the published component used in the

calculation thereof) announcing that all Available Tenors of such Benchmark (or such

component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to

haveoccurredwithrespect toanyBenchmark if apublicstatement orpublication ofinformation

set forth above has occurred with respect to each then-current Available Tenor of such

Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any then-current

Benchmark,theperiod(ifany)(x)beginningatthetimethataBenchmarkReplacementDatehas

occurredif,atsuchtime,noBenchmarkReplacementhasreplacedsuchthen-currentBenchmark

for all purposes hereunder and under any other Loan Document in accordance with <u>Section</u>

<u>2.13(b)</u> and (y) endingat the time that aBenchmark Replacement has replaced such then-current

Benchmark for all purposes hereunder and under any other Loan Document in accordance with

<u>Section 2.13(b)</u>.

"<u>Beneficial Ownership Certification</u>" means, for a "legal entity customer" (as

suchtermisdefinedintheBeneficialOwnershipRegulation),acertificationregardingbeneficial

ownership or control to the extent required bythe Beneficial Ownership Regulation.

"<u>Beneficial</u><u>Ownership</u><u>Regulation</u>"means31C.F.R.§1010.230.

8<br>

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in

ERISA)thatissubjecttoTitleIofERISA,(b)a"plan"asdefinedinandsubjecttoSection4975

of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or

otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such

"employee benefit plan" or "plan".

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

United States of America (or any successor thereof).

"<u>Borrower</u>"hasthemeaningassignedtosuchterminthepreambletothis

Agreement.

"<u>Borrower</u><u>Net</u><u>Worth</u>"means,asofanydateofdetermination,(a)TotalAssets as

ofsuchdate*minus*(b)thesumof(i)TotalAssetsConcentrationLimitationas ofsuchdate*plus*

(ii)TotalSecuredDebtasofsuchdate.

"<u>Borrowing</u>" means (a)all Syndicated ABR Loans of the same Class made,

converted or continued on the same date, (b)all Term Benchmark Loans of the same Class

denominated in the same Currencythat have the same Interest Period, or (c) a Swingline Loan.

"<u>Borrowing Base</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Borrowing</u><u>Base</u><u>Certificate</u>"meansacertificateofaFinancialOfficerofthe

Borrower, substantially in the form of <u>Exhibit B</u> (or such other form as shall be reasonably

acceptabletothe Administrative Agent)andappropriatelycompleted,presentingtheBorrower's

computation of the Borrowing Base and including the rationale for any reclassification of any

Eligible Portfolio Investment to a different Industry Classification Group.

"<u>Borrowing Base Deficiency</u>" means, at any date on which the same is

determined,theamount,ifany,bywhich(a)thesumof(x)theCoveredDebtAmountasofsuch

date plus (y) the Net Revolving Exposure as of such date exceeds (b)the Borrowing Base as of

such date.

"<u>Borrowing Request</u>" means a request by the Borrower for a Syndicated

Borrowing in accordance with <u>Section</u><u>2.03</u>, which, if in writing, shall be substantially in the

form of <u>Exhibit C</u> (or such other form as shall be reasonably acceptable to the Administrative

Agent) and signed by the Borrower.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on

which commercial banks in New York Cityare authorized or required bylaw to remain closed;

<u>provided</u> that when used in relation to a Term Benchmark Loan or a Term Benchmark

Borrowing denominated in a Currency or in the calculation or computation of the Term

Benchmark Rate for such Currency, the term "Business Day" shall also exclude any day that is

not a Term Benchmark Banking Day for such Currency.

"<u>Calculation Amount</u>" means, as of the end of any Testing Period, an amount

equal to the greater of:(a) an amount equal to (i) 125% of the Adjusted Covered Debt Balance

(as of the end of such Testing Period) <u>minus</u> (ii) the aggregate Value of all Quoted Investments

9<br>

(including, without duplication, Market Value Investments) included in the Borrowing Base (as

of the end of such Testing Period), and (b) 10% of the aggregate Value of all Unquoted

InvestmentsincludedintheBorrowingBase(asoftheendofsuchTestingPeriod);<u>provided</u>that

in no event shall more than 25% (or, if <u>clause (b)</u> applies, 10%, or as near thereto as reasonably

practicable) of the aggregate Value of all Unquoted Investments in the Borrowing Base be

subjecttotestingbytheAdministrativeAgentpursuantto<u>Section</u><u>5.12(b)(ii)(F)</u>inrespectofany

applicableTestingPeriod;and<u>provided</u>,<u>further</u>,thatnotwithstandinganythingtothecontraryin

this Agreement, Market Value Investments shall be deemed to be Quoted Investments for

purposes of this definition.

"<u>CAM</u><u>Exchange</u>"meanstheexchangeoftheLenders'interestsprovidedforin

<u>Article</u><u>VII</u>.

"<u>CAM</u><u>Exchange</u><u>Date</u>"means thedateonwhichanyEventofDefaultreferredto

in <u>clause (j)</u> of <u>Article VII</u> shall occur or thedateon whichthe Borrower receives writtennotice

from the Administrative Agent that any Event of Default referred to in <u>clause (i)</u> of <u>Article VII</u>

has occurred.

"<u>CAM Percentage</u>" means, as to each Lender, a fraction, expressed as a decimal,

of which (a) the numerator shall be the aggregate Dollar Equivalent of the Designated

ObligationsowedtosuchLender(whetherornotatthetimedueandpayable)immediatelyprior

to the CAM Exchange Date and (b) the denominator shall be the aggregate Dollar Equivalent

amount of the Designated Obligations owed to all the Lenders (whether or not at the time due

and payable) immediately prior to the CAM Exchange Date.

"<u>Canadian</u><u>Dollars</u>"meansthelawfulcurrencyofCanada.

"<u>Canadian Prime Rate</u>" means, on any day, the rate determined by the

Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN Index rate that

appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that

the PRIMCAN Index is not published by Bloomberg, any other information services that

publishessuchindexfromtimetotime,asselectedbytheAdministrativeAgentinitsreasonable

discretion) and (ii) the rate per annum equal to the sum of (i) 0.29547%, (ii) the Term CORRA

Reference Rate for a tenor of one month on the day that is two (2) Term Benchmark Business

Days prior to such day, as such rate is published by the Term CORRA Administrator and is

displayedonascreenorotherinformationservice,asidentifiedorselectedbytheAdministrative

Agent and (iii) 1.00%; <u>provided</u>, that if any of the above rates shall be less than 0%, such rate

shall be deemed to be 0% for purposes of this Agreement.Any change in the Canadian Prime

Rate due to a change in the PRIMCAN Index or Term CORRA shall be effective from and

including the effective date of such change in the PRIMCAN Index or Term CORRA,

respectively.

"<u>Capital Lease Obligations</u>" of any Person means the obligations of such Person

to pay rent or other amounts under any lease of (or other arrangement conveying the right to

use)real or personal property, or a combination thereof, which obligations are required to be

classified and accounted for as capitalleases or financeleases on abalancesheet ofsuchPerson

10<br>

underGAAP,andtheamountofsuchobligationsshallbethecapitalizedamountthereof

determined in accordance with GAAP.

"<u>Capital Stock</u>" of any Person means any and all shares of corporate stock

(however designated) of, and any and all other Equity Interests and participations representing

ownership interests (including membership interests and limited liability company interests) in,

such Person.

"<u>Cash</u>"meansanyimmediatelyavailablefundsinDollarsorinanycurrencyother

than Dollars (measured in terms of the Dollar Equivalent thereof) which is a freely convertible

currency.

"<u>Cash Collateralize</u>" means, in respect of a Letter of Credit or any obligation

hereunder, to provide and pledge cash collateral pursuant to <u>Section 2.05(k)</u>, at a location and

pursuant to documentation in form and substance reasonably satisfactory to the Administrative

Agent and each Issuing Bank."<u>Cash Collateral</u>"<u>, "Cash Collateralized"</u>and "<u>Cash</u>

<u>Collateralization</u>"shallhavemeaningscorrelativetotheforegoingandshallincludetheproceeds

of such cash collateral and other credit support.

"<u>Cash</u><u>Equivalents</u>"means(a)securitiesissuedordirectlyandfullyguaranteedor

insured by the United States of America or any agency thereof (provided that the full faith and

credit of the United States is pledged in support thereof) with maturities of not more than one

year from the date acquired; (b) time deposits and certificates of deposit with maturities of not

morethanone(1)yearfromthedateacquiredissuedbyaUnitedStatesfederalorstatechartered

commercial bank of recognized standing having capital and surplus in excess of $500 million,

and which bank or its holding companyhas a short-term commercial paper ratingof at least A-1

or the equivalent by S&P or at least P-1 or the equivalent by Moody's; and (c) investments in

moneymarket funds (i)which maturenot morethan ninety(90)days from thedateacquired and

arepayableondemand,(ii)withrespecttowhichtherehasbeennofailuretohonorarequestfor

withdrawal, (iii) which are registered under the Investment Company Act, (iv) which have net

assets of at least $500,000,000 and (v) which maintain a stable share price of not less than One

Dollar($1.00)pershareand areeither(A)directlyand fullyguaranteed orinsured bytheUnited

States of America or any agency thereof (provided that the full faith and credit of the United

States ispledged insupportthereof)or(B)maintainaratingofatleastA-2orbetterbyS&Pand

are maintained with an investment fund manager that is otherwise acceptable at all times and

from time to time to the Administrative Agent in its sole discretion; provided that,

notwithstanding the foregoing, no asset, agreement, or investment maintained or entered into

with,orissued,guaranteedby,oradministeredbyaLenderthathasbeenaDefaultingLenderfor

more than three (3) Business Days after notice to Borrower (which notice may be given by

telephone or e-mail) shall be a "Cash Equivalent" hereunder.

"<u>Change in Control</u>" means (a) the Borrower ceases to be advised by the

Investment Adviser or an Affiliate thereof; or (b) the Investment Adviser (or such Affiliate

thereof that advises the Borrower) shall fail to be a direct or indirect Subsidiary of Angelo,

Gordon & Co., L.P. or an Affiliate thereof.

11<br>

"<u>Change in Law</u>" means the occurrence, after the date of this Agreement (or with

respecttoaPersonbecomingaLenderbyassignmentorjoinderafterthedateofthisAgreement,

the effective date thereof), of (a) the adoption of any law, treaty or governmental rule or

regulation or any change in any law, treaty or governmental rule or regulation or in the

interpretation, administration or application thereof (regardless of whether the underlying law,

treaty or governmental rule or regulation was issued or enacted prior to the Effective Date), but

excludingproposals thereof, or anydetermination of a court or Governmental Authority, (b) any

guideline, request or directive by any Governmental Authority (whether or not having the force

oflaw)oranyimplementationrulesorinterpretationsofpreviouslyissuedguidelines,requestsor

directives, in each case that is issued or made after the Effective Date (or with respect to a

Person becoming a Lender by assignment or joinder after the date of this Agreement, the

effective date thereof) or (c) compliance by any Lender (or its applicable lending office) or any

company Controlling such Lender with any guideline, request or directive regarding capital

adequacy or liquidity (whether or not having the force of law) of any such Governmental

Authority, in each case adopted after the Effective Date (or with respect to a Person becoming a

LenderbyassignmentorjoinderafterthedateofthisAgreement,theeffectivedatethereof).For

the avoidance of doubt, all requests, rules, guidelines or directives concerning liquidity and

capital adequacyissued (i) byanyUnited States regulatoryauthorityunder or in connection with

theimplementationoftheDodd-FrankWallStreetReformandConsumerProtectionActand(ii)

by any Governmental Authority in connection with the implementation of the recommendations

of the Bank for International Settlements or the Basel Committee on Banking Regulations and

SupervisoryPractices(oranysuccessororsimilarauthority),ineachcasepursuanttoBaselIIIor

Basel IV, shall in each case be deemed to be a "Change in Law", regardless of the date adopted,

issued, promulgated or implemented.

"<u>Class</u>",whenusedinreferencetoanyLoanorBorrowing,referstowhethersuch

Loan, or the Loans constituting such Borrowing, are (x) Syndicated Dollar Loans, Syndicated

Multicurrency Loans or Swingline Loans and/or (y) Extended Loans or Non-Extended Loans;

when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a

Multicurrency Lender and/or an Extending Lender or a Non-Extending Lender; and, when used

inreferencetoanyCommitment,referstowhethersuchCommitmentisaDollarCommitmentor

a MulticurrencyCommitment.The "<u>Class</u>" of a Letter of Credit refers to whether such Letter of

CreditisaDollarLetterofCreditoraMulticurrencyLetterofCredit.Otherthanforpurposesof

<u>Sections 2.08(f)</u>, <u>2.09(a)</u>, <u>2.10(d)</u>, 2.17(c), 2.21 and the last paragraph of 9.02(b), Extending

Lenders and Non-Extending Lenders shall betreated as thesameClass ofLenders and Extended

Loans and Non-Extended Loans shall be treated as the same Class of Loans

"<u>Code</u>"meanstheInternalRevenueCodeof1986,asamendedfromtimetotime.

"<u>Collateral</u>"has themeaningassigned tosuchterm in theGuaranteeandSecurity

Agreement.

"<u>Collateral</u><u>Agent</u>"meansTruistinitscapacityasCollateralAgentunderthe

GuaranteeandSecurityAgreement<u>and</u><u>the</u><u>other</u><u>Security</u><u>Documents</u>,andincludesany

successor Collateral Agent thereunder.

12<br>

"<u>Collateral Pool</u>" means, at any time, each Eligible Portfolio Investment that has

beenDelivered(asdefinedintheGuaranteeandSecurityAgreement)totheCollateralAgentand

issubjecttotheLienoftheGuaranteeandSecurityAgreement,andthenonlyforsolongassuch

Portfolio Investment continues to be Delivered as contemplated therein and in which the

Collateral Agent has a first-priority perfected Lien as security for the Secured Obligations (as

definedintheGuaranteeandSecurityAgreement)(subjecttoanyLienpermittedbySection6.02

hereof with respect to such Portfolio Investment); provided that in the case of any Portfolio

Investment in which the Collateral Agent has a first-priority perfected security interest (other

than, for a period of up to 7 days (or such longer period up to thirty (30) days as the

Administrative Agent and the Collateral Agent may agree in their respective sole discretion),

customary rights of setoff, banker's lien, security interest or other like right upon deposit

accounts and securities accounts in which such Portfolio Investments are held) pursuant to a

valid Uniform Commercial Code filing, such Portfolio Investment may be included in the

Borrowing Base<u>Collateral Pool</u>so long as all remaining actions to complete "Delivery" are

satisfied in full within 7 days of such inclusion (or such longer period up to thirty (30) days as

the Administrative Agent and the Collateral Agent mayagree in their respective sole discretion).

<u>"Combined Debt Amount" means, as of any</u><u>date, (i) the aggregate Commitments</u>

<u>as of such date (or, if greater, the Revolving Credit Exposures of all Lenders as of such date)</u>

<u>plus</u><u>(ii)</u><u>the</u><u>aggregate</u><u>amount</u><u>of</u><u>outstanding</u><u>Designated</u><u>Indebtedness</u><u>(as</u><u>such</u><u>term</u><u>is</u><u>defined</u><u>in</u>

<u>the Guarantee and Security Agreement) and, without duplication, the aggregate amount of</u>

<u>unused and available commitments under any Designated Indebtedness (as such term is defined</u>

<u>in the Guarantee and Security Agreement).</u>

"<u>Commitment</u><u>Increase</u>"hasthemeaningassignedtosuchtermin

<u>Section 2.08(e)</u>.

"<u>Commitment</u><u>Increase</u><u>Date</u>"hasthemeaningassignedtosuchtermin

<u>Section 2.08(e)</u>.

"<u>Commitment Termination Date</u>"meanstheExtendedCommitment Termination

Date or the relevant Non-Extended Commitment Termination Date, as applicable.

"<u>Commitments</u>" means, collectively, the Dollar Commitments and the

Multicurrency Commitments.

"<u>Conforming Changes</u>" means with respectto eithertheuseor administrationof

an initial Benchmark or the use, administration, adoption or implementation of any Benchmark

Replacement, any technical, administrative or operational changes (including changes to the

definition of "Term Benchmark Rate", the definition of "Alternate Base Rate", the definition of

"Canadian Prime Rate", the definition of "Business Day", the definition of "Term Benchmark

Banking Day", the definition of "U.S. Government Securities Business Day", the definition of

"Interest Period" or any similar or analogous definition, 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 2.15</u> and other technical, administrative or operational matters) that the Administrative

Agentdecidesinitsreasonablediscretionmaybeappropriatetoreflecttheadoptionand

13<br>

implementation of any such rate or to permit the use and administration thereof by the

Administrative Agent in a manner substantially consistent with market practice (or, if the

Administrative Agent decides that adoption of any portion of such market practice is not

administratively feasible or if the Administrative Agent determines that no market practice for

the administration of any such rate exists, in such other manner of administration as the

Administrative Agent decides is reasonably necessary in connection with the administration of

this Agreement and the other Loan Documents).

"<u>Consolidated Asset Coverage Ratio</u>" means the ratio, determined on a

consolidatedbasisforBorroweranditsSubsidiaries,withoutduplication,of(a)thevalueoftotal

assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented

bysenior securities to (b) the aggregate amount of senior securities representingindebtedness of

BorroweranditsSubsidiaries(includinganyIndebtednessoutstandingunderthisAgreement),in

each case as determined pursuant to the Investment Company Act and any orders of the SEC

issued to or with respect to Borrower thereunder, including any exemptive relief granted by the

Securities and Exchange Commission<u>SEC</u>with respect to the indebtedness of any SBIC

Subsidiary or otherwise (including, for the avoidance of doubt, any exclusion of such

indebtedness in the foregoing calculation).

"<u>Consolidated Group</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Control</u>"meansthepossession,directlyorindirectly,ofthepowertodirector

cause the direction of the management or policies of a Person, whether through the ability to

exercisevotingpower, bycontractorotherwise."<u>Controlling</u>"and "<u>Controlled</u>"havemeanings

correlative thereto; provided, however, that<u>.</u><u>For the avoidance of doubt,</u>"Control" shall not

include "negative" control or "blocking" rights wherebyaction cannot betaken without thevote

or consent of any Person.

"<u>Controlled</u><u>Foreign</u><u>Corporation</u>"meansanySubsidiarywhichis(i)a"controlled

foreign corporation" (within the meaning of Section 957 of the Code), (ii) a Subsidiary

substantiallyalltheassetsofwhichconsist(directlyorindirectlythroughoneormore

flow-through entities) of EquityInterestsand/orindebtednesstreatedasEquityInterestsforU.S.

federalincometaxpurposesofoneormoreSubsidiariesdescribedinclause(i)ofthisdefinition,

or (iii) an entity treated as disregarded for United States federal income tax purposes and

substantiallyalloftheassetsofwhichconsist(directlyorindirectlythroughoneormore

flow-through entities) of the Equity Interests and/or indebtedness treated as Equity Interests for

U.S. federal income tax purposes of one or more Subsidiaries described in clause (i) or (ii) of

this definition.

"<u>CORRA</u>" means the Canadian Overnight Repo Rate Average administered and

published by the Bank of Canada (or any successor administrator of the Canadian Overnight

Repo Rate Average).

<u>"CORRA Business Day" means any day (other than a Saturday or Sunday) on</u>

<u>which banks are open for business in Toronto, Canada.</u>

14<br>

"<u>Covered Debt Amount</u>" means, on anydate, the sum of (x) all of the Revolving

Credit Exposures of all Lenders on such date plus (y) the aggregate amount of Other Covered

Indebtedness (includingPermittedConvertibleIndebtednessandSpecialPermittedIndebtedness

constituting Unsecured Shorter-Term Indebtedness) on such date minus (z) the LC Exposures

fully Cash Collateralized on such date pursuant to <u>Section 2.05(k)</u> and the last paragraph of

<u>Section 2.09(a)</u>; provided that (A) Permitted Convertible Indebtedness and Special Permitted

Indebtedness constituting Unsecured Shorter-Term Indebtedness, (B) 50% of all Unsecured

Shorter-Term Indebtedness (other than Special Permitted Indebtedness) and (C) Unsecured

Longer-Term Indebtednessshallbe excluded fromthe calculationoftheCovered Debt Amount,

in each case, until the date that is nine (9) months prior to the scheduled maturity date of such

Indebtedness (provided that to the extent, but only to the extent, any portion of any such

Indebtedness is subject to a contractually scheduled amortization payment, other principal

payment or mandatory redemption (other than any conversion into Permitted Equity Interests)

earlier than six (6) months after the Extended Final Maturity Date (in the case of Unsecured

Longer-Term Indebtedness) or earlier than the original final maturity date of such Indebtedness

(in the case of Permitted Convertible Indebtedness, Special Permitted Indebtedness constituting

Unsecured Shorter-Term Indebtedness and other Unsecured Shorter-Term Indebtedness), such

portion of such Indebtedness shall be included in the calculation of the Covered Debt Amount

beginning upon the date that is the later of (i) 9 months prior to such scheduled amortization

payment, other principal payment or mandatory redemption and (ii) the date the Borrower

becomes aware thatsuch Indebtedness is required to bepaid or redeemed). Forthe avoidanceof

doubt, for purposes of calculating the Covered Debt Amount, any Permitted Convertible

Indebtedness and Special Permitted Indebtedness that constitutes Unsecured Shorter-Term

Indebtedness that is included in the calculation of the Covered Debt Amount at anytime will be

included at the then outstanding principal balance thereof.

"<u>Currency</u>"meansDollarsoranyForeignCurrency.

"<u>Custodian</u>"meansTheBankofNewYorkMellonTrustCompany,National

Association.

"<u>Custodian</u><u>Control</u><u>Agreements</u>"hasthemeaningassignedtosuchtermin

Section <u>4.01(a)(vi).</u>

"<u>Daily</u><u>Simple</u><u>SOFR</u>"means,foranyday(a"<u>SOFR</u><u>Rate</u><u>Day</u>"),arateperannum

equal to SOFR for the day (such day "<u>SOFR Determination Date</u>") that is five (5) U.S.

Government Securities Business Days prior to (i) if such SOFR Rate Dayis a U.S. Government

Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S.

Government Securities Business Day, the U.S. Government Securities Business Day

immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the

SOFR Administrator on the SOFR Administrator's Website.If by 5:00 p.m. (New York City

time) on the second (2nd) U.S. Government Securities Business Day immediately following any

SOFR Determination Date, the SOFR in respect of such SOFR Determination Date 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 the SOFR for such SOFR

Determination Date will be the SOFR as published in respect of the first preceding U.S.

GovernmentSecuritiesBusinessDayforwhichsuchSOFRwaspublishedontheSOFR

15<br>

Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be

utilized for purposes of the calculation of Daily Simple SOFR for no more than three (3)

consecutive SOFR Rate Days.Any change in Daily Simple SOFR due to a change in SOFR

shallbeeffectivefromandincludingtheeffectivedateofsuchchangeinSOFRwithoutnoticeto

the Borrower.

"<u>Default</u>"means anyevent orconditionwhichconstitutesanEventofDefaultor

which upon notice, lapse of time or both would, unless cured or waived, become an Event of

Default.

"<u>Defaulting Lender</u>" means, subject to <u>Section 2.19(b)</u>, any Lender that, during

such Lender'sAvailabilityPeriodasdetermined bytheAdministrativeAgent(a)hasfailedto(i)

fund all or any portion of its Loans, participations in Letters of Credit or participations in

Swingline Loans within two Business Days of the date such Loans were required to be funded

hereunderunlesssuchLendernotifiestheAdministrativeAgentandtheBorrowerinwritingthat

such failure is the result of such Lender's reasonable determination that one or more conditions

precedenttofunding(eachofwhichconditionsprecedent,togetherwiththeapplicabledefault,if

any, shall be specifically identified in detail in such writing) has not been satisfied or has not

otherwise been waived in accordance with the terms of this Agreement or (ii) pay to the

Administrative Agent, anyIssuing Bank, anySwingline Lenderor anyLender anyother amount

requiredtobepaidbyithereunder(includinginrespectofitsparticipationinLettersofCreditor

SwinglineLoans)withintwoBusinessDaysofthedatewhendue,(b)hasnotifiedtheBorrower,

the Administrative Agent, any Issuing Bank or any Swingline Lender in writing that it does not

intend to comply with its funding obligations hereunder, or has made a public statement to that

effect(unlesssuchwritingorpublicstatementrelatestosuchLender'sobligationtofundaLoan

hereunder and states that such position is based on such Lender's commercially reasonable

determination that a condition precedent to funding (which condition precedent, together with

the applicable default, if any, shall be specifically identified in detail in such writing or public

statement)cannotbesatisfied),(c)hasfailed,withinthreeBusinessDaysafterwrittenrequestby

theAdministrativeAgentortheBorrower,toconfirminwritingtotheAdministrativeAgentand

the Borrower that it will comply with its prospective funding obligations hereunder (provided

that such Lendershall cease to be aDefaulting Lenderpursuant to this <u>clause</u><u>(c)</u>uponreceipt of

suchwrittenconfirmationbyAdministrativeAgentandBorrower),(d)AdministrativeAgenthas

received notification that such Lender has become, or has a direct or indirect Parent Company

that is, (i) insolvent, or is generally unable to pay its debts as they become due, or admits in

writing its inability to pay its debts as they become due, or makes a general assignment for the

benefit of its creditors, (ii) other than via an Undisclosed Administration, the subject of a

bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee,

conservator, intervenor or sequestrator or the like, including the Federal Deposit Insurance

Corporation or anyother state or federal regulatoryauthorityacting in such a capacity, has been

appointed for such Lender or its direct or indirect Parent Company, or such Lender or its direct

or indirect Parent Companyhas taken anyaction in furtherance of or indicating its consent to or

acquiescenceinanysuchproceedingorappointmentor(iii)thesubjectofaBail-InActionor(e)

a GBSA Lender with respect to which a GBSA Initial Notice has been given; <u>provided</u> that a

Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any

Equity Interest in that Lender or any direct or indirect Parent Company thereof by a

Governmental Authority or instrumentality so long as such ownership interest does not result in

16<br>

orprovidesuch LenderwithimmunityfromthejurisdictionofcourtswithintheUnitedStatesor

fromtheenforcementofjudgmentsorwritsofattachmentonitsassetsorpermitsuchLender(or

such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any

contractsoragreementsmadewithsuchLender.AnydeterminationbytheAdministrativeAgent

thataLenderisaDefaultingLenderunderanyoneormoreof<u>clauses</u><u>(a)</u>through<u>(d)</u>aboveshall

be conclusive and binding absent manifest error, and such Lender shall be deemed to be a

Defaulting Lender (subject to <u>Section 2.19(b)</u>) upon such determination (andthe Administrative

AgentshalldeliverwrittennoticeofsuchdeterminationtotheBorrower,eachIssuingBankand,

each Lender and each Swingline Lender).

"<u>Designated</u><u>Obligations</u>"meansallobligationsoftheBorrowerwithrespectto

(a)principalofandinterestontheLoansand(b)accruedandunpaidfeesundertheLoan

Documents.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license, lease or other

disposition (including any sale and leaseback transaction) of any property by any Person (or the

granting of anyoption or other right to do anyof the foregoing),including anysale, assignment,

transfer or other disposal, with or without recourse, of any notes or accounts receivable or any

rights and claims associated therewith; provided that the term "Disposition" or "Dispose" shall

not include the disposition of Investments originated by an Obligor and substantially

contemporaneouslytransferredtoaFinancingSubsidiarypursuanttoatransactionnotprohibited

hereunder.

"<u>Dollar Commitment</u>" means, with respect to each Dollar Lender, the

commitment of such Dollar Lender to make Syndicated Loans, and to acquire participations in

Letters of Credit and Swingline Loans, denominated in Dollars hereunder, duringsuch Lender's

Availability Period, expressed as an amount representing the maximum aggregate amount of

suchLender'sRevolvingDollarCreditExposurehereunder,assuchcommitmentmaybe

(a)reduced or increased from time to time pursuant to <u>Section 2.08</u> and (b) reduced or increased

from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.04</u>.The

<u>initial</u>amountofeachLender'sDollarCommitmentasoftheFirstAmendmentEffectiveDateis

set forth on <u>Schedule</u><u>1.01(b)</u>, or in the Assignment and Assumption or Increasing Lender/

Joining Lender Agreement pursuant to which such Lender shall have assumed its Dollar

Commitment, as applicable, after the First<u>Second</u>Amendment Effective Date.The aggregate

amountoftheLenders'DollarCommitmentsasoftheFirst<u>Second</u>AmendmentEffectiveDateis

$200,000,000.

"<u>Dollar Equivalent</u>" means, on any date of determination, with respect to an

amount denominated in any Foreign Currency, the amount of Dollars that would be required to

purchase such amount of such Foreign Currency on the date two Business Days prior to such

date, based upon the spot selling rate at which the Administrative Agent or an Issuing Bank, as

applicable, offers to sell such Foreign Currencyfor Dollars in the Principal Financial Center for

such Foreign Currency at approximately 11:00 a.m., New York City time, for delivery two

Business Dayslater; <u>provided</u> that theAdministrativeAgent orsuch IssuingBank,as applicable,

may obtain such spot rate from another financial institution designated by the Administrative

Agent or an Issuing Bank if the Person acting in such capacity does not have as of the date of

determinationaspotbuyingrateforanysuchcurrency;and<u>provided</u><u>further</u>thatanIssuingBank

17<br>

mayusesuchspotratequotedonthedateasofwhichtheforeignexchangecomputationismade

in the case of anyLetters of Credit denominated in anyAgreed Foreign Currency.

"<u>Dollar LC Exposure</u>" means, at any time, the sum of (a)the aggregate undrawn

amount of all outstanding Dollar Letters of Credit at such time <u>plus</u> (b)the aggregate amount of

allLCDisbursementsinrespectofsuchLettersofCreditthathavenotyetbeenreimbursedbyor

onbehalfoftheBorroweratsuchtime.TheDollarLCExposureofanyLenderatanytimeshall

be its Applicable Dollar Percentage of the total Dollar LC Exposure at such time. For all

purposes of this Agreement, if on anydate ofdeterminationaDollarLetterofCredithas expired

byits terms but anyamount maystill be drawn thereunder byreason of the operation of anyrule

of law or uniform practices to which anyLetter of Credit is subject (such as Rules 3.13 and 3.14

of the International Standby Practices) or any express term of the Letter of Credit, such Dollar

Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be

drawn.

"<u>Dollar Lender</u>" means the Persons listed on <u>Schedule</u><u>1.01(b)</u> as having Dollar

Commitments and any other Person that shall have become a party hereto pursuant to an

AssignmentandAssumption<u>or</u><u>Increasing</u><u>Lender/Joining</u><u>Lender</u><u>Agreement</u>thatprovidesforit

to assume a DollarCommitment or toacquireRevolvingDollarCreditExposure,otherthanany

such Person that ceases to be a party hereto pursuant to an Assignment and Assumption <u>or</u>

<u>otherwise in accordance with the terms hereof</u>.

"<u>Dollar</u><u>Letters</u><u>of</u><u>Credit</u>"meansLettersofCreditthatutilizetheDollar

Commitments.

"<u>Dollar</u><u>Loan</u>"meansaLoandenominatedinDollars.

"<u>Dollars</u>"or"<u>$</u>"referstolawfulmoneyoftheUnitedStatesofAmerica.

"<u>EEA</u><u>Financial</u><u>Institution</u>"means(a)anycreditinstitutionorinvestmentfirm

established in any EEA Member Country which is subject to the supervision of an EEA

ResolutionAuthority,(b)anyentityestablishedinanEEAMemberCountrywhichisaparentof

aninstitutiondescribed in clause (a)ofthisdefinition, or(c)anyfinancialinstitutionestablished

inanEEAMemberCountrywhichis asubsidiaryofaninstitutiondescribedinclauses(a)or(b)

of this definition and is subject to consolidated supervision with its parent.

"<u>EEA</u><u>Member</u><u>Country</u>"meansanyofthememberstatesoftheEuropeanUnion,

Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any

Person entrusted with public administrative authority of any EEA Member Country (including

any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective</u><u>Date</u>"meansthedateonwhichtheconditionsspecifiedin<u>Section</u><u>4.01</u>

are satisfied (or waived in accordance with <u>Section 9.02</u>), which date is November 17, 2023.

18<br>

"<u>Eligible Portfolio Investments</u>" has the meaning assigned to such term in

<u>Section 5.13</u>

"<u>Equity Interests</u>" means shares of capital stock, partnership interests,

membershipinterests in alimitedliabilitycompany,beneficialinterests in atrust orotherequity

ownership interests or equivalents (however designated, including any instrument treated as

equity for U.S. federal income tax purposes) in a Person, and any warrants, options or other

rightsentitlingtheholderthereoftopurchaseoracquireanysuchequityinterest.Asusedinthis

Agreement, "Equity Interests" shall not include convertible debt unless and until such debt has

been converted to any of the foregoing.

"<u>ERISA</u>"meanstheU.S.EmployeeRetirementIncomeSecurityActof1974,and

the rules and regulations promulgated thereunder, each as amended or modified from time to

time.

"<u>ERISA</u><u>Affiliate</u>"meansanytradeorbusiness(whetherornotincorporated)that,

together with the Borrower, is treated as a single employer under Section414(b)or (c)of the

Code, or, solelyforpurposes ofSection 302 ofERISAandSection 412 oftheCode, istreatedas

a single employer under Section 414 of the Code.

"<u>ERISA Event</u>" means (a)any "reportable event", as defined in Section4043 of

ERISA or theregulations issued thereunderwithrespect to aPlan (otherthan an event forwhich

the 30-day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding

standard(within themeaningofSection412oftheCodeorSection302ofERISA)applicableto

such Plan; (c) the incurrence by the Borrower or any of its ERISA Affiliates of any liability

under Title IV of ERISA, other than for PBGC premiums not yet due under ERISA Section

4007; (d)the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan

administrator of anynotice relating to an intention to terminate anyPlan or Plans or to appoint a

trustee to administer any Plan or the occurrence of any event or condition which constitutes

grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to

administer, any Plan; (e)the incurrence by the Borrower or any of its ERISA Affiliates of any

liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer

Plan;(f)anotificationthataMultiemployerPlanisinsolvent;(g)thedeterminationthatanyPlan

is considered an at-risk plan or that anyMultiemployer Plan is endangered or is in critical status

within the meaning of Sections 430 or 432 of the Code or Sections 303 or 305 of ERISA, as

applicable; or (h) the taking of any action to terminate any Plan or Multiemployer Plan under

Section 4041 or 4041A of ERISA.

"<u>Erroneous Payment</u>" has the meaning assigned to it in <u>Section 8.09(a)</u>.

"<u>Erroneous</u><u>Payment</u><u>Deficiency</u><u>Assignment</u>"hasthemeaningassignedtoitin

<u>Section</u><u>8.09(d)</u>.

"<u>Erroneous</u><u>Payment</u><u>Impacted</u><u>Class</u>"hasthemeaningassignedtoitin

<u>Section 8.09(d)</u>.

19<br>

"<u>Erroneous Payment Return Deficiency</u>" has the meaning assigned to it in

<u>Section 8.09(d)</u>.

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning assigned to it in

<u>Section 8.09(d)</u>.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule

published by the Loan Market Association (or any successor person), as in effect from time to

time.

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

"Excluded Taxes" means any of the following Taxes imposed on or with respectto or required to

be withheld or deducted from a payment to the Administrative Agent, any Lender, any Issuing

Bank or any other recipient of any payment to be made by or on account of any obligation of the

Borrower hereunder, (a) Taxes imposed on (or measured by) such recipient's net income

(however denominated), franchise Taxes and branch profits, in each case, (i) imposed by the

jurisdiction (or any political subdivision thereof) under the laws of which such recipient is

organized or in which its principal office is located or, in the case of any Lender, in which its

applicable lending office is located or (ii) Other Connection Taxes, (b) in the case of a Lender,

any U.S. federal withholding taxes imposed on amounts payable to or for the account of such

Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in

effect on the date on which (i) at the time such Lender (other than an assignee pursuant to a

request by the Borrower under Section 2.18(b)) becomes a party to this Agreement (or otherwise

acquires an interest in a Loan or Commitment) or designates a new lending office, except in

each case to the extent that such Lender's assignor or such Lender was entitled to receive

additional amounts from the Borrower with respect to such withholding tax pursuant to Section

2.16, at the time of such assignment or designation (other than to the extent such withholding is

as a result of a CAM Exchange), (c) Taxes attributable to such Lender's or Issuing Bank's

failure to comply with Section 2.16(f), (d) any U.S. federal backup withholding Taxes imposed

on payments made under any Loan Document, and (e) any withholding Taxes that are imposed

under FATCA.

"<u>Extended Availability Period</u>" means, with respect to the Commitments of each

Extending Lender, the period from and including the Effective Date to but excluding the earlier

of the Extended Commitment Termination Date and the date of termination of such

Commitments.

"<u>Extended Commitment Termination Date</u>" means, with respect to each

Extending Lender, August 16<u>October 1</u>, 2028<u>2029</u>.

"<u>Extended Final Maturity Date</u>" means, with respect to each Extending Lender,

the earliest to occur of (a)August 16, 2029<u>October 1, 2030</u>and (b)the date on which all

Commitments have been terminated and the aggregate amount of Loans outstanding has been

repaid in full and all other obligations ofthe Borrowerhereunderhavebeenindefeasiblypaid in

full (other than any Unasserted Contingent Obligations that survive the termination of this

Agreement).

20<br>

"<u>Extended Loans</u>" means Loans or Borrowings of any Extending Lender.

"<u>Extending</u><u>Lender</u>"meanseachLenderthatisnotaNon-ExtendingLender.

"<u>Extending</u><u>Lender</u><u>Applicable</u><u>Margin</u>"means,(i)withrespecttoanyABRLoan,

1.00<u>0.875</u>% per annum and (ii) with respect to any Term Benchmark Loan, 2.00% per

annum.<u>1.875% per annum; provided that (x) if the Borrowing Base (as of the most recently</u>

<u>delivered Borrowing Base Certificate) is greater than or equal to the product of 1.60 and the</u>

<u>Combined Debt Amount but less than the product of 2.00 and the Combined Debt Amount, the</u>

<u>Extending Lender Applicable Margin shall be (i) with respect to any ABR Loan, 0.750% per</u>

<u>annum and (ii) with respect to any Term Benchmark Loan, 1.750% per annum and (y) if the</u>

<u>Borrowing</u><u>Base (as of the most recently</u><u>delivered Borrowing</u><u>Base</u><u>Certificate) is greater than or</u>

<u>equal to the product of 2.00 and the Combined Debt Amount, the Extending Lender Applicable</u>

<u>Margin</u><u>shall</u><u>be</u><u>(i)</u><u>with</u><u>respect</u><u>to</u><u>any</u><u>ABR</u><u>Loan,</u><u>0.625%</u><u>per</u><u>annum</u><u>and</u><u>(ii)</u><u>with</u><u>respect</u><u>to</u><u>any</u>

<u>Term Benchmark Loan, 1.625% per annum.</u><u>Any change in the Extending Lender Applicable</u>

<u>Margin due to a change in the ratio of the Borrowing Base to the Combined Debt Amount as set</u>

<u>forth in any Borrowing Base Certificate shall be effective from and including the day</u>

<u>immediately</u><u>succeeding</u><u>the</u><u>date</u><u>of</u><u>delivery</u><u>of</u><u>such</u><u>Borrowing</u><u>Base</u><u>Certificate;</u><u>provided</u><u>that</u><u>if</u>

<u>any Borrowing Base Certificate has not been delivered in accordance with Section 5.01(d), then</u>

<u>from and including the day immediately succeeding the date on which such Borrowing Base</u>

<u>Certificate was required to be delivered, the Extending Lender Applicable Margin shall be the</u>

<u>Extending Lender Applicable Margin set forth herein without giving effect to the proviso herein</u>

<u>to and including the date on which the required Borrowing Base Certificate is delivered.</u>

"<u>Extraordinary Receipts</u>" means any cash received by or paid to any Obligor on

account of any foreign, United States, state or local tax refunds, pension plan reversions,

judgments, proceeds of settlements or other consideration of any kind in connection with any

cause of action, condemnation awards (and payments in lieu thereof), indemnity payments

receivednotintheordinarycourseofbusinessandanypurchasepriceadjustmentreceivednotin

the ordinary course of business in connection with any purchase agreement and proceeds of

insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance of Equity

Interests and issuances of Indebtedness by any Obligor); <u>provided</u> that Extraordinary Receipts

shall not include any (x) amounts that the Borrower receives from the Administrative Agent or

anyLenderpursuant to <u>Section</u><u>2.16(g)</u>, or(y)cashreceipts to theextentreceivedfromproceeds

of insurance, condemnation awards (or payments in lieu thereof), indemnity payments or

payments inrespect ofjudgmentsorsettlementsofclaims,litigationorproceedingstotheextent

that such proceeds, awards orpayments arereceived byanyPerson inrespect ofanyunaffiliated

third party claim against or loss by such Person and promptly applied to pay (or to reimburse

such Person for its prior payment of) such claim or loss and the costs and expenses of such

Person with respect thereto.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this

Agreement (or any amended or successor version that is substantively comparable and not

materially more onerous to comply with) and any current or future regulations promulgated

thereunderandofficialinterpretationsthereof andany foreign legislationimplementedtogive

21<br>

effect to anyintergovernmental agreements entered into thereunder and anyagreements entered

into pursuant to Section 1471(b)(1) of the Code.

"<u>Federal Funds Effective Rate</u>" means, for any day, the weighted average

(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight federal funds

transactions, as published on the next succeeding Business Day by the Federal Reserve Bank of

New York, or, if such rate is not so published for any day that is a Business Day, the average

(rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such dayfor such

transactionsreceivedbytheAdministrativeAgentfromthreefederalfundsbrokersofrecognized

standing selected by it<u>; provided that if the Federal Funds Effective Rate shall be less than zero,</u>

<u>such rate shall be deemed to be zero for the purposes of this Agreement</u>.

"<u>Federal</u><u>Reserve</u><u>Bank</u><u>of</u><u>New</u><u>York's</u><u>Website</u>"meansthewebsiteoftheFederal

Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

"<u>Final Maturity Date</u>" means (i) in the case of any Extending Lender, the

ExtendedFinalMaturityDateand(ii)inthecaseofanyNon-ExtendingLender,such

Non-Extending Lender's applicable Non-Extended Final Maturity Date.

"<u>Financial</u><u>Officer</u>"meansthechieffinancialofficer,principalaccountingofficer,

treasurer or controller of the Borrower.

"<u>Financing</u><u>Subsidiary</u>"meansanSPESubsidiaryoranSBICSubsidiary.

"<u>First Amendment Effective Date</u>" means August 16, 2024.

"<u>Fitch</u>"meansFitchRatingsInc.

"<u>Floor</u>"meansarateofinterestequaltozeropercent(0.00%)perannum.

"<u>Foreign Currency</u>" means at any time any currency other than Dollars.

"<u>Foreign Currency Equivalent</u>" means, with respect to any amount denominated

in Dollars, the amount of any Foreign Currency that could be purchased with such amount of

Dollarsusingthereciprocaloftheforeignexchangerate(s)specifiedinthedefinitionoftheterm

"Dollar Equivalent", as determined by the Administrative Agent.

"<u>Foreign</u><u>Lender</u>"meansanyLenderthatisnotaUnitedStatesPerson.

"<u>Foreign Subsidiary</u>" means any Subsidiary of the Borrower that is a Controlled

Foreign Corporation.

"<u>Fronting</u><u>Exposure</u>"means,atanytimethereisaDefaultingLender,withrespect

to any Issuing Bank, such Defaulting Lender's (a) Applicable Dollar Percentage of the

outstandingDollarLCExposureand(b)ApplicableMulticurrencyPercentageoftheoutstanding

MulticurrencyLCExposure,ineachcasewithrespecttoLettersofCreditissuedbysuchIssuing

BankotherthanDollarLCExposureorMulticurrency LCExposure,asthecasemay be,asto

22<br>

whichsuchDefaultingLender'sparticipationobligationhasbeenreallocatedtootherLendersor

Cash Collateralized in accordance with the terms hereof.

"<u>Fund</u>"meansanyPerson(otherthananaturalPerson)thatisengagedinmaking,

purchasing, holding or otherwise investing in commercial loans and similar extensions of credit

in the ordinary course of its business.

"<u>GAAP</u>"meansgenerallyacceptedaccountingprinciplesintheUnitedStatesof

America.

<u>9.20</u>.

<u>9.20</u>.

"<u>GBSA</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>9.20</u>.

"<u>GBSA Consultation Notice</u>" has the meaning assigned to such term in <u>Section</u>

"<u>GBSA</u><u>Consultation</u><u>Period</u>"hasthemeaningassignedtosuchtermin<u>Section</u>

"<u>GBSA Final Notice</u>" has the meaning assigned to such term in <u>Section 9.20</u>.

"<u>GBSA</u><u>Initial</u><u>Notice</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>9.20</u>.

"<u>GBSA Lender</u>" has the meaning assigned to such term in <u>Section 9.20</u>.

"<u>GBSA Obligations</u>" has the meaning assigned to such term in <u>Section 9.20</u>.

"<u>GICS</u>"means,asofanydate,themostrecentlypublishedGlobalIndustry

ClassificationStandard.

"<u>GICS Industry Group Classification</u>" means any industry group classification

within GICS, as updated and amended from time to time.

"<u>Governmental Authority</u>" means the government of the United States of

America, or of any other nation, or any political subdivision thereof, whether state or local, and

any agency, authority, instrumentality,regulatory body, court, central bank or other entity

exercising executive, legislative, judicial, taxing, regulatory or administrative powers or

functions of or pertaining to government (including any supra-national body exercising such

powers or functions, such as the European Union or the European Central Bank).

"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>")means any obligation,

contingent or otherwise, of the guarantor guaranteeing or having the economic effect of

guaranteeinganyIndebtednessorotherobligationofanyotherPerson(the"<u>primary</u><u>obligor</u>")in

any manner, whether directly or indirectly, and including anyobligation of the guarantor, direct

or indirect, (a)to purchase or pay (or advance or supply funds for the purchase or payment of)

such Indebtedness or other obligation or to purchase (or to advance or supply funds for the

purchase of) anysecurityfor the payment thereof, (b)to purchase or lease propertysecurities or

services for the purpose of assuring the owner of such Indebtedness or other obligation of the

payment thereof, (c)to maintain working capital, equity capital or anyother financial statement

23<br>

condition or liquidity of the primary obligor so as to enable the primary obligor to pay such

Indebtedness or other obligation or (d)as an account party in respect of any letter of credit or

letter of guaranty issued to support such Indebtedness or obligation; and "Guaranteed" has a

meaning correlativethereto; <u>provided</u> that thetermGuaranteeshall notinclude(i)endorsements

for collection or deposit in the ordinary course of business or (ii) customary indemnification

agreements entered into in the ordinary course of business, provided that such indemnification

obligations are unsecured, such Person has determined that liability thereunder is remote and

such indemnification obligations are not the functional equivalent of the guaranty of a payment

obligation of the primary obligor. The amount of any Guarantee at any time shall be deemed to

be an amount equal to the maximum stated or determinable amount of the primaryobligation in

respect of which such Guarantee is incurred, unless the terms of such Guarantee expressly

provides that the maximum amount for which such Person may be liable thereunder is a lesser

amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to

such lesser amount).

"<u>Guarantee and Security Agreement</u>" means that certain Guarantee and Security

Agreement dated as of the Effective Date among the Borrower, the Administrative Agent, each

Subsidiaryof the Borrower from time to time partythereto, eachholder (or an authorized agent,

representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness

or Secured Shorter-Term Indebtedness, and the Collateral Agent.

"<u>Guarantee Assumption Agreement</u>" means a Guarantee Assumption Agreement

substantially in the form of ExhibitB to the Guarantee and Security Agreement (or such other

formasshallbereasonablyacceptabletotheCollateralAgent)betweentheCollateralAgentand

an entitythatpursuant to <u>Section</u><u>5.08</u> is required tobecome a "SubsidiaryGuarantor"underthe

GuaranteeandSecurityAgreement(withsuchchangesastheAdministrativeAgentshallrequest

consistent with the requirements of <u>Section 5.08</u>).

"<u>Hedging Agreement</u>" means any interest rate protection agreement, foreign

currency exchange protection agreement, commodity price protection agreement, or other

interest or currency exchange rate or commodity price hedging arrangement.

"<u>Immaterial Subsidiaries</u>" means those Subsidiaries of the Borrower that are

"designated" as Immaterial Subsidiaries bythe Borrower from time to time (itbeingunderstood

that the Borrower may at anytime change anysuch designation); <u>provided</u> that such designated

Immaterial Subsidiaries shall collectively meet all of the following criteria as of the date of the

most recent balance sheet required to be delivered pursuant to <u>Section 5.01</u>:(a) the aggregate

assets of such Subsidiaries and their respective Subsidiaries (on a consolidated basis) as ofsuch

date do not exceed an amount equal to 5% of the consolidated assets of the Borrower and its

Subsidiaries as of such date; and (b) the aggregate revenues of such Subsidiaries and their

respectiveSubsidiaries(onaconsolidatedbasis)forthefiscalquarterendingonsuchdatedonot

exceedanamountequal to 5%oftheconsolidatedrevenues oftheBorrowerand itsSubsidiaries

for such period.As of the <u>Second Amendment</u> Effective Date, Twin Brook Equity XXXIII

Corp. and Twin Brook Equity XVIII Corp. are Immaterial Subsidiaries.

"<u>Increasing</u><u>Lender</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>2.08(e)</u>.

24<br>

"<u>Increasing</u><u>Lender/Joining</u><u>Lender</u><u>Agreement</u>"hasthemeaningassignedtosuch

term in <u>Section 2.08(e)</u>.

"<u>Indebtedness</u>" of any Person means, without duplication, (a)all obligations of

such Person for borrowed money or with respect to deposits or advances of any kind, (b)all

obligations of such Person evidenced by bonds, debentures, notes or similar instruments

representing extensions of credit, (c)all obligations of such Person under conditional sale or

other title retention agreements relating to property acquired by such Person, (d)all obligations

of such Person in respect of the deferred purchase price of property or services (excluding

accounts payable and accrued expenses incurred in the ordinary course of business), (e)all

Indebtedness of others secured by any Lien on property owned or acquired by such Person,

whether or not the Indebtedness secured thereby has been assumed (with the amount of such

IndebtednessbeingtheloweroftheoutstandingamountofsuchIndebtednessandthefairmarket

value of the propertysubject to such Lien), (f)all Guarantees bysuchPerson of Indebtedness of

others, (g)all Capital Lease Obligations of such Person, (h)all obligations, contingent or

otherwise,ofsuchPersonasanaccountpartyinrespectoflettersofcreditandlettersofguaranty

and (i)all obligations, contingent or otherwise, of such Person in respect of bankers'

acceptances.The Indebtedness of any Person shall include the Indebtedness of any other entity

(includinganypartnership inwhichsuchPerson is ageneral partner)to theextent suchPerson 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 provide that such Person is not liable

therefor.Notwithstanding the foregoing, "Indebtedness" shall not include (x) escrows or

purchase price holdbacks arising in the ordinarycourse of business in respect of a portion of the

purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such

assetorInvestment,(y)acommitmentarisingintheordinarycourseofbusinesstomakeafuture

Investment or fund the delayed draw, revolver, letter of credit or other unfunded portion of any

existing portfolio investment (including Portfolio Investments) or (z) uncalled capital or other

commitments of an Obligor in anyjoint venture as well as anyletter or agreement requiring any

Obligor to provide capital to a joint venture or a lender to a joint venture.

"<u>Indemnified</u><u>Taxes</u>"means(a)Taxes,otherthanExcludedTaxes,imposedonor

with respect to anypaymentmadebyoron account of anyobligationoftheBorrowerunderthis

Agreement, and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Independent</u>" when used with respect to any specified Person means that such

Person (a)does not have anydirect financialinterest oranymaterialindirectfinancialinterest in

the Borrower or any of its Subsidiaries or Affiliates (including its investment adviser or any

Affiliate thereof)and (b)is not connected with the Borrower or of its Subsidiaries or Affiliates

(including its investment adviser or any Affiliate thereof)as an officer, employee, promoter,

underwriter, trustee, partner, director or Person performing similar functions.

"<u>Industry Classification Group</u>" means (a)any of the GICS Industry Group

Classifications set forth in <u>Schedule 1.01(c)</u> hereto, together with anysuch group classifications

that may be subsequently added to GICS and provided by the Borrower to the Administrative

Agent, and (b)up to three additional industry group classifications established by the Borrower

pursuant to <u>Section 5.12</u>.

25<br>

"<u>Initial</u><u>GBSA</u><u>Termination</u><u>Date</u>"hasthemeaningassignedtosuchtermin

<u>Section 9.20.</u>

"<u>Interest Election Request</u>" means a request by the Borrower to convert or continue a

Syndicated Borrowing in accordance with <u>Section</u><u>2.07,</u> which if in writing, shall be in a form approved

by the Administrative Agent and signed bythe Borrower.

"<u>Interest Payment Date</u>" means (a)with respect to any Syndicated ABR Loan,

each QuarterlyDate, (b)with respectto anyTerm Benchmark Loan,thelastdayofeachInterest

Periodtherefor and (c)with respect to anySwinglineLoan,thedaythatsuch Loanisrequiredto

be repaid.

"<u>Interest Period</u>"means, for anyTerm Benchmark Loan orBorrowing, theperiod

commencingonthedateofsuchLoanorBorrowingandendingonthenumerically

corresponding day in the calendar month that is one month or three months thereafter or, with

respect to such portion of any Term Benchmark Loan or Borrowing denominated in a Foreign

Currency that is scheduled to be repaid on the applicable Final Maturity Date, a period of less

than one month's duration commencing on the date of such Loan or Borrowing and ending on

the applicable Final Maturity Date, as specified in the applicable Borrowing Request or Interest

ElectionRequest;<u>provided</u>that,(i)ifanyInterestPeriodwouldendonadayotherthana

BusinessDay,suchInterestPeriodshallbeextendedtothenextsucceedingBusinessDayunless

such next succeeding Business Day would fall in the next calendar month, in which case such

Interest Period shall end on the next preceding Business Day, (ii) anyInterest Period (otherthan

anInterestPeriodpertainingtoaTermBenchmarkBorrowingdenominatedinaForeign

Currency that ends on the applicable Final Maturity Date that is permitted to be of less than one

month's duration as provided in this definition) that commences on the last Business Day of a

calendarmonth(oronadayforwhichthereisnonumericallycorrespondingdayinthelast

calendar month of such Interest Period) shall end on the last Business Day of the last calendar

monthofsuchInterestPeriodand(iii)notenorthathasbeenremovedfromthisdefinition

pursuantto<u>Section</u><u>2.13(e)</u>shallbeavailableforspecificationinsuchBorrowing Requestor

notice of conversion or continuation unless or until it is reinstated pursuant to <u>Section 2.13(e)</u>.

For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made

and thereafter shall be the effective date of the most recent conversion or continuation of such

Loan,andthedateofaSyndicatedBorrowing comprising Loans that have been converted or

continuedshallbetheeffectivedateofthemostrecentconversionorcontinuationofsuchLoans.

"<u>Investment</u>" means, for any Person: (a)Equity Interests, bonds, notes,

debentures or other securities of any other Person or any agreement to acquire any Equity

Interests, bonds, notes, debentures or other securities of any other Person (and any rights or

proceeds in respect of (x) any"short sale" ofsecurities or (y) anysale of anysecurities at a time

when such securities are not owned by such Person); (b)deposits, advances, loans or other

extensions of credit made to any other Person (including purchases of property from another

Personsubjecttoanunderstandingoragreement,contingentorotherwise,toresellsuchproperty

to such Person, but excluding anyadvances to employees, officers, directors, and consultants of

suchBorroweroranyofitsSubsidiariesforexpensesintheordinarycourseofbusiness);or

(c)HedgingAgreements.

26<br>

"<u>Investment Adviser</u>" means AGTB Fund Manager, LLC, a Delaware limited

liability company.

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

amended from time to time.

"<u>Investment Policies</u>" means the investment objectives, policies, restrictions and

limitations set forth in its Registration Statement, and as the same may be changed, altered,

expanded, amended, modified, terminated or restated from time to time in accordance with this

Agreement.

"<u>Issuing Bank</u>" means Truist, Goldman Sachs Bank USA, JPMorgan Chase

Bank, N.A., Morgan StanleyBank, N.A., Wells Fargo Bank, National Association and anyother

Issuing Bank designated pursuant to <u>Section 2.05(o)</u>, in their capacityas the issuers of Letters of

Credit hereunder, and their respective successors in such capacityas provided in <u>Section 2.05(j)</u>.

InthecaseofanyLetterofCredittobeissuedinanAgreedForeignCurrency,suchIssuingBank

maydesignate anyof its affiliates as the "Issuing Bank" for purposes of such Letter of Credit.

"<u>Joint Lead Arrangers</u>" means Truist Securities, Inc.Goldman Sachs Bank USA,

JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd., Wells

Fargo Bank, National Association and Barclays Bank PLC.

"<u>LC Disbursement</u>" means a payment made by any Issuing Bank pursuant to a

Letter of Credit.

"<u>LC Exposure</u>" means, at any time, the sum of the Dollar LC Exposure and the

Multicurrency LC Exposure.

"<u>Lenders</u>"means,collectively,theDollarLendersandtheMulticurrencyLenders.

Unless the context otherwise requires, the term "Lenders" includes each Swingline Lender.

"<u>Letter</u><u>of</u><u>Credit</u>"meansanyletterofcreditissuedpursuanttothisAgreement.

"<u>Letter of Credit Collateral Account</u>" has the meaning assigned to such term in

<u>Section 2.05(k)</u>.

"<u>Letter of Credit Documents</u>" means, with respect to any Letter of Credit,

collectively, anyapplication therefor and anyother agreements,instruments, guaranteesorother

documents(whethergeneralinapplicationorapplicableonlytosuchLetterofCredit)governing

or providing for (a)the rights and obligations of the parties concerned or at risk with respect to

such Letter of Credit or (b)any collateral security for any of such obligations, each as the same

may be modified and supplemented and in effect from time to time.

"<u>Lien</u>" means, with respect to any asset, (a)any mortgage, deed of trust, lien,

pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b)the

interest of a vendor or a lessor under any conditional sale agreement, capital lease or title

retentionagreement(oranyfinancingleasehavingsubstantiallythesameeconomiceffectasany

of the foregoing)relatingto such asset and (c)in the caseofsecurities,anypurchaseoption,call

27<br>

or similar right of a third party with respect to such securities, except in favor of the issuer

thereof (and, for the avoidance of doubt, in the case of Investments that are loans or other debt

obligations,customaryrestrictionsonassignmentsortransfersthereofpursuanttotheunderlying

documentation of such Investment shall not be deemed to be a "Lien" and in the case of

Investments that are securities, excluding customarydrag-along, tag-along, right of first refusal,

restrictions on assignments or transfers, and other similar rights in favor of one or more equity

holders of the same issuer).

"<u>Lien Restricted Investment</u>" means a Portfolio Investment consisting of an

Obligor'sequityinvestmentinanentitythatholdsInvestmentssubjecttounderlyingagreements

that restrict the granting of a direct Lien on such Investments; provided, that (a) there are no

greater restrictions or limitations in any material respect on the ability of the Borrower to

liquidatesuchentityorits Investmentstherein(includinganymaterialredemptionrestrictionsor

penalties)andusetheproceedsthereofthanwouldbeapplicableifeachInvestmentheldbysuch

entity was held directly as a Portfolio Investment by the Borrower and (b) there is no leverage

employed by such entity.

"<u>Loan Documents</u>" means, collectively, this Agreement, the Letter of Credit

Documents and the Security Documents.

"<u>Loans</u>"meanstheloansmadebytheLenderstotheBorrowerpursuanttothis

Agreement.

"<u>Losses</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>9.03(b)</u>.

"<u>Margin</u><u>Stock</u>"means"marginstock"withinthemeaningofRegulationsT,U

and X.

"<u>Market</u><u>Value</u><u>Investments</u>"hasthemeaningassignedtosuchtermin

<u>Section</u><u>5.12(b)(ii)(B)(z)</u>.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a)the business,

Investments and other assets, liabilities or financial condition of the Borrower or the Borrower

anditsSubsidiaries(otherthanFinancingSubsidiaries)takenasawhole(excludinginanycasea

decline in the net asset value of theBorrower or achange in general market conditions or values

of the Investments), or (b)the validity or enforceability of any of the Loan Documents or the

rights or remedies of the Collateral Agent, the Administrative Agent or the Lenders thereunder.

"<u>Material Indebtedness</u>"means (a)Indebtedness (otherthan theLoans, Letters of

Credit and Hedging Agreements), of anyone or more of the Borrower and its Subsidiaries in an

aggregateprincipal amount exceeding$20,000,000 and (b)obligationsinrespectofoneormore

Hedging Agreements under which the maximum aggregate amount (giving effect to anynetting

agreements)that the Borrower and its Subsidiaries would be required to pay if such Hedging

Agreement(s) were terminated at such time would exceed $20,000,000.

"<u>Minimum Collateral Amount</u>" means, at any time, with respect to Cash

CollateralconsistingofCashordepositaccountbalances,anamountequalto100%ofthe

28<br>

FrontingExposureof each IssuingBank with respectto LettersofCreditissued andoutstanding

at such time.

"<u>Moody's</u>" means Moody's Investors Service, Inc. or any successor thereto.

"<u>Multicurrency</u><u>Commitment</u>"means,withrespecttoeachMulticurrencyLender,

the commitment of such Multicurrency Lender to make Syndicated Loans, and to acquire

participations in Letters of Credit and Swingline Loans, denominated in Dollars and in Agreed

ForeignCurrencieshereunderduringsuchMulticurrencyLender'sAvailabilityPeriod,expressed

as an amount representing the maximum aggregate amount of such Lender's Revolving

Multicurrency Credit Exposure hereunder, as such commitment maybe (a)reduced or increased

from time to time pursuant to <u>Section</u><u>2.08</u> and (b)reduced or increased from time to time

pursuant to assignments by or to such Lender pursuant to <u>Section</u><u>9.04</u>.The <u>initial</u> amount of

each Lender's MulticurrencyCommitment as of the First Amendment Effective Dateis set forth

on <u>Schedule</u><u>1.01(b)</u>, or in the Assignment andAssumption or IncreasingLender/JoiningLender

Agreement pursuant to which such Lender shall have assumed its Multicurrency Commitment,

as applicable, after the First<u>Second</u>Amendment Effective Date.The aggregate amount of the

Lenders'MulticurrencyCommitmentsasoftheFirst<u>Second</u>AmendmentEffectiveDateis

$775,000,000.

"<u>Multicurrency LC Exposure</u>" means, at any time, the sum of (a)the aggregate

undrawn amount of all outstanding Multicurrency Letters of Credit at such time <u>plus</u> (b)the

aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet

been reimbursed byor onbehalf of the Borrower at such time.TheMulticurrencyLC Exposure

of any Lender at any time shall be its Applicable Multicurrency Percentage of the total

MulticurrencyLCExposureatsuchtime.Forpurposesofcomputingtheamountavailabletobe

drawn under any Multicurrency Letter of Credit, the amount of such Multicurrency Letter of

Credit shall bedetermined inaccordancewith <u>Section</u><u>1.05</u>.Forallpurposes ofthisAgreement,

if on anydate ofdetermination aMulticurrencyLetter ofCredit has expired byits terms but any

amount may still be drawn thereunder by reason of the operation of any rule of law or uniform

practices to which any Letter of Credit is subject (such as Rules 3.13 and 3.14 of the

International Standby Practices) or anyexpress term of the Letter of Credit, such Multicurrency

Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be

drawn.

"<u>Multicurrency Lender</u>" means the Persons listed on <u>Schedule</u><u>1.01(b)</u> as having

Multicurrency Commitments and any other Person that shall have become a party hereto

pursuanttoanAssignmentandAssumption<u>or</u><u>Increasing</u><u>Lender/Joining</u><u>Lender</u><u>Agreement</u>that

provides for it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency

Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an

Assignment and Assumption.

"<u>Multicurrency Letters of Credit</u>" means Letters of Credit that utilize the

Multicurrency Commitments.

"<u>Multicurrency Loan</u>" means a Loan denominated in Dollars or an Agreed

Foreign Currency under the Multicurrency Commitments.

29<br>

"<u>Multiemployer</u><u>Plan</u>"meansamultiemployerplanasdefinedinSection

4001(a)(3)of ERISA to which the Borrower or any ERISA Affiliate contributes, is obligated to

contribute, or has any liability.

"<u>Net</u><u>Cash</u><u>Proceeds</u>"means:

(a)with respect to anyDisposition bythe Borrower or anyof its Subsidiaries

(other than Financing Subsidiaries), or anyExtraordinaryReceipt received or paid to the

account of theBorrower oranyof its Subsidiaries (otherthan FinancingSubsidiaries) (in

each case, which requires a payment of the Loans under <u>Section 2.10(d)</u>), an amount

equal to (x) the sum of cash and Cash Equivalents received in connection with such

transaction(includinganycashorCashEquivalentsreceivedbywayofdeferredpayment

pursuant to, or by monetization of, a note receivable or otherwise, but only as and when

so received) <u>minus</u> (y) the sum of (i) the principal amount of any Indebtedness that is

secured by the applicable asset and that is required to be repaid in connection with such

transaction(otherthanIndebtednessundertheLoanDocuments),(ii)thereasonable

out-of-pocket fees, costs and expenses incurred by the Borrower or such Subsidiary in

connection with such transaction, (iii) the Taxes paid or reasonably estimated to be

actually payable within two years of the date of the relevant transaction in connection

with such transaction; <u>provided</u> that, if the amount of any estimated Taxes pursuant to

this <u>clause (iii)</u> exceeds the amount of Taxes actually required to be paid in cash in

respect of such Disposition, the aggregate amount of such excess shall constitute Net

Cash Proceeds (as of the date the Borrower determines such excess exists), (iv) any

reasonablecosts,fees,commissions,premiumsandexpensesincurredbytheBorroweror

any of its Subsidiaries in connection with such Disposition and (v) reserves for

indemnification, purchase price adjustments or analogous arrangements reasonably

estimated by the Borrower or the relevant Subsidiary in connection with such

Disposition;provided,thatiftheamountofanyestimatedreservespursuanttothisclause

(v) exceeds theamountactuallyrequiredtobepaidincashinrespectofindemnification,

purchase price adjustments or analogous arrangements for such Disposition, the

aggregate amount of such excess shall constitute Net Cash Proceeds (as of the date the

Borrower determines such excess exists); and

(b)with respect to the sale or issuance of anyEquityInterest bythe Borrower

or any of its Subsidiaries (other than any Financing Subsidiary) (including, for the

avoidance of doubt, cash received by the Borrower or any of its Subsidiaries (other than

anyFinancingSubsidiaries)forthesalebytheBorrowerorsuchSubsidiaryofanyEquity

Interest of a Financing Subsidiary but specifically excluding any sale of any Equity

Interest by a Financing Subsidiary or cash received by a Financing Subsidiary in

connection with the sale of any Equity Interest), or the incurrence or issuance of any

Indebtedness by the Borrower or any of its Subsidiaries (other than Financing

Subsidiaries) (in each case, which requires a payment of the Loans under <u>Section</u>

<u>2.10(d)</u>), an amount equal to (x) the sum of the cash and Cash Equivalents received in

connection with such transaction <u>minus</u> (y) the sum of (i) reasonable out-of-pocket fees,

costs and expenses,incurred bythe BorrowerorsuchSubsidiaryinconnectiontherewith

<u>plus</u> (ii) any reasonable costs, fees, commissions, premiums, expenses, or underwriting

discounts or commissions incurred by the Borrower or any of its Subsidiaries in

connection with such sale or issuance.

30<br>

"<u>Net</u><u>Revolving</u><u>Exposure</u>"means,atanytime,theexcess(ifany)of(a)5%ofthe

aggregate Unfunded Amount at such time over (b) the aggregate amount of Cash or Cash

Equivalents of the Obligors that is not included in theBorrowingBase at such time but in which

the Collateral Agent, on behalf of the Secured Parties (as such term is defined in the Guarantee

and Security Agreement), holds a first priority perfected security interest.

"<u>Non-Consenting</u><u>Lender</u>"hasthemeaningassignedtosuchtermin<u>Section</u>

<u>9.02(d)</u>.

"<u>Non-Defaulting</u><u>Lender</u>"means,atanytime,aLenderthatisnotaDefaulting

Lenderatsuchtime.

"<u>Non-Extended Availability Period</u>" means, with respect to each Non-Extending

Lender, the period from and including the Effective Date to but excluding the earlier of the

Non-Extended Commitment Termination Date for such Non-Extending Lender and the date of

termination of the Commitments.

"<u>Non-Extended Commitment Termination Date</u>" means, with respect to each

Non-Extending Lender,theCommitmentTerminationDateineffectforsuch Lenderonthedate

that such Lender became a Non-Extending Lender.The Non-Extended Commitment

Termination Date for each Non-Extending Lender shall be identified on <u>Schedule 1.01(b)</u>.

"<u>Non-Extended Final</u><u>Maturity</u><u>Date</u>"means, withrespecttoeachNon-Extending

Lender, the Final MaturityDatein effect forsuch Lenderonthedatethatsuch Lenderbecame a

Non-ExtendingLender.TheNon-ExtendedFinalMaturityDateforeachNon-ExtendingLender

shall be identified on <u>Schedule 1.01(b)</u>.

"<u>Non-Extended</u><u>Loans</u>"meansLoansorBorrowingsofanyNon-Extending

Lender.

"<u>Non-Extending</u><u>Lender</u>"meansanyLenderthathasnotconsentedtoextendthe

Extended Commitment Termination Date and Extended Final Maturity Date pursuant to an

amendment to this Agreement; provided that, for the avoidance of doubt, there shall not be any

Non-Extending Lenders as of the Closing Date.Each Non-Extending Lendershall beidentified

on <u>Schedule 1.01(b)</u>.

"<u>Non-Extending</u><u>Lender</u><u>Applicable</u><u>Margin</u>"means,withrespecttoany

Non-Extending Lender, the Applicable Margin in effect for such Lender on the date that such

Lender became a Non-Extending Lender. The Non-Extending Lender Applicable Margin for

each Non-Extending Lender shall be identified on Schedule 1.01(b).

"<u>Non-Public Information</u>" means material non-public information (within the

meaning of United States federal, state or other applicable securities laws) with respect to

Borrower or its Affiliates or their Securities.

"<u>Note</u>" means a promissory note made by the Borrower in favor of a Lender

evidencing Loans made by such Lender, in form and substance reasonably acceptable to the

Administrative Agent.

"<u>Obligor</u>" means, collectively, the Borrower and the Subsidiary Guarantors.

31<br>

"<u>Original Currency</u>" has the meaning assigned to such term in <u>Section 2.17</u>.

"<u>Other</u><u>Connection</u><u>Taxes</u>"meanswithrespecttotheAdministrativeAgentor any

LenderoranyIssuingBank,Taxesimposedbyanyjurisdictionbyreasonoftherecipienthaving

any present or former connection with such jurisdiction (other than a connection arising from

executing, delivering, entering into, becoming a party to, performing its obligations under,

receiving any payment under, receiving or perfecting a security interest under, engaging in any

other transaction pursuant to or enforcing its rights under this Agreement or any other Loan

Document or selling or assigning an interest in anyLoan or Loan Document).

"<u>Other Covered Indebtedness</u>" means, collectively, Secured Longer-Term

Indebtedness, Secured Shorter-Term Indebtedness, Unsecured Shorter-Term Indebtedness and

UnsecuredLonger-TermIndebtedness;providedthatUnsecuredLonger-TermIndebtednessshall

not be included in Other Covered Indebtedness until the date that is nine months prior to the

maturity date of such Unsecured Longer-Term Indebtedness.

"<u>Other Permitted Indebtedness</u>" means (a)accrued expenses and current trade

accounts payable incurred in the ordinary course of any Obligor's business which are not

overdue for aperiod ofmorethanninety(90)days orwhicharebeingcontested ingoodfaith by

appropriateproceedings, (b)Indebtedness (other thanIndebtednessforborrowedmoney)arising

in connection with transactions in the ordinary course of any Obligor's business in connection

with its purchasing of securities, loans, derivatives transactions, reverse repurchase agreements

or dollar rolls to the extent such transactions are permitted under the Investment Company Act

and the Borrower's Investment Policies (after giving effect to any Permitted Policy

Amendments), provided that such Indebtedness in connection with reverse repurchase

agreements or dollar rolls does not arise in connection with the purchase of Investments other

than Cash Equivalents and U.S. Government Securities and (c)Indebtedness in respect of

judgments or awards so long as such judgments or awards do not constitute an Event of Default

under <u>clause (l)</u> of <u>Article VII</u>.

"<u>Other Taxes</u>" means any and all present or future stamp, court or documentary,

intangible, recording, filing or similar Taxes arising from any payment made under any Loan

Documentorfromtheexecution,delivery,performance,registrationorenforcementof,fromthe

receipt or perfection of a security interest under, or otherwise with respect to, any Loan

Document, excluding any such Taxes that are Other Connection Taxes resulting from an

assignment by any Lender in accordance with <u>Section 9.04</u> hereof (unless such assignment is

made pursuant to <u>Section 2.18(b)</u>).

32<br>

<u>"Outbound</u><u>Investment</u><u>Rules"</u><u>means</u><u>the</u><u>regulations</u><u>codified</u><u>at</u><u>31</u><u>C.F.R.</u><u>§</u>

<u>850.101</u><u>et</u><u>seq.</u><u>and</u><u>any</u><u>related</u><u>public</u><u>guidance</u><u>issued</u><u>by</u><u>the</u><u>United</u><u>States</u><u>Treasury</u>

<u>Department.</u>

"<u>Parent Company</u>" means, with respect to a Lender, the bank holding company

(as defined in Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person

owning, beneficially or of record, directly or indirectly, a majority of the outstanding Equity

Interests of such Lender.

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 9.04</u>.

"<u>Participant</u><u>Register</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>9.04</u>.

"<u>PATRIOT Act"</u> shall mean United States Public Law 107-56, Uniting and

Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct

Terrorism (USA PATRIOT Act) Act of 2001, as amended from time to time, and the rules and

regulations promulgated thereunder from time to time in effect.

"<u>PBGC</u>"meansthePensionBenefitGuarantyCorporationreferredtoanddefined

in ERISA and any successor entity performing similar functions.

"<u>Periodic Term CORRA Determination Day</u>" has the meaning specified in the

definition of "Term CORRA".

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the

definition of "Term SOFR".

"<u>Permitted</u><u>Convertible</u><u>Indebtedness</u>"meansIndebtednessincurredbyanObligor

that is convertible solely into Permitted Equity Interests of the Borrower.

"<u>Permitted Equity Interests</u>" means common stock of the Borrower that after its

issuance is not subject to any agreement between the holder of such common stock and the

Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or

terminate any such common stock.

"<u>Permitted Indebtedness</u>" means Permitted Convertible Indebtedness and any

other unsecured Indebtedness, in each case, incurred by an Obligor and designated by the

Borrower as "Permitted Indebtedness" in writing to the Administrative Agent.

"<u>Permitted Liens</u>" means (a)Liens imposed by any Governmental Authority for

Taxes, assessments or charges not yet due or that are being contested in good faith and by

appropriateproceedings if adequatereserves with respect thereto are maintained on the books of

the Borrower in accordance with GAAP; (b)Liens of clearing agencies, broker-dealers and

similarLiensincurredintheordinarycourseofbusiness;<u>provided</u>thatsuchLiens(i)attachonly

tothesecurities(orproceeds)beingpurchasedorsoldand(ii)secureonlyobligationsincurredin

connection with such purchase or sale, and not any obligation in connection with margin

financing; (c)Liens imposed by law, such as materialmen's, mechanics', carriers', workmens',

storage and repairmen's Liens and other similar Liens arising in the ordinarycourse of business

33<br>

and securing obligations (other than Indebtedness for borrowed money) not yet due or that are

being contested in good faith and by appropriate proceedings if adequate reserves with respect

thereto are maintained on the books of the Borrower in accordance with GAAP; (d)Liens

incurred or pledges or deposits made to secure obligations incurred in the ordinary course of

business under workers' compensation laws, unemployment insurance or other similar social

securitylegislation (other than Liens imposed bythe PBGC in respect of employee benefit plans

subject to Title IV of ERISA)or to secure public or statutory obligations; (e)Liens securing the

performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured

amounts, tenders, government or utility contracts (other than for the repayment of borrowed

money),surety,stay,customsandappealbondsandotherobligationsofasimilarnatureincurred

in the ordinary course of business; (<u>provided that all Liens on any Collateral included in the</u>

<u>Borrowing</u><u>Base</u><u>that</u><u>are</u><u>permitted</u><u>pursuant</u><u>to</u><u>this</u><u>clause</u><u>(e)</u><u>shall</u><u>have</u><u>a</u><u>priority</u><u>that</u><u>is</u><u>junior</u><u>to</u>

<u>the Liens under the Security</u><u>Documents; (</u>f)Liens arising out of judgments or awards so longas

such judgments or awards do not constitute an Event of Default under <u>clause (l)</u> of <u>Article</u><u>VII</u>;

(g)customary rights of setoff and liens upon (i)deposits of cash in favor of banks or other

depositoryinstitutionsinwhichsuchcashismaintainedintheordinarycourseofbusiness,

(ii)cash and financial assets held in securities accounts in favor of banks and other financial

institutionswithwhichsuchaccountsaremaintainedintheordinarycourseofbusinessand

(iii)assets held by a custodian in favor of such custodian in the ordinary course of business

securingpaymentoffees,indemnitiesandothersimilarobligations;(h)Liensarisingsolelyfrom

precautionary filings of financing statements under the Uniform Commercial Code of the

applicable jurisdictions in respect of operating leases entered into by the Borrower or any of its

Subsidiaries in the ordinary course of business; (i) deposits of money securing leases to which

Borrower is a party as lessee made in the ordinary course of business; (j) Liens in favor of any

escrowagentsolelyonandinrespectofanycashearnestmoneydepositsmadebyanyObligorin

connection with any letter of intent or purchase agreement (to the extent that the acquisition or

disposition with respect thereto is otherwise permitted hereunder); and (k) precautionary Liens

and filings of financing statements under the Uniform Commercial Code covering assets sold or

contributed to any Person in a transaction not prohibited hereunder.

"<u>Permitted Policy Amendment</u>" means any change, alteration, expansion,

amendment, modification, termination, restatement or replacement of the Investment Policies

that is one of the following:(a) approved in writing by the Administrative Agent (with the

consent of the Required Lenders), (b) required by applicable law, rule, regulation or

Governmental Authority, or (c) not materially adverse to the rights, remedies or interests of the

Lenders inthe reasonablediscretionoftheAdministrativeAgent(fortheavoidanceofdoubt,no

change, alteration, expansion, amendment, modification, termination or restatement of the

Investment Policies shall be deemed "materially adverse" if investment size proportionately

increases as the size of the Borrower's capital base changes).

"<u>Permitted SBIC Guarantee</u>"means aguaranteebytheBorrowerofIndebtedness

of an SBIC Subsidiary on the SBA's then applicable form (or the applicable form at the time

such guarantee was entered into), provided that the recourse to the Borrower thereunder is

expressly limited only to periods after the occurrence of an event or condition that is an

impermissiblechangeinthecontrolofsuchSBICSubsidiary(itbeingunderstoodthat,as

34<br>

provided in <u>clause (s)</u> of <u>Article VII</u>, it shall be an Event of Default hereunder if anysuch event

or condition giving rise to such recourse occurs).

"<u>Person</u>" means any natural person, corporation, limited liabilitycompany, trust,

jointventure,association,company,partnership,GovernmentalAuthority,vesselorotherentity.

"<u>Plan</u>" means any employee pension benefit plan (other than a Multiemployer

Plan)subject to the provisions of TitleIV of ERISA or Section412 of the Code or Section302

of ERISA, and inrespect ofwhich theBorroweroranyERISAAffiliateis(or, ifsuchplanwere

terminated, would under Section4069 of ERISA be deemed to be)an "employer" as defined in

Section3(5)of ERISA, or with respect to which any of the Borrower or any ERISA Affiliate

thereof has any direct or indirect liability, contingent or otherwise.

"<u>Platform</u>"hasthemeaningsetforthin<u>Section</u><u>5.01(i)</u>.

"<u>Portfolio Investment</u>" means any Investment held by the Obligors in their asset

portfolio (and, solely for purposes of determining the Borrowing Base and compliance with

Section 6.07(e), Cash and Cash Equivalents).

"<u>Prime Rate</u>" means the Prime Rate as quoted in the print edition of *The Wall*

*Street Journal*, Money Rates Section.

"<u>Principal Financial Center</u>" means, in the case of any Currency, the principal

financial center wheresuchCurrencyisclearedandsettled,asdeterminedbytheAdministrative

Agent.

"<u>Prohibited</u><u>Assignees</u><u>and</u><u>Participants</u><u>Side</u><u>Letter</u>"meansthatcertainSide

Letter, dated as of the Effective Date, between the Borrower and the Administrative Agent.

"<u>PTE</u>"meansaprohibitedtransactionclassexemptionissuedbytheU.S.

Department of Labor, as any such exemption may be amended from time to time.

"<u>Public</u><u>Lender</u>"meansLendersthatdonotwishtoreceiveNon-Public

Information with respect to the Borrower or anyof its Subsidiaries or their Securities.

"<u>Quarterly Dates</u>" means the last Business Day of March, June, September and

December in each year, commencing in December 2023.

"<u>Quoted</u><u>Investments</u>"hasthemeaningsetforthin<u>Section</u><u>5.12(b)(ii)(A)</u>.

"<u>Register</u>" has the meaning set forth in <u>Section 9.04</u>.

"<u>Registration</u><u>Statement</u>"means theRegistrationStatement filed bytheBorrower

with the SEC on November 16, 2022.

"<u>Regulations D, T, U and X</u>" means, respectively, Regulations D, T, U and X of

the Board, as the same maybe modified and supplemented and in effect from time to time.

35<br>

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's

Affiliates and the respective partners, directors, officers, managers, employees, agents, advisers

and other representatives of such Person and such Person's Affiliates.

"<u>Relevant Asset Coverage Ratio</u>" means, as of any date, the Consolidated Asset

Coverage Ratio as of the most recent Quarterly Date.

"<u>Relevant Governmental Body</u>" means (a) with respect to a Benchmark

Replacement in respect of obligations, interest, fees, commissions or other amounts owing

hereunder denominated in, or calculated with respect to, Dollars, the Board and/or the Federal

ReserveBankofNewYork,oracommitteeofficiallyendorsedorconvenedbytheBoardand/or

the Federal Reserve Bank of New York or, in each case, any successor thereto and (b) with

respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or

otheramountsowinghereunderdenominatedin,orcalculatedwithrespectto,CanadianDollars,

the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada or

any successor thereto.

"<u>Relevant Test Period</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Required</u><u>Lenders</u>"means,atanytime,LendershavingRevolvingCredit

Exposures and unused Commitments representing more than 50% of the sum of the total

RevolvingCreditExposuresandunusedCommitmentsatsuchtime;<u>provided</u>thattheRevolving

CreditExposuresandunusedCommitmentsofanyDefaultingLendershallbedisregardedinthe

determination of Required Lenders.The Required Lenders of a Class (which shall include the

terms "Required Dollar Lenders" and "Required Multicurrency Lenders")means, at any time,

Lenders having Revolving Credit Exposures and unused Commitments of such Class

representing more than 50% of the sum of the total Revolving Credit Exposures and unused

Commitments of such Class at such time; <u>provided</u> that the Revolving Credit Exposure and

unused Commitments of anyDefaulting Lenders shall bedisregarded in the determination of the

Required Lenders of a Class or the Required Lenders.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to

any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible</u><u>Officer</u>"meansthechiefexecutiveofficer,president,chieffinancial

officer, treasurer, assistant treasurer or controller of an Obligor.Any document delivered

hereunder that is signed by a Responsible Officer of an Obligor shall be conclusively presumed

to have been authorized byall necessarycorporate, partnership and/or other action on the part of

such Obligor and such Responsible Officer shall be conclusively presumed to have acted on

behalf of such Obligor.

"<u>Restricted Payment</u>" means anydividend or other distribution (whether in cash,

securities or other property)with respect to any shares of any class of Capital Stock of the

Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other

property),includinganysinkingfundorsimilardeposit,onaccountofthepurchase,redemption,

retirement, acquisition, cancellation or termination of any such shares of Capital Stock of the

Borrower or anyoption, warrant orother right to acquireanysuchshares ofCapitalStock ofthe

36<br>

Borrower; provided, for the avoidance of doubt, neither the conversion nor the settlement of

convertible debt into capital stock nor the purchase, redemption, retirement, acquisition,

cancellationorterminationofconvertibledebtmadesolelywithcapitalstock(otherthaninterest

or expenses or fractional shares, which may be payable in cash) shall be a Restricted Payment

hereunder.

"<u>Return of Capital</u>" means (a) any net cash amount received by any Obligor in

respect of the outstanding principal of any Investment (whether at stated maturity, by

acceleration orotherwise), (b) withoutduplication of amounts receivedunder <u>clause (a)</u>, anynet

cash proceeds received by any Obligor from the sale of any property or assets pledged as

collateral inrespect ofanyInvestment to theextentsuchnetcashproceedsarelessthan orequal

totheoutstandingprincipalbalanceofsuchInvestment,(c)anynetcashamountreceivedbyany

Obligor in respect of any Investment that is an Equity Interest (x) upon the liquidation or

dissolution of theissuerofsuch Investment,(y)as adistribution ofcapitalmadeon orinrespect

of such Investment, or (z) pursuant to the recapitalization or reclassification ofthe capital ofthe

issuer of such Investment or pursuant to the reorganization of such issuer or (d) any similar

return of capital received by any Obligor in cash in respect of any Investment (in the case of

<u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u> and <u>(d)</u>, net of any fees, costs, expenses and taxes payable with respect

thereto).

"<u>Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the

sumoftheoutstandingprincipalamountofsuchLender'sRevolvingDollarCreditExposureand

Revolving Multicurrency Credit Exposure at such time.

"<u>Revolving Dollar Credit Exposure</u>" means, with respect to any Lender at any

time,thesumoftheoutstandingprincipalamountofsuchLender'sSyndicatedLoans,anditsLC

Exposure and Swingline Exposure, at such time made or incurred under the Dollar

Commitments.

"<u>Revolving</u><u>Multicurrency</u><u>Credit Exposure</u>" means, with respect to anyLenderat

any time, the sum of the outstanding principal amount of such Lender's Syndicated Loans, and

itsLCExposureandSwinglineExposure,atsuchtimemadeorincurredundertheMulticurrency

Commitments.

"<u>RIC</u>" means a person qualifying for treatment as a "regulated investment

company", as defined in Section 851 of the Code.

"<u>S&P</u>"meansS&PGlobalRatingsoranysuccessorthereto.

"<u>Sanctioned</u><u>Country</u>"means, at anytime,acountry,territoryorregionthatisthe

subject or the target of country-wide or territory-wide Sanctions broadly prohibiting dealings

with such country, territory or region (as of the First<u>Second</u>Amendment Effective Date, Cuba,

Iran, North Korea, Syria, the Crimea Region of Ukraine, the so-called Donetsk People's

Republic, the so-called Luhansk People's Republic and non-government-controlled areas of the

Zaporizhzhia and Kherson Regions of Ukraine).

"<u>Sanctioned</u><u>Person</u>"means,atanytime,(a)anyPersonlistedinany

Sanctions-related list of designated Persons maintained bythe Office of Foreign Assets Control

37<br>

oftheU.S.Department oftheTreasuryortheU.S.DepartmentofStateorbytheUnitedNations

Security Council, the European Union, any European Union member state, His Majesty's

Treasury of the United Kingdom or any other relevant sanctions authority or subject to or the

subject or target of Sanctions, (b) any Person located, organized or resident in a Sanctioned

Country or (c) any Person owned 50% (fifty percent) or more, individually or in the aggregate,

directly or indirectly, or controlled by any such Person or Persons described in the foregoing

clause (a) or (b). For purposes of this definition, "Person" shall include a vessel.

"<u>Sanctions</u>" means all economic or financial sanctions or trade embargoes

imposed,administeredorenforcedfromtimetotimebytheUnitedStatesofAmerica(including

the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S.

Department of State), the United Nations SecurityCouncil, the European Union or anymember

state thereof, His Majesty's Treasury of the United Kingdom or any other relevant sanctions

authority.

"<u>SBA</u>" means the United States Small Business Administration or any

Governmental Authority succeeding to any or all of the functions thereof.

"<u>SBIC Equity Commitment</u>" means a commitment bythe Borrower to make one

or more capital contributions to an SBIC Subsidiary.

"<u>SBIC Subsidiary</u>" means any direct or indirect Subsidiary (including such

Subsidiary's general partner or managing entityto the extent that theonlymaterial asset ofsuch

general partner or managing entityis its equityinterest in the SBIC Subsidiary) of the Borrower

licensed as a small business investment company under the Small Business Investment Act of

1958, as amended, (or that has applied for such a license and is actively pursuing the granting

thereof by appropriate proceedings promptly instituted and diligently conducted) and which is

designatedbytheBorrower(asprovidedbelow)asanSBICSubsidiary,solongas(a)noportion

of the Indebtedness or anyother obligations (contingent or otherwise) of such Subsidiary:(i) is

Guaranteed byanyObligor (other than a Permitted SBIC Guarantee or analogous commitment),

(ii) is recourse to or obligates anyObligor in anyway(other than in respect of anySBIC Equity

Commitment or Permitted SBIC Guarantee or analogous commitment), or (iii) subjects any

property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction

thereof,otherthan EquityInterestsinanySBICSubsidiarypledgedtosecuresuch Indebtedness,

and (b) no Obligor has any obligation to maintain or preserve such Subsidiary's financial

condition or causesuch entityto achieve certain levels ofoperatingresults (otherthan inrespect

ofanySBICEquityCommitmentorPermittedSBICGuaranteeoranalogouscommitment).Any

suchdesignationbytheBorrowershallbeeffectedpursuanttoacertificateofaFinancialOfficer

delivered to the Administrative Agent, which certificate shall include a statement to the effect

that, to the best of such officer's knowledge, such designation complied with the foregoing

conditions.

"<u>SEC</u>"meanstheUnitedStatesSecuritiesandExchangeCommissionorany

successor thereto.

<u>"Second</u><u>Amendment</u><u>Effective</u><u>Date"</u><u>means</u><u>October</u><u>1,</u><u>2025.</u>

38<br>

"<u>Secured Longer-Term Indebtedness</u>" means Indebtedness (other than

Indebtedness hereunder)of any Obligor that (a)has no scheduled amortization prior to, and a

final maturity date not earlier than, six months after the Extended Final Maturity Date (it being

understood that none of:(w) the conversion features under convertible notes into Permitted

EquityInterests; (x)<u>under convertible notes (as well as</u>the triggering <u>of</u><u>such conversion</u>and/or

settlement thereof; or (y) any cash payment made in respect thereof, shall<u>solely with Permitted</u>

<u>Equity Interests, except in the case of interest expenses or fractional shares (which may be</u>

<u>payable in Cash or Cash Equivalents)) shall not</u>constitute "amortization" or a "final maturity

date" for purposes of this <u>clause (a)</u>), (b)is incurred pursuant to documentation containing (i)

financial covenants, covenants governing the borrowing base, if any, portfolio valuations and

eventsofdefault(otherthaneventsofdefaultcustomaryinindenturesorsimilarinstrumentsthat

havenoanalogousprovisionsinthisAgreementorcreditagreementsgenerally)thatarenomore

restrictive on the Borrower and its Subsidiaries than those set forth in this Agreement and (ii)

other terms (other than interest) that are no more restrictive in any material respect upon the

Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this

Agreement(itbeingunderstoodthatputrightsorrepurchaseorredemptionobligations(x)inthe

case of convertiblesecurities, in connection with the suspension or delistingof the Capital Stock

of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to

its Capital Stock or (y) arising out of circumstances that would constitute a "fundamental

change" (as such term is customarily defined in convertible note offerings) or an Event of

Default under this Agreement shall not be deemed to be more restrictive for purposes of this

definition); <u>provided</u>that,upontheBorrower'swrittenrequestinconnectionwiththeincurrence

of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of

this clause (b), the Borrower and the Administrative Agent (on behalf of the Lenders) shall

promptlyenterintoawrittenamendmenttotheLoanDocumentsmakingchangesnecessarysuch

that the financial covenants, covenants governing the borrowing base, if any, portfolio

valuations, events of default (other than events of default customary in indentures or similar

instruments that have noanalogous provisions in this Agreement orcreditagreements generally)

or other terms, as applicable, in this Agreement shall be as restrictive as such covenants in the

Secured Longer-Term Indebtedness (or in the case of such other terms, as restrictive in all

materialrespects)or(c)ranks*paripassu*withIndebtednessunderthisAgreementand<u>is</u>secured

by a lien on the collateral<u>Collateral</u>and the holder of such lien has enter<u>entered</u>into a joinder

agreement to the Security Documents.

"<u>Secured Shorter-Term Indebtedness</u>" means (a) any Indebtedness of an Obligor

that is secured by any assets of any Obligor and that does not constitute Secured Longer-Term

Indebtedness and that is not secured by any assets of any Obligor other than pursuant to this

Agreement or the Security Documents and the holders of which (or an authorized agent,

representative or trustee of such holders) have either executed (i) a joinder agreement to the

Guarantee and Security Agreement or (ii) such other document or agreement, in a form

reasonablysatisfactoryto the Administrative Agent and the Collateral Agent, pursuant to which

the holders (or an authorized agent, representative or trustee of such holders) of such Secured

Shorter-Term Indebtedness shall have become a partyto the Guarantee and SecurityAgreement

and assumed the obligations of a Financing Agent or Designated Indebtedness Holder (in each

case, as defined in the Guarantee and Security Agreement), and (b) any Indebtedness that is

designated as "Secured Shorter-Term Indebtedness" pursuant to <u>Section 6.11(a)</u>.

39<br>

"<u>Securities</u>"meanscommonandpreferredstock,unitsandparticipations,member

interests in limited liability companies, partnership interests in partnerships, notes, bonds,

debentures, trust receipts and other obligations, instruments or evidences of indebtedness,

including debt instruments of public and private issuers and tax-exempt securities (including

warrants, rights, put and call options and other options relating thereto, representing rights, or

any combination thereof) and other propertyor interests commonlyregarded as securities or any

form of interest or participation therein.

"<u>Security Documents</u>" means, collectively, the Guarantee and Security

Agreement,allUniformCommercialCodefinancingstatementsfiledwithrespecttothesecurity

interests in personal property created pursuant to the Guarantee and Security Agreement and all

other assignments, pledge agreements, security agreements, control agreements and other

instrumentsexecutedanddeliveredonoraftertheEffectiveDatebyanyoftheObligorspursuant

to the Guarantee and Security Agreement or otherwise providing or relating to any collateral

security for any of the Secured Obligations under and as defined in the Guarantee and Security

Agreement.

"<u>Senior Bank Loan Investment</u>" has the meaning assigned to such term in <u>Section</u>

<u>5.13</u>

"<u>Shareholders'</u><u>Equity</u>"means,atanydate,theamountdeterminedona

consolidatedbasis,withoutduplication,inaccordancewithGAAP,ofshareholdersequityforthe

Borrower and its Subsidiaries at such date.

"<u>SOFR</u>" means a rate per annum equal to the secured overnight financing rate as

administered by the SOFR Administrator.

"<u>SOFR</u><u>Administrator</u>"meanstheFederalReserveBankofNewYork(ora

successor administrator of the secured overnight financing rate).

"<u>SPE</u><u>Subsidiary</u>"means

(a)adirect orindirectSubsidiaryof the Borrower to which anyObligorsells,

conveys or otherwise transfers (whether directly or indirectly) Portfolio Investments,

Cash or Cash Equivalents, or which owns Portfolio Investments, Cash or Cash

Equivalents, and that engages in no material activities other than in connection with the

purchase, holding, disposition or financing of such assets and which isdesignated bythe

Borrower (as provided below) as an SPE Subsidiary, so long as:

(i)noportionoftheIndebtednessoranyotherobligations(contingent

orotherwise)ofwhich(i)isGuaranteedbyanyObligor(otherthanGuaranteesinrespect

of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in

anywayotherthanpursuant toStandardSecuritizationUndertakings or(iii)subjectsany

property of any Obligor, directly or indirectly, contingently or otherwise, to the

satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any

Guarantee thereof,

40<br>

(ii)no Obligor has any material contract, agreement, arrangement or

understanding with suchSubsidiaryotherthan onterms,taken as a whole,notmaterially

lessfavorabletosuchObligorthanthosethatmight beobtainedat thetimefromPersons

that are not Affiliates of any Obligor, other than fees payable in the ordinary course of

business in connection with servicing receivables, and

(iii)noObligorhasanyobligationtomaintainorpreservesuchentity's

financial condition or cause such entityto achieve certain levels of operating results; and

(b)anypassiveholdingcompanythatisdesignatedbytheBorrower(as

provided below) as a SPE Subsidiary, so long as:

(i)such passive holding company is the direct parent of a SPE

Subsidiary referred to in clause <u>(a)</u>;

(ii)such passive holding companyengages in no activities and has no

assetsorliabilities(otherthaninconnectionwiththetransferofassetstoandfromaSPE

Subsidiary referred to in clause <u>(a)</u>, and its ownership of all of the Equity Interests of a

SPE Subsidiary referred to in clause <u>(a)</u>) or liabilities;

(iii)no Obligor has any contract, agreement, arrangement or

understanding with such passive holding company; and

(iv)noObligorhasanyobligationtomaintainorpreservesuchpassive

holding company's financial condition or cause such entity to achieve certain levels of

operating results.

Any designation of a SPE Subsidiary by the Borrower shall be effected pursuant

to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate

shall include a statement to the effect that, to the best of such Financial Officer's knowledge,

such designation complied with each of the conditions set forth in clause <u>(a)</u> or <u>(b)</u> above, as

applicable. Each Subsidiary of an SPE Subsidiary shall be deemed to be an SPE Subsidiaryand

shall comply with the foregoing requirements of this definition.

As of the <u>Second Amendment</u> Effective Date, Twin Brook Capital Funding

XXXIII ASPV, LLC and, Twin Brook Capital Funding XXXIII MSPV, LLC <u>and Twin Brook</u>

<u>CLO 2024-1 LLC</u>are SPE Subsidiaries.

"<u>Special Equity Interest</u>" means any Equity Interest that is subject to a Lien in

favor of creditors oftheissuerofsuch EquityInterest <u>provided</u>that (a)such Lien was created to

secure Indebtedness owing by such issuer or any of its Subsidiaries (as defined without giving

effect to the penultimate sentence of the definition of such term) to such creditors, (b)such

Indebtedness was (i)in existence <u>and already secured by such Lien</u> at the time the Obligors

acquired such Equity Interest, <u>or</u>(ii)incurred or assumed by such issuer <u>and secured by such</u>

<u>Lien</u> substantially contemporaneously with such acquisition or (iii)already subject to a Lien

granted to such creditorsand (c)unless such EquityInterest is notintended to beincluded in the

41<br>

Collateral, the documentation creating or governing such Lien does not prohibittheinclusionof

such Equity Interest in the Collateral.

"<u>Special Permitted Indebtedness</u>" means any Permitted Indebtedness that has no

scheduled amortization prior to, and a final maturity date not earlier than, the Extended Final

Maturity Date (it being understood that none of (a) the conversion features under convertible

notes into Permitted Equity Interests, (b)<u>under convertible notes (as well as</u>the triggering <u>of</u>

<u>such conversion</u> and/or settlement thereof or (c) any cash payment made in respect thereof,

shall<u>solely with Permitted Equity Interests, except in the case of interest expenses or fractional</u>

<u>shares (which may</u><u>be payable in Cash or Cash Equivalents)) shall not</u>constitute "amortization"

hereunder).

"<u>Standard</u><u>Securitization</u><u>Undertakings</u>"means,collectively,(a)customary

arms-lengthservicingobligations(togetherwithanyrelatedperformanceguarantees),

(b)obligations (together with any related performance guarantees)to refund the purchase price

orgrantpurchasepricecreditsfordilutiveeventsormisrepresentations(ineachcaseunrelatedto

thecollectabilityoftheassetssoldorthecreditworthinessoftheassociatedaccountdebtors),

(c)representations, warranties, covenants and indemnities (together with any related

performance guarantees)of a type that are reasonably customary in transactions involving

bankruptcy remote special purpose entities, including accounts receivable securitizations,

collateralizedloanobligationsorsecuritizationsoffinancialassets,(d)obligations(togetherwith

any related performance guarantees) under any bad boy guarantee and (e) solely to the extent

permitted to be incurred pursuant to <u>Section 6.01(n)</u>, obligations under any guarantee of any

make-whole premium.

"<u>Subsidiary</u>" means, with respect to any Person (the "<u>parent</u>")at any date, any

corporation, limited liability company, partnership, association or other entity the accounts of

which would be consolidated with those of the parent in the parent's consolidated financial

statements ifsuch financialstatementswereprepared inaccordancewithGAAP as ofsuchdate,

as well as any other corporation, limited liability company, partnership, association or other

entity (a)of which securities or other ownership interests representing more than 50% of the

equityor more than 50% of theordinaryvotingpoweror, in thecase of apartnership, morethan

50%ofthegeneralpartnershipinterestsare,asofsuchdate,owned,controlledorheld,or

(b)that is, as of such date, otherwise Controlled bytheparent or one or moresubsidiaries of the

parent or by the parent and one or more subsidiaries of the parent.Anything herein to the

contrary notwithstanding, the term "Subsidiary" shall not include anyPerson that constitutes an

InvestmentheldbytheBorroweroranyofitsSubsidiariesintheordinarycourseofbusinessand

that is not, under GAAP, consolidated on the financial statements of the Borrower and its

Subsidiaries.Unless otherwise specified, "Subsidiary" means a Subsidiaryof the Borrower.

"<u>Subsidiary Guarantor</u>" means any Subsidiary that is a Subsidiary Guarantor

under the Guarantee and Security Agreement.It is understood and agreed that no Financing

Subsidiary, Immaterial Subsidiary, Foreign Subsidiary or Subsidiary of a Foreign Subsidiary

shall be a Subsidiary Guarantor.

"<u>Swingline Exposure</u>" means, at any time, the aggregate principal amount of all

SwinglineLoansoutstandingatsuchtime.TheSwinglineExposureofanyLenderatanytime

42<br>

shall be the sum of (a)(i)its Applicable Dollar Percentage of the total Swingline Exposure at

such time incurred under the Dollar Commitments and (ii)its Applicable Multicurrency

Percentage of the total Swingline Exposure at such time incurred under the Multicurrency

Commitments (excluding, for purpose of this clause (a), in the case of any Lender that is a

Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent

that the other Lenders under such Lender's Class shall not have funded their participations in

suchSwinglineLoans),adjusted,ineachcase,togiveeffecttoanyreallocationunder

Section2.19 of the Swingline Exposure of Defaulting Lenders in effect at such time, plus (b) in

the case of any Lender that is a Swingline Lender, the aggregate principal amount of all

Swingline Loans made by such Lender outstanding at such time, less the amount of

participations funded bythe other Lenders under such Lender's Class in such Swingline Loans.

"<u>Swingline Lender</u>" means Truist, Goldman Sachs Bank USA, JPMorgan Chase

Bank, N.A., Morgan Stanley Bank, N.A and Wells Fargo Bank, National Association, in their

capacity as lenders of Swingline Loans hereunder, and their successors in such capacity as

provided in <u>Section 2.04(d)</u>.

"<u>Swingline</u><u>Loan</u>"meansaLoanmadepursuantto<u>Section</u><u>2.04</u>.

"<u>Syndicated</u>",whenusedinreferencetoanyLoanorBorrowing,referstowhether

such Loan is, or the Loans constituting such Borrowing are, made pursuant to <u>Section 2.01</u>.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties,

deductions, withholdings (including backup withholding), assessments, fees, or other charges

imposed by any Governmental Authority, including any interest, additions to tax or penalties

applicable thereto.

"<u>Term Benchmark</u>", when used in reference to anyLoan or Borrowing, refers to

whether such Loan is, or the Loans constituting such Borrowing are, bearing interest at a rate

determined by reference to the Term Benchmark Rate.

"<u>Term Benchmark Banking Day</u>" means for Term Benchmark Loans, Term

Benchmark Borrowings or interest, fees, commissions or other amounts denominated in, or

calculated with respect to:

(a)Dollars,aU.S.GovernmentSecuritiesBusinessDay;and

(b)Canadian Dollars, anyday(other than a Saturdayor Sunday) on which banks are

open for business in Toronto, Canada<u>a CORRA Business Day</u>.

"<u>Term</u><u>Benchmark</u><u>Rate</u>"means,foranyInterestPeriod:

(a)inthe caseofTermBenchmarkBorrowingsdenominatedinDollars,TermSOFR

for such Interest Period; and

(b)in the case of Term Benchmark Borrowings denominated in Canadian Dollars,

Term CORRA for such Interest Period;

43<br>

<u>provided</u> that, in each case, ifsuch rate for anyCurrencyislessthanzero,suchrateshall

be deemed to be zero for purposes of this Agreement.

"<u>Term CORRA</u>" means, for any calculation with respect to a Term Benchmark

Loan denominated in CAD for any Interest Period, the sum of (i) the applicable Term CORRA

Credit Adjustment Spread for such Interest Period and (ii) the Term CORRA Reference Ratefor

a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term</u>

<u>CORRA Determination Day</u>") that is two (2) Term Benchmark Business Days prior to the first

day of such Interest Period, as such rate is published by the Term CORRA Administrator and is

displayedonascreenorotherinformationservice,asidentifiedorselectedbytheAdministrative

Agent (the "<u>CAD Screen Rate</u>"); provided, however, that if as of 1:00 p.m. (Toronto time) on

any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the

applicable tenor has not been published by the Term CORRA Administrator and a Benchmark

Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then

Term CORRA<u>clause (ii) of this definition</u>will be the Term CORRA Reference Rate for such

tenor as published by the Term CORRA Administrator on the first preceding Term Benchmark

Business Dayfor which such Term CORRA Reference Rate for such tenor was published bythe

Term CORRA Administrator so long as such first preceding Term Benchmark Business Day is

not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day;

provided, further, that if Term CORRA determined as provided above (includingpursuant to the

proviso) shall ever be less than zero, then Term CORRA shall be deemed to be zero.

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration

Services Inc., TSX Inc., or any successor administrator of the Term CORRA Reference Rate

selected by the Administrative Agent in its reasonable discretion.

"<u>Term CORRA Credit Adjustment Spread</u>" means, with respect to Term

BenchmarkLoansdenominatedinCAD,(a)withanInterestPeriodofonemonth,0.29547%and

(b)withanInterestPeriodofthreemonths,0.32138%.

"<u>Term</u><u>CORRA</u><u>Reference</u><u>Rate</u>"meanstheforward-lookingtermratebasedon

CORRA.

"<u>Term</u><u>SOFR</u>"means,

(a)foranycalculationwithrespecttoanyTermBenchmarkLoan

denominatedinDollarsforanyInterestPeriod,thesumof(i)theTermSOFRCreditAdjustment

Spread and (ii) the Term SOFR Reference Rate for atenor comparable to the applicable Interest

Period on theday(such day, the "<u>Periodic</u><u>Term SOFR Determination Day</u>")that is two (2) U.S.

GovernmentSecuritiesBusinessDayspriortothefirstdayofsuchInterestPeriod,assuchrateis

published by the Term SOFR Administrator; <u>provided</u>, that if as of 5:00 p.m. (New York City

time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the

applicable tenor has not been published by the Term SOFR Administrator and a Benchmark

Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term

SOFR<u>clause (a)(ii) of this definition</u>will be the Term SOFR Reference Rate for such tenor as

published by the Term SOFR Administrator on the first preceding U.S. Government Securities

BusinessDay forwhichsuchTermSOFRReference Rate forsuchtenorwaspublishedby the

44<br>

Term SOFR Administratorsolong assuch firstpreceding U.S. GovernmentSecurities Business

Dayis not morethanthree (3) U.S. GovernmentSecuritiesBusinessDayspriortosuchPeriodic

Term SOFR Determination Day, and

(b)forany calculationwithrespecttoanyABRLoanonanyday,thesumof

(i)theTermSOFRCreditAdjustmentSpreadand(ii)theTermSOFRReferenceRateforatenor

of one month on the day(such day, the "<u>Base Rate Term SOFR Determination Day</u>") that is two

(2)U.S. Government Securities Business Days prior to such day,as suchrateis published bythe

Term SOFR Administrator; <u>provided</u> that if as of 5:00 p.m. (New York City time) on any Base

Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor

has not been published by the Term SOFR Administrator and a Benchmark Replacement Date

with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR<u>clause (b)(ii)</u>

<u>of</u><u>this</u><u>definition</u>willbetheTermSOFRReferenceRateforsuchtenoraspublishedbytheTerm

SOFR Administrator on the first preceding U.S. GovernmentSecurities Business Dayfor which

suchTermSOFRReferenceRateforsuchtenorwaspublishedbytheTermSOFRAdministrator

so long as such first preceding U.S. Government Securities Business Dayis not more thanthree

(3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR

Determination Day;

<u>provided</u>, that if Term SOFR determined as provided above (including pursuant to the proviso

under <u>clause (a)</u> or <u>(b)</u> above) shall ever be less than zero, then Term SOFR shall be deemed to

be zero.

"<u>Term SOFR Administrator</u>" means the CME Group Benchmark Administration

Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected bythe

Administrative Agent in its reasonable discretion).

"<u>Term</u><u>SOFR</u><u>Credit</u><u>Adjustment</u><u>Spread</u>"means0.10%.

"<u>Term</u><u>SOFR</u><u>Reference</u><u>Rate</u>"meanstheforward-lookingtermratebasedon

SOFR.

"<u>Termination</u><u>Date</u>"meanstheearliesttooccurof(i)theExtendedFinal Maturity

Date,(ii)thedateoftheterminationoftheCommitmentsinfullpursuantto<u>Section</u><u>2.08(c)</u>,or

(iii)thedateonwhichtheCommitmentsareterminatedpursuantto<u>Article</u><u>VII</u>.

"<u>Testing</u><u>Period</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>5.12(b)(ii)(F)</u>.

"<u>Testing</u><u>Quarter</u>"hasthemeaningassignedtosuchtermin

<u>Section</u><u>5.12(b)(ii)(B)</u>.

"<u>Total</u><u>Assets</u>"means,asofanydateofdetermination,thevalueofthetotalassets

of the Obligors (which, for the avoidance of doubt, shall include the aggregate value of the

Equity Interests in the Financing Subsidiaries held by the Obligors), less all liabilities and

indebtedness of theObligors not represented byseniorsecurities, ineachcase,as ofsuchdateof

determination.

45<br>

"<u>Total Assets Concentration Limitation</u>" means, as of any date of determination,

the amount by which the aggregate value of Equity Interests in Financing Subsidiaries held by

theObligors as ofsuchdateofdeterminationexceeds 15%oftheTotalAssets as ofsuchdateof

determination.

"<u>Total Secured Debt</u>" means, as of any date of determination, the aggregate

amount of senior securities representing secured indebtedness of the Obligors as of such date of

determination.

"<u>Transactions</u>" means the execution, delivery and performance by the Borrower

of this Agreement and the other Loan Documents, the borrowing of Loans, the use of the

proceeds thereof and the issuance of Letters of Credit under this Agreement.

"<u>Truist</u>"meansTruistBank.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the

rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined by

reference to the Term Benchmark Rate or the Alternate Base Rate.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is

defined under the PRA Rulebook (as amended from time to time) promulgated by the United

Kingdom Prudential Regulation Authority) or anyperson falling within IFPRU 11.6 oftheFCA

Handbook (as amended from time to time) promulgated by the United Kingdom Financial

Conduct Authority, which includes certain credit institutions and investment firms, and certain

affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public

administrative authorityhaving responsibilityfor the resolution of anyUK Financial Institution.

"<u>Unadjusted</u><u>Benchmark</u><u>Replacement</u>"meanstheapplicableBenchmark

Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Underlying Obligor</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Underlying Obligor Interest Coverage Ratio</u>" has the meaning assigned to such

term in<u>Section</u> <u>5.13</u>.

"<u>Underlying</u><u>Obligor</u><u>Net</u><u>Senior</u><u>Leverage</u><u>Ratio</u>"hasthemeaningassignedto

such term in <u>Section 5.13</u>.

"<u>Undisclosed Administration</u>" means, in relation to a Lender, the appointment of

an administrator, provisional liquidator, conservator, receiver,trustee, custodianorothersimilar

official by a supervisory authority or regulator under or based on the law in the country where

such Lender is subject to home jurisdiction supervision if applicable law requires that such

appointment is not to be publicly disclosed.

"<u>Unfunded</u><u>Amount</u>"means,withrespecttoanyPortfolioInvestmentwithan

unfundedcommitment,includinganyrevolvingloanordelayeddrawtermloan,asofanydate of

46<br>

determination, the unfunded commitment of any Obligor at such time with respect to such

Portfolio Investment.

"<u>Uniform Commercial Code</u>" means the Uniform Commercial Code as in effect

from time to time in the State of New York.

"<u>United States Person</u>" means any Person that is a "United States Person" as

defined in Section 7701(a)(30) of the Code.

"<u>Unquoted Investments</u>" has the meaning set forth in <u>Section 5.12(b)(ii)(B)</u>.

"<u>Unrestricted</u><u>Cash</u>"means,asofanydateofdetermination,allCashand

CashEquivalents of the Borrower and its Subsidiaries that is available for use for general

corporate purposes and not held in any reserve account or legally or contractually restricted for

any particular purposes or included in the borrowing base for any senior indebtedness of the

Borrower anditsSubsidiaries (includingthe Borrowing Base); <u>provided</u>that anyCashandCash

Equivalents of any Subsidiary of the Borrower that is not an Obligor may be included in the

borrowing base (or otherwise subject to a Lien) under any senior indebtedness to which such

Subsidiary is a party so long as such Subsidiary shall be permitted to distribute such Cash or

Cash Equivalents to an Obligor within 30 days of such date.

"<u>Unsecured Longer-Term Indebtedness</u>" means unsecured Indebtedness of any

Obligor (which may be Guaranteed by one or more other Obligors) that (a) has no amortization

prior to, and a final maturity date not earlier than, six months after the Extended Final Maturity

Date (it being understood that (A) none of:(w)the conversion features under convertible notes

into Permitted Equity Interests; (x)<u>under convertible notes (as well as</u>the triggering <u>of such</u>

<u>conversion</u> and/or settlement thereof; or (y) any cash payment made in respect thereof, shall

solelywithPermittedEquityInterests,exceptinthecaseofinterestexpensesorfractionalshares

<u>(which may be payable in Cash or Cash Equivalents)) shall not</u>constitute "amortization" or a

"final maturitydate" forpurposes of this definition); and (B) anymandatoryamortization that is

contingent upon the happening of an event that is not certain to occur (including a change of

control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness for

purposes of this clause (a), (b) is incurred pursuant to terms that are substantiallycomparable to

market terms for substantially similar debt of other similarly situated borrowers as reasonably

determined in good faith by the Borrower or, if such transaction is not one in which there are

market terms for substantially similar debt of other similarly situated borrowers, on terms that

are negotiated in good faith on an arm's length basis (except, in each case, other than financial

covenants and events of default (other than events of default customary in indentures or similar

instrumentsthathavenoanalogousprovisionsinthisAgreementorcreditagreementsgenerally),

which shall be no more restrictive upon the Borrower and its Subsidiaries, while any Loans or

the Commitments are outstanding, than those set forth in the Loan Documents; provided that,

upon the Borrower's written request in connection with the incurrence of any Unsecured

Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this

parenthetical of this clause (b), the Borrower and the Administrative Agent (on behalf of the

Lenders) shall promptly enter into a written amendment to the Loan Documents making such

changes necessary such that the financial covenants and events of default, as applicable, in this

AgreementshallbeasrestrictiveassuchprovisionsintheUnsecuredLonger-Term

47<br>

Indebtedness) (it being understood that put rights or repurchase or redemption obligations (x) in

the case of convertible securities, in connection with the suspension or delisting of the Capital

Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with

respect to its Capital Stock or (y) arising out of circumstances that would constitute a

"fundamental change" (as such term is customarily defined in convertible note offerings) or be

Events of Default under this Agreement shall not be deemed to be more restrictive for purposes

ofthisdefinition)and(c)isnotsecuredbyanyassetsofanyObligor.Fortheavoidanceofdoubt

the conversion of all or any portion of any Permitted Convertible Indebtedness constituting

UnsecuredLonger-TermIndebtednessintoPermittedEquityInterestsinaccordancewith<u>Section</u>

<u>6.12(a)</u>, shall not cause such Indebtedness to be designated as Unsecured Shorter-Term

Indebtedness hereunder.

"<u>Unsecured</u><u>Shorter-Term</u><u>Indebtedness</u>"means,collectively,(a)anyIndebtedness

of an Obligor that is not secured by any assets of any Obligor and that does not constitute

UnsecuredLonger-TermIndebtednessand(b)anyIndebtednessthatisdesignatedas"Unsecured

Shorter-Term Indebtedness" pursuant to <u>Section 6.11(a)</u>.

"<u>U.S. Government Securities</u>" means securities that are direct obligations of, and

obligations the timely payment of principal and interest on which is fully guaranteed by, the

United States or any agency or instrumentality of the United States the obligations of which are

backed by the full faith and credit of the United States and in the form of conventional bills,

bonds, and notes.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a

Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets

Association recommends that the fixed income departments of its members be closed for the

entire day for purposes of trading in United States government securities.

"<u>Value</u>"hasthemeaningassignedtosuchtermin<u>Section</u><u>5.13</u>.

"<u>Value</u><u>Triggering</u><u>Event</u>"hasthemeaningassignedtosuchtermin<u>Section 5.13</u>.

"<u>Withdrawal</u><u>Liability</u>"meansliabilitytoaMultiemployerPlanasaresultof a

completeorpartialwithdrawalfromsuchMultiemployerPlan,assuchtermsaredefinedinPartI

of Subtitle E of Title IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA

Resolution Authority,the write-down and conversionpowersofsuchEEAResolutionAuthority

from time to time under the Bail-In Legislation for the applicable EEAMemberCountry, which

write-downandconversionpowersaredescribedintheEUBail-InLegislationSchedule,and(b)

with respect to the United Kingdom, any powers of the applicable Resolution Authority under

the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK

Financial Institution or anycontract orinstrumentunderwhichthatliabilityarises, toconvertall

or part of that liabilityinto shares, securities or obligations of that person or anyother person, to

provide that any such contract or instrument is to have effect as if a right had been exercised

under it or to suspend any obligation in respect of that liability or any of the powers under that

Bail-In Legislation that are related to or ancillaryto anyof those powers.

48<br>

SECTION1.02.<u>Classification of Loans and Borrowings</u>.For purposes of this

Agreement, Loans may be classified and referred to by Class (e.g., a "Syndicated Dollar Loan"

or"SyndicatedMulticurrencyLoan"),byType(e.g.,an"ABRLoan")orbyClassandType(e.g.,

a "Syndicated Multicurrency Term Benchmark Loan").Borrowings also may be classified and

referred to by Class (e.g., a "Dollar Borrowing", "Multicurrency Borrowing" or "Syndicated

Borrowing"), by Type (e.g., an "ABR Borrowing")or by Class and Type (e.g., a "Syndicated

ABR Borrowing" or "Syndicated Multicurrency Term Benchmark Borrowing").Loans and

Borrowings may also be identified by Currency.

SECTION1.03.<u>Terms Generally</u>.The definitions of terms herein shall apply

equallytothesingularandpluralformsofthetermsdefined.Wheneverthecontextmayrequire,

any pronoun shall include the corresponding masculine, feminine and neuter forms.The words

"include", "includes" and "including" shall be deemed to be followed by the phrase "without

limitation".Theword"will"shallbeconstruedtohavethesamemeaningandeffectastheword

"shall".Unless the context requires otherwise (a)any definition of or reference to any

agreement, instrument or other document herein shall be construed as referring to such

agreement, instrument or other document as from time to time amended, restated, amended and

restated, supplemented or otherwise modified (subject to any restrictions on such amendments,

supplements or modifications set forth herein or therein), (b)anyreference herein to anyPerson

shall be construed to include such Person's successors and permitted assigns, (c)the words

"herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to

this Agreement in its entiretyand not to anyparticularprovision hereof, (d) all references herein

to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections

of,andExhibits andSchedulesto,thisAgreementand(e)thewords"asset"and"property"shall

be construed to have the same meaning and effect and to refer to any and all tangible and

intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION1.04. <u>Accounting Terms; GAAP</u>.Except as otherwise expressly

provided herein, all terms of an accounting or financial nature shall be construed in accordance

with GAAP, as in effect from time to time; <u>provided</u> that, (a) if the Borrower notifies the

Administrative Agent that the Borrower requests an amendment to any provision hereof to

eliminate the effect of any change occurring after the Effective Date in GAAP or in the

applicationthereofontheoperationofsuchprovision(oriftheAdministrativeAgentnotifiesthe

Borrower that the Required Lenders request an amendment to any provision hereof for such

purpose),regardless ofwhetheranysuch notice is given before oraftersuchchangeinGAAP or

in the application thereof then such provision shall be interpreted on the basis of GAAP as in

effect and applied immediatelybefore such change shall have become effective until such notice

shall have been withdrawn or such provision amended in accordance herewith and (b) all leases

that are or would have been treated as operating leases for purposes of GAAP prior to the

issuance on February 25, 2016 of the Accounting Standards Update (the "ASU") shall continue

to be accounted for as operating leases for purposes of all financial definitions and calculations

for the purposes of the Loan Documents hereunder(whether or not such operating lease

obligations were in effect on such date) notwithstanding the fact that such obligations are

required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be

treated as capitalized lease obligations in the financial statements to be delivered pursuant to the

Loan Documents.Whether or not the Borrower may at any time adopt Financial Accounting

Standards Board ("FASB") Accounting Standards Codification Subtopic 825-10 (or successor

49<br>

standard solely as it relates to fair valuing liabilities) or accounts for liabilities acquired in an

acquisition on a fair value basis pursuant to FASB Statement of Financial Accounting Standard

No. 141(R) (or successor standard solely as it relates to fair valuing liabilities), all

determinations of compliance with theterms and conditions of this Agreement shall bemade on

the basis that the Borrower has not adopted FASB Accounting Standards Codification Subtopic

825-10 (or such successor standard solelyas it relates to fair valuingliabilities) or, in the case of

liabilities acquired in an acquisition, FASB Statement of Financial Accounting Standard No.

141(R)(orsuchsuccessorstandardsolelyasitrelatestofairvaluingliabilities).Notwithstanding

any other provision contained herein, all terms of an accounting or financial nature used herein

shall be construed, and all computations of amounts and ratios referred to herein shall be made,

without giving effect to any election under Statement of Financial Accounting Standards 159,

The Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto

(including pursuant to Financial Accounting Standard Board Accounting Standard

Codifications), to value any Indebtedness of the Borrower or any Subsidiary at "fair market

value", as defined therein.

SECTION1.05.<u>Currencies; Currency Equivalents</u>.At any time, any reference

inthedefinitionoftheterm"AgreedForeignCurrency"orinanyotherprovisionofthis

Agreement to the Currency of any particular nation means the lawful currency of such nation at

such time whether or not the name of such Currencyis the same as it was on the Effective Date.

Except as provided in <u>Section</u><u>2.10(b)</u> and the last sentence of <u>Section</u><u>2.17(a)</u>, for purposes of

determining(i)whethertheamountofanyBorrowingorLetterofCreditunderthe

Multicurrency Commitments, together with all other Borrowings and Letters of Credit under the

MulticurrencyCommitmentsthenoutstandingortobeborrowedatthesametimeassuch

Borrowing,wouldexceedtheaggregateamountoftheMulticurrencyCommitments,(ii) the

aggregateunutilizedamountoftheMulticurrencyCommitments,(iii) theRevolving

MulticurrencyCreditExposure,(iv) theMulticurrencyLCExposure,(v)theCoveredDebt

Amountand(vi)theBorrowingBaseortheValueorthefairmarketvalueofanyInvestment,the

outstanding principal amount of any Borrowing or Letter of Credit that is denominated in any

Foreign Currencyor the Value or the fair market value of anyInvestment that is denominated in

any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign

CurrencyofsuchBorrowing,LetterofCreditorInvestment,asthecasemaybe,determinedasof

the date of such Borrowing or Letter of Credit (determined in accordance with the last sentence

of the definition of the term "Interest Period") or the date of the valuation of such Investment, as

thecasemaybe.WhereverinthisAgreementinconnectionwithaBorrowingorLoanan

amount,suchasarequiredminimumormultipleamount,isexpressedinDollars,butsuch

BorrowingorLoanisdenominatedinaForeignCurrency,suchamountshallbetherelevant

Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such

ForeignCurrency).Notwithstandingtheforegoing,forpurposesofdeterminingcompliancewith

anybasket in Section 6.01<u>(</u><u>i), 6.01(l), 6.01(m), 6.01</u>(n), <u>6.02(d)</u>, <u>6.02(g)</u> or <u>6.03(g)</u> or <u>6.04(</u>ei) of

thisAgreement,innoeventshalltheBorroweroranyObligorbedeemedtonotbein

compliance with anysuch basket solelyas a result of a change in exchange rates.

SECTION1.06.<u>Divisions</u>.For all purposes underthe Loan Documents,if, as a

result of any division or plan of division under Delaware law (or any comparable event under a

different jurisdiction's laws): (a) any asset, right, obligation or liability of any Person becomes

the asset, right, obligation or liabilityof a different Person, then it shall bedeemed to havebeen

50<br>

transferred from the original Person to the subsequent Person, and (b) any new Person comes

into existence, such new Person shall be deemed to havebeenorganized or acquired onthe first

date of its existence by the holders of its Equity Interests at such time.

SECTION1.07.<u>Rates</u>.The Administrative Agent does not warrant or accept

responsibility for, and shall not have any liability with respect to (a) the continuation of,

administration of, submission of, calculation of or anyothermatter related to the Alternate Base

Rate or theTermBenchmarkRateoranycomponentdefinitionthereoforratesreferred to in the

definition thereof, or any alternative, successor or replacement rate thereto (including any

Benchmark Replacement), including whether the composition or characteristics of any such

alternative, successor or replacement rate (including any Benchmark Replacement) will be

similar to, or produce the same value or economic equivalence of, or have the same volume or

liquidityas, theAlternateBaseRate, theTermBenchmarkRateoranyotherBenchmarkpriorto

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 the Alternate Base Rate, the Term

Benchmark Rate, any alternative, successor or replacement rate (including any Benchmark

Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the

Borrower.The Administrative Agent may select information sources or services in its

reasonable discretion to ascertain the Alternate Base Rate, the Term Benchmark Rate or any

other Benchmark, 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

orexpenses(whetherintort,contractorotherwiseandwhetheratlaworinequity),foranyerror

or calculation of anysuch rate (or component thereof) provided byanysuch information source

or service.

SECTION1.08.<u>Letter of Credit Amounts</u>.Unless otherwise specified herein,

the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of

Credit available to be drawn at such time; provided that with respect to anyLetter of Credit that,

by its terms, provides for one or more automatic increases in the available amount thereof, the

amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of

Creditaftergivingeffecttoallsuchincreases,whetherornotsuchmaximumamountisavailable

to be drawn at such time.

SECTION1.09.<u>Payment</u><u>or</u><u>Performance</u>.Exceptasotherwisespecifiedherein,

the payment of any obligation or the performance of any action, covenant, duty or obligation

under any Loan Document is stated to be due or performance required on a day which is not a

Business Day, the date of such payment or performance shall extend to the immediately

succeeding Business Day and such extension of time shall be reflected in computing interest or

fees, as the case may be.

51<br>

ARTICLEII

<u>THE CREDITS</u>

SECTION2.01.<u>The</u><u>Commitments</u>. Subjecttothetermsandconditionsset

forth herein:

(a)eachDollarLenderseverallyagreestomakeSyndicatedLoansinDollars to the

Borrower from time to time during such Dollar Lender's Availability Period in an aggregate

principal amount that will not result in (i)such Lender's Revolving Dollar Credit Exposure

exceeding such Lender's Dollar Commitment, (ii)the aggregate Revolving Dollar Credit

Exposure of all of the Dollar Lenders with Dollar Commitments then in effect exceeding the

aggregate Dollar Commitments at such time, (iii) thesum of the aggregateRevolvingCredit

Exposure of all of the Lenders with Commitments then in effect plus the Net Revolving

Exposure exceeding the aggregate Commitments at such time, or (iv)the sum of the Covered

Debt Amount plus the Net Revolving Exposure exceeding the Borrowing Base then in effect;

and

(b)each MulticurrencyLender severallyagrees to make Syndicated Loans in

Dollars and in Agreed Foreign Currencies to the Borrower from time to time during such

MulticurrencyLender's AvailabilityPeriod in an aggregate principal amount that will not result

in (i)such Lender's Revolving Multicurrency Credit Exposure exceeding such Lender's

Multicurrency Commitment, (ii)the aggregate Revolving Multicurrency Credit Exposure of all

of the Multicurrency Lenders with Multicurrency Commitments then in effect exceeding the

aggregate Multicurrency Commitments at such time, (iii) the sum of the aggregate Revolving

Credit Exposure of all of the Lenders with Commitments then in effect plus the Net Revolving

Exposure exceeding the aggregate Commitments at such time or (iv)the sum of the Covered

Debt Amount plus the Net Revolving Exposure exceeding the Borrowing Base then in effect.

Withintheforegoinglimitsandsubjecttothetermsandconditionssetforth

herein, the Borrower may borrow, prepay and reborrow Syndicated Loans.

SECTION2.02.<u>Loans</u><u>and</u><u>Borrowings</u>

(a)<u>Obligations of Lenders</u>.Each Syndicated Loan shall be made as part of a

Borrowing consisting of Loans of the same Class, Currency and Type made by the applicable

Lenders ratably in accordance with their respective Commitments of the applicable Class.The

failure of any Lender to make any Loan required to be made by it shall not relieve any other

Lender of its obligations hereunder; <u>provided</u> that the Commitments of the Lenders are several

and no Lender shall be responsible for anyother Lender's failure to make Loans as required.

(b)<u>Type of Loans</u>.Subject to <u>Section</u><u>2.13</u>, each Syndicated Borrowing of a

Class shall be constituted entirely of ABR Loans or Term Benchmark Loans of such Class

denominated in a single Currency as the Borrower may request in accordance herewith.Each

ABR Loan shall be denominated in Dollars.Each Term Benchmark Loanshallbedenominated

in Dollars or an Agreed Foreign Currency.Each Lender at its option may make any Term

Benchmark Loan bycausing anydomesticor foreignbranchorAffiliateofsuch Lendertomake

52<br>

suchLoan;<u>provided</u>thatanyexerciseofsuchoptionshallnotaffecttheobligationofthe

Borrower to repaysuch Loan in accordance with the terms of this Agreement.

(c)<u>Minimum Amounts</u>.Each Term Benchmark Borrowing shall be in an

aggregate <u>principal</u> amount of $1,000,000 or a larger multiple of $1,000,000, and each ABR

Borrowing (whether a Syndicated Loan or a Swingline Loan) shall be in an aggregate <u>principal</u>

amount of $1,000,000 or a larger multiple of $100,000; <u>provided</u> that a Syndicated ABR

Borrowing of a Class maybe in an aggregate <u>principal</u>amount that is equal tothe entireunused

balance of the total Commitments of such Class or that is required to financethereimbursement

of an LC Disbursement of such Class as contemplated by <u>Section</u><u>2.05(f)</u>.Borrowings of more

than one Class, Currency and Type may be outstanding at the same time.

(d)<u>Limitations on Interest Periods</u>.Notwithstanding any other provision of

thisAgreement,theBorrowershallnotbeentitledtorequest(ortoelecttoconverttoorcontinue

as a Term BenchmarkBorrowing)anyBorrowingif the Interest Period requestedthereforwould

end after the Extended Final Maturity Date; <u>provided</u> that any request (or election to convert or

continue as a Term Benchmark Borrowing) that would extend past an applicable Non-Extended

Final Maturity Date may only be made with respect to the portion of the Term Benchmark

BorrowingheldbytheExtendingLendersandNon-ExtendingLendersforwhichthe

Non-Extended Final Maturity Date shall not have occurred.

(e)<u>Treatment</u><u>of</u><u>Classes</u>.Notwithstandinganythingtothecontrarycontained

herein, with respect to each Syndicated Loan, Swingline Loan or Letter of Credit designated in

Dollars (including anyLoan requestedpursuant to <u>Section 2.21</u>), the Administrative Agent shall

deem the Borrower to have requested that such Syndicated Loan, Swingline Loan or Letter of

Credit be applied ratably to each of the Dollar Commitments and the Multicurrency

Commitments, based upon the percentage of the aggregate Commitments represented by the

Dollar Commitments and the Multicurrency Commitments, respectively.

SECTION2.03.<u>Requests</u><u>for</u><u>Syndicated</u><u>Borrowings</u>.

(a)<u>Notice by the Borrower</u>.To request a Syndicated Borrowing, the

Borrower shall notify the Administrative Agent of such request by telephone or <u>electronic</u>

<u>communication or</u> by delivery of a signed Borrowing Request (i)in the case of a Term

Benchmark Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time,

three Business Days before the date of the proposed Borrowing, (ii)in the case of a Term

Benchmark Borrowingdenominated in aForeignCurrency,notlaterthan11:00a.m.,NewYork

Citytime, four Business Days before the date of the proposed Borrowingor (iii)inthe caseof a

Syndicated ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the

proposed Borrowing.EachsuchtelephonicBorrowingRequest<u>made</u><u>by</u><u>telephone</u><u>or</u><u>electronic</u>

<u>communication</u>shall be irrevocable and shall be confirmed promptlybyhand delivery, telecopy

or electronic communication to the Administrative Agent of a written Borrowing Request.

(b)<u>Content of Borrowing Requests</u>.Each telephonic and written Borrowing

Request shall specify the following information in compliance with <u>Section 2.02</u>:

(i)theaggregateamountandCurrencyoftherequestedBorrowing;

53<br>

(ii)thedateofsuchBorrowing,whichshallbeaBusiness Day;

(iii)in the case of a Syndicated Borrowing denominated in Dollars,

whether such Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing;

(iv)in the case of a Term Benchmark Borrowing, the Interest Period

therefor, which shall be a period contemplated by the definition of the term "Interest

Period" and permitted under <u>Section 2.02(d)</u>; and

(v)thelocation andnumberoftheBorrower'saccounttowhichfunds

are to be disbursed, which will complywith the requirements of <u>Section 2.06</u>.

(c)<u>Notice by the Administrative Agent to the Lenders</u>.Promptly following

receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall

adviseeachapplicableLenderofthedetailsthereofandoftheamountsofsuchLender'sLoanto

be made as part of the requested Borrowing.

(d)<u>Failure to Elect</u>.If no election as to the Currency of a Syndicated

Borrowing is specified <u>in a Borrowing Request</u>, then the requested Syndicated Borrowing shall

be denominated in Dollars.If no election as to the Type of a Syndicated Borrowing is specified

<u>in a Borrowing Request</u>, then the requested Borrowing shall be a Term Benchmark Borrowing

having an Interest Period of one month and, if an Agreed Foreign Currency has been specified,

therequestedSyndicatedBorrowingshallbeaTermBenchmarkBorrowingdenominatedinsuch

Agreed Foreign Currency and having an Interest Period of one month.If a Term Benchmark

Borrowing is requested but no Interest Period is specified <u>in a Borrowing Request</u>, (i)if the

Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the

requested Borrowing shall be a Term Benchmark Borrowing denominated in Dollars having an

Interest Period of one month's duration, and (ii)if the Currencyspecified for such Borrowing is

anAgreedForeignCurrency,theBorrowershallbedeemedtohaveselectedanInterestPeriodof

one month's duration.

(e)<u>Notice by Borrower for Initial Borrowing</u>.Notwithstanding anything to

the contrary herein and the notice requirements set forth in Section2.03(a), to request a

BorrowingtobemadeontheEffectiveDate,theBorrowershallnotifytheAdministrativeAgent

of such request bytelephone (confirmed bytelecopyorelectroniccommunication) not laterthan

12:00 p.m.,NewYork Citytime, one (1)Business Daybeforethedate of theproposed Effective

Date (or such later time as reasonably agreed by the Administrative Agent); provided, that any

such Borrowing on the Effective Date shall be a Term Benchmark Borrowing denominated in

Dollars with an Interest Period of one month.For the avoidance of doubt, such notice shall not

affectanyfutureobligationsoftheBorrowertocomplywiththeobligationsofSection2.03(a)in

connection with any Borrowing Request.

SECTION2.04.<u>Swingline</u><u>Loans</u>.

(a)<u>Agreement</u><u>to</u><u>Make</u><u>Swingline</u><u>Loans</u>.Subjecttothetermsandconditions

set forth herein, each Swingline Lender severally agrees to make Swingline Loans under each

Commitment to the Borrower from time to time during the Extended Availability Period in

Dollars,inanaggregateprincipalamountatany timeoutstandingthatwillnotresultin(i)the

54<br>

aggregateprincipalamountofoutstandingSwinglineLoansofbothClassesexceeding

$25,000,000ortheaggregateprincipalamountofoutstandingSwinglineLoansofanySwingline

LenderexceedingtheamountsetforthoppositethenameofsuchSwinglineLenderon<u>Schedule</u>

<u>2.05</u>, (ii) the sum of any Swingline Lender's outstanding Syndicated Multicurrency Loans, its

outstanding Swingline Loans and without duplication its other Swingline Exposure and its LC

Exposure exceeding its Multicurrency Commitment, (iii)the total Revolving Dollar Credit

Exposures of Dollar Lenders with Dollar Commitments then in effect exceeding the aggregate

Dollar Commitments at such time, (iv)the total Revolving Multicurrency Credit Exposures of

MulticurrencyLenders with MulticurrencyCommitmentsthen in effect exceedingthe aggregate

Multicurrency Commitments at such time, (v) the sum of the total Revolving Credit Exposures

plus the Net Revolving Exposure exceeding the aggregate Commitments or (vi)the sum of the

Covered Debt Amount plus the Net Revolving Exposure exceeding the Borrowing Base then in

effect; <u>provided</u> that no Swingline Lender shall be required to make a Swingline Loan to

refinance an outstanding Swingline Loan.Within the foregoing limits and subject to the terms

andconditionssetforthherein,theBorrowermayborrow,<u>repay,</u>prepayandreborrowSwingline

Loans.

(b)<u>Notice of Swingline Loans by the Borrower</u>.To request a Swingline

Loan, the Borrower shall notify the Administrative Agent of such request by telephone

(confirmed by telecopy or by electronic communication) not later than 11:00 a.m., New York

City time, on the day of such proposed Swingline Loan.Each such notice shall be irrevocable

and shall specify the Swingline Lender from which such Swingline Loan shall be made, the

requesteddate(whichshallbeaBusinessDay),theamountoftherequestedSwinglineLoanand

whethersuchSwinglineLoanistobemadeundertheDollarCommitmentsortheMulticurrency

Commitments.TheAdministrativeAgentwillpromptlyadvisetheapplicableSwinglineLender

of any such notice received from the Borrower.Each Swingline Lender shall make each

applicable Swingline Loan available to the Borrower bymeans of a credit to the generaldeposit

account of the Borrower with such Swingline Lender (or, in the case of a Swingline Loan made

to finance the reimbursement of an LC Disbursement as provided in <u>Section</u><u>2.05(f)</u>, by

remittance to the applicable Issuing Bank)by 3:00 p.m., New York City time, on the requested

date of such Swingline Loan.

(c)<u>Participations</u><u>by</u><u>Lenders</u><u>in</u><u>Swingline</u><u>Loans</u>.AnySwinglineLendermay

by written notice given to the Administrative Agent not later than 10:00 a.m., New York City

timeonanyBusinessDay,requiretheLendersoftheapplicableClass(otherthan

Non-ExtendingLendersforwhichsuchNon-ExtendingLender'sapplicableNon-Extended

Commitment Termination Date shall have occurred) to acquire participations on such Business

DayinalloraportionoftheoutstandingSwinglineLoansofsuchClassmadebysuchSwingline

Lender outstanding.Such notice to the Administrative Agent shall specifytheaggregateamount

of Swingline Loans in which the applicable Lenders will participate.Promptly upon receipt of

suchnotice,theAdministrativeAgentwillgivenoticethereoftoeachapplicableLender,

specifyinginsuchnoticesuchLender'sApplicableDollarPercentageorApplicable

MulticurrencyPercentage of such Swingline Loan or Loans.Each Lenderherebyabsolutelyand

unconditionally agrees, upon receipt of notice as provided above in this paragraph, to pay to the

AdministrativeAgent,for<u>the</u>accountoftheapplicableSwinglineLender,suchLender's

Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be, of

suchSwinglineLoanorLoans;<u>provided</u>thatnoLendershallberequiredtopurchasea

55<br>

participationinaSwinglineLoanpursuanttothis<u>Section</u><u>2.04(c)</u>if(x)theconditionssetforthin

<u>Section 4.02</u> would not be satisfied in respect of a Borrowing at the time such Swingline Loan

was made and (y)the Required Lenders of the respective Class shall have so notified the

applicable Swingline Lender in writing and shall not have subsequently determined that the

circumstances giving rise to such conditions not being satisfied no longer exist. Unless a

Swingline Lender has received the written noticereferred to in the previous sentenceprior to the

time such Swingline Loan was made, then, subject to the terms and conditions hereof, such

Swingline Lender shall be entitled to assume all such conditions are satisfied.

Subject to theforegoing,each Lenderacknowledges andagrees that its obligation

to acquire participations in Swingline Loans pursuant to this <u>clause (c)</u> is absolute and

unconditional and shall not be affected by any circumstance whatsoever, including the

occurrence and continuance of a Default or reduction or termination of the Commitments of the

respective Class, and that each such payment shall be made without any offset, abatement,

withholding or reduction whatsoever.Each Lender shall comply with its obligation under this

paragraph by wire transfer of immediately available funds, in the same manner as provided in

<u>Section</u><u>2.06</u> with respect to Loans made by such Lender (and <u>Section</u><u>2.06</u> shall apply, <u>mutatis</u>

<u>mutandis</u>, to the payment obligations of the Lenders), and the Administrative Agent shall

promptlypaytotheapplicableSwinglineLendertheamountssoreceivedbyitfromtheLenders.

The Administrative Agent shall notifythe Borrower of anyparticipations in anySwingline Loan

acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan

shall be made to the Administrative Agent and not to the relevant Swingline Lender.Any

amounts received by a Swingline Lender from the Borrower (or other party on behalf of the

Borrower)inrespect ofaSwinglineLoanafterreceipt bysuchSwinglineLenderoftheproceeds

of a sale of participations therein shall be promptly remitted to the Administrative Agent; any

such amounts received by the Administrative Agent shall be promptly remitted by the

Administrative Agent to the Lenders that shall have made their payments pursuant to this

paragraphandtotheapplicableSwinglineLender,astheirinterestsmayappear.Thepurchaseof

participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of

any default in the payment thereof.

(d)<u>Resignation and Replacement of Swingline Lender</u>.Any Swingline

Lender may resign and be replaced at any time by written agreement among the Borrower, the

Administrative Agent, the resigning <u>or replaced</u> Swingline Lender and a successor Swingline

Lender. The Administrative Agent shall notify the Lenders of any such resignation and

replacement of any Swingline Lender.In addition to the foregoing, if a Lender becomes, and

duringtheperiod it remains, a Defaulting Lender, and if anyDefaulthas arisen from a failureof

the Borrower to comply with <u>Section 2.19(a)</u>, then each Swingline Lender may, upon prior

written notice to the Borrower and the Administrative Agent, resign as a Swingline Lender,

effective at the close of business New York City time on a date specified in such notice (which

datemaynot belessthanfive(5)BusinessDaysafterthedateofsuchnotice).<u>In</u><u>addition</u><u>to</u><u>the</u>

<u>foregoing, if any Swingline Lender, in its capacity as a Lender, assigns all of its Loans and</u>

<u>Commitments in connection with the terms of this Agreement, such Swingline Lender shall be</u>

<u>deemed to have automatically</u><u>resigned as Swingline Lender hereunder.</u>On or aftertheeffective

date of any such resignation, the Borrower and the Administrative Agent may, by written

agreement, appoint one or more<u>a</u>successor Swingline Lenders. The Administrative Agent shall

notifytheLendersofanysuchappointmentofasuccessorSwinglineLender.Uponthe

56<br>

effectiveness of any <u>replacement or</u> resignation of any Swingline Lender, the Borrower shall

repay in full all outstanding Swingline Loans made by such Swingline Lender together with all

accrued interest thereon. From and after the effective date of the appointment of a successor

Swingline Lender, (i) such successor Swingline Lender shall have all the rights and obligations

of the replaced Swingline Lender under this Agreement with respect to Swingline Loans to be

made by such successor Swingline Lender thereafter and (ii) references herein to the term

"Swingline Lender" and/or "Swingline Lenders" shall be deemed to refer to such successor or

successors (and the other current Swingline Lenders, if applicable) or to anyprevious Swingline

Lender, or to such successor or successors (and all current Swingline Lenders) and all previous

Swingline Lenders, as the context shall require. After the replacement of the<u>or resignation of a</u>

SwinglineLenderhereunder,thereplaced<u>or</u><u>resigning</u>SwinglineLendershallhavenoobligation

to make additional Swingline Loans.

SECTION2.05.<u>Letters</u><u>of</u><u>Credit</u>.

(a)<u>General</u>.Subject to the terms and conditions set forth herein, in addition

to the Loans provided for in <u>Section</u><u>2.01</u>, the Borrower may request <u>any Issuing Bank to issue,</u>

<u>and</u> each Issuing Bank <u>severally agrees</u> to issue, at any time and from time to time during the

Extended Availability Period and under either the Dollar Commitments or Multicurrency

Commitments, LettersofCreditdenominatedinDollarsor(inthecaseofLettersofCreditunder

the Multicurrency Commitments) in any Agreed Foreign Currency for its own account or the

account of its designee (provided that the Obligors shall remain primarily liable to the Lenders

hereunder for payment and reimbursement of all amounts payable in respect of the Letters of

Credit hereunder) in such form as is acceptable to such Issuing Bank in its reasonable

determination and for the benefit of such named beneficiary or beneficiaries as are specified by

theBorrower.LettersofCreditissuedhereundershallconstituteutilizationoftheCommitments

uptotheaggregateamount<u>then</u>availabletobedrawnthereunder.Withoutlimitinganyrightsof

anIssuingBankunderthis<u>Section</u><u>2.05</u>,(i)noIssuingBankshallbeobligatedtoissue,amendor

extend any Letter of Credit <u>(x)</u> denominated in any Foreign Currency if at the time of such

issuance, such IssuingBank, in its capacityas a Lender, would not be required to make Loans in

such Foreign Currency hereunder <u>or (y) the proceeds of which would be made available to any</u>

<u>Person</u><u>(a)</u><u>to</u><u>fund</u><u>any</u><u>activity</u><u>or</u><u>business</u><u>of</u><u>or</u><u>with</u><u>any</u><u>Sanctioned</u><u>Person</u><u>or</u><u>in</u><u>any</u><u>Sanctioned</u>

<u>Countries,</u><u>to</u><u>the</u><u>extent</u><u>such</u><u>activities</u><u>or</u><u>business</u><u>would</u><u>be</u><u>prohibited</u><u>by</u><u>Sanctions</u><u>if</u><u>conducted</u>

<u>by a corporation incorporated in the United States or (b) in any manner that would result in a</u>

<u>violation of any Sanctions by any party to this Agreement</u>and (ii) neither Goldman Sachs Bank

USA nor Morgan StanleyBank, N.A. shall be obligated to issue commercial letters of credit.

(b)<u>Notice of Issuance, Amendment or Extension</u>.To request the issuance of

a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the

Borrower shall hand deliver or telecopy (or transmit by electronic communication, if

arrangements for doing so have been approved by such Issuing Bank)to any Issuing Bank and

the Administrative Agent (reasonably in advance of the requested date of issuance, amendment

or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of

Credit to be amended or extended, and specifying the date of issuance, amendment or extension

(whichshallbeaBusinessDay),thedateonwhichsuchLetterofCreditistoexpire(whichshall

comply with <u>clause (d)</u>of this Section), the amount and Currency of such Letter of Credit,

whethersuchLetterofCreditistobeissuedundertheDollarCommitmentsortheMulticurrency

57<br>

Commitments, the name and address of the beneficiary thereof and such other information as

shall be necessary to prepare, amend or extend such Letter of Credit.If requested by the

applicable Issuing Bank, the Borrower also shall submit a letter of credit application on such

Issuing Bank's standard form in connection with anyrequest for a LetterofCredit.Inthe event

of any inconsistency between the terms and conditions of this Agreement and the terms and

conditions of any form of letter of credit application or other agreement submitted by the

Borrower to, or entered into by the Borrower with, any Issuing Bank relating to any Letter of

Credit, the terms and conditions of this Agreement shall control.

(c)<u>Limitations on Amounts</u>.A Letter of Credit shall be issued, amended or

extended only if (and upon issuance, amendment or extension of each Letter of Credit the

Borrower shall be deemed to represent and warrant that), after giving effect to such issuance,

amendment or extension (i)the aggregate LC Exposure of Issuing Banks of both Classes

(determined for these purposes without giving effect to the participations therein of the Lenders

pursuant to <u>clause (e)</u>of this Section) shall not exceed $25,000,000 and the aggregate LC

ExposureoftheapplicableIssuingBankrequestedtoissuesuch LetterofCredit(determinedfor

these purposes without giving effect to the participations therein of the Lenders pursuant to

<u>clause (e)</u>of this Section)shall not exceed the amount set forth opposite the name of such

Issuing Bank on <u>Schedule 2.05</u>, (ii)the total Revolving Dollar Credit Exposures of Dollar

Lenders with Dollar Commitments then in effect shall not exceed the aggregate Dollar

Commitments at such time, (iii)the total Revolving Multicurrency Credit Exposures of

Multicurrency Lenders with Multicurrency Commitments then in effect shall not exceed the

aggregate Multicurrency Commitments at such time, (iv) the sum of the total Revolving Credit

Exposures plus the Net Revolving Exposure exceeding the aggregate Commitments, (v) with

respect to each Issuing Bank that is a Swingline Lender, the sum of such Swingline Lender's

outstanding Syndicated Multicurrency Loans, its outstanding Swingline Loans and (without

duplication) its other Swingline Exposure and its LC Exposure shall not exceed its

Multicurrency Commitment then in effect; and (vi)the sum of the Covered Debt Amount plus

the Net Revolving Exposure shall not exceed the Borrowing Base then in effect.

(d)<u>Expiration Date</u>.Each Letter ofCredit shall expireat orpriorto theclose

of business on the date twelve months after the date of the issuance of such Letter of Credit (or,

inthecaseofanyextensionthereof,twelvemonthsafterthethen-currentexpirationdateofsuch

Letter of Credit, so long as such extension occurs within three months of such then-current

expiration date); <u>provided</u> that any Letter of Credit with a one-year term may provide for the

extension thereof for additional one-year periods.No Letter of Credit may be extended

following the earlier to occur of the Extended Commitment Termination Date and the

Termination Date, except with consent of the applicable Issuing Bank and to the extent that the

relevant Letter of Credit is Cash Collateralized no later than five (5) Business Days prior to the

Extended Commitment Termination Date or Termination Date, as applicable, and the Borrower

pays the applicable Issuing Bank all fronting fees scheduled to be due and payable during the

term of the relevant Letter of Credit or supported by another letter of credit, in each case

pursuant to arrangements reasonably satisfactory to the applicable Issuing Bank and the

Administrative Agent.

(e)<u>Participations</u>.By the issuance of a Letter of Credit of a Class (or an

amendment to a LetterofCreditincreasingthe amountthereof)byan IssuingBank,andwithout

58<br>

any further action on the part of such Issuing Bank or the Lenders, such Issuing Bank hereby

grants <u>(x)</u> to each Dollar Lender and Multicurrency Lender (other than any Non Extending

Lender for which such Non-Extending Lender's applicable Non-Extended Commitment

Termination Date has occurred), in the case of a Letter of Credit denominated in Dollars,

and<u>issued under the</u><u>Dollar</u><u>Commitments, and (y) to</u>eachMulticurrencyLender, in thecaseofa

Letter of Credit denominated in an Agreed Foreign Currency<u>issued under the Multicurrency</u>

<u>Commitments</u>, and each Lender of such Class hereby acquires from such Issuing Bank, a

participation in such Letter of Credit equal to such Dollar Lender's and Multicurrency Lender's

Applicable <u>Dollar</u> Percentage, in the case of a Letter of Credit denominated in Dollars<u>issued</u>

<u>under the Dollar Commitments</u>, or Applicable Multicurrency Percentage, in the case of a Letter

of Credit denominated in an Agreed Foreign Currency<u>issued under the Multicurrency</u>

<u>Commitments</u>, of the aggregate amount available to bedrawn undersuch Letter ofCredit.Each

Lender acknowledges and agrees that its obligation to acquire participations pursuant to this

<u>clause (e)</u> in respect of Letters of Credit is absolute and unconditional and shall not be affected

by any circumstance whatsoever, including any amendment or extension of any Letter of Credit

or the occurrence and continuance of a Default or reduction or termination of the applicable

Commitments; <u>provided</u> that no Lender shall be required to purchase a participation in a Letter

ofCredit pursuant to this <u>Section</u><u>2.04(e)</u> if(x) theconditions set forth in <u>Section 4.02</u> would not

be satisfied in respect of a Borrowing at the time such Letter of Credit was issued and (y)the

Administrative Agent or any Lender shall have so notified such Issuing Bank in writing at least

two Business Days prior to the requested date of issuance of such Letter of Credit and shall not

have subsequently determined that the circumstances giving rise to such conditions not being

satisfied no longer exist.Unless an Issuing Bank has received written notice from any Lender,

theAdministrativeAgent or theBorrower, at least two Business Days priorto therequesteddate

ofissuanceoftheapplicableLetterofCredit,thatoneormoreapplicableconditionscontainedin

Section 4.02 shall not then be satisfied, then, subject to the terms and conditions hereof, such

Issuing Bank shall be entitled to assume all such conditions are satisfied.

Inconsiderationandinfurtheranceoftheforegoing,eachLenderofaClass(other

thananyNon-ExtendingLenderforwhichsuchNon-ExtendingLender'sapplicable

Non-Extended Commitment Termination Date has occurred) hereby absolutely and

unconditionallyagrees to payto theAdministrativeAgent, for theaccount ofeach IssuingBank,

such<u>Dollar</u>Lender'sApplicable<u>Dollar</u>Percentage,inthecaseofaLetterofCreditdenominated

in Dollars<u>issued under the Dollar Commitments</u>, or such Multicurrency Lender's Applicable

Multicurrency Percentage, in the case of a Letter of Credit denominated in an Agreed Foreign

Currency<u>issued under the Multicurrency</u><u>Commitments</u>, of each LC Disbursement made bysuch

Issuing Bank in respect of Letters of Credit of such Class promptly upon the request of such

Issuing Bank at anytime from the time ofsuch LC Disbursement until such LC Disbursement is

reimbursed by the Borrower or at any time after any reimbursement payment is required to be

refunded to the Borrower for any reason.Such payment shall be made without any offset,

abatement, withholding or reduction whatsoever.Each such payment shall be made in the same

mannerasprovidedin<u>Section</u><u>2.06</u>withrespecttoLoansmadebysuchLender(and

<u>Section</u><u>2.06</u> shall apply, <u>mutatis</u><u>mutandis</u>, to the payment obligations of the Lenders), and the

AdministrativeAgent shall promptlypayto theapplicable IssuingBank theamounts soreceived

byit from the Lenders.Promptlyfollowingreceipt bytheAdministrativeAgent ofanypayment

from the Borrower pursuant to the next following clause Section 2.05(f), the Administrative

AgentshalldistributesuchpaymenttotheapplicableIssuingBankor,totheextentthatthe

59<br>

Lendershavemadepaymentspursuant tothis <u>clause (e)</u> to reimbursesuch Issuing Bank,thento

such Lenders and such Issuing Bank as their interests may appear.Any payment made by a

Lender pursuant to this <u>clause (e)</u> to reimburse an Issuing Bank for any LC Disbursement shall

not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC

Disbursement.

(f)<u>Reimbursement</u>.If an Issuing Bank shall make any LC Disbursement in

respect of a Letter of Credit, the Borrower shall reimburse such Issuing Bank in respect of such

LC Disbursement by paying to the Administrative Agent an amount equal to such LC

Disbursement in Dollars, or in the case of a Letter of Credit denominated in an Agreed Foreign

Currency, the Borrower shall reimburse such Issuing Bank in such Agreed Foreign Currency,

unless such IssuingBank(at itsoption)shallhavespecified insuchnotice(x)that it willrequire

reimbursement in Dollars and (y) the Dollar Equivalent of such LC Disbursement, (i) not later

than 3:00 p.m., New York City time, on the Business Day that the Borrower receives notice of

suchLCDisbursement,ifsuchnoticeisreceivedpriorto10:00a.m.,NewYorkCity time,or

(ii)notlaterthan1:00p.m.,NewYorkCitytimeontheBusinessDayimmediatelyfollowingthe

day that the Borrower receives such notice, if such notice is not received prior to such time;

<u>provided</u> that, if such LC Disbursement is not less than $1,000,000 and is denominated in

Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in

accordance with <u>Section</u><u>2.03</u> or <u>2.04</u> that such payment be financed with a Syndicated ABR

Borrowing or a Swingline Loan of the respective Class in an equivalent amount and, to the

extent so financed, the Borrower's obligation to make such payment shall be discharged and

replaced by the resulting Syndicated ABR Borrowing or Swingline Loan.

If the Borrower fails to make such payment when due, the Administrative Agent

shall notify each applicable Lender with a Commitment then in effect of the applicable LC

Disbursement, the payment then due from the Borrower in respect thereof and such Lender's

Applicable Percentage, in the case of a Letter of Credit denominated in Dollars, or such

Multicurrency Lender's Applicable Multicurrency Percentage, in the case of a Letter of Credit

denominated in an Agreed Foreign Currency, thereof.

(g)<u>Obligations Absolute</u>.The Borrower's obligation to reimburse LC

Disbursements as provided in <u>clause (f)</u> of this Sectionshall be absolute, unconditional and

irrevocable,andshallbeperformedstrictlyinaccordancewiththetermsofthisAgreementunder

anyandallcircumstanceswhatsoeverandirrespectiveof(i)anylackofvalidityorenforceability

of any Letter of Credit, or any term or provision therein, (ii)any draft or other document

presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or

anystatement therein beinguntrue or inaccurate in anyrespect, (iii) payment byan IssuingBank

under a Letter of Credit against presentation of a draft or other document that does not comply

strictly with the terms of such Letter of Credit, and (iv)any other event or circumstance

whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of

this Section, constitute a legal or equitable discharge of the Borrower's obligations hereunder.

None of the Administrative Agent, the Lenders, the Issuing Banks or anyof their

respective Related Parties shall have anyliabilityor responsibilitybyreason of or in connection

with the issuance or transfer of any Letter of Credit by the Issuing Banks or any payment or

failure to make any payment thereunder (irrespective of any of the circumstances referred to in

60<br>

the preceding sentence), or any error, omission, interruption, loss or delay in transmission or

delivery of any draft, notice or other communication under or relating to any Letter of Credit

(including any document required to make a drawing thereunder), any error in interpretation of

technical terms, any errors in translation or any consequence arising from causes beyond the

control of the Issuing Banks; <u>provided</u> that the foregoing shall not be construed to excuse any

Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to

consequential damages, claims in respect of which are hereby waived by the Borrower to the

extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing

Bank'sgrossnegligenceorwillfulmisconduct,asdeterminedbyafinalnon-appealabledecision

of a court of competent jurisdiction, when determining whether drafts and other documents

presented under a Letter of Credit comply with the terms thereof.The parties hereto expressly

agree that:

(i)the Issuing Banks mayaccept documents that appear on their face

tobeinsubstantialcompliancewiththetermsofaLetterofCreditwithoutresponsibility

for furtherinvestigation, regardlessof anynoticeorinformationtothecontrary,andmay

make payment upon presentation of documents that appear on their face to be in

substantial compliance with the terms of such Letter of Credit;

(ii)the Issuing Banks shall have the right, in their sole discretion, to

declinetoacceptsuchdocumentsandtomakesuchpaymentifsuchdocumentsarenotin

strict compliance with the terms of such Letter of Credit; and

(iii)thissentenceshallestablishthestandardofcaretobeexercisedby

theIssuingBankswhendeterminingwhetherdraftsandotherdocumentspresentedunder

a Letter of Credit complywith the terms thereof (and the parties hereto herebywaive, to

the extent permitted by applicable law, any standard of care inconsistent with the

foregoing).

(h)<u>Disbursement Procedures</u>.Each Issuing Bank shall examine all

documentspurportingtorepresentademandforpaymentunderaLetterofCreditissuedbysuch

Issuing Bank.The applicable Issuing Bank shall promptly after such examination notify the

Administrative Agent and the Borrower by telephone (confirmed by telecopy <u>or electronic</u>

<u>communication</u>)ofsuchdemandforpaymentifsuchIssuingBankhasmadeorwillmakeanLC

Disbursement thereunder; <u>provided</u> that any failure to give or delay in giving such notice shall

not relieve the Borrower of its obligation to reimburse such Issuing Bank and the applicable

Lenders with respect to any such LC Disbursement.

(i)<u>Interim Interest</u>.If any Issuing Bank shall make any LC Disbursement,

then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC

Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and

including the date such LC Disbursement is made to but excluding the date that the Borrower

reimburses such LC Disbursement, at the rate per annum then applicable to Syndicated ABR

Loans; <u>provided</u> that, if the Borrower fails to reimburse such LC Disbursement within two (2)

Business Days following the date when due pursuant to <u>clause (f)</u>of this Section 2.05, then the

provisions of <u>Section</u><u>2.12(d)</u>shall apply.Interest accruedpursuant tothis <u>clause (i)</u>shallbefor

the account of the applicable Issuing Bank, except that interest accrued on and after the date of

61<br>

paymentbyanyLenderpursuantto<u>clause</u><u>(f)</u>ofthisSection2.05toreimbursesuchIssuingBank

shall be for the account of such Lender to the extent of such payment.

(j)<u>Resignation and/or Replacement of an Issuing Bank</u>.Any Issuing Bank

may resign and be replaced at any time by written agreement among the Borrower, the

Administrative Agent, the resigning <u>or replaced</u> Issuing Bank and, to the extent one has been

identified, the successor Issuing Bank. In addition, if any Issuing Bank, in its capacity as a

Lender, assigns all of its Loans and Commitments in accordance with the terms of this

Agreement,suchIssuingBankmay,withthepriorwrittenconsentoftheBorrower(suchconsent

not to be unreasonably withheld or delayed; <u>provided</u> that no consent of the Borrower shall be

required if an Event of Default has occurred and is continuing), resign as an Issuing Bank

hereunder upon not less than three Business Days prior written notice to the Administrative

Agent and the Borrower; <u>provided</u>, <u>further</u>, that, in determining whether to give any such

consent, the Borrower may consider, among other factors, the sufficiency of availability of

Letters of Credit hereunder.The Administrative Agent shall notify the Lenders of any such

resignation and replacement of an Issuing Bank.Upon the effectiveness of any resignation or

replacement of an Issuing Bank, the Borrower shall pay all unpaid fees accrued for the account

of the resigning or replaced Issuing Bank pursuant to <u>Section 2.11(b)</u>. From and after the

effective date of the appointment of a successor Issuing Bank, (i) the successor Issuing Bank

shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with

respect to Letters of Credit to be issued thereafter and (ii) references herein to the term "Issuing

Bank" and/or "Issuing Banks" shall be deemed to refer to such successor or successors (and the

other current Issuing Banks, if applicable) or to anyprevious Issuing Bank, or to such successor

orsuccessors(andallothercurrentIssuingBanks)andallpreviousIssuingBanks,asthecontext

shall require. After the effective replacement or resignation of any Issuing Bank hereunder, the

resigning or replaced Issuing Bank, as the case may be, shall remain a party hereto and shall

continue to have all the rights and obligations of an Issuing Bank under this Agreement with

respect to Letters of Credit issued byit prior to such resignation or replacement, but shall not be

required to issue additional Letters of Credit.

(k)<u>Cash Collateralization</u>.If the Borrower shall be required to provide Cash

Collateral for LC Exposure pursuant to <u>Section 2.05(d)</u>, <u>Section</u><u>2.09(a)</u>, <u>Section</u><u>2.10(b)</u> or <u>(c)</u>,

<u>Section 2.21(b)</u> or the penultimate paragraph of <u>Article</u><u>VII</u>, the Borrower shall immediately

depositintoasegregatedcollateralaccountoraccounts(herein,collectively,the"<u>Letter</u><u>of</u><u>Credit</u>

<u>Collateral Account</u>")in the name and under the dominion and control of the Administrative

Agent, for the benefit of the Lenders, Cash denominated in the Currency of the Letter of Credit

under which such LC Exposure arises in an amount equal to the amount required under <u>Section</u>

<u>2.05(d)</u>, <u>Section</u><u>2.09(a)</u>, <u>Section</u><u>2.10(b)</u> or <u>(c)</u>, <u>Section 2.21(b)</u>, or the penultimate paragraph of

<u>Article VII</u>, as applicable.Such deposit shall be held by the Administrative Agent as collateral

in the first instance for the LC Exposure under this Agreement and thereafter for the payment of

the "Secured Obligations" under and as defined in the Guarantee and Security Agreement, and

for these purposes theBorrower herebygrants a securityinterest to the AdministrativeAgent for

the benefit of the Lenders in the Letter of Credit Collateral Account and in any financial assets

(as defined in the Uniform Commercial Code) or other property held therein.

(l)<u>No Obligation to Issue After Certain Events</u>.No Issuing Bank shall be

underanyobligationtoissueanyLetterofCreditif:anyorder,judgmentordecreeofany

62<br>

Governmental Authorityor arbitrator shall byits terms purport to enjoin or restrain such Issuing

Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any

request or directive (whether or not having the force of law) from any Governmental Authority

with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank shall

refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or

shallimposeuponsuchIssuingBankwithrespecttosuchLetterofCreditanyrestriction,reserve

or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder)

not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed

loss, cost or expense which was not applicable on the Effective Date and which such Issuing

Bank in good faith deems material to it, or the issuance of such Letter of Credit would violate

one or more policies of such Issuing Bank applicable to letters of credit generally.

(m)<u>Applicability of ISP and UCP</u>.Unless otherwise expressly agreed by the

applicable Issuing Banks and the Borrower when a Letter of Credit is issued, (i) the rules of the

International Standby Practices shall be stated therein to apply to each standby Letter of Credit,

and(ii)therulesoftheUniformCustomsandPracticeforDocumentaryCredits,asmostrecently

published by the International Chamber of Commerce at the time of issuance shall be stated

therein to apply to each commercial Letter of Credit.

(n)<u>Conflict with Letter of Credit Documents</u>.In the event of any conflict

between the terms of this Agreement and the terms of anyLetter of Credit Document, the terms

of this Agreement shall control.

(o)<u>Additional Issuing Banks</u>.From time to time, the Borrower may, by

noticetotheAdministrativeAgent,designateoneormoreadditionalLendersasanIssuingBank,

so long as each such Lender agrees (in its sole discretion) to act in such capacity and is

reasonablysatisfactoryto the Administrative Agent; <u>provided</u> that each such notice shall include

an updated <u>Schedule 2.05</u>; <u>provided</u>, <u>further</u>, that theBorrower shall not update<u>Schedule</u><u>2.05</u> to

increaseanyIssuingBank's maximum LC Exposurewithout such IssuingBank's consent.Each

such additional Issuing Bank shall execute acounterpart of this Agreement upon the approval of

the Administrative Agent (which approval shall not be unreasonably withheld) and shall

thereafter be an Issuing Bank<u>(i) such Lender shall have all the rights and obligations of an</u>

<u>Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein or</u>

<u>therein to the term "Issuing Bank" shall be deemed to include such Lender in its capacity as an</u>

<u>issuer of Letters of Credit</u>hereunderfor all purposes.

SECTION2.06.<u>Funding</u><u>of</u><u>Borrowings</u>.

(a)<u>Funding by</u><u>Lenders</u>.Each Lendershallmake each Loan to bemadebyit

hereunder on the proposed date thereof by wire transfer of immediately available funds by

11:00a.m., New York City time, to the account of the Administrative Agent most recently

designated by it for such purpose by notice to the Lenders (except for same-day ABR

Borrowings, in which case each Lender shall make its funds available to the Administrative

Agent not later than 2:00 p.m., New York City time); <u>provided</u> that Swingline Loans shall be

made asprovided in <u>Section</u><u>2.04</u>.The Administrative Agent will makesuch Loansavailableto

the Borrower by promptly crediting the amounts so received, in like funds, to an account of the

BorrowerdesignatedbytheBorrowerintheapplicableBorrowingRequest;<u>provided</u>that

63<br>

Syndicated ABR Borrowings made to finance the reimbursement of an LC Disbursement as

provided in <u>Section</u><u>2.05(f)</u> shall be remitted by the Administrative Agent to the applicable

Issuing Bank.

(b)<u>Presumption by the Administrative Agent</u>.Unless the Administrative

Agent shall havereceived noticefrom a Lenderprior to theproposed date ofanyBorrowingthat

such Lender will not make available to the Administrative Agent such Lender's share of such

Borrowing, the Administrative Agent may assume that such Lender has made such share

available on such date in accordance with <u>clause (a)</u>of this Section 2.06and may, in reliance

upon such assumption, make available to the Borrower a corresponding amount.In such event,

if a Lender has not in fact made its share of the applicable Borrowing available to the

Administrative Agent, then the applicable Lender and the Borrowerseverallyagree to payto the

AdministrativeAgentforthwithondemandsuchcorrespondingamountwithinterestthereon,for

each day from and including the date such amount is made available to the Borrower to but

excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the

FederalFundsEffectiveRateor(ii)inthecaseoftheBorrower,theinterestrateapplicable<u>at</u><u>the</u>

<u>time</u> to ABR Loans. <u>in the case of a Dollar Borrowing or the interest rate applicable to such</u>

<u>Borrowing in the case of a Multicurrency Borrowing.</u>If such Lender pays such amount to the

Administrative Agent, then such amount shall constitute such Lender's Loan included in such

Borrowing.Nothing in this <u>clause (b)</u> shall relieve any Lender of its obligation to fulfill its

commitmentshereunder,andthis<u>clause</u><u>(b)</u>shallbewithoutprejudicetoanyclaimtheBorrower

may have against a Lender that shall have failed to make such payment to the Administrative

Agent.

SECTION2.07.<u>Interest</u><u>Elections</u>.

(a)<u>Elections</u><u>by the Borrower for Syndicated</u><u>Borrowings</u>.Subjectto

<u>Section</u><u>2.03(d)</u>, the Loans constituting each Syndicated Borrowing initiallyshall be of the Type

specifiedintheapplicableBorrowingRequestand,inthecaseofaTermBenchmarkBorrowing,

shall have the Interest Period specified in such Borrowing Request.Thereafter, the Borrower

may elect to convert such Borrowing to a Borrowing of a different Type or to continue such

Borrowing as a Borrowing of the same Type and, in the case of a Term Benchmark Borrowing,

may elect the Interest Period therefor, all as provided in this <u>Section 2.07</u>; <u>provided</u>, <u>however</u>,

that(i)<u>except</u><u>as</u><u>set</u><u>forth</u><u>in</u><u>Sections</u><u>2.13</u><u>and</u><u>2.20,</u>aSyndicatedBorrowingofaClassmayonly

becontinued orconverted into aSyndicatedBorrowingofthesameClass, (ii)exceptas set forth

in <u>Section 2.13(a)</u> and <u>(f)</u><u>and Section 2.20,</u> a Syndicated Borrowing denominated in one

Currency may not be continued as, or converted to, a Syndicated Borrowing in a different

Currency, (iii)prior to the Extended Commitment Termination Date, no Term Benchmark

Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto,

the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate

Multicurrency Commitments, and (iv)a Term Benchmark Borrowing denominated in a Foreign

Currency may not be converted to a Borrowing of a different Type.The Borrower may elect

different options with respect to different portions of theaffected Borrowing, in which caseeach

such portion shall be allocated ratably among the Lenders of the respective Class holding the

LoansconstitutingsuchBorrowing,andtheLoansconstitutingeachsuchportionshallbe

64<br>

considered a separate Borrowing.This Sectionshall not apply to Swingline Loans, which may

not be converted or continued .

(b)<u>Notice of Elections</u>.To make an election pursuant to this <u>Section 2.07</u>,

the Borrower shall notify the Administrative Agent of such election by telephone or electronic

communicationorbydeliveryofasignedInterestElectionRequestbythetimethataBorrowing

Request would be required under <u>Section</u><u>2.03</u> if the Borrower were requesting a Syndicated

Borrowing of the Type resulting from such election to be made on the effective date of such

election.Each Interest Election Request delivered by telephone or electronic communication

shall be irrevocable and shall be confirmed promptly (but no later than the close of business on

the date of such request)by hand delivery, telecopy or electronic communication to the

Administrative Agent of a written Interest Election Request in a form approved by the

Administrative Agent and signed by the Borrower.

(c)<u>Content of Interest Election Requests</u>.Each Interest Election Request

(whetherbyelectroniccommunicationortelephoneordeliveryofawrittenrequest)shallspecify

the following information in compliance with <u>Section 2.02</u>:

(i)the Borrowing (including the Class)to which such Interest

Election Request applies and, if different options are being elected with respect to

differentportionsthereof,theportionsthereoftobeallocatedtoeachresultingBorrowing

(in which case the information to be specified pursuant to <u>subclauses (iii)</u>and <u>(iv)</u> of this

<u>clause (c)</u> shall be specified for each resulting Borrowing);

(ii)the effective date of the election made pursuant to such Interest

Election Request, which shall be a Business Day;

(iii)whether, in the case of a Borrowing denominated in Dollars, the

resulting Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing; and

(iv)if the resulting Borrowing is a Term Benchmark Borrowing, the

Interest Period therefor after giving effect to such election, which shall be a period

contemplatedby thedefinitionoftheterm"InterestPeriod" andpermittedunder

<u>Section 2.02(d)</u>.

(d)<u>Notice by the Administrative Agent to the Lenders</u>.Promptly following

receipt of an Interest Election Request, the Administrative Agent shall advise each applicable

Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

(e)<u>Failure to Elect; Events of Default</u>.If the Borrower fails to deliver a

timely and complete Interest Election Request with respect to a Term Benchmark Borrowing

priortotheendoftheInterestPeriodtherefor,then,unlesssuchBorrowingisrepaidasprovided

herein, (i)if such Borrowing is denominated in Dollars, at the end of such Interest Period such

Borrowing shall be converted to a Syndicated Term Benchmark Borrowing of the same Class

having an Interest Period of one month, and (ii)if such Borrowing is denominated in a Foreign

Currency, the Borrower shall be deemed to have selected an Interest Period of one month's

duration.Notwithstanding any contrary provision hereof, if an Event of Default has occurred

andiscontinuingandtheAdministrativeAgent,attherequestoftheRequiredLenders,so

65<br>

notifies the Borrower, (i) any Term Benchmark Borrowing denominated in Dollars shall, at the

end of the applicable Interest Period for such Term Benchmark Borrowing, be automatically

converted to an ABR Borrowing and (ii) no Term Benchmark Borrowing denominated in a

Foreign Currencyshall have an Interest Period of more than one month's duration.

SECTION2.08.<u>Termination,</u><u>Reduction</u><u>or</u><u>Increase</u><u>of</u><u>the</u><u>Commitments</u>.

(a)<u>Scheduled Termination</u>.Unless previouslyterminated, the Commitments

of each Extending Lender with respect to such Extending Lender's Extended Loans shall

terminateontheExtendedCommitmentTerminationDateandtheCommitmentsofeach

Non-ExtendingLender with respecttosuchNon-ExtendingLender'sNon-ExtendedLoansshall

terminateontheNon-ExtendedCommitmentTerminationDateforsuchNon-ExtendingLender.

(b)<u>Voluntary Termination or Reduction</u>.The Borrower may at any time

without premium or penalty terminate, or from time to time reduce, the Commitments of either

Class; <u>provided</u> that (i)each reduction of theCommitments of aClass shall be in an amount that

is $5,000,000 (or, if less, the entire amount of the Commitments of such Class) or a larger

multiple of $1,000,000 in excess thereof and (ii)the Borrower shall not terminate or reduce the

Commitments of either Class if, after giving effect to any concurrent prepayment of the

Syndicated Loans of such Class in accordance with <u>Section</u><u>2.10</u>, the total Revolving Credit

Exposures of such Class would exceed the total Commitments of such Class.Any such

reduction of the Commitments below the principal amount of the Swingline Loans permitted

under <u>Section 2.04(a)(i)</u> and the Letters of Credit permitted under <u>Section 2.05(c)(i)</u> shall result

in a dollar-for-dollar reduction of such amounts as applicable.

(c)<u>Notice</u><u>of</u><u>Voluntary</u><u>Termination</u><u>or</u><u>Reduction</u>.TheBorrowershallnotify

the Administrative Agent of any election to terminate or reduce the Commitments under <u>clause</u>

<u>(b)</u>of this Section 2.08at least three (3) Business Days prior to the effective date of such

termination or reduction, specifying such election and the effective date thereof.Promptly

following receipt of anynotice, the Administrative Agent shall advise the applicable Lenders of

the contents thereof.Each notice delivered by the Borrower pursuant to this <u>Section 2.08</u>shall

beirrevocable; <u>provided</u>that anoticeofterminationorreductionoftheCommitmentsofaClass

delivered by the Borrower may state that such notice is conditioned upon the effectiveness of

other credit facilities or events, in which case such notice may be revoked by the Borrower (by

noticetotheAdministrativeAgentonorpriortothespecifiedeffectivedate)ifsuchconditionis

not satisfied.

(d)<u>Effect of Termination or Reduction</u>.Any termination or reduction of the

Commitments of a Class pursuant to <u>Section 2.08(b)</u> shall be permanent.Each reduction of the

CommitmentsofaClasspursuantto<u>Section</u><u>2.08(b)</u>shallbemaderatablyamongtheLendersof

such Class (including with respect to (x) Dollar Lenders and Multicurrency Lenders and (y)

Extending Lender and Non-Extending Lenders) in accordance with their respective

Commitments <u>of such Class</u>.

66<br>

(e)<u>Increase</u><u>of</u><u>the</u><u>Commitments</u>.

(i)<u>Requests for Increase by Borrower</u>.The Borrower may, at any

time, request that the Commitments hereunder of a Class be increased (each such

proposed increase being a "<u>Commitment Increase</u>"), upon notice to the Administrative

Agent (who shall promptly notify the Lenders), which notice shall specify each existing

Lender <u>that shall have agreed to an additional Commitment of the same Class as its</u>

<u>existing Commitment</u> (each an "<u>Increasing Lender</u>")and/or each additional lender <u>that</u>

<u>shall have agreed to a new Commitment or existing Lender that shall have agreed to a</u>

<u>new</u><u>Commitment of a</u><u>different</u><u>Class</u><u>than its existing</u><u>Commitment</u>(eachan "<u>Assuming</u>

<u>Lender</u>")thatshallhaveagreedtoanadditionalCommitmentandthedateonwhichsuch

increase is expected to be effective (the date of actual effectiveness, the "<u>Commitment</u>

<u>Increase Date</u>"), which shall be a Business Dayat least three (3) Business Days (or such

shorter period as the Administrative Agent may reasonably agree) after delivery of such

notice and at least thirty(30)days prior to the ExtendedCommitment Termination Date;

<u>provided</u> that:

(A)the minimum amount of the Commitment of anyAssuming

Lender, and the minimum amount of the increase of the Commitment of any

IncreasingLender,aspartofsuchCommitmentIncreaseshallbe$10,000,000ora

larger multiple of $5,000,000 in excess thereof or such lesser amount as the

Administrative Agent may reasonably agree;

(B)immediately after giving effect to such Commitment

Increase (including, if applicable, the substantially concurrent reduction of the

Commitments of a Non-Extending Lender in accordance with <u>Section 2.08(f)</u>),

thetotalCommitmentsofalloftheLendershereundershallnotexceed

$1,462,500,000<u>1,475,000,000</u>;

(C)each Assuming Lender shall be consented to by the

Administrative Agent, each Issuing Bank and each Swingline Lender (such

consent not to be unreasonably withheld);

(D)no Default shall have occurred and be continuing on such

Commitment Increase Date or shall result from the proposed Commitment

Increase; and

(E)the representations and warranties contained in this

Agreementshall betrue and correct in allmaterial respects (or, in thecaseofany

portion of the representations and warranties already subject to a materiality

qualifier, true and correct in all respects) on and as of the Commitment Increase

Date as ifmade on and as ofsuch date (or, if anysuch representation or warranty

is expressly stated to have been made as of a specific date, as of such specific

date).

(ii)<u>Effectiveness of Commitment Increase by Borrower</u>.An<u>On each</u>

<u>Commitment Increase Date for any</u><u>Commitment Increase, the</u>Assuming Lender, if any,

67<br>

shall become a Lender hereunder as of such Commitment Increase Date and the

Commitment of the respective Class of any Increasing Lender and such Assuming

Lender<u>part of such Commitment Increase, if any,</u>shall be increased as of such

Commitment Increase Date; <u>provided</u> that:

(x)theAdministrativeAgentshallhavereceivedonorpriorto

11:00a.m., New York City time, on such Commitment Increase Date (or on or

prior to a time on an earlier date specified by the Administrative Agent) a

certificate of a duly authorized officer of the Borrower stating that each of the

applicable conditions to such Commitment Increase set forth in the foregoing

<u>subclause (i)</u> of this <u>clause (e)</u> has been satisfied; and

(y)each Assuming Lender or Increasing Lender shall have delivered

to the Administrative Agent, on or prior to 11:00a.m., New York City time on

such<u>the</u>Commitment Increase Date (or on or prior to the time on an earlier date

specified by the Administrative Agent in compliance with <u>clause (x)</u> above),, an

increasing/joinderagreementsubstantiallyintheformof<u>Exhibit</u><u>D</u>(orsuchother

form as shall be reasonably satisfactory to the Administrative Agent) (each, an

"<u>Increasing Lender/Joining Lender Agreement</u>"), pursuant to which such Lender

shall, effective as of such Commitment Increase Date, undertake a Commitment

oranincreaseofCommitment ineachcaseoftherespectiveClass,dulyexecuted

by such Assuming Lender or Increasing Lender, as applicable, and the Borrower

and acknowledged by the Administrative Agent.

Promptlyfollowingsatisfactionofsuchconditions,theAdministrativeAgentshallnotify

the Lenders of such Class (including any Assuming Lenders)thereof and of the

occurrence of the Commitment Increase Date by facsimile transmission or electronic

messaging system.

(iii)<u>Recordation into Register</u>.Upon its receipt of an Increasing

Lender/Joining Lender Agreement executed by an Assuming Lender or any Increasing

Lender,togetherwiththecertificatereferredtoin<u>clause</u><u>(ii)(x)</u>above,theAdministrative

Agentshall,ifsuchagreementhasbeencompleted,(x)acceptsuchagreement,(y)record

theinformationcontainedthereinintheRegisterand(z)givepromptnoticethereoftothe

Borrower.

(iv)<u>Adjustments of Borrowings upon Effectiveness of Increase</u>.On

the<u>each</u>CommitmentIncreaseDate,theBorrowershall(A)prepaytheoutstandingLoans

(if any)of the affected Class in full, (B)simultaneouslyborrow new Loans ofsuch Class

hereunderinanamountequaltosuchprepayment(whichmayalsoincludetheamountof

any fees, expenses or amounts due by the Borrower on or prior to the Commitment

Increase Date); <u>provided</u> that with respect to <u>subclauses (A)</u>and <u>(B)</u>, (x)the prepayment

to, and borrowing from, anyexisting Lender shall be effected bybook entryto theextent

that any portion of the amount prepaid to such Lender will be subsequently borrowed

fromsuch Lender and (y)the existingLenders,theIncreasingLendersandtheAssuming

Lenders shall make and receive payments among themselves, in a manner acceptable to

the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are

68<br>

held ratably by the Lenders of such Class in accordance with the respective

Commitments of such Class of such Lenders (after giving effect to such Commitment

Increase) and (C) pay to the Lenders of such Class the amounts, if any, payable under

<u>Section 2.15</u> as a result of anysuch prepayment.Concurrentlytherewith, the Lenders of

such Class shall be deemed to have adjusted their participation interests in any

outstandingLettersofCreditandSwinglineLoansofsuchClasssothatsuchinterestsare

held ratablyin accordance with their Commitments of such Class as so increased.

(f)<u>Reduction</u><u>of</u><u>Non-Extending</u><u>Lenders'</u><u>Commitment</u>.Notwithstanding

anything to the contrary herein (including <u>Section 2.08(d)</u>):

(i)The Borrower may, so long as (1) no Default or Event of Default

exists and (2) the Borrowing Base does not exceed the Covered Debt Amount plus the

Net Revolving Exposure at such time, (x) in connection with any Commitment Increase

under Section 2.08(e), terminate, or from time to time reduce, the Commitment of any

Non-Extending Lender without reducing the Commitments of any other Lender (and,

solely to the extent such Non-Extending Lender's Revolving Dollar Credit Exposure or

Revolving Multicurrency Credit Exposure, as applicable, would otherwise exceed such

Non-Extending Lender's Applicable Dollar Percentage or Applicable Multicurrency

Percentage, as applicable, of the Dollar Credit Exposure or Multicurrency Credit

Exposure, as applicable, after giving effect to such Commitment reduction or

termination,suchexcessmaybeprepaidpursuantto<u>Section</u><u>2.21</u>)or(y)atanytimeonor

after a Non-Extending Lender's Non-Extended Commitment Termination Date, prepay

the Loans of such Non-Extending Lender without prepaying the Loans of any other

Lender; <u>provided</u> that each reduction of the Commitment or prepayment of Loans of a

Non-ExtendingLenderpursuanttothis<u>clause</u><u>(f)</u>shallbeinanamountthatis$5,000,000

or a larger multiple of $1,000,000 in excess thereof (or, in each case, the entire

Commitment or outstanding Loans of such Non-Extending Lender, as applicable).

(ii)TheBorrowershallnotifytheAdministrativeAgentofanyelection

to terminate or reduce the Commitment or prepay the Loans of any Non-Extending

Lender under this <u>clause (f)</u> at least four Business Days prior to (or such lesser period as

the Administrative Agent may reasonably agree) (x) the related Commitment Increase

Date in the case of any termination or reduction or (y) the effective date of such

prepayment, in each case, specifying such election and the related Commitment Increase

Date or effective date thereof, as applicable.Promptly following receipt of any notice,

the Administrative Agent shall advise each Lender of the contents thereof.Each notice

delivered bythe Borrower pursuant to this <u>clause (f)</u> shall be irrevocable; <u>provided</u> that a

notice of termination or reduction may state that such notice is conditioned upon the

effectiveness of other events, in which case such notice maybe revoked bythe Borrower

(by notice to the Administrative Agent on or prior to the specified effective date) if such

condition is not satisfied.

AnyterminationorreductionoftheCommitmentorprepaymentofLoansofanyNon-Extending

Lender pursuant to this <u>clause (f)</u> shall be permanent and, if applicable in connection with any

termination or reduction of Commitments, shall be made concurrently with all required

reallocation prepayments and cash collateralizations required under <u>Section 2.21</u>; provided that,

69<br>

for the avoidance of doubt, if any Loans or Letters of Credit are outstanding, no reduction or

termination of Commitments shall be made pursuant to this <u>Section 2.08(f)</u> if the conditions set

forth in <u>Section 4.02</u> are not satisfied on the date of such reduction or termination.

SECTION2.09.<u>Repayment</u><u>of</u><u>Loans;</u><u>Evidence</u><u>of</u><u>Debt</u>.

(a)<u>Repayment</u>.The Borrower hereby unconditionally promises to pay the

Loans of each Class as follows:

(i)totheAdministrativeAgentfortheaccountoftheLendersofsuch

Class the outstanding principal amount of the Syndicated Loans of the Lenders of such

Class and all other amounts due and owing hereunder and under the other Loan

Documents on such Lenders' applicable Final MaturityDate <u>for such Class</u>; and

(ii)to the applicable Swingline Lender the then unpaid principal

amount of each Swingline Loan of each Class denominated in Dollars made by such

Swingline Lender, on the earlier of the ExtendedCommitmentTerminationDateand the

first date after such Swingline Loan is made that is the 15thor last day of a calendar

monthandisatleasttenBusinessDaysaftersuchSwinglineLoanismade;<u>provided</u>that

on each date that a Syndicated Borrowing of such Class is made, the Borrower shall

repay all Swingline Loans of such Class then outstanding.

In addition, on the Extended Commitment Termination Date, the Borrower shall

deposit Cash into the Letter of Credit Collateral Account (denominated in the Currency of the

Letter of Credit under which such LC Exposure arises) in an amount equal to 100% of the

undrawn amount of all Letters of Credit outstanding on the close of business on the Extended

Commitment Termination Date, such deposit to be held by the Administrative Agent as

collateral security for the LC Exposure under this Agreement in respect of the undrawn portion

of such Letters of Credit.

(b)<u>Manner of Payment</u>.Prior to any repayment or prepayment of any

Borrowings to any Lenders of any Class hereunder, the Borrower shall select the Borrowing or

Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone

(confirmedbytelecopyorelectroniccommunication)ofsuchselectionnotlaterthanthetimeset

forth in <u>Section 2.10(</u>ef) prior to the scheduled date of such repayment; <u>provided</u> that, each

repaymentofBorrowingsinDollarstoanyLendersofaClassshallbeappliedtorepay<u>or</u><u>prepay</u>

any outstanding ABR Borrowings of such Class before any other Borrowings of such Class.If

the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or

prepaid, such payment shall be applied to repayBorrowings in the same Currencyand,solelyin

the case of any such payment in Dollars, first, to pay any outstanding ABR Borrowings of the

applicable Class and, second, to other Borrowings of such Class in the order of the remaining

duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest

Period to be repaid first).Other than in connection with a reduction or termination of

Commitments or prepayment of Loans pursuant to <u>Section 2.08(f)</u>, the occurrence of the Final

MaturityDatewithrespecttoanyLenderpursuantto<u>Section</u><u>2.09(a)</u>oramandatoryprepayment

pursuantto<u>Section</u><u>2.10(d)</u>,eachpaymentofaSyndicatedBorrowingtoLendersofaClassshall

beappliedratably(bothwithrespectto(x)DollarLoansandMulticurrencyLoansand(y)

70<br>

Extended Loans and Non-Extended Loans) to the Loans included in such Borrowing.

NotwithstandinganyotherprovisiontothecontraryinthisAgreement,ifanEventofDefaulthas

occurred and is continuing, then any payment or repayment of the Loans shall be made and

applied ratably (based on the aggregate Dollar Equivalents of the outstanding principal amounts

of such Loans) between Dollar Loans, MulticurrencyLoans and to Cash Collateralize Letters of

Credit.In connection with a mandatory prepayment pursuant to Section 2.10(d), Net Cash

Proceeds and Return of Capital required to be applied to the prepayment of the Loans shall (x)

from the period commencing on the Non-Extended Commitment Termination Date and ending

on the Extended Commitment Termination Date, be applied ratably among the Non-Extending

LendersforwhichtheNon-ExtendedCommitmentTerminationDateshallhaveoccurredand(y)

from the Extended Commitment Termination Date to the Extended Final Maturity Date, be

applied ratably to the Revolving Dollar Exposure and Revolving Multicurrency Exposure of the

Extending Lenders.

(c)<u>Maintenance of Records by Lenders</u>.Each Lender shall maintain in

accordance with its usual practice records evidencing the indebtedness of the Borrower to such

Lender resulting from each Loan made by such Lender, including the amounts and Currency of

principal and interest payable and paid to such Lender from time to time hereunder.

(d)<u>Maintenance</u><u>of</u><u>Records</u><u>by</u><u>the</u><u>Administrative</u><u>Agent</u>.TheAdministrative

Agent shall maintain records in which it shall record (i) the amount and Currency of each Loan

made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount

andCurrencyofanyprincipalorinterestdueandpayableortobecomedueandpayablefromthe

Borrower to each Lender of such Class hereunder and (iii) the amount and Currencyof anysum

receivedbytheAdministrativeAgenthereunderfortheaccountoftheLendersandeach

Lender's share thereof.

(e)<u>Effect of Entries</u>.The entries made in the records maintained pursuant to

<u>clause (c)</u>or <u>(d)</u>of this <u>Section 2.09</u>shall be <u>prima</u><u>facie</u> evidence, absent obvious error, of the

existence and amounts of the obligations recorded therein; <u>provided</u> that the failure of any

LenderortheAdministrativeAgenttomaintainsuchrecordsoranyerrorthereinshallnotinany

manner affect the obligation of the Borrowerto repaythe Loans in accordance withtheterms of

thisAgreement. <u>In</u><u>the</u><u>event</u><u>of</u><u>any</u><u>conflict</u><u>between</u><u>the</u><u>accounts</u><u>and</u><u>records</u><u>maintained</u><u>by</u><u>any</u>

<u>Lender and the accounts and records maintained by</u><u>the Administrative Agent in respect of such</u>

<u>matters, the accounts and records of the Administrative Agent shall control in the absence of</u>

<u>manifest error. In the event of any conflict between the Register and any other accounts and</u>

<u>records maintained by the Administrative Agent, the Register shall control in the absence of</u>

<u>obvious error.</u>

(f)<u>Promissory</u><u>Notes</u>.AnyLendermayrequestthatLoansofanyClassmade

by it be evidenced by a Note; in such event, the Borrower shall prepare, execute and deliver to

such Lender a Notepayabletosuch Lender (or,if requestedbysuch Lender,tosuch Lender and

its registered assigns)substantially in the form of <u>Exhibit E</u> (or such other form as shall be

reasonably satisfactory to the Administrative Agent).Thereafter, the Loans evidenced by such

Noteandinterestthereonshallatalltimes(includingafterassignmentpursuantto

71<br>

<u>Section</u><u>9.04</u>)be represented by one or more Notes in such form payable to the payee named

therein (or, if such Note is a registered note, to such payee and its registered assigns).

SECTION2.10.<u>Prepayment</u><u>of</u><u>Loans</u>.

(a)<u>Optional</u><u>Prepayments</u>.The Borrowershallhavethe right at anytimeand

from time to time to prepay any Borrowing in whole or in part, without premium or penalty

except for payments under <u>Section 2.15</u>, subject to the requirements of this <u>Section 2.10</u>.

(b)<u>Mandatory</u><u>Prepayments</u><u>due</u><u>to</u><u>Changes</u><u>in</u><u>Exchange</u><u>Rates</u>.

(i)<u>Determination of Amount Outstanding</u>.On each Quarterly Date

and, in addition, promptly upon the receipt by the Administrative Agent of a Currency

Valuation Notice (as defined below), the Administrative Agent shall determine the

aggregate Revolving Multicurrency Credit Exposure.For the purpose of this

determination, the outstanding principal amount of any Loan <u>or LC Exposure</u> that is

denominated in anyForeignCurrencyshall bedeemed to bethe DollarEquivalent ofthe

amount in the Foreign Currency of such Loan <u>or LC Exposure</u>, determined as of such

Quarterly Date or, in the case of a Currency Valuation Notice received by the

Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day, on

such Business Dayor, in the case of aCurrencyValuation Noticeotherwise received, on

the first Business Day after such Currency Valuation Notice is received.Upon making

such determination, the Administrative Agent shall promptly notify the Multicurrency

Lenders and the Borrower thereof.

(ii)<u>Prepayment</u>.If on the date of such determination the aggregate

Revolving Multicurrency Credit Exposure <u>minus</u> the Multicurrency LC Exposure fully

Cash Collateralized on such date exceeds 105% of the aggregate amount of the

Multicurrency Commitments as then in effect, the Borrower shall prepaythe Syndicated

MulticurrencyLoansandSwinglineMulticurrencyLoans<u>Loans</u><u>of</u><u>the</u><u>Swingline</u><u>Lenders</u>

<u>with</u><u>a</u><u>Multicurrency</u><u>Commitment</u>(and/orprovideCashCollateralforMulticurrencyLC

Exposureasspecifiedin<u>Section</u><u>2.05(k)</u>)withinfifteen(15)BusinessDaysfollowingthe

Borrower's receipt of notice from the Administrative Agent pursuant to <u>clause (b)(i)</u>

aboveinsuchamounts<u>,</u><u>if</u><u>any,</u>asshallbenecessarysothataftergivingeffectthereto<u>and</u>

<u>the determination of the aggregate Revolving Multicurrency Credit Exposure as of such</u>

<u>date,</u> the aggregate Revolving Multicurrency Credit Exposure does not exceed the

Multicurrency Commitments.

For purposes hereof "<u>Currency Valuation Notice</u>" means a notice given by the Required

Multicurrency Lenders to the Administrative Agent stating that such notice is a "Currency

Valuation Notice" and requesting that the Administrative Agent determine the aggregate

Revolving Multicurrency Credit Exposure.The Administrative Agent shall not be required to

makemorethan onevaluationdeterminationpursuant toCurrencyValuationNotices withinany

rolling three month period.

72<br>

Anyprepaymentpursuanttothis<u>clause</u><u>(b)</u>ofthisSectionshallbeapplied,<u>first</u>to

Swingline Multicurrency Loans outstanding, <u>second</u>, to Syndicated Multicurrency Loans

outstanding and <u>third</u>, to Cash Collateralize Multicurrency LC Exposure.

(c)<u>Mandatory Prepayments due to Borrowing Base Deficiency</u>.In the event

that at any time any Borrowing Base Deficiency shall exist, the Borrower shall, within five (5)

Business Days after delivery of the applicable Borrowing Base Certificate, prepay the Loans

(<u>and/</u>or provide Cash Collateral for Letters of Credit as contemplated by <u>Section</u><u>2.05(k)</u>)or

reduce Other Covered Indebtedness or any other Indebtedness that is included in the Covered

Debt Amount at such time in such amounts as shall be necessary so that such Borrowing Base

Deficiencyiscured;<u>provided</u>that(i)theLoansshallbeprepaidinfullandLettersofCreditshall

be fully Cash Collateralized prior to the reduction of any Other Covered Indebtedness or any

other Indebtedness that is included in the Covered Debt Amount and (ii) if, within five (5)

Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing

BaseDeficiency,theBorrowershallpresenttheAdministrativeAgentwithareasonablyfeasible

planacceptable to theAdministrativeAgent in its solediscretion toenablesuchBorrowingBase

Deficiency to be cured within thirty (30) Business Days which thirty (30) Business Day period

shall include the five Business Days permitted for delivery of such plan, then such prepayment

<u>(and/or Cash Collateralization)</u>or reduction shall not be required to be effected immediatelybut

may be effected in accordance with such plan (with such modifications as the Borrower may

reasonably determine),solongassuchBorrowingBaseDeficiency iscuredwithinsuchthirty

(30)BusinessDayperiod.

(d)<u>Mandatory Prepayments During Amortization Period</u>.During the period

commencingonthedateimmediatelyfollowingtheCommitmentTerminationDatewithrespect

toanyLoansofanyLenderorLendersandendingontheFinalMaturityDatewithrespecttothe

Loans of such Lender or Lenders:

(i)<u>Asset</u><u>Disposition</u>.IftheBorroweroranyofitsSubsidiaries(other

than a Financing Subsidiary) Disposes of any property which results in the receipt by

such Person of Net Cash Proceeds in excess of $2,000,000 in the aggregate since the

applicable Commitment Termination Date, the Borrower shall prepay an aggregate

principal amount of such Loans owed to such Lender or Lenders equal to 100% of such

Net Cash Proceeds no later than the fifth Business Dayfollowing the receipt of such Net

Cash Proceeds (such prepayments to be applied as set forth in <u>Section 2.09(b)</u>).

(ii)<u>Equity</u><u>Issuance</u>.UponthesaleorissuancebytheBorrowerorany

ofitsSubsidiaries(otherthanaFinancingSubsidiary)ofanyofitsEquityInterests(other

than any sales or issuances of Equity Interests to the Borrower or any Subsidiary

Guarantor),theBorrowershallprepayanaggregateprincipalamountofsuchLoansowed

to such Lender or Lenders equal to 75% of all Net Cash Proceeds received therefrom no

later than the fifth Business Day following the receipt of such Net Cash Proceeds (such

prepayments to be applied as set forth in <u>Section 2.09(b)</u>).

(iii)<u>Indebtedness</u>.UpontheincurrenceorissuancebytheBorroweror

any of its Subsidiaries (other than a Financing Subsidiary) of any Indebtedness, the

BorrowershallprepayanaggregateprincipalamountofsuchLoansowedtosuchLender

73<br>

or Lenders equal to 100% of all Net Cash Proceeds received therefrom no later than the

fifthBusinessDayfollowingthereceiptofsuchNetCashProceeds(suchprepaymentsto

be applied as set forth in <u>Section 2.09(b)</u>).

(iv)<u>Extraordinary Receipt</u>.Upon any Extraordinary Receipt (which,

when taken with all other Extraordinary Receipts received after the applicable

CommitmentTerminationDate,exceeds$5,000,000intheaggregate)receivedbyorpaid

to or for the account of the Borrower or any of its Subsidiaries (other than a Financing

Subsidiary), and not otherwise included in <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> of this <u>Section 2.10(d)</u>,

the Borrower shall prepay an aggregate principal amount of such Loans owed to such

Lender or Lenders equal to 100% of all Net Cash Proceeds received therefrom no later

than the fifth Business Day following the receipt of such Net Cash Proceeds (such

prepayments to be applied as set forth in <u>Section 2.09(b)</u>).

(v)<u>Return of Capital</u>.If any Obligor shall receive any Return of

Capital (other than from any Financing Subsidiary) that is not otherwise included in

<u>clauses</u><u>(i)</u>,<u>(ii),</u><u>(iii)</u>or<u>(iv)</u>ofthis<u>Section</u><u>2.10(d)</u>,theBorrowershallprepayanaggregate

principal amount of such Loans owed to such Lender or Lenders equal to 90% of such

Return of Capital (excluding amounts payable bythe Borrower pursuant to <u>Section 2.15</u>)

no later than the fifth Business Dayfollowing the receipt of such Return of Capital (such

prepayments to be applied as set forth in <u>Section 2.09(b)</u>).

Notwithstandingtheforegoing,NetCashProceedsandReturnofCapitalrequired

to be applied to the prepayment of the Loans pursuant to this <u>Section 2.10(d)</u> shall exclude the

amounts necessary for the Borrower to make all required dividends and distributions (which

shallbenolessthantheamountestimatedingoodfaithbyBorrowerunder<u>Section</u><u>6.05(b)</u>)to

(i) maintain its Tax status as a RIC under the Code and its election to be treated as a "business

development company" under the Investment Company Act for so long as the Borrower retains

such status, (ii) reduce to zero (0) for anysuch taxable year its liabilityfor federal income taxes

imposed on its investment company taxable income pursuant to Section 852(b)(1) of the Code

(or anysuccessor thereto), and its net capital gain pursuant to Section 852(b)(3) of the Code (or

anysuccessorthereto)forsolongastheBorrowerretainsthestatusofaRICundertheCodeand

(iii)avoid payment by the Borrower of federal excise Taxes imposed by Section 4982 of the

Code for so long as the Borrower retains the status of a RIC under the Code and if the Loans to

be prepaid pursuant to this <u>Section 2.10(d)</u><u>clauses (i) through (v) above</u>are Term Benchmark

Loans, the Borrower may defer such prepayment until the last day of the Interest Period

applicable to such Loans, so long as the Borrower deposits an amount equal to such Net Cash

Proceeds, no later than the fifth Business Day following the receipt of such Net Cash Proceeds,

into a segregated collateral account in the name and under the dominion and control of the

AdministrativeAgent,pendingapplicationofsuchamounttotheprepaymentoftheLoansonthe

last day of such Interest Period; <u>provided</u>, <u>further</u>, that the Administrative Agent may direct the

application of such deposits as set forth in <u>Section 2.09(b)</u> at any time and if the Administrative

Agent does so, no amounts will be payable bythe Borrower pursuant to <u>Section 2.15</u>.

74<br>

(e)<u>Payments Following the Commitment Termination Date or During an</u>

<u>Event of Default.</u><u>Notwithstanding any provision to the contrary in Section 2.09 or this Section</u>

<u>2.10:</u>

<u>(i)</u><u>any prepayment of Loans required to be made in connection with</u>

<u>any of the events specified in Section 2.10(d) shall be applied to prepay Loans and/or</u>

<u>cash collateralize outstanding Letters of Credit on a pro-rata basis between each</u>

<u>outstanding Class of Revolving Credit Exposure; provided, that, so long as no Event of</u>

<u>Default has occurred and is continuing, each</u><u>prepayment</u><u>in</u><u>an</u><u>Agreed</u><u>Foreign</u><u>Currency</u>

<u>(including as a result of the Borrower's receipt of proceeds from a prepayment event in</u>

<u>such Agreed Foreign Currency) shall be applied ratably among just the Multicurrency</u>

<u>Lenders to prepay the Syndicated Loans denominated in such Agreed Foreign Currency</u>

<u>and, if after such payment, if applicable, or otherwise, the balance of the Syndicated</u>

<u>Loans</u><u>denominated</u><u>in</u><u>such</u><u>Agreed</u><u>Foreign</u><u>Currency</u><u>remaining</u><u>is</u><u>zero,</u><u>then,</u><u>if</u><u>there</u><u>are</u>

<u>any remaining proceeds, such amount shall be applied to prepay (in Dollars) the</u>

<u>remaining Loans and/or cash collateralize outstanding Letters of Credit on a pro-rata</u>

<u>basis (based on the aggregate outstanding Dollar Equivalent principal amount of such</u>

<u>Loans and Letters of Credit) between each outstanding Class of Revolving Credit</u>

<u>Exposure;</u>

<u>(ii)</u><u>after the Commitment Termination Date, no optional prepayment</u>

<u>of the Loans of any Class shall be permitted unless at such time, the Borrower also</u>

<u>prepays the Loans of each other Class or, to the extent no Loans of any other Class are</u>

<u>outstanding, provides cash collateral as contemplated by</u><u>Section 2.05(k) for outstanding</u>

<u>Letters of</u><u>Credit of</u><u>such</u><u>Class, which</u><u>prepayment (and cash collateral)</u><u>shall be</u><u>made on</u>

<u>a pro-rata basis (based on the outstanding principal amounts of such Indebtedness)</u>

<u>between each outstanding Class of Revolving Credit Exposure; and</u>

<u>(iii)</u><u>notwithstanding any other provision to the contrary in this</u>

<u>Agreement, if an Event of Default has occurred and is continuing, then any payment or</u>

<u>repayment of the Loans shall be applied to repay Loans and/or cash collateralize</u>

<u>outstanding Letters of Credit on a pro rata basis (based on the aggregate Dollar</u>

<u>Equivalents of the outstanding principal amounts of such Loans and Letters of Credit)</u>

<u>between each outstanding Class of Revolving Credit Exposure.</u>

(f)(e) <u>Notices, Etc</u>.The Borrower shall notify the Administrative Agent

(and, in the case of prepayment of a Swingline Loan made by a Swingline Lender, such

Swingline Lender) by telephone (confirmed by telecopy or electronic communication) of any

prepayment hereunder (i) in the case of prepayment of a Term Benchmark Borrowing

denominated in Dollars (otherthan in the case of aprepaymentpursuant to <u>Section</u><u>2.10(d)</u>),not

later than 11:00 a.m., New York City time, three (3) Business Days before the date of

prepayment, (ii) in the case of prepayment of a Term Benchmark Borrowing denominated in a

Foreign Currency (other than in the case of a prepayment pursuant to <u>Section 2.10(d)</u>), not later

than11:00a.m.,NewYorkCitytime,four(4)BusinessDaysbeforethedateofprepayment,(iii)

in the case of prepayment of a Syndicated ABR Borrowing (other than in the case of a

prepayment pursuant to <u>Section 2.10(d))</u>, not later than 11:00 a.m., New York City time, one

BusinessDaybeforethedateofprepayment,(iv)inthecaseofprepaymentofaSwinglineLoan,

75<br>

not later than 11:00 a.m., New York City time, on the date of prepayment, or (v) in the case of

anyprepayment pursuant to <u>Section</u><u>2.10(d)</u>, not laterthan 11:00 a.m., New York Citytime, one

Business Day before the date of prepayment.Each such notice shall be irrevocable and shall

specify the prepayment date, the principal amount of each Borrowing or portion thereof to be

prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the

amount of such prepayment; <u>provided</u> that, if (i) a notice of prepayment is given in connection

with a conditional notice of termination of the Commitments of a Class as contemplated by

<u>Section 2.08</u>, then such notice of prepayment may be revoked if such notice of termination is

revoked in accordance with <u>Section 2.08</u> and (ii) any notice given in connection with <u>Section</u>

<u>2.10(d)</u> maybe conditioned on the consummation of the applicable transaction contemplated by

such Section and the receipt by the Borrower or any such Subsidiary (other than a Financing

Subsidiary) of Net Cash Proceeds.Promptly following receipt of any such notice relating to a

Syndicated Borrowing, the Administrative Agent shall advise the affected Lenders of the

contentsthereof.EachpartialprepaymentofanyBorrowingshallbeinanamountthatwouldbe

permitted in thecaseof aBorrowingofthesameTypeasprovided in <u>Section</u><u>2.02</u>orin thecase

of aSwingline Loan, asprovided in <u>Section</u><u>2.04</u>,except asnecessarytoapplyfullytherequired

amount of a mandatory prepayment.Prepayments shall be accompanied by accrued interest to

the extent required by <u>Section 2.12</u> and shall be made and applied in the manner specified in

<u>Section 2.09(b)</u>.<u>unless such prepayment is made in connection with the reduction of</u>

<u>Commitments in accordance with Section 2.08(b) or (f) or a mandatory</u><u>prepayment pursuant to</u>

<u>Section 2.10(d) in which case such prepayment shall be applied in accordance with Section</u>

<u>2.08(d), 2.08(f) or Section 2.10(d), as applicable.</u>

SECTION2.11.<u>Fees</u>.

(a)<u>Commitment Fee</u>.The Borrower agrees to pay to the Administrative

Agent for the account of each Lender a commitment fee, which shall accrue at a rateper annum

equal to 0.375% on the average daily unused amount of the Dollar Commitment and

MulticurrencyCommitment, as applicable, ofsuch Lenderduringtheperiod from andincluding

theEffectiveDate to but excludingtheearlier of thedatesuch Commitment terminates andsuch

Lender'sCommitmentTerminationDate.Commitmentfeesaccruedthroughandincludingeach

Quarterly Date shall be payable on such Quarterly Date commencing on the first such date to

occur after the Effective Date and on the earlier of the date the Commitments of the respective

Class terminate and the Commitment Termination Date of such Class.All commitment fees

shall be computed on the basis of a year of 360 days and shall be payable for the actual number

of days elapsed (including the first day but excluding the last day).For purposes of computing

commitment fees, the Commitment of any Class of a Lender shall be deemed to be used to the

extent of the outstanding Syndicated Loans and LC Exposureof eachClass ofsuch Lender (and

the Swingline Exposure of such Class of such Lender shall be disregarded for such purpose).

(b)<u>Letter of Credit Fees</u>.The Borrower agrees to pay (i)to the

Administrative Agent for the account of each Lender a participation fee with respect to its

participations in Letters of Credit of each Class, which shall accrue at a rate per annum equal to

the Applicable Margin applicable to interest on Term Benchmark Loans on the average daily

amount of such Lender's LC Exposure of such Class (excluding anyportion thereof attributable

to unreimbursed LC Disbursements) during the period from and including the Effective Date to

butexcludingthelaterofthedateonwhichsuchLender'sCommitmentofsuchClassterminates

76<br>

and the date on which such Lender ceases to have any LC Exposure of such Class, and (ii)to

each Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the

average daily amount of such Issuing Bank's LC Exposure (excluding any portion thereof

attributable to unreimbursed LC Disbursements)during the period from and including the

Effective Date to but excluding the later of the date of termination of the Commitments and the

date on which there ceases to be anyLC Exposure, as well as each Issuing Bank'sstandard fees

with respect to the issuance, amendment or extension of any Letter of Credit or processing of

drawings thereunder.Participation fees and fronting fees accrued through and including each

Quarterly Date shall be payable on such Quarterly Date, commencing on the first such date to

occur after the Effective Date; <u>provided</u> that all such fees with respect to the Letters of Credit

shall be payable (i) with respect to the Issuing Bank, on the Termination Date and (ii) with

respect to any Lender, on the earlier to occur of such Lender's Final Maturity Date and the

TerminationDateandtheBorrowershallpayanysuchfeesthathaveaccruedandthatareunpaid

on such date and, in the event any Letters of Credit shall be outstanding that have expiration

dates after the Termination Date, the Borrower shall prepay on the Termination Date the full

amount of the participation and fronting fees that will accrue on such Letters of Credit

subsequent to the Termination Date through and including the date such outstanding Letters of

Credit are scheduled to expire (and, in that connection, the Lenders agree not later than the date

two Business Days after the date upon which the last such Letter of Credit shall expire or be

terminated to rebate to the Borrower the excess, if any, of the aggregate participation and

fronting fees that have been prepaid by the Borrower over the sum of the amount of such fees

that ultimately accrue through the date of such expiration or termination and the aggregate

amount of all other unpaid obligations hereunder at such time).Any other fees payable to an

Issuing Bank pursuant to this <u>clause (b)</u> shall be payable within ten (10) Business Days after

demand.All participation fees and fronting fees shall be computed on thebasis of a year of 360

days and shall be payable for the actual number of days elapsed (including the first day but

excluding the last day).

(c)<u>Administrative Agent Fees</u>.The Borrower agrees to pay to the

Administrative Agent, for its own account, fees payable in the amounts and at the times

separately agreed upon between the Borrower and the Administrative Agent.

(d)<u>Payment of Fees</u>.All fees payable hereunder shall be paid on the dates

due, in Dollars (or, at the election ofthe Borrower with respect to anyfeespayabletoan Issuing

Bank on account of Letters of Credit issued by such Issuing Bank in any Foreign Currency, in

such Foreign Currency) and immediatelyavailable funds, to the Administrative Agent (or to the

applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of

commitment fees and participation fees, to the Lenders entitled thereto.Fees paid shall not be

refundable under any circumstances absent obvious error.

SECTION2.12.<u>Interest</u>.

(a)<u>ABR Loans</u>.The Loans constituting each ABR Borrowing (including

each Swingline Loan)shall bear interest at a rate per annum equal to the Alternate Base Rate

<u>plus</u> the Applicable Margin.

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(b)<u>Term Benchmark Loans</u>.The Loans constituting each Term Benchmark

Borrowing shall bear interest at a rate per annum equal to the Term Benchmark Rate for the

related Interest Period for such Borrowing <u>plus</u> the Applicable Margin.

(c)<u>[Reserved]</u>.

(d)<u>Default Interest</u>.Notwithstanding the foregoing, if any amount of

principal of any Loan, interest, fee or other amount payable by the Borrower hereunder is

accrued and not paid when due, whether at stated maturity, by acceleration or otherwise, such

overdue amount shall thereafter bear interest at a fluctuating interest rate per annum at all times

equal to (A)in the case of overdue principal of anyLoan, 2% <u>plus</u> the rate otherwise applicable

to such Loan as provided above, (B) in the case of any Letter of Credit, 2% <u>plus</u> the fee

otherwise applicable to such Letter ofCredit asprovided in <u>Section</u><u>2.11(b)(i)</u>,(C)in thecaseof

any fee or other amount denominated in Dollars, 2% <u>plus</u> the rate applicable to ABR Loans as

provided in <u>clause</u><u>(a)</u> of this <u>Section 2.12</u> and (D) in the case of any fee or other amount

denominatedin anyForeignCurrency,2%<u>plus</u>therateapplicabletoTermBenchmarkLoansas

provided in <u>clause (b)</u> of this <u>Section 2.12</u>.

(e)<u>Payment of Interest</u>.Accrued interest on each Loan shall be payable in

arrears on<u>to the Administrative Agent for the distribution to each Lender on</u>each Interest

Payment Dateforsuch Loan in theCurrencyinwhichsuch Loan is denominatedand, in thecase

of Syndicated Loans, with respect to any Lender, upon the earlier of such Lender's Final

MaturityDate and the Termination Date; <u>provided</u> that (i) interest accrued pursuant to <u>clause (d)</u>

ofthis<u>Section</u><u>2.12</u>shallbepayableondemand,(ii)intheeventofanyrepaymentorprepayment

of any Loan (other than a prepayment of a Syndicated ABR Loan prior to such Lender's Final

Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on

the date of such repayment or prepayment and (iii) in the event of any conversion of any Term

Benchmark Borrowing denominated in Dollars prior to the end of the Interest Period therefor,

accrued interest on such Borrowing shall be payable on the effective date of such conversion.

(f)<u>Computation</u>.All interest hereunder shall be computed on the basis of a

year of 360 days, except that interest computed byreference to the Alternate Base Rate at times

when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a

year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual

number of days elapsed (including the first day but excluding the last day).The applicable

Alternate Base Rate or Term Benchmark Rate shall be determined bythe Administrative Agent

and such determination shall be conclusive absent manifest error.

(g)<u>Conforming Changes</u>. In connection with the use or administration of

Term SOFR, the Administrative Agent will have the right to make Conforming Changes from

time to time and, notwithstanding anything to the contrary herein or in any other Loan

Document, any amendments implementing such Conforming Changes will become effective

without any further action or consent of any other party to this Agreement or any other Loan

Document.The Administrative Agent willpromptlynotifythe Borrower andthe Lenders ofthe

effectiveness of any Conforming Changes in connection with the use or administration of Term

SOFR.

78<br>

SECTION2.13.<u>Inability</u><u>to</u><u>Determine</u><u>Interest</u><u>Rates;</u><u>Benchmark</u><u>Replacement</u>.

(a)<u>Temporary Inability</u>. Subject to <u>Section 2.13(b)</u>, if prior to the

commencement of any Interest Period for any Term Benchmark Borrowing of a Class (the

Currency of such Borrowing herein called the "<u>Affected Currency</u>"):

(i)the Administrative Agent shall have determined (which

determination shall be conclusive and binding upon the Borrower absent manifest error)

that the Term Benchmark Rate forthe AffectedCurrencycannot bedeterminedpursuant

to the definition thereof for such Interest Period; or

(ii)the Administrative Agent shall have received notice from the

RequiredLendersofsuchClassthattheTermBenchmarkRatefortheAffectedCurrency

for such Interest Period will not adequately and fairly reflect the cost to such Lenders of

making or maintaining their respective Loans included in such Borrowing for such

Interest Period;

then the Administrative Agent shall give written notice thereof (or telephonic

notice, promptly confirmed in writing) to the Borrower and the affected Lenders as promptly as

practicablethereafter.Until the AdministrativeAgent shall notifytheBorrower and the Lenders

thatthecircumstancesgivingrisetosuchnoticenolongerexist,(i)anyInterestElectionRequest

that requests the conversion of any Syndicated Borrowing to, or the continuation of any

Syndicated Borrowing as, a Term Benchmark Borrowingdenominated in the AffectedCurrency

shall be ineffective and, if the Affected Currencyis Dollars, such Syndicated Borrowing (unless

prepaid)shall be continued as, or converted to, a Syndicated ABR Borrowing at the end of the

applicable Interest Period, (ii) if the Affected Currency is Dollars and any Borrowing Request

requests a Term Benchmark Borrowing denominated in Dollars, such Borrowing shall be made

asaSyndicatedABRBorrowing,and(iii)iftheAffectedCurrencyisCanadianDollars,(A)any

Borrowing Request that requests a Term Benchmark Borrowing denominated in Canadian

Dollars shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to

the Canadian Prime Rate; <u>provided</u>, that if the Administrative Agent determines (which

determination shall be conclusive and binding absent manifest error) that the Canadian Prime

Rate cannot be determined, such Borrowing Request shall be ineffective, and (B) any

outstanding Term Benchmark Borrowing in Canadian Dollars, at the Borrower's election, shall

either (1) be converted to a Term Benchmark Borrowing denominated in Canadian Dollars with

a Term Benchmark Rate equal to the Canadian Prime Rate at the end of applicable Interest

Period; <u>provided</u> that, if the Administrative Agent determines (which determination shall be

conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be

determined, such Borrowing shall be converted into an ABR Borrowingdenominated in Dollars

(in an amount equal to the Dollar Equivalent of such Affected Currency) at the end of the

applicable Interest Period, (2) be converted into a Syndicated ABR Borrowing denominated in

Dollars(inanamountequaltotheDollarEquivalentofsuchAffectedCurrency)attheendofthe

applicable Interest Period, or (3) be prepaid in full at the end of the applicable Interest Period;

<u>provided</u> that if no election is made bytheBorrower bythedatethat is threeBusiness Days after

receipt by the Borrower of such notice or, in the case of a Term Benchmark Borrowing, the last

79<br>

dayofthecurrentInterestPeriodfortheapplicableTermBenchmarkLoan,ifearlier,the

Borrower shall be deemed to have elected <u>clause (iii)(B)(1)</u> above.

(b)<u>Benchmark Replacement Setting.</u> Notwithstanding anything to the

contraryherein or in anyother Loan Document, if a Benchmark Transition Event and its related

Benchmark Replacement Date have occurred prior to anysetting of thethen-current Benchmark

for a Currency, then (x) if a Benchmark Replacement for the Term SOFR Reference Rate is

determinedinaccordancewithclause(1)ofthedefinitionof"BenchmarkReplacement"forsuch

Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for

all purposes hereunder and under any other Loan Document in respect of such Benchmark

setting and subsequent Benchmark settings without any amendment to, or further action or

consent of any other party to, this Agreement or any other Loan Document and (y) if a

Benchmark Replacement is determined in accordance with clause (2) of the definition of

"Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark

Replacement will replace such Benchmark for such Currency for all purposes hereunder and

under any other Loan Document in respect of anyBenchmark setting at or after 5:00 p.m. (New

York City time) on the fifth (5th) Business Day after the date notice of such Benchmark

Replacement is provided to the Lenders without any amendment to, or further action or consent

of anyother partyto, this Agreement or anyother Loan Document so long as the Administrative

Agent has not received, by such time, written notice of objection to such Benchmark

Replacement from Lenders comprising (x) in the case of a Benchmark Replacement for Dollars,

the Required Lenders, and (y) in the case of a Benchmark Replacement for any Foreign

Currency, the Required MulticurrencyLenders.If the Benchmark Replacement is DailySimple

SOFR, all interest payments will be payable on a quarterly basis.

(c)<u>Benchmark Replacement Conforming Changes</u>. In connection with the

use, administration, adoption or implementation of a Benchmark Replacement, the

Administrative Agent (in consultation with the Borrower) will have the right to make

Conforming Changes from time to time and, notwithstanding anything to the contraryherein or

in any other Loan Document, any amendments implementing such Conforming Changes will

become effective without any further action or consent of any other party to this Agreement or

any other Loan Document.

(d)<u>Notices;</u><u>Standards</u><u>for</u><u>Decisions</u><u>and</u><u>Determinations</u>.TheAdministrative

Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any

Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection

with the use, administration, adoption or implementation of a Benchmark Replacement. The

Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor

of a Benchmark pursuant to Section 2.13(e) and (y) the commencement of any Benchmark

Unavailability Period. Any determination, decision or election that may be made by the

AdministrativeAgentor,ifapplicable,anyLender(orgroupofLenders)pursuanttothis<u>Section</u>

<u>2.13</u>, includinganydetermination withrespect to atenor, rate oradjustment oroftheoccurrence

or non-occurrence of an event, circumstance or date and any decision to take or refrain from

taking anyaction or anyselection, will beconclusiveand bindingabsent manifest errorand may

bemadeinitsortheirsolediscretionandwithoutconsentfromanyotherpartytothis

80<br>

Agreement or anyother Loan Document, except, in each case, as expresslyrequired pursuant to

this <u>Section 2.13</u>.

(e)<u>Unavailability of Tenor of Benchmark</u>.Notwithstanding anything to the

contrary herein or in any other Loan Document, at any time (including in connection with the

implementation of a Benchmark Replacement), (i) if the then-current Benchmark for a Currency

is a term rate (including the Term SOFR Reference Rate or the Term CORRA Reference Rate)

and either (A) any tenor for such Benchmark for such Currency is not displayed on a screen or

other information service that publishes such rate from time to time as selected by the

Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the

administrator of such Benchmark has provided a public statement or publication of information

announcing that any tenor for such Benchmark for such Currency is not or will not be

representative, then the Administrative Agent may modify the definition of "Interest Period" (or

any similar or analogous definition) for any Benchmark settings for such Currency at or after

such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was

removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or

informationserviceforaBenchmarkforsuchCurrency(includingaBenchmarkReplacement)or

(B) is not, or is no longer, subject to an announcement that it is not or will not be representative

for a Benchmark for such Currency (including a Benchmark Replacement), then the

AdministrativeAgentmaymodifythedefinitionof"InterestPeriod"(oranysimilaroranalogous

definition) for all Benchmark settings for such Currency at or after such time to reinstate such

previously removed tenor.

(f)<u>Benchmark Unavailability Period</u>.Upon the Borrower's receipt of notice

of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any

pending request for a Term Benchmark Borrowing of, conversion to or continuation of Term

Benchmark Loans in each affected Currency to be made, converted or continued during any

Benchmark UnavailabilityPeriod and, failingthat, (i) anyInterest Election Request that requests

theconversionofanySyndicatedBorrowingto,orthecontinuationofanySyndicatedBorrowing

as, a Term Benchmark Borrowing, denominated in the affected Currency shall be ineffective

and, if the affected Currency is Dollars, such Syndicated Borrowing (unless prepaid) shall be

continued as, or converted to a Syndicated ABR Borrowing at the end of the applicable Interest

Period, (ii) if the affected Currency is Dollars and any Borrowing Request requests a Term

Benchmark Borrowing denominated in Dollars, such Borrowing shall be made as a Syndicated

ABR Borrowing and (iii) if the affected Currency is Canadian Dollars, (A) any Borrowing

Request that requests a Term Benchmark Borrowing denominated in Canadian Dollars shall be

made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Canadian

Prime Rate; provided, that if the AdministrativeAgent determines (which determination shall be

conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be

determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term

Benchmark Borrowing in Canadian Dollars, at the Borrower's election, shall either (1) be

converted to a Term Benchmark Borrowing denominated in Canadian Dollars with a Term

Benchmark Rate equal to the Canadian Prime Rate at the end of applicable Interest Period;

provided that, if the Administrative Agent determines (which determination shall be conclusive

and binding absent manifest error) that the Canadian Prime Rate cannot be determined, such

Borrowing shall be converted into a Syndicated ABR Borrowing denominated in Dollars (in an

amountequaltotheDollarEquivalentofsuchaffectedCurrency)attheendoftheapplicable

81<br>

Interest Period, (2) be converted into a Syndicated ABR Borrowing denominated in Dollars (in

an amount equal to the Dollar Equivalent of such affected Currency) at the end of the applicable

InterestPeriod,or(3)beprepaidinfullattheendoftheapplicableInterestPeriod;<u>provided</u>that,

if no election is made bythe Borrower bythe date that is three Business Days after receipt bythe

Borrower of such notice or, in the case of a Term Benchmark Borrowing, the last day of the

currentInterestPeriodfortheapplicableTermBenchmarkLoan,ifearlier,theBorrowershallbe

deemedtohaveelectedclause(iii)(B)(1)above.DuringaBenchmarkUnavailabilityPeriodorat

anytimethatatenorforthethen-currentBenchmarkisnotanAvailableTenor,thecomponentof

the Alternate Base Rate based upon the then-current Benchmark or such tenor for such

Benchmark, as applicable, will not be used in anydetermination of the Alternate Base Rate.

SECTION2.14.<u>Increased</u><u>Costs</u>.

(a)<u>Increased</u><u>Costs</u><u>Generally</u>.IfanyChangeinLawshall:

(i)impose,modifyordeemapplicableanyreserve(includingpursuant

to regulations issued from time to time by the Board for determining the maximum

reserve requirement (including any emergency, special, supplemental <u>or</u> other marginal

reserve requirement) with respect to any eurocurrency funding (currently referred to as

"Eurocurrency liabilities" in Regulation D)), special deposit, compulsoryloan, insurance

charge or similar requirement against assets of, deposits with or for the account of, or

credit extended or participated in by, anyLender or anyIssuing Bank; or

(ii)impose on the Administrative Agent, any Lender or any Issuing

Bank or the relevant local market any other condition, cost or expense (other than (A)

Indemnified Taxes, (B) Taxes described in <u>clauses (b)</u> through <u>(e)</u> of the definition of

ExcludedTaxesand(C)OtherConnectionTaxesthatareimposedonormeasuredbynet

income (however denominated) or that are franchise Taxes or branch profits Taxes)

affectingthis Agreementor Term Benchmark LoansmadebysuchLenderorsuchLetter

of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making,

converting to, continuing or maintaining any Term Benchmark Loan (or of maintaining its

obligationtomakeanysuchLoan)ortoincreasethecosttosuchLenderorsuchIssuingBankof

participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum

received or receivable by such Lender or such Issuing Bank hereunder (whether of principal,

interest or otherwise), then the Borrower will pay to such Lender or such Issuing Bank, as the

case may be, in Dollars, such additional amount or amounts as will compensate such Lender or

such Issuing Bank, as the case maybe, for such additional costs incurred or reduction suffered.

(b)<u>Capital and Liquidity Requirements</u>.If any Lender or any Issuing Bank

determinesthatanyChangeinLawregardingcapitalorliquidityrequirementshasorwouldhave

theeffect ofreducingtherateofreturnonsuchLender'sorsuchIssuingBank'scapitaloronthe

capital of such Lender's or such Issuing Bank's holding company, if any, as a consequence of

thisAgreement orthe Loansmadeby, orparticipations inSwingline Loansand LettersofCredit

held by, such Lender, or the Letters of Credit issued bysuch Issuing Bank, to a level below that

whichsuchLenderorsuchIssuingBankorsuchLender'sorsuchIssuingBank'sholding

82<br>

company could have achieved but for such Change in Law (taking into consideration such

Lender's or such Issuing Bank's policies and the policies of such Lender's or such Issuing

Bank's holding company with respect to capital adequacy and liquidity requirements), by an

amount deemed to be material bysuch Lender or such Issuing Bank, then from time to time the

Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such

additional amount or amounts as will compensate such Lender or such Issuing Bank or such

Lender's or such Issuing Bank's holding companyfor anysuch reduction suffered.

(c)<u>Certificates from Lenders</u>.A certificate of a Lender or an Issuing Bank

setting forth in reasonable detail the basis for and the calculation of the amount or amounts in

Dollars, necessary to compensate such Lender or such Issuing Bank or its holding company, as

the case maybe, as specified in <u>clause (a)</u> or <u>(b)</u>of this <u>Section 2.14</u>shall bepromptlydelivered

to the Borrower and shall be conclusive absent manifest error.The Borrower shall pay such

Lender or such Issuing Bank, as the case may be, the amount shown as due on any such

certificate within ten (10) days after receipt thereof.

(d)<u>Delay in Requests</u>.Failure or delay on the part of any Lender or any

IssuingBanktodemandcompensationpursuanttothis<u>Section</u><u>2.14</u>shallnotconstituteawaiver

of such Lender's or such Issuing Bank's right to demand such compensation; <u>provided</u> that the

Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this

Section for any increased costs or reductions incurred more than nine months prior to the date

that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change

in Law giving rise to such increased costs or reductions and of such Lender's or such Issuing

Bank's intention to claim compensation therefor; <u>provided</u>, <u>further</u>, that, if the Change in Law

giving rise to such increased costs or reductions is retroactive, then the nine-month period

referred to above shall be extended to include the period of retroactive effect thereof.

SECTION2.15.<u>Break Funding Payments</u>.In the event of (a)the payment of

any principal of any Term Benchmark Loan other than on the last day of an Interest Period

therefor(includingasaresultoftheoccurrenceofanyCommitmentIncreaseDateoranEventof

Default), (b)the conversion of any Term Benchmark Loan other than on the last day of an

Interest Period therefor, (c)the failure to borrow, convert, continue or prepay any Syndicated

Loan on the date specified in anynoticedelivered pursuant hereto (including in connection with

any Commitment Increase Date and regardless of whether such notice is permitted to be

revocable under <u>Section</u><u>2.10(</u>ef)and is revoked in accordance herewith), or (d)the assignment

as a result of a request by the Borrower pursuant to <u>Section</u><u>2.18(b)</u>of any Term Benchmark

Loan other than on the last day of an Interest Period therefor, then, in any such event, the

Borrower shall compensate each Lender for the loss, cost and reasonable expense attributable to

such event (excluding loss of anticipated profits).In the case of a Term Benchmark Loan, the

loss to any Lender attributable to any such event shall be deemed to include an amount

determined by such Lender to be equal to the excess, if any, of:

(i)the amount of interest that such Lender would pay for a deposit

equaltotheprincipalamountofsuchLoandenominatedintheCurrencyofsuchLoanfor

the period from the date of such payment, conversion, failure or assignment to the last

day of the then current Interest Period for such Loan (or, in the case of a failure to

borrow, convert or continue, the duration of the Interest Period that would have resulted

83<br>

from such borrowing, conversion or continuation)if the interest rate payable on such

deposit were equal to the Term Benchmark Rate for such Currency for such Interest

Period, <u>over</u>

(ii)the amount of interest that such Lender would earn on such

principal amount forsuchperiod ifsuch Lenderweretoinvestsuchprincipalamountfor

such period at the interest rate that would be bid by such Lender (or an affiliate of such

Lender) for deposits denominated in such Currency from other banks in the market for

the applicable Term Benchmark Rate at the commencement of such period.

Payment under this <u>Section</u><u>2.15</u> shall be made upon written request of a Lender delivered not

later than ten (10) Business Days following the payment, conversion, or failure to borrow,

convert, continue or prepay that gives rise to a claim under this <u>Section</u><u>2.15</u> accompanied by a

certificateofsuchLendersettingforthinreasonabledetailthebasisforandthecalculationofthe

amount or amounts that such Lender is entitled to receive pursuant to this <u>Section</u><u>2.15</u>, which

certificate shall be conclusive absent manifest error.The Borrower shall pay such Lender the

amount shown as due on anysuch certificate within ten (10) Business Days after receipt thereof.

SECTION2.16.<u>Taxes</u>.

(a)<u>Payments Free of Taxes</u>.Any and all payments by or on account of any

obligation of the Borrowerhereunder or under anyother Loan Document shall be made free and

clear of and without deduction for any Taxes, except as required by applicable law (as

determined in the good faith discretion of an applicable withholding agent); <u>provided</u> that if the

Borrower shall be required to deduct any Taxes from such payments, then (i)if such Taxes are

Indemnified Taxes, the sum payable shall be increased as necessary so that after making all

required deductions (including deductions and withholdings applicable to additional sums

payableunderthis<u>Section</u><u>2.16</u>)theAdministrativeAgent,applicableIssuingBankorapplicable

Lender (as the case maybe) receives an amount equal to the sum it would have received had no

suchdeductionorwithholdingbeenmade,(ii)theBorrowershallmakesuchdeductionsand

(iii)the Borrower shall pay the full amount deducted to the relevant Governmental Authorityin

accordance with applicable law.

(b)<u>Payment of Other Taxes by</u><u>the Borrower</u>.The Borrowershalltimelypay

to the relevant Governmental Authority in accordance with Applicable Law, or at the option of

the Administrative Agent timelyreimburse it for the payment of, anyOther Taxes.

(c)<u>Indemnification by the Borrower</u>.The Borrower shall indemnify the

AdministrativeAgent,eachIssuingBankandeachLenderforand,withinten(10)BusinessDays

after demand therefor, pay the full amount of any Indemnified Taxes (including Indemnified

Taxesimposedorassertedonorattributabletoamountspayableunderthis<u>Section</u><u>2.16</u>)payable

or paid by the Administrative Agent, such Issuing Bank or such Lender, as the case maybe, 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 liabilitydelivered to the Borrower

84<br>

byaLenderoranIssuingBank,orbytheAdministrativeAgentonitsownbehalforonbehalfof

a Lender or an Issuing Bank, shall be conclusive absent manifest error.

(d)<u>Indemnification by the Lenders</u>.Each Lender shall severally indemnify

the Administrative Agent, within ten (10) Business Days after written 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 9.04(f)</u> relating to the maintenance of a

Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that

arepayableorpaidbytheAdministrativeAgentinconnectionwithanyLoanDocument,andany

reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were

correctlyorlegallyimposedorassertedbytherelevantGovernmentalAuthority.Acertificateas

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 offandapplyanyandall amounts at anytimeowingtosuch LenderunderanyLoan

DocumentorotherwisepayablebytheAdministrativeAgenttotheLenderfromanyothersource

against any amount due to the Administrative Agent under this <u>paragraph (d)</u>.

(e)<u>Evidence</u><u>of</u><u>Payments</u>.AssoonaspracticableafteranypaymentofTaxes

by the Borrower to a Governmental Authority pursuant to this <u>Section 2.16</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 reasonablysatisfactoryto the Administrative Agent.

(f)<u>Tax Documentation</u>.(i) AnyLenderthat is entitledto an exemptionfrom

or reduction of withholding tax under the law of the jurisdiction in which the Borrower is

located, or any treaty to which such jurisdiction is a party, with respect to payments under this

Agreement and the other Loan Documents shall deliver to the Borrower (with a copy to the

AdministrativeAgent),atthetimeortimesreasonablyrequestedbytheBorrower,suchproperly

completed and executed documentation prescribed by applicable law as will permit such

payments to be made without withholding or at a reduced rate of withholding.In addition, any

Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other

documentation prescribed by applicable law or reasonably requested by the Borrower or the

Administrative Agent as will enable the Borrower 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>Sections</u><u>2.16(f)(ii)(A),</u><u>2.16(f)(ii)(B)(w)-(y)</u>, <u>2.16(f)(iii)</u> and<u>2.16(g)</u>below)shallnot

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.

(ii)Withoutlimitingthegeneralityoftheforegoing:

(A)any Lender that is a United States Person shall deliver to

the Borrower and the Administrative Agent (and such additional copies as shall

85<br>

be reasonably requested by the recipient) on or prior to the date on which such

LenderbecomesaLenderunderthisAgreement(andfromtimetotimethereafter

upon the reasonable request of the Borrower or the Administrative Agent), duly

completed and executed copies of Internal Revenue Service Form W-9 or any

successor form certifying that such Lender is exempt from U.S. federal backup

withholding tax; and

(B)each Foreign Lender, shall to the extent it is legallyentitled

todoso,delivertotheBorrowerandtheAdministrativeAgent(insuchnumberof

copiesasshallberequestedbytherecipient)onorpriortothedateonwhichsuch

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:

(w)duly completed and executed copies of Internal Revenue

Service Form W-8BEN or W-8BEN-E or any successor form claiming

eligibilityforbenefitsofanincometaxtreatytowhichtheUnitedStatesis

a party,

(x)duly completed copies of Internal Revenue Service Form

W-8ECI or any successor form certifying that the income receivable

pursuant to this Agreement is effectivelyconnected with the conduct of a

trade or business in the United States,

(y)inthe caseofaForeign Lenderclaimingthebenefitsofthe

exemption for portfolio interest under Section881(c) of the Code, (1)a

certificatetotheeffectthatsuchForeignLenderisnot(1)a"bank"within

the meaning of Section881(c)(3)(A)of the Code, (2)a "10 percent

shareholder" of the Borrower within the meaning of Section881(c)(3)(B)

of the Code, or (3)a "controlled foreign corporation" related to the

Borrower as described in Section881(c)(3)(C) of the Code and (2)duly

completedandexecutedcopiesofInternalRevenueServiceForm

W-8BEN or W-8BEN-E (or any successor form)certifying that the

Foreign Lender is not a United States Person, or

(z)any other form including Internal Revenue Service Form

W-8IMY as applicable prescribed by applicable law as a basis for

claiming exemption from or a reduction in U.S. federal withholding Tax

duly completed together with such supplementary documentation as may

be prescribed by applicable law to permit the Borrower to determine the

withholding or deduction required to be made.

(iii)In addition, each Lender shall deliver such forms promptly upon

the obsolescence, expiration or invalidity of any form previously delivered by such

Lender;<u>provided</u>itislegallyabletodosoatthetime.EachLendershallpromptlynotify

the Borrower and the Administrative Agent at any time the chief tax officer of such

Lender(orsuchotherpersonsoresponsible)becomesawarethatitnolongersatisfiesthe

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legalrequirementstoprovideanypreviouslydeliveredformorcertificatetotheBorrower

(oranyotherformofcertificationadoptedbytheU.S.orothertaxingauthoritiesforsuch

purpose).

(g)<u>Documentation Required by FATCA</u>.If a payment made to a Lender

under this Agreement would be subject to 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) or1472(b) of theCode, as applicable), such Lendershall deliverto

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

documentationprescribedbyapplicablelaw(includingasprescribedbySection1471(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

complywiththeirrespectiveobligationsunderFATCAortodeterminetheamounttodeductand

withhold from such payment.Solely for purposes of this <u>Section 2.16(g)</u>, "FATCA" shall

include any amendments made to FATCA after the date of this Agreement.

(h)<u>Treatment of Certain Refunds</u>.If the Administrative Agent, any Issuing

Bank or anyLender 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 by the Borrower or with respect to

which the Borrower has paid additional amounts pursuant to this <u>Section 2.16</u>, it shall payto the

Borroweranamountequaltosuchrefund(butonlytotheextentofindemnitypaymentsmade,or

additional amounts paid, by the Borrower under this <u>Section 2.16</u> with respect to the Taxes

giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, any

IssuingBankoranyLender,asthecasemaybe,andwithoutinterest(otherthananyinterestpaid

by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the

Borrower, upon therequest of theAdministrativeAgent,anyIssuingBankoranyLender,agrees

to repay the amount paid over to the Borrower (plus any penalties, interest or other charges

imposedbytherelevantGovernmentalAuthority)totheAdministrativeAgent,anyIssuingBank

oranyLender in theevent theAdministrativeAgent, anyIssuingBank oranyLenderisrequired

to repaysuch refund to such Governmental Authority.Notwithstandinganythingto thecontrary

in this <u>clause (h)</u>, in no event will the Administrative Agent, anyIssuing Bank or anyLender be

required to payanyamount to Borrower pursuant to this <u>clause (h)</u>, the payment of which would

placesuch Person in alessfavorablenetafter-Tax position thansuchPersonwouldhavebeen in

if the indemnification payments or additional amounts giving rise to such refund had never been

paid.This subsectionshall not be construed to require the Administrative Agent, any Issuing

Bank or any Lender to make available its tax returns or its books or records (or any other

information relating to its taxes that it deems confidential) to the Borrower or anyother Person.

(i)<u>Defined Terms</u>.For purposes of this Section, the term "Lender" includes

any Issuing Bank.

SECTION2.17.<u>Payments</u><u>Generally;</u><u>Pro</u><u>Rata</u><u>Treatment:</u><u>Sharing</u><u>of</u><u>Set-</u><u>offs</u>.

(a)<u>Payments by the Borrower</u>.The Borrower shall make each payment

required to bemade byithereunder (whether ofprincipal,interest, fees or reimbursement of LC

Disbursements,orunder<u>Section</u><u>2.14</u>,<u>2.15</u>or<u>2.16</u>,orotherwise)orunderanyotherLoan

87<br>

Document (except to the extent otherwise provided therein)prior to 2:00 p.m., New York City

time,onthe date whendue,inimmediately available funds, without set-off or counterclaim.

Any amounts received after such time on any date may, in the discretion of the Administrative

Agent, be deemed to have been received on the next succeeding Business Day for purposes of

calculatinginterestthereon.AllsuchpaymentsshallbemadetotheAdministrativeAgentatthe

Administrative Agent's Account, except as otherwise expressly provided in the relevant Loan

DocumentandexceptpaymentstobemadedirectlytoanyIssuingBankoranySwingline

Lenderasexpresslyprovidedhereinandpaymentspursuantto<u>Sections</u><u>2.14</u>,<u>2.15</u>,<u>2.16</u>and

<u>9.03</u>,whichshallbemadedirectly tothe Personsentitledthereto.The Administrative Agent

shalldistributeanysuchpaymentsreceivedbyitfor<u>the</u>accountofanyotherPersontothe

appropriate recipient promptlyfollowing receipt thereof.If anypayment hereundershallbedue

onadaythatisnotaBusinessDay,thedateforpaymentshallbeextendedtothenext

succeedingBusinessDayand,inthecaseofanypaymentaccruinginterest,interestthereonshall

be payable for the period of such extension.

All amounts owingunder this Agreement(includingcommitmentfees,payments

required under <u>Section</u><u>2.14</u>, and payments required under <u>Section</u><u>2.15</u> relating to any Loan

denominated in Dollars, but not including principal of and interest on any Loan denominated in

anyForeignCurrencyorpaymentsrelatingtoanysuch Loanrequiredunder <u>Section</u><u>2.15</u>, orany

reimbursementorCashCollateralizationofanyLCExposuredenominatedinanyforeign<u>Foreign</u>

Currency, which are payable in such Foreign Currency)or under any other Loan Document

(except to the extent otherwise provided therein)are payable in Dollars.Notwithstanding the

foregoing, if the Borrower shall fail to payanyprincipal of anyLoan or LC Disbursement when

due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the

unpaid portion of such Loan or LC Disbursement shall, if such Loan or LC Disbursement is not

denominatedinDollars,automaticallyberedenominatedinDollarsontheduedatethereof(or,if

such due date is a day other than the last day of the Interest Period therefor, on the last day of

such Interest Period)in an amount equal to the Dollar Equivalent thereof on the date of such

redenomination and such principal shall be payable on demand; and if the Borrower shall fail to

pay any interest on any Loan or LC Disbursement that is not denominated in Dollars, such

interest shall automaticallybe redenominated in Dollars on the due date therefor (or, if such due

dateisadayotherthanthelastdayoftheInterestPeriodtherefor,onthelastdayofsuchInterest

Period)in an amount equal to the Dollar Equivalent thereof on the date of such redenomination

and such interest shall be payable on demand.

Notwithstandingtheforegoingprovisionsofthis<u>Section</u><u>2.17</u>,if,afterthemaking

of any Borrowing in any Foreign Currency, currency control or exchange regulations are

imposed in the country which issues such currency with the result that the type of Currency in

whichtheBorrowingwasmade(the"<u>Original</u><u>Currency</u>")nolongerexistsortheBorrowerisnot

able to make payment to the Administrative Agent for the account of the Lenders in such

Original Currency, then all payments to be made by the Borrower hereunder in such currency

shall instead be made when due in Dollars in an amount equal to theDollar Equivalent (as of the

date of repayment) of such payment due, it being the intention of the parties hereto that the

Borrower takes all risks of the imposition of anysuch currencycontrol or exchange regulations.

(b)<u>Application</u><u>of Insufficient</u><u>Payments</u>.Ifatanytimeinsufficientfundsare

receivedbyandavailabletotheAdministrativeAgenttopayfullyallamountsofprincipal,

88<br>

unreimbursed LC Disbursements, interest and fees of a Class then due hereunder, such funds

shallbeapplied(i)first,topayinterestandfeesofsuchClassthenduehereunder,ratablyamong

thepartiesentitledtheretoinaccordancewiththeamountsofinterestandfeesofsuchClassthen

due to such parties, and (ii)second, to pay principal and unreimbursed LC Disbursements of

such Class then due hereunder, ratablyamong the parties entitled thereto in accordance withthe

amounts of principal and unreimbursed LC Disbursements of such Class then due to such

parties.

(c)<u>Pro</u><u>Rata</u><u>Treatment</u>.Excepttotheextentotherwiseprovidedherein:

(i)(x)otherthanwithrespecttoanySyndicatedBorrowingrequestedpursuantto<u>Section</u>

<u>2.21(a)(i)</u>, each Syndicated Borrowing of a Class shall be made from the Lenders of such Class

of Commitment, (y) other than the payment of a commitment fee to a Non-Extending Lender on

the earlier of the date its Commitments terminate and its applicable Non-Extended Commitment

Termination Date, each payment of commitment fee under <u>Section 2.11</u> shall be made for <u>the</u>

account of the Lenders of theapplicableClass, and (z) other than with respect to anytermination

or reduction of Commitments or prepayment of Loans in accordance with <u>Section 2.08(f)</u>, each

termination or reduction of the amount of the Commitments of a Class under <u>Section 2.08</u> shall

beappliedtotherespectiveCommitmentsoftheLendersofsuchClass,ineachcase pro rata

accordingtotheamountsoftheirrespectiveCommitmentsofsuchClass;(ii) otherthanwith

respect to any Syndicated Borrowing requested pursuant to <u>Section 2.21(a)(i)</u> each Syndicated

Borrowing of a Class shall be allocated pro rata among the Lenders of such Class according to

theamountsoftheirrespectiveCommitmentsofsuchClass(inthecaseofthemakingof

SyndicatedLoans)ortheirrespectiveLoansofsuchClassthataretobeincludedinsuch

Borrowing(in the case of conversions and continuations of Loans); (iii) other than in connection

withaterminationorreductionofCommitmentsorprepaymentofLoansinaccordancewith

<u>Section</u><u>2.08(f)</u>,thepaymentofaNon-ExtendingLender'sNon-ExtendedLoansonsuch

Non-ExtendingLender'sNon-ExtendedFinalMaturity Datepursuantto<u>Section</u><u>2.09(a)</u>ora

mandatory prepayment pursuant to <u>Section 2.10(d)</u>, each payment or prepayment of principal of

SyndicatedLoansofaClassby the Borrower shall be made for the account of the Lenders of

suchClassproratainaccordancewiththerespectiveunpaidprincipalamountsoftheSyndicated

LoansofsuchClassheldbythem;and(iv)otherthanthepaymentofinteresttoaNon-Extending

Lender on the earlier of the date its Commitments terminate and its applicable Non-Extended

Final Maturity Date, each payment of interest on Syndicated Loans of a Class by the Borrower

shallbemadefortheaccountoftheLendersofsuchClassproratainaccordancewiththe

amounts of interest on such Loans of such Class then due and payable to the respective Lenders.

Each Syndicated Borrowing requested pursuant to <u>Section 2.21(a)(i)</u> shall be made from each

ExtendingLenderandNon-ExtendingLenderforwhichtheNon-ExtendingCommitment

Termination Date shall not have occurred on a pro rata basis according to the amounts of their

respectiveCommitments.AnyterminationorreductionofCommitmentsorprepaymentof

Loansmadeinaccordancewith<u>Section</u><u>2.08(f)</u>(includinganypaymentorprepaymentof

principalofSyndicatedLoansinconnectiontherewith),shallbeappliedtotheapplicable

Non-ExtendingLender(s)onaproratabasisaccordingtotheamountsoftheirrespective

CommitmentsorLoans,asapplicable.AnypaymentofNon-ExtendedLoansona

Non-Extended Final Maturity Date pursuant to <u>Section 2.09(a)</u> shall be made for the account of

each Non-Extending Lender for which the applicable Non-Extended Final Maturity Date shall

haveoccurredproratainaccordancewiththerespectiveunpaidprincipalamountsofthe

Non-ExtendedLoansheldbythemandanymandatoryprepaymentofNon-ExtendedLoans

89<br>

pursuant to <u>Section 2.10(d)</u> shall be made for <u>the</u> account of each Non-Extending Lender for

whichthe applicable Non-ExtendedCommitmentTerminationDateshallhaveoccurredprorata

in accordance with the respective unpaid principal amounts of the Non-Extended Loans held by

them.For the avoidance of doubt, no payments shall be allocated solely to Non-Extending

LendersfollowingtheoccurrenceandduringthecontinuanceofaDefaultorEventofDefaultor

at any time the Borrowing Base exceeds the Covered Debt Amount plus the Net Revolving

Exposure at such time.

(d)<u>Sharing of Payments by Lenders</u>.If any Lender of any Class shall, by

exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any

principal of or interest on any of its Syndicated Loans, orparticipations in LC Disbursements or

Swingline Loans, of such Class resulting in such Lender receiving payment of a greater

proportion of the aggregate amount of its Syndicated Loans, and participations in LC

Disbursements and Swingline Loans, and accrued interest thereon of such Class then due than

the proportion received by any other Lender of such Class, then the Lender receiving such

greater proportion shall purchase (for cash at face value)participations in the Syndicated Loans,

and participations in LC Disbursements and Swingline Loans, of other Lenders of such Class to

the extent necessary so that the benefit of all such payments shall be shared by the Lenders of

such Class ratably in accordance with the aggregate amount of principal of and accrued interest

on their respective Syndicated Loans, and participations in LC Disbursements and Swingline

Loans, of such Class; <u>provided</u> that (i)if any such participations are purchased and all or any

portionofthepaymentgivingrisetheretoisrecovered,suchparticipationsshallberescindedand

thepurchasepricerestoredtotheextentofsuchrecovery,withoutinterest,and(ii)theprovisions

of this <u>clause (d)</u> shall not be construed to applyto anypayment made bythe Borrower pursuant

to and in accordance with the express terms of this Agreement or any payment obtained by a

Lender as consideration for the assignment of or sale of a participation in any of its Loans or

participations in LC Disbursements to any assignee or participant, other than to the Borrower or

anySubsidiaryorAffiliatethereof(astowhichtheprovisionsofthis<u>clause</u><u>(d)</u>shallapply).The

Borrower consents to the foregoing and agrees, to the extent it may effectively do so under

applicable law, that anyLender acquiring a participation pursuant to the foregoingarrangements

may exercise against the Borrower rights of set-off and counterclaim with respect to such

participation as fully as if such Lender were a direct creditor of the Borrower in the amount of

such participation.

(e)<u>Presumptions</u><u>of</u><u>Payment</u>.Unlessthe Administrative Agentshallhave

receivednoticefromtheBorrowerpriortothedateonwhichanypaymentisduetothe

AdministrativeAgentfortheaccountoftheLendersortheIssuingBankshereunderthatthe

Borrower will not make such payment, the Administrative Agent mayassume that the Borrower

hasmadesuchpaymentonsuchdateinaccordanceherewithandmay,inrelianceuponsuch

assumption, distribute to the Lenders or the Issuing Banks, as the case maybe, the amount due.

Insuchevent,iftheBorrowerhasnotinfactmadesuchpayment,theneachoftheLendersorthe

IssuingBanks,asthecasemaybe,severallyagreestorepaytotheAdministrativeAgent

forthwithondemandtheamountsodistributedtosuchLenderorsuchIssuingBankwithinterest

thereon,foreachdayfromandincludingthedatesuchamountisdistributedtoittobut

excluding the date of payment to the Administrative Agent at the Federal Funds Effective Rate.

90<br>

(f)<u>Certain Deductions by the Administrative Agent</u>.If anyLender shall fail

to make any payment required to be made by it pursuant to <u>Section</u><u>2.05(e)</u>, <u>2.06(a)</u>or<u>(b)</u>or

<u>2.17(e)</u>, then the Administrative Agent may, in its discretion (notwithstanding any contrary

provision hereof), apply any amounts thereafter received by the Administrative Agent for <u>the</u>

account of such Lender to satisfy such Lender's obligations under such Sections until all such

unsatisfied obligations are fully paid.

SECTION2.18.<u>Mitigation</u><u>Obligations;</u><u>Replacement</u><u>of</u><u>Lenders</u>.

(a)<u>Designation of a Different Lending Office</u>.If any Lender requests

compensationunder<u>Section</u><u>2.14</u>,oriftheBorrowerisrequiredtopayanyIndemnifiedTaxesor

additional amounts to anyLender or anyGovernmental Authorityfor the account of anyLender

pursuant to <u>Section</u><u>2.16</u>, then, at the request of the Borrower, such Lender shall use reasonable

efforts to designate a different lending office for funding or booking its Loans hereunder or to

assignitsrightsandobligationshereundertoanotherofitsoffices,branchesoraffiliates,ifinthe

judgment ofsuch Lender, such designation orassignment (i) would eliminate orreduceamounts

payable pursuant to <u>Section</u><u>2.14</u> or <u>2.16</u>, as the case may be, in the future and (ii)would not

subject such Lender to any cost or expense not required to be reimbursed by the Borrower and

would not otherwise be disadvantageous to such Lender.The Borrower herebyagrees to payall

reasonable costs and expenses incurred by any Lender in connection with any such designation

or assignment.

(b)<u>Replacement of Lenders</u>.If any Lender requests compensation under

<u>Section</u><u>2.14</u>, or if the Borrower is required to payanyIndemnified Taxes or additional amounts

toany Lender or any GovernmentalAuthority for <u>the</u> accountof any Lender pursuant to

<u>Section</u><u>2.16</u>, and, in each case, such Lender has not designated a different lending office in

accordancewithclause(a)above,orifanyLenderbecomesaDefaultingLenderorisa

Non-Consenting Lender (as provided in <u>Section 9.02(d)</u>), 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 <u>Section</u><u>9.04</u>), all its interests, rights (other than its existing rights to

payments pursuant to <u>Sections 2.14</u> and <u>2.16</u>) and obligations under this Agreement and the

related LoanDocuments toanassignee(whichhasmettherestrictionscontainedin<u>Section</u><u>9.04</u>

and has received the required consents under <u>Section 9.04</u>) that shall assume such obligations

(whichassigneemaybeanotherLender,ifaLenderacceptssuchassignment);<u>provided</u>that

(i)the Borrower shall have received the prior written consent of the Administrative Agent (and,

if a Commitment is being assigned, each Issuing Bank and each Swingline Lender), which

consent shall not unreasonably be withheld, conditioned or delayed, (ii)such Lender shall have

receivedpaymentofanamountequaltotheoutstandingprincipalofits Loansandparticipations

in LC Disbursements and Swingline Loans, 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)and (iii)in the

case of any such assignment resulting from a claim for compensation under <u>Section</u><u>2.14</u> or

payments required to be made pursuant to <u>Section</u><u>2.16</u>, such assignment will result in a

reduction or elimination of such compensation or payments.A Lender shall not be required to

make anysuch assignment anddelegation ifpriorthereto,as aresult of awaiverbysuch Lender

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orotherwise,thecircumstancesentitlingtheBorrowertorequiresuchassignmentanddelegation

cease to apply.

SECTION2.19.<u>Defaulting</u><u>Lenders</u>.

(a)<u>Defaulting Lender Adjustments</u>. Notwithstanding anythingtothe contrary

containedinthisAgreement,ifanyLenderbecomesaDefaultingLender,then,untilsuchtimeas

such Lender is no longer a Defaulting Lender, to the extent permitted byapplicable law:

(i)<u>Defaulting Lender Waterfall</u>. Any payment of principal, interest,

feesorotheramountsreceivedbytheAdministrativeAgentfortheaccountofsuch

Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VII</u>

orotherwise)orreceivedbytheAdministrativeAgentfromaDefaultingLenderpursuant

to<u>Section</u><u>9.08</u>shallbeappliedatsuchtimeortimesasmaybedeterminedbythe

Administrative Agentas follows:*first*, to the payment of any amounts owing by such

Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a

pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or

anySwinglineLenderhereunder;*third*,toCashCollateralizeeachIssuingBank's

FrontingExposurewithrespecttosuchDefaulting Lender inthe manner describedin

<u>Section 2.09(a)</u>; *fourth*, as the Borrower mayrequest (so long as no Default exists), to the

funding ofany LoaninrespectofwhichsuchDefaulting Lenderhasfailed to fund its

portionthereofasrequiredbythisAgreement,asdeterminedbytheAdministrative

Agent;*fifth*,ifsodeterminedbytheAdministrativeAgentandtheBorrower,tobeheldin

a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's

potential future funding obligations with respect to Loans under this Agreement and (y)

CashCollateralizeeachIssuing Bank'sfutureFronting Exposure with respect to such

DefaultingLenderwithrespecttofutureLettersofCreditissuedunderthisAgreement,in

the manner described in <u>Section 2.09(a)</u>; *sixth*, to the payment of any amounts owing to

theLenders,IssuingBanksorSwinglineLendersasaresultofanyjudgmentofacourtof

competentjurisdictionobtainedbyanyLender,anyIssuingBankoranySwingline

Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of

its obligations under this Agreement; *seventh*, so long as no Event of Default exists and

noeventorconditionexistswhich,uponnotice,lapseoftimeorbothwould,unlesscured

or waived, become an Event of Default under <u>clause (a)</u>, <u>(b)</u>, <u>(i)</u> or <u>(j)</u> of <u>Article VII</u>, to

the payment of anyamounts owingto theBorroweras aresult ofanyjudgment of acourt

of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a

result of such Defaulting Lender's breach of its obligations under this Agreement; and

*eighth*,tosuchDefaultingLenderorasotherwisedirectedbyacourtofcompetent

jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of

any Loans or reimbursement obligations in respect of any LC Disbursement for which

suchDefaulting Lender hasnotfully funded its appropriate share, and (y) such Loans

were made or the related Letters of Credit were issued at a time when the conditions set

forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to

paythe Loans of, and reimbursement obligations in respect of anyLC Disbursement that

is owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the

paymentofanyLoansof,orreimbursementobligationsinrespectofanyLC

Disbursementthatisowedto,suchDefaultingLenderuntilsuchtimeasallLoansand

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funded and unfunded participations in Letters ofCredit andSwingline Loans areheldby

the Lenders pro rata in accordance with the applicable Commitments without giving

effect to <u>Section 2.19(a)(iii)</u>. 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 2.19(a)(i)</u> shall be

deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably

consents hereto.

(ii)<u>Certain</u><u>Fees</u>.

(A)No Defaulting Lender shall be entitled to receive any fee

pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u> for anyperiod during which that Lender is a

Defaulting Lender (and Borrower shall not be required to pay any such fee that

otherwisewouldhavebeenrequiredtohavebeenpaidtothatDefaultingLender);

<u>provided</u> that such Defaulting Lender shall be entitled to receive fees pursuant to

<u>Section 2.11(b)</u> for any period during which that Lender is a Defaulting Lender

only to extent allocable to its Applicable Percentage of the amount of Letters of

Credit for which such Defaulting Lender (but not the Borrower) has provided

Cash Collateral pursuant to <u>Section 2.19(d)</u>.

(B)With respect to any fees pursuant to <u>Section 2.11(b)</u> not

required to be paid to any Defaulting Lender pursuant to <u>clause (A)</u> above,

Borrowershall(x)paytoeachNon-DefaultingLenderthatportionofanysuchfee

otherwise payable to such Defaulting Lender with respect to such Defaulting

Lender's participation in Letters of Credit or Swingline Loans that has been

reallocated to such Non-Defaulting Lender pursuant to <u>clause (iii)</u> below, (y) pay

to each Issuing Bank the amount of any such fee otherwise payable to such

Defaulting Lender to the extent allocable to such Issuing Bank's Fronting

Exposure to such Defaulting Lender, and (z) not be required to paythe remaining

amount of any such fee.

(iii)<u>Reallocation</u><u>of</u><u>Participations</u><u>to</u><u>Reduce</u><u>Fronting</u><u>Exposure</u>.Allor

any part of such Defaulting Lender's participation in Letters of Credit and Swingline

Loans shall be reallocated (effective no later than one (1) Business Day after the

Administrative Agent has actual knowledge that such Lender has become a Defaulting

Lender) among the Non-Defaulting Lenders in accordance with their respective

Applicable Dollar Percentages, Applicable Multicurrency Percentages and Applicable

Percentages, as the case may be (in each case calculated without regard to such

Defaulting Lender's Commitment), but onlyto theextent that (x) theconditions set forth

in <u>Section 4.02</u> are satisfied at the time of such reallocation (and, unless Borrower shall

have otherwisenotified Administrative Agent at such time, Borrowershall bedeemed to

have represented and warranted that such conditions are satisfied at such time), and (y)

suchreallocationdoesnotcausetheaggregateRevolvingCreditExposureofany

Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment.Subject

to <u>Section 9.17</u>, no reallocation hereunder shall constitute a waiver or release of any

claimofanypartyhereunderagainstaDefaultingLenderarisingfromthatLenderhaving

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becomeaDefaultingLender,includinganyclaimof aNon-DefaultingLender as aresult

of such Non-Defaulting Lender's increased exposure following such reallocation.

(iv)<u>Cash</u><u>Collateral;</u><u>Repayment</u><u>of</u><u>Swingline</u><u>Loans</u>.Ifthereallocation

described in <u>clause (iii)</u> above cannot, or can only partially, be effected, the Borrower

shall not later than two (2) Business Days after demand by the Administrative Agent (at

thedirection ofanyIssuingBank and/oranySwingline Lender), without prejudicetoany

right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans

in an amount equal to the Swingline Lenders' Swingline Exposure (which exposure shall

bedeemedequaltotheapplicableDefaultingLender'sApplicablePercentageofthetotal

outstanding Swingline Exposure (other than Swingline Exposure as to which such

Defaulting Lender's participation obligation has been reallocated to other Lenders or

Cash Collateralized in accordance with the terms hereof)) and (y) second, Cash

Collateralize each Issuing Bank's Fronting Exposure in accordance with the procedures

set forth in <u>Section 2.19(d)</u> or (z) make other arrangements reasonablysatisfactoryto the

Administrative Agent, the Issuing Banks and the Swingline Lenders in their sole

discretion to protect them against the risk of non-payment bysuch Defaulting Lender.

(v)<u>Amendments, Waivers and Consents</u>.No Defaulting Lender shall

have any right to approve or disapprove anyamendment, waiver or consent hereunder or

anyotherLoanDocumentsandtheRevolvingCreditExposureandunusedCommitments

ofanyDefaulting Lendershall bedisregarded in determiningwhethertwo-thirds (2/3rds)

of the Lenders, two-thirds (2/3rds) of the Lenders of aClass, theRequiredLenders orthe

Required Lenders of a Class have taken or may take any action hereunder or any other

Loan Documents, except that the Commitment of such Lender may not be increased or

extended, and amounts payable to such Defaulting Lender hereunder may not be

permanently reduced, without the consent of such Defaulting Lender (other than

reductions in fees and interest in which such reduction does not disproportionatelyaffect

such Defaulting Lender).

(b)<u>Defaulting Lender Cure</u>. If the Borrower, the Administrative Agent, the

SwinglineLendersandtheIssuingBanksagreeinwritingthataLenderisnolongeraDefaulting

Lender, the Administrative Agent will sonotifythepartieshereto,whereuponas oftheeffective

date specified in such notice and subject to any conditions set forth therein (which may include

arrangements with respect to any Cash Collateral), that such former Defaulting Lender will, to

the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or

take such other actions as the Administrative Agent may determine to be necessaryto cause the

Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be

held pro rata by the Lenders in accordance with the applicable Commitments (without giving

effect to <u>Section 2.19(a)(iii)</u>), and if Cash Collateral has been posted with respect to such

Defaulting Lender, the Administrative Agent will promptly return or release such Cash

Collateral to the Borrower, whereupon such Lender will cease to be a Defaulting Lender;

<u>provided</u>thatnoadjustmentswillbemaderetroactivelywithrespecttofeesaccruedorpayments

made byor onbehalf of the Borrower whilethat Lenderwas aDefaultingLender;and <u>provided</u>,

<u>further</u>,thatexcepttotheextentotherwiseexpressly agreedby theaffectedparties,nochange

94<br>

hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of

any party hereunder arising from that Lender having been a Defaulting Lender.

(c)<u>New Swingline Loans/Letters of Credit</u>. So long as any Lender is a

DefaultingLender,(i)noSwinglineLendershallberequiredtofundanySwinglineLoansunless

it is satisfied that the participations therein will be fully allocated among Non-Defaulting

Lenders in a manner consistent with <u>clause (a)(iii)</u> above and the Defaulting Lender shall not

participate therein and (ii) no Issuing Bank shall be required to issue, extend or increase any

Letter of Credit unless it is satisfied that the participations in any existing Letters of Credit as

well as thenew,extended orincreased LetterofCredithasbeenorwillbefullyallocatedamong

the Non-Defaulting Lenders in a manner consistent with <u>clause (a)(iii)</u> above and such

Defaulting Lender shall not participate therein except to the extent such Defaulting Lender's

participation has been or will be fullyCash Collateralized in accordance with <u>Section 2.19(d)</u>.

(d)<u>Cash Collateral</u>. At any time that there shall exist a Defaulting Lender,

promptlyfollowing the written request of the Administrative Agent or anyIssuing Bank (with a

copy to the Administrative Agent) the Borrower shall Cash Collateralize each Issuing Bank's

Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to

<u>Section 2.19(a)(iii)</u> and any Cash Collateral provided by such Defaulting Lender) in an amount

not less than the Minimum Collateral Amount.

(i)<u>Grant of Security Interest</u>. The Borrower, and to the extent

provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and

subjects to the control of) the Administrative Agent, for the benefit of the IssuingBanks,

and agrees to maintain, a first priority security interest in all such Cash Collateral as

securityfor theDefaulting Lenders'obligation to fund participations inrespect ofLetters

of Credit, to be applied pursuant to <u>clause (ii)</u> below. If at any time the Administrative

Agent determines that such Cash Collateral is subject to anyright or claim of anyPerson

other than Administrative Agent and the Issuing Banks as herein provided, or that the

total amount of such Cash Collateral is less than the Minimum Collateral Amount, the

Borrowerwill,promptlyupondemandbytheAdministrativeAgent,payorprovidetothe

Administrative Agent additional Cash Collateral in an amount sufficient to eliminate

such deficiency (after giving effect to any Cash Collateral provided by the Defaulting

Lender).All Cash Collateral (other than credit support not constituting funds subject to

deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Truist.

Borrower shall pay on demand therefor from time to time all reasonable and customary

account opening, activity and other administrative fees and charges in connection with

the maintenance and disbursement of Cash Collateral.

(ii)<u>Application</u>.Notwithstandinganythingtothecontrarycontainedin

this Agreement, Cash Collateral provided under this <u>Section 2.19</u> in respect of Letters of

Credit shall be applied to the satisfaction of the Defaulting Lender's obligation to fund

participations inrespectofLettersofCredit(including,astoCashCollateralprovidedby

a Defaulting Lender, any interest accrued on such obligation) for which the Cash

Collateral was so provided, prior to any other application of such property as may

otherwise be provided for herein.

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(iii)<u>Termination of Requirement</u>. Cash Collateral (or the appropriate

portion thereof) provided to reduce Issuing Bank's Fronting Exposure shall no longer be

required to be held as Cash Collateral pursuant to this <u>Section 2.19</u> following (i) the

elimination or reduction of the applicable Fronting Exposure (including by the

termination of Defaulting Lender status of the applicable Lender or giving effect to

<u>Section</u><u>2.19(a)(iii)</u>)or(ii)thedeterminationbytheAdministrativeAgentandtheIssuing

Banks that there exists excess Cash Collateral; <u>provided</u> that, subject to the other

provisions of this <u>Section 2.19</u>, the Person providing Cash Collateral and each Issuing

Bank mayagree that Cash Collateral shall be held to support future anticipated Fronting

Exposure; <u>provided</u>, <u>further</u>, that to the extent that such CashCollateral wasprovided by

the Borrower, such Cash Collateral shall remain subject to the security interest granted

pursuant to the Loan Documents.

SECTION2.20.<u>Illegality</u>.If any Change in Law shall make it unlawful or

impossibleforanyLendertoperformanyofitsobligationshereunder,tomake,maintainorfund

any Term Benchmark Loan or to determine or charge interest rates based upon any applicable

Term Benchmark Rate and such Lender shall so notify the Administrative Agent, the

AdministrativeAgentshallgivewrittennoticethereof(ortelephonicnotice,promptlyconfirmed

in writing) to the Borrower and the other Lenders as promptly as practicable thereafter,

whereupon until such Lender notifies the Administrative Agent and the Borrower that the

circumstances giving rise to such notice no longer exist, (i) the Alternate Base Rate shall, if

necessaryto avoid such illegality, be determined bythe Administrative Agent without reference

to clause (iii) thereof, (ii)any Interest Election Request that requests the conversion of any

Syndicated Borrowing to, or the continuation of any Syndicated Borrowing as, a Term

Benchmark Borrowing denominated in the affected Currency shall be ineffective and, if the

affected Currencyis Dollars, such Syndicated Borrowing (unless prepaid)shall be continued as,

or converted to, a Syndicated ABR Borrowing either (A) at the end of the applicable Interest

Period if such Lender may lawfully continue to maintain such Loan to such date or (B)

immediately if such Lender shall determine that it may not lawfully continue to maintain such

Term Benchmark Loan to such date, (iii)if the affected Currencyis Dollars and anyBorrowing

Request requests a Term Benchmark Borrowing denominated in Dollars, such Borrowing shall

be made as a Syndicated ABR Borrowing and (iv)if the affected Currencyis Canadian Dollars,

(A) any Borrowing Request that requests a Term Benchmark Borrowing denominated in

Canadian Dollars shall bemade as a Term Benchmark Borrowingwith a Term BenchmarkRate

equal to theCanadian PrimeRate; <u>provided</u>, that if the Administrative Agentdetermines (which

determination shall be conclusive and binding absent manifest error) that the Canadian Prime

Rate cannot be determined, such Borrowing Request shall be ineffective, and (B) any

outstanding Term Benchmark Borrowing in Canadian Dollars, at the Borrower's election, shall

either (1) be converted to a Term Benchmark Borrowing denominated in Canadian Dollars with

a Term Benchmark Rate equal to the Canadian Prime Rate at the end of applicable Interest

Period; <u>provided</u> that, if the Administrative Agent determines (which determination shall be

conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be

determined, such Borrowing shall be convertedinto an ABR Borrowingdenominatedin Dollars

(in an amount equal to the Dollar Equivalent of such affected Currency) either (x) at the end of

the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to

such date or (y) immediatelyif such Lender shall determine that it maynot lawfullycontinue to

maintainsuchTermBenchmarkLoantosuchdate,(2)beconvertedintoaSyndicatedABR

96<br>

Borrowingdenominated in Dollars (in an amount equal to theDollar Equivalent of such affected

Currency) either (x) at the end of the applicable Interest Period if such Lender may lawfully

continue to maintain such Loan to such date or (y) immediately if such Lender shall determine

that it maynot lawfullycontinue to maintain such Term Benchmark Loan to such date, or (3) be

prepaidinfullattheendoftheapplicableInterestPeriod;<u>provided</u> thatifnoelectionismadeby

the Borrower bythe date that is three Business Days after receipt bythe Borrower of such notice

or,inthecaseofaTermBenchmarkBorrowing,thelastdayofthecurrentInterestPeriodforthe

applicable Term Benchmark Loan, if earlier, the Borrower shall be deemed to have elected

<u>clause</u><u>(iv)(B)(1)</u>above.Notwithstandingtheforegoing,theaffectedLendershall,priortogiving

such notice to the Administrative Agent, use reasonable efforts to designate a different lending

office if such designation would avoid the need for giving such notice and if such designation

would not otherwise be disadvantageous to such Lender in the good faith exercise of its

discretion.Upon any such prepayment or conversion, the Borrower shall also pay accrued

interest on the amount so prepaid or converted, together with any additional amounts required

pursuant to <u>Section 2.15</u>.

SECTION 2.21.<u>Reallocation</u><u>Following</u><u>a</u><u>Non-Extended</u><u>Commitment</u>

<u>Termination Date</u>.

(a)<u>Reallocation</u><u>of</u><u>Participations</u><u>and</u><u>Loans</u>.

(i)Notwithstanding anything to the contraryherein, (a) in connection

with the reduction or termination of any Non-Extending Lender's Commitments in

accordance with <u>Section 2.08(f)</u> on any date prior to the Non-Extended Commitment

Termination Date for such Non-Extending Lender, the Borrower shall be permitted to

request a Loan to be made ratably among the Extending Lenders and Non-Extending

Lenders for which the Non-Extended Commitment Termination Date shall not have

occurred who are in the same Class of Commitment as such Non-Extending Lender in

accordance with the provisions of <u>Sections 2.02</u>, <u>2.03</u> and <u>2.17(c)</u> in an amount up to the

amount by which such Non-Extending Lender's Revolving Dollar Credit Exposure or

Revolving Multicurrency Credit Exposure, as applicable, would otherwise exceed such

Non-Extending Lender's Applicable Dollar Percentage or Applicable Multicurrency

Percentage, as applicable, of the Dollar Credit Exposure or Multicurrency Credit

Exposure,asapplicable,aftergivingeffecttosuchCommitmentreductionortermination

and (b) on any date following the Non-Extended Commitment Termination Date for any

Non-Extending Lender until the Extended Commitment Termination Date, the Borrower

shallbepermittedtorequestaLoantobemaderatablyamongtheExtendingLendersand

Non-Extending Lenders for which the Non-Extended Commitment Termination Date

shall not have occurred in accordance with <u>Sections 2.02</u>, <u>2.03</u> and <u>2.17(c)</u> in an amount

uptotheRevolvingCreditExposureofeachNon-ExtendingLenderforwhichthe

Non-Extended Commitment Termination Date shall have occurred who are in the same

Class of Commitment as such Non-Extending Lender, in each case of the foregoing

clauses (a) and (b), so long as (x) the conditions set forth in <u>Section 4.02</u> are satisfied

(and, unless Borrower shall have otherwise notified the Administrative Agent at such

time, Borrower shall be deemed to have represented and warranted that such conditions

aresatisfiedatsuchtime),(y)suchBorrowingdoesnotcause(I)theaggregateRevolving

CreditExposureofanyExtendingLendertoexceedsuchExtendingLender's

97<br>

Commitment, (II) the aggregate Revolving Dollar Credit Exposure of all of the Dollar

Lenders with Dollar Commitments then in effect to exceed the aggregate Dollar

Commitments atsuchtime,(III)theaggregateRevolvingMulticurrencyCreditExposure

of all of the Multicurrency Lenders with Multicurrency Commitments then in effect to

exceed the aggregate Multicurrency Commitments at such time or (IV) the sum of the

aggregate Revolving Credit Exposure of all of the Lenders with Commitments then in

effect plus the Net Revolving Exposure to exceed the aggregate Commitments at such

time and (z) the proceeds of any such Loan are applied solely to reduce the Revolving

Credit Exposure of the applicable Non-Extending Lender or Non-Extending Lenders, as

applicable.

(ii)All or any part of each Non-Extending Lender's participation in

Letters of Credit and Swingline Loans shall be reallocated on (A) any date on which the

CommitmentofsuchNon-ExtendingLenderisreducedorterminatedpursuantto<u>Section</u>

<u>2.08(f)</u>and(B)ontheNon-ExtendedCommitmentTerminationDateforsuch

Non-Extending Lender, in each case, among the Extending Lenders and Non-Extending

Lenders for which the Non-Extended Commitment Termination Date shall not have

occurred in accordance with their respective Applicable Dollar Percentages and

ApplicableMulticurrencyPercentagesaftergivingeffecttothereductionoftheaggregate

Commitments, but only to the extent that (x) the conditions set forth in <u>Section 4.02</u> are

satisfied at the time of such reallocation (and, unless Borrower shall have otherwise

notified Administrative Agent at such time, Borrower shall be deemed to have

represented and warranted that such conditions are satisfied at such time), and (y) such

reallocationdoesnotcause(I)theaggregateRevolvingCreditExposureofanyExtending

LenderorNon-ExtendingLenderforwhichtheNon-ExtendedCommitmentTermination

Date shall not have occurred to exceed such Lender's Commitment, (II) the total

Revolving Dollar Credit Exposures of Dollar Lenders with Dollar Commitments then in

effecttoexceedtheaggregateDollarCommitmentsatsuchtime,(III)thetotalRevolving

Multicurrency Credit Exposures of Multicurrency Lenders with Multicurrency

CommitmentsthenineffecttoexceedtheaggregateMulticurrencyCommitmentsatsuch

time or (IV) the sum of the aggregate Revolving Credit Exposure of all of the Lenders

with Commitments then in effect plus the Net Revolving Exposure to exceed the

aggregate Commitments at such time.

(b)<u>Cash</u><u>Collateral;</u><u>Repayment</u><u>of</u><u>Swingline</u><u>Loans</u>.Iftheprepaymentofany

Loan related to the reduction or termination of a Non-Extending Lender's Commitment prior to

the Non-Extended Commitment Termination Date described in <u>clause (a)(i)</u> above or any

reallocation described in <u>clause (a)(ii)</u> above cannot, or can only partially, be effected (or if the

Borrower does not request a Loan pursuant to <u>clause (a)(i)</u> above or requests a Loan in an

amount less than the maximum amount permitted to be requested pursuant to <u>clause (a)(i)</u>

above), the Borrower shall, not later than (i) with respect to any reduction or termination of a

Non-ExtendingLender'sCommitmentpursuantto<u>Section</u><u>2.08(f)</u>,thedateofsuchCommitment

reduction or termination or, (ii) with respect to any reallocation of participations in Letters of

CreditandSwinglineLoansontheNon-ExtendedCommitmentTerminationDateforany

Non-ExtendingLender, ontheNon-ExtendedCommitmentTerminationDateapplicabletosuch

Non-ExtendingLender,as thecasemaybe,withoutprejudicetoanyrightorremedyavailableto

ithereunderorunderlaw,(x)prepaySwinglineLoansinanamountequaltotheamountby

98<br>

which the participation obligations of the Non-Extending Lenders for which the Non-Extended

Commitment Termination Date shall have occurred which have not been reallocated to the

Extending Lenders and Non-Extending Lenders for which the Non-Extended Commitment

Termination Date shall not have occurred pursuant to <u>clause (a)(ii)</u> above, (y) provide Cash

Collateralinanamountequaltotheamountby whichtheparticipationobligationsofsuch

Non-Extending Lenders in Letters of Credit have not been reallocated pursuant to <u>clause (a)(ii)</u>

above and/or (z) prepay any other Loans of a Non-Extending Lender whose Commitments have

been reduced or terminated pursuant to <u>Section 2.08(f)</u> in an amount equal to the amount by

which the Revolving Credit Exposure of such Non-Extending Lender after giving effect to any

prepaymentdescribedin<u>clause</u><u>(a)(i)(z)</u>aboveexceedssuchNon-ExtendingLender'sApplicable

Dollar Percentage or Applicable Multicurrency Percentage, as applicable, after giving effect to

anyreduction or termination in such Non-Extending Lender's Commitment, as applicable.

ARTICLE III

<u>REPRESENTATIONS</u><u>AND</u><u>WARRANTIES</u>

TheBorrowerrepresentsandwarrantstotheLendersthat:

SECTION3.01. <u>Organization; Powers</u>.Each of the Borrower and its

Subsidiaries is duly organized, validly existing and in good standing under the laws of the

jurisdiction of its organization, has all requisite power and authority to carry on its business as

nowconductedand,exceptwherethefailureto doso,individuallyorin theaggregate,couldnot

reasonablybe expected to result in a Material Adverse Effect, isqualified to dobusiness in, and

is in good standingin, everyjurisdiction wheresuchqualification is required of the Borrower or

such Subsidiary, as applicable.

SECTION3.02.<u>Authorization; Enforceability</u>.The Transactions are within the

Borrower's corporate powers and have been duly authorized by all necessary corporate and, if

required, by all necessary shareholder action.This Agreement has been duly executed and

deliveredbytheBorrowerandconstitutes,andeachoftheotherLoanDocumentswhenexecuted

and delivered by each Obligor partythereto will constitute, a legal, valid and binding obligation

of such Obligor, enforceable in accordance with its terms, except as such enforceability may be

limited by (a)bankruptcy, insolvency, reorganization, moratorium or similar laws of general

applicability affecting the enforcement of creditors' rights and (b)the application of general

principles of equity (regardless of whether such enforceability is considered in a proceeding in

equity or at law).

SECTION3.03.<u>Governmental</u><u>Approvals;</u><u>No</u><u>Conflicts</u>.TheTransactions

(a)do not require any consent or approval of, registration or filing with, or any other action by,

any Governmental Authority, except for (i)such as have been or will be obtained or made and

are in full force and effect and (ii)filings and recordings inrespect ofthe Lienscreatedpursuant

to this Agreement or the Security Documents, (b)will not violate any applicable law or

regulationorthecharter,by-lawsorotherorganizationaldocumentsoftheBorroweroranyofits

Subsidiaries or any order of any Governmental Authority, (c)will not violate or result in a

default in any material respect under anyindenture, agreement or otherinstrument bindingupon

the Borrower or anyof its Subsidiaries or assets, or give rise to a rightthereunder to require any

99<br>

payment to be made by any such Person, and (d)except for the Liens created pursuant to this

Agreement or the Security Documents, will not result in the creation or imposition of any Lien

(other than Liens permitted by <u>Section 6.02)</u> on any asset of the Borrower or any of its

Subsidiaries.

SECTION3.04.<u>Financial</u><u>Condition;</u><u>No</u><u>Material</u><u>Adverse</u><u>Effect</u>.

(a)<u>Financial Statements</u>.The consolidated financial statements of the

Borrowerdeliveredpursuant toSection4.01(f),5.01(a)and5.01(b)presentfairly,inallmaterial

respects, the consolidated financial position and results of operations and cash flows of the

Borrower and its Subsidiaries as of such date and for such period in accordance with GAAP,

subject to normal year-end audit adjustments and the absence of footnotes.

(b)<u>Material Adverse Effect</u>.Since the date of the most recent Applicable

FinancialStatements,therehasnotbeenanyevent,developmentorcircumstancethathashador

could reasonably be expected to have a Material Adverse Effect.

SECTION3.05. <u>Litigation</u>.There are no actions, suits, investigations or

proceedings by or before any arbitrator or Governmental Authority now pending against or, to

theknowledgeoftheBorrower,threatenedinwritingagainstoraffectingtheBorroweroranyof

its Subsidiaries (i)as to which there is a reasonable possibility of an adverse determination and

that, if adversely determined, could reasonably be expected, individually or in the aggregate, to

result in a Material Adverse Effector (ii)that involve this Agreement or the Transactions (other

than any action brought by the Borrower against a Defaulting Lender).

SECTION3.06.<u>Compliance with Laws and Agreements</u>.EachoftheBorrower

and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental

Authority applicable to it or its property and all indentures, agreements and other instruments

bindinguponitoritsproperty,exceptwherethefailuretodoso,individuallyorintheaggregate,

could not reasonably be expected to result in a Material Adverse Effect.Neither the Borrower

nor any other Obligor is subject to anycontract or other arrangement, the performance of which

by the Borrower or the other Obligor could reasonably be expected to result in a Material

Adverse Effect.

SECTION3.07.<u>Taxes</u>.Each of the Borrower and its Subsidiaries has timely

filedorcausedtobefiledallmaterialTaxreturnsandreportsrequiredtohavebeenfiledandhas

paid or caused to be paid all material Taxes required to have been paid by it, except (a)Taxes

that are being contested in good faith byappropriateproceedings and for whichsuchPerson has

set aside on its books adequate reserves maintained in accordance with GAAP or (b)to the

extent that the failure to do so could not reasonably be expected to result in a Material Adverse

Effect.

SECTION3.08.<u>ERISA</u>.No ERISA Event has occurred or is reasonably

expectedtooccurthat,whentakentogetherwithallothersuchERISAEventsforwhichliability

is reasonably expected to occur, could reasonably be expected to result in a Material Adverse

Effect.

10<br>

SECTION3.09.<u>Disclosure</u>.As of the <u>Second Amendment</u>Effective Date, the

Borrower has disclosed to the Lenders all agreements, instruments and corporate or other

restrictionstowhichitoranyofitsSubsidiariesissubject,andallothermattersknowntoit,that,

individually or in the aggregate, could reasonably be expected to result in a Material Adverse

Effect.None of the reports, financial statements, certificates or other written information (other

than projected financial information, other forward looking information relating to third parties

and information of a general economic or general industry nature) furnished by or on behalf of

the Borrower to the Administrative Agent in connection with the negotiation of this Agreement

and the other Loan Documents or delivered hereunder or thereunder (as modified or

supplemented by other information so furnished) when taken as a whole (and after giving effect

to all updates, modifications and supplements) contains any material misstatement of fact or

omits to state any material fact necessary to make the statements therein, in the light of the

circumstances under which theywere made, not misleading at the time made; <u>provided</u> that with

respect to projected financial information, the Borrower represents only that such information

was prepared in good faith based upon assumptions believed to be reasonable at the time.

SECTION3.10.<u>Investment</u><u>Company</u><u>Act;</u><u>Margin</u><u>Regulations</u>.

(a)<u>Status as Business Development Company</u>.The Borrower has elected to

be regulated as a "business development company" within the meaning of the Investment

Company Act and has elected to be treated, and has qualified as a RIC.

(b)<u>Compliance with Investment Company Act</u>.The business and other

activities of the Borrower and itsSubsidiaries,includingthemakingofthe Loanshereunder,the

applicationoftheproceedsandrepaymentthereofbytheBorrowerandtheconsummationofthe

Transactions contemplated by the Loan Documents do not result in a violation or breach in any

material respect of the provisions of the Investment Company Act or any rules, regulations or

orders issued by the SEC thereunder, in each case that are applicable to the Borrower and its

Subsidiaries.

(c)<u>Investment Policies</u>.The Borrower is in compliance in all material

respects with the Investment Policies (after giving effect to anyPermitted PolicyAmendments).

(d)<u>Use</u><u>of</u><u>Credit</u>.NeithertheBorrowernoranyofitsSubsidiariesisengaged

principally, or as one of its important activities, in the business of extending credit for the

purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no

part of theproceeds ofanyextension ofcredit hereunderwill beused to buyorcarryanyMargin

Stock.

SECTION3.11.<u>Material</u><u>Agreements</u><u>and</u><u>Liens</u>.

(a)<u>Material Agreements</u>.<u>Part A</u> of <u>Schedule 3.11</u> is a complete and correct

list, as of the <u>Second Amendment</u> Effective Date, of each credit agreement, loan agreement,

indenture,notepurchaseagreement,guarantee,letterofcreditorotherarrangementprovidingfor

or otherwise relating to any Indebtedness for borrowed money or any extension of credit (or

commitment for any extension of credit)to, or guarantee for borrowed money by, the Borrower

oranyotherObligoroutstanding(otherthanIndebtednesshereunderorunderanyLoan

10<br>

Document), and the aggregate principal or face amount outstanding or that is, or may become,

outstanding under each such arrangement, in each case, as of the <u>Second Amendment</u>Effective

Date, is correctly described in <u>Part A</u> of <u>Schedule 3.11</u>.

(b)<u>Liens</u>.<u>Part B</u> of <u>Schedule 3.11</u> is a complete and correct list, as of the

<u>Second Amendment</u> Effective Date, of each Lien securing Indebtedness of any Person

outstandingonthe <u>Second Amendment</u>Effective DatecoveringanypropertyoftheBorroweror

any of the Subsidiary Guarantors, and the aggregate principal amount of such Indebtedness

secured (or that maybe secured)byeach such Lien and the propertycovered byeach such Lien

as of the <u>Second Amendment</u>Effective Date is correctlydescribed in <u>Part B</u> of <u>Schedule 3.11</u>.

SECTION3.12.<u>Subsidiaries</u><u>and</u><u>Investments</u>.

(a)<u>Subsidiaries</u>.Set forth on <u>Schedule 3.12(a)</u> is a list of the Borrower's

Subsidiaries as of the <u>Second Amendment</u>Effective Date.

(b)<u>Investments</u>.Set forth on <u>Schedule 3.12(b)</u> is a complete and correct list,

as of the <u>Second Amendment</u>Effective Date, of all Investments (other than Investments of the

types referred to in <u>clauses (b)</u>, <u>(c)</u>, <u>(d)</u> and (g) of <u>Section</u><u>6.04</u>) held by the Borrower or any of

theSubsidiaryGuarantorsinanyPersononthe<u>Second</u><u>Amendment</u>EffectiveDateand,foreach

such Investment, (x)the identity of the Person or Persons holding such Investment and (y)the

nature of such Investment.Except as disclosed in <u>Schedule 3.12(b)</u>, each of the Borrower and

any of the Subsidiary Guarantors owns, free and clear of all Liens (other than Liens created

pursuant to this Agreement or the Security Documents and Permitted Liens), all such

Investments held by it as of the <u>Second Amendment</u>Effective Date.

SECTION3.13.<u>Properties</u>.

(a)<u>Title Generally</u>.Each of the Borrower and the SubsidiaryGuarantors has

good title to, or valid leasehold interests in, all its real and personal property material to its

business, except for minor defects in title that do not interfere with its ability to conduct its

business as currently conducted or to utilize such properties for their intended purposes.

(b)<u>Intellectual Property</u>.Each of the Borrower and its Subsidiaries (other

than any Financing Subsidiary) owns, or is licensed to use, all trademarks, trade names,

copyrights,patents andotherintellectualpropertymaterial to itsbusiness,and theusethereofby

the Borrower and its Subsidiaries (other than any Financing Subsidiary) does not infringe upon

the rights of any other Person, except for any such infringements that, individually or in the

aggregate, could not reasonablybe expected to result in a Material Adverse Effect.

SECTION3.14.<u>Affiliate Agreements</u>.As of the <u>Second Amendment</u>Effective

Date, the Borrower has heretofore delivered to the Administrative Agent true and complete

copies of each of the Affiliate Agreements (including schedules and exhibits thereto, and any

amendments, supplements or waivers executed and delivered thereunder) as in effect on the

<u>Second Amendment</u>Effective Date.As of the <u>Second Amendment</u>Effective Date, each of the

Affiliate Agreements is in full force and effect.

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SECTION3.15.<u>Sanctions</u>.

(a)NoneoftheBorroweroranyofitsSubsidiariesnoranyoftheirrespective

directors,officers,employees,orauthorizedsignorsor,totheknowledgeoftheBorrower,anyof

the agents of the Borrower or any of its Subsidiaries, is a Sanctioned Person.

(b)The Borrower has implemented and maintains in effect policies and

procedures reasonably designed to promote and achieve compliance by the Borrower, its

Subsidiaries and their respective directors, officers, employees and investment advisors with

Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions. The Borrower,

its Subsidiaries and their respective directors, officers and employees and, to the knowledge of

the Borrower, agents of the Borrower and its Subsidiaries (acting on their behalf) are in

compliancewithAnti-CorruptionLaws,Anti-MoneyLaunderingLawsandapplicableSanctions.

SECTION3.16.<u>PATRIOT Act</u>. Each of the Borrower and its Subsidiaries is in

material compliance, to the extent applicable with (a)the Trading with the Enemy Act, as

amended, and each of the foreign assets control regulations of the United States Treasury

Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or

executive order relating thereto, and (b) the PATRIOT Act.No part of the proceeds of any

extensionofcredithereunderwillbeused,directlyor,totheknowledgeofaResponsibleOfficer

of the Borrower, indirectly, in violation of Section 5.09.

SECTION3.17. <u>Collateral Documents</u>.The provisions of the Security

Documents are effective to create in favor of the Collateral Agent a legal, valid and enforceable

firstpriorityLien(subjecttoLienspermittedby<u>Section</u><u>6.02</u>)onallright,titleandinterestofthe

Borrower and each Subsidiary Guarantor in the Collateral described therein.Except for filings

and actions completed on or prior to the Effective Date or as contemplated hereby and by the

Security Documents, no filing or other action will be necessary to perfect such Liens to the

extent required thereunder.

SECTION3.18.<u>Affected Financial Institutions</u>.Neither the Borrower nor any

Subsidiary is an Affected Financial Institution.

SECTION3.19.<u>Plan Assets</u>. None of the assets of any of any Obligor are (a)

deemed to constitute "plan assets" as defined in 29 C.F.R. §2510.3-101, as modified bySection

3(42) of ERISA if such condition would result in any transaction contemplated by the Loan

Documents constituting a non-exempt prohibited transaction under Section 406 of ERISA or

Section4975oftheCodeor(b)subjecttoanylawthatissimilartotheprovisionsofSection406

of ERISA or Section 4975 of the Code that would be violated by any of the transactions

contemplated by the Loan Documents.

<u>SECTION</u><u>3.20.</u><u>Outbound Investment Rules.</u><u>Neither the Borrower nor any of</u>

<u>its Subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment</u>

<u>Rules.</u><u>Neither the Borrower nor any of its Subsidiaries currently engages, or has any present</u>

<u>intention to engage in the future, directly or indirectly, in (i) a "covered transaction", as such</u>

<u>term is defined in the Outbound Investment Rules or (ii) any</u><u>other activity</u><u>that would cause the</u>

<u>Administrative</u><u>Agent,</u><u>the</u><u>Collateral</u><u>Agent</u><u>or</u><u>the</u><u>Lenders</u><u>to</u><u>be</u><u>in</u><u>violation</u><u>of</u><u>the</u><u>Outbound</u>

10<br>

<u>Investment Rules or cause the Administrative Agent, the Collateral Agent or the Lenders to be</u>

<u>legally prohibited by the Outbound Investment Rules from performing under this Agreement.</u>

ARTICLE IV

<u>CONDITIONS</u>

SECTION4.01.<u>Effective</u><u>Date</u>.TheeffectivenessofthisAgreementandofthe

obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit

hereunder shall not become effective until satisfaction of each of the following conditions

precedent (unless a condition shall have been waived in accordance with <u>Section 9.02</u>):

(a)<u>Documents</u>.The Administrative Agent shall have received each of the

followingdocuments,eachofwhichshallbesatisfactorytotheAdministrativeAgent(andtothe

extent specified below to each Lender) in form and substance:

(i)<u>Executed Counterparts</u>.From each party hereto either (i)a

counterpart of this Agreement signed on behalf of such party or (ii)written evidence

satisfactory to the Administrative Agent (which may include telecopy or electronic (e.g.

pdf)transmissionofasignedsignaturepagetothisAgreement)thatsuchpartyhassigned

a counterpart of this Agreement.

(ii)<u>Opinion of Counsel to the Obligors</u>.A favorable written opinion

(addressedtotheAdministrativeAgentandtheLendersanddatedtheEffectiveDate)of:

Winston & Strawn LLP, special counsel for the Obligors (and the Borrower hereby

instructs such counsel to deliver such opinion to the Lenders and the Administrative

Agent).

(iii)<u>Corporate Documents</u>.Such documents and certificates as the

Administrative Agent or its counsel may reasonably request relating to the organization,

existenceandgoodstandingofeachoftheObligors,theauthorizationoftheTransactions

and anyother legal matters relating to the Obligors, this Agreement or the Transactions.

(iv)<u>Officer's Certificate</u>.A certificate, dated the Effective Date and

signed by the President, the Chief Executive Officer, a Vice President or a Financial

Officer of the Borrower, confirming compliance with the conditions set forth in the

lettered clauses of the first sentence of <u>Section 4.02</u>.

(v)<u>Guarantee and Security Agreement</u>.The Guarantee and Security

Agreement, duly executed and delivered by each of the parties thereto.

(vi)<u>Control Agreements</u>.(i) A control agreement (the "<u>Borrower</u>

<u>Control</u><u>Agreement</u>"),dulyexecutedanddeliveredbytheBorrower,theCollateralAgent

and the Custodian and (ii) a control agreement (the "<u>Subsidiary Guarantor Control</u>

<u>Agreement</u>"and,togetherwiththeBorrowerControlAgreement,the"<u>Custodian</u><u>Control</u>

<u>Agreements</u>"), duly executed and delivered by Twin Brook Capital Funding XXXIII,

LLC, the Collateral Agent and the Custodian.

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(vii)<u>Borrowing Base Certificate</u>. A Borrowing Base Certificate

showing a calculation of the Borrowing Base as of the Effective Date with the Value of

each Portfolio Investment determined as of September 30, 2023.

(b)<u>Liens</u>.The Administrative Agent shall have received results of a recent

lien search in each relevant jurisdiction with respect to the Borrower and the Subsidiary

Guarantors, confirming that each financing statement in respect of the Liens in favor of the

Collateral Agent created pursuant to the Security Documents is otherwise prior to all other

financing statements or other interests reflected therein (other than any financing statement or

interest in respect of liens permitted under <u>Section 6.02</u> or Liens to be discharged on or prior to

the Effective Date pursuant to documentation satisfactory to the Administrative Agent).All

UCC financing statements and similar documents required to be filed in order to create in favor

of the Collateral Agent, for the benefit of the Secured Parties (as such term is defined in the

Guarantee and Security Agreement), a first priority perfected security interest in the Collateral

(to the extent that such a security interest may be perfected by a filing under the Uniform

Commercial Code) shall have been properlyfiled in each jurisdiction required (or arrangements

forsuch filings acceptable to the Administrative Agent and theCollateral Agent shall havebeen

made).

(c)<u>Consents</u>.The Borrower shall have obtained and delivered to the

Administrative Agent certified copies of all consents, approvals, authorizations, registrations,or

filings required to be made or obtained by the Borrower and the Subsidiary Guarantors in

connection with the Transactions and any transaction being financed with the proceeds of the

Loans, and such consents, approvals, authorizations, registrations, filings and orders shall be in

fullforceandeffectandallapplicablewaitingperiodsshallhaveexpiredandnoinvestigationor

inquiry by any Governmental Authority regarding the Transactions or any transaction being

financed with the proceeds of the Loans shall be ongoing.

(d)<u>Fees and Expenses</u>.The Borrower shall have paid in full to the

Administrative Agent and the Lenders all fees and expenses related to this Agreement and the

other Loan Documents owing on the Effective Date.

(e)<u>Know</u><u>Your</u><u>Customer</u><u>Documentation</u>.TheAdministrativeAgentandthe

Lenders shall have received, sufficiently in advance of the Effective Date (i)all documentation

and other information required by bank regulatory authorities under applicable "know your

customer"andanti-moneylaunderingrulesandregulations,includingthePATRIOTActand(ii)

to the extent that the Borrower qualifies as a "legal entity customer" under the requirements of

the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the

Borrower.

(f)<u>Financial Statements</u>.The Administrative Agent and each Lender shall

have received (i) the audited consolidated statement of assets and liabilities, statement of

operations, statement of changes in net assets, statement of cash flows and schedule of

investments ofthe Borrower andits consolidatedSubsidiariesasofandforthefiscal yearended

December 31, 2022, and (ii) the unaudited consolidated statement of assets and liabilities,

statementofoperations,statementofchangesinnetassets,statementofcashflowsandschedule

10<br>

of investments of the Borrower and its consolidated Subsidiaries as of and for the fiscal quarter

ended September 30, 2023.

(g)<u>Payoff Letter</u>.The Administrative Agent shall have received a payoff

letter executed by each Person holding the Liens securing Indebtedness of Twin Brook Capital

Funding XXXIII, LLC under that certain Participation Agreement dated as of July 28, 2023

between Twin Brook Capital Funding XXXIII, LLC and Macquarie Bank Limited, which letter

shall include an agreement by such Person, upon receipt of a specified amount, to release such

Liens, and which letter shall otherwise be in form and substance satisfactory to the

Administrative Agent.

(h)<u>Other Documents</u>.The Administrative Agent shall have received such

otherdocuments asthe Administrative Agent or anyLendermayreasonablyrequestinformand

substance reasonably satisfactory to the Administrative Agent.

SECTION4.02.<u>Each Credit Event</u>.The obligationof each Lendertomake any

Loan, and of each Issuing Bank to issue, amend or extend any Letter of Credit, is additionally

subject to the satisfaction of the following conditions:

(a)the representations and warranties of the Obligors set forth in this

AgreementandintheotherLoanDocumentsshallbetrueandcorrectinallmaterialrespects(or,

in the case of any portion of any representations and warranties already subject to a materiality

qualifier, true and correct in all respects) on and as of the date of such Loan or the date of

issuance, amendment or extension of such Letter of Credit, as applicable, or, as to any such

representation or warrantythat refers to a specific date, as of such specific date;

(b)at the time of and immediately after giving effect to such Loan or the

issuance, amendment or extension of such Letter of Credit, as applicable, no Default shall have

occurred and be continuing; and

(c)either (i)the sum of the Covered Debt Amount plus the Net Revolving

Exposure(each, after giving effect to such extension of credit) shall not exceed the Borrowing

Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative

Agent or (ii)the Borrower shall have delivered an updated Borrowing Base Certificate

demonstratingthatthesumoftheCoveredDebtAmountplustheNetRevolving

Exposure(each, after giving effect to such extension of credit) shall not exceed the Borrowing

Base after giving effect to such extension of credit as well as any concurrent acquisitions of

Investments or payment of outstanding Loans or Other Covered Indebtedness or any other

Indebtedness that is included in the Covered Debt Amount at such time.

Each Borrowingand eachissuance, amendmentorextensionofaLetterofCredit

shall be deemed to constitute a representation and warrantybythe Borrower on the date thereof

as to the matters specified in the preceding sentence.

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ARTICLE V

<u>AFFIRMATIVE</u><u>COVENANTS</u>

UntiltheCommitmentshaveexpiredorbeenterminatedandtheprincipalofand

interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters

of Credit shall have expired with no pending drawings, been terminated, Cash Collateralized or

backstopped and all LCDisbursementsshallhavebeenreimbursed,theBorrowercovenantsand

agrees with the Lenders that:

SECTION5.01.<u>Financial</u><u>Statements</u><u>and</u><u>Other</u><u>Information</u>.TheBorrowerwill

furnish to the Administrative Agent and each Lender:

(a)within ninety (90) days after the end of each fiscal year of the Borrower,

the audited consolidated balance sheet, statement of operations, statement of changes in net

assets, statement of cash flows and schedule ofinvestments of theBorrowerand its Subsidiaries

as of the end of and for such year, setting forth in each case in comparative form the figures for

the previous fiscal year, all reported on by PwC or other independent public accountants of

recognized national standing to the effect that such consolidated financial statements present

fairly in all material respects the financial condition and results of operations of the Borrower

and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

provided that the requirements set forth in this <u>clause (a)</u> may be fulfilled by providing to the

Administrative Agent the report of the Borrower to the SEC on Form 10-K for the applicable

fiscal year;

(b)within forty five (45) days after the end of each of the first three fiscal

quarters of each fiscal year of the Borrower, the consolidated balance sheet, statement of

operations, statement of changes in net assets, statement of cash flows and schedule of

investments of the Borrower and its Subsidiaries as of the end of and for such fiscalquarter and

the then elapsed portion of the fiscal year, setting forth in each case in comparative form the

figures for (or, in the case of the statements of assets and liabilities, operations, changes in net

assetsandcashflows,asoftheendof)thecorrespondingperiodorperiodsofthepreviousfiscal

year, all certified by a Financial Officer of the Borrower as presenting fairly in all material

respects the financial condition and results ofoperations of the Borrower and its Subsidiaries on

aconsolidatedbasisinaccordancewithGAAPconsistently(exceptasdisclosedtherein)applied,

subject to normal year-end audit adjustments and the absence of footnotes; provided that the

requirements set forth in this <u>clause (b)</u> may be fulfilled by providing to the Administrative

Agent the report of the Borrower to the SEC on Form 10-Q for the applicable quarterlyperiod;

(c)concurrentlywithany deliveryoffinancialstatementsunder<u>clause</u><u>(a)</u>or

<u>(b)</u> of this <u>Section 5.01</u>, a certificate of a Financial Officer of the Borrower (i)certifying that

suchstatements are consistent with the financialstatements filed bytheBorrowerwith theSEC,

(ii) certifying as to whether the Borrower has knowledge that a Default has occurred during the

periodcoveredbysuchfinancialstatementsand,ifaDefaulthasoccurred(orhasoccurredandis

continuing from such prior period), specifying the details thereof and any action taken or

proposed to be taken with respect thereto, (iii) setting forth in reasonable detail the calculations

required to establish whether a Value Triggering Event has occurred with respect to any Senior

10<br>

Bank Loan Investment, (iv)settingforth reasonablydetailed calculationsdemonstratingwhether

the Borrower is in compliance with <u>Sections 6.01(i)</u>, <u>(j)</u> and <u>(m)</u>, <u>(n)</u>, <u>Sections 6.02(</u>ed) and <u>(</u>hg)

and <u>Section 6.07</u> and (v)stating whether any change in GAAP as applied by (or in the

application of GAAP by) the Borrower has occurred since the Effective Date and, if any such

change has occurred, specifying the effect of such change on the financial statements

accompanying such certificate to the extent not previously disclosed on a Form 10-K or Form

10-Q previouslyfiled with the SEC (or otherwise disclosed to the Administrative Agent);

(d)as soon as available and in any event not later than twenty(20) days after

theendofeachmonthlyaccountingperiod(endingonthelastdayofeachcalendarmonth)ofthe

Borrower and its Subsidiaries, (i) a Borrowing Base Certificate as at the last day of such

accounting period, (ii) a certificate executed by a Responsible Officer of the Borrower setting

forth reasonably detailed calculations demonstrating compliance with Sections<u>Section</u>6.07(<u>d)</u>

and<u>(</u><u>e)</u>and(iii)ifduringsuchmonthlyaccountingperiodtheBorrowerhasdeclaredormadeany

Restricted Payment pursuant to <u>Section 6.05(c)</u>, a certificate of a Financial Officer of the

Borrower describing each such Restricted Payment and certifying that the conditions set forth in

<u>Section 6.05(c)</u> were satisfied on the date of each such Restricted Payment;

(e)promptly but no later than five (5) Business Days after any Responsible

Officer of the Borrower shall at any time have knowledge that there is a Borrowing Base

Deficiency, a Borrowing Base Certificate as at the date such Person has knowledge of such

Borrowing Base Deficiency indicating the amount of the Borrowing Base Deficiency as at the

date such Person obtained knowledge of such deficiencyand the amount ofthe BorrowingBase

Deficiency as of the date not earlier than one (1) Business Day prior to the date the Borrowing

Base Certificate is delivered pursuant to this clause (e);

(f)promptly upon receipt thereof copies of all significant reports submitted

by the Borrower's independent public accountants in connection with each annual, interim or

special audit or review of anytypeofthe financialstatements or relatedinternal control systems

of the Borrower or any of its Subsidiaries delivered by such accountants to the management or

board of trustees of the Borrower;

(g)promptly after the same become publicly available, copies of all periodic

and other reports, proxy statements and other materials sent to all stockholders filed by the

Borrower or any of the Subsidiary Guarantors with the SEC, or any Governmental Authority

succeeding to any or all of the functions of said Commission, or with any national securities

exchange, as the case may be;

(h)promptlyfollowinganyrequest therefor, such other information regarding

theoperations,businessaffairsandfinancialconditionoftheBorroweroranyofitsSubsidiaries,

or compliance with the terms of this Agreement and the other Loan Documents, as the

Administrative Agent or any Lender may reasonably request, including without limitation, all

documentation and other information required by bank regulatory authorities under applicable

"knowyourcustomer",anti-moneylaunderingandanti-terrorismrulesandregulations,including

the PATRIOTAct,theBeneficialOwnershipRegulationandtheAdministrativeAgent'sorsuch

Lender's policies and procedures relating thereto.

10<br>

(i)Borrower and each Lender acknowledge that certain of the Lenders may

be Public Lenders and, if documents or notices required to be delivered pursuant to this <u>Section</u>

<u>5.01</u> or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak or another

relevant website orotherinformationplatform (the "<u>Platform</u>"), anydocument ornoticethat the

Borrower has indicated contains Non-Public Information shall not be posted by the

Administrative Agent on that portion of the Platform designated for such Public Lenders. The

Borrower agrees to clearlydesignate all information provided tothe Administrative Agentbyor

onbehalfoftheBorroweroranyofitsSubsidiarieswhichissuitabletomakeavailabletoPublic

Lenders. If the Borrower has not indicated whether a document or notice delivered pursuant to

this <u>Section 5.01</u> contains Non-Public Information, the Administrative Agent reserves the right

to post such document or notice solely on that portion of the Platform designated for Lenders

who wish to receive material Non-Public Information with respect to the Borrower, its

Subsidiaries and their Securities.

(j)notwithstanding anything to the contrary herein, the requirements to

deliver documents set forth in <u>Sections 5.01(a)</u>, <u>(b)</u> and <u>(g)</u> will be fulfilled by filing by the

Borrower of the applicable documents for public availability on the SEC's Electronic Data

Gathering and Retrieval system; <u>provided</u>, that the Borrower shall notify the Administrative

Agent (bytelecopier or electronic communication) of the posting of anysuch documents.

SECTION5.02.<u>Notices of Material Events</u>.The Borrower will furnish to the

Administrative Agent (for distribution to each Lender) prompt written notice upon any

Responsible Officer obtaining knowledge of the following:

(a)the occurrence of anyDefault (unless the Borrower first became aware of

such Default from a notice delivered by the Administrative Agent);

(b)the filingor commencement of anyaction,suitorproceedingbyorbefore

any arbitrator or Governmental Authority against or affecting the Borrower or any of its

Affiliates that, if adversely determined, could reasonably be expected to result in a Material

Adverse Effect;

(c)the occurrence of any ERISA Event that, alone or together with anyother

ERISAEventsthathaveoccurredaftertheEffectiveDate,couldreasonablybeexpectedtoresult

in a Material Adverse Effect; and

(d)anyotherdevelopment(excludingmattersofageneraleconomic,financial

or political nature to the extent that they could not reasonably be expected to have a

disproportionate effect on the Borrower and its Subsidiaries, taken as a whole) that results in, or

could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this <u>Section</u><u>5.02</u> shall be accompanied by a

statement of a Responsible Officer or other executive officer of the Borrower setting forth the

details of the event ordevelopment requiringsuchnotice and anyactiontaken orproposed to be

taken with respect thereto.

SECTION5.03.<u>Existence;</u><u>Conduct of Business</u>.The Borrower will, and will

cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, do or cause to be done all

10<br>

things necessary to preserve, renew and keep in full force and effect its legal existence and the

rights, licenses, permits, privileges and franchises material to the conduct of its business;

<u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or

dissolution permitted under <u>Section 6.03</u>.

SECTION5.04.<u>Payment of Obligations</u>.The Borrower will, and will cause

each ofitsSubsidiaries to,payitsobligations,including(a)U.S.federalincomeTax and(b)any

other Tax liabilities and contractual obligations, that, in the case of this clause (b), if not paid,

could reasonably be expected to result in a Material Adverse Effect on the Borrower or on the

Borrower and its Subsidiaries taken as a whole before the same shall become delinquent or in

default, except where (a)the validity or amount thereof is being contested in good faith by

appropriateproceedings,(b)theBorrowerorsuchSubsidiaryhassetasideonitsbooksadequate

reserves with respect thereto in accordance with GAAP and (c)the failure to make payment

pending such contest could not reasonablybe expected to result in a Material Adverse Effect.

SECTION5.05.<u>Maintenance of Properties; Insurance</u>.The Borrower will, and

will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, (a)keep and maintain

allpropertymaterialtotheconductofitsbusinessingoodworkingorderandcondition,ordinary

wear and tear excepted, and (b)maintain, with financially sound and reputable insurance

companies, insurance in such amounts and against such risks as are customarily maintained by

companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION5.06.<u>Books</u><u>and Records; Inspection and Audit Rights</u>.The

Borrower will, and will cause each of its Subsidiaries to, keep books of record and account in

accordance with GAAP.The Borrower will, and will cause each other Obligor to, permit any

representatives designated by the Administrative Agent or any Lender, upon reasonable prior

notice to the Borrower, to visit and inspect its properties during business hours, to examine and

make extracts from its books and records, and to discuss its affairs, finances and condition with

its officers and independent accountants, all at such reasonable times and as often as reasonably

requested, in each case, to the extent such inspection or requests for such information are

reasonable and such information can beprovided ordiscussed without (x) violation of law, rule,

regulation or contract or (y)waiver by any Obligor of attorney-client privilege with respect to

information prepared by Borrower's counsel; <u>provided</u> that (i) the Borrower or such Obligor

shall be entitled to have its representatives and advisers present during any inspection of its

books and records and (ii)unless an Event of Default shall haveoccurredand becontinuing, the

Borrower'sobligationtoreimburseanycostsandexpensesincurredbytheAdministrativeAgent

and the Lenders in connection with any such inspections shall be limited to one inspection per

calendar year under this <u>Section</u><u>5.06</u> and <u>Section</u><u>7.01(a)</u> of the Guarantee and Security

Agreement.

SECTION5.07.<u>Compliance</u><u>with</u><u>Laws</u>.TheBorrowerwill,andwillcauseeach

of its Subsidiaries to, comply with all laws, rules, regulations, including the Investment

Company Act, and orders of any Governmental Authority applicable to it or its property, except

where the failure to do so, individually or in the aggregate, could not reasonably be expected to

result in a Material Adverse Effect.Without limiting the generality of the foregoing, the

Borrower will, and will cause its Subsidiaries to, conduct its business and other activities in

compliance in all material respects with the provisions of the Investment Company Act and any

11<br>

applicable rules, regulations or orders issued by the SEC thereunder. The Borrower shall

maintain in effect policies, procedures and internal controls reasonably designed to ensure

compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees

and investment advisors with Anti-Corruption Laws, Anti-Money Laundering Laws and

applicable Sanctions in all material respects.

SECTION5.08.<u>Certain</u><u>Obligations</u><u>Respecting</u><u>Subsidiaries;</u><u>Further</u>

<u>Assurances</u>.

(a)<u>Subsidiary</u><u>Guarantors</u>.Intheeventthat(i)theBorrowerorany

Subsidiary Guarantor shall form or acquire any new Subsidiary (other than a Financing

Subsidiary, a Foreign Subsidiary, an Immaterial Subsidiary or a Subsidiary of a Foreign

Subsidiary) or (ii) any Financing Subsidiary, Foreign Subsidiary<u>, Immaterial Subsidiary</u>or

SubsidiaryofaForeignSubsidiaryshallnolongerconstitutea"FinancingSubsidiary","Foreign

Subsidiary<u>", "Immaterial Subsidiary</u>" or "Subsidiary of a Foreign Subsidiary", a applicable,

pursuant to the definition thereof (in which case such Person shall be deemed to be a "new"

SubsidiaryforpurposesofthisSection5.08asofsuchdate),theBorrowerwillwithinthirty(30)

days thereof (or such longer period as shall be reasonably agreed by the Administrative Agent)

cause such new Subsidiary to become a "Subsidiary Guarantor" (and, thereby, an "Obligor")

under the Guarantee and Security Agreement pursuant to a Guarantee Assumption Agreement

and to deliver such proof of corporate or other action, incumbency of officers, opinions of

counsel and other documents as is consistent with those delivered by the Borrower pursuant to

<u>Section</u><u>4.01</u> upon the Effective Date or as the Administrative Agent shall have reasonably

requested.

(b)<u>Ownership of Subsidiaries</u>.The Borrower will, and will cause each ofits

Subsidiaries to, take such action from time to time as shall be necessary to ensure that each

Subsidiary is a wholly owned Subsidiary; <u>provided</u>, that the foregoing shall not prohibit any

transactionspermittedunder<u>Section</u><u>6.03</u>or<u>6.04</u>,solongasaftergivingeffecttosuchpermitted

transaction, each of the remaining Subsidiaries of the Borrower is a wholly-owned Subsidiary.

(c)<u>Further Assurances</u>.The Borrower will, and will cause each of the

Subsidiary Guarantors to, take such action from time to time (including filing appropriate

UniformCommercialCodefinancingstatementsandexecutinganddeliveringsuchassignments,

security agreements and other instruments) as shall be reasonably requested by the

Administrative Agent to effectuate the purposes and objectives of this Agreement, including: (i)

to create, in favor of the Collateral Agent for the benefit of the Secured Parties (as such term is

defined in the Guarantee and Security Agreement), perfected security interests and Liens in the

Collateral; <u>provided</u> that any such security interest or Lien shall be subject to the relevant

requirementsoftheSecurityDocuments,(ii)tocauseanybankorsecuritiesintermediary(within

the meaning of the Uniform Commercial Code) to enter into such arrangements with the

Collateral Agent as shall be appropriate in order that the Collateral Agent has "<u>control</u>" (within

the meaning of the Uniform Commercial Code) over each bank account or securities account of

the Obligors (other than "Excluded Accounts" as defined in the Guarantee and Security

Agreement), and in that connection, the Borrower agrees to cause all cash and otherproceeds of

InvestmentsreceivedbyanyObligortobepromptlydepositedintosuchanaccount(orotherwise

delivered to, or registered in the name of, the Collateral Agent), (iii) in the case of anyportfolio

11<br>

investmentheldbyaFinancingSubsidiaryoranImmaterialSubsidiary,includinganycash

collectionrelatedthereto,toensurethatsuchportfolioinvestmentsshallnotbeheldinthe

accountofanyObligorsubjecttoacontrolagreementamongsuchObligor,theCollateralAgent,

andtheCustodiandeliveredinconnectionwiththisAgreementoranyotherLoanDocument,(iv)

inthecaseofanyInvestmentconsistingofadebtobligationprovidedunderaloanorcredit

facility, note purchase agreement or other similar financing arrangement facility that does not

constituteallofthecreditextendedtotheunderlyingborrowerunderthe relevantunderlying

loan documents and a Financing Subsidiary or Immaterial Subsidiary holds any interest in the

loansorotherextensionsofcreditundersuchloandocuments,(x)tocausesuchFinancing

Subsidiaryor Immaterial Subsidiaryto be partyto such underlying loan documents as a "lender"

having a direct interest (or a participation not acquired from an Obligor) in such underlying loan

documents and the extensions of credit thereunder and (y) to ensure that all amounts owing to

such Obligor by the underlying borrower or other obligated partyare remitted by such borrower

or obligated party directly to separate accounts of such Obligor and no other amounts owing by

such underlying borrower or obligated party are remitted to the accounts of such Obligor; (v) in

theeventthatanyObligorisactingasanagentoradministrativeagentunderanyloandocuments

withrespecttoanyBankLoanthatdoesnotconstituteallofthecreditextendedtotheunderlying

borrowerunderthe relevantunderlying loandocuments, to ensure that all funds held by such

Obligor in such capacityas agent or administrativeagent is<u>are</u>segregated from all other funds of

such Obligor and clearly identified as being held in an agency capacity and (vi) if an Event of

Default has occurred and is continuing, to cause the closing sets and all executed amendments,

consents,forbearancesandothermodificationsandassignmentagreementsrelatingtoany

InvestmentandanyotherdocumentsrelatingtoanyInvestmentrequestedbytheCollateral

Agent, in each case, to be held by the Collateral Agent or a custodian pursuant to the terms of a

custodianagreementand/orcontrolagreementreasonablysatisfactorytotheAdministrative

Agent.

SECTION5.09.<u>Use of Proceeds</u>.The Borrower will use the proceeds of the

LoansandtheissuancesofLettersofCreditonlyforgeneralcorporatepurposesoftheBorrower,

including the acquisition and funding (either directly or through one or more wholly-owned

Subsidiaries)of leveraged loans, mezzanine loans, high-yield securities, convertible securities,

preferred stock, common stock and other Investments; <u>provided</u> that neither the Administrative

Agent nor any Lender shall have any responsibility as to the use of any of such proceeds.No

part of the proceeds of any extension of credit hereunder will be used in violation of applicable

law or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of

buying or carrying any Margin Stock.Margin Stock shall be purchased by the Obligors only

with theproceeds of Indebtedness notdirectlyorindirectlysecured byMarginStock,orwiththe

proceeds of equity capital of the Borrower.Without limiting the foregoing, no Obligor will,

directlyor indirectly, use the proceeds of anyextension of credit hereunder, (i)in furtheranceof

anoffer,payment,promisetopayorauthorizationofthepaymentorgivingofmany,oranything

else of value to any Person in violation by the Borrower or its Subsidiaries of the United States

Foreign Corrupt Practices Act of 1977, as amended, or US or UK regulation implementing the

OECD Convention on Combating Bribery of Foreign Public Officials in International Business

Transactions or any other applicable anti-corruption law (collectively, the "Anti-Corruption

Laws")orAnti-MoneyLaunderingLaws,(ii)forthepurposeoffunding,financingorfacilitating

any activities, business or transaction of or with any Sanctioned Person, or in any sanctioned

Country,totheextentsuchactivities,businessortransactionwouldbeprohibitedbySanctionsif

11<br>

conducted by a corporation incorporated in the United States or (iii) in any manner that would

result in the violation of any Sanctions applicable to any party hereto.

SECTION5.10.<u>Status of RIC and BDC</u>.The Borrower shall, at all times,

subject to applicable grace periods set forth in the Code, maintain its status as a RIC under the

Code.The Borrowershall at all times maintain its status as a "businessdevelopment company"

under the Investment Company Act.

SECTION5.11.<u>Investment Policies</u>.The Borrower shall at all times be in

compliance in all material respects with its Investment Policies (after giving effect to any

Permitted Policy Amendments).

SECTION5.12.<u>Portfolio</u><u>Valuation</u><u>and</u><u>Diversification</u><u>Etc</u>.

(a)<u>Industry Classification Groups</u>.For purposes of this Agreement, the

Borrower shall assign each Eligible Portfolio Investment in the Collateral Pool to an Industry

Classification Group.To the extent the Borrower determines that any Eligible Portfolio

Investment included in the Collateral Pool is not adequately correlated with the risks of other

Portfolio Investments in an Industry Classification Group, such Eligible Portfolio Investment

may be assigned by the Borrower to an Industry Classification Group that is most closely

correlated to such Eligible Portfolio Investment.In the absence of anyadequate correlation, the

Borrower shall be permitted, upon prior notice to the Administrative Agent (for distribution to

each Lender), to create up to three additional industry classification groups for purposes of this

Agreement.

(b)<u>Portfolio</u><u>Valuation</u> <u>Etc</u>.

(i)<u>Settlement Date Basis</u>.For purposes of this Agreement, all

determinationsofwhetheraninvestmentistobeincludedas aPortfolio Investmentshall

be determined on a settlement-date basis (meaning that any investment that has been

purchased will not be treated as a Portfolio Investment until such purchase has settled,

and any Portfolio Investment which has been sold will not be excluded as a Portfolio

Investment until such sale has settled); <u>provided</u> that no such investment shall be

included as a Portfolio Investment to the extent it has not been paid for in full.

(ii)<u>Determination of Values</u>.The Borrower will conduct reviews of

the value to be assigned to each of its Portfolio Investments included in the Borrowing

Base as follows:

(A)<u>Quoted Investments - External Review</u>.With respect to

Portfolio Investments (including Cash Equivalents)for which market quotations

are readily available (each, a "<u>Quoted Investment</u>"), the Borrower shall, not less

frequently than once each calendar week, determine the market value of such

Quoted Investments which shall, in each case, be determined in accordance with

one of the following methodologies (as selected by the Borrower):

11<br>

(w)inthecaseofpublicand144Asecurities,theaverageofthe

bid prices as determined by two Approved Dealers selected by the

Borrower,

(x)in the case of bank loans<u>Bank Loans</u>, the bid price as

determined by one Approved Dealer selected by the Borrower,

(y)in the case of any Quoted Investment traded on an

exchange, the closing price for such Quoted Investment most recently

posted on such exchange, and

(z)in the caseof anyother Quoted Investment,the fairmarket

value thereof as determined by an Approved Pricing Service selected by

the Borrower.

(B)<u>Unquoted Investments - External Review</u>.With respect to

each Portfolio Investment included in the Borrowing Base for which market

quotations are not readily available (each, a "<u>Unquoted Investment</u>"), the

Borrower shall request an Approved Third-Party Appraiser to assist the

Investment Adviser (so long as it has the necessary delegated authority) or the

board of trustees of the Borrower in determining the fair market value of each

such Unquoted Investment (other than any Unquoted Investment that the

Administrative Agent has most recently notified the Borrower that it intends to

have an Approved Third-Party Appraiser selected by the Administrative Agent

value), as at the last day of each fiscal quarter (each, a "<u>Testing Quarter</u>");

<u>provided that</u>:

(x)except as set forth in clause(z) below, the Value of any

such Unquoted Investment acquired shall be deemed to be equal to the

cost ofsuch Unquoted Investment until such time as the fairmarketvalue

of such Unquoted Investment is determined in accordance with the

foregoing provisions of this <u>subclause (B)</u>as at the last day of the next

succeeding Testing Quarter with respect to such Unquoted Investment;

(y)notwithstanding the foregoing and except as set forth in

clause(z) below, the Investment Adviser (so long as it has the necessary

delegated authority) or theboard oftrustees oftheBorrowermay,without

the assistance of an Approved Third-Party Appraiser, determine the fair

marketvalueofsuchUnquotedInvestmentsolongastheaggregateValue

thereof of all Unquoted Investments so determined does not at any time

exceed 10% of the aggregate Borrowing Base, except that the fair market

value of any Unquoted Investment that has been determined without the

assistance of an Approved Third-Party Appraiser as at the last day of any

Testing Quarter with respect to such Unquoted Investment shall be

deemedtobezeroasatthelastdayoftheimmediatelysucceedingTesting

Quarter with respect to such Unquoted Investment (but effectiveuponthe

dateuponwhichtheBorrowingBaseCertificateforsuchlastdayis

11<br>

required to be delivered hereunder)if an Approved Third-PartyAppraiser

has not assisted the Investment Adviser or the board of trustees of the

Borrower, as applicable, in determining the fair market value of such

Unquoted Investments, as at such date; and

(z)the Value, at the end of any fiscal quarter, of any such

Unquoted Investmentthat was acquired within thirty(30) days of the end

ofsuch fiscalquarter (collectively,the"<u>Market Value</u><u>Investments</u>")shall

be deemed to be equal to the cost of such Unquoted Investment.

(C)<u>Internal Review</u>.The Borrower shall conduct internal

reviews of all Portfolio Investments at least once each calendar week which shall

take into account any events of which any Responsible Officer of the Borrower

has knowledge that materially and adversely affect the value of the Portfolio

Investments included in the Borrowing Base.If the value of any Portfolio

InvestmentasmostrecentlydeterminedbytheBorrowerpursuanttothis

<u>Section</u><u>5.12(b)(ii)(C)</u>islowerthanthevalueofsuchPortfolioInvestmentasmost

recently determined pursuant to <u>Section</u><u>5.12(b)(ii)(A)</u>and <u>(B)</u>, such lower value

shall be deemed to be the "Value" of such Portfolio Investment for purposes

hereof; <u>provided</u> that the Value of any Portfolio Investment of the Borrower and

its Subsidiaries shall be increased by the net unrealized gain as at the date such

Value is determined of any Hedging Agreement entered into to hedge risks

associated with such Portfolio Investment and reduced by the net unrealized loss

as at such date of any such Hedging Agreement (such net unrealized gain or net

unrealized loss, on any date, to be equal to the aggregate amount receivable or

payable under the related Hedging Agreement if the same were terminated on

such date).

(D)<u>Failure to Determine Values</u>.If the Borrower shall fail to

determine the value of any Portfolio Investment as at any date pursuant to the

requirementsoftheforegoing<u>subclauses</u><u>(A)</u>,<u>(B)</u>or<u>(C)</u>,thenthe"Value"ofsuch

PortfolioInvestmentasatsuchdateshallbedeemedtobezeroforpurposesofthe

Borrowing Base until such time as the value of such Portfolio Investment is

otherwise determined or reviewed, as applicable, in accordance herewith.

(E)<u>Initial Value of Assets</u>. Notwithstanding anything to the

contrary contained herein, from the Effective Date until the date when the first

valuation reports are required to be delivered hereunder, the Value of any

PortfolioInvestmentincludedintheBorrowingBasewithrespecttotheBorrower

shall be the Value as determined in a manner consistent with <u>Section</u>

<u>5.12(b)(ii)(C)</u> and as delivered to the Collateral Agent on or prior to the Effective

Date.

(F)<u>Testing</u><u>of</u><u>Values</u>.

(x)Atleastsix(6)weekspriortotheendofeachfiscalquarter,

commencing with the fiscal quarter ending March 31, 2024 (the last such

11<br>

fiscal quarter is referred to herein as, the "<u>Testing Period</u>"), the

Administrative Agent in its reasonable discretion shall select (and inform

the Borrower of) the particular Unquoted Investments included in the

Borrowing Base to be valued by an Approved Third-Party Appraiser

selected by the Administrative Agent that collectively have an aggregate

ValueapproximatelyequaltotheCalculationAmount;providedthatifthe

average fair market value of the Unquoted Investments (other than Cash

and Cash Equivalents) in the BorrowingBase as of the end of anyTesting

Period is less than $10,000,000, the Administrative Agent shall not select

more than fifteen (15) Unquoted Investments to be valued pursuant to this

<u>Section 5.12(b)(ii)(F)</u> for such Testing Period (the "<u>Specified Testing</u>

<u>Period Unquoted Investments</u>") unless the aggregate Value of such

Specified Testing Period Unquoted Investments determined by the

Borrower pursuant to <u>Section 5.12(b)(ii)(B)</u> as of the last day of the

immediatelyprecedingfiscal quarter exceeds the aggregate values of such

Specified Testing Period Unquoted Investments determined by the

Approved Third-Party Appraisers selected by the Administrative Agent

pursuant to this <u>Section 5.12(b)(ii)(F)</u> by more than more than 10%.The

Administrative Agent agrees to notify the Borrower of the Unquoted

Investments to be tested by the Administrative Agent in each Testing

Period.For the avoidance of doubt, all calculations of value pursuant to

this <u>Section 5.12(b)(ii)(F)</u> shall be determined without application of the

Advance Rates.The Testing Period shall not be required to coincide with

the timing of any valuations conducted by the Investment Adviser or the

boardoftrusteesoftheBorrowerpursuantto<u>Section</u><u>5.12(b)(ii)(B)</u>.Ifthe

Borrower's valuation of any Unquoted Investment pursuant to <u>Section</u>

<u>5.12(b)(ii)(B)</u> exceeds the valuation of any Approved Third-Party

Appraiser selected by the Administrative Agent pursuant to this <u>Section</u>

<u>5.12(b)(ii)(F)</u>,theValueofsuchUnquotedInvestmentshallbeestablished

as set forth in <u>Section 5.12(b)(ii)(G)</u>.

(y)For the avoidance of doubt, the valuation of anyApproved

Third-PartyAppraiser selected bythe Administrative Agent would not be

as of, or delivered at, the end of any fiscal quarter.Any such valuation

would be as of the end of the second month immediately following the

applicable Testing Period and would be reflected in the Borrowing Base

Certificate for such month (<u>provided</u> that such Approved Third-Party

Appraiser delivers such valuation at least seven Business Days before the

20th dayafter the end of the applicable monthlyaccountingperiod and, if

such valuation is delivered after such time, it shall be included in the

Borrowing Base Certificate for the following monthly period and applied

to the then applicable balance of the related Portfolio Investment).For

illustrative purposes, if the applicable Testing Period is the first quarter

ending on March 31, 2023 then (A) the Administrative Agent would

initiate the testing of Values (using the March 31, 2023 Values for

purposes of determining the scope of the testing under clause (F) no later

thanMay19, 2023(i.e.thedatethatissixweekspriortoJune30, 2023),

11<br>

with the anticipation of receiving the valuations from the applicable

Approved Third-PartyAppraiser(s) on or after May 31, 2023) and (B) (x)

if such valuations were received before the seventh Business Day before

June 20, 2023, such valuations would be included in the June 20, 2023

Borrowing Base Certificate covering the month of May, or (y) if such

valuations were received after such time, they would be included in the

July 20, 2023 Borrowing Base Certificate for the month of June.

(G)<u>Valuation Dispute Resolution</u>.Notwithstanding the

foregoing, the Administrative Agent shall at anytime have the right to request, in

its reasonable discretion, any Unquoted Investment included in the Borrowing

Base with a value determined pursuant to <u>Section 5.12(b)(ii)</u> to be independently

valued by an Approved Third-Party Appraiser selected by the Administrative

Agent.There shall be no limit on the number of such appraisals requested bythe

Administrative Agent in its reasonable discretion; <u>provided</u>, that (i)anyappraisal

shall be conducted in a manner that is not disruptive to the Borrower's business

and (ii) the values determined by any appraisal shall be treated as confidential

information by the Administrative Agent and the Lenders and shall bedeemed to

be "Information" hereunder and subject to Section9.13 hereof.The reasonable

and documented out-of-pocket costs of anysuch valuation shall be at the expense

oftheBorrower.TheAdministrativeAgentshallnotifytheBorrowerofitsreceipt

ofresults from an ApprovedThird-PartyAppraiserofanyappraisalandprovidea

copy of the results and any related reports to the Borrower. If the Borrower's

valuation pursuant to <u>Section 5.12(b)(ii)(B)</u> exceeds the valuation of any

ApprovedThird-PartyAppraiserselectedbytheAdministrativeAgentpursuantto

<u>Section 5.12(b)(ii)(F)</u> or <u>(G)</u> and thedifferencebetween theBorrower's valuation

pursuant to <u>Section 5.12(b)(ii)(B)</u> and the valuation of anyApproved Third-Party

Appraiser selected bythe AdministrativeAgent pursuant to <u>Section 5.12(b)(ii)(F)</u>

or <u>(G)</u> is (1) less than 5% of the Borrower's value thereof, then the Borrower's

valuationshallbeused,(2)between5%and20%oftheBorrower'svaluethereof,

then the valuation of such Portfolio Investment shall be the average of the value

determinedbytheBorrowerandthevaluedeterminedbytheApproved

Third-Party Appraiser selected by the Administrative Agent and (3) greater than

20% of the Borrower's value thereof, then the Borrower and the Administrative

Agent shall select an additional Approved Third-Party Appraiser and the

valuation ofsuch Portfolio Investment shall betheaverageofthethreevaluations

(with the Administrative Agent's Approved Third-Party Appraiser's valuation to

be used until the third valuation is obtained).

(iii)GenerallyApplicableValuationProvisions.

(A)Each Approved Third-Party Appraiser and Administrative

Agent-Selected Third-Party Appraiser shall apply a recognized valuation

methodology that is commonly accepted in the Borrower's industry for valuing

PortfolioInvestmentsofthetypebeingvaluedandheldby theObligors.Other

11<br>

proceduresrelatingtothevaluationwillbereasonablyagreeduponbythe

Administrative Agent and the Borrower.

(B)For the avoidance of doubt, subject to Section

5.12(b)(ii)(B) the value of any Portfolio Investments determined in accordance

with any provision of this Section 5.12 shall be the Value of such Portfolio

Investment for purposes of this Agreement until a new Value for such Portfolio

Investment is subsequentlyrequiredtobedeterminedin good faithin accordance

with this Section 5.12.

(C)The foregoing valuation procedures shall only be required

to be used for purposes of calculating the Borrowing Base and shall not be

required to beutilizedbytheBorrowerforanyotherpurposes,including,without

limitation, the delivery of financial statements or valuations required under

ASC820 or the Investment Company Act or otherwise.

(c)<u>Investment Company Diversification Requirements</u>.The Borrower will,

and will cause its Subsidiaries (other than Subsidiaries that are exempt from the Investment

Company Act) at all times to comply in all material respects with the portfolio diversification

and similar requirements set forth in the Investment Company Act applicable to business

development companies.The Borrower will at all times, subject to applicable grace or cure

periods set forth in the Code, complywith the portfolio diversification and similar requirements

set forth in the Code applicable to RICs, to the extent applicable.

SECTION5.13. <u>Calculation of Borrowing Base</u>.For purposes of this

Agreement, the "<u>Borrowing Base</u>" shall be determined, as at any date of determination, as the

sum of the products obtained bymultiplying (x) the Value of each EligiblePortfolio Investment

in the Collateral Pool and (y) the applicable Advance Rate for such Portfolio Investment

(excluding any Cash Collateral held by the Administrative Agent pursuant to <u>Section</u><u>2.05(k)</u> or

the last paragraph of <u>Section 2.09(a)</u>); <u>provided</u> that:

(a)The AdvanceRate applicabletothatportionoftheaggregateValueofthe

PortfolioInvestmentsincludedintheBorrowingBaseconsistingofDIPLoansthatexceeds15%

oftheaggregateValueofallPortfolio InvestmentsincludedintheBorrowingBase(ineachcase

after giving effect to Advance Rates) will be 0%;

(b)the Advance Rate applicable to that portion of the aggregate Value of the

Portfolio Investments included in theBorrowingBase in a consolidated group of corporations or

otherentities(which,fortheavoidanceofdoubt,shallnotincludeanyCashorCashEquivalents)

(collectively, a "<u>Consolidated Group</u>"), in accordance with GAAP, that exceeds 5% of the

aggregate Value of all Portfolio Investments included in the Borrowing Base (in each case after

giving effect to Advance Rates) will be 0%;

(c)the Advance Rate applicable to that portion of the aggregate Value of the

Portfolio Investments included in the Borrowing Base in any single Industry Classification

Group that exceeds 20% of the aggregate Value of all Portfolio Investments included in the

Borrowing Base (in each case after giving effect to Advance Rates) shall be 0%; <u>provided</u> that,

11<br>

with respect toPortfolio Investments in asingleIndustryClassificationGroupfromtimetotime

designated by the Borrower to the Administrative Agent, such portion 20% figure shall be

increased to 25%;

(d)the Advance Rate applicable to that portion of the aggregate Value of the

Portfolio Investments included in the Borrowing Base where the Underlying Obligor has an

Underlying Obligor EBITDA less than $10,000,000 as of the end of the most recent fiscal

quarter that exceeds 40% of the aggregate Value of all Portfolio Investments included in the

Borrowing Base (in each case after giving effect to Advance Rates) shall be 0%;

(e)the Advance Rate applicable to that portion of the aggregate Value of the

Portfolio Investments included in the Borrowing Base where the Underlying Obligor has an

Underlying Obligor EBITDAlessthan$5,000,000 as oftheendofthemostrecentfiscalquarter

that exceeds 5% of the aggregate Value of all Portfolio Investments included in the Borrowing

Base (in each case after giving effect to Advance Rates) shall be 0%;

(f)if at any time there shall be fewer than twenty-five (25) Portfolio

Investments in the Borrowing Base, the Advance Rate applicable to all Portfolio Investments in

the Borrowing Base shall be 0%; and

(g)the Advance Rate applicable to that portion of the aggregate Value of the

Portfolio Investments included in the Borrowing Base where the Underlying Obligor is

domiciled in Canada that exceeds 10% (or such higher percentage agreed bythe Administrative

Agentinitssolediscretion)oftheaggregateValueofallPortfolioInvestmentsintheBorrowing

Base (in each case after giving effect to Advance Rates) shall be 0%.

To the extent any Portfolio Investment is required to be removed from the Borrowing Base to

comply with any of the portfolio limitations set forth in this <u>Section 5.13</u>, the Borrower shall be

permittedtochoosethePortfolioInvestments,orportionsofsuchPortfolioInvestments,tobeso

removed to effect such compliance.

Asusedherein,thefollowingtermshavethefollowingmeanings:

"<u>Advance Rate</u>" means, as to anyPortfolio Investment and subject to adjustment

as provided in <u>Section</u><u>5.13(a)</u> through <u>(g)</u>, the following percentages with respect to such

Portfolio Investment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Relevant Asset** <br>**CoverageRatio≥** <br>**2.00:1.00** | **Relevant Asset** <br>**CoverageRatio≥** <br>**2.00:1.00** | **2.00:1.00 >**<br>**Relevant Asset** <br>**CoverageRatio≥** <br>**1.75:1.00** | **2.00:1.00 >**<br>**Relevant Asset** <br>**CoverageRatio≥** <br>**1.75:1.00** | **1.75:1.00 >**<br>**Relevant Asset** <br>**Coverage Ratio** | **1.75:1.00 >**<br>**Relevant Asset** <br>**Coverage Ratio** |
| <br>**<u>Portfolio</u><u>Investment</u>** | **<u>Quote</u>**<br>**d**<br>| **<u>Unquoted</u>** | **<u>Quote</u>**<br>**d**<br>| **<u>Unquoted</u>** | **<u>Quote</u>**<br>**d**<br>| **<u>Unquoted</u>** |
| CashandCash <br>Equivalents<br>| 100% | n.a. | 100% | n.a. | 100% | n.a. |
| EligibleSeniorBank <br>Loan Investments<br>| 80% | 75% | 75% | 70% | 70% | 65% |

---

11<br>

"<u>Cash</u>"hasthemeaningassignedtosuchtermin<u>Section</u> <u>1.01</u>.

"<u>Cash Equivalents</u>" has the meaning assigned to such term in <u>Section 1.01</u>.

"<u>Cash Pay</u><u>Senior Bank</u><u>Loan</u><u>Investment</u>"means aSeniorBankLoanInvestment

as to which, at the time of determination, (x) not less than 2/3rds of the interest (including

accretions and "pay-in-kind" interest) for the current period is payable in cash or (y) (i) if such

SeniorBankLoanInvestmentisafloatingrateobligation,cashinterestinanamountgreaterthan

or equal to 4.5% above the applicable benchmark rate is payable at least semi-annuallyor (ii) if

such Senior Bank Loan Investment is a fixed rate obligation, cash interest in an amount greater

than or equal to 8% per annum is payable at least semi-annually.

"<u>Defaulted Investment</u>" means any Portfolio Investment (a) that is 45 days or

morepastduewithrespecttoanyinterestorprincipalpaymentsor(b)thatisorotherwiseshould

be considered a non-accrual investment by the Borrower in connection with its Investment

Policies and GAAP.

"<u>DIP</u><u>Loan</u>"meansaloanmadetoadebtor-in-possessionpursuanttoSection364

of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the

Bankruptcy Code.

"<u>Eligible Portfolio Investments</u>" means Portfolio Investments consistingofCash,

Cash Equivalents and Eligible Senior Bank Loan Investments.

"<u>Eligible</u><u>Senior</u><u>Bank</u><u>Loan</u><u>Investment</u>"means,onanydateofdetermination,any

Senior Bank Loan Investment of Borrower that meets the following conditions:

(a)the Senior Bank Loan Investment is evidenced by Investment Documents

that are in full force and effect and constitute the legal, valid and binding obligation of

theUnderlyingObligorofsuchSeniorBankLoanInvestmenttopaythestatedamountof

theUnderlyingLoanandinterestthereonwithoutrightofrescission,setoff,counterclaim

or defense, and the related Investment Documents are enforceable against such

Underlying Obligor in accordance with their respective terms, provided that the

enforceabilitythereof is subject in each case to general principles of equity(regardless of

whether such enforceability is considered in a proceeding in equity or at law) and to

bankruptcy, insolvency and similar laws affecting the enforcement of creditors' rights

generally, and, to the knowledge of the Borrower, are not the subject of any material

dispute;

(b)suchSeniorBankLoanInvestmentissecuredbyafirstpriority(subjectto

encumbrances that are customarily permitted to be senior under a first lien debt

obligation), perfected security interest on a substantial portion of the assets of the

respectiveUnderlyingObligor(s);provided,that,fortheavoidanceofdoubt,the

"last-out" portion of a Senior Bank Loan that is a Senior Bank Loan, a portion of which

is, in effect, subject to superpriority rights (the "first-out" portion) of other lenders with

respecttosuchlenders'righttoreceivedistributionsofcollateralproceedsfollowingan

12<br>

eventofdefault(suchportion,a"last-out"portion)shallnotconstituteaSeniorBank

Loan Investment;

(c)a Value TriggeringEvent related to the Senior Bank Loan Investmenthas

not occurred and is not continuing;

(d)theSeniorBankLoanInvestmentisnotaDefaultedInvestment;

(e)excepttothe extentsuchSeniorBankLoanInvestmentisaDIP Loan,the

Senior Bank Loan Investment is not owed byan Underlying Obligorthat issubjectto an

Insolvency Event;

(f)the Senior Bank Loan Investment, together with the Investment

Documents related thereto, is a "general intangible", an "instrument", an "account", or

"chattel paper", within the meaning of the UCC of all jurisdictions that govern the

perfection of the security interest granted therein;

(g)all consents, licenses, approvals or authorizations of, or registrations or

declarationswith,anyGovernmentalAuthorityrequiredtobeobtained,effectedorgiven

bytheBorroweroranyotherObligorinconnectionwiththemakingofsuchSeniorBank

Loan Investment have been duly obtained, effected or given and are in full force and

effect, except where the failure to do so, individually or in the aggregate, could not

reasonably be expected to result in a material adverse effect on the value, validity or

collectability of such Senior Bank Loan Investment;

(h)the Senior Bank Loan Investment is denominated and payable only in

Dollars in the United States or in Canadian Dollars in Canada and the Underlying

Primary Obligor for such Senior Bank Loan Investment is organized under the laws of,

andmaintainsitschiefexecutive office in,(A)the UnitedStatesorany state thereof or

(B) subject to clause (g) of the definition of "Borrowing Base", Canada or any province

thereof;

(i)the Senior Bank Loan Investment is a Cash Pay Senior Bank Loan

Investment;

(j)the Senior Bank Loan Investment, together with the Investment

Documents related thereto, does not contravene in any material respect any applicable

lawandwithrespecttowhichnoUnderlyingObligorisinviolationofanyapplicablelaw

or the terms and conditions of such Investment Documents, to the extent any such

violation results in or would be reasonably likely to result in (a) an adverse effect upon

the value or collectabilityof such Senior Bank Loan Investment or (b) a material adverse

change in, or a material adverse effect upon, any of (1) the financial condition,

operations, business or properties of the Underlying Obligor or any of its respective

Subsidiaries, taken as a whole, (2) the rights and remedies of the Borrower under the

Investment Documents, or the ability of the Underlying Obligor or any other loan party

thereundertoperformitsobligationsundertheInvestmentDocumentstowhichitisa

12<br>

party,asapplicable,takenasawhole,or(3)thecollateralsecuringtheSeniorBankLoan

Investment, or the Liens thereon or the priority of such Liens;

(k)the Senior Bank Loan Investment, together with the related Investment

Documents, is assignablesubject to customaryconsent rights;provided, that in theevent

that a Portfolio Investment is subject to an intercreditor arrangement with other lenders

thereof withpayment rightsorlienprioritiesthatarejuniortotherightsoftheapplicable

Obligor, such Portfolio Investment maybe subject to customaryand market based rights

of first refusal, rights of first offer and purchase rights in favor, in each case, of such

other lenders thereof;

(l)the Senior Bank Loan Investment is free of any Liens (other than

Permitted Liens);

(m)such Senior Bank Loan Investment will not cause the Borrower to be

deemed to own 5.0% or more of the voting securities of anypubliclyregisteredissueror

any securities that are immediately convertible into or immediately exercisable or

exchangeable for 5.0% or more of the voting securities of anypubliclyregistered issuer;

(n)the financing of such Senior Bank Loan Investment by the Lenders does

not contravene in any material respect Regulation U of the Federal Reserve Board, nor

require the Lenders toundertake reportingthereunder which it wouldnototherwisehave

cause to make and such Senior Bank Loan Investment does not represent payment

obligations relating to "put" rights relating to Margin Stock;

(o)such Senior Bank Loan Investment does not contain a confidentiality

provision that restricts the ability of the Administrative Agent or the Collateral Agent

(assuming the Administrative Agent or the Collateral Agent, as applicable, agrees to be

boundbythetermsoftheapplicableconfidentialityprovision)toexerciseitsrightsunder

the Loan Documents, including, without limitation, its rights to review the Senior Bank

Loan Investment, the related Investment Documents or the Borrower's credit approval

fileinrespectofsuchSeniorBankLoanInvestment,unlesstheAdministrativeAgentand

the Collateral Agent are permitted to avoid such restriction by agreeing to maintain the

confidentiality of such information in accordance with the provisions of the Investment

Documents and has agreed to the terms thereof;

(p)theUnderlyingObligorwithrespecttosuchSeniorBankLoanInvestment

is not (A) an Affiliate of the Borrower or any other Person whose investments are

primarily managed by the Borrower or any Affiliate, Subsidiary or joint venture of the

Borrower, unless such Senior Bank Loan Investment is expressly approved by the

Administrative Agent (in its sole discretion), (B) a Governmental Authority or (C)

primarily in the business of nuclear waste;

(q)such Senior Bank Loan Investment is not (A) any type of bond, whether

high yield orotherwise, or anysimilar financial interest, (B) an EquityInterest (and does

notbyitstermspermitthepaymentobligationoftheUnderlyingObligorthereundertobe

12<br>

convertedintoorexchangedforequitycapitalofsuchUnderlyingObligor)or(C)a

participation interest;

(r)the proceeds of such Senior Bank Loan Investment are not principally

usedtofinanceconstructionprojectsoractivities intheformofatraditionalconstruction

loanwheretheonlycollateralfortheloanistheprojectunderconstructionanddrawsare

made on the loan specifically to fund construction in progress;

(s)there is full recourse to the Underlying Obligor for principal and interest

payments with respect to such Senior Bank Loan Investment and the Investment

Documents do not provide the Underlying Obligor with an express right of recission,

set-off, counterclaim or any other defenses;

(t)such Senior Bank Loan Investment is not an obligation (other than a

revolving loan or a delayed draw term loan) pursuant to which any future advances or

paymentstotheUnderlyingObligorarerequiredtobemadebytheBorroweroranyother

Obligor; and

(u)theInvestmentDocuments forsuchSeniorBankLoanInvestmentinclude

a financial covenant, which may include a leverage ratio and/or a minimum interest or

fixed charge coverage ratio.

"<u>Insolvency Event</u>" means, with respect to a specified Person, (a) the filing of a

decree or order for relief bya court having jurisdiction in the premises in respect of such Person

oranysubstantialpartofitspropertyinaninvoluntarycaseunderanyapplicableInsolvencyLaw

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 or order shall

remain undischarged, unvacated, undismissed and unstayed and in effect for a period of 60

consecutive days; or (b) the commencement by such Person of a voluntary case under any

applicable InsolvencyLaw now or hereafter in effect, or the consent bysuchPerson to the entry

of an order for relief in an involuntarycase under anysuch law, or the consent bysuch 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 the failure by

such Person generallyto pay its debts as such debts become due, or thetaking of action bysuch

Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable

liquidation**,** conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency,

reorganization, suspension of payments, or similar debtor relief laws of the United States or

other applicable jurisdictions from time to time in effect affecting the rights of creditors

generally.

"<u>Investment Documents</u>" means, with respect to any Senior Bank Loan

Investment, any related loan agreement, security agreement, mortgage, assignment, all

guarantees, note purchase agreement, intercreditor and/or subordination agreements, and UCC

12<br>

financing statements and continuation statements (including amendments or modifications

thereof) executed by the Underlying Obligor thereof or by another Person on the Underlying

Obligor's behalf in respect of such Senior Bank Loan Investment and any related promissory

note, including, without limitation, general or limited guaranties and, for all Senior Bank Loan

Investments with apromissorynote, an assignmentthereof (which maybe byallonge), inblank,

signed by an officer of the Borrower or anyother Obligor, as applicable.

"<u>Relevant Test Period</u>" means with respect to each Underlying Obligor on a

Senior Bank Loan Investment, the relevant test period for the calculation of UnderlyingObligor

Net Senior Leverage Ratio or Underlying Obligor Interest Coverage Ratio, as applicable, for

such Senior Bank Loan Investment in accordance with the related underlying Investment

Documents or, if no such period is provided for therein, the last four consecutive reported fiscal

quarters of the principal Underlying Obligor on such Senior Bank Loan Investment; provided

that with respect to any Senior Bank Loan Investment for which the relevant test period is not

provided for in the related underlying Investment Documents, if four (4) consecutive fiscal

quarters have not yet elapsed since the closing date of the relevant underlying Investment

Documents, "Relevant Test Period" shall initially include the period from such closing date to

the end of the fourth fiscal quarter thereafter, and shall subsequently include each period of the

last four (4) consecutive reported fiscal quarters of such Underlying Obligor.

"<u>Senior Bank Loan Investment</u>" means a Portfolio Investment constituting

Indebtedness (including without limitation term loans, the funded portion of delayed draw term

loans, the funded portion of revolving credit lines and letter of credit facilities and other similar

loans and investments including interim loans) which is made by Borrower as a lender under a

syndicated loan or credit facility.

"<u>Underlying Loan</u>" means any loan arising from the extension of credit to an

Underlying Obligor by the Borrower or any other Obligor in the ordinary course of business of

the Borrower or any other Obligor.

"<u>Underlying</u><u>Obligor</u>"means,withrespecttoanyPortfolioInvestment,thePerson

or Persons obligated to make payments pursuant to such Portfolio Investment, including any

guarantor thereof.

"<u>Underlying Obligor EBITDA</u>" means, with respect to each Underlying Obligor

on any Senior Bank Loan Investment, for the last four full fiscal quarters for which financial

statements have been provided to the Borrower or any other Obligor by or on behalf of any

Underlying Obligor with respect to the related Senior Bank Loan Investment, the meaning of

"EBITDA", "Adjusted EBITDA" or any comparable definition in the underlying Investment

Documents for each such Senior Bank Loan Investment, and in any case that "EBITDA",

"AdjustedEBITDA"orsuchcomparabledefinitionisnotdefinedinsuchunderlyingInvestment

Documents, an amount, for the Underlying Obligor on such Senior Bank Loan Investment and

any parent that is obligated pursuant to the underlying Investment Documents for such Senior

Bank Loan Investment (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 four fiscal quarter period

(to the extent deducted in determining earnings from continuing operations for such period), (d)

12<br>

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 Underlying Obligors,

and (g) and any other item the Borrower in good faith deems to be appropriate; provided that

with respect to any Underlying Obligor for which four full fiscal quarters of economic data are

not available, Underlying Obligor EBITDA shall be determined for such Underlying Obligor

based on annualizing the economic data from the reporting periods actuallyavailable.

"<u>Underlying Obligor Interest Coverage Ratio</u>" means with respect to a Senior

BankLoanInvestment,either(a)the"InterestCoverageRatio"orcomparabledefinitionsetforth

in the underlying Investment Documents for such Senior Bank Loan Investment, or (b) in the

case of any Senior Bank Loan Investment with respect to which the related underlying

Investment Documents do not include a definition of "Interest Coverage Ratio" or comparable

definition (including, without limitation, any Senior Bank Loan Investment considered to be

"covenant-lite" with limited restrictions on the debt capacity of the applicable Underlying

Obligor), the ratio of (i) Underlying Obligor EBITDA to (ii) Obligor Interest Expense of such

Underlying Obligor with respect to the Relevant Test Period, as calculated by the Borrower in

good faith.

"<u>Underlying Obligor Interest Expense</u>" means with respect to any Underlying

Obligor, the amount which, in conformity with GAAP, would be set forth opposite the caption

"interest expense" or any like caption reflected for the last four full fiscal quarters for which

financial statements have been provided to the Borrower or any Obligor by or on behalf of any

UnderlyingObligor with respecttothe relatedSenior Bank LoanInvestment;providedthatwith

respect to any Underlying Obligor for which four full fiscal quarters of economic data are not

available, UnderlyingObligor Interest ExpenseshallbedeterminedforsuchUnderlyingObligor

based on annualizing the economic data from the reporting periods actuallyavailable.

"<u>Underlying Obligor Net Senior Leverage Ratio</u>" means with respect to a Senior

Bank Loan Investment either (a) the "Net Senior Leverage Ratio" or comparable definition set

forth in the underlying Investment Documents for such Senior Bank Loan Investment, or (b) in

the case of any Senior Bank Loan Investment with respect to which the related underlying

InvestmentDocumentsdonotincludeadefinitionof"NetSeniorLeverageRatio"orcomparable

definition (including, without limitation, any Senior Bank Loan Investment considered to be

"covenant-lite" with limited restrictions on the debt capacity of the applicable Underlying

Obligor), the ratio of (i) the UnderlyingObligor Senior Debt (including, without limitation, such

Senior Bank Loan Investment) of the applicable Underlying Obligor as of the date of

determination minus the Cash of such Obligor as of such date to (ii) Underlying Obligor

EBITDA of such Underlying Obligor with respect to the Relevant Test Period, as calculated by

the Borrower in good faith.

"<u>Underlying Obligor Senior Debt</u>" means all Indebtedness of any Person other

than Indebtedness that is junior or subordinated in right of payment or upon liquidation.

"<u>Underlying Primary Obligor</u>" means, with respect to any Portfolio Investment,

theprincipalUnderlyingObligordirectlyobligatedtorepayallobligationsowingundersuch

12<br>

Portfolio Investment, including joint and several liability for such obligation, if more than one

Underlying Obligor exists; provided, however, "Underlying Primary Obligor" does not include

anyPerson who acts solelyas a guarantor or suretywith respect to such Portfolio Investment.

"<u>Value</u>"means,withrespecttoanyPortfolioInvestment,thelower of:

(i)themostrecentinternalmarketvalue asdeterminedpursuantto

<u>Section 5.12(b)(ii)(C)</u> and

(ii)the most recent external market value as determined pursuant to

<u>Section 5.12(b)(ii)(A)</u> and <u>(B)</u>.

"<u>Value</u><u>Triggering</u><u>Event</u>"means,withrespecttoaSeniorBankLoanInvestment,

such Senior Bank Loan Investment has a Value of less than 65% of par value and any one of

more of the following events shall have occurred:

(a)the Underlying Obligor Net Senior Leverage Ratio for any Relevant Test

PeriodoftheUnderlyingObligorwithrespecttosuchSeniorBankLoanInvestmentis(i)

greater than 3.50 and (ii) greater than 0.50 higher than the original Underlying Obligor

Net Senior Leverage Ratio on the date that the investment in the Senior Bank Loan

Investment was made by Borrower (such original Underlying Obligor Net Senior

Leverage Ratio determined based upon pro forma data in the offering materials to the

extent such Senior Bank Loan Investment was made by the Borrower prior to four full

fiscal quarters elapsing since the date on which the Underlying Obligor incurred the

relevant Indebtedness); or

(b)the Underlying Obligor Interest Coverage Ratio for any Relevant Test

PeriodoftheUnderlyingObligorwithrespecttosuchSeniorBankLoanInvestmentis(i)

less than 1.50 to 1.00 and (ii) less than 85% of the original Underlying Obligor Interest

Coverage Ratio on the date that the investment in the Senior Bank Loan Investment was

madebyBorrower(suchoriginalUnderlyingObligorInterestCoverageRatiodetermined

based upon pro forma data in the offering materials to the extentsuchSenior Bank Loan

Investment was made bythe Borrower prior to four full fiscal quarters elapsingsince the

date on which the Underlying Obligor incurred the relevant Indebtedness); or

(c)apaymentdefaultbyanUnderlyingObligorundersuchSeniorBankLoan

Investment (after giving effect to anygrace and/or cure period set forth in the applicable

loan agreement, but not to exceed five days) (including in respect of the acceleration of

the debt under the applicable underlying Investment Document); or

(d)a default as to all or any portion of one or more payments of principal or

interest has occurred in relation to anyother senior or pari passu obligation forborrowed

money of the Underlying Obligor (after giving effect to anygrace and/or cure period set

forth in the applicable underlying Investment Document, but not to exceed five days); or

(e)thefailureofanUnderlyingObligortodeliver(i)withrespecttoquarterly

reports, any financial statements (including unaudited financial statements) to the

Borrower or any other Obligor sufficient to calculate anyapplicable Underlying Obligor

12<br>

Net Senior Leverage Ratio of the related Underlying Obligor bythe later of (A) the date

that is ninety(90)days after the end of thefirst,second orthirdquarterofanyfiscal year

of the related Underlying Obligor or (B) the date five (5) days after the deliverydate for

such information as allowed by the underlying Investment Documents, including any

grace periods thereunder, and (ii) with respect to annual reports, any audited financial

statements to the Administrative Agent sufficient to calculate anyapplicable Underlying

Obligor NetSenior LeverageRatio oftheUnderlyingObligorbythelaterof(A)thedate

that isonehundred and fifty(150)days afterthe endof anyfiscal yearoftheUnderlying

Obligoror(B)thedatethatisfive(5)daysafterthedeliverydateforsuchinformationas

allowed by the underlying Investment Documents, including any grace periods

thereunder,unless, in anycase, asotherwise agreed to bytheAdministrativeAgent in its

sole discretion; or

(f)anyamendmentorwaiverof,ormodificationorsupplementto,the

underlyingInvestmentDocumentsgoverninganUnderlyingLoanexecutedonoreffected

onorafterthedateonwhichtheBorroweroranyotherObligoracquiredsuchUnderlying

Loan is entered into that amends, waives, forbears, supplements or otherwise modifies in

any way the definition of "Net Senior Leverage Ratio" or "Interest Coverage Ratio" (or

anyrespectivecomparabledefinitionintheapplicableunderlyingInvestment

Documents)orthedefinitionofanycomponentthereofinamannerthat,inthe

reasonablediscretionoftheAdministrativeAgent,ismateriallyadversetothe

Administrative Agent or any Lender.

ARTICLE VI

<u>NEGATIVE</u><u>COVENANTS</u>

UntiltheCommitmentshaveexpiredorterminatedandtheprincipalofand

interest on each Loan and all fees payable hereunder have been paid in full and all Letters of

Credit have expired with no pending drawings, been terminated, Cash Collateralized or

backstopped and all LC Disbursementsshallhavebeenreimbursed,theBorrowercovenantsand

agrees with the Lenders that:

SECTION6.01.<u>Indebtedness</u>.The Borrower will not, nor will it permit any of

the Subsidiary Guarantors to, create, incur, assume or permit to exist any Indebtedness <u>(for</u>

<u>clarity, with respect to revolving loan facilities or staged advance loan facilities, "incurrence"</u>

<u>shall be deemed to take place only at the time such facility is entered into or the aggregate</u>

<u>commitments thereunder are increased or extended and, solely for purposes of satisfying the</u>

<u>incurrence tests in this Section 6.01, shall be deemed to be fully drawn with respect to any</u>

<u>commitments that have not expired or been terminated and are, subject to the satisfaction of</u>

<u>customary</u><u>credit event conditions, available to be drawn; provided that such commitments shall</u>

<u>in no event include any</u><u>delayed draw portion that has not yet been funded (which delayed draw</u>

<u>portion shall be "incurred" when funded) or any accordion capacity that has not yet been</u>

<u>exercised)</u>, except:

(a)IndebtednesscreatedunderthisAgreementoranyotherLoanDocument;

12<br>

(b)Secured Longer-Term Indebtedness and Unsecured Longer-Term

Indebtedness so long as (i) no Default exists at the time of the incurrence thereof, (ii) the

aggregate amount of such Secured Longer-Term Indebtedness and Unsecured Longer-Term

Indebtedness(determinedatthetimeoftheincurrencethereof),takentogetherwithother

then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount

requiredtocomplywiththeprovisionsof<u>Section</u><u>6.07(c)</u>,and(iii)priortoandimmediatelyafter

givingeffecttotheincurrenceofany SecuredLonger-TermIndebtednessorUnsecured

Longer-Term Indebtedness, the sum of the Covered Debt Amount plus the Net Revolving

Exposure does not or would not exceed the Borrowing Base then in effect;

(c)OtherPermittedIndebtedness;

(d)Guarantees of Indebtedness of any Obligor otherwise permitted under to

this <u>Section 6.01</u>;

(e)(i) Indebtedness of any Obligor owing to any other Obligor or, if such

Indebtedness is subject to subordination terms and conditions that are satisfactory to the

AdministrativeAgent,anyotherSubsidiaryoftheBorrowerand(ii)IndebtednessofanyObligor

to a Financing Subsidiary to the extent a court determines a transfer of assets (including

participations) from such Obligor to such Financing Subsidiary did not constitute a true sale,

provided,thatwithrespecttothisclause(ii),theholdersofsuchIndebtednesshaverecourseonly

totheassetspurportedtobetransferred(orinthecaseofparticipations,theportfolioinvestments

to which such participation interest relates) to such Financing Subsidiary and to no other assets

of the Obligors in connection with such Indebtedness;

(f)[reserved];

(g)repurchase obligations arising in the ordinary course of business with

respect to U.S. Government Securities;

(h)obligations payable or payments of marginorpostingofmargincollateral

to clearing agencies, brokers, dealers or others in connection with the purchase or sale of

securities in the ordinary course of business;

(i)Secured Shorter-Term Indebtedness so long as (i) no Default exists at the

timeoftheincurrencethereof,(ii)theaggregateoutstandingprincipalamount(determinedatthe

timeoftheincurrenceofsuch Indebtedness)ofsuch Indebtednessdoesnotexceedthegreaterof

(A) $20,000,000<u>95,750,000</u>and (B) 5% of Borrower Net Worth<u>Shareholders' Equity</u>, (iii) the

aggregate amount of such Indebtedness (determined at the time of incurrence thereof), taken

together with other then-outstanding Indebtedness that constitutes senior securities, does not

exceed the amount required to comply with the provisions of <u>Section 6.07(c)</u>, and (iv) prior to

and immediately after giving effect to the incurrence of any such Indebtedness, the sum of the

Covered Debt Amount plus the Net Revolving Exposure does not or would not exceed the

Borrowing Base then in effect;

(j)obligations(includingGuarantees)inrespectofStandardSecuritization

Undertakings;

12<br>

(k)Permitted SBIC Guarantees and any SBIC Equity Commitment or

analogous commitment;

(l)Unsecured Shorter-Term Indebtedness (other than Special Permitted

IndebtednessconstitutingUnsecuredShorter-TermIndebtedness)solongas(i)noDefaultexists

at the time of the incurrence thereof, (ii) the aggregate amount (determined at the time of the

incurrenceofsuchIndebtedness)ofsuchIndebtednessdoesnotexceed

$1,000,000,000<u>1,500,000,000</u>,(iii)theaggregateamountofsuchIndebtedness(determinedatthe

time of incurrence thereof), taken together with other then-outstanding Indebtedness that

constitutes senior securities, does not exceed the amount required to comply with the provisions

of each of Section 6.07(c), (iv) prior to and immediately after giving effect to the incurrence of

any such Indebtedness, the sum of the Covered Debt Amount plus the Net Revolving Exposure

does not or would not exceed the BorrowingBase then in effect and (v) the aggregate amount of

such Indebtedness (determined at the time of the incurrence thereof), taken together with other

then-outstanding Special Permitted Indebtedness constituting Unsecured Shorter-Term

Indebtedness, does not exceed $1,000,000,000<u>1,500,000,000</u>;

(m)Special Permitted Indebtedness constituting Unsecured Shorter-Term

Indebtedness so long as (i) no Default exists at the time of the incurrence thereof, (ii) the

aggregate amount (determined at the time of the incurrence of such Indebtedness) of such

Indebtedness does not exceed $1,000,000,000<u>1,500,000,000</u>, (iii) the aggregate amount of such

Indebtedness(determinedatthetimeoftheincurrencethereof),takentogetherwithother

then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount

required to comply with Section 6.07(c), (iv) prior to and immediately after giving effect to the

incurrence of any such Indebtedness, the sum of the Covered Debt Amount plus the Net

Revolving Exposuredoes not orwouldnotexceedtheBorrowingBasethen ineffectand(v)the

aggregate amount of such Indebtedness (determined at the timeoftheincurrencethereof),taken

togetherwithotherthen-outstandingUnsecuredShorter-TermIndebtedness,doesnotexceed

$1,000,000,000<u>1,500,000,000</u>;and

(n)other Indebtedness at any time in an aggregate principal amount

outstanding not to exceed $10,000,000<u>20,000,000</u>.

SECTION6.02.<u>Liens</u>.The Borrower will not, nor will it permit any of the

Subsidiary Guarantors to, create, incur, assume or permit to exist any Lien on any property or

asset now owned or hereafter acquired byit, or assign orsell anyincome or revenues (including

accounts receivable)or rights in respect of any thereof (which, for the avoidance of doubt, shall

not include participations in Investments to the extent that the portion of such Investment

represented by such participation is not treated as a Portfolio Investment), except:

(a)any Lien on any property or asset of the Borrower or any Subsidiary

Guarantorexistingonthe<u>Second</u><u>Amendment</u>EffectiveDateandsetforthin<u>Part</u><u>B</u>of<u>Schedule</u>

<u>3.11</u>;<u>provided</u>that(i)nosuchLienshallextendtoanyotherpropertyorassetoftheBorroweror

any of the Subsidiary Guarantors, and (ii)any such Lien shall secure only those obligations

which it secures on the <u>Second Amendment</u> Effective Date and extensions, renewals and

replacements thereof that do not increase the outstanding principal amount thereof;

12<br>

(b)Liens created pursuant to this Agreement (including <u>Section 2.19</u>) or any

of theSecurityDocuments (includingLiensin favorofthe Designated Indebtedness Holders (as

defined in the Guarantee and Security Agreement));

(c)Liens on Special Equity Interests included in the Investments of the

Borrower but onlyto the extent securing obligations in the manner provided in the definition of

"<u>Special Equity Interests</u>" in <u>Section 1.01</u>;

(d)Liens securing Indebtedness orotherobligations in an aggregateprincipal

amount not exceeding the greater of (i) $20,000,000<u>95,750,000</u>and (ii) 5% of Borrower's Net

Worth<u>Shareholders'</u><u>Equity</u>atanyonetimeoutstanding(whichmaycoverPortfolioInvestments,

but only to the extent released from, or otherwise not covered by, the Lien in favor of the

CollateralAgentpursuanttoSection10.03oftheGuaranteeandSecurityAgreement),solongas

atthetimeofincurrenceofsuchIndebtednessorotherobligations,theaggregateamountofsuch

Indebtedness(determinedatthetimeofincurrencethereof),takentogetherwithother

then-outstanding Indebtedness permitted under <u>clauses (a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(l)</u> and <u>(m)</u> of <u>Section 6.01</u>,

does not exceed the amount required to comply with the provisions of <u>Section 6.07(c)</u>, and (iv)

prior to and immediately after giving effect to the incurrence of anysuch Indebtedness, the sum

of theCovered Debt Amount plus theNet RevolvingExposuredoes not orwould not exceed the

Borrowing Base then in effect;

(e)Permitted Liens;

(f)Liens on Equity Interests in any SBIC Subsidiary created in favor of the

SBAoritsdesigneeand LiensonEquityInterestsinanySPEsubsidiaryinfavorofandrequired

by any lender providing third party financing to such SPE Subsidiary;

(g)(x) Liens securing Hedging Agreements permitted under <u>Section 6.04(c)</u>

andnototherwisepermittedunder<u>clause</u><u>(b)</u>aboveinanaggregateamountnottoexceed

$15,000,000<u>30,000,000</u>at any time and (y) Liens incurred in connection with any Hedging

Agreement either entered into with a Lender (or an Affiliate of a Lender) on an uncleared basis

or cleared through a Lender (or Affiliate of a Lender) as futures commission merchant in the

ordinarycourse of business and not for speculative purposes (it beingunderstood that such Lien

shallcontinuetobepermittedpursuanttothis<u>sub-clause</u><u>(y)</u>evenifsuchLenderhasassignedall

ofits Loansandotherinterests inthisAgreementandthushasceasedtobeaLenderhereunder);

<u>provided</u>thatin no event shall any Obligor be permitted to create, incur or assume any Lien

pursuanttothis<u>clause</u><u>(g)</u>orincreasetheaggregateamountofcollateralsecuringany

Lienspreviouslypermitted under this <u>clause (g)</u>unless both beforeand aftergivingeffect to the

creation, incurrence or assumption of such Lien or such increase in the aggregate amount of

collateral securing such Lien the sum of the Covered Debt Amount plus the Net Revolving

Exposure does not exceed the Borrowing Base (after giving effect to the exclusion of all such

collateral from the Borrowing Base); and

(h)Liens securing repurchase obligations arising in the ordinary course of

business with respect to U.S. Government Securities.

13<br>

SECTION 6.03.<u>Fundamental</u><u>Changes</u>.TheBorrowerwillnot,norwillit

permit anyof the SubsidiaryGuarantors to, enter into anytransaction ofmerger or consolidation

oramalgamation,orliquidate,windupordissolveordivideitself(orsufferanyliquidation,

dissolutionordivision).TheBorrowerwillnot,norwillitpermitanyoftheSubsidiary

Guarantorsto, acquire any business or property from, or Capital Stock of, or be a party to any

acquisition of, any Person, except for purchases or acquisitions of Investments and other assets

in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries

and not in violation of the terms and conditions of this Agreement or anyother Loan Document.

TheBorrowerwillnot,norwillitpermitanyoftheSubsidiaryGuarantorsto,convey,sell,lease,

transferorotherwisedisposeof,inonetransactionoraseriesoftransactions,anypartofits

assets, whether now owned or hereafter acquired, but excluding (w) any transaction permitted

under<u>Section</u><u>6.05</u>or<u>6.12</u>,(x)assets(otherthanInvestments)soldordisposedofintheordinary

course of business (including to make expenditures of Cash and Cash Equivalents in the normal

course of the day-to-daybusiness activities of the Borrower and itsSubsidiaries) and (y)subject

to the provisions of <u>clauses (d)</u> and <u>(e)</u> below, Investments.

NotwithstandingtheforegoingprovisionsofthisSection:

(a)anySubsidiaryGuarantor maybe merged or consolidated with or into the

Borrower or any other Subsidiary Guarantor; <u>provided</u> that if any such transaction shall be

between a Subsidiary Guarantor and a wholly owned Subsidiary Guarantor, the wholly owned

Subsidiary Guarantor shall be the continuing or surviving entity;

(b)anySubsidiaryGuarantor maysell, lease, transfer or otherwise dispose of

any or all of its assets (upon voluntary liquidation or otherwise)to the Borrower or any wholly

owned Subsidiary Guarantor of the Borrower;

(c)the Capital Stock of any Subsidiary of the Borrower may be sold,

transferred or otherwise disposed of (including by way of consolidation or merger) (i)to the

Borrower or any wholly owned Subsidiary Guarantor of the Borrower or (ii)so long as such

transaction results in an Obligor receiving the proceeds ofsuchdisposition, to anyotherPerson,

<u>provided</u>,that in thecaseofthisclause(ii),ifsuchSubsidiaryisaSubsidiaryGuarantororholds

any Portfolio Investments, the Borrower would not have been prohibited from disposing of any

such Portfolio Investments to such other Person under anyother term of this Agreement;

(d)the Obligorsmaysell,transferorotherwiseDisposeofInvestments(other

than to a Financing<u>any</u>Subsidiary <u>that is not a Subsidiary Guarantor</u>) so long as<u>, immediately</u>

after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of

Investments or payment of outstanding Loans or Other Covered Indebtedness or any other

IndebtednessthatisincludedintheCoveredDebtAmountatsuchtime)<u>,</u><u>the</u>sumoftheCovered

Debt Amount plus the Net Revolving Exposure does not exceed the Borrowing Base;

(e)the Obligors may sell, transfer or otherwise Dispose of Investments to a

FinancingSubsidiary <u>that is not a Subsidiary Guarantor</u>so long as (i)after giving effect to such

sale, transfer or other disposition (and anyconcurrent acquisitions of Investmentsorpaymentof

outstanding Loans or Other Covered Indebtedness or any other Indebtedness that is included in

theCoveredDebtAmountatsuchtime)thesumoftheCoveredDebtAmountplustheNet

13<br>

Revolving Exposure does not exceed the Borrowing Base and the Borrower delivers to the

Administrative Agent a certificate of a Financial Officer to such effect and (ii)either (x) the

amountbywhichtheBorrowingBaseexceedsthesumoftheCoveredDebtAmountplustheNet

Revolving Exposure immediately prior to such sale, transfer or other disposition is not

diminished as a result of such sale, transfer or other disposition or (y)the Borrowing Base

immediately after giving effect to such sale, transfer or other disposition is at least 110% of the

sum of the Covered Debt Amount plus the Net Revolving Exposure;

(f)the Borrower may merge or consolidate with (or acquire all or

substantially all of the assets of) any other Person so long as (i)the Borrower is the continuing

or surviving entity in such transaction and (ii)at the time thereof and <u>immediately</u>after giving

<u>effect</u> thereto (and any concurrent acquisitions of Portfolio Investments by the Borrower or

payment of outstanding Loans), no Default shall have occurred or be continuing; and

(g)the Borrower and each of the Subsidiary Guarantors may sell, lease,

transfer or otherwise dispose of equipment or other property or assets that do not consist of

Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions

does not exceed $10,000,000<u>20,000,000</u>in any fiscal year;

<u>provided</u> that, in no event shall the Borrower enter in anytransaction ofmerger or consolidation

oramalgamation,oreffectanyinternalreorganization,ifthesurvivingentitywouldbeorganized

under any jurisdiction other than a jurisdiction of the United States.

SECTION6.04.<u>Investments</u>.The Borrower will not, nor will it permit any of

the SubsidiaryGuarantors to, acquire, make or enter into, or hold, anyInvestments except:

(a)operatingdepositaccountswithbanks;

(b)Investments by the Borrower and the Subsidiary Guarantors in the

Borrower and the Subsidiary Guarantors;

(c)Hedging Agreements entered into in the ordinarycourse of anyObligor's

financial planning and not for speculative purposes;

(d)Portfolio Investments (other than <u>Investments in</u>Hedging Agreements <u>or</u>

<u>Investments in any Subsidiary of the Borrower that is not a Subsidiary Guarantor</u>) by the

Borrower and its Subsidiary Guarantors made in the ordinary course of business to the extent

such Investments are permitted under the Investment Company Act and in compliance in all

materialrespectswiththeBorrower'sInvestmentPolicies,ineachcaseasineffectasofthedate

such Investments are acquired; provided that, if any such Investment is not included in the

Collateral Pool, (i) both before and immediately after giving effect to such Investment, no

Default exists and is continuing, and (ii) the Borrowing Base immediately after giving effect to

such Investment is at least 110% of the sum of the Covered Debt Amount plus the Net

Revolving Exposure;

(e)Investments in Financing Subsidiaries or any other Subsidiary of the

Borrower that is not a Subsidiary Guarantor so long as, (i) both before and immediately after

givingeffecttosuchInvestment,noDefaultexistsandiscontinuing,(ii)immediatelyafter

13<br>

giving effect to such Investment, the Borrower is in pro forma compliance with the financial

covenants set forth in <u>Section 6.07</u>, (iii) immediately after giving effect to such Investment, the

sum of the Covered Debt Amount plus the Net Revolving Exposure shall not exceed the

BorrowingBaseand(iv)either(A)theamountbywhichtheBorrowingBaseexceedsthesumof

the Covered Debt Amount plus the Net Revolving Exposure immediately prior to such

Investment is not diminished as a result of such Investment or (B) the Borrowing Base

immediately after giving effect to such Investment is at least 110% of the sum of the Covered

Debt Amount plus the Net Revolving Exposure;

(f)InvestmentsinCashandCash Equivalents;

(g)Investmentsdescribedon<u>Schedule</u><u>3.12(b)</u>;

(h)InvestmentsintheformofGuaranteespermittedpursuantto<u>Section</u><u>6.01;</u>

and

(i)additionalInvestments,determinedatthetimeanysuchInvestmentis

made (or, if earlier, committed to be made), up to but not exceeding $15,000,000 in the

aggregate made after the Effective Date;

<u>provided</u> that, (i) in no event shall the Borrower or any other Obligor enter into any Investment

that includes a funding commitment of an Obligor if, at the time of such Investment and

immediately after giving effect thereto, (A) the unfunded commitments of all Portfolio

Investments with a funding commitment then in effect exceeds (B) 50% of the sum of (1) the

Value of all Eligible Portfolio Investments (including Cash and Cash Equivalents) plus (ii) the

unfunded commitments of all Portfolio Investments with a funding commitment then in effect

and (ii) at no time shall (A) the unfunded commitments of all Portfolio Investments with a

funding commitment of an Obligorthen in effect exceed (B)65% of thesum of(1)theValueof

all Eligible Portfolio Investments (including Cash and Cash Equivalents) plus (ii) the unfunded

commitments of all Portfolio Investments with a funding commitment of an Obligor then in

effect.

SECTION6.05.<u>Restricted Payments</u>.The Borrower will not, nor will it permit

any of the Subsidiary Guarantors to, declare or make, or agree to pay or make, directly or

indirectly, anyRestricted Payment, except that the Borrower maydeclare and pay:

(a)dividendswithrespecttotheCapitalStockoftheBorrowerpayablesolely

in additional shares of the Borrower's stock;

(b)dividends and distributions in either case in cash or other property

(excluding forthis purposethe Borrower'scommonstock)in orwithrespect toanytaxable year

(or anycalendar year, as relevant) of the Borrower in amounts not to exceed 110% of thehigher

of (x) the net investment income of the Borrower for the applicable year determined in

accordance with GAAP and as specified in the annual financial statements most recently

delivered pursuant to Section 5.01(a) and (y) the amount that is estimated in good faith by the

BorrowertoallowtheBorrower(i)tosatisfytheminimumdistributionrequirementsimposedby

Section852(a)oftheCode(oranysuccessorthereto)tomaintaintheBorrower'seligibilitytobe

taxedasaRICforany suchtaxableyear,(ii) to reduce to zero (0) for any such taxable year its

13<br>

liability for federal income taxes imposed on (A) its investment company taxable income

pursuant to Section 852(b)(1) of the Code (or anysuccessorthereto), and (B)itsnet capital gain

pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) avoid federal

excise taxes for such taxable year (or for the previous taxable year) pursuant to Section 4982 of

the Code (or any successor thereto); and

(c)other Restricted Payments so long as on the date of such other Restricted

Paymentandimmediately aftergivingeffectthereto(i)noBorrowingBaseDeficiency exists,

(ii)thesumoftheCoveredDebtAmountplustheNetRevolvingExposuredoesnotexceed90%

of the Borrowing Base and (iii)no Default or Event of Default shall have occurred and be

continuing or would result therefrom.

Nothing herein shall be deemed to prohibit the payment of Restricted Payments

byanySubsidiaryof the Borrower to the Borrower or to anyother SubsidiaryGuarantor.

SECTION6.06.<u>Certain Restrictions on Subsidiaries</u>.The Borrower will not

permit any of its Subsidiaries (other than Financing Subsidiaries with respect to their respective

assets)to enter into or suffer to exist anyindenture, agreement, instrument orother arrangement

(other than the Loan Documents) that prohibits or restrains, in each case in anymaterial respect,

or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the

declaration or payment of dividends, the making of loans, advances, guarantees or Investments

or the sale, assignment, transfer or other disposition of property to the Borrower by any

Subsidiary(otherthanaFinancingSubsidiary)(exceptforrestrictionsimposedbytheunderlying

governing agreements of an entity the equity interests of which constitute a Lien Restricted

Investment, and applicable only to such asset held by an entity the equity interests of which

constituteaLienRestrictedInvestment);<u>provided</u>,thattheforegoingshallnotapplyto

(i)indentures, agreements, instruments or other arrangements pertaining to other Indebtedness

permittedhereby(providedthatsuchrestrictionswouldnotadverselyaffecttheexerciseofrights

or remedies of the Administrative Agent or the Lenders hereunder or under the Security

Documents or restrict any Subsidiary in any manner from performing its obligations under the

Loan Documents) and (ii)indentures, agreements, instruments or other arrangements pertaining

to any lease, sale or other disposition of any asset permitted by this Agreement or any Lien

permittedbythisAgreementonsuchassetsolongastheapplicablerestrictionsonlyapplyto the

assets subject to such lease, sale, other disposition or Lien.

SECTION6.07.<u>Certain</u><u>Financial</u><u>Covenants</u>.

(a)<u>Minimum Shareholders' Equity</u>.The Borrower will not permit

Shareholders'EquityatthelastdayofanyfiscalquarteroftheBorrowertobelessthan

$832,750,000<u>1,250,000,000</u><u>plus</u>25%ofthenetproceedsfromthesaleofEquityInterestsbythe

Borrower and its Subsidiaries after the First<u>Second</u>Amendment Effective Date, other than

proceeds of sales of EquityInterests byand among the Borrower and its Subsidiaries.

(b)<u>Minimum Borrower Net Worth</u>.The Borrower will not permit Borrower

Net Worth at the last dayof anyfiscal quarter to be less than $250,000,000<u>[Reserved]</u>.

13<br>

(c)<u>Consolidated Asset Coverage Ratio</u>.The Borrower will not permit the

Consolidated Asset Coverage Ratio at the last day of any fiscal quarter to be less than 1.50 to

1.00. (d)<u>Consolidated</u><u>Liquidity</u><u>Reserve</u>.TheBorrowerwillcalculateandreport

upon, no less frequently than with the monthly Borrowing Base Certificate, and will not permit

(i) the sum of (x) Unrestricted Cash of the Borrower and its Subsidiaries and (y) availability

under all indebtedness of Borrower (including the aggregate principal amount of the Loans that

could be made under <u>Section 2.01</u> at such time) and its Subsidiaries (in the case of indebtedness

of a Subsidiary,solelytotheextentthatproceedsofsuchindebtednessarepermittedtobe

distributed to the Borrower) to be less than (ii) 10% of the aggregate Unfunded Amount.

(d)<u>[Reserved].</u>

(e)<u>Liquidity Test</u>.The Borrower will calculate and report to the

Administrative Agent no less frequently than with the monthly Borrowing Base Certificate and

will not permit (i) the aggregate Value of the Eligible Portfolio Investments in the Collateral

Pool that are Cash (excluding Cash Collateral for outstanding Letters of Credit) or that can be

convertedtoCashinfewerthan10BusinessDayswithoutmorethana5%changeinprice,tobe

lessthan10%oftheCoveredDebtAmount,formorethan 30consecutiveBusinessDaysduring

any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted

Borrowing Base.

SECTION6.08.<u>Transactions with Affiliates</u>.The Borrower will not, and will

not permit anyof its Subsidiaries to enter into anytransactions with anyof its Affiliates, even if

otherwise permitted under this Agreement, except

(a)transactions in the ordinary course of business at prices and on terms and

conditions, taken as a whole, not materially less favorable to the Borrower or such Subsidiary

than in good faith is believed could be obtained on an arm's-length basis from unrelated third

parties,

(b)transactions between or among the Borrower and its Subsidiaries not

involving any other Affiliate,

(c)RestrictedPaymentspermittedby<u>Section</u><u>6.05</u>,

(d)thetransactionsprovidedintheAffiliateAgreements,

(e)transactions described on <u>Schedule 6.08</u> (as amended, supplemented,

restated orotherwisemodified bynotice from the Borrower to the Administrative Agent solong

as (x) in the aggregate, payments by the Borrower and its Subsidiaries are not materially

increased, or (y) such amendment, supplement, restatement or other modification is not

materially adverse to the Lenders),

(f)anyInvestmentthatresultsinthecreationofanAffiliate,

13<br>

(g)transactions between or among the Obligors and any SBIC Subsidiary or

any "downstream affiliate" (as such term is used under the rules promulgated under the

Investment Company Act) company of an Obligor at prices and on terms and conditions, taken

as a whole, not materially less favorable to the Obligors than in good faith is believed could be

obtained at the time on an arm's-length basis from unrelated third parties, or

SECTION6.09.<u>Lines</u><u>of</u><u>Business</u>.TheBorrowerwillnot,norwillitpermitany

of its Subsidiaries (other than Immaterial Subsidiaries) to, engage to any material extent in any

businessotherthaninaccordancewithitsInvestmentPolicies.TheBorrowerwillnot,norwillit

permitanyof itsSubsidiariesto amend or modifytheInvestmentPolicies(otherthanaPermitted

Policy Amendment).

SECTION6.10.<u>No Further Negative Pledge</u>.The Borrower will not, and will

not permit any of the Subsidiary Guarantors to, enter into any agreement, instrument, deed or

lease which prohibits or limits the ability of any Obligor to create, incur, assume or suffer to

exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter

acquired, or which requires the grant of any security for an obligation if security is granted for

another obligation, except the following:

(a)thisAgreement,theotherLoanDocumentsanddocumentswithrespectto

Indebtedness permitted under <u>Section 6.01(b)</u> or <u>(i)</u>;

(b)covenants in documents creating Liens permitted by <u>Section</u><u>6.02</u>

(including covenants with respect to the Designated Indebtedness Obligations or Designated

Holders under (and, in each case, as defined in) the Security Documents) prohibiting further

Liens on the assets encumbered thereby;

(c)any such agreement that imposes restrictions on investments or other

interests in Financing Subsidiaries (but no other assets of any Obligor);

(d)customaryrestrictionscontainedinleasesnotsubjecttoawaiver;

(e)any other agreement that does not restrict in any manner (directly or

indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the

"Secured Obligations" under and as defined in the Guarantee and Security Agreement and does

not require (other than pursuant to a grant of a Lien under the Loan Documents) the direct or

indirect granting of any Lien securing any Indebtedness or other obligation (other than such

"SecuredObligations")byvirtueofthegrantingofLiensonorpledgeofpropertyofanyObligor

to secure the Loans or any Hedging Agreement; and

(f)the underlying governing agreements of any minority equity interest that

impose such restrictions only on such equity interest.

SECTION6.11.<u>Modifications of Longer-Term Indebtedness Documents</u>.The

Borrower will not, and will not permit any other Obligor to, consent to any modification,

supplement or waiver of:

13<br>

(a)any of the provisions of any agreement, instrument or other document

evidencing or relating to any Secured Longer-Term Indebtedness or Unsecured Longer-Term

Indebtedness that would result in such Indebtedness not meeting the requirements of the

definitionof"SecuredLonger-TermIndebtedness"and"UnsecuredLonger-TermIndebtedness",

as applicable, set forth in <u>Section</u><u>1.01</u>, unless (i)in the case of Secured Longer-Term

Indebtedness,suchIndebtednesswouldhavebeenpermittedtobeincurredasSecured

Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the

Borrower so designatessuch Indebtedness as "SecuredShorter-Term Indebtedness" (whereupon

such Indebtedness shall be deemed to constitute "Secured Shorter-Term Indebtedness" for all

purposes of this Agreement) and (ii)in the case of Unsecured Longer-Term Indebtedness, such

IndebtednesswouldhavebeenpermittedtobeincurredasUnsecuredShorter-TermIndebtedness

at the time of such modification, supplement or waiver and the Borrower so designates such

Indebtednessas"UnsecuredShorter-TermIndebtedness"(whereuponsuchIndebtednessshallbe

deemed to constitute "Unsecured Shorter-Term Indebtedness" for all purposes of this

Agreement); or

(b)any Affiliate Agreement, unless after giving effect to such modification,

supplement or waiver, such Affiliate Agreement isnotmateriallyless favorabletothe Borrower

than could be obtained on an arm's-length basis from unrelated third parties, in each case,

without the prior consent of the Administrative Agent (with the approval of the Required

Lenders).

SECTION6.12.<u>Payments of Longer-Term Indebtedness</u>.The Borrower will

not, nor will it permit anyof theSubsidiaryGuarantors to,purchase, redeem, retire orotherwise

acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for

the purchase, redemption, retirement or other acquisition of or make any voluntary payment or

prepayment of the principal of or interest on, or any other amount owing in respect of, any

Secured Longer-Term Indebtedness,Unsecured Longer-Term Indebtedness or any other

Indebtedness not included in the Covered Debt Amount (other than the refinancing of Secured

Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness with Indebtedness

permitted under <u>Section 6.01</u>), except for:

(a)regularly scheduled payments, prepayments or redemptions of principal

andinterestinrespectthereofrequiredpursuanttotheinstrumentsevidencingsuchIndebtedness

and the payment when due of the types of fees and expenses that are customarily paid in

connection with such Indebtedness (it being understood that:(w) the conversion features into

Permitted Equity Interests under Permitted Convertible Indebtedness; (x) the triggering of such

conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash

payment on account of interest or expenses on such Permitted Convertible Indebtedness (or any

cash payment on account of fractional shares issued upon conversion provisions of such

Permitted Convertible Indebtedness) made by the Borrower or anyof its Subsidiaries in respect

of such triggering and/or settlement thereof shall be permitted under this <u>clause (a)</u>);

(b)so long as no Default or Event of Default shall exist or be continuing, any

paymentthat,iftreatedasaRestrictedPaymentforpurposesof<u>Section</u><u>6.05</u>,wouldbepermitted

to be made pursuant to the provisions set forth in <u>Section 6.05(c)</u>;

13<br>

(c)priortotheoccurrenceoftheCommitmentTerminationDate,paymentsor

prepayments of Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or

Special Permitted Indebtedness solelyfrom the proceeds of anyissuance of EquityInterests; and

(d)payments, purchases, redemptions, retirements, acquisitions or

prepayments required to complywith the requirements set forth in <u>Section 2.10(c)</u>.

<u>provided</u> that, in no event shall anyObligor be permitted to prepayor settle (whether as a result

ofamandatoryredemption,conversionorotherwise)anysuchIndebtednessifimmediatelyafter

giving effect thereto, the sum of the Covered Debt Amount plus the Net Revolving Exposure

would exceed the Borrowing Base.

SECTION6.13.<u>Accounting</u><u>Changes</u>.The Borrower willnot,norwillitpermit

any of its Subsidiaries to, make any change in (a) accounting policies or reporting practices,

except as permitted under GAAP or required by law or rule or regulation of any Governmental

Authority, or (b) its fiscal year.

SECTION6.14.<u>[Reserved]</u>.

SECTION6.15.<u>SBIC Guarantee</u>.The Borrower will not, nor willitpermit any

of its Subsidiaries to, cause or permit the occurrence of anyevent or condition that would result

in any recourse to any Obligor under any Permitted SBIC Guarantee.

<u>SECTION</u><u>6.16.</u><u>Outbound Investment Rules.</u><u>The Borrower will not, and will</u>

<u>not permit any</u><u>of its Subsidiaries to, (a) be or become</u><u>a</u><u>"covered foreign person", as that term is</u>

<u>defined in the Outbound Investment Rules, or (b) engage, directly</u><u>or</u><u>indirectly, in (i) a</u><u>"covered</u>

<u>transaction", as such term is defined in the Outbound Investment Rules or (ii) any</u><u>other activity</u>

<u>that</u><u>would</u><u>cause</u><u>the</u><u>Administrative</u><u>Agent,</u><u>the</u><u>Collateral</u><u>Agent</u><u>or</u><u>the</u><u>Lenders</u><u>to</u><u>be</u><u>in</u><u>violation</u>

<u>of</u><u>the</u><u>Outbound</u><u>Investment</u><u>Rules</u><u>or</u><u>cause</u><u>the</u><u>Administrative</u><u>Agent,</u><u>the</u><u>Collateral</u><u>Agent</u><u>or</u><u>the</u>

<u>Lenders to be legally prohibited by the Outbound Investment Rules from performing under this</u>

<u>Agreement.</u>

ARTICLEVII

13<br>

continuing:

<u>EVENTS</u><u>OF</u><u>DEFAULT</u>

Ifanyofthefollowingevents(each,an"<u>Event</u><u>of</u><u>Default</u>")shalloccurandbe

(a)theBorrowershall(i)failtopayanyprincipalofanyLoanorany

reimbursementobligationinrespectofanyLCDisbursementwhenandasthesameshallbecome

due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or

otherwise (including, for the avoidance of doubt, any failure to pay all principal on the Loans in

full on the applicable Final Maturity Date) or (ii)fail to deposit any amount into the Letter of

Credit Collateral Account as required by <u>Section</u><u>2.09(a)</u>on the Extended Commitment

Termination Date or as required by <u>Section 2.21(b)</u> on the date so required;

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(b)the Borrower shall fail to pay any interest on any Loan or any fee or any

other amount (other than an amount referred to in <u>clause (a)</u>of this Article VII) payable under

this Agreement orunderanyother LoanDocument,whenandas thesameshallbecomedueand

payable, and such failure shall continue unremedied for a period of three (3) or more Business

Days;

(c)any representation, warranty or certification made or deemed made by or

on behalf of the Borrower or any of its Subsidiaries in or in connection with this Agreement or

any other Loan Document or anyamendment ormodification hereof orthereof, or in anyreport,

certificate,financialstatementorotherdocumentfurnishedpursuanttoorinconnectionwiththis

Agreement or any other Loan Document or any amendment or modification hereof or thereof,

shall prove to have been incorrect when made or deemed made in anymaterial respect;

(d)the Borrower or any other Obligor, as applicable, shall fail to observe or

perform any covenant, condition or agreement or default in the performance of any of its

obligationscontainedin(i)<u>Section</u><u>5.03</u>(withrespecttotheBorrower'sexistence),

<u>Section</u><u>5.08(a)</u> or <u>(b)</u>, <u>Section 5.09</u> or <u>Article VI</u>, (ii) <u>Section</u><u>3</u> or <u>7</u> of the Guarantee and

SecurityAgreement or(iii)<u>Section</u><u>5.01(e)</u>, <u>(f)</u> or <u>(g)</u> or <u>Section</u><u>5.02</u>andsuchfailureinthecase

ofthis<u>clause</u><u>(iii)</u>shallcontinueunremediedforaperiodoffive(5)ormoredaysaftertheearlier

of notice thereof by the Administrative Agent (given at the request of any Lender) to the

Borrower;itbeingacknowledgedandagreedthatafailureofanObligorto"Deliver"(asdefined

in the Guarantee and Security Agreement) any particular Investment to the extent required by

<u>Section</u><u>7.01</u> of the Guarantee and Security Agreement shall result in such Investment not being

included in the Borrowing Base but shall not (in and of itself) be, or result in, a Default or an

Event of Default;

(e)a Borrowing Base Deficiency shall occur and continue unremedied for a

period of five or more Business Days after delivery of a Borrowing Base Certificate

demonstrating such Borrowing Base Deficiency pursuant to <u>Section 5.01(e)</u>; provided that it

shall not be an Event of Default hereunder if the Borrower shall present the Administrative

Agent with a reasonably feasible plan acceptable to the Administrative Agent in its sole

discretion to enable such Borrowing Base Deficiency to be cured within 30 Business Days

(which 30-Business Day period shall include the five Business Days permitted for delivery of

such plan), so long as such Borrowing Base Deficiency is cured within such 30-Business Day

period;

(f)the Borrower or any other Obligor, as applicable, shall fail to observe or

perform any covenant, condition or agreement contained in this Agreement (other than those

specified in <u>clause (a)</u>, <u>(b)</u>, <u>(d)</u>, <u>(e)</u> or <u>(r)</u>of this Article) or any other Loan Document and such

failure (ifsusceptible of cure)shall continueunremedied for aperiod ofthirty(30) ormoredays

after the earlier of (i) written notice thereof from the Administrative Agent (given at the request

of any Lender)to the Borrower and (ii) knowledge thereof by a Responsible Officer of the

Borrower;

(g)theBorrowerorany ofitsSubsidiariesshallfailtomakeany payment

(whetherofprincipalorinterestandregardlessofamount)inrespectofanyMaterial

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Indebtedness,whenandasthesameshallbecomedueandpayable,takingintoaccountany

applicable grace period;

(h)any event or condition occurs that (i) results in any Material Indebtedness

becoming due prior to its scheduled maturity or (ii) continues unremedied for any applicable

period of time sufficient to enable or permit the holder or holders of any Material Indebtedness

or any trustee or agent on its or their behalf to, as a result of an event of default under such

Material Indebtedness, cause any Material Indebtedness to become due, or to require the

prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (for

the avoidance of doubt, after giving effect to any applicable grace period); <u>provided</u>, that this

<u>clause (h)</u>shall not apply to (1) secured Indebtedness that becomes due as a result of the

voluntary sale or transfer of the property or assets securing such Indebtedness, (2) convertible

debtthatbecomesdueasaresultofaconversionorredemptionevent,otherthanasaresultofan

"event of default" (as defined in the documents governing such convertible Material

Indebtedness) or (3) in the case of clause (h)(ii), any Indebtedness of a Financing Subsidiary to

the extent the event or condition giving rise to the circumstances in clause (h)(ii) was not a

payment or insolvency default.

(i)an involuntary proceeding shall be commenced or an involuntarypetition

shall be filed seeking (i)liquidation, reorganization or other relief in respect of the Borrower or

anyofitsSubsidiaries(otherthanImmaterialSubsidiaries)oritsdebts,orofasubstantialpartof

its assets, under anyfederal, state or foreign bankruptcy, insolvency, receivership or similar law

now or hereafter in effect or (ii)the appointment of a receiver, trustee, custodian, sequestrator,

conservator or similar official for the Borrower or anyof its Subsidiaries (other than Immaterial

Subsidiaries) or for a substantial part of its assets, and, in any such case, such proceeding or

petition shall continue undismissed and unstayed for a period of sixty (60) or more days or an

order or decree approving or ordering any of the foregoing shall be entered;

(j)the Borrower or any of its Subsidiaries (other than Immaterial

Subsidiaries) shall (i)voluntarily commence any proceeding or file any petition seeking

liquidation, reorganization or other relief under any federal, state or foreign bankruptcy,

insolvency, receivership or similar law now or hereafter in effect, (ii)consent to the institution

of, or fail to contest in a timelyand appropriate manner, anyproceeding or petition described in

<u>clause (i)</u>of this Article VII, (iii)apply for or consent to the appointment of a receiver, trustee,

custodian,sequestrator,conservatororsimilarofficialfortheBorroweroranyofitsSubsidiaries

(other than Immaterial Subsidiaries) or for a substantial part of its assets, (iv)file an answer

admittingthematerialallegationsofapetitionfiledagainstitinanysuchproceeding,(v)makea

general assignment for the benefit of creditors or (vi)take any action to authorize or effectuate

any of the foregoing;

(k)the Borrower or any of its Subsidiaries (other than Immaterial

Subsidiaries) shall become unable, admit in writing its inabilityor fail generallyto payits debts

as they become due;

(l)one or more judgments for the payment of moneyinanaggregateamount

in excess of$20,000,000 shall be rendered against theBorroweroranyofitsSubsidiaries(other

than Immaterial Subsidiaries) or anycombination thereof since the Effective Date and the same

14<br>

shall remain undischarged for a period of thirty (30) consecutive days during which execution

shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to

attach or levy upon any assets of the Borrower or any of its Subsidiaries (other than Immaterial

Subsidiaries) to enforce any such judgment;

(m)an ERISA Event shall have occurred that when taken together with all

other ERISA Events that have occurred, could reasonably be expected to result in a Material

Adverse Effect;

(n)aChangeinControlshalloccur;

respect to Portfolio Investments, having an aggregate Value in excess of 5% of the aggregate

Value of all Portfolio Investments, not be valid and perfected (to the extent perfection by filing,

registration,recordation,possessionorcontrolisrequiredhereinorinanySecurityDocument)in

favor of the Collateral Agent, free and clear of all other Liens (other than Liens permitted under

<u>Section 6.02</u> or under the respective Security Documents) except to the extent that anysuch loss

of perfection results from the failure of the Collateral Agent to maintain possession of the

certificates representing the securities pledged under the Loan Documents; <u>provided</u>, that if such

defaultisasaresultofanyactionoftheAdministrativeAgentortheCollateralAgentorafailure

of the Administrative Agent or the Collateral Agent to take any action that it has agreed to take

pursuant to this Agreement or the Guarantee and Security Agreement, then there shall be no

DefaultorEventofDefaulthereunderunlesssuchdefaultshallcontinueunremediedforaperiod

of ten (10) consecutive Business Days after such Borrower receives written notice of such

default thereof from the Administrative Agent unless the continuance thereof is a result of a

failure of the Administrative Agent or the Collateral Agent to take an action that it has agreed to

take pursuant to this Agreement or the Guarantee and SecurityAgreement;

(p)except for expiration or termination in accordance with its terms, any of

the Loan Documents shall for whatever reason be terminated or cease to be in full force and

effect in anymaterial respect, or the enforceabilitythereofshall be contested bythe Borroweror

any other Obligor;

(q)the Obligors shall at any time, without the consent of the Required

Lenders fail to comply with the covenant contained in <u>Section 5.11</u>, and such failure shall

continueunremediedforaperiodofthirty(30)ormoredaysaftertheearlierofnoticethereofby

the Administrative Agent (given at the request of any Lender) to the Borrower or knowledge

thereof by a Financial Officer;

(r)the Borrower or any of its Subsidiaries shall cause or permit the

occurrence of anycondition or event that would result in anyrecourse to anyObligor under any

Permitted SBIC Guarantee; or

(s)the assets of any of any Obligor shall be (i) deemed to constitute "plan

assets" as defined in 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA and such

conditionresultsinanytransactioncontemplatedbytheLoanDocumentsconstitutinga

non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or

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(ii)subject to anylaw that is similar to the provisions of Section 406 of ERISA orSection4975

of the Code that would be violated by any of the transactions contemplated by the Loan

Documents;

then, and in every such event (other than an event with respect to the Borrower described in

<u>clause (i)</u>or <u>(j)</u>of this <u>Article VII</u>), and at any time thereafter during the continuance of such

event,the Administrative Agentmay,andattherequestoftheRequired Lendersshall,bynotice

totheBorrower,takeeitherorbothofthefollowingactions,atthesameordifferenttimes:

(i)terminate the Commitments, and thereupon the Commitments shall terminate immediately,

and (ii)declare the Loans then outstanding to be due and payable in whole (or in part, in which

caseanyprincipalnotsodeclaredtobedueandpayablemaythereafterbedeclaredtobedueand

payable), and thereupon the principal of the Loans so declared to be due and payable, together

with accrued interest thereon and all fees and other obligations of the Borrower accrued

hereunder and under the other Loan Documents, shall become due and payable immediately,

withoutpresentment,demand,protestorothernoticeofanykind,allofwhichareherebywaived

bythe Borrower; and in case of anyevent with respect to theBorrowerdescribed in <u>clause</u><u>(i)</u>or

<u>(j)</u>of this <u>Article VII</u>, the Commitments shall automatically terminate and the principal of the

Loans then outstanding, together with accrued interest thereon and all fees and otherobligations

of the Borrower accrued hereunder and under the other Loan Documents, shall automatically

becomedueandpayable,withoutpresentment,demand,protestorothernoticeofanykind,allof

which are hereby waived by the Borrower.

In the event that the Loans shall be declared, or shall become, due and payable

pursuant to the immediately preceding paragraph then, upon notice from the Administrative

Agent or Lenders with LC Exposure representing more than 50% of the total LC Exposure

demanding the deposit of Cash Collateral pursuant to this paragraph, the Borrower shall

immediately deposit into the Letter of Credit Collateral Account cash in an amount equal to the

LC Exposure as of such date <u>plus</u> any accrued and unpaid interest thereon; <u>provided</u> that the

obligation to deposit such cash shall become effective immediately, and such deposit shall

become immediately due and payable, without demand or other notice of any kind, upon the

occurrence of anyEvent of Default with respect to the Borrower described in <u>clause (i)</u>or <u>(j)</u>of

this <u>Article VII</u>.

Notwithstanding anything to the contrary contained herein, on the CAM

ExchangeDate,totheextentnototherwiseprohibitedbylaw,(a)theLendersshallautomatically

and without further act be deemed to have exchanged interests in the Designated Obligations

such that, in lieu of the interests of each Lender in the Designated Obligations under each Loan

in which it shall participate as of such date, such Lender shall own an interest equal to such

Lender's CAM Percentage in the Designated Obligations under each of the Loans and (b)

simultaneously with the deemed exchange of interests pursuant to <u>clause (a)</u> of this paragraph,

the interests in the Designated Obligations to be received in such deemed exchange shall,

automatically and with no further action required, be converted into the Dollar Equivalent of

such amount (as of the Business Dayimmediatelyprior to the CAM ExchangeDate) and on and

after such date all amounts accruing and owed to the Lenders in respect of such Designated

Obligations shall accrue and be payable in Dollars at the rate otherwise applicable hereunder.

EachLender,eachPersonacquiringaparticipationfromanyLenderascontemplatedby<u>Section</u>

<u>9.04</u>andtheBorrowerherebyconsentsandagreestotheCAMExchange.TheBorrowerandthe

14<br>

Lenders agree from time to time to execute and deliver to the Administrative Agent all such

promissory notes and other instruments and documents as the Administrative Agent shall

reasonably request to evidence and confirm the respective interests and obligations of the

Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any

promissory notes originally received by it in connection with its Loans hereunder to the

Administrative Agent against delivery of any promissory notes so executed and delivered;

provided that the failure of the Borrower to execute or deliver or of any Lender to accept any

suchpromissorynote,instrumentordocumentshallnotaffectthevalidityoreffectivenessofthe

CAMExchange.AsaresultoftheCAMExchange,onandaftertheCAMExchangeDate,each

payment received bythe Administrative Agentpursuant to anyLoan Document in respect ofthe

Designated Obligations shall (except as otherwise expressly stated in this Agreement with

respect to fees or Defaulting Lenders) be distributed to the Lenders pro rata in accordance with

their respective CAM Percentages (to be redetermined as of each such date of payment).

ARTICLEVIII

<u>THE</u><u>ADMINISTRATIVE</u><u>AGENT</u>

SECTION8.01.<u>Appointment</u><u>of</u><u>the</u><u>Administrative</u><u>Agent</u>.EachoftheLenders

and the Issuing Banks hereby irrevocably appoints the Administrative Agent as its agent

hereunder andundertheother Loan Documents and authorizes theAdministrativeAgenttotake

such actions on its behalf and to exercise such powers as are delegated to the Administrative

Agent by the terms hereof or thereof, together with such actions and powers as are reasonably

incidental thereto. Each of the Lenders and the Issuing Banks hereby irrevocably appoints the

Collateral Agent as its agent hereunder and under the other Loan Documents and authorizes the

Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated

to the Collateral Agent bythe terms hereof or thereof (including Section 9 of the Guarantee and

Security Agreement), and to take such actions on its behalf and to exercise such powers as are

delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and

powers as are reasonably incidental thereto.The Collateral Agent shall be a third-party

beneficiary of this <u>Section 8.01</u> and shall have all of the rights, benefits and privileges of a

third-party beneficiary, including an independent right of action to enforce such rights, benefits

and privileges directly, without the consent or joinder of anyother Person.

SECTION8.02.<u>Capacity as Lender</u>.The Person serving as the Administrative

Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other

Lender and may exercise the same as though it were not the Administrative Agent, and such

Person and its Affiliates may accept deposits from, lend money to and generally engage in any

kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not

the Administrative Agent hereunder.

SECTION8.03.<u>Limitation of Duties; Exculpation</u>.The Administrative Agent

shall not have any duties or obligations except those expressly set forth herein and in the other

LoanDocuments.Withoutlimitingthegeneralityoftheforegoing,(a)theAdministrativeAgent

shall not be subject to anyfiduciaryor other implied duties, regardless of whether a Default has

occurred and is continuing, (b)the Administrative Agent shall not have any duty to take any

discretionaryactionorexerciseanydiscretionarypowers,exceptdiscretionaryrightsandpowers

14<br>

expresslycontemplated herebyor bytheother Loan Documents that theAdministrativeAgent is

required to exercise in writing by the Required Lenders, and (c)except as expressly set forth

herein and in the other Loan Documents, the Administrative Agent shall not have any duty to

disclose, and shall not be liable for the failure to disclose, any information relating to the

Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as

theAdministrativeAgentoranyofitsAffiliatesinanycapacity.TheAdministrativeAgentshall

not be liable for any action taken or not taken by it with the consent or at the request of the

Required Lenders (or such other number or percentage of the Lenders as shall be expressly

provided for herein or in the other Loan Documents) or in the absence of its own gross

negligence or willful misconduct.The Administrative Agent shall be deemed not to have

knowledge of any Default unless and until written notice thereof is given to the Administrative

Agent bytheBorrower or a Lender, and theAdministrativeAgent shall not beresponsiblefor or

haveanydutytoascertainorinquireinto(i)anystatement,warrantyorrepresentationmadeinor

in connection with this Agreement or any other Loan Document, (ii)the contents of any

certificate,reportorotherdocumentdeliveredhereunderorthereunderorinconnectionherewith

or therewith, (iii)the performance or observance of any of the covenants, agreements or other

terms or conditions set forth herein or therein, (iv)the validity, enforceability, effectiveness or

genuineness of this Agreement, anyother Loan Document oranyotheragreement, instrument or

document, or (v)the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere herein or

therein, other than to confirm receipt of items expressly required to be delivered to the

Administrative Agent.

SECTION8.04.<u>Reliance</u>.The Administrative Agent 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 (including any electronic message, Internet or

intranet website posting or other distribution)believed by it to be genuine and to have been

signedorsentbytheproperPerson.TheAdministrativeAgentalsomayrelyuponanystatement

made to it orally or by telephone and believed by it to be made by the proper Person, and shall

not incur any liability for relying thereon.The Administrative Agent may consult with legal

counsel (who may be counsel for the Borrower), independent accountants and other experts

selected by it, and shall not be liable for any action taken or not taken by it in accordance with

the advice of any such counsel, accountants or experts.

SECTION8.05.<u>Sub-Agents</u>.The Administrative Agent may perform any and

all of its duties and exercise its rights and powers by or through any one or more sub-agents

appointed bythe Administrative Agent.The Administrative Agent and anysuchsub-agentmay

perform any and all of its duties and exercise its rights and powers through their respective

Related Parties.The exculpatoryprovisions of theprecedingparagraphs shall applyto anysuch

sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and

shall applytotheir respective activities in connection with the syndication of the credit facilities

provided forherein as well as activities as the AdministrativeAgent.TheAdministrativeAgent

shall not be responsible for the negligence or misconduct of anysub-agents except to the extent

that a court ofcompetentjurisdictiondetermines in afinalandnon-appealablejudgmentthat the

Administrative Agent acted with gross negligence or willful misconduct in theselection ofsuch

sub-agents.

14<br>

SECTION8.06. <u>Resignation; Successor Administrative Agent</u>.The

Administrative Agent may resign by providing not less than thirty (30) days advance written

noticetotheLenders,theIssuingBanksandtheBorrower.Uponanysuchnoticeofresignation,

the Required Lenders shall have the right, with the consent of the Borrower not to be

unreasonably withheld or delayed (or, if an Event of Default has occurred and is continuing in

consultation with the Borrower), to appoint a successor.If no successor shall have been so

appointed by the Required Lenders and shall have accepted such appointment within thirty(30)

days after the retiring Administrative Agent gives notice of its resignation, then the retiring

Administrative Agent's resignation shall nonetheless become effective at the end of such thirty

(30) day period (except that in the case of any collateral security held by the Administrative

Agent on behalf of the Lenders or the Issuing Banks under any of the Loan Documents, the

retiring Administrative Agent shall continue to hold such collateral securityuntil such time as a

successor Administrative Agent is appointed) and (1)the retiring Administrative Agent shall be

discharged from its duties and obligations hereunderand (2) theRequired Lenders shall perform

the duties of the Administrative Agent (and all payments and communications provided to be

made by, to or through the Administrative Agent shall instead be made by or to each Lender

directly)untilsuchtimeastheRequiredLendersappointasuccessoragentasprovidedforabove

in this <u>Section 8.06</u>.Upon theacceptanceof its appointmentas AdministrativeAgenthereunder

by a successor, such successor shall succeed to and become vested with all the rights, powers,

privileges and duties of the retiring (or retired)Administrative Agent and the retiring

Administrative Agent shall be discharged from its duties and obligations hereunder (if not

already discharged therefrom as provided above in this paragraph).The fees payable by the

Borrower to a successor Administrative Agent shall be the same as those payable to its

predecessor unless otherwise agreed between the Borrower and such successor.After the

AdministrativeAgent'sresignationhereunder,theprovisionsofthis<u>Article</u><u>VIII</u>and

<u>Section</u><u>9.03</u> shall continue in effect for its benefit in respect of any actions taken or omitted to

be taken by it while it was acting as Administrative Agent.

Any resignation by Truist as Administrative Agent pursuant to this <u>Section 8.06</u>

shall also constitute its resignation as an Issuing Bank and a Swingline Lender. Upon the

acceptance of a successor's appointment as Administrative Agent hereunder, (a) such successor

shall succeed to and become vested with all of the rights, powers, privileges and duties of the

retiring IssuingBank and Swingline Lender, (b) the retiringIssuingBank and Swingline Lender

shall be discharged from all of their respective duties and obligations hereunder or under the

other Loan Documents, and (c) the successor Issuing Bank shall issue letters of credit in

substitution for the Letters of Credit, if any, outstanding at the time of such succession or make

other arrangementssatisfactorytotheretiringIssuingBanktoeffectivelyassumetheobligations

of the retiring Issuing Bank with respect to such Letters of Credit.

SECTION8.07.<u>Reliance by Lenders</u>.Each Lender acknowledges that it has,

independently and without reliance upon the Administrative Agent or any other Lender and

based on such documents and information as it has deemed appropriate, made its own credit

analysis and decision to enter into this Agreement.Each Lender also acknowledges that it will,

independently and without reliance upon the Administrative Agent or any other Lender and

based on such documents and information as it shall from time to time deem appropriate,

continue to make its own decisions in taking or not taking action under or based upon this

Agreement,anyotherLoanDocumentoranyrelatedagreementoranydocumentfurnished

14<br>

hereunder or thereunder.The Administrative Agent shall have no duty or responsibility, either

initiallyor on a continuingbasis, to make anysuch investigation or anysuch appraisal on behalf

of Lenders or to provide any Lender with any credit or other information with respect thereto,

whether coming into its possession before the making of the Loans or at any time or times

thereafter,andtheAdministrativeAgentshallhavenoresponsibilitywithrespecttotheaccuracy

of or the completeness of any information provided to Lenders.

Each Lender, by delivering its signature page to this Agreement or any

Assignment and Assumption and funding any Loan shall be deemed to have acknowledged

receipt of, and consented to and approved, each Loan Document and each other document

required to be approved bythe Administrative Agent, Required Lenders or Lenders.

SECTION8.08. <u>Modifications to Loan Documents</u>.Except as otherwise

provided in <u>Section</u><u>2.13(b)</u> or <u>Section</u><u>9.02(b)</u>or <u>(c)</u> of this Agreement or the Security

DocumentswithrespecttothisAgreement,theAdministrativeAgentmay,withthepriorconsent

of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver

under any of the Loan Documents; <u>provided</u> that, without the prior consent of each Lender, the

Administrative Agent shall not (except as provided herein or in the SecurityDocuments) release

all or substantially all of the Collateral or otherwise terminate all or substantiallyall of the Liens

under any Security Document providing for collateral security, agree to additional obligations

being secured by all or substantially all of such collateral security, or alter the relative priorities

of theobligations entitled to thebenefits of the Liens created under theSecurityDocuments with

respect to all or substantially all of the Collateral, except that no such consent shall be required,

and the Administrative Agent is herebyauthorized, (x) to release anySubsidiaryGuarantor (and

anypropertyof such SubsidiaryGuarantor)from its guaranteeobligations to the extent it maybe

released in accordance with Section 10.03 of the Guarantee and Security Agreement, (y) to

release any Lien covering property that is the subject of either a Disposition of property

permitted hereunder or a Disposition to which the Required Lenders have consented, (z) for the

avoidance of doubt, execute and deliver agreements, instruments and other documents

reasonably requested by the Borrower to implement collateral sharing with respect to Secured

Longer-Term Indebtedness and Secured Shorter-Term Indebtedness in accordance with the

Guarantee and Security Agreement..

SECTION8.09.<u>Erroneous</u><u>Payments</u>.

(a)If the Administrative Agent notifies a Lender, an Issuing Bank or an

Indemnitee, or anyPerson who has received funds on behalf of a Lender, an Issuing Bank or an

Indemnitee (any such Lender, Issuing Bank, Indemnitee or other recipient, a "<u>Payment</u>

<u>Recipient</u>"), that the Administrative Agent has determinedin its sole discretion (whether or not

after receipt of any notice under <u>the</u>immediately succeeding <u>clause (b)</u>) that any funds 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 Lender, Issuing Bank, Indemnitee or other Payment

Recipient on its behalf) (any such funds, whether received as a payment, prepayment or

repayment of principal, interest, fees, distribution or otherwise, individuallyand collectively, an

"<u>Erroneous</u><u>Payment</u>")anddemandsthereturnofsuchErroneousPayment(oraportionthereof),

such Erroneous Payment shall at all times remain the property of the Administrative Agent and

14<br>

shall be segregated by the Payment Recipient and held in trust for the benefit of the

AdministrativeAgent,andsuchLender,IssuingBankorIndemniteeshall(or,withrespecttoany

Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient

to) promptly, but in no event later than two (2) Business Days thereafter, return to the

Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to

which such a demand was made, in same day funds (in the currency so received), together with

interest thereon in respect of each day from and including the date such Erroneous Payment (or

portionthereof)wasreceivedbysuchPayment Recipienttothedatesuchamountisrepaidtothe

Administrative Agent in same dayfunds at the greater of the Federal Funds Effective Rate and a

rate determined by the Administrative Agent in accordance with banking industry rules on

interbankcompensationfromtimetotimeineffect.AnoticeoftheAdministrativeAgenttoany

Payment Recipient under this <u>clause (a)</u> shall be conclusive, absent manifest error.

(b)Without limiting the immediately preceding <u>clause</u><u>(a)</u>, each Lender,

IssuingBankorIndemnitee,oranyPersonwhohasreceivedfundsonbehalfofaLender,Issuing

BankorIndemnitee,herebyfurtheragreesthatifitreceivesapayment,prepaymentorrepayment

(whetherreceivedasapayment,prepaymentorrepaymentofprincipal,interest,fees,distribution

or otherwise) 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,prepaymentorrepaymentsentbytheAdministrativeAgent(oranyofitsAffiliates),or

(z) that such Lender, Issuing Bank or Indemnitee, or other such recipient, otherwise becomes

aware was transmitted, or received, in error or bymistake (in whole or in part) in each case:

(i)(A) in the case of <u>the</u>immediately preceding <u>clause (x)</u> or <u>(y)</u>, an

error shall be presumed to have been made (absent written confirmation from the

Administrative Agent to the contrary) or (B) an error has been made (in the case of

immediately preceding <u>clause (z)</u>), in each case, with respect to such payment,

prepayment or repayment; and

(ii)suchLender,IssuingBankorIndemniteeshall(andshallcauseany

otherrecipientthatreceivesfundsonitsrespectivebehalfto)promptly(and,inallevents,

within one Business Dayof its knowledge of such error) notifythe Administrative Agent

of its receipt of such payment, prepayment or repayment, the details thereof (in

reasonable detail) and that it is so notifying the Administrative Agent pursuant to this

<u>Section 8.09(b)</u>.

(c)Each Lender, Issuing Bank and Indemnitee hereby authorizes the

Administrative Agent to set off, net and apply any and all amounts at any time owing to such

Lender, Issuing Bank or Indemnitee under any Loan Document, or otherwise payable or

distributable bythe Administrative Agent to such Lender, Issuing Bank or Indemnitee from any

source, against any amount due to the Administrative Agent under the immediately preceding

<u>clause (a)</u> or under the indemnification provisions of this Agreement.

(d)In the event that an Erroneous Payment (or portion thereof) is not

recoveredbytheAdministrativeAgentforanyreason,afterdemandthereforbythe

14<br>

AdministrativeAgent in accordance with the immediatelypreceding<u>clause</u><u>(a)</u>, from anyLender

or Issuing Bank that has received such Erroneous Payment (orportionthereof) (and/or from any

Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective

behalf) (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), upon the

Administrative Agent's notice to such Lender or Issuing Bank at any time, (i) such Lender or

Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the

relevant Class with respect to which such Erroneous Payment was made (the "<u>Erroneous</u>

<u>Payment Impacted Class</u>") in an amount equal to the Erroneous Payment Return Deficiency (or

suchlesseramountastheAdministrativeAgentmayspecify)(suchassignmentoftheLoans(but

not Commitments) of the Erroneous Payment Impacted Class, the "<u>Erroneous Payment</u>

<u>Deficiency</u><u>Assignment</u>") at par plus anyaccrued and unpaid interest (with the assignment fee to

be waived by the Administrative Agent in such instance), and is hereby (together with the

Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent

applicable, an agreement incorporating an Assignment and Assumption byreference pursuant to

a Platform as to which the Administrative Agent and such parties are participants) with respect

to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall

deliver any notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the

Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous

Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent

as the assignee Lender or assigning Issuing Bank shall become a Lender or Issuing Bank, as

applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the

assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as

applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment,

excluding,fortheavoidanceofdoubt,itsobligationsundertheindemnificationprovisionsofthis

Agreement and its applicable Commitments which shall survive as to such assigning Lender or

assigning Issuing Bank and (iv) the Administrative Agent may reflect in the Register its

ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment.The

Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous

Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous

Payment Return Deficiencyowing bythe applicable Lender or Issuing Bank shall be reduced by

thenetproceedsofthesaleofsuchLoan(orportionthereof),andtheAdministrativeAgentshall

retain all other rights, remedies and claims against such Lender or Issuing Bank (and/or against

any recipient that receives funds on its respective behalf).For the avoidance of doubt, no

Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or

Issuing Bank and such Commitments shall remain available in accordance with the terms of this

Agreement.In addition, each party hereto agrees that, except to the extent that the

Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous

Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be

equitablysubrogated, the AdministrativeAgent shall becontractuallysubrogated to all therights

and interests of the applicable Lender, Issuing Bank or Indemnitee under the Loan Documents

with respect to each Erroneous Payment Return Deficiency (the "<u>Erroneous Payment</u>

<u>Subrogation Rights</u>").

(e)The parties hereto agree that an Erroneous Payment shallnotpay,prepay,

repay, discharge or otherwise satisfy any Revolving Credit Exposure or other obligations owed

by the Borrower or any other Obligor, except, in each case, to the extent such Erroneous

Payment is, andsolelywith respect tothe amount ofsuch ErroneousPaymentthat is, comprised

14<br>

of funds received bythe Administrative Agent or other applicableSecuredParties (assuchterm

isdefinedintheGuaranteeandSecurityAgreement)fromtheBorroweroranyotherObligorfor

the purpose of making payment in respect of the Revolving Credit Exposure.

(f)To the extent permitted by applicable law, no Payment Recipient shall

assert any right or claim to an Erroneous Payment, and herebywaives, and is deemed to waive,

any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand,

claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment

received, including without limitation anydefensebased on "discharge forvalue" or anysimilar

doctrine.

Each party's obligations, agreements and waivers under this <u>Section</u><u>8.09</u> shall survive the

resignation or replacement of the Administrative Agent, anytransfer of rights or obligations by,

orthe replacementof, a Lenderor Issuing Bank, thetermination oftheCommitments and/orthe

repayment, satisfaction or discharge of all obligations (or any portion thereof) under any Loan

Document.

ARTICLE IX

<u>MISCELLANEOUS</u>

SECTION9.01.<u>Notices;</u><u>Electronic</u> <u>Communications</u>.

(a)<u>Notices Generally</u>.Except in the case of notices and other

communications expressly permitted to be given by telephone, all notices and other

communications provided for herein shall be in writing and shall be delivered by hand or

overnight courier service, mailed bycertified or registered mail orsent bytelecopyor electronic

communication, as follows:

(i)iftotheBorrower,toitat:

AG<u>TPG</u>TwinBrookCapitalIncomeFund

245 Park Avenue, 26th Floor

New York, New York 10167

Attention: Nicholas Flemming

TelecopyNumber:(312)763-5114

Email: nflemming@twincp.com

withacopyto:

AG<u>TPG</u>TwinBrookCapitalIncomeFund

245 Park Avenue, 26th Floor

New York, New York 10167

Attention: Legal Department

Email: legal@angelogordon.com

15<br>

(ii)iftotheAdministrativeAgentorTruist,initscapacityasa

Swingline Lender, to it at:

TruistBank

3333PeachtreeRoad,7th<u>740</u><u>Battery</u><u>Avenue,</u><u>9th</u>Floor

Atlanta, Georgia 30326<u>30339</u>

Attention:HaysWood

TelecopyNumber:(404)836-5879

with a copy to:

Truist Bank

AgencyServices

303PeachtreeStreet,N.E./25thFloor

Atlanta, Georgia 30308

Attention: Wanda Gregory

TelecopyNumber:(404)658-4906

(iii)iftoTruist,initscapacityasIssuingBank,toitat:

Truist Bank

303PeachtreeStreet,N.E./25thFloor

Atlanta, Georgia 30308

Attention: Wanda Gregory

TelecopyNumber:(404)658-4906

(iv)if to any other Lender, to it at its address (or telecopy number or

e-mail) set forth in its Administrative Questionnaire.

Any party hereto may change its address, e-mail or telecopy number for notices

and other communications hereunder by notice to the other parties hereto. All notices and other

communications given to any party hereto in accordance with the provisions of this Agreement

shall be deemed to have been given on the date of receipt.Notices delivered through electronic

communicationstotheextentprovidedin <u>clause</u><u>(b)</u>below,shallbeeffectiveasprovidedinsaid

<u>clause (b)</u>.

(b)<u>Electronic Communications</u>.Notices and other communications to the

Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic

communication (including e-mail and Internet or intranet websites)pursuant to procedures

approved by the Administrative Agent; <u>provided</u> that the foregoing shall not applyto notices to

anyLenderoranyIssuingBankpursuantto<u>Section</u><u>2.06</u>ifsuchLenderorsuchIssuingBank,as

applicable, has notified the Administrative Agent that it is incapable of receiving notices under

such Article by electronic communication.The Administrative Agent or the Borrower may, in

its discretion, agree to accept notices and other communications to it hereunder by electronic

communications pursuant to procedures approved by it; <u>provided</u> that approval of such

procedures may be limited to particular notices or communications.

15<br>

(i)Notices and other communications sent to an e-mail address shall

be deemed received upon the sender's receipt of an acknowledgement from the intended

recipient(suchasbythe"returnreceiptrequested"function,asavailable,returne-mailor

other written acknowledgement); <u>provided</u> that if such notice or other communication is

not sent duringthenormal business hours of therecipient, such notice orcommunication

shall be deemed to have been sent at the opening of business on the next Business Day

for the recipient; and

(ii)noticesorcommunicationspostedtoanInternetorintranetwebsite

shall be deemed received upon the deemed receipt by the intended recipient at its e-mail

address as described in the foregoing <u>clause (i)</u>of notification that such notice or

communication is available and identifying the website address therefor.

Each party hereto understands that the distribution of material through an

electronic medium is not necessarily secure and that there are confidentiality and other risks

associated with such distribution and agrees and assumes the risks associated with such

electronicdistribution, except to theextent caused bythewillful misconduct orgrossnegligence

ofAdministrativeAgent,anyLenderortheirrespectiveRelatedParties,asdeterminedbyafinal,

non-appealable judgment of a court of competent jurisdiction. The Platform and any electronic

communications media approved by the Administrative Agent as provided herein are provided

"as is" and "as available". None of the Administrative Agent or its Related Parties warrant the

accuracy,adequacy,orcompletenessofsuchmediaorthePlatformandeachexpresslydisclaims

liability for errors or omissions in the Platform and such media. No warranty of any kind,

express, implied or statutory, including any warranty of merchantability, fitness for a particular

purpose, non-infringement of third party rights or freedom from viruses or other code defects is

made bytheAdministrativeAgent and anyofits RelatedParties inconnection with thePlatform

or the electronic communications media approved by the Administrative Agent as provided for

herein.

(c)<u>Private Side Information Contacts</u>. Each Public Lender agrees to cause at

least one individual at or on behalf of such Public Lender to at all times have selected the

"Private Side Information" or similar designation on the content declaration screen of the

Platform in order to enable such Public Lender or its delegate, in accordance with such Public

Lender's compliance procedures and applicable law, including United States federal and state

securities laws, to make reference to information that is not made available through the "Public

Side Information" portion of the Platform and that may contain Non-Public Information with

respect to the Borrower, its Subsidiaries or their Securities for purposes of United States federal

orstatesecuritieslaws.IntheeventthatanyPublicLenderhasdeterminedforitselftonotaccess

any information disclosed through the Platform or otherwise, such Public Lender acknowledges

that (i) other Lenders may have availed themselves of such information and (ii) neither the

Borrower nor the Administrative Agent has anyresponsibilityforsuch Public Lender'sdecision

to limit the scope of the information it has obtained in connection with this Agreement and the

other Loan Documents.

(d)<u>Documents to be Delivered under Sections 5.01</u>.For so long as an

Intralinks™ or equivalent website is available to each of the Lenders hereunder, the Borrower

maysatisfyitsobligationtodeliverdocumentstotheAdministrativeAgentortheLendersunder

15<br>

<u>Sections 5.01</u> by delivering either an electronic copy or a notice identifying the website where

such information is located for posting by the Administrative Agent on Intralinks™ or such

equivalent website; <u>provided</u> that the Administrative Agent shall have no responsibility to

maintain access to Intralinks™ or an equivalent website.

SECTION9.02.<u>Waivers;</u> <u>Amendments</u>.

(a)<u>No Deemed Waivers Remedies Cumulative</u>.No failure or delay by the

Administrative Agent, anyIssuing Bank, anySwingline Lender or anyLender in exercising any

right orpowerhereundershalloperateas awaiverthereofnorshallanysingleorpartialexercise

of any such right or power, or any abandonment or discontinuance of steps to enforce such a

rightorpower,precludeanyotherorfurtherexercisethereofortheexerciseofanyotherrightor

power.The rights and remedieshereunder are cumulative and arenot exclusiveof anyrights or

remedies that they would otherwise have.No waiver of any provision of this Agreement or

consent to any departure by the Borrower therefrom shall in any event be effective unless the

sameshall bepermitted by<u>clause (b)</u>of this <u>Section 9.02</u>, and then such waiver or consent shall

be effective only in the specific instance and for the purpose for which given.Without limiting

the generalityof the foregoing, the making of a Loan, Swingline Loan or issuance of a Letter of

Credit shall not be construed as a waiver of any Default, regardless of whether the

Administrative Agent, any Swingline Lender, any Lender or any Issuing Bank may have had

notice or knowledge of such Default at the time.

(b)<u>Amendments to this Agreement</u>.Except as provided in <u>Section 2.13</u>,

neither this Agreement nor any provision hereof may be waived, amended or modified except

pursuanttoanagreementoragreementsinwritingenteredintobytheBorrowerandtheRequired

Lenders or by the Borrower and the Administrative Agent with the consent of the Required

Lenders; <u>provided</u> that no such agreement shall:

(i)increase the Commitment of any Lender without the written

consent of such Lender,

(ii)reduce the principal amount of any Loan or LC Disbursement or

reducethe rate ofinterestthereon(otherthanwithrespect to theelection oforthefailure

to elect the default rate in accordance with <u>Section 2.12(d)</u> or as specifically

contemplated herein), or reduce any fees payable hereunder, without the written consent

of each Lender directly and adversely affected thereby,

(iii)postponethescheduleddateofpaymentoftheprincipalamountof

anyLoan or LC Disbursement, or anyinterest thereon, or anyfees payable hereunder, or

reduce the amount of waive or excuse anysuch payment, orpostponethescheduled date

of expiration of any Commitment, without the written consent of each Lender directly

and adversely affected thereby,

(iv)change <u>Sections 2.09(b)</u> or <u>2.17(b)</u>, <u>(c)</u>or <u>(d)</u>in a manner that

would alter the pro rata sharing of payments required therebyor change the definition of

anyoftheterms"ApplicablePercentage","ApplicableDollarPercentage"or"Applicable

15<br>

MulticurrencyPercentage",withoutthewrittenconsentofeachLenderdirectlyand

adversely affected thereby,

(v)changeanyoftheprovisionsofthisSectionorthedefinitionofthe

term "Required Lenders" or any other provision hereof specifying the number or

percentage of Lenders required to waive, amend or modifyanyrightshereunderormake

any determination or grant any consent hereunder, without the written consent of each

Lender directly and adversely affected thereby;

(vi)subject to clause (d) below, change any of the provisions of the

definition of "Agreed Foreign Currency" or any other provision specifying the Foreign

Currencies in which Multicurrency Loans may be made hereunder, or make any

determination or grant any consent hereunder with respect to the definition of "Agreed

Foreign Currency", in each case, without the consent of each MulticurrencyLender;

(vii)change<u>Section</u><u>9.20</u>withoutthewrittenconsentofeachLender(if

any) that is subject to the GBSA; or

(viii)contractually subordinate the payment priority of the Credit

Agreement Obligations (as defined in the Guarantee and Security Agreement) or

contractuallysubordinatethe Liens granted to theCollateral Agent (for thebenefit of the

Secured Parties) in the Collateral, without the written consent of each Lender;

<u>provided</u>furtherthat(x)nosuchagreementshallamend,modifyorotherwiseaffecttherightsor

duties of the Administrative Agent, the Issuing Banks or the Swingline Lenders hereunder

without the prior written consent of the Administrative Agent, the Issuing Banks or the

Swingline Lenders, as the case may be, and (y)the consent of Lenders (other than Defaulting

Lenders) holding not less than two-thirds of the Revolving Credit Exposure and unused

Commitments (other than of Defaulting Lenders) will be required (A)for any adverse change

(from the Lenders' perspective) affecting the provisions of this Agreement relating to the

determination of the Borrowing Base (excluding changes to the provisions of <u>Section</u>

<u>5.12(b)(ii)(F)</u> and <u>(G)</u>, but including changes to the provisions of <u>Sections</u><u>5.12(b)(i)</u>, <u>(ii)(A)</u>,

<u>(ii)(B)</u>,<u>(ii)(C)</u>and<u>(ii)(D)</u>andthedefinitionssetforthin<u>Section</u><u>5.13</u>),and<u>(B)</u>foranyreleaseof

any material portion of the Collateral other than for fair value or as otherwise permitted

hereunder or under the other Loan Documents.

Anything in this Agreement to the contrary notwithstanding, (i) no waiver or

modification of any provision of this Agreement or any other Loan Document that could

reasonably be expected to adversely affect the Lenders of any Class in a manner that does not

affectallClassesequallyshallbeeffectiveagainsttheLendersofsuchClassunlesstheRequired

Lenders of such Class shall have concurred with such waiver or modification, (ii) the Loan

Documents may be amended by the Borrower, the Administrative Agent and each extending

Lender, without the consent of any other Lender, to permit the extension of the Commitment

Termination Date and the Final Maturity Date with respect to each extending Lender and (iii)

thisAgreementmaybeamendedbytheBorrower,theAdministrativeAgentandany

Non-ExtendingLender,withouttheconsentofanyotherLender,forthesolepurposeof

15<br>

extending the Commitments of such Non-ExtendingLendersothatsuch Non-ExtendingLender

becomes an Extending Lender hereunder.

(c)<u>Amendments to Security Documents</u>.Except to the extent otherwise

expressly set forth in the Guarantee and Security Agreement or the other Loan Documents, no

SecurityDocument nor anyprovision thereof maybe waived, amended or modified, nor maythe

Liens thereof be spread to secure any additional obligations (including any increase in Loans

hereunder, but excluding (x) any such increase pursuant to a Commitment Increase under

<u>Section</u><u>2.08(e)</u>, (y) any Secured Longer-Term Indebtedness or Secured Shorter-Term

Indebtedness or (z) the spreading of such Liens to any Designated Indebtedness Obligations or

Hedging Agreement Obligations)except pursuant to an agreement or agreements in writing

entered into by the Borrower, and by the Collateral Agent with the consent of the Required

Lenders; <u>provided</u> that, except as permitted by the Loan Documents, (i) without the written

consent of each Lender, no such agreement shall release all or substantially all of the Obligors

from their respective obligations under the Security Documents (ii) without the written consent

of each Lender, no such agreement shall amend or waive Section 8.06 of the Guarantee and

SecurityAgreementand(iii)withoutthewrittenconsentofeachLender,nosuchagreementshall

release all or substantially all of the collateral securityor otherwise terminate all or substantially

all of the Liens under the Security Documents, alter the relative priorities of the obligations

entitled to the Liens created under the Security Documents (except in connection with securing

additional obligations equally and ratably with the Loans and other obligations hereunder,

including any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness)with

respect to all or substantially all of the collateral security provided thereby, or release all or

substantially all of the guarantors under the Guarantee and Security Agreement from their

guarantee obligations thereunder, except that no such consent shall be required, and the

Administrative Agent is hereby authorized (and so agrees with the Borrower)to direct the

CollateralAgentundertheGuaranteeandSecurityAgreement,(w)toreleasefromtheGuarantee

and Security Agreement any "Subsidiary Guarantor" (and any property of such Subsidiary

Guarantor) that is designated as a "Financing Subsidiary", a "Foreign Subsidiary", an

"Immaterial Subsidiary" or a "Subsidiary of a Foreign Subsidiary" or which is otherwise no

longer required to be a "Subsidiary Guarantor" in accordance with this Agreement and the

Guarantee and SecurityAgreement, (x) to release anyLien coveringproperty(and to release any

such guarantor)that is the subject of either a Disposition of property permitted hereunder or a

DispositiontowhichtheRequiredLendersortherequirednumberorpercentageofLendershave

consented, (y) to release any Lien and/or guarantee obligation in accordance with Section 10.03

of the Guarantee and SecurityAgreement, and (z) to release (and to acknowledge the release of)

all Liens and guarantees of Obligors upon the termination of this Agreement (including in

connection with a complete refinancing).<u>Notwithstanding anything</u><u>herein or in any</u><u>other Loan</u>

<u>Document to the contrary, except for any such release or termination in connection with the</u>

<u>Termination Date, without the written consent of each Lender and each Issuing Bank, the</u>

<u>Collateral Agent shall not (i) release all or substantially all of the Obligors from their respective</u>

<u>obligations under the Security Documents, (ii) amend or waive Section 8.06 of the Guarantee</u>

<u>and Security Agreement, (iii) release all or substantially all of the collateral security, (iv)</u>

<u>otherwise</u><u>terminate all or substantially</u><u>all of the Liens under the</u><u>Security</u><u>Documents or (v) alter</u>

<u>the relative priorities of the obligations entitled to the Liens created under the Security</u>

<u>Documents (except in connection with securing additional obligations equally and ratably with</u>

<u>the Loans and other obligations hereunder, including any</u><u>Secured Longer-Term Indebtedness or</u>

15<br>

<u>Secured</u><u>Shorter-Term</u><u>Indebtedness)</u><u>with</u><u>respect</u><u>to</u><u>all</u><u>or</u><u>substantially</u><u>all</u><u>of</u><u>the</u><u>collateral</u>

<u>security provided thereby.</u>

(d)<u>Replacement of Non-Consenting Lender</u>. If, in connection with any

proposed change, amendment, waiver or consent to, or discharge or termination of, any of the

provisions of this Agreement as contemplated by this <u>Section 9.02</u>, the consent of the Required

LendersshallhavebeenobtainedbuttheconsentofoneormoreLenders(eacha

"<u>Non-Consenting Lender</u>") whose consent is required for such proposed change, waiver,

amendment, consent, discharge or termination is not obtained, then (so long as no Event of

Default has occurred and is continuing) the Borrower shall have the right, at its sole cost and

expense, to replace eachsuch Non-Consenting Lenderor Lenderswithoneormorereplacement

Lenders pursuant to <u>Section 2.18(b)</u> so long as at the time of such replacement, each such

replacement Lender consents to the proposed change, waiver, discharge or termination.

(e)<u>Cure of Defects</u>. If the Administrative Agent and the Borrower acting

together identifyinganyambiguity,omission,mistake,typographical errororotherdefect in any

provisionofthisAgreementoranyotherLoanDocument,thentheAdministrativeAgentandthe

Borrower shall be permitted to amend, modify or supplement such provision to cure such

ambiguity, omission, mistake, typographical error or other defect, and such amendment,

modification or supplement shall become effective without any further action or consent of any

other party to this Agreement.

SECTION9.03.<u>Expenses;</u><u>Indemnity;</u><u>Damage</u><u>Waiver</u>.

(a)<u>Costs and Expenses</u>.The Borrower shall pay (i)all reasonable and

documented out-of-pocket costs and expenses incurred by the Administrative Agent, the

CollateralAgentandtheirAffiliates,includingthereasonableanddocumentedfees,chargesand

disbursementsofoneoutsidecounselfortheAdministrativeAgentandtheCollateralAgent(but

only one counsel for all such Persons together), in connection with the syndication of the credit

facilitiesprovidedforherein,thepreparationandadministrationofthisAgreementandtheother

Loan Documents and any amendments, modifications or waivers of the provisions hereof or

thereof (whether or not the transactions contemplated herebyor therebyshall be consummated),

(ii)allreasonableanddocumentedexpensesincurredbyanyIssuingBankinconnectionwiththe

issuance, amendment or extension of any Letter of Credit by such Issuing Bank or any demand

for payment thereunder, (iii) all reasonable and documented costs and expenses incurred by the

Administrative Agent, any Issuing Bank, any Swingline Lender or any Lender, including the

reasonable and documented fees, charges and disbursements of one outside counsel (and, if

reasonably necessary, of one local counsel in any relevant jurisdiction) for the Administrative

Agent, each Issuing Bank and each Swingline Lender as well as one outside counsel for the

Lenders (and, if reasonably necessary, of one local counsel) and additional counsel should any

conflict of interest arise, in connection with the enforcement or protection of its rights in

connection with this Agreement and the other Loan Documents, including its rights under this

<u>Section 9.03</u>, or in connection with the Loans made or Letters of Credit issued hereunder,

including all such documented expenses incurred during any workout, restructuring or

negotiationsinrespectthereofand(iv)andallreasonableanddocumentedcosts,expenses,taxes,

assessmentsandotherchargesreasonably incurredinconnectionwithany filing,registration,

15<br>

recording or perfection of any security interest contemplated by any Security Document or any

other document referred to therein.

(b)<u>Indemnification by the Borrower</u>.The Borrower shall indemnify the

Administrative Agent, the Joint Lead Arrangers, each Issuing Bank, each Swingline Lender and

each Lender, and each Related Party of any of the foregoing Persons (each such Person being

called an "<u>Indemnitee</u>")against, and hold each Indemnitee harmless from, any and all losses,

claims, damages, liabilities, actions, judgments, suits, costs, expenses and disbursements of any

kind or nature whatsoever (including the reasonable and documented fees and disbursements of

one outside counsel or all Indemnitees (and, if reasonablynecessary, of onelocal counsel in any

relevant jurisdiction for all Indemnitees) unless, in the reasonable opinion of an Indemnitee,

representation of all Indemnitees bysuch counsel would be inappropriate due to the existence of

an actual or potential conflict of interest) (collectively, "<u>Losses</u>") in connection with any

investigative, administrative or judicial proceeding or hearing commenced or threatened by any

Person, whether or not any such Indemnitee shall be designated as a party or a potential party

thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity, whether

based on anyfederal, state or foreign laws, statutes, rules orregulations (includingsecurities and

commercial laws, statutes, rules or regulations and laws, statutes, rules or regulations relating to

environmental, occupational safetyand health or land use matters), on common law or equitable

cause or on contract or otherwise and related expenses or disbursements of any kind, including

the fees, charges and disbursements of outside counsel for any Indemnitee, incurred by or

asserted against any Indemnitee arising out of, in connection with, or as a result of (i)the

execution or delivery of this Agreement or any agreement or instrument contemplated hereby,

the performance by the parties hereto of their respective obligations hereunder or the

consummation of the Transactions or anyother transactions contemplated hereby, (ii)anyLoan,

SwinglineLoanorLetterofCreditortheuseoftheproceedstherefrom(includinganyrefusalby

an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents

presentedinconnectionwithsuchdemanddonotstrictlycomplywiththetermsofsuchLetterof

Credit)or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to

anyof the foregoing, whetherbased on contract, tort oranyothertheoryand whetherbrought by

the Borrower or a third party and regardless of whether any Indemnitee is a party thereto;

<u>provided</u> that such indemnity shall not as to any Indemnitee, be available to the extent that such

Losses (A) are determined by a court of competent jurisdiction by final and nonappealable

judgmenttohaveresultedfrom(i)thewillfulmisconductorgrossnegligenceofsuchIndemnitee

or its Related Parties or (ii) the material breach in bad faith of such Indemnitee's obligations

under this Agreement or the other Loan Documents, if the Borrower or such Obligor has

obtained a final and nonappealable judgment in its favor on such claim as determined bya court

of competent jurisdictions, (B) result from the settlement of any such claim, investigation,

litigation, orotherproceedings described inclause(iii)aboveunless theBorrowerhas consented

to such settlement (which consent shall not be unreasonablywithheld ordelayed) (provided that

nothing in this clause(B) shall restrict the right of anyperson to settleanyclaim for which it has

waived its right of indemnity by the Borrower), or (C) result from disputes solely among

Indemnitees and not involving any act or omission of an Obligor or any of Affiliate thereof

(other than anydispute against the Administrative Agent in its capacityas such). This <u>clause (b)</u>

shallnotapplywithrespecttoTaxesotherthananyTaxesthatrepresentlosses,claims,damages,

etc. arising from any non-Tax claim.

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The Borrower shall not be liable to any Indemnitee for any special, indirect,

consequential or punitive damages (as opposed to direct or actual damages (which may include

special, indirect, consequential or punitive damages asserted against any such party hereto by a

thirdparty))arisingoutof,inconnectionwith,oras aresultofthisAgreementoranyagreement

or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of

proceedsthereof,assertedbyanIndemniteeagainsttheBorroweroranyotherObligor;<u>provided</u>

that the foregoing limitation shall not be deemed to impair or affect the obligations of the

Borrower under the preceding provisions of this subsection with respect to damages not

expressly described in the foregoing limitation.

(c)<u>Reimbursement by Lenders</u>.To the extent that the Borrower fails to pay

any amount required to be paid by it to the Administrative Agent, any Issuing Bank or any

Swingline Lender under <u>clause (a)</u>or <u>(b)</u>of this <u>Section 9.03</u>, each Lender severally agrees to

paytotheAdministrativeAgent,theapplicableIssuingBankortheapplicableSwinglineLender,

as the case may be, such Lender's Applicable Percentage (determined as of the time that the

applicable unreimbursed expense or indemnity payment is sought)of such unpaid amount;

<u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related

expense, as the case may be, was incurred by or asserted against the Administrative Agent, the

applicable Issuing Bank or the applicable Swingline Lender in its capacityas such.

(d)<u>Waiver of Consequential Damages, Etc</u>.To the extent permitted by

applicable law, no party hereto shall assert, and each party hereto hereby waives, any claim

againstanyotherparty(oranyRelatedPartytosuchparty),onanytheoryofliability,forspecial,

indirect, consequential or punitive damages (asopposed todirect or actualdamages (which may

include special, indirect, consequential or punitive damages asserted against any such party

hereto by a third party))arising out of, in connection with, or as a result of, this Agreement or

anyagreementorinstrumentcontemplatedhereby,theTransactions,anyLoanorLetterofCredit

or the use of the proceeds thereof.None of the Administrative Agent, any of the Joint Lead

Arrangers, any of the Issuing Banks, any of the Swingline Lenders nor any Lender, nor each

Related Party of any of the foregoing Persons, shall be liable for any damages arising from the

use by unintended recipients of any information or other materials distributed by it through

telecommunications, electronic or other information transmission systems in connection with

thisAgreementortheotherLoanDocumentsorthetransactionscontemplatedherebyorthereby,

except to the extent caused by the willful misconduct or gross negligence of the Administrative

Agent, any of the Joint Lead Arrangers, any of the Issuing Banks, anyof the Swingline Lenders

or any Lender, or each Related Party of any of the foregoing Persons, as determined by a final,

non-appealable judgment of a court of competent jurisdiction.

(e)<u>Payments</u>.All amounts due under this <u>Section</u><u>9.03</u> shall be payable

promptly after written demand therefor.

SECTION9.04.<u>Successors</u><u>and</u><u>Assigns</u>.

(a)<u>Assignments Generally</u>.The provisions of this Agreement shall be

binding upon and inure to the benefit of the parties hereto and their respective successors and

assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of

Credit),exceptthat(i)theBorrowermaynotassignorotherwisetransferanyofitsrightsor

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obligations hereunder without the prior written consent of each Lender (and any attempted

assignment or transfer by the Borrower without such consent shall be null and void) and (ii)no

Lender mayassign or otherwise transfer its rights orobligationshereunder except in accordance

with this <u>Section 9.04</u> (and any attempted assignment or transfer by any Lender which is not in

accordance with this <u>Section 9.04</u> shall be treated as provided in the second sentence of Section

9.04(b)(iii)).NothinginthisAgreement,expressedorimplied,shallbeconstruedtoconferupon

any Person (other than the parties hereto, their respective successors and assigns permitted

hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit)and, to the

extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent,

the Issuing Banks and the Lenders)any legal or equitable right, remedy or claim under or by

reason of this Agreement.

(b)<u>Assignments</u><u>by</u><u>Lenders</u>.

(i)<u>Assignments Generally</u>.Subject to the conditions set forth in

<u>clause</u><u>(ii)</u>below,anyLendermayassigntooneormoreassignees(otherthananynatural

person (or a holding company, investments vehicle, investment vehicle or trust for, or

owned and operated by or for the primary benefit of a natural person), any Defaulting

LenderorPersons listed in theProhibitedAssigneesandParticipants Side Letter)allora

portionofitsrightsandobligationsunderthisAgreement(includingalloraportionofits

Commitments and the Loans and LC Exposure at the time owing to it)with the prior

written consent (such consent not to be unreasonablywithheld or delayed) of:

(A)the Borrower; <u>provided</u> that no consent of the Borrower

shall be required for an assignment to a Lender, an Affiliate of a Lender, an

Approved Fund, or, if an Event of Default has occurred and is continuing, any

other assignee; <u>provided</u>, <u>further</u>, that the Borrower shall be deemed to have

consented to anysuch assignment unless it shall have objected thereto bywritten

notice to the Administrative Agent within ten (10) Business Days after having

received notice thereof; and

(B)the Administrative Agent, each Issuing Bank and each

Swingline Lender;<u>provided</u> that no consent of the Administrative Agent, the

Issuing Banks or the Swingline Lenders shall be required for an assignment bya

Lender to an Affiliate of such Lender.

(ii)<u>Certain Conditions to Assignments</u>.Assignments shall be subject

to the following additional conditions:

(A)except in the case of an assignment to a Lender or an

Affiliate of a Lender or an assignment of the entire remaining amount of the

assigning Lender's Commitment or Loans and LC Exposure of a Class, the

amount of the Commitment or Loans and LC Exposure of such Class of the

assigning Lender subject to each such assignment (determined as of the date the

Assignment and Assumption with respect to such assignment is delivered to the

Administrative Agent) shall not be less than U.S. $5,000,000 unless each of the

BorrowerandtheAdministrativeAgentotherwiseconsent;<u>provided</u>thatnosuch

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consent oftheBorrowershallberequiredifanEventofDefaulthasoccurredand

is continuing;

(B)each partial assignment of any Class of Commitments or

LoansandLCExposureshallbemadeasanassignmentofaproportionatepartof

all the assigning Lender's rights and obligations under this Agreement in respect

of such Class of Commitments, Loans and LC Exposure;

(C)the parties to each assignment shall execute and deliver to

the Administrative Agent an Assignment and Assumption, together with a

processing and recordation fee of U.S. $3,500 (which fee shall not be payable in

connection with an assignment to a Lender or to an Affiliate of a Lender), for

which the Borrower and the Subsidiary Guarantors shall not be obligated;

(D)the assignee, if it shall not already be a Lender of the

applicableClass, shall deliver to (x) the Administrative Agent, anAdministrative

Questionnaire, and (y) to the Administrative Agent and the Borrower, any tax

forms or certifications required by <u>Section 2.16</u>; and

(E)anyassignmentbyaMulticurrencyLendershall(unlessthe

Borrower otherwise consents in writing) be made only to an assignee that has

agreed to make Loans pursuant to its Multicurrency Commitment and receive

payments in the Agreed Foreign Currencies for which Loans maybe made at the

time of such proposed assignment.

(iii)<u>Effectiveness</u><u>of</u><u>Assignments</u>.Subjecttoacceptanceand

recording thereof pursuant to <u>clause (c)</u>of this <u>Section 9.04</u>, from and after the effective

datespecifiedineachAssignmentandAssumptiontheassigneethereundershallbea

partyheretoand,totheextentoftheinterestassignedbysuchAssignmentand

Assumption, have the rights and obligations of a Lender under this Agreement, and the

assigningLenderthereundershall,totheextentoftheinterestassignedbysuch

AssignmentandAssumption,bereleasedfromitsobligationsunderthisAgreement(and,

inthecaseofanAssignmentandAssumptioncoveringalloftheassigningLender's

rights and obligations under this Agreement, such Lender shall cease to be apartyhereto

but shall continue to be entitled to thebenefits of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> with

respecttofactsandcircumstancesoccurringpriortotheeffectivedateofsuch

assignment).Any assignment or transfer by a Lender of rights or obligations under this

Agreement that does not comply with this <u>Section</u><u>9.04</u> shall be treated for purposes of

this Agreement as a sale by such Lender of a participation in such rights and obligations

in accordance with <u>clause (f)</u> of this <u>Section 9.04</u> (but onlyto theextent such assignment

orothertransferotherwisecomplieswiththeprovisionsofsuchclause).

Notwithstanding anything to the contrary herein, in connection with any assignment of

rights and obligations of any Defaulting Lender hereunder, no such assignment shall be

effectiveunlessanduntil,inadditiontotheotherconditionssetforthin<u>Section</u>

<u>9.04(b)(ii)</u>orotherwise,thepartiestotheassignmentshallmakesuchadditional

paymentstotheAdministrativeAgentinanaggregateamountsufficient,upon

distributionthereofasappropriate(whichmaybeoutrightpayment,purchasesbythe

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assignee of participations or subparticipations, or other compensating actions, including

funding, with the consent of the Borrower and the Administrative Agent, the Applicable

Percentage of Loans previously requested but not funded by the Defaulting Lender, to

each of which the applicable assignee and assignor hereby irrevocably consent), to (x)

payand satisfyin full all payment liabilities then owed bysuch Defaulting Lendertothe

Administrative Agent, each Issuing Bank, each Swingline Lender and each Lender

hereunder(andinterestaccruedthereon),and(y)acquire(andfundasappropriate)itsfull

Applicable Percentage of all Loans and participations in Letters of Credit and Swingline

Loans. Notwithstanding the foregoing, in the event that any assignment of rights and

obligations of any Defaulting Lender hereunder shall become effective under applicable

law without compliance with the provisions of this <u>subclause (iii)</u>, then the assignee of

such interest shall be deemed to be a Defaulting Lender for all purposes of this

Agreement until such compliance occurs.

(iv)Notwithstanding anything to the contraryset forth herein or in any

otherLoanDocument,eachLenderhereundermustatalltimesbea"qualifiedpurchaser"

as that term is defined in and under the Investment Company Act (a "<u>Qualified</u>

<u>Purchaser</u>").Each Lender (x) represents and warrants to the Borrower, as of the later of

the date such Person became a Lender party hereto and the Effective Date, and (y)

covenants, from such date to the date such Person ceases being a Lender party hereto,

that it is and will remain a Qualified Purchaser.

(c)<u>Maintenance of Registers by Administrative Agent</u>.The Administrative

Agent, acting for this purpose as an agent of the Borrower,shall maintain at one of itsoffices in

New York Citya copyof each Assignment and Assumptiondelivered to it and a register forthe

recordation of the names and addresses of the Lenders, and the Commitments of, and principal

amount(andstatedinterest)oftheLoansandLCDisbursementsowingto,eachLenderpursuant

to the terms hereof from timetotime (the "<u>Registers</u>" and eachindividually, a "<u>Register</u>").The

entries in the Registers shall be conclusive absent manifest error, and the Borrower, the

Administrative Agent, the Issuing Banks and the Lenders maytreat each Person whose name is

recorded in the Registers pursuant to the terms hereof as a Lender hereunder for all purposes of

this Agreement, notwithstanding notice to the contrary.The Registers shall be available for

inspection by the Borrower, any Issuing Bank and any Lender, at anyreasonable time and from

time to time upon reasonable prior notice.

(d)<u>Acceptance</u><u>of Assignments</u><u>by</u><u>Administrative</u><u>Agent</u>.Uponitsreceiptof

adulycompletedAssignmentandAssumptionexecutedbyanassigningLenderandanassignee,

the assignee's completed Administrative Questionnaire (unless the assignee shall already be a

Lenderhereunder),theprocessingandrecordationfeereferredtoin<u>clause</u><u>(b)</u>ofthis<u>Section</u>

<u>9.04</u> and any written consent to such assignment required by <u>clause (b)</u>of this Section, the

Administrative Agentshall acceptsuch Assignment and Assumption and recordtheinformation

contained therein in the Register.No assignment shall be effective for purposes of this

Agreement unless it has been recorded in the Register as provided in this <u>clause (b)</u>.

(e)<u>Special Purposes Vehicles</u>.Notwithstanding anything to the contrary

contained herein, any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding

vehicle(an"<u>SPC</u>")ownedoradministeredbysuchGrantingLender,identifiedassuchinwriting

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from time to time by such Granting Lender to the Administrative Agent and the Borrower, the

option to provide all or any part of any Loan that such Granting Lender would otherwise be

obligated to make; <u>provided</u> that (i)nothing herein shall constitute a commitment to make any

Loan by any SPC, (ii)if an SPC elects not to exercise such option or otherwise fails to provide

all or anypart of such Loan, such Granting Lender shall, subject to theterms of this Agreement,

makesuch Loan pursuant to theterms hereof, (iii) the rights ofanysuch SPC shall bederivative

of the rights of such Granting Lender, and such SPC shall be subject to all of the restrictions

upon such Granting Lender herein contained, and (iv)no SPC shall be entitled to thebenefits of

<u>Sections 2.14</u> (or any other increased costs protection provision), <u>2.15</u> or <u>2.16</u>.Each SPC shall

be conclusively presumed to have made arrangements with its Granting Lender for the exercise

of voting and other rights hereunder in a manner which is acceptable to the SPC, the

Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent,the

Lenders and the Obligors shall be entitled to relyupon anddealsolelywiththe Granting Lender

with respect to Loans made byor through its SPC.The making of a Loan byan SPChereunder

shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan

were made by the Granting Lender.

Eachpartyheretoherebyagrees(whichagreementshallsurvivetheterminationof

this Agreement)that, prior to thedatethat is oneyearandonedayafterthepayment in full ofall

outstanding senior indebtedness of anySPC, it will not institute against, or join anyother person

in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or

liquidation proceedings or similar proceedings under the laws of the United States or any State

thereof, inrespect ofclaims arisingout ofthisAgreement; <u>provided</u> that theGrantingLenderfor

each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any

Losses arising out of their inabilityto institute anysuch proceedingagainst its SPC.In addition,

notwithstandinganythingtothecontrarycontained in this <u>Section 9.04</u>,anySPC may(i)without

the prior written consent of the Borrower and the Administrative Agent and without paying any

processingfeetherefor, assign all or a portion of its interests in anyLoans to its GrantingLender

or to any financial institutions providing liquidity and/or credit facilities to or for the account of

such SPC to fund the Loans made by such SPC nor to support the securities (if any)issued by

such SPC to fund such Loans (but nothing contained herein shall be construed in derogation of

the obligation of the Granting Lender to make Loans hereunder); <u>provided</u> that neither the

consent of the SPC or of any such assignee shall be required for amendments or waivers

hereunder except for those amendments or waivers for which the consent of participants is

required under <u>clause (f)</u>below, and (ii) disclose on a confidential basis (in the same manner

described in <u>Section</u><u>9.13(b)</u>)any Non-Public Information relating to its Loans to any rating

agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity

enhancement to such SPC.

(f)<u>Participations</u>.Any Lender may, without the consent of the Borrower,

Administrative Agent, any Issuing Bank or Swingline Lender, sell participations to one or more

banks or other entities (other than natural persons (or a holding company, investments vehicle,

investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural

person) or any Person listed on the Prohibited Assignees and Participants Side Letter) (a

"<u>Participant</u>")in all or a portion of such Lender's rights and obligations under this Agreement

and theother Loan Documents (includingall or aportion of its Commitments and theLoans and

LCDisbursementsowingtoit);<u>provided</u>that(i)suchLender'sobligationsunderthisAgreement

16<br>

and the other Loan Documents shall remain unchanged, (ii)such Lender shall remain solely

responsible to the other parties hereto for the performance of such obligations and (iii) the

Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to

dealsolelyanddirectlywithsuchLenderinconnectionwithsuchLender'srightsandobligations

under this Agreement and the other Loan Documents.Anyagreement or instrument pursuant to

whichaLendersellssuchaparticipationshallprovidethatsuchLendershallretainthesoleright

to enforce this Agreement and the other Loan Documents and to approve any amendment,

modification or waiver of any provision of this Agreement or any other Loan Document;

<u>provided</u> that such agreement or instrument may provide that such Lender will not, without the

consent of the Participant, agree to anyamendment, modification or waiver described in the first

proviso to <u>Section</u><u>9.02(b)</u>that directly affects such Participant.Subject to <u>clause (g)</u> of this

<u>Section 9.04</u>, the Borrower agrees that each Participant shall be entitled to the benefits of

<u>Sections 2.14</u>, <u>2.15</u> and <u>2.16</u> to the same extent as if it were a Lender and had acquired its

interest by assignment pursuant to <u>clause (b)</u>of this <u>Section 9.04</u>; <u>provided</u> that (A) such

Participant agrees to be subject to the provisions of <u>Section 2.18</u> as if it were an assignee under

<u>clause</u><u>(b)</u>ofthis<u>Section</u><u>9.04</u>and(B)suchParticipantshallnotbeentitledtoreceiveanygreater

payment under <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u>, with respect to any participation, than its

participatingLenderwouldhavebeenentitledtoreceive,excepttotheextentsuchentitlementto

receiveagreaterpaymentresultsfromaChangeinLawthatoccursaftertheParticipantacquired

the applicable participation; <u>provided</u>, <u>further</u>, that no Participant shall be entitled to the benefits

of <u>Section 2.16</u> unless the Borrower is notified of the participation granted to such Participant

and such Participant shall have complied with the requirements of <u>Section 2.16</u> as if such

Participant is a Lender.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 Section 2.18 with respect to any Participant.To the extent permitted bylaw, each

Participant also shall be entitled to the benefits of <u>Section 9.08</u> as though it were a Lender;

provided such Participant agrees to be subject to <u>Section</u><u>2.17(d)</u>as though it were a Lender

hereunder.EachLenderthatsellsaparticipationshall,actingsolelyforthispurposeasa

non-fiduciaryagent of theBorrower, maintain aregister on which it enters thenameand address

ofeachParticipantandtheprincipalamounts(andstatedinterest)ofeachParticipant'sinterestin

the Commitments, Loans, Letters of Credit or other obligations under the Loan Documents (the

"<u>Participant Register</u>"); provided 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 other

information relating to a Participant's interest in any Commitments, Loans, Letters of Credit or

its other obligations under any Loan Document) to any person except to the extent that such

disclosures are necessary to establish that such commitment, loan, letter of credit or other

obligation is in registered form under Section 5f.103-1(c) of the United States Treasury

Regulations.TheentriesintheParticipantRegistershallbeconclusiveabsentmanifesterror,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 anynotice to the

contrary. For theavoidanceofdoubt, theAdministrativeAgent (in itscapacityas Administrative

Agent) shall have no responsibility for maintaining a Participant Register.

(g)<u>Limitations on Rights of Participants</u>.A Participant shall not be entitled

to receive any greater payment under <u>Section</u><u>2.14</u>, <u>2.15</u> or <u>2.16</u> than the applicable Lender

would have been entitled to receive with respect to the participation sold to such Participant,

unless(i)suchentitlementtoreceiveagreaterpaymentresultsfromaChangeinLawthatoccurs

16<br>

after the Participant acquired the applicable participation or (ii) the sale of the participation to

such Participant is made withthe Borrower'sprior written consent.AParticipantthat would be

a Foreign Lender if it were a Lender shall not be entitled to the benefits of <u>Section</u><u>2.16</u> unless

the Borrower is notified of theparticipation sold to such Participant and such Participantagrees,

for the benefit of the Borrower, to complywith <u>paragraphs (f)</u>and <u>(h)</u>of <u>Section</u><u>2.16</u> as though

it were a Lender and in the case of a Participant claiming exemption for portfolio interest under

Section871(h)or 881(c)of the Code, the applicable Lender shall provide the Borrower with

satisfactoryevidencethat theparticipation is inregisteredformandshallpermit theBorrowerto

review such register as reasonablyneeded forthe Borrowerto complywithitsobligationsunder

applicable laws and regulations.

(h)<u>Certain Pledges</u>.AnyLender mayat anytime pledge or assign a security

interest in all or any portion of its rights under this Agreement to secure obligations of such

Lender, including anysuchpledgeor assignment to a FederalReserve Bank or anyother central

bank having jurisdiction over such Lender, and this <u>Section 9.04</u>shall not apply to any such

pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a

security interest shall release a Lender from any of its obligations hereunder or substitute any

such assignee for such Lender as a party hereto.

(i)<u>No</u><u>Assignments</u><u>to</u><u>the</u><u>Borrower</u><u>or</u><u>Affiliates</u>.Anythinginthis<u>Section</u>

<u>9.04</u> to the contrary notwithstanding, no Lender may assign or participate any interest in any

Loan or LC Exposure held by it hereunder to (a) the Borrower or any of its Affiliates or

Subsidiaries without the prior consent of each Lender or (b) a Prohibited Person (as defined in

Prohibited Assignees and Participants Side Letter).

SECTION9.05. <u>Survival</u>.All covenants, agreements, representations and

warranties made bythe Borrower herein and in the certificates or other instruments delivered in

connection with or pursuant to this Agreement shall be considered to have been relied upon by

the other parties hereto and shall survive the execution and delivery of this Agreement and the

makingof anyLoans andissuanceof anyLettersofCredit,regardlessofanyinvestigationmade

by any such other party or on its behalf and notwithstanding that the Administrative Agent, any

Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect

representationorwarrantyatthetimeanycreditisextendedhereunder,andshallcontinueinfull

force and effect as long as theprincipal ofor anyaccruedinterest on anyLoan or anyfeeor any

other amount payable under this Agreement is outstanding and unpaid or anyLetter of Credit is

outstanding and so long as the Commitments havenot expired orterminated.Theprovisions of

<u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> and <u>Article VIII</u> shall survive and remain in full force and

effect regardless of the resignation or replacement of the Administrative Agent, any Swingline

Lender or any Issuing Bank or any assignment of rights by, or the replacement of a Lender,

consummation of the transactions contemplated hereby, the repayment of the Loans, the

expiration or termination of the Letters of Credit and the Commitment, the Cash

CollateralizationorbackstopoftheLettersofCreditortheterminationofthisAgreementorany

provision hereof. Any Non-Extending Lender that has had all of its obligations under this

AgreementandeachotherLoanDocumentpaidinfullshallceasetobeaLenderundertheLoan

Documents following the earliest to occur of (i) such Non-Extending Lender's Non-Extended

Commitment Termination Date, (ii) the termination of such Non-Extending Lender's

Commitmentinitsentiretypursuantto<u>Section</u><u>2.08(f)</u>and(iii)theTerminationDate,except

16<br>

with respect to any provision applicable to such Non-Extending Lender that expressly survives

the termination of a Loan Document.

SECTION9.06.<u>Counterparts;</u><u>Integration;</u><u>Effectiveness;</u><u>Electronic</u><u>Execution</u>.

(a)<u>Counterparts; Integration; Effectiveness</u>.This Agreement may be

executedincounterparts(andbydifferentpartiesheretoondifferentcounterparts),eachofwhich

shall constitute an original, but all of which when taken together shall constitute a single

contract.This Agreement<u>, the other Loan Documents</u>and any separate letter agreements with

respect to fees payable to the Administrative Agent constitute the entire contract between and

among the parties relating to the subject matter hereof and supersede any and all previous

agreements and understandings, oral or written, relating to the subject matter hereof.Except as

provided in <u>Section 4.01</u>, this Agreement shall become effective when it shall have been

executed by the Administrative Agent and when the Administrative Agent shall have received

counterparts hereof which, when taken together, bear the signatures of each of the other parties

hereto,andthereaftershallbebindinguponandinuretothebenefitofthepartiesheretoandtheir

respective successors and assigns.Delivery of an executed counterpart of a signature page to

this Agreement by telecopy or electronically (e.g. pdf) shall be effective as delivery of a

manually executed counterpart of this Agreement.

(b)<u>Electronic Execution of Assignments</u>.The words "execution," "signed,"

"signature," and words of like import in any Assignment and Assumption shall be deemed to

include electronicsignatures or thekeepingofrecords in electronicform, each ofwhich shall be

ofthesamelegaleffectvalidityorenforceabilityasamanuallyexecutedsignatureortheuseofa

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.

SECTION9.07.<u>Severability</u>.Any provision of this Agreement held to be

invalid,illegalorunenforceableinanyjurisdictionshall,astosuchjurisdiction,beineffectiveto

the extent of such invalidity, illegalityor unenforceabilitywithout affecting the validity,legality

andenforceabilityoftheremainingprovisionshereof;andtheinvalidityofaparticularprovision

in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION9.08.<u>Right of Setoff</u>.If an Event of Default shallhaveoccurred and

be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from

timeto time(with thepriorconsentoftheAdministrativeAgentortheRequiredLenders),tothe

fullest extent permitted bylaw, to set off and applyanyand all deposits (general or special, time

ordemand,provisionalorfinal)atanytimeheldandotherobligationsatanytimeowingbysuch

Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the

obligationsoftheBorrowernoworhereafterexistingunderthisAgreementheldbysuchLender,

irrespective of whether or not such Lender shall have made any demand under this Agreement

and although such obligations maybe unmatured; <u>provided</u> that in the eventthat anyDefaulting

Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over

immediately to the Administrative Agent for further application in accordance with the

provisionsof<u>Sections</u><u>2.17(d)</u>and,pendingsuchpayment,shallbesegregatedbysuch

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Defaulting Lender from its other funds and deemed held in trust for the benefit of the

Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall

provide promptly to the Administrative Agent a statement describing in reasonable detail the

amountsowingtosuchDefaultingLenderhereunderastowhichitexercisedsuchrightofsetoff.

The rights of each Lender under this <u>Section</u><u>9.08</u> are in addition to other rights and remedies

(includingother rights ofsetoff)which such Lendermayhave.Each Lenderagrees tonotifythe

BorrowerandtheAdministrativeAgentpromptlyafteranysuchsetoffandapplication;<u>provided</u>

that the failure to give such notice shall not affect the validityof such setoff and application.

SECTION9.09.<u>Governing</u><u>Law;</u><u>Jurisdiction;</u><u>Etc.</u>

(a)<u>Governing</u><u>Law</u>.ThisAgreement,unlessotherwisespecifiedtherein,each

other Loan Document and any claims, controversy, dispute, or cause of action (whether in

contract,tort,orotherwiseandwhetheratlaworinequity)basedupon,arisingoutof,orrelating

to this Agreement and the transactions contemplated hereby and thereby, shall be construed in

accordance with and governed by the law of the State of New York.

(b)<u>Submission to Jurisdiction</u>.Each party to this Agreement hereby

irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction

of the Supreme Court of the State of New York sitting in New York County and of the United

States District Court of theSouthern District of New York sitting in New York County, and any

appellate court from any thereof, in any action or proceeding (whether in contract, tort, or

otherwise and whether at law or in equity) arising out of or relating to this Agreement and any

otherLoanDocument,orforrecognitionorenforcementofanyjudgment,andeachoftheparties

heretoherebyirrevocablyandunconditionallyagreesthatallclaimsinrespectofanysuchaction

or proceeding may be heard and determined in such New York State or, to the extent permitted

bylaw, in such federal court.Each of the parties hereto agrees that a final judgment in anysuch

actionorproceedingshallbeconclusiveandmaybeenforcedinotherjurisdictionsbysuitonthe

judgment or in any other manner provided by law.Nothing in this Agreement shall affect any

rightthattheAdministrativeAgent,anyIssuingBankoranyLendermayotherwisehavetobring

anyaction orproceeding (whether in contract, tort, orotherwiseand whether at law or in equity)

relating to this Agreement against the Borrower or its properties in the courts of anyjurisdiction.

(c)<u>Waiver of Venue</u>.Each party to this Agreement hereby irrevocably and

unconditionally waives, to the fullest extent it may legally and effectively do so, any objection

which it may now or hereafter have to the laying of venue of any suit, action or proceeding

arising outof or relating tothisAgreementinany court referred to in <u>clause (b)</u>of this <u>Section</u>

<u>9.09</u>.Eachofthepartiesheretoherebyirrevocablywaives,tothefullestextentpermittedbylaw,

the defense of an inconvenient forum to the maintenance of such action or proceeding in any

such court.

(d)<u>Service of Process</u>.Eachpartytothis Agreement (i)irrevocablyconsents

to service of process in the manner provided for notices in <u>Section 9.01</u> and (ii) agrees that

service as provided in the manner provided for notices in <u>Section 9.01</u> is sufficient to confer

personaljurisdictionoversuchpartyinanyproceedinginany courtandotherwiseconstitutes

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effective and binding service in everyrespect. Nothing in this Agreement will affectthe rightof

anypartyto this Agreement to serve process in anyother manner permitted bylaw.

SECTION9.10. <u>WAIVER OF JURY TRIAL</u>.EACH PARTY HERETO

HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,

ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING

DIRECTLY OR INDIRECTLY ARISING OUT OFOR RELATING TO THIS AGREEMENT,

ANYOTHERLOANDOCUMENTORTHETRANSACTIONSCONTEMPLATEDHEREBY

(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY

HERETO (A)CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF

ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH

OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE

THE FOREGOING WAIVER AND (B)ACKNOWLEDGES THAT IT AND THE OTHER

PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,

AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS

<u>SECTION 9.10</u>.

SECTION9.11.<u>Judgment</u><u>Currency</u>.This is aninternationalloantransaction in

which the specification of Dollars or any Foreign Currency, as the case may be (the "<u>Specified</u>

<u>Currency</u>"),andpayment inNewYork CityorthecountryoftheSpecifiedCurrency,asthecase

may be (the "<u>Specified Place</u>"), is of the essence, and the Specified Currency shall be the

currency of account in all events relating to Loans denominated in the Specified Currency.The

payment obligations of the Borrower under this Agreement shall not be discharged or satisfied

by an amount paid in another currency or in another place, whether pursuant to a judgment or

otherwise, to the extent that the amount so paid on conversion to the Specified Currency and

transfertotheSpecifiedPlaceundernormalbankingproceduresdoesnotyieldtheamountofthe

Specified Currency at the Specified Place due hereunder.If for the purpose of obtaining

judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency

intoanothercurrency(the"<u>Second</u><u>Currency</u>"),therateofexchangethatshallbeappliedshallbe

the rate at which in accordance with normal bankingprocedures the AdministrativeAgent could

purchase the Specified Currency with the Second Currency on the Business Daynext preceding

the day on which such judgment is rendered.The obligation of the Borrower in respect of any

such sum due from it to the Administrative Agent or any Lender (for purposes of this Section

9.11, an "Entitled Person") hereunder or under anyother Loan Document shall,notwithstanding

therateofexchangeactuallyappliedinrenderingsuchjudgmentbedischargedonlytotheextent

that on the Business Day following receipt by such Entitled Person of any sum adjudged to be

due hereunder in the Second Currency such Entitled Person may in accordance with normal

bankingprocedures purchase and transfer to the Specified Place the Specified Currencywith the

amount of the Second Currency so adjudged to be due; and the Borrower hereby, as a separate

obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person

against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if

any)by which the sum originally due to such Entitled Person in the Specified Currency

hereunder exceeds the amount of the Specified Currencyso purchased and transferred.

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SECTION9.12.<u>Headings</u>.Article and Sectionheadings and the Table of

Contents used herein are for convenience of reference only, are not part of this Agreement and

shallnotaffecttheconstructionof,orbetakenintoconsiderationininterpreting,thisAgreement.

SECTION9.13. <u>Treatment of Certain Information; No Fiduciary Duty;</u>

<u>Confidentiality</u>.

(a)<u>Treatment of Certain Information; No Fiduciary</u><u>Duty; No Conflicts</u>.The

Borrower acknowledges that from time to time financial advisory, investment bankingand other

services may be offered or provided to the Borrower or one or more of its Subsidiaries (in

connection with this Agreement or otherwise)by any Lender or by one or more subsidiaries or

affiliates of such Lender and the Borrower hereby authorizes each Lender to share any

information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this

Agreement, or in connection with the decision of such Lender to enter into this Agreement, to

anysuchsubsidiaryoraffiliate,itbeingunderstoodthatanysuchsubsidiaryoraffiliatereceiving

suchinformationshallbeboundbytheprovisionsof<u>clause</u><u>(b)</u>ofthis<u>Section</u><u>9.13</u>asifitwerea

Lenderhereunder.SuchauthorizationshallsurvivetherepaymentoftheLoans,theexpirationor

terminationoftheLettersofCreditandtheCommitments,theCashCollateralizationorbackstop

of the Letters of Credit or the termination of this Agreement or any provision hereof.Each

Lender shall use all information delivered to such Lender by the Borrower and its Subsidiaries

pursuant to this Agreement, or in connection with the decision of such Lender to enter into this

Agreement, in connection with providing services to the Borrower. The Administrative Agent,

each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the

"Lenders"), may have economic interests that conflict with those of the Borrower or any of its

Subsidiaries, their stockholders and/or their affiliates. TheBorrower, on behalf of itself and each

of its Subsidiaries, agrees that nothing in the Loan Documents or otherwise will be deemed to

create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between

any Lender, on the one hand, and the Borrower or any of its Subsidiaries, its stockholders or its

affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledges and agrees

that (i) the transactions contemplated by the Loan Documents (including the exercise of rights

and remedies hereunder and thereunder) are arm's-length commercial transactions between the

Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in

connection therewith and with the process leading thereto, (x) no Lender has assumed an

advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of

their stockholders or affiliates with respect to the transactions contemplated hereby (or the

exercise of rights or remedies with respect thereto) or the process leadingthereto (irrespective of

whether any Lender has advised, is currently advising or will advise the Borrower or any of its

Subsidiaries, their stockholders or their affiliates on other matters) or anyother obligation to the

Borrower or any of its Subsidiaries except the obligations expressly set forth in the Loan

Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of

the Borrower or any of its Subsidiaries, their management, stockholders, creditors or any other

Person. The Borrower and each of its Subsidiaries each acknowledges and agrees that it has

consulted its own legal and financial advisors to the extent it deemed appropriate and that it is

responsible for making its own independent judgment with respect to such transactions and the

process leading thereto. The Borrower and each of its Subsidiaries each agrees that it will not

claimthatanyLenderhasrenderedadvisoryservicesofanynatureorrespect,orowesa

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fiduciaryorsimilardutytotheBorroweroranyofitsSubsidiaries,inconnectionwithsuch

transaction or the process leading thereto.

(b)<u>Confidentiality</u>.Each of the Administrative Agent, the Lenders, the

Swingline Lenders and the Issuing Banks agrees to maintain the confidentiality of the

Information (asdefinedbelow),exceptthat Informationmaybedisclosed(i)to itsAffiliates and

to its and its Affiliates' respective partners, directors, officers, employees, agents, advisers,

market data collectors, similar service providers to the lending industryand service providers to

the Administrative Agent and the Lenders in connection with the administration of this

Agreement, the other Loan Documents, and the Commitments, and other representatives (it

being understood that the Persons to whom such disclosure is made will be informed of the

confidential nature of such Information and instructed to keep such Information confidential on

terms substantially similar to the terms set forth in this <u>clause (b)</u> on a confidential and need to

know basis), (ii)to the extent requested by any regulatory authority purporting to have

jurisdiction over it (including any self-regulatory authority), (iii)to the extent required by

applicable laws or regulations or byanysubpoena or similar legal process (provided, that except

in the case of any ordinary course examination by a regulatory, self-regulatory or governmental

agency, it will use its commercially reasonable efforts to notify the Borrower of any such

disclosurepriortomakingsuchdisclosuretotheextentlegallypermittedandtimelypracticable),

(iv)to any other party hereto, (v)in connection with the exercise of any remedies hereunder or

under any other Loan Document or any action or proceeding relating to this Agreement or any

otherLoanDocumentortheenforcementofrightshereunderorthereunder,(vi)otherthantoany

Person listed in the Prohibited Assignees and Participants Side Letter, subject to an agreement

containing provisions substantially the same as those of this <u>Section 9.13(b)</u>, to (x) anyassignee

of or Participant in, or any prospective assignee of or Participant in, any of its rights or

obligationsunderthisAgreementor(y)anyactualorprospectivecounterparty(oritsadvisors)to

any swap or derivative, or other transaction or credit insurance provider, in each case in this

clause (vi), relating to the Borrower and its obligations, this Agreement or payments hereunder

(vii)with the written consent of the Borrower, (viii)to the extent such Information (x)becomes

publicly available other than as a result of a breach of this Section9.13(b) or (y)becomes

available to the Administrative Agent, any Lender, any Issuing Bank or any of their respective

Affiliates on a non-confidential basis from a source other than the Borrower, or (ix) on a

confidential basis to (x)any rating agency in connection with rating the Borrower or its

Subsidiaries or the credit facilities provided hereunder or (y) the CUSIP Service Bureau or any

similar agency in connection with the issuance and monitoring of CUSIP numbers with respect

to the credit facilities provided hereunder or (x) on aconfidential basis, to theextent required by

a potential or actual insurer or reinsurer in connection with providing insurance, reinsurance or

credit risk mitigation coverage under which payments are to be made or may be made by

reference to this Agreement.In addition, the Administrative Agent, the Issuing Banks and the

Lenders may disclose the existence of this Agreement and information about this Agreement to

market data collectors, similar service providers to the lending industryand service providers to

theAdministrativeAgentoranyIssuingBankorLenderinconnectionwiththeadministrationof

this Agreement, the other Loan Documents, and the Commitments.

For the avoidance of doubt, nothing in this <u>Section 9.13</u>shall prohibit anyPerson

from voluntarilydisclosing or providing anyInformation within thescopeofthis confidentiality

provisiontoanygovernmental,regulatoryorself-regulatoryorganization(anysuchentity,a

16<br>

"<u>Regulatory Authority</u>") to the extent that any such prohibition on disclosure set forth in this

<u>Section 9.13</u> shall be prohibited by the laws or regulations applicable to such Regulatory

Authority.

For purposes of this Section, "<u>Information</u>" means all information received from

theBorroweroranyofitsSubsidiariesorprovidedontheirbehalf(includingfromany

third-party appraiser or other representative engage in connection with this Agreement or the

Transactions) relating to the Borrower or any of its Subsidiaries or any of their respective

businesses or any Portfolio Investment, other than any such information that is available to the

Administrative Agent, any Lender or any Issuing Bank on a non-confidential basis prior to

disclosure by the Borrower or any of its Subsidiaries; <u>provided</u> that, in the case of Information

received from the Borrower or anyof its Subsidiaries after the Effective Date, such Information

is clearly identified at the time of delivery as confidential.Any Person required to maintain the

confidentiality of Information as provided in this Sectionshall be considered to have complied

with its obligation to do so if such Person has exercised the same degree of care to maintain the

confidentiality of such Information as such Person would accord to its own confidential

information.

SECTION9.14.<u>PATRIOT Act</u>.Each Lender herebynotifies the Borrower that

pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record

information thatidentifies the Borrower and eachother Obligor and eachdesigneeof a Letterof

Credit, which information includes the name and address of the Borrower, each other Obligor

and each designee of a Letter of Credit and other information that will allow such Lender to

identifythe Borrower, each other Obligor and each designee of a Letter of Credit in accordance

with said Act.

SECTION9.15. <u>Interest Rate Limitation</u>.Notwithstanding anything to the

contraryinanyLoanDocument,theinterestpaidoragreedtobepaidundertheLoanDocuments

shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the

"Maximum Rate").If the Administrative Agent or any Lender shall receive interest in an

amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of

the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.In determining

whethertheinterestcontractedfor,charged,orreceivedbytheAdministrativeAgentoraLender

exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a)

characterizeanypaymentthatisnotprincipalasanexpense,fee,orpremiumratherthaninterest,

(b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,

and spread in equal or unequal parts the total amount of interest throughout the contemplated

term of the obligations hereunder.

SECTION9.16.<u>Acknowledgement</u><u>and</u><u>Consent</u><u>to</u><u>Bail-In</u><u>of</u><u>Affected</u><u>Financial</u>

<u>Institutions</u>.Notwithstanding anything to the contrary in any Loan Document or in any other

agreement, arrangement or understanding among any such parties, each party hereto

acknowledges that any liability of any Affected Financial Institution arising under any Loan

Document, to the extent such liability is unsecured, may be subject to the Write-Down and

Conversion Powers of the applicable Resolution Authority and agrees and consents to, and

acknowledges and agrees to be bound by:

17<br>

(a)the application of any Write-Down and Conversion Powers by the

applicable Resolution Authority to any such liabilities arising hereunder which may be payable

to it by any Lender that is an Affected Financial Institution; and

(b)theeffectsofanyBail-InActiononanysuchliability,including,if

17<br>

applicable:

(i)areductioninfullorinpartorcancellationofanysuch liability;

(ii)aconversionofall,oraportionof,suchliabilityintosharesor

other instruments of ownership in such Affected Financial Institution, its parent

undertaking<u>entity</u>, or a bridge institution that may be issued to it or otherwise conferred

onit,andthatsuchsharesorotherinstrumentsofownershipwillbeacceptedbyitinlieu

of any rights with respect to any such liability under this Agreement or any other Loan

Document; or

(iii)the variation of the terms of such liability in connection with the

exercise of the Write-Down and Conversion Powers of the applicable Resolution

Authority.

SECTION9.17.<u>Certain</u><u>ERISA</u><u>Matters</u>.

(a)Each Lender (x) represents and warrants, as of the date such Person

becameaLenderpartyhereto,to,and(y)covenants,fromthedatesuchPersonbecameaLender

party thereto to the date such Person ceases being a Lender party hereto, for the benefit of, the

Administrative Agent, each Joint Lead Arranger, and their respective Affiliates, and not, for the

avoidanceofdoubt,toorforthebenefitoftheBorroweroranyotherObligor,thatatleastoneof

the following is and will be true:

(i)such Lender is not using "plan assets" (within the meaning of

Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such

Lender's entrance into, participation in, administration of and performance of the Loans,

the Letters of Credit, the Commitments or this Agreement,

(ii)the transaction exemption set forth in one or more PTEs, such as

PTE 84-14 (a class exemption for certain transactions determined by independent

qualified professional asset managers), PTE 95-60 (a class exemption for certain

transactions involving insurance company general accounts), PTE 90-1 (a class

exemption for certain transactions involving insurance company pooled separate

accounts), PTE 91-38 (a class exemption for certain transactions involving bank

collective investment funds) or PTE 96-23 (a class exemption for certain transactions

determined by in-house asset managers), is applicable with respect to such Lender's

entrance into, participation in, administration of and performance of the Loans, the

Letters of Credit, the Commitments and this Agreement,

(iii)(A) such Lender is an investment fund managed by a "Qualified

Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such

QualifiedProfessionalAssetManagermadetheinvestmentdecisiononbehalfofsuch

17<br>

Lender to enter into, participate in, administer and perform the Loans, the Letters of

Credit, the Commitments and this Agreement, (C) the entrance into, participation in,

administration of and performance of the Loans, the Letters of Credit, the Commitments

and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part Iof

PTE84-14and(D)tothebestknowledgeofsuchLender,therequirementsofsubsection

(a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into,

participationin,administrationofandperformanceoftheLoans,theLettersofCredit,the

Commitments and this Agreement, or

(iv)suchotherrepresentation,warrantyandcovenantasmaybeagreed

in writingbetweentheAdministrativeAgent,initssolediscretion,andsuch Lenderwith

respect to the Loan Documents.

(b)In addition, unless either (1) <u>subclause (i)</u> in the immediately preceding

<u>clause (a)</u> is true with respect to a Lender or (2) a Lender has provided another representation,

warrantyandcovenantinaccordancewith<u>subclause</u><u>(iv)</u>intheimmediatelypreceding<u>clause</u><u>(a)</u>,

such Lender further (x) represents and warrants, as of the date such Person became a Lender

party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to

the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative

Agent, each Joint Lead Arranger, and their respective Affiliates, and not, for the avoidance of

doubt, to or for the benefit of the Borrower or anyother Obligor, that none of the Administrative

Agent,theJointLeadArrangers,oranyoftheirrespectiveAffiliatesisafiduciarywithrespectto

the assets of such Lender involved in such Lender's entrance into, participation in,

administration ofandperformanceoftheLoans, theLetters ofCredit, theCommitments and this

Agreement (including in connection with the reservation or exercise of any rights by the

AdministrativeAgentunderthisAgreement,anyotherLoanDocumentoranydocumentsrelated

hereto or thereto).

SECTION9.18.<u>Acknowledgement Regarding Any Supported QFCs</u>.To the

extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging

Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit</u>

<u>Support</u>",andeachsuchQFC,a"<u>Supported</u><u>QFC</u>"),thepartiesheretoacknowledgeandagreeas

follows with respect tothe resolutionpowerofthe Federal Deposit InsuranceCorporationunder

the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and

Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S.</u>

<u>Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with

the provisions below applicable notwithstanding that the Loan Documents and any Supported

QFC may in fact be stated to be governed by the laws of the State of New York and/or of the

United States or any other state of the United States):

(a)In the event a Covered Entity that is party to a Supported QFC (each, a

"<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the

transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest

and obligation in or under such Supported QFC andsuch QFCCreditSupport, and anyrights in

property securing such Supported QFC or such QFC Credit Support) from such Covered Party

will be effective to the same extent as the transfer would be effective under the U.S. Special

Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,

17<br>

obligationandrightsinproperty)weregovernedbythelawsoftheUnitedStatesorastateofthe

United States. In the event a Covered Partyor a BHC Act Affiliate of a Covered Partybecomes

subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan

Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that

may be exercised against such Covered Party are permitted to be exercised to no greater extent

than such Default Rights could be exercised under the U.S. Special Resolution Regime if the

Supported QFC and the Loan Documents were governed by the laws of the United States or a

state of the United States. Without limitation of the foregoing, it is understood and agreed that

rights and remedies of the parties hereto with respect to a Defaulting Lender shall in no event

affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit

Support.

17<br>

meanings:

(b) Asusedinthis<u>Section</u><u>9.18</u>,thefollowingtermshavethefollowing

(i)"<u>BHC</u><u>Act</u><u>Affiliate</u>"ofapartymeansan"affiliate"(assuchterm

isdefinedunder,andinterpretedinaccordancewith,12U.S.C.1841(k))ofsuchparty.

(ii)"<u>Covered</u><u>Entity</u>"meansanyofthefollowing:

(A)a"coveredentity"asthattermisdefinedin,andinterpreted

in accordance with, 12 C.F.R. § 252.82(b);

(B)a "coveredbank" asthatterm isdefinedin,andinterpreted

in accordance with, 12 C.F.R. § 47.3(b); or

(C)a "covered FSI" as that term is defined in, and interpreted

in accordance with, 12 C.F.R. § 382.2(b).

(iii)"<u>Default</u><u>Right</u>"hasthemeaningassignedtothattermin,andshall

be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

(iv)"<u>QFC</u>" has the meaning assigned to the term "qualified financial

contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

SECTION9.19.<u>Representations and Warranties of the Lenders and Issuing</u>

<u>Banks</u>.EachLenderandeachIssuingBankrepresentsandwarrantsthat(a)theLoanDocuments

setforththetermsofacommerciallendingfacility,(b)inparticipatingasaLender,itisengaged

in making, acquiring or holding commercial loansand in providing other facilities set forth

herein as maybe applicable to such Lender or Issuing Bank, in each case in the ordinarycourse

of business, and not for the purpose of investing in the general performanceoroperations ofthe

Borrower, or for the purpose of purchasing, acquiring or holding any other type of financial

instrument such as a security (and each Lender and each Issuing Bank agrees not to assert a

claimincontraventionoftheforegoing,suchasaclaimunderthefederalorstatesecuritieslaw).

SECTION9.20.<u>German Bank Separation Act</u>. Solely for so long as Deutsche

BankAGNewYorkBranch,oranyAffiliatethereof,isaLender,ifanysuchLenderissubjectto

theGBSA(asdefinedbelow)(anysuchLender,a"<u>GBSA</u><u>Lender</u>")andsuchGBSALender

17<br>

shall have determined in good faith (based on reasonable advice and a written opinion of

counsel), which determination shall be made in consultation with the Borrower subject to the

terms hereof, that, due to the implementation of the German Act on the Ring-fencing of Risks

and for the Recovery and Resolution Planning for Credit Institutions and Financial Groups

(Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von

Kreditinstituten und Finanzgruppen) of7 August 2013 (commonly referred to as the German

Bank Separation Act (Trennbankengesetz) (as amended, the "<u>GBSA</u>"), whether before or after

the date hereof, or any corresponding European legislation (such as the proposed regulation on

structural measures improving the resilience of European Union credit institutions) that may

amend or replace the GBSA in the future or any regulation thereunder, or due to the

promulgation of or anychange in theinterpretation byanycourt, tribunal orregulatoryauthority

with competent jurisdiction of the GBSA or any corresponding future European legislation that

may amend or replace the GBSA in the future or any regulation thereunder, the arrangements

contemplated by this Agreement, any Guarantee, the Loans or extensions of credit associated

with the Letters of Credit have, or will, become illegal, prohibited or otherwise unlawful, then,

and in any such event, such GBSA Lender shall give written notice to the Borrower and the

Administrative Agent of such determination (which written notice shall include a reasonably

detailedexplanationofsuchillegality,prohibitionorunlawfulness,including,withoutlimitation,

all evidence and calculations used in the determination thereof, a "<u>GBSA Initial Notice</u>"),

whereupon until the tenth Business Dayafter the date of such GBSA Initial Notice, such GBSA

Lender shall use best efforts to transfer to the extent permitted under applicable law such

arrangements, Commitments and/or Loans to an Affiliate or other third partyinaccordancewith

<u>Section 9.04</u>. If no such transfer is effected in accordance with the preceding sentence, such

GBSA Lender shall give written noticethereof to the Borrower and the Administrative Agent (a

"<u>GBSA Final Notice</u>"), whereupon (i) all of the obligations (including outstanding principal of

Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon,

accrued fees and all other amounts payable to it hereunder, collectively, the "<u>GBSA</u>

<u>Obligations</u>") owed to such GBSA Lender hereunder shall become due and payable, and the

Borrower shall repay the GBSA Obligations on the tenth Business Day immediately after the

date of such GBSA Final Notice (the "<u>Initial GBSA Termination Date</u>") and, for the avoidance

of doubt, such repayment shall not be subject to the terms and conditions of Section 2.08, 2.10,

2.15, 2.17(c) or 2.17(d) to the extent that there are no outstanding amounts due and payable to

theother Lenders atsuchdateand(ii)theCommitmentofsuchGBSALendershallterminateon

the Initial GBSA Termination Date; provided that, notwithstanding the foregoing, if, prior to

such Initial GBSA Termination Date, the Borrower and/or the Administrative Agent in good

faith reasonably believes that there is a mistake, error or omission in the grounds used to

determine such illegality, prohibition or unlawfulness under the GBSA or any corresponding

future European legislation that mayamend or replace the GBSA in the future or anyregulation

thereunder, then the Borrower and/or the Administrative Agent, as applicable, may provide

written notice (which written notice shall include a reasonably detailed explanation of the basis

of such good faith belief, including, without limitation, evidence and calculations used in the

determination thereof, a "<u>GBSA Consultation Notice</u>") to that effect, at which point the GBSA

Obligations owed to such GBSA Lender shall not become due and payable, and the

Commitments of such GBSA Lender shall not terminate, until the Business Day immediately

following the tenth Business Day immediately after the Initial GBSA Termination Date (the

periodfrom, and including, the date of the GBSA Consultation Notice until the tenth Business

17<br>

Day immediately thereafter being the "<u>GBSA Consultation Period</u>").In the event that the

Borrowerand/ortheAdministrativeAgent,asapplicable,andsuchGBSALendercannotingood

faith reasonably agree during the GBSA Consultation Period whether the arrangements

contemplated by this Agreement or the Loans have, or will, become illegal, prohibited or

otherwise unlawful under the GBSA or any corresponding future European legislation that may

amend or replace the GBSA in the future or any regulation thereunder, then all of the GBSA

ObligationsowedtosuchGBSALendershallbecomedueandpayable,andtheCommitmentsof

such GBSA Lender shall terminate, on the Business Day immediately following the last day of

such GBSA Consultation Period.For the avoidance of doubt, so long as a GBSA Consultation

Period has occurred and is continuing, (i) the Commitments and Revolving Credit Exposure of

any GBSA Lender shall be subject to <u>Section 2.18</u>, and the Borrower shall have all rights to

replace such GBSA Lender in accordance with <u>Section 2.18(b)</u>, (ii) no GBSA Lender shall be

required to fund its pro rata share of any Borrowing or acquire participations in any Swingline

Loans under Section 2.04(c) or Letters of Credit under Section 2.05(e), (iii) each GBSA Lender

shallbedeemedtohaveanApplicablePercentage,ApplicableDollarPercentageandApplicable

Multicurrency Percentage of zero for purposes of Sections 2.04(c), 2.05(e) and 2.05(f) and (iv)

no GBSA Lender shall be entitled to receive any fee pursuant to Sections 2.11(a) or (b) for any

day during the continuance of such GBSA Consultation Period.Additionally, notwithstanding

anything to the contrary herein, during the GBSA Consultation Period, the Revolving Credit

Exposure and unused Commitments of any GBSA Lender shall be disregarded in the

determinationofRequiredLenders,RequiredLendersofaClassorRequiredRevolvingLenders.

To the extent any Swingline Exposure or LC Exposure exists at the time a GBSA Lender's

Loans are repaid in full and such GBSA Lender's Commitment is cancelled pursuant to this

Section 9.20, such Swingline Exposure or LC Exposure shall be reallocated as set forth in

Section 2.19<u>(a)(iii) or prepaid or Cash Collateralized, as applicable, as set forth in Section</u>

<u>2.19(a)(iv)</u>, treating for this purpose such GBSA Lender as a Defaulting Lender.

[*SignaturePages Follow*]

[*Signaturesomitted.*]

**<u>Exhibit</u> <u>B</u>**

**AmendedandRestatedSchedulestotheCreditAgreement**

[*Seeattached.*]

<u>SCHEDULE</u><u>1.01(a)</u>

**APPROVEDDEALERSANDAPPROVEDPRICING SERVICES**

<u>Approved</u><u>Dealers</u>

1. InteractiveData

2. MarkitGroupLimited

3. BankofAmericaMerrillLynch

4. GleacherandCompany

5. DeutscheBank Group

6. GoldmanSachs

7. KnightCapitalGroup,Inc.

8. BarclaysCapital, Inc.

9. Jefferies&Company,Inc.

10. ImperialCapital

11. BNPParibas

12. BankofMontreal

13. CITGroup

14. Cantor Fitzgerald

15. CapitalOne

16. Citigroup

17. Commerzbank

18. Credit Suisse

19. CréditAgricole

20. GECapital

21. GolubCapital

22. GuggenheimSecurities

23. HSBC

24. JPMorganChase

25. KeyBancCapitalMarkets

26. MacquarieSecurities

27. Mizuho

28. MorganStanley

29. Natixis

30. Nomura

31. RBSCitizens

32. RoyalBankofCanada

33. RoyalBankofScotland

34. ScotiaCapital

35. SeaportGroup

36. SociétéGénérale

37. Stifel Nicolaus

38. TruistBank

39. Toronto-DominionBank

40. UBS

41. WellsFargoSecurities

<u>Approved</u><u>Pricing</u><u>Services</u>

1. Markit

2. InternationalDataCorporation

3. LoanX

4. Bloomberg

5. JPMorganPricingDirect

6. ReutersLoanPricingCorporation

<u>SCHEDULE</u><u>1.01(b)</u>

**COMMITMENTS**

---

| | | | |
|:---|:---|:---|:---|
| **Multicurrency** | **Multicurrency** | **Multicurrency** | **Multicurrency** |
| **ExtendingLenders** | **DollarCommitment** | **Commitment** | **AggregateCommitment** |
| TruistBank | $0.00 | $100000000.00 | $100000000.00 |
| GoldmanSachsBankUSA | $0.00 | $100000000.00 | $100000000.00 |
| JPMorganChaseBank,N.A. | $0.00 | $100000000.00 | $100000000.00 |
| MorganStanleyBank,N.A. | $100000000.00 | $0.00 | $100000000.00 |
| WellsFargoBank,National <br>Association<br>| $0.00 | $100000000.00 | $100000000.00 |
| MUFGBank,Ltd. | $0.00 | $100000000.00 | $100000000.00 |
| BarclaysBank PLC | $0.00 | $100000000.00 | $100000000.00 |
| TheBankofNewYorkMellon | $0.00 | $75000000.00 | $75000000.00 |
| U.S.BankNationalAssociation | $0.00 | $50000000.00 | $50000000.00 |
| DeutscheBankAGNewYorkBranch | $50000000.00 | $0.00 | $50000000.00 |
| CanadianImperialBankofCommerce | $50000000.00 | $0.00 | $50000000.00 |
| RegionsBank | $0.00 | $50000000.00 | $50000000.00 |
| **TotalExtendingLenders** | **$200000000.00** | **$775000000.00** | **$975000000.00** |
| **Non-ExtendingLenders** |  |  |  |
| **TotalNon-ExtendingLenders** | $0.00 | $0.00 | $0.00 |
| **TotalAggregate** | **$200000000.00** | **$775000000.00** | **$975000000.00** |

---

<u>SCHEDULE</u><u>1.01(c)</u>

**INDUSTRYCLASSIFICATIONGROUPLIST**

EnergyEquipment&Services

Oil,Gas&Consumable Fuels

MortgageRealEstateInvestmentTrusts(REITs)

Chemicals

ConstructionMaterials

Containers&Packaging

Metals & Mining

Paper & Forest Products

Aerospace & Defense

Building Products

Construction&Engineering

Electrical Equipment

Industrial Conglomerates

Machinery

TradingCompanies&Distributors

Commercial Services & Supplies

Professional Services

AirFreight&Logistics

PassengerAirlines

Marine Transportation

Ground Transportation

TransportationInfrastructure

Automobile Components

Automobiles

HouseholdDurables

Leisure Products

Textiles,Apparel&LuxuryGoods

Hotels, Restaurants & Leisure

DiversifiedConsumerServices

Media

Entertainment

InteractiveMedia&Services

Distributors

BroadlineRetail

SpecialtyRetail

ConsumerStaplesDistribution&Retail

Beverages

FoodProducts

Tobacco

Household Products

PersonalCareProducts

HealthCareEquipment&Supplies

Health Care Providers & Services

Health Care Technology

Biotechnology

Pharmaceuticals

LifeSciencesTools&Services

Banks

Financial Services

ConsumerFinance

Insurance

CapitalMarkets

EquityRealEstateInvestmentTrusts(REITs)

Diversified REITs

ITServices

Software

CommunicationsEquipment

Technology Hardware, Storage & Peripherals

ElectronicEquipment,Instruments&Components

Semiconductors & Semiconductor Equipment

Diversified Telecommunication Services

Wireless Telecommunication Services

Electric Utilities

Gas Utilities

Multi-Utilities

WaterUtilities

IndependentPowerandRenewableElectricityProducers

Residential REITs

Industrial REITs

Hotel&ResortREITs

Office REITs

HealthcareREITs

Retail REITs

SpecializedREITs

<u>SCHEDULE</u><u>2.05</u>

**ISSUINGBANKEXPOSURE**

---

| | | |
|:---|:---|:---|
| **IssuingBank** | **MaximumDollarLCExposure** | **MaximumMulticurrency** <br>**LC Exposure**<br>|
| TruistBank |  | $8333333.34 |
| GoldmanSachsBankUSA |  | $4166666.67 |
| JPMorganChaseBank,N.A. |  | $4166666.67 |
| MorganStanleyBank,N.A. | $4166666.66 |  |
| WellsFargoBank,National <br>Association<br>|  | $4166666.66 |

---

---

| | | |
|:---|:---|:---|
| **SwinglineLender** | **MaximumDollarSwingline** <br>**Exposure**<br>| **MaximumMulticurrency** <br>**Swingline Exposure**<br>|
| TruistBank |  | $5000000.00 |
| GoldmanSachsBankUSA |  | $5000000.00 |
| JPMorganChaseBank,N.A. |  | $5000000.00 |
| MorganStanleyBank,N.A. | $5000000.00 |  |
| WellsFargoBank,National <br>Association<br>|  | $5000000.00 |

---

<u>SCHEDULE</u><u>3.11</u>

**MATERIALAGREEMENTSANDLIENS**

**PartA.**

MasterNotePurchaseAgreement,datedasofMarch19, 2024,byandbetweenTPGTwinBrookCapital

Income Fund andthe Purchasers partythereto, as supplementedbythat certain First Supplement toNote

PurchaseAgreement, dated as of October 15, 2024, and as further supplemented by that certain Second

Supplement to Note PurchaseAgreement, dated as of June 30, 2025.As of the SecondAmendment

Effective Date, the following principal amounts of the Notes are outstanding:

1.$90,000,000aggregateprincipalamountoutstandingofits7.69%SeriesASeniorNotes,Tranche

A, due March 19, 2027.

2.$150,000,000aggregateprincipalamountoutstandingofits7.78%SeriesASeniorNotes,

Tranche B, due March 19, 2029.

3.$85,000,000aggregateprincipalamountoutstandingofits6.42%SeriesBSeniorNotes,Tranche

A, due October 15, 2028.

4.$25,000,000aggregateprincipalamountoutstandingofitsFloatingRateSeriesBSeniorNotes,

Tranche B, due October 15, 2029.

5.$290,000,000aggregateprincipalamountoutstandingofits6.52%SeriesBSeniorNotes,

Tranche C, due October 15, 2029.

6.$25,000,000aggregateprincipalamountoutstandingofits6.05%SeriesCSeniorNotes,Tranche

A, due June 30, 2028.

7.$75,000,000aggregateprincipalamountoutstandingofits6.40%SeriesCSeniorNotes,Tranche

B, due June 30, 2030.

**Part B.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Obligor** | **SecuredParty** | **UCC-1Filing** <br>**Number**<br>| **UCC-1**<br>**Filing Date**<br>| **PropertyCoveredby** <br>**the UCC-1**<br>| **Aggregate** <br>**PrincipalAmount** <br>**of Indebtedness** <br>**Secured (or that**<br>**maybeSecured)** <br>**by the UCC-1**<br>|
| Twin Brook <br>Capital <br>Funding <br>XXXIII,LLC<br>| Ally Bank, as <br>Administrative <br>Agent for the <br>benefit of the<br>Secured <br>Parties<br>| 2022 0301166 | 12/13/2022 | All of Twin Brook <br>Capital Funding XXXIII, <br>LLC's right, title and <br>interest in, to and under<br>theTransferredAssets(as <br>defined therein)<br>| $300000000 |
| Twin Brook <br>Capital <br>Funding <br>XXXIII,LLC<br>| Ally Bank, as <br>Administrative <br>Agent for the <br>benefit of the <br>Secured<br>Parties<br>| 2022 0301737 | 12/13/2022 | 100% of the Capital <br>Stock of Twin Brook <br>CapitalFundingXXXIII <br>ASPV, LLC<br>| $300000000 |
| TwinBrook <br>Capital<br>| TheBankof<br>NewYork <br>MellonTrust<br>| 2022 5124714 | 06/17/2022 | Alloftheright,titleand<br>interest of Twin Brook <br>CapitalFundingXXXIII,<br>| $300000000 |

---

<u>Funding XXXIII,LLC</u> <u>Company, National Association,as CollateralAgent</u> <u>LLCintheLoanAssets (as defined therein)</u>

<u>SCHEDULE</u><u>3.12(a)</u>

**SUBSIDIARIES**

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Owner** | **PercentageOwned** |
| TwinBrookCapitalFunding <br>XXXIII, LLC<br>| TPG Twin Brook Capital <br>IncomeFund(f/k/aAGTwin<br>BrookCapitalIncome Fund)<br>| 100% |
| TwinBrookCapitalFunding <br>XXXIII ASPV, LLC<br>| TwinBrookCapitalFunding <br>XXXIII, LLC<br>| 100% |
| TwinBrookCapitalFunding <br>XXXIII MSPV, LLC<br>| TwinBrookCapitalFunding <br>XXXIII, LLC<br>| 100% |
| TwinBrookEquityXXXIII <br>Corp.<br>| TwinBrookCapitalFunding <br>XXXIII, LLC<br>| 100% |
| TwinBrookEquityXVIII <br>Corp.<br>| TwinBrookEquityXXXIII <br>Corp.<br>| 100% |
| TwinBrookCLO2024-1 <br>LLC<br>| TwinBrookCapitalFunding <br>XXXIII, LLC<br>| 100% |

---

<u>SCHEDULE</u><u>3.12(b)</u>

**INVESTMENTS**

1. TPGTwinBrookCapitalIncomeFund(f/k/aAGTwinBrookCapitalIncomeFund)owns100%

of the Equity Interests of Twin Brook Capital Funding XXXIII, LLC.

2. Twin Brook Capital Funding XXXIII, LLC owns 100% of the Equity Interests ofTwin Brook

CapitalFundingXXXIIIASPV,LLC.TheLienonthisInvestmentisreflectedonSchedule3.11.

3. TwinBrookCapitalFundingXXXIII,LLCowns100%oftheEquityInterestsofTwinBrook

Capital Funding XXXIII MSPV, LLC.

4. TwinBrookCapitalFundingXXXIII,LLCowns100%oftheEquityInterestsofTwinBrook

Equity XXXIII Corp.

5. TwinBrookCapitalFundingXXXIII,LLCowns100%oftheEquityInterestsofTwinBrook

CLO 2024-1 LLC.

<u>SCHEDULE</u><u>6.08</u>

**TRANSACTIONSWITHAFFILIATES**

1. Trademark LicenseAgreement, dated as of October 25, 2022, by and betweenAngelo, Gordon &

Co.,L.P.andTPGTwinBrookCapitalIncomeFund(f/k/aAGTwinBrookCapitalIncomeFund).

2. Loan, Security and Collateral Management Agreement, dated as of December 13, 2022, by and

between AGTB Fund Manager, LLC, Twin Brook Capital Funding XXXIII, LLC, Twin Brook

Capital Funding XXXIIIASPV, LLC, the lenders from time to time party thereto,Ally Bank and

Computershare Trust Company, National Association.

3. Loanand Servicing Agreement, dated as of June 17, 2022, by and among Twin Brook Capital

FundingXXXIIIMSPV,LLC,TwinBrookCapitalFundingXXXIII,LLC,AGTBFundManager,

LLC, Morgan Stanley Asset Funding, Inc., the lenders from time to time party thereto and The

Bank of New York Mellon Trust Company, National Association.

4. TwinBrookEquityXVIIICorp.isamemberofSeries32ofTwinBrookEquityHoldings, LLC.

5. Twin Brook Equity XVIII Corp. is a member of Series 9 of Twin Brook Segregated Equity

Holdings, LLC.

6. TwinBrookCapitalFundingXXXIII,LLCconsummatedacollateralizedloanobligation

transaction with Twin Brook CLO 2024-1 LLC.

7. TwinBrookCapitalFundingXXXIII,LLCguaranteestheNotesissuedunderthatcertainMaster

NotePurchaseAgreement,datedasofMarch19, 2024,byandbetweenTPGTwinBrookCapital

Income Fund and the Purchasers party thereto, as supplemented by that certain First Supplement

to Note PurchaseAgreement, dated as of October 15, 2024, and as further supplemented by that

certain Second Supplement to Note PurchaseAgreement, dated as of June 30, 2025.

## Exhibit 10.2

**EXHIBIT10.2**

**SECONDAMENDMENTTOLOAN,SECURITYANDCOLLATERAL**

**MANAGEMENT AGREEMENT**, dated as of October 2, 2025 (this "<u>Amendment</u>"), among

Twin Brook Capital Funding XXXIII ASPV, LLC, as the borrower (the "<u>Borrower</u>"), AGTB

Fund Manager, LLC, as the collateral manager (the "<u>Collateral Manager</u>"), Ally Bank, as the

administrative agent (the "<u>Administrative Agent</u>") and as the swingline lender (the "<u>Swingline</u>

<u>Lender</u>"), the Lenders party hereto and Western Alliance Trust Company, N.A., as the collateral

custodian (the "<u>Collateral Custodian</u>").

WHEREAS, the Borrower, the Collateral Manager, Twin Brook Capital Funding

XXXIII,LLC,astheTransferor,AllyBank,astheArranger,theotherLendersfromtimetotime

parties thereto, the Administrative Agent, the Swingline Lender and the Collateral Custodian, are

party to the Loan, Security and Collateral Management Agreement, dated as of December 13,

2022 (as amended, restated, supplemented or otherwise modified prior to the date hereof and

from time to time, the "<u>Loan Agreement</u>"); and

WHEREAS, the parties hereto desire to amend the Loan Agreement in

accordance with Section 12.1 of the Loan 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:

**ARTICLEI**

<u>Definitions</u>

Terms used but not defined herein have the respective meanings given to such

terms in the Loan Agreement.

**ARTICLEII**

<u>Amendments to the Loan</u> <u>Agreement</u>.

SECTION2.1.AsofthedateofthisAmendment,theLoanAgreementandthe

Schedules and Exhibits thereto shall be amended as follows:

(a)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-</u>**

**<u>underlined text</u>**) as set forth on the pages of the Loan Agreement attached as <u>Appendix A</u>

hereto; and

(b)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

(indicatedtextuallyinthesamemannerasthefollowingexample:**<u>bold</u><u>and</u><u>double-</u>**

2<br>

**<u>underlined</u><u>text</u>**)assetforthonthepagesoftheSchedulesandExhibitstotheLoan

Agreement attached as <u>Appendix B</u> hereto.

SECTION2.2.<u>Representations</u><u>and</u><u>Warranties</u>.TheBorrowerhereby

represents and warrants to each other party hereto that, as of the date first written above, (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 Agreement and the other Transaction

Documents 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).

**ARTICLEIII**

<u>Conditions</u> <u>Precedent</u>

SECTION3.1.ThisAmendmentshallbecomeeffectiveupon:

(a)theexecutionanddeliveryofthisAmendmentbyeachpartyhereto;

(b)the Administrative Agent's receipt of a good standing certificate for

the Borrower issued by the Secretary of State for the State of Delaware 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;

(c)the Administrative Agent shall have received the executed legal

opinion of Winston & Strawn LLP, counsel to the Borrower, in form and substance

acceptable to the Administrative Agent in its reasonable discretion; and

(d)all reasonable and documented out-of-pocket fees (including

reasonable and documented out-of-pocket fees, disbursements and other charges of one

external counsel per applicable jurisdiction) due to the Administrative Agent on or prior to

the effective date of this Amendment shall have been paid in full.

**ARTICLEIV**

<u>Miscellaneous</u>

SECTION4.1.<u>Governing Law</u>. THIS AMENDMENT AND THE RIGHTS

AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE

GOVERNEDBYANDCONSTRUEDINACCORDANCEWITHTHELAWOFTHESTATE

OF NEW YORK.

SECTION4.2.<u>Severability Clause</u>.Any provision of this Amendment which

is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to

the extent of such prohibition or unenforceability without invalidating the remaining provisions

hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

3<br>

SECTION4.3.<u>Ratification</u>.Except as expressly amended hereby, the Loan

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

Agreement for all purposes.

SECTION4.4.<u>Counterparts</u>.The parties hereto may sign one or more copies

of this Amendment in counterparts (including by electronic means, .pdf file, .jpeg file or any

electronicsignaturecomplyingwiththeU.S.federalESIGNActof2000,includingOrbit,Adobe

Sign, DocuSign, or any other similar platform identified by the Borrower and reasonably

available at no undue burden or expense to the Collateral Custodian), 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 Collateral Custodian shall not have a duty to inquire into or

investigate the authenticity or authorization of any such electronic signature and shall be entitled

to conclusively rely on any such electronic signature without any liability with respect thereto.

SECTION4.5.<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.

[Signaturepages follow]

[SignaturePagetoSecondAmendment]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be

duly executed as of the date first written above.

**TWIN BROOK CAPITAL FUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:<u>/s/ Terrence Walters</u>

Name: Terrence Walters

Title:AuthorizedSignatory

[SignaturePagetoSecondAmendment]

**AGTBFUNDMANAGER,LLC**,asthe

Collateral Manager

By:<u>/s/ Terrence Walters</u>

Name: Terrence Walters

Title:AuthorizedSignatory

[SignaturePagetoSecondAmendment]

**ALLYBANK**,astheAdministrative Agent

By: <u>/s/ Kyle Jansen</u>

Name: Kyle Jansen

Title:Authorized Signatory

[SignaturePagetoSecondAmendment]

**ALLYBANK**,asa Lender

By: <u>/s/ Kyle Jansen</u>

Name: Kyle Jansen

Title:Authorized Signatory

**ALLYBANK**,astheSwinglineLender

By: <u>/s/ Kyle Jansen</u>

Name: Kyle Jansen

Title:Authorized Signatory

[SignaturePagetoSecondAmendment]

**WESTERNALLIANCETRUST**

**COMPANY,N.A.**,astheCollateral Custodian

By: <u>/s/ Michael J. Baker</u>

Name: Michael J. Baker

Title:Vice President

[SignaturePagetoSecondAmendment]

**APPLEBANK**,asaLender

By: <u>/s/ Christopher Selvaggio</u>

Name: Christopher Selvaggio

Title:First Vice President

[SignaturePagetoSecondAmendment]

**WESTERNALLIANCEBANK**,asaLender

By: <u>/s/ Roham Medifar</u>

Name: Roham Medifar

Title:SeniorVicePresident

**APPENDIXA**

**EXECUTION VERSION** 

**<u>CONFORMED THROUGH</u> <u>FIRST</u><u>SECOND</u> <u>AMENDMENT DATED</u> <u>AUGUST</u><u>9</u><u>OCTOBER</u><u>2</u><u>,</u> <u>2024</u><u>2025</u>**

**U.S.$500,000,000**

**LOAN,SECURITYANDCOLLATERALMANAGEMENTAGREEMENT**

by and among

**AGTBFUNDMANAGER,LLC**,

as the Collateral Manager

**TWINBROOKCAPITALFUNDINGXXXIII,LLC**,

as the Transferor

**TWINBROOKCAPITALFUNDINGXXXIIIASPV,LLC**,

as the Borrower

**EACHOFTHELENDERSFROMTIMETOTIMEPARTYHERETO**,

as the Lenders

**ALLYBANK**,

astheAdministrativeAgentandtheArranger

and

**WESTERNALLIANCETRUSTCOMPANY,N.A.,**

as the Collateral Custodian

DatedasofDecember13, 2022

-i-

TABLEOFCONTENTS

<u>Page</u>

ARTICLE I

DEFINITIONS

Section 1.1CertainDefined Terms2

Section 1.2OtherTerms57

Section1.3ComputationofTimePeriods57**<u>58</u>**

Section1.4Interpretation57**<u>58</u>**

Section1.5CalculationofBorrowingBase58**<u>59</u>**

Section 1.6Rates59

ARTICLE II

THENOTES

Section 2.1TheNotes59**<u>60</u>**

Section 2.2Proceduresfor Loan Advances by the Lenders60

Section 2.3PrincipalRepayments63

Section2.4DeterminationofInterest64**<u>65</u>**

Section2.5NotationsonNotes64**<u>65</u>**

Section 2.6Reductionof Borrowing Base Deficiency65

Section2.7SettlementProcedures65

Section2.8AlternateSettlement Procedures68

Section2.9CollectionsandAllocations;Accounts69**<u>70</u>**

Section2.10Payments,Computations,Etc70**<u>71</u>**

Section 2.11Fees72

Section2.12IncreasedCosts;CapitalAdequacy;Illegality72**<u>73</u>**

Section 2.13Taxes75

Section2.14Reinvestment; Discretionary Sales, Substitutions and Repurchases of

Loans79

Section 2.15Assignment of the Sale Agreement83**<u>84</u>**

Section 2.16Defaulting Lenders83**<u>84</u>**

Section 2.17Mitigation Obligations; Replacement of Lenders84**<u>85</u>**

Section2.18Increase of Commitment;Facility Amount85**<u>86</u>**

ARTICLE III

CONDITIONSTOTHEEFFECTIVEDATEANDLOANADVANCES

Section 3.1Conditions to Effective Date86**<u>87</u>**

Section 3.2Conditions Precedent to All Loan Advances and Acquisitions of Loans88**<u>89</u>**

-ii-

Section3.3Custodianship; Transfer ofLoans and Permitted Investments90

ARTICLE IV

REPRESENTATIONSANDWARRANTIES

Section4.1Representations and Warranties of the Borrower91**<u>92</u>**

Section4.2Representationsand Warrantiesof the Borrower Relating to the

Agreement and the Collateral101**<u>102</u>**

Section 4.3Representations and Warranties of the Collateral Manager101**<u>102</u>**

Section4.4Representations and Warranties of the Collateral Custodian103**<u>104</u>**

ARTICLE V

GENERALCOVENANTS

Section5.1AffirmativeCovenants of the Borrower104**<u>105</u>**

Section5.2NegativeCovenantsoftheBorrower113**<u>114</u>**

Section5.3AffirmativeCovenantsoftheCollateralManager115**<u>116</u>**

Section 5.4NegativeCovenants of the Collateral Manager118

Section 5.5Affirmative Covenants of the Collateral Custodian118**<u>119</u>**

Section5.6NegativeCovenants of the Collateral Custodian119**<u>120</u>**

[ARTICLE VI](#ie78aebb3efb345129327760eec8f0a9f_244)

[COLLATERAL](#ie78aebb3efb345129327760eec8f0a9f_244)[ADMINISTRATION](#ie78aebb3efb345129327760eec8f0a9f_244)

Section 6.1Designationof the Collateral Manager119**<u>120</u>**

Section 6.2Dutiesofthe Collateral Manager120

Section6.3AuthorizationoftheCollateralManager122**<u>123</u>**

Section6.4Collectionof Payments; Accounts123

Section6.5RealizationUponDefaultedorDelinquentLoans124**<u>125</u>**

Section 6.6CollateralManager Compensation125

Section 6.7Payment of Certain Expenses by the Collateral Manager125**<u>126</u>**

Section 6.8Reports125**<u>126</u>**

Section 6.9Annual Statement as to Compliance126**<u>127</u>**

Section 6.10The Collateral Manager Not to Resign126**<u>127</u>**

Section6.11Collateral Manager Termination Events126**<u>127</u>**

[ARTICLE](#ie78aebb3efb345129327760eec8f0a9f_259) [VII](#ie78aebb3efb345129327760eec8f0a9f_259)

[THE](#ie78aebb3efb345129327760eec8f0a9f_259)[COLLATERAL](#ie78aebb3efb345129327760eec8f0a9f_259) [CUSTODIAN](#ie78aebb3efb345129327760eec8f0a9f_259)

Section 7.1Designation of Collateral Custodian128

Section 7.2Duties of Collateral Custodian128**<u>129</u>**

Section 7.3Merger or Consolidation132**<u>133</u>**

-iii-

Section7.4CollateralCustodianCompensation132**<u>133</u>**

Section 7.5CollateralCustodian Removal133

Section 7.6Limitation on Liability133**<u>134</u>**

Section 7.7Resignation of the Collateral Custodian136**<u>137</u>**

Section 7.8Access to Certain Documentation and Information Regarding the

Collateral; Audits137**<u>138</u>**

Section 7.9Release of Documents137**<u>138</u>**

Section 7.10Return of Required Loan Documents138**<u>139</u>**

Section 7.11Access to Certain Documentation and Information Regarding the

Collateral Portfolio139**<u>140</u>**

Section 7.12CollateralCustodian as Agent139**<u>140</u>**

ARTICLE VIII

SECURITYINTEREST

Section 8.1Grantof Security Interest140**<u>141</u>**

Section 8.2Release of Lien on Collateral141**<u>142</u>**

Section 8.3Remedies142**<u>143</u>**

Section 8.4Waiver of Certain Laws142**<u>143</u>**

Section 8.5Powerof Attorney142**<u>143</u>**

ARTICLE IX

EVENTSOFDEFAULT

Section 9.1Events of Default143**<u>144</u>**

Section 9.2Remedies146**<u>147</u>**

ARTICLE X

INDEMNIFICATION

Section 10.1Indemnitiesbythe Borrower147**<u>148</u>**

Section 10.2Indemnities by the Collateral Manager148**<u>149</u>**

Section10.3Taxes148**<u>149</u>**

ARTICLEXI

THEADMINISTRATIVEAGENT

Section 11.1Appointment148**<u>149</u>**

Section 11.2Standard of Care; Exculpatory Provisions149**<u>150</u>**

Section 11.3The Administrative Agent's Reliance, Etc150**<u>151</u>**

Section 11.4Credit Decision with Respect to the Administrative Agent151**<u>152</u>**

Section11.5Indemnificationofthe Administrative Agent151**<u>152</u>**

-iv-

Section11.6TheSuccessorAdministrativeAgent152**<u>153</u>**

Section11.7DelegationofDuties152**<u>153</u>**

Section11.8Paymentsbythe Administrative Agent153

Section 11.9Collateral Matters153**<u>154</u>**

Section11.10Erroneous Payments153**<u>154</u>**

ARTICLE XII

MISCELLANEOUS

Section12.1Amendmentsand Waivers157**<u>158</u>**

Section 12.2Notices, Etc158**<u>159</u>**

Section 12.3Ratable Payments160**<u>161</u>**

Section 12.4No Waiver; Remedies160**<u>161</u>**

Section 12.5Binding Effect; Benefit of Agreement160**<u>161</u>**

Section 12.6Term of this Agreement160**<u>161</u>**

Section 12.7Governing Law; Jury Waiver161**<u>162</u>**

Section 12.8Consent to Jurisdiction; Waivers161**<u>162</u>**

Section 12.9Costs and Expenses161**<u>162</u>**

Section 12.10No Proceedings162**<u>163</u>**

Section 12.11Recourse Against Certain Parties162**<u>163</u>**

Section 12.12Protection of Right, Title and Interest in the Collateral; Further Action

Evidencing Loan Advances163**<u>164</u>**

Section 12.13Confidentiality164**<u>165</u>**

Section 12.14Execution in Counterparts; Severability; Integration166**<u>167</u>**

Section 12.15Waiver of Setoff167**<u>168</u>**

Section 12.16Assignments by the Lenders167**<u>168</u>**

Section 12.17Heading and Exhibits170**<u>171</u>**

Section 12.18Benchmark Replacement Settings170**<u>171</u>**

Section 12.19Divisions171**<u>172</u>**

Section 12.20Judgment Currency172**<u>173</u>**

Section 12.21Recognition of the U.S. Special Resolution Regimes172**<u>173</u>**

Section12.22USAPATRIOTACT173**<u>174</u>**

ARTICLEXIII

TAXCONSIDERATIONS

Section 13.1AcknowledgementofParties173**<u>174</u>**

-v-

**<u>EXHIBITS</u>**

EXHIBIT A-1Form of Funding Notice

EXHIBIT A-2Form of Repayment Notice

EXHIBIT A-3FormofReinvestmentNotice

EXHIBIT A-4FormofBorrowingBaseCertificate

EXHIBIT A-5Form of Incumbency Certificate

EXHIBIT A-6Form of Payment Date Report

EXHIBIT A-7[Reserved]

EXHIBIT A-8FormofCommitmentReductionNotice

EXHIBIT B-1Form of Promissory Note

EXHIBIT B-2Formof Swingline Note

EXHIBIT CFormofOfficer'sCertificateastoSolvency

EXHIBIT DForm of Officer's Closing Certificate

EXHIBIT EForm of Release of Underlying Instruments

EXHIBIT FForm of Compliance Certificate

EXHIBIT GForm of Transferee Letter

EXHIBIT HFormofJoinderSupplement

EXHIBIT I-1FormofU.S.TaxComplianceCertificate–ForForeignLenders

that are not Partnerships for U.S. Federal Income Tax Purposes

EXHIBIT I-2FormofU.S.TaxComplianceCertificate–ForForeignParticipants

that are not Partnerships For U.S. Federal Income Tax Purposes

EXHIBIT I-3FormofU.S.TaxComplianceCertificate–ForForeignParticipants

that are Partnerships For U.S. Federal Income Tax Purposes

EXHIBIT I-4FormofU.S.TaxComplianceCertificate–ForForeignLendersthatare

Partnerships For U.S. Federal Income Tax Purposes

EXHIBIT JForm of Collateral Custodian Certification

EXHIBIT KForm of Assignment and Assumption

EXHIBIT LFormofAnnualStatementastoCompliance

**<u>SCHEDULES</u>**

SCHEDULE ILoanPartyNames

SCHEDULE IILoan List

SCHEDULE III[Reserved]

SCHEDULE IVAgreed-Upon Procedures

SCHEDULE VGICSIndustryClassifications

**<u>ANNEXES</u>**

ANNEXAAddressesforNotices

ANNEXBCommitments

**<u>LOAN,</u><u>SECURITY</u><u>AND</u><u>COLLATERAL</u><u>MANAGEMENT</u><u>AGREEMENT</u>**

**THISLOAN,SECURITYANDCOLLATERALMANAGEMENT**

**AGREEMENT** (as amended, modified, waived, supplemented, restated or replaced from time

to time, this "<u>Agreement</u>") is made as of December 13, 2022, by and among:

(1)**AGTBFUNDMANAGER,LLC**,aDelawarelimitedliabilitycompany,

as the Collateral Manager (as hereinafter defined);

(2)**TWINBROOKCAPITALFUNDINGXXXIII,LLC**,aDelaware

limitedliability company,as theTransferor (ashereinafter defined);

(3)**TWINBROOKCAPITALFUNDINGXXXIIIASPV,LLC**,a

Delawarelimited liabilitycompany, asthe borrower(the "<u>Borrower</u>");

(4)**EACHOFTHELENDERSFROMTIMETOTIMEPARTY**

**HERETO**(togetherwithitsrespectivesuccessorsandassignsinsuchcapacity,eacha

"<u>Lender</u>", collectively, the "<u>Lenders</u>");

(5)**ALLY BANK** (together with its successors and assigns, "<u>Ally Bank</u>"), as

theadministrativeagenthereunder(togetherwithitssuccessorsandassignsinsuchcapacity,the

"<u>Administrative Agent</u>"), as the swingline lender (together with its successors and assigns in

such capacity, the "<u>Swingline Lender</u>") and as Arranger; and

(6)**WESTERNALLIANCETRUSTCOMPANY,N.A.**,notinits

individualcapacitybutasthecollateralcustodian(togetherwithitssuccessorsandassignsin

such capacity, the "<u>Collateral Custodian</u>").

RECITALS

**WHEREAS**, the Borrower has requested that the Lenders extend credit

hereunder by providing Commitments and making Loan Advances and Swingline Advances

from time to time for the purchase of certain Eligible Loans from the Transferor pursuant to the

Sale Agreement and for the general business purposes of the Borrower;

**WHEREAS**, the Borrower has requested that the Collateral Manager act as the

collateral manager of the Borrower and manage the Collateral; and

**WHEREAS**,theLendersarewillingtoextendsuchcredittotheBorroweronthe

terms and subject to the conditions set forth herein;

**NOW, THEREFORE**, based upon the foregoing Recitals, the mutual premises

and agreements contained herein, and other good and valuable consideration, the receipt and

sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound,

hereby agree as follows:

**ARTICLE I** 

**DEFINITIONS**

Section 1.1<u>Certain Defined</u> <u>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 Collateral Account, the General Collection Account, the

Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account

and any sub-accounts thereof deemed appropriate or necessary by the Administrative Agent or

the Collateral Custodian for convenience in administering such accounts.

"<u>Account Control Agreement</u>":The securities account control agreement, dated

as of the date hereof, among the Borrower, as the pledgor, the Administrative Agent, the

Collateral Custodian and the Securities Intermediary, as the same may be amended, modified,

waived, supplemented or restated from time to time.

"<u>Accrual Period":</u> With respect to (a) the first Payment Date, the period fromand

including the Effective Date to but excluding the Determination Date preceding the first

Payment Date, and (b) any subsequent Payment Date, the period from and including the

Determination Date preceding the previous Payment Date to but excluding the Determination

Date preceding the current Payment Date (or, in the case of the final Payment Date, to and

including such Payment Date).

"<u>Adjusted Borrowing Value</u>": For any Loan, for any date of determination, an

amount equal to the Assigned Value of such Loan at such time *multiplied by* the Dollar

Equivalent of the Outstanding Balance of such Loan.

"<u>Administrative</u><u>Agent</u>":AllyBank,initscapacityastheadministrativeagentfor

Lenders hereunder, together with its permitted successors and assigns, including any successor

appointed pursuant to <u>Section 11.6</u>.

"<u>Administrative Expenses</u>":All amounts (excluding principal payments, interest

payments, Non-Usage Fees and any other similar fees) due or accrued and payable by the

Borrower to any Person pursuant to any Transaction Document, including, but not limited to,

any third party service provider to the Borrower, any Lender, the Collateral Custodian or the

Securities Intermediary, accountants, agents and counsel of any of the foregoing for fees and

expensesoranyotherPersoninrespectofanyotherfees,expenses,orotherpayments(including

indemnification payments).

"<u>Administrative</u><u>Questionnaire</u>":Anadministrativequestionnaireinaform

supplied by the Administrative Agent.

"<u>Advance</u><u>Date</u>":WithrespecttoanyLoanAdvance,thedateonwhichsuch

Loan Advance is made.

"<u>Advance</u><u>Rate</u>":Asfollows:

(a)with respect to First Lien Loans for which the applicable Obligor has

EBITDA less than $10,000,000, sixty**<u>-five</u>**percent (60.00**<u>65.00</u>**%);

(b)with respect to First Lien Loans for which the applicable Obligor has

EBITDA greater than or equal to $10,000,000 but less than $50,000,000, seventy**<u>-five</u>**

percent (70.00**<u>75.00</u>**%);

(c)subject to the following clause (d), with respect to First Lien Loans for

which the applicable Obligor has EBITDA greater than or equal to $50,000,000,

seventy-two**<u>seven</u>**percent (72.00**<u>77.00</u>**%);

(d)with respect to First Lien Loans for which the applicable Obligor (x) has

EBITDA greater than or equal to $50,000,000 and (y) has a Specified Rating so long as

at least two current quotes for such debt exist from brokers acceptable to the

Administrative Agent in its sole discretion, seventy five**<u>eighty</u>**percent (75.00**<u>80.00</u>**%);

and

(e)with respect to First Lien Last Out Loans, forty-five percent (45.00%).

"<u>Advances</u><u>Outstanding</u>":Onanyday,theaggregateprincipalamountofallLoan

Advances outstanding on such day, after giving effect to all repayments of Loan Advances and

the making of new Loan Advances on such day.

**<u>"Advisers</u><u>Act":</u><u>The</u><u>United</u><u>States</u><u>Investment</u><u>Advisers</u><u>Act</u><u>of</u><u>1940,</u><u>as</u>**

**<u>amended.</u>**

"<u>Affiliate</u>":WithrespecttoaPerson,meansanyotherPersonthat,directlyor

indirectly, controls, is controlled by or is under common control with such Person, or is a

directororofficerofsuchPerson;<u>provided</u>thatforpurposesofdeterminingwhetheranyLoanis

an Eligible Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any

Affiliate relationship **<u>among Obligors</u>**which may exist solely as a result of direct or indirect

ownership of, or control by, a common Financial Sponsor.For the avoidance of doubt, for the

purposes of determining whether an Obligor is an Affiliate of any Loan Party, the term Affiliate

shall still include any Affiliate relationship which may exist 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 20.00% 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>Agent</u><u>Parties</u>": The meaningspecified in <u>Section</u> <u>12.2(c)</u>.

"<u>Aggregate</u><u>Unfunded</u><u>Exposure</u><u>Amount</u>":Onanydateofdetermination,the

sum of the Unfunded Exposure Amounts of all Loans included in the Collateral.

"<u>Aggregate Unfunded Exposure Equity Amount</u>":On any date of determination,

the sum of the Unfunded Exposure Equity Amounts of all Loans included in the Collateral.

"<u>Agreed-Upon</u><u>Procedures</u><u>Report</u>":Themeaningspecifiedin<u>Section</u><u>5.1(t)(iv)</u>.

"<u>Agreement</u>":The meaning specified in the Preamble.

"<u>Ally</u><u>Bank</u>":The meaningspecified in the Preamble.

"<u>Anti-Corruption Laws</u>":The Applicable Law in any jurisdiction that relates to

anti-bribery or anti-corruption laws, regulations or ordinances, including the U.S. Foreign

CorruptPracticesActof1977,asamended;theU.K.BriberyAct2010,asamended;andtheLoi

Sapin II pour la transparence de la vie économique (Sapin II).

"<u>Anti-Money Laundering Laws</u>":The Applicable Law in any jurisdiction 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 Collateral Value</u>": With respect to Eligible Loans relating to (i) Tier

3 Obligors, eighty-five percent (85.00%), (ii) Tier 2 Obligors, ninety-two and one-half percent

(92.50%) and (iii) Tier 1 Obligors, one hundred percent (100.00%).

"<u>Applicable Law</u>":For any Person or property of such Person, all existing and

future laws, rules, 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, 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 Spread</u>":A rate *per annum* equal to 2.40**<u>1.90</u>**%; <u>provided</u> that,

following the occurrence and continuation of an Event of Default, at the election (provided that

in the case of any Event of Default described in <u>Section 9.1(i)</u> such election shall be automatic

upon the occurrence of such Event of Default) of the Administrative Agent or the Required

Lenders upon written notice to the Borrower (which notice may be retroactive to the date of the

applicableEventofDefault),theApplicableSpreadshallincreaseby2.00%abovethe

then-existing Applicable Spread**<u>to a rate</u> *<u>per annum</u>* <u>equal to 3.90%</u>**.

"<u>Approved</u><u>Foreign</u><u>Country</u>":Canada.

"<u>Approved Foreign Currency</u>": CAD.

"<u>Approved Fund</u>": Any fund that is administeredormanagedby(a)aLender,(b)

an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a

Lender.

"<u>Arranger</u>":Initially,AllyBank.

"<u>Assigned Value</u>":

(a)With respect to each Loan, as of any Measurement Date, the Assigned

Value of such Loan shall be the least of (i) the Purchase Price, (ii) the Applicable

Collateral Value and (iii) following**<u>if</u>**a Value Adjustment Event with respect to such

Loan, **<u>has occurred and is in effect, an amended value equal to the lesser of</u>**the

Assigned Value for such Loan immediately prior to the occurrence of such Value

Adjustment Event (as reduced by any prior Value Adjustment Event**<u>determined</u>**

**<u>pursuant to clause (i) or (ii) of this clause (a</u>**) multiplied by the applicable Value

Adjustment Factor for such Value Adjustment Event**<u>; provided that if more than one</u>**

**<u>Value Adjustment Event with respect to such Loan has occurred, the amended</u>**

**<u>value</u><u>pursuant</u><u>to</u><u>this</u><u>clause</u><u>(iii)</u><u>shall</u><u>be</u><u>determined</u><u>based</u><u>on</u><u>the</u><u>lowest</u><u>applicable</u>**

**<u>Value Adjustment Factor</u>**.The amended Assigned Value of each Loan shall be

communicated by the Administrative Agent tothe Borrower and the Collateral Manager,

pursuant to an Assigned Value Notice.

(b)For the avoidance of doubt, the AssignedValue of any Loan that is not an

Eligible Loan shall be zero (but, in the case of clauses (z) and (aa) of the definition of

Eligible Loan, limited only to the portion of such Loan for which the Assigned Value is

zero pursuant to such clauses).

(c)Notwithstanding the foregoing, if the "Assigned Value" of any Loan as

determined in accordance with the foregoing clause (a) at the time such Loan is acquired

or originated by the Borrower would be greater than the "Assigned Value" of such Loan

at such time under any other credit facilities provided or agented by the Administrative

Agent to any other fund or account or Subsidiary of such fund or account that is, in any

case, managed by Angelo, Gordon & Co., L.P. or an Affiliate thereof (the "Assigned

Value" under such other credit facility, the "<u>Designated Assigned Value</u>"), then the

Assigned Value of such Loan shall be the Designated Assigned Value until such time as

the Assigned Value of such Loan is adjusted in accordance with the terms of this

Agreement.

"<u>Assigned</u><u>Value</u><u>Notice</u>":Awrittennotice(whichmaybeintheformofan

e-mail) delivered by the Administrative Agent to the Borrower and the Collateral Manager

specifying the value of a Loan determined in accordance with the terms of the definition of

"Assigned Value" in this <u>Section 1.1</u>.

"<u>Assignment and</u><u>Assumption</u>":Anassignmentandassumptionagreementinthe

form of <u>Exhibit K</u> to this Agreement (appropriately completed) delivered in connection with an

assignment by any Lender pursuant to <u>Section 12.16</u>.

"<u>Availability</u>":As of any Measurement Date, an amount equal to the least of (a)

theFacilityAmount;(b)(i)theproductof(A)theBorrowingBaseasofsuchdate*multiplied*by

(B)the Weighted Average Advance Rate, *minus* (ii) the amount of the Aggregate Unfunded

ExposureEquityAmountthatisnotthenondepositintheUnfundedExposureAccount*plus*(iii)

the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal

Collection Account as of such date; and (c)(i) the aggregate Adjusted Borrowing Value of all

Eligible Loans as of such date *minus*, (ii) the Minimum Credit Enhancement Amount *minus* (iii)

the amount of the Aggregate Unfunded Exposure Equity Amount that is not then on deposit in

the Unfunded Exposure Account *plus* (iv) the Dollar Equivalent of the amount of Principal

Collections on deposit in the Principal Collection Account as of such date.

"<u>Available</u><u>Capital</u>":Thesumof(i)UnrestrictedCashandcashequivalentsofthe

FundandtheBorrower,(ii)anyamountsavailabletobedrawnunderrevolvinglinesoftheFund

or the Borrower (including any undrawn Availability) and (iii) available capital commitments

from subscribers or partners of the Fund to fund capital calls that have not been called and

remain outstanding (net of any capital call or subscription line borrowings).

"<u>Available Funds</u>":With respect to any Payment Date, all amounts on deposit in

the Collection Account which were due on or prior to the most recent Determination Date

(including any unscheduled payments), and actually received by the date of the applicable

Payment Date Report.

"<u>Available Tenor</u>":As of any date of determination and with respect to the then

current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such

Benchmark (or component thereof) that is or may be used for determining the length of an

interest period pursuant to this Agreement or (y) otherwise, any payment period for interest

calculated with reference to such Benchmark (or component thereof) that is or may be used for

determining the length of an Accrual Period with reference to such Benchmark pursuant to this

Agreement,ineachcase,asofsuchdateandnotincluding,fortheavoidanceofdoubt,anytenor

for such Benchmark that is then-removed from the definition of "Accrual Period" pursuant to

<u>clause (d)</u> of <u>Section 12.18</u>.

"<u>Bankruptcy Code</u>":The United States Bankruptcy Reform Act of 1978 (11

U.S.C. § 101, *et seq.*), as amended from time to time.

"<u>Base Rate</u>": On any date, a fluctuating per annum interest rate equal to the

highest of (a) the highest per annum interest rate published by the Federal Reserve Board in

FederalReserveStatisticalReleaseH.15(519)(SelectedInterestRates)asthe"bankprimeloan"

rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by

theAdministrativeAgent)oranysimilarreleasebytheFederalReserveBoard(asdeterminedby

the Administrative Agent), (b) the Federal Funds Rate plus 0.50% and (c) zero.

"<u>Benchmark</u>": Initially, Daily Simple SOFR; <u>provided</u> that, if a Benchmark

TransitionEventhasoccurredwithrespecttoDailySimpleSOFR**<u>or</u><u>then</u><u>current</u><u>Benchmark</u>**,

then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such

Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 12.18</u>.

"<u>Benchmark Replacement</u>":For any Available Tenor, with respect to any

Benchmark Transition Event, the sum of: (i) the alternate benchmark rate that has been selected

by the Administrative Agent in consultation with the Borrower giving due consideration to (A)

any selection or recommendation of a replacement benchmark rate or the mechanism for

determiningsucharatebytheRelevantGovernmentalBodyor(B)anyevolvingor

then-prevailing market convention for determining a benchmark rate as a replacement to the

then-current Benchmark for Dollar denominated syndicated credit facilities and (ii) the related

Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so

determinedwouldbelessthantheFloor,suchBenchmarkReplacementwillbedeemedtobethe

Floor for the purposes of this Agreement and the other Transaction Documents.

"<u>Benchmark Replacement Adjustment</u>":With respect to any replacement of the

then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable

Accrual Period and Available Tenor for any setting of such 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 in consultation with the Borrower giving due consideration to (a) any

selection or recommendation of a spread adjustment, or method for calculating or determining

such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted

BenchmarkReplacementbytheRelevantGovernmentalBodyor(b)anyevolvingor

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 Dollar-denominated syndicated credit

facilities **<u>at such time</u>**.

"<u>Benchmark Replacement Conforming Changes</u>":With respect to any

Benchmark Replacement, any technical, administrative or operational changes (including

changes to the definition of "Accrual Period," the definition of "Base Rate," the definition of

"Business Day," the definition of "U.S. Government Securities Business Day," timing and

frequency of determining rates, timing (but not frequency) of making payments of interest,

timing of borrowing requests or prepayment, conversion or continuation notices, the length of

lookbackperiods,theapplicabilityofbreakageprovisions,andothertechnical,administrativeor

operational matters) that the Administrative Agent decides (in consultation with the Borrower)

may be appropriate to reflect the adoption and implementation of such Benchmark Replacement

and to permit the administration thereof by the Administrative Agent in a manner substantially

consistent with market practice (or, if the Administrative Agent decides that adoption of any

portion of such market practice is not administratively feasible or if the Administrative Agent

determines that no market practice for the administration of such Benchmark Replacement

exists, in such other manner of administration as the Administrative Agent decides (in

consultation with the Borrower)is reasonably necessary in connection with the administration

of this Agreement and the other Transaction Documents).

"<u>Benchmark Replacement Date</u>":The earliest to occur of the following events

with respect to the then-current Benchmark:

(1)in the case of clause (1) or (2) of the definition of "Benchmark Transition

Event," the later of (a) the date of the public statement or publication of information

referencedthereinand(b)thedateonwhichtheadministratorofsuchBenchmark(orthe

published component used in the calculation thereof) permanently or indefinitely ceases

to provide all Available Tenors of such Benchmark (or such component thereof); or

(2)in the case of clause (3) 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 the regulatory supervisor for

the administrator of such Benchmark (or such component thereof) to be no longer

representative; provided, that such non-representativeness will be determined by

reference to the most recent statement or publication referenced in such clause (3) and

even if any Available Tenor of such Benchmark (or such component thereof) continues

to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark

Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of

any determination, the Benchmark Replacement Date will be deemed to have occurred prior to

the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be

deemedtohaveoccurredinthecaseofclause(1)or(2)withrespecttoanyBenchmarkuponthe

occurrence of the applicable event or events set forth therein with respect to all then-current

Available Tenors of such Benchmark (or the published component used in the calculation

thereof).

"<u>Benchmark Transition Event</u>": The occurrence of one or more of the following

events with respect to the then-current Benchmark:

(1)a public statement or publication of information by or on behalf of the

administrator of such Benchmark (or the published component used in the calculation

thereof) announcing that such administrator has ceased or will cease to provide all

Available Tenors of such Benchmark (or such component thereof), permanently or

indefinitely, provided that, at the time of such statement or publication, there is no

successor administrator that will continue to provide any Available Tenor of such

Benchmark (or such component thereof);

(2)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 Board of Governors of the Federal Reserve System, the

Federal Reserve Bank of New York, an insolvency official with jurisdiction over the

administrator for such Benchmark (or such component), a resolution authority with

jurisdiction over the administrator for such Benchmark (or such component) or a court or

an entity with similar insolvency or resolution authority over the administrator for such

Benchmark (or such component), which states that the administrator of such Benchmark

(or such component) has ceased or will cease to provide all Available Tenors of such

Benchmark(orsuchcomponentthereof)permanentlyorindefinitely,providedthat,atthe

timeofsuchstatementorpublication,thereisnosuccessoradministratorthatwill

continuetoprovideanyAvailableTenorofsuchBenchmark(orsuchcomponent

thereof); or

(3)a public statement or publication of information by the regulatory

supervisor for the administrator of such Benchmark (or the published component used in

thecalculationthereof)announcingthatallAvailableTenorsofsuchBenchmark(orsuch

component thereof) are no longer, or as of a specified future date will no longer be,

representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to

haveoccurredwithrespecttoanyBenchmarkifapublicstatementorpublicationofinformation

set forth above has occurred with respect to each then-current Available Tenor of such

Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>":In the case of a Benchmark Transition

Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) 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</u><u>Unavailability</u><u>Period</u>":Theperiod(ifany)(x)beginningatthetime

thataBenchmarkReplacementDatepursuanttoclauses(1)or(2)ofthatdefinitionhasoccurred

if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all

purposeshereunderandunderanyTransactionDocumentinaccordancewith<u>Section</u><u>12.18</u>and

(y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark

for all purposes hereunder and under any **<u>other</u>**Transaction Document in accordance with

<u>Section 12.18</u>.

"<u>Beneficial Ownership Certification</u>":A certification regarding beneficial

ownership required by the Beneficial Ownership Regulation, which certification shall be

substantially similar in form and substance to the form of Certification Regarding Beneficial

Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications

and Trading Association and Securities Industry and Financial Markets Association.

"<u>Beneficial</u><u>Ownership</u><u>Regulation</u>":31C.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 meaningspecified in the Preamble.

"<u>Borrower</u><u>Interest</u><u>Collections</u>":WithrespecttotheBorrower,asofanydate,an

amount equal to the Dollar Equivalent of the aggregate amount of interest and fees received in

the Collection Accounts with respect to the Loans for the preceding four (4) Accrual Periods,

<u>provided</u>, that with respect to any time period for which four (4) Accrual Periods of such

amounts are not available, Borrower Interest Collections shall be determined based on

annualizing such amounts as are available for the Borrower.

"<u>Borrower Interest Expense</u>":With respect to the Borrower, as of any date, an

amount equal to the Dollar Equivalent of the amount of the aggregate amount payable (whether

ornotactuallypaid)ininterest,costs(totheextentpayablepriortointerestandNon-UsageFees

pursuantto<u>Section</u><u>2.7</u>)andNon-UsageFeespursuantto<u>Section</u><u>2.7</u>duringtheprecedingfour

(4)Accrual Periods, <u>provided</u>, that with respect to any time period for which four (4) Accrual

Periods of such amounts are not available, Borrower Interest Expense shall be determined based

on annualizing such amounts as are available for the Borrower.

<u>"Borrower's Notice</u>":Any (a) Funding Notice or (b) Reinvestment Notice.

"<u>Borrowing</u><u>Base</u>":AsofanyMeasurementDate,anamountequaltothe

difference of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans as of such date

*minus* (ii) an amount equal to the Excess Concentration Amount as of such date; <u>provided</u> that

anyLoanwhichatanytimeisnolongeranEligibleLoanshallnotbeincludedinthecalculation

of "Borrowing Base" until such time as the Borrower delivers the notice required pursuant to

<u>Section 5.3(j)</u> with respect thereto.

"<u>Borrowing Base Certificate</u>":A certificate setting forth the calculation of the

Borrowing Base and the Availability as of each Measurement Date, in the form of <u>Exhibit A-4</u>,

prepared by the Collateral Manager.

"<u>Borrowing Base Deficiency</u>":The amount by which, on any date of

determination, (a) the Advances Outstanding exceed (b) Availability.

"<u>Business Day</u>":Any day other than a Saturday, Sunday or other day on which

commercial banks are authorized to close under the laws of, or are in fact closed in, the State of

New York.

"<u>Capital Stock</u>":Any and all shares, interests, participations or other equivalents

(however designated) of capital stockofacorporation,anyandallsimilarownershipinterestsin

a Person (other than a corporation) and any andallwarrants,rightsoroptionstopurchaseanyof

the foregoing.

"<u>Cash</u>":Cash or legal currency of the United States or an Approved Foreign

Currency as at the time shall be legal tender for payment of all public and private debts in the

applicable jurisdiction.

"<u>Certificated</u><u>Security</u>":ThemeaningspecifiedinSection8-102(a)(4)ofthe

UCC.

"<u>Change of Control</u>":The occurrence of any of the following events: (a)Angelo,

Gordon & Co., L.P. or an Affiliate thereof shall fail to control the Collateral Manager ("control"

being defined for purposes of this definition as the possession, directly or indirectly, of the

power to direct or cause the direction of the management, actions and policies of a person,

whether through voting rights, ownership rights, or by contract or otherwise), (b) the Fund

ceasestoownandcontrol,ofrecordandbeneficially,directlyorindirectly,100.00%ofthe

equity interests of the Borrower free and clear of all Liens other than Permitted Liens, or (c) **<u>the</u>**

Collateral Manager ceases to be the collateral manager of the Borrower.

"<u>Clearing Agency</u>":An organization registered as a "clearing agency" pursuant

to Section 17A of the Exchange Act.

"<u>Clearing</u><u>Corporation</u>":ThemeaningspecifiedinSection8-102(a)(5)ofthe

UCC.

"<u>Code</u>":TheInternalRevenueCodeof1986,asamendedfromtimetotime.

"<u>Collateral</u>":The meaning specified in <u>Section 8.1(a)</u>.

"<u>Collateral</u><u>Account</u>":ASecurities Account created andmaintained on the books

and records of the Collateral Custodian (or any other party acceptable to the Administrative

Agent in its sole discretion) entitled "Collateral Account" in the name of the Borrower and

subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Collateral Custodian</u>":Western Alliance Trust Company, N.A., not in its

individual capacity, but solely as Collateral Custodian, its successor in interest pursuant to

<u>Section</u><u>7.3</u>orsuchPersonasshallhavebeenappointedCollateralCustodianpursuantto<u>Section</u>

<u>7.7</u>.

"<u>Collateral Custodian Fee</u>":The fees, expenses and indemnities set forth as such

in the Collateral Custodian Fee Letter and as provided for in this Agreement or any other

TransactionDocument.NotwithstandinganyotherprovisionofthisAgreementortheCollateral

Custodian Fee Letter, the Collateral Custodian agrees that the aggregate amount of fees,

expenses and indemnity payments included in the Collateral Custodian Fee payable pursuant to

<u>Sections</u><u>2.7(a)(2)</u>,<u>2.7(b)(1)</u>and<u>2.8(2)</u>shallbenotgreaterthan$100,000duringanyrolling

12-month period.

"<u>Collateral Custodian Fee Letter</u>":The fee letter dated as of October 12, 2022,

among the Collateral Custodian, the Securities Intermediary, the Borrower and the Collateral

Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified

from time to time.

"<u>Collateral</u><u>Custodian</u><u>Termination</u><u>Notice</u>":Themeaningspecifiedin<u>Section</u>

<u>7.5</u>.

"<u>Collateral</u><u>Manager</u>":InitiallyAGTBFundManager,LLC,ascollateral

manager,actinginsuchcapacitysolelypursuanttothetermsofthisAgreementoranyother

Person becoming Collateral Manager pursuant to the terms of this Agreement.

"<u>Collateral Manager Standard</u>": With respect to the servicing, management and

administration,andexercisingandenforcingitsrightsandremediesinrespectofeachLoan,and

the Collateral taken as a whole, a standard requiring a degree of care, skill, prudence and

diligenceconsistentwith(i)thehighestof(x)thatwhichtheCollateralManagerexercisesforits

own account; (y) that which the Collateral Manager exercises for the accounts of others; and (z)

a manner which the Collateral Manager reasonably believes to be consistent with the reasonable

andcustomarypracticesofsimilarlysituated,institutionalcollateralmanagerssimilarlyengaged,

in each case, with respect to portfolios comprised of similar assets and subject to similar

investment objectives and restrictions; and (ii) to the extent not inconsistent with the foregoing,

the Collateral Manager's customary standards, policies and procedures.

"<u>Collateral</u><u>Manager</u><u>Termination</u><u>Event</u>":Theoccurrenceofanyoneofthe

following:

(a)anyfailurebytheCollateralManagertomakeanypayment,transferor

deposit into the Collection Account as required by this Agreement, which failure

continues unremedied for a period of two (2) Business Days, after giving effect to any

applicable grace period; <u>provided</u>, that in the case of a failure to make such payment,

transferordepositduetoanadministrativeerrororomissionbytheCollateralCustodian,

such failure continues for three (3) or more Business Days after the Collateral Custodian

receives written notice or has actual knowledge of such administrative error or omission

and has provided notice of such failure to the Borrower;

(b)any failure on the part of the Collateral Manager duly to observe or

perform in any material respect any covenants or agreements of the Collateral Manager

set forth in any Transaction Document to which the Collateral Manager is a party

(including any material delegation of the Collateral Manager's duties) 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 the applicable Loan Party and (ii) the

date on which the applicable Loan Party acquires knowledge thereof;

(c)the failure of the Collateral Manager to make any payment when due

(whether or not waived but after giving effecttoanyrelatedgraceperiod)withrespectto

anyrecoursedebtorotherobligations,whichdebtorotherobligationsareinexcessof

$5,000,000intheaggregate,ortheoccurrenceofanyeventorconditionthathasresulted

in the acceleration of such recourse debt or other obligations, whether or not waived;

(d)an Insolvency Event shall occur with respect to the Collateral Manager;

(e)the occurrence of an Event of Default;

(f)the occurrence of any Change of Control with respect to the Collateral

Manager;

(g)any failure by the Collateral Manager to deliver any Required Reports

hereunder on or before the date occurring two (2) Business Days (or, except with respect

to any Payment Date Report, such later date as agreed to by the Administrative Agent in

its sole discretion) after the date such report is required to be made or given, as the case

may be, under the terms of this Agreement;

(h)any representation, warranty or certification made by the Collateral

ManagerinanyTransactionDocumentorinanycertificatedeliveredpursuanttoany

Transaction Document shall prove to have been incorrect in any material respect when

made or deemed made (except for such representations and warranties as are qualified by

materiality, a Material Adverse Effect or any similar qualifier, which representations and

warrantiesshallbetrueinallrespects)andthesamecontinuesunremediedforaperiodof

thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date

on which written notice ofsuch failure requiring the same to be remedied shall have been

given to the Collateral Manager and (ii) the date on which the Collateral Manager

acquires knowledge thereof;

(i)the rendering against the Collateral Manager of one or more final

judgments, decrees or orders for the payment of money in excess of $5,000,000 in

aggregate(totheextentnotcoveredbyindependentthird-partyinsuranceastowhichthe

insurer has been notified of such judgment or order and has not denied or failed to

acknowledge coverage), and there is a period of thirty (30) consecutive days during

which a stay of enforcement of such judgment, by reason of a pending appeal or

otherwise, is not in effect;

(j)[reserved];

(k)any Transaction Document to which the Collateral Manager is a party

shall (except in accordance with its terms) terminate, cease to be effective or cease to be

the legally valid, binding and enforceable obligation of the Collateral Manager, or the

Collateral Manager shall contest any Transaction Document or associated lien in any

manner, or any lien under the Transaction Documents shall cease to be a first priority

perfected security interest of the Administrative Agent;

(l)[reserved];

(m)[reserved];

(n)[reserved];

(o)a failure of Angelo, Gordon & Co., L.P. to maintain invested assets under

management in the form of middle market leveraged loans in an aggregate amount of at

least$5,000,000,000(measuredonthelastdayofanyfiscalquarterofAngelo,Gordon&

Co., L.P.); or

(p)anyofthe following events occur with respect to the Collateral Manager:

(i)a finding by any court or governmental body of competent

jurisdictioninafinal,non-appealablejudgment,oranadmissionbytheCollateral

Manager in a settlement of any lawsuit, that it has committed fraud, willful

misconduct, or a material violation of applicable securities laws, in each case

which has a material adverse effect on the business of the Collateral Manager or

the ability of the Collateral Manager to perform its duties under the Transaction

Documents to which it is a party; or

(ii)a conviction of, or plea of guilty or nolo contendere by a director

or any senior officers of the Collateral Manager in respect of a felony in

connection with any activity of any Loan Party or any of its Subsidiaries or

Affiliates and such person continues to be employed by the Collateral Manager

for a period of five (5) Business Days thereafter.

"<u>Collateral</u><u>Manager</u><u>Termination</u><u>Notice</u>":Themeaningspecifiedin<u>Section</u><u>6.11</u>.

"<u>Collection Account</u>":Collectively, the General Collection Account, the Interest

Collection Account and the Principal Collection Account.

"<u>Collections</u>":(a) All cash collections and other cash proceeds of any Loan,

including, without limitation or duplication, any Proceeds, any Interest Collections, Principal

Collections,amendmentfees,latefees,prepaymentfees,waiverfees,settlementpayments,

re-financing amounts, rent, like-kind payments, recoveries, guaranty payments or other amounts

received in respect thereof, and cash proceeds or other funds received by the Borrower or the

Collateral Manager with respect to any Underlying Assets (including from any guarantors) (but

excluding, in each case, (i) any Excluded Amounts and (ii) any amounts received by the

Borrower from an Obligor following the sale of the related Loan by the Borrower pursuant to

<u>Section 2.14</u> which the Borrower is required to pay to the purchaser of such Loan) and (b)

interest earnings on Permitted Investments or otherwise in any Account; <u>provided</u> that, for the

avoidance of doubt, "Collections" shall not include amounts on deposit in the Unfunded

Exposure Account which do not represent proceeds of Permitted Investments.

"<u>Commitment</u>": With respect to each Lender, the commitment of such Lender to

make Loan Advances in accordance herewith in an aggregate amount not to exceed (a) prior to

the earlier to occur of the Revolving Period End Date or the Termination Date, the Dollar

amountsetforthoppositesuchLender'snameon<u>Annex</u><u>B</u>heretoortheamountsetforthassuch

Lender's "Commitment" on <u>Schedule I</u> to the Joinder Supplement relating to such Lender, as

applicable,assuchamountsmaybereduced,increasedorassignedfromtimetotimepursuantto

theprovisionsofthisAgreement,and(b)onoraftertheearliesttooccuroftheRevolvingPeriod

End Date, the Termination Date or the termination of the Commitment of such Lender, zero.

"<u>Contractual Obligation</u>":With respect to any Person, any provision of any

securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking,

agreement,instrumentorotherdocumenttowhichsuchPersonisapartyorbywhichitoranyof

its property is bound or to which either is subject.

"<u>Corporate Trust Office</u>": The applicable designated corporate trust office of the

Collateral Custodian specified on <u>Annex</u><u>A</u>hereto or such other addresswithintheUnitedStates

as the Collateral Custodian may designate from time to time by notice to the Administrative

Agent.

"<u>Cov-Lite Loan</u>":A Loan that (i) does not require the applicable Obligor to

maintain compliance with at least one Financial Covenant during each reporting period

applicable to such Loan or**<u>and</u>**(ii) is not cross-defaulted to other debt or other obligations of the

Obligor thatis*paripassu*orseniortosuch Loanthatrequires theapplicable Obligor to maintain

compliance with at least one Financial Covenant during each reporting period; <u>provided</u> that a

Financial Covenant that is not tested or in effect under the underlying loan agreement for a

specified period of time after the loan is originated (but, in any event, no more than two (2) full

fiscalquartersaftertheloanisoriginated),shallbetreatedasifcompliancewererequiredduring

each reporting period for the purposes of this definition.

"<u>Covenant Compliance Period</u>":The period beginning on the Effective Date and

ending on the date on which the Commitments have been terminated and the Obligations (other

than contingent indemnification obligations for which no claim has been made) have been paid

in full.

"<u>Covered Party</u>":Any Secured Party that is one of the following: (i) a "covered

entity"asthattermisdefinedin,andinterpretedinaccordancewith,12C.F.R.§252.82(b);(ii)a

"coveredbank"asthattermisdefinedin,andinterpretedinaccordancewith,12C.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>Currency</u>":Dollars or an Approved Foreign Currency.

"<u>Custody Facilities</u>": The designated document custody office of the Collateral

Custodian,whichontheEffectiveDateisasspecifiedon<u>Annex</u><u>A</u>heretoimmediatelybelowthe

name of the Collateral Custodian or such other address within the United States as the Collateral

Custodian may designate from time to time by notice to the Administrative Agent, the Borrower

and the Collateral Manager.

"<u>Daily Simple SOFR</u>":For any day (a "<u>SOFR Rate Day</u>"), a rate per annum

equal to the greater of (a) SOFR for the day (such day, the "<u>SOFR Determination Day</u>") that is

five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S.

Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not

a U.S. Government Securities Business Day, the U.S. Government Securities Business Day

immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the

SOFR Administrator on the SOFR Administrator's Website and (b) the Floor.If by 5:00 pm

(New York City time) on the second (2nd) U.S. Government Securities Business Day

immediately following any SOFR Determination Day, the 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 the

SOFR for such SOFR Determination Day will be the 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)

consecutiveSOFRRateDays.AnychangeinDailySimpleSOFRduetoachangeinSOFRshall

be effective from and including the effective date of such change in SOFR without notice to the

Borrower.

"<u>Default</u>":Any event or circumstance which, with the giving of notice or the

lapse of time, or both, would (if not cured or otherwise remedied during such time) become an

Event of Default.

"<u>Default</u><u>Right</u>":Themeaningassignedtothattermin,andshallbeinterpretedin

accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulted Loan</u>":Any Loan with respect to which any of the following events

have occurredandis continuingwithrespectto suchLoanorthe relatedObligor(asapplicable):

(a) a default in respect of any payment of principal, interest or commitment or non-use fees

under such Loan (after giving effect to all applicable cure periods, but in no event longer than

five (5) Business Days); (b) the occurrence of an Insolvency Event with respect to the related

Obligor; (c) any determination by the Collateral Manager or the Administrative Agent that such

Loan is on non-accrual, is written off or is charged off, in each case, in accordance with the

Collateral Manager Standard; (d) a default under such Loan (other than a default described in

<u>clause (a)</u> above), together with the election by any agent or requisite number of lenders

(including the Borrower) required to take any such action to (i) accelerate the Loan or (ii)

commence to enforce any of their other material remedies pursuant to the applicable Underlying

Instruments (excluding default rate pricing); (e) any portion of such Loan has been permanently

waived or forgiven; or (f) events described in <u>clause (a)</u>, <u>(d)</u> or <u>(e)</u> of the definition of "Material

Modification" unless otherwise consented to in writing by the Administrative Agent in its sole

discretion.

"<u>Defaulting</u><u>Lender</u>":AnyLenderthat(i)hasfailedtofund(x)anyportionofthe

Loan Advances required to be funded by it hereunder or (y) a refinancing of Swingline

Advances, in either case, within two (2) Business Days 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 (3) Business Days of the date

when due, unless such amount is the subject of a good faith dispute, (iii) has notified the

Borrower, the 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

totheeffectthatitdoesnotintendtocomplyorhasfailedtocomplywithitsfundingobligations

under this Agreement or generally under other agreements in which it commits or is obligated to

extend credit, or (iv) has 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 (i) requires one or more future advances to

bemadetotheObligor,(ii)specifiesamaximumamountthatcanbeborrowedand(iii)doesnot

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 of the Borrower remain in effect and only with respect to any portion which

constitutes a future funding obligation.

"<u>Deposit</u><u>Account</u>":Themeaning specified in Section9-102 of the UCC.

"<u>Designated Assigned Value</u>": The meaning specified in the definition of

"Assigned Value".

"<u>Determination</u><u>Date</u>":ThelastcalendardayofeachMarch,June,Septemberand

December, with the first Determination Date occurring on December 31, 2022.

"<u>DIP</u><u>Loan</u>":AnyLoan(i)withrespecttowhichtherelatedObligorisa

debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed

pursuanttoSection364oftheBankruptcyCodeand(iii)thetermsofwhichhavebeenapproved

by a court of competent jurisdiction (the enforceability of which is not subject to any pending

contested matter or proceeding).

"<u>Discretionary</u><u>Sale</u>":The meaning specifiedin <u>Section</u> <u>2.14(c)</u>.

"<u>Disruption Event</u>":The occurrence of any of the following:(a) any Lender

shall have notified the Administrative Agent 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 any applicable

Currency in the applicable interbank market, to fund any Loan Advance, (b) any Lender shall

have notified the Administrative Agent and theBorrowerofadeterminationbysuchLenderthat

the rate at which deposits of any applicable Currency offered to such Lender in the applicable

interbank market does not accurately reflect the cost to such Lender of making, funding or

maintaininganyLoanAdvance;(c)anyLendershallhavenotifiedtheAdministrativeAgentand

the Borrower of the inability of such Lender, as applicable, to obtain any applicable Currency in

the applicable interbank market to make, fund or maintain any Loan Advance or (d) adequate

and reasonable means do not exist for ascertaining the Benchmark for any requested Accrual

Period, including because the Benchmark is not available or published on a current basis;

<u>provided</u> that a Disruption Event shall not include a Benchmark Replacement**<u>Transition</u>**Event.

"<u>Dollar Equivalent</u>":On any date of determination, with respect to an amount

denominated in an Approved Foreign Currency, the amount of Dollars that would be required to

purchase such amount of such Approved Foreign Currency based upon the spot selling rate at

which an Approved Foreign Currency may be exchanged for Dollars on the FXC GO screen of

the Bloomberg Financial Markets Systemat approximately 4:00 p.m. (New York Time) on such

date.The Administrative Agent and the Collateral Custodian shall not have any responsibility

for any calculation of a Dollar Equivalent amount made by the Collateral Manager.For

avoidance of doubt, the Collateral Custodian shall not have any responsibility to calculate any

Dollar Equivalent amount pursuant to this Agreement.

"<u>Dollars</u>":Means,andtheconventional"$"signifies,thelawfulcurrencyofthe

United States

"<u>EBITDA</u>": With respect to the last four (4) fiscal quarters with respect to the

related Loan:

(1) the meaning of "EBITDA", "Adjusted EBITDA" or any comparable

definition in the Underlying Instruments for each such Loan; and

(2)in any case that "EBITDA", "Adjusted EBITDA" or such comparable

definition is not defined in such Underlying Instruments, an amount, for the Obligor on

such Loan and any parent that is obligated pursuant to the Underlying Instruments for

such Loan (determined on a consolidated basis without duplication in accordance with

GAAP) equal to earnings from continuing operations for such period plus (to the extent

deductedindeterminingearningsfromcontinuingoperationsforsuchperiod)(a)interest

expense, (b) income taxes, (c) depreciation and amortization, (d) EBITDA related to the

periods prior to an add-on acquisition or add-on acquisition under letter of intent for

such Obligor, (e) other non-cash charges and organization costs, (f) extraordinary losses

in accordance with GAAP, (g) one-time, non-recurring or non-cash charges consistent

with the applicable compliance statements and financial reporting packages provided by

such Obligor, (h) change in deferred revenue, and (i) any other item the Borrower and

the Administrative Agent mutually deem to be appropriate;

<u>provided</u> that, the aggregate amount to be added back to the earnings of an Obligor (A) pursuant

to <u>clauses (2)(d)</u> through (<u>2)(i)</u> of this definition or (B) pursuant to adjustments to "reported

EBITDA" or other term meaning non-adjusted EBITDA in the case of <u>clause (1)</u> for any period

of calculation for any Obligor shall not exceed the EBITDA Add-Back Cap applicable to such

Obligor; <u>provided</u> further that, at the request of the Borrower, the Administrative Agent may, in

its reasonable discretion, approve add-backs to an Obligor's net income in excess of the

EBITDA Add-Back Cap applicable to such Obligor; <u>provided</u> further that with respect to any

Obligor for which twelve months of economic data are not available, EBITDA shall be

determined for such Obligor based on annualizing the economic data from the reporting periods

actually available.

"<u>EBITDA Add-Back Cap</u>": With respect to any calculation of EBITDA for any

LoanforwhichtheObligoronsuchLoandoesnothaveEBITDAequaltoorgreaterthan

$50,000,000 and a Specified Rating, a percentage for the Obligor on such Loan, computed

without giving effect to any add-backs in clauses (2)(d) through (2)(i) (or adjustments to

"reported EBITDA" or other term meaning non-adjusted EBITDA in the case of clause (1)) of

the definition of "EBITDA" herein, equal to thirty-five percent (35.0%) of non-adjusted

EBITDA.

"<u>Effective</u><u>Date</u>":December 13, 2022.

"<u>Eligible Loan</u>":Each Loan (i) for which the Administrative Agent has received

theitemssetforthin<u>Section</u><u>3.2(a)</u>or<u>3.2(b)</u>(butsolelyinrespectoftheLoansbeingacquiredin

the related transaction), as applicable, and the Collateral Custodian has received or will receive

the related Required Loan Documents; <u>provided</u> that any Loan for which the Borrower (or the

Collateral Manager on its behalf) has failed to deliver the Required Loan Documents described

in <u>Section 3.3(b)</u> within the time periods set forth therein shall cease to be an Eligible Loan; and

(ii)that satisfies each of the following eligibility requirements (unless otherwise waived by the

Administrative Agent in its sole discretion):

(a)such Loan is a First Lien Loan or First Lien Last Out Loan;

(b)such Loan and the Underlying Instruments related thereto, are eligible to

be sold, assigned or transferred to the Borrower, the rights to service, administer and

enforce the rights and remedies in respect of such Loan under the applicable Underlying

Instruments inure to the benefit of the holder of such Loan or its designee (subject to the

rights of any applicable agent), and neither the sale, transfer or assignment of such Loan

to the Borrower, nor the granting of a security interest hereunder to the Administrative

Agent, violates, conflicts with or contravenes any Applicable Law or any contractual or

other restriction, limitation or encumbrance;

(c)(i) such Loan is denominated and payable in U.S. Dollars or an Approved

Foreign Currency and does not permit the currency in which such Loan is payable to be

changed;

(d)the Obligor with respect to such Loan is an Eligible Obligor;

(e)such Loan is not an Equity Security or a component of an Equity Security

and no portion thereof (including any conversion option, exchange option, warrant or

other component thereof) is exchangeable or convertible into an Equity Security at the

option of the Obligor at any time on or after the date it is included as part of the

Collateral;

(f)at the time of acquisition by the Borrower, 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 (other than a notice

of prepayment in accordance with the terms of the Underlying Instruments);

(g)theUnderlyingInstrumentswithrespecttosuchLoanprovidethatnopart

of the proceeds of such Loan or any other extension of credit made thereunder will be

used to purchase or carry any Margin Stock or to extend credit to others for the purpose

of purchasing or carrying any such Margin Stock;

(h)such Loan, and any payment made with respect to such Loan, is not

subject and does not subject the Borrower toany withholding tax or similar tax unless (i)

the Obligor thereon is required under the terms of the related Underlying Instrument to

make"gross-up"paymentsconstituting100.0%ofsuchwithholdingtaxorsimilartaxon

an after-tax basis; or (ii) the amount of any such withholding tax or similar tax has been

disclosed in writing to the Administrative Agent;

(i)as of the date such Loan is first included as part of the Collateral, such

Loan is not a Defaulted Loan;

(j)such Loan is not a construction loan or a project finance loan;

(k)such Loan does not constitute a DIP Loan, bond, Structured Finance

Obligation, Zero Coupon Obligation, lease, Finance Lease or chattel paper;

(l)such Loan is not a Cov-Lite Loan;

(m)such Loan provides for a fixed amount of principal payable on scheduled

payment dates and/or at maturity and does not by its terms provide for earlier

amortization or prepayment, in each case, at a price less than par;

(n)such Loan is not a Participation Interest;

(o)as of the date such Loan is first included as part of the Collateral, such

Loan has a remaining term to stated maturity that does not exceed seven (7) years;

(p)such Loan by its terms provides for payment of interest in Cash at least

quarterly;

(q)the repayment of such Loan is not subject to any material non-credit

relatedrisk(forexample,apaymentonaLoanofwhichisexpresslycontingentuponthe

occurrence or nonoccurrence of a catastrophe), as determined by the Collateral Manager

in its reasonable discretion;

(r)is not an obligation (other than a Revolving Loan or a Delayed Draw

Loan)pursuanttowhichanyfutureadvanceorfundingtotheObligormayberequiredto

be made by the Borrower;

(s)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;

(t)theprimary Underlying Asset for suchLoan is not real property;

(u)such Loan is in the form of and is treated by the related Obligor as

indebtedness of such Obligor and is not a United States real property interest as defined

under Section 897 of the Code;

(v)such Loan requires (i) current payments of interest no less frequently than

quarterly and (ii) payment of outstanding principal in cash in full at the maturity of such

Loan;

(w)such Loan is not a letter of credit (<u>provided</u> this does not exclude

Revolving Loans that include a letter of credit sub facility so long as the Borrower is not

the issuer of letters of credit thereunder);

(x)such Loan is Registered;

(y)if such Loan is evidenced by a promissory note or other instrument

(includinganassignmentagreementortransferdocument),suchpromissorynoteorother

instrument has been delivered to the Collateral Custodian within the time period required

by <u>Section 3.3(b)</u>;

(z)at the time of acquisition by the Borrower and each Measurement Date

(basedonthemostrecentreportinginrespectofaRelevantTestPeriod),ifsuchLoanis

a First Lien Loan, the applicable Obligor meets the Obligor Net Senior Leverage Ratio

requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable;

<u>provided</u> that any portion of a First Lien Loan causing such Loan to be in excess of the

required Obligor Net Senior Leverage Ratio for a Tier 3 Obligor, but less than 7.25 to

1.00, shall receive a 25% Advance Rate; <u>provided</u>, <u>further</u>, that any portion of a First

Lien Loan causing such Loan to be in excess of a 7.25 to 1.00 Obligor Net Senior

Leverage Ratio shall be deemed to have an Assigned Value of zero ($0);

(aa)at the time of acquisition by the Borrower and each Measurement Date

(based on the most recent reporting in respect of a Relevant Test Period), if such Loan is

a First Lien Last Out Loan, the applicable Obligor meets the Obligor Net Total Leverage

Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable;

<u>provided</u>thatanyportionofaFirstLienLastOutLoancausingsuchLoantobeinexcess

of the required Obligor Net Total Leverage Ratio for a Tier 3 Obligor shall be deemed to

have an Assigned Value of zero ($0);

(bb)atthetimeof acquisitionbytheBorrower,if suchLoanisaFirstLien

Last Out Loan, the applicable Obligor has EBITDA greater than or equal to $10,000,000;

(cc)at the time of acquisition by the Borrower, the applicable Obligor has

EBITDA greater than or equal to $3,000,000;

(dd)atalltimes,theapplicableObligorhasEBITDAgreaterthanorequalto

$0;

(ee)atthetimeofacquisitionbytheBorrower,suchLoan,andanypayment

made with respect to such Loan, has not been more than thirty (30) days past due with

respecttoanypaymentofinterestorprincipalofsuchLoanwithintheprecedingtwelve

(12) months;

(ff)if such Loan is a Delayed Draw Loan, its Underlying Instruments do not

permit the applicable Obligor to use the proceeds thereof to pay fees or make interest or

principal payments on any funded Indebtedness of such Obligor;

(gg)such Loan and any Underlying Assets (or, with respect to <u>subclause (ii)</u>,

theacquisitionthereof)(i)complyinallmaterialrespectswithallApplicableLawsand

(ii) will not cause any Secured Party (in its commercially reasonable judgment and as

evidenced by a written notice from such Secured Party on or prior to the time of

acquisition of such Loan by the Borrower) to failtocomplywithanyrequestordirective

from any Governmental Authority having jurisdiction over such Secured Party;

(hh)suchLoaniseligibleunderitsUnderlyingInstruments(givingeffectto

theprovisionsofSections9-406and9-408oftheUCC)tobesoldtotheBorrowerandto

have a security interest therein granted to the Administrative Agent, as agent for the

Secured Parties;

(ii)such Loan, together with the Underlying Instruments related thereto, (i)

containsprovisionssubstantiallytotheeffectthatsuchLoanandsuchUnderlying

Instruments constitute 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 their terms, subject to customary bankruptcy, insolvency and equity

limitations, (ii) is not subject to any (A) litigation or dispute or (B) offset, right of

rescission, counterclaim or defense to payment, (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 Transferor, the Borrower or any assignee of the

Borrower and (iv) contain provisions requiring covenant compliance and other reporting

requirements as determined by the Collateral Manager in accordance with the Collateral

Manager Standard;

(jj)such Loan was originated, documented and underwritten in accordance

with the Collateral Manager Standard;

(kk)the Borrower has good and marketable title to, and is the sole owner of,

such Loan, and the Borrower has granted to the Administrative Agent a valid and

perfected first priority security interest (subject to Permitted Liens) in the Loan and

Underlying Instruments, for the benefit of the Secured Parties;

(ll)all consents, licenses, approvals or authorizations of, or registrations or

declarations with, any Governmental Authority or any other Person required to be

obtained, effected or given in connection with themaking,acquisitionortransferofsuch

Loan by the Borrower have been duly obtained, effected or given and are in full force

and effect;

(mm)[reserved];

(nn)suchLoanrequirestherelatedObligortomaintaintheunderlying

collateralofsuchLoaningoodrepair(ifappropriate)andtomaintainadequateinsurance

with respect thereto;

(oo)the Underlying Instruments for such Loan do not contain a confidentiality

provision that would prohibit the Administrative Agent or any Secured Party from

exercising any of their respective rights hereunder or obtaining all necessary information

with regard to such Loan, so long as the Administrative Agent or such Secured Party, as

applicable, has agreed to maintain the confidentiality of such information in accordance

with the provisions of such Underlying Instruments;

(pp)all information provided by the Borrower or the Collateral Manager with

respect to such Loan is true, correct and complete in all material respects, <u>provided</u> that

neither the Borrower nor the Collateral Manager shall be responsible for, nor have any

liabilitywithrespectto,anyfactualinformation(oranycalculationstotheextentderived

therefrom)furnishedtoitbyanythirdpartynotaffiliatedwithit,excepttotheextentthat

a Responsible Officer of such Person has actual knowledge that such factual information

is inaccurate in any material respect;

(qq)such Loan or any related Underlying Instrument has not been found to be

illegal or unenforceable by the decision of a courtoflaworaGovernmentalAuthorityin

a proceeding brought by the related Obligor, any other party obligated with respect to

such Loan, or any Governmental Authority;

(rr)asofthedatesuchLoanisfirstincludedaspartoftheCollateral,thereare

no proceedings pending or, to the Borrower's knowledge, threatened in writing wherein

the Obligor of such Loan, any other obligated party or any governmental agency has

allegedthatsuchLoanortheUnderlyingInstrumentwhichcreatessuchLoanisillegalor

unenforceable;

(ss)if such Loan is acquired by the Borrower from the Transferor, the

Transferor has caused its master computer records to be clearly and unambiguously

marked to indicate that such Loan has been sold to the Borrower;

(tt)no selection procedure adverse to the interests of the Secured Parties was

utilized by the Transferor, the Collateral Manager or the Borrower in the selection of

such Loan for inclusion in the Collateral;

(uu)if more than one (1) Loan has been made to the Obligor, then each such

Loan is (i) cross-collateralized and cross-defaulted, (ii) owned by the Borrower and

pledged as Collateral hereunder or (iii) subject to an intercreditor agreement in form and

substance satisfactory to the Collateral Manager in its reasonable discretion;

(vv)asofthedatesuchLoanisfirstincludedaspartoftheCollateral,the

value of the Underlying Assets securing the Loan (or the enterprise value of the

underlyingbusinessdeterminedinaccordancewithamethodologyreasonablyacceptable

to the Administrative Agent) at the time such Loan was purchased, equals or exceeds the

outstandingprincipalbalanceofsuchLoanplustheaggregateoutstandingbalancesofall

other loans of equal seniority secured by the same Underlying Assets;

(ww)the Underlying Instruments with respect to such Loan contain a

requirement that the applicable underlying Obligor deliver (i) quarterly financial

statements after the end of each of the first three fiscal quarters of each fiscal year of the

Obligor **<u>(commencing with the first quarterly reporting period required under the</u>**

**<u>applicable Underlying Instruments, which shall be no greater than two (2) full</u>**

**<u>quarterly reporting periods after the initial closing of such Loan)</u>**and (ii) **<u>audited</u>**

annual financial statements after the end of each fiscal year of the Obligor; and

(xx)as of the date such Loan is first included in the Borrowing Base, the

Administrative Agent has received (1) the Borrower's internally approved credit/

underwriting presentation (unless such credit/underwriting presentation was not prepared

or received by the Borrower in connection with an amendment or other modification to a

Loan), (2) a copy of the duly executed loan agreement, credit agreement, indenture or

other principal agreement pursuant to which the Loan has been issued or created with

respect to such Loan, (3) if applicable, a copy of each duly executedtransferdocument

orinstrumentrelatingtosuchLoanevidencingthe

assignment of such Loan to the Borrower, (4) the most recent year's audited financial

statements with respect to the applicable Obligor (or if audited financial statements are

not available, (i) a quality of earnings report with respect to such Obligor, or (ii) the pro

forma financial statements with respect to such Obligor, if such Obligor is a newly

formed Person) and (5) the most recent covenant compliance certificate, if any, required

to be provided to the Borrower with respect to such Loan.

"<u>Eligible Obligor</u>":On any date of determination, any Obligor (or guarantor, as

applicable)that:

(a)is a business organization (and not a natural person) duly organized and

validly existing under the laws of its jurisdiction of organization;

(b)isnot aGovernmental Authority;

(c)isnot an Affiliateofany Loan Party;

(d)is organized and incorporated and domiciled in the United States or any

state thereof or an Approved Foreign Country (in respect of the primary Obligor);

(e)is not the subject of and as of the date on which such Loan becomes part

of the Collateral, to the Borrower's knowledge, is not threatened with any proceeding

which would result in, an Insolvency Event with respect to such Obligor and, as of the

date on which such Loan becomes part of the Collateral, to the Borrower's knowledge,

such Obligor has not experienced a material adverse change in its condition, financial or

otherwise since its last audit (or origination);

(f)does not derive any portion of its business from payday lending, pawn

shops, adult entertainment, internet gambling companies, marijuana related businesses,

automobile title loans, tax refund anticipation loans, credit repair services, debt relief or

debt settlement services, drug paraphernalia, fireworks distributors, tax evasion, assault

weapons or firearms manufacturing, businesses engaged in predatory lending practices,

strip mining, online dating or dating applications, unless prior written approval by the

Administrative Agent in its sole discretion has been obtained; and

(g)is not (i) a country, territory, organization, person or entity named on an

OfficeofForeignAssetControl("<u>OFAC</u>")list;(ii)aPersonthatresidesorhasaplaceof

businessinacountryorterritorynamedonsuchlistsorwhichisdesignatedasa

"Non-Cooperative Jurisdiction" by the Financial Action Task Force on Money

Laundering, or whose subscription funds are transferred from or through such a

jurisdiction; (iii) a "Foreign Shell Bank" within the meaning of the USA Patriot Act,*i.e.*,

a foreign bank that does not have a physical presence in any country and that is not

affiliated with a bank that has a physical presence and an acceptable level of regulation

and supervision; (iv) a person or entity that resides in or is organized under the laws of a

jurisdictiondesignatedbytheUnitedStatesSecretaryoftheTreasuryunderSections311

or 312 of the USA Patriot Act as warranting special measures due to money laundering

concerns; or (v) an Affiliate of any Person meeting any of the criteria set forth in <u>clauses</u>

<u>(i)</u>through <u>(iv)</u>above.

"<u>Eligible Repurchase Obligations</u>":Repurchase obligations with respect to any

security that is a direct obligation of, or fully guaranteed by, the United States or any agency or

instrumentality thereof the obligations of which are backed by the full faith and credit of the

UnitedStates,ineithercaseenteredintowithadepositoryinstitutionortrustcompany(actingas

principal) described in <u>clause (b)</u> of the definition of "Permitted Investments".

"<u>Entitled</u><u>Person</u>": The meaningspecified in <u>Section</u> <u>12.20</u>.

"<u>Equity Cure Notice</u>": A notice from the Borrower to the Administrative Agent

which satisfies each of the following conditions:

(a)suchnoticeisdeliveredtotheAdministrativeAgentnotlaterthantwo(2)

Business Days after the occurrence of a Borrowing Base Deficiency; and

(b)such notice sets forth evidence, in reasonable detail (which shall be

deemed satisfied upon delivery of copies of such capital call notices), that the Fund has

made a capital call on its investors in an aggregate amount sufficient to, when combined

withanyamountsondepositinthePrincipalCollectionAccountandothercashavailable

to be contributed to the Borrower, cure the Borrowing Base Deficiency referenced in

clause (a) upon the contribution of the proceeds of such capital call to the Borrower

(together with such other amounts) within the timeframe specified in <u>Section 9.1(t)</u>.

"<u>Equity Security</u>":(i) Any equity security or any other security that is not

eligible for purchase by the Borrower as a Loan, and (ii) any security purchased as part of a

"unit" with a Loan and that itself is not eligible for purchase by the Borrower as a Loan.

"<u>ERISA</u>":TheUnitedStatesEmployeeRetirementIncomeSecurityActof1974,

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) withthe Borrower, or (c) for purposes of Section 302 of ERISA and

Section 412 of the Code, a member of the same affiliated service group (within the meaning of

Section 414(m) of the Code) as the Borrower.

"<u>Erroneous</u><u>Payment</u>":The meaning specifiedin <u>Section</u> <u>11.10(a)</u>.

"<u>Erroneous</u><u>Payment</u><u>Deficiency</u><u>Assignment</u>":Themeaningspecifiedin<u>Section</u>

<u>11.10(d)</u>.

<u>11.10(d)</u>.

<u>11.10(d)</u>.

"<u>Erroneous</u><u>Payment</u><u>Impacted</u><u>Class</u>":Themeaningspecifiedin<u>Section</u>

"<u>Erroneous</u><u>Payment</u><u>Return</u><u>Deficiency</u>":Themeaningspecifiedin<u>Section</u>

<u>11.10(e)</u>.

"<u>Erroneous</u><u>Payment</u><u>Subrogation</u><u>Rights</u>":Themeaningspecifiedin<u>Section</u>

"<u>Event of Default</u>":The meaning specified in <u>Section 9.1</u>.

"<u>Excepted</u><u>Persons</u>":Themeaningspecifiedin<u>Section</u><u>12.13(a)</u>.

"<u>Excess</u><u>Concentration</u><u>Amount</u>":Asofanydateofdetermination(andafter

givingeffecttoallEligibleLoanstobepurchasedorsoldbytheBorroweronsuchdate),the

Dollar Equivalent of the sum of the following amounts (without duplication):

(a)withrespecttoeachEligibleLoanthatisa(x)FirstLienLastOutLoan,

(y) First Lien Loan with respect to which the applicable Obligor has EBITDA of less

than $10,000,000 or (z) PIK Loan (excluding any Permitted Partial PIK Loan), the

excess, if any, of (I) the Adjusted Borrowing Value of such Eligible Loan, *minus* (II) the

AdjustedBorrowingValueoftheEligibleLoan(otherthananEligibleLoanthatisofthe

type referred to in clauses (x), (y) or (z) above) in the Collateral with the third highest

Adjusted Borrowing Value;

(b)the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those

Eligible Loans that are obligations of the three (3) Obligors with the largest Obligor

Exposure included in the Collateral *minus* (ii) the greater of (A) $26,750,000 and (B)

7.50% of the Adjusted Borrowing Value of all Eligible Loans included in the Collateral;

(c)exceptwithrespecttotheLoansdescribedin<u>clause</u><u>(b)</u>above,theexcess,

if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans of any single

Obligor and its Affiliates *minus* (ii) the greater of (A) $17,750,000 and (B) 5.00% of the

Adjusted Borrowing Value of all Eligible Loans included in the Collateral;

(d)the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those

Eligible Loans with Obligors in any single GICS Industry Classification (as determined

by the Collateral Manager in good faith in accordance with the Collateral Manager

Standard)*minus*(ii)(A)withrespecttotheGICSIndustryClassificationrepresentingthe

highest concentration of the Eligible Loans (determined by reference to Adjusted

Borrowing Value), the greater of (1) $62,500,000 and (2) 17.50% of the Adjusted

Borrowing Value of all Eligible Loans included in the Collateral (or, if the largest

industryisHealthcareProviders&Services,$125,000,000and35.00%);(B)withrespect

to the GICS Industry Classifications representing the second highest concentration of the

EligibleLoans (determined by reference to AdjustedBorrowing Value), the greater of (1)

$53,500,000 and (2) 15.00% of the Adjusted Borrowing Value of all Eligible Loans

included in the Collateral; (C) with respect to the GICS Industry Classifications

representing the third highest concentration of the Eligible Loans (determined by

reference to Adjusted Borrowing Value), the greater of (1) $44,750,000 and (2) 12.50%

oftheAdjustedBorrowingValueofallEligibleLoansincludedintheCollateral;and(D)

with respect to the GICS Industry Classifications other than those covered in <u>clauses</u><u>(A)</u>,

<u>(B)</u> and <u>(C)</u> hereof, the greater of (1) $35,750,000 and (2) 10.00% of the Adjusted

Borrowing Value of all Eligible Loans included in the Collateral;

(e)the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those

Eligible Loans with underlying Obligors with EBITDA less than $10,000,000 *minus* (ii)

the greater of (A) $125,000,000 and (B) 35.00% of the Adjusted Borrowing Value of all

Eligible Loans included in the Collateral;

(f)the excess, if any, of (i) the aggregate commitments of those Eligible

LoansthatareRevolvingLoansandtheunfundedportionofDelayedDrawLoans *minus*

(ii) the greater of (A) $35,750,000 and (B) 10.00% of the aggregate Adjusted Borrowing

Value of all Eligible Loans included in the Collateral;

(g)the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those

Eligible Loans that have remaining maturities greater than six (6) years *minus* (ii) the

greater of (A) $35,750,000 and (B) 10.00% of the Adjusted Borrowing Value of all

Eligible Loans included in the Collateral;

(h)the excess, if any, of (i) the aggregate AdjustedBorrowing Valueof those

EligibleLoansthatarepayableinApprovedForeignCurrency*minus*(ii)thegreaterof

(A) $17,750,000 and (B) 5.00% of the Adjusted Borrowing Value of all Eligible Loans

included in the Collateral;

(i)the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those

EligibleLoanstoObligorsdomiciledinCanada*minus*(ii)thegreaterof(A)$17,750,000

and (B) 5.00% of the Adjusted Borrowing Value of all Eligible Loans included in the

Collateral;

(j)theexcess,ifany,of(x)theaggregateAdjustedBorrowingValueofthose

EligibleLoansthatareobligationsofTier3Obligors(measuredatthetimesuchEligible

LoansarefirstincludedintheCollateral)minus(y)thegreaterof(A)$71,500,000and

(B) 20.00% of the Adjusted Borrowing Value of all Eligible Loans included in the

Collateral; <u>provided</u>, that any excess pursuant to this clause (j) shall be reduced by the

product of such excess multiplied by the applicable Excess Tier 3 Administrative Agent

Assigned Value, if any;

(k)the excess, if any, of (i) the aggregate AdjustedBorrowing Valueof those

EligibleLoansthatareFirstLienLastOutLoans*minus*(ii)thegreaterof(A)

$35,750,000and(B)10.00%oftheAdjustedBorrowingValueofallEligibleLoans

included in the Collateral;

(l)the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those

EligibleLoansthatarePIKLoans(otherthanPermittedPartialPIKLoans)*minus*(ii)the

greater of (A) $35,750,000 and (B) 10.00% of the Adjusted Borrowing Value of all

Eligible Loans included in the Collateral; and

(m)the excess, if any, of (i) the aggregate AdjustedBorrowing Valueof those

EligibleLoansthatareFixedRateLoans*minus*(ii)thegreaterof(A)$35,750,000and

(B) 10.00% of the Adjusted Borrowing Value of all Eligible Loans included in the

Collateral;

<u>provided</u><u>that</u>,(x)duringtheRevolvingPeriod,inconnectionwithanyincreaseor

decrease in the Facility Amount, each of the Dollar amounts in the foregoing <u>clauses (b)</u> through

<u>(m)</u> shall automatically (and without any further amendment) be increased or decreased, as

applicable,inproportiontotheamountofsuchincreaseordecreaseintheFacilityAmount,and

(y) on and after the Revolving Period End Date, notwithstanding any change in the Facility

Amount following such date, the Dollar amounts in the foregoing <u>clauses (b)</u> through <u>(m)</u>, as

adjusted pursuant to <u>clause (x)</u>, shall remain unchanged from such amounts as in effect on the

Revolving Period End Date.

"<u>Excess</u><u>Tier</u><u>3</u><u>Administrative</u><u>Agent</u><u>Assigned</u><u>Value</u>":WithrespecttoanyLoan

(or any portion thereof) to a Tier 3 Obligor, the value (expressed as a percentage of par) of such

Loan (or portion thereof) as determined by the Administrative Agent in its sole discretion on

each Measurement Date for the aggregate amount that exceeds the greater of (A) $71,250,000

and (B) 20.00% of the Adjusted Borrowing Value of all Eligible Loans.

"<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>":Any amount received in the Collection Account with

respect to any Loan included as part of the Collateral, which amount (x) was not originally paid

using Collections and (y) is attributable to (i) the reimbursement by the related Obligor of

payment by the Borrower or the Transferor of any Tax, fee or other charge imposed by any

Governmental Authority on such Loan or on any Underlying Assets, (ii) the reimbursement by

the related Obligor of payment by the Borrower or the Transferor of other out-of-pocket

expenses, (iii) any payments or reimbursements related to indemnification obligations, (iv) any

escrowsrelatingtoTaxes,insuranceandotheramountsinconnectionwithLoanswhichareheld

in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow

arrangements under Underlying Instruments, (v) any amount deposited into the Collection

Account in error, <u>provided</u>, except with respect to the amounts described in <u>clause (v)</u> of this

definition,thatsuchamountsshallbeExcludedAmountsonlytotheextentthatsuchamounts

(x) are in excess of the principal and interest then due in respect of such Loan, and (y) were

required to be paid by the related Obligor pursuant to a specific provision of the Underlying

Instruments with respect to such Loan.

"<u>Excluded Taxes</u>":Any of the following Taxes imposed on or with respect to a

Secured Party or required to be withheld or deducted from a payment to a Secured Party, (a)

Taxes imposed on or measured by net income (however denominated), franchise Taxes, and

branch profits Taxes, in each case, (i) imposedas a result of such Secured 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 a Loan Advance or Commitment pursuant to a law in effect

on the date on which (x) such Lender acquires such interest in a Loan Advance or Commitment

(other than pursuant to an assignment request by the Borrower under <u>Section 2.17</u>) or (y) such

Lenderchangesitslendingoffice,exceptineachcasetotheextentthat,pursuantto<u>Section</u>

<u>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 Secured Party's failure to comply with

<u>Section 2.13(g)</u> and (d) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Exposure</u><u>Amount</u><u>Shortfall</u>":The meaningspecified in<u>Section</u> <u>2.2(f)</u>.

**<u>"Extended Delivery Date": The meaning specified in clause (d) of the</u>**

**<u>definition of "Value Adjustment Event".</u>**

"<u>Facility</u><u>Amount</u>":Asofanydate,anamountequaltothelesserof(a)

$500,000,000 and (b) the aggregate principal amount of the Commitments provided by the

AdministrativeAgentandtheLendersasofsuchdate;<u>provided</u>thattheFacilityAmountmaybe

increased pursuant to <u>Section 2.18</u> or decreased pursuant to <u>Section 2.3(c)</u>; <u>provided</u> that, the

Facility Amount may not be increased without the written consent of the Borrower, the

AdministrativeAgentandeachLenderincreasingitsCommitment;and<u>provided</u>,<u>further</u>,thaton

or after the earlier to occur of the Revolving Period End Date or the Termination Date, the

Facility Amount shall mean the Advances Outstanding.

"<u>FATCA</u>":Sections1471through1474oftheCode,asineffectontheEffective

Date (or any amended or successor version that is substantively comparable), any current or

future regulations or official interpretations thereof (including any Revenue Rulings, Revenue

Procedure, Notice or similar guidance issued by the IRS thereunder as a precondition to relief or

exemption from Taxes under such provisions) and 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 between the United

States and another jurisdiction facilitating the implementation thereof (or any law, regulation or

official interpretation implementing such Sections of the Code).

"<u>FDIC</u>":The Federal Deposit Insurance Corporation, and any successor thereto.

"<u>Federal</u><u>Funds</u><u>Rate</u>":Foranyperiod,thegreaterof(a)0.00%and(b)a

fluctuating rate per annum equal for each day during such period to the weighted average of the

rates on overnight federal funds transactions with members of the Federal Reserve System

arranged by federal funds brokers, as published for such day (or, if such day is not a Business

Day,forthenextprecedingBusinessDay)bytheFederalReserveBankofNewYork,or,ifsuch

rate is not so published for any day which is a Business Day, the average of the quotations for

such day on such transactions received by the Administrative Agent from three federal funds

brokers of recognized standing selected by it.

"<u>Fee Letter</u>": Individually and collectively, (i) that certain Fee Letter, dated as of

the Effective Date, between the Administrative Agent and the Borrower and (ii) each additional

Fee Letter executed between any Lender and the Borrower, in each case, as amended, modified,

waived, supplemented, restated or replaced from time to time.

"<u>Finance</u><u>Lease</u>":Anytransactioninwhichtheobligationsofalesseetopayrent

or other amounts under a lease are on a triple net basis and are required to be classified and

accountedforasacapitalleaseonthebalancesheetofsuchlesseeunderGAAP.AFinance

Lease shall not include obligations structured to comply with foreign law or religious

restrictions, including, but not limited to, Islamic Shari'ah.

"<u>Financial Asset</u>":The meaning specified in Section 8-102(a)(9) of the UCC.

"<u>Financial</u><u>Covenant</u>":WithrespecttoanyPerson,anycovenant(orother

provision having similar effect) requiring that such Person maintain at specified times (a) a

maximum total leverage, maximum senior leverage, maximum first lien leverage, minimum

fixed charge coverage, minimum debt service coverage, minimum EBITDA, or (b) another

customaryfinancial covenantapproved by theAdministrative Agent inits reasonable discretion.

"<u>Financial Sponsor</u>":Any Person, including any Subsidiary of such Person,

whose principal business activity is acquiring, holding, and selling equity or preferred equity

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</u><u>Amendment</u><u>Effective</u><u>Date</u>":August 9, 2024.

"<u>First Lien Last Out Loan</u>":A Loan that would otherwise be a First Lien Loan

except that at any time prior to and/or after an event of default under the related Underlying

Instruments of the related Obligor, any portion of such Loan will be repaid after one or more

loans (or class of loans) issuedby the same Obligor (but which loan(s) or class of loans are not a

Permitted Pari Passu Revolving Loan or Permitted Working Capital Facility) have been paid in

full in accordance with a specific waterfall of payments or other priority of payments (including

anyPriorityRevolvingLoan);<u>provided</u>thattheAdministrativeAgentmay,initssolediscretion,

designate an Eligible Loan that would otherwise constitute a First Lien Last Out Loan as a First

Lien Loan.

"<u>First Lien Loan</u>":A Loan (i) that is secured by a valid first priority perfected

security interest or lien in, to or on substantially all of the assets of the Obligor under such Loan

in all appropriate jurisdictions, subject to purchase money Liens, customary Liens for taxes or

regulatory charges not then due and payable, Liens accorded priority by law in favor of the

United States or any State or agency, and other permitted Liens under the related Underlying

Instruments that are reasonable and customary for similar loans, (ii) for which the Collateral

Manager determines in good faith that the enterprise value of the related Obligor or the value of

thecollateralsecuringtheLoan(eachasdeterminedbytheCollateralManager)onthedatesuch

Loan is first included as part of the Collateral or on the date that any Value Adjustment Event

occurs 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, (iii) is not (and is not expressly permitted by its terms to become) subordinate in right

of payment to, any other obligation for borrowed money of such Obligor, and (iv) that is not

secured solely or primarily by the Capital Stock of its Obligor or any of such Obligor's

Affiliates; <u>provided</u>, that, a First Lien Loan may include a Loan to an Obligor that also has a

Permitted Pari Passu Revolving Loan or a Permitted Working Capital Facility.For the

avoidanceofdoubt,aFirstLienLastOutLoanshallnotconstituteaFirstLienLoanunlessthe

Administrative Agent, in its sole discretion, designates such Eligible Loan that would otherwise

constitute a First Lien Last Out Loan as a First Lien Loan.

"<u>Fitch</u>":Fitch, Inc. or any successor thereto.

"<u>Fixed</u><u>Rate</u><u>Loan</u>":AnyLoanthatbearsafixedrateofinterest.

"<u>Floor</u>":A rate of interest equal to 0.0%.

"<u>Foreign</u><u>Lender</u>":ALenderthatisnotaU.S.TaxPerson.

"<u>Fund</u>": AG**<u>TPG</u>**Twin Brook Capital Income Fund.

"<u>Funding Date</u>":In the case of any Loan Advance or Swingline Advance, the

proposed Business Day on which a Loan Advance or Swingline Advance is to be made after the

receipt by the Administrative Agent, the Collateral Custodian and Lenders of a Funding Notice,

subject to the required notice provisions of and together with the 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> requesting a Loan

Advance, including the items required by <u>Section 2.2</u>.

"<u>GAAP</u>":Generallyacceptedaccountingprinciplesasineffectfromtimetotime

in the United States.

"<u>General Collection Account</u>":A Securities Account created and maintained on

the books and records of the Collateral Custodian (or any other party acceptable to the

Administrative Agent in its sole discretion) entitled "General Collection Account" in the name

of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the

Secured Parties.

"<u>General</u><u>Intangible</u>":ThemeaningspecifiedinSection9-102(a)(42)ofthe

UCC.

"<u>GICS Industry Classification</u>":The industry classifications set forth in <u>Schedule</u>

<u>V</u> hereto, as such industry classifications shall be updated with the consent of the Borrower, the

Administrative Agent and the Required Lenders if MSCI Inc. publishes revised industry

classifications.

"<u>Governing Documents</u>":(a) With respect to any corporation or company, the

certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive

documents with respect to any non-U.S. jurisdiction) or the memorandum and articles of

association, (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

noticewithrespecttheretofiledinconnectionwithitsformationororganizationwiththe

applicableGovernmentalAuthorityinthejurisdictionofitsformationororganizationand,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, regulatory or administrative functions of or pertaining to government and any court or

arbitrator having jurisdiction over such Person (including any supra-national body exercising

such powers or functions, such as the European Union or 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 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

guaranteeinganyIndebtedness,leases,dividendsorotherobligations(the"<u>primary</u><u>obligations</u>")

of any other third Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly,

including 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)

toadvanceorsupplyfunds(1)forthepurchaseorpaymentofanysuchprimaryobligationor

(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

holdharmlesstheownerofanysuchprimaryobligationagainstlossinrespectthereof;<u>provided</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

guaranteeingperson'smaximumreasonablyanticipatedliabilityinrespectthereofasdetermined

by the Borrower in good faith.

"<u>Highest Required Investment Category</u>":(i) With respect to ratings assigned by

Moody's, "Aa2" or "P-1" for one (1) month instruments, "Aa2" and "P-1" for three (3) month

instruments, "Aa3" and "P-1" for six (6) month instruments and "Aa2" and "P-1" for

instruments with a term in excess of six (6) months, (ii) with respect to rating assigned by S&P,

"A-1" for short-term instruments and "A" for long-term instruments, and (iii) with respect to

ratingassignedbyFitch(ifsuchinvestmentisratedbyFitch),"F-1+"forshort-terminstruments

and "AAA" for long-term instruments.

"<u>Increased</u><u>Commitment</u>":Themeaningspecifiedin<u>Section</u><u>2.18</u>.

"<u>Increased Costs</u>":Any amounts required to be paid by the Borrower to the

Administrative Agent or any Lender pursuant to <u>Section 2.12</u>.

"<u>Indebtedness</u>":With respect to any Person at any date without duplication, (a)

allindebtednessofsuchPersonforborrowedmoney(whetherbyloanortheissuanceandsaleof

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, (c) all obligations of such Person in respect of letters of

credit,acceptancesorsimilarinstrumentsissuedorcreatedfortheaccountofsuchPerson,(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 <u>clauses</u>

<u>(a)</u> through <u>(e)</u> above.The amount of any Indebtedness under <u>clause (d)</u> 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 ofany 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

ownershipinterestinorotherrelationshipwithsuchentity,excepttotheextentthetermsofsuch

Indebtedness expressly provide that such Person is not liable therefor.

"<u>Indemnified</u><u>Amounts</u>":Themeaningspecifiedin<u>Section</u><u>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

respecttoanypaymentmadebyoronaccountofanyobligationoftheBorrowerunderanyLoan

Advance and (b) to the extent not otherwise described in clause (a) above, Other Taxes.

"<u>Independent Manager</u>":The meaning specified in <u>Section 4.1(t)(xxvi)</u>.

"<u>Indorsement</u>":ThemeaningspecifiedinSection8-102(a)(11)oftheUCC,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, provisional 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

takingpossessionbyareceiver,liquidator,provisionalliquidator,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</u><u>Proceeding</u>":Anycase,actionorproceedingbeforeanycourtor

other Governmental Authority relating to any Insolvency Event.

"<u>Instrument</u>":The meaning specified in Section 9-102(a)(47) of the UCC.

"<u>Insurance</u><u>Policy</u>":WithrespecttoanyLoan,aninsurancecertificateevidencing

insurancecovering liability and physical damages to,or loss of, the related Underlying Assets.

"<u>Interest</u>":For each Accrual Period, the sum of the amounts determined (with

respect to each day during such Accrual Period) in accordance with the following formula:

IRxPx<u>1</u>

D

where:

IR=the Interest Rate applicable on such day;

P=the Advances Outstanding on such day; and

D=360days(or,totheextenttheInterestRateis

calculated using the Base Rate, 365 or 366 days, as

applicable).

<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</u>":A Securities Account created and maintained on

the books and records of the Collateral Custodian (or any other party acceptable to the

AdministrativeAgentinitssolediscretion)entitled"InterestCollectionAccount"inthenameof

the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the

Secured Parties.

"<u>Interest</u><u>Collections</u>":Allpaymentsofinterestandfeesonorreceivedinrespect

of Loans and Permitted Investments, including (a) any payments of accrued interest received on

thesaleofLoansorPermittedInvestments,(b)allpaymentsofprincipal(includingprincipal

prepayments)onPermitted Investmentspurchased withthe proceedsdescribed inthis definition,

(c)origination,agency,structuring,managementorotherup-frontfees,unusedline,termination,

makewhole,prepaymentandotherfeesinrespectoftheLoansand(d)contributionsreceivedby

the Borrower, directly or indirectly, from the Fund unless designated as Principal Collections at

the time of contribution; <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>":The sum of (a) the**<u>The</u>**Benchmark, plus (b) the Applicable

Spread; <u>provided</u> that, upon and during the occurrence of a Disruption Event, "Interest Rate"

shall mean the Base Rate plus the Applicable Spread.Accrued and unpaid interest on Loan

Advances shall be payable on each Payment Date.

"<u>Investment</u>":With respect to any Person, any directorindirectloan,advanceor

investment by such Person in any other Person, whether by means of share purchase, capital

contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity

Securities otherwise permitted by the terms hereof which are related to such Loans.

"<u>Investment</u><u>Property</u>":ThemeaningspecifiedinSection9-102(a)(49)ofthe

UCC.

"<u>IRS</u>":The UnitedStates InternalRevenue Service.

"<u>Joinder</u><u>Supplement</u>":AnagreementamongtheBorrower(ifapplicable),a

Lender and the Administrative Agent in the form of <u>Exhibit H</u> to this Agreement (appropriately

completed) delivered in connection with a Person becoming a Lender hereunder after the

Effective Date.

"<u>Lender</u>":The meaning specified in the Preamble, including collectively, each

financialinstitution(i)listedon<u>Annex</u><u>B</u>ashavingCommitmentsor(ii)whichmayfromtimeto

time become a Lender hereunder by executing and delivering a Joinder Supplement and/or an

Assignment and Assumption, as applicable, to the Administrative Agent and the Borrower (and

for purposes of <u>Section 2.12</u> and <u>Section 2.13</u> of this Agreement any successor, assignee or

participant). For the avoidance of doubt, the Swingline Lender shall constitute a "Lender" with

respect to the repayment of Swingline Advances for all purposes hereunder.

"<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 or note owned or acquired by the Borrower.

"<u>Loan</u><u>Advance</u>":EachfundingbytheLenders(includingtheSwinglineLender)

hereunder (including each advance made for the purpose of funding the Unfunded Exposure

Account pursuant to <u>Section 2.2(f))</u>.The application of amounts on deposit in the Unfunded

Exposure Account to fund a Revolving Loan or Delayed Draw Loan in accordance with <u>Section</u>

<u>2.9(e)</u> shall not be considered a "Loan Advance".

"<u>Loan</u><u>Assignment</u><u>Agreement</u>":Themeaningspecifiedin<u>Section</u> <u>6.4(e)</u>.

"<u>Loan Checklist</u>":An electronic or hard copy, as applicable, of a checklist

delivered by or on behalf of the Borrower to the Collateral Custodian, for each Loan, of all

Required Loan Documents to be included within the respective Loan File, which shall specify

whether such document is an original or a copy.

"<u>Loan</u><u>File</u>":WithrespecttoeachLoan,afilecontaining(a)eachoftheRequired

Loan Documents 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, in

each case, as set forth on the Loan Checklist.

"<u>Loan List</u>": That certain list of Loans attached hereto as <u>Schedule II</u>, as such

Schedule shall be deemed to be updated from time to time by reference to the list of Loans set

forth on the most recently delivered Borrowing Base Certificate.

"<u>Loan</u><u>Modification</u>":Anyamendment,restatement,supplement,waiverorother

modification to any Underlying Instrument with respect to any Loan.

"<u>Loan Modification Delivery Date</u>":With respect to any Loan Modification

requiredtobedeliveredtotheAdministrativeAgentpursuantto<u>Section</u><u>6.8(d)</u>,theearlierof(x)

thirty (30) days following the effective date of such Loan Modification and (y) the Reporting

Date following the calendar month in which such Loan Modification was given effect.

"<u>Loan</u><u>Parties</u>":TheBorrower,theTransferorandtheCollateralManager.

"<u>Loan Register</u>":The meaning specified in <u>Section 5.3(k)</u>.

"<u>Margin Stock</u>":"Margin Stock" as defined under Regulation U.

"<u>Material</u><u>Adverse</u><u>Effect</u>":Withrespecttoanyeventorcircumstance,amaterial

adverse effect on (a) the business, assets, financial condition, operations, performance or

properties of the Borrower or the Collateral Manager, both individually or taken as a whole, (b)

the validity, enforceability or collectability of this Agreement or any other Transaction

Document to which the Borrower or the Collateral Manager is a party or the validity,

enforceability or collectability of the Loans generally or any material portion of the Loans, (c)

the rights and remedies of the Administrative Agent, the Lenders or the Secured Parties with

respect to matters arising under this Agreement or any other Transaction Document, (d) the

ability of each of the Borrower or the Collateral Manager to perform its obligations under any

Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or

enforceability of the Administrative Agent's or the other Secured Parties' lien on any material

portion of the Collateral (excluding in any case a decline in the asset value of the Borrower).

"<u>Material Modification</u>":Any Loan Modification (it being agreed and

understood that a release document or similar instrument executed or delivered in connection

with a disposition that is otherwise permitted under the Underlying Instrument shall not

constituteanamendmentorwaiverof,ormodificationorsupplementtosuchUnderlying

Instrument) executed or effected on or after the date on which the Borrower acquired such Loan

that:

(a)reducesor waives any or all ofthe principal amount of such Loan;

(b)waives, extends or postpones the final maturity date or any other due date

forpaymentofoutstandingamountsofsuchLoan(otherthanopportunisticextensionsof

maturity that in the Administrative Agent's sole discretion are not resulting from

deteriorating credit quality of the Obligor) or otherwise grants relief from any applicable

borrowingbaserequirementundertheapplicableUnderlyingInstruments(excludingany

change to the borrowing base not resulting from deteriorating credit quality of the

Obligor);

(c)waivesoneormoreinterestpayments,reducestheamountofcashinterest

due, or permits any interest due in cash to be deferred or capitalized and added to the

principal amount of such Loan (other than (i) any deferral or capitalization already

expressly permitted by the terms of the Underlying Instruments or pursuant to the

application of a pricing grid, in each case, as of the date such Loan was acquired by the

Borrower or (ii) in connection with opportunistic extensions of maturity or re-pricings

that are not resulting from deteriorating credit quality of the Obligor as certified by the

Collateral Manager); <u>provided</u> that, the waiver of (or election not to impose) default

interest shall not in and of itself constitute a Material Modification;

(d)contractually or structurally subordinates such Loan by operation of a

priority of payments, turnover provisions or 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 Loan;

(e)substitutes, alters or releases (other than as expressly permitted by such

Underlying Instruments as of the date such Loan was acquired by the Borrower) the

Underlying Assets securing such Loan, and each such substitution, alteration or release,

as determined in the reasonable discretion of the Administrative Agent, materially and

adversely affects the value of such Loan; <u>provided</u>, that the foregoing shall not apply to

any such release in conjunction with a contemporaneous disposition by the related

Obligor accompanied by a mandatory reinvestment of the applicable net proceeds or

mandatory repayment of such Loan with (x) all or (y) a portion of such net proceeds if

such Loan (i) has a borrowing base and the effective advance rate to the related Obligor

is not increased as a result of such substitution, alteration or release and such

reinvestment or repayment, or (ii) does not have a borrowing base and the degree of

compliance with each financial covenant of the related Obligor is not decreased as a

result of such substitution, alteration or release and such reinvestment or repayment;

(f)amends, waives, forbears, supplements or otherwise modifies in any way

the definition of "Net Senior Leverage Ratio", "Net Total Leverage Ratio",

"Cash**<u>Obligor</u>**Interest Coverage Ratio" or "EBITDA" (or any respective comparable

definitionsinitsUnderlyingInstruments)orthe definitionofany componentthereofina

mannerthat,inthereasonablediscretionoftheAdministrativeAgent,ismaterially

adverse to the Administrative Agent or any Lender; or

(g)amends, waives, forbears, supplements or otherwise modifies in any way

thedefinitionof"permittedlien"or"indebtedness"(oranysimilarterm)orthedefinition

of any component thereof in a manner that the Administrative Agent determines in its

reasonable discretion is materially adverse to the Administrative Agent or any Lender.

"<u>Measurement Date</u>":Each of (i) the Effective Date; (ii) the date of any

Borrower's Notice; (iii) the date on or immediately prior to each Reinvestment, Discretionary

Sale or Substitution pursuant to <u>Section 2.14</u> and <u>Section 3.2</u>, as applicable; (iv) each Reporting

Date (provided that in each case that the Reporting Date is the applicable Measurement Date, the

calculations reported as of such date shall be made as of the last day of the immediately

precedingcalendarmonth)and(v)eachotherdaterequestedbytheAdministrativeAgentwithat

least two (2) Business Days advance notice (so long as, unless the Administrative Agent or the

Collateral Manager have knowledge of the occurrence of a Value Adjustment Event in

accordance with the definition thereof, there has not otherwise been a Measurement Date within

the last five (5) Business Days).

"<u>Minimum Credit Enhancement Amount</u>":As of any date, an amount equal to

the sum of the Adjusted Borrowing Values of all Eligible Loans owing by the four (4) Obligors

which have the greatest Obligor Exposure.

"<u>Moody's</u>":Moody's Investors Service, Inc., and any successor thereto.

"<u>Multiemployer Plan</u>":A"multiemployerplan"asdefinedinSection4001(a)(3) of

ERISA that is or was at any time during the current year or the preceding six (6) years contributed to

by the Borrower or any ERISA Affiliate on behalf of its employees.

"<u>Net</u><u>Purchased</u><u>Loan</u><u>Balance</u>":Asofanydateofdetermination,anamountequal

to (a) the aggregate Outstanding Balance of all Loans acquired by the Borrower prior to such

date <u>minus</u> (b) the aggregate Outstanding Balance of all Loans (other than Warranty Loans and

Zero Value Assets) received by the Transferor or an Affiliate thereof prior to such date in

connection with any Substitution or Discretionary Sale.

"<u>Non-Usage Fee</u>":A fee payable to the Lenders quarterly in arrears for each day

during each Accrual Period during the Revolving Period equal to:

(a)foreachdayduringthefirstthree(3)monthsfollowingtheEffectiveDate,

the sum of the products for each such day during such Accrual Period of (A) one divided

by 360, (B) one-half of one percent (0.50%) and (C) the Unused Facility Amount as of

each such day; and

(b)thereafter,the sumofthe following:

(i)for each day during such Accrual Period that the Advances

Outstanding on such day are less than or equal to the product of twenty-five

percent(25.00%)*multiplied*bytheFacilityAmountonsuchday,thesumofthe

products for each such day during such Accrual Period of (A) one divided by 360,

(B)one percent (1.00%) and (C) the UnusedFacility Amount as of each such day;

*plus*

(ii)for each day during such Accrual Period that the Advances

Outstanding on such day are greater than the product of twenty-five percent

(25.00%)*multiplied*bytheFacilityAmountonsuchday,butlessthantheproduct

of fifty percent (50.00%) *multiplied* by the Facility Amount on such day, the sum

of the products for each such day during such Accrual Period of (A) one divided

by 360, (B) three-quarters of one percent (0.75%) and (C) the Unused Facility

Amount as of each such day; *plus*

(iii)for each day during such Accrual Period that the Advances

Outstanding on such day are greater than or equal to the product of fifty percent

(50.00%) *multiplied* by the Facility Amount on such day, the sumof the products

for each such day during such Accrual Period of (A) one divided by 360, (B)

one-half of one percent (0.50%) and (C) the Unused Facility Amount as of each

such day.

"<u>Note</u>":The meaningspecified in <u>Section</u> <u>2.1(a)</u>.

"<u>Noteless Loan</u>":A Loan with respect to which the Underlying Instruments do

notrequiretheObligortoexecuteanddeliver,andtheObligorhasnotexecutedanddeliveredto

the Borrower, a promissory note evidencing any indebtedness created under such Loan.

"<u>Notice</u><u>of</u><u>Exclusive</u><u>Control</u>":ThemeaningspecifiedintheAccountControl

Agreement.

"<u>Obligations</u>":Theunpaidprincipalamountof,andinterest(includinginterest

accruing after the maturity of the Loan 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 Loan Advances, the Erroneous Payment

Subrogation Rights and all other obligations and liabilities of the Borrower to the Secured

Parties, whether direct or indirect, absolute orcontingent, 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 to which the Borrower is a party made, delivered or given in

connection therewith or herewith, whether on account of principal, interest, reimbursement

obligations,fees,indemnities,costs,expenses(includingallfeesanddisbursementsofcounselto

the Administrative Agent, the Collateral Custodian, the Securities Intermediary 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>(excluding</u>**

**<u>guarantors who are not, and whose assets are not, principally relied on by the Borrower)</u>**.

ForpurposesofdeterminingwhetheranyLoanismadetoanEligibleObligor,allLoans

included as part ofthe CollateralortobetransferredtotheCollateral,theObligorofwhichisan

Affiliate of another Obligor, shall be aggregated with all Loans of such Affiliate Obligor; for

example, if Corporation A is an Affiliate of Corporation B, and the sum of the Adjusted

Borrowing Values of all of Corporation A's Loans included as part of the Collateral constitutes

10.00% of the aggregate Adjusted Borrowing Value for all Loans and the sum of the Adjusted

Borrowing Value of all of Corporation B's Loans included as part of the Collateral constitutes

10.00% of the aggregate Adjusted Borrowing Value of all Loans, the Obligor concentration for

Corporation A and Corporation B would each be 20.00%.

**<u>"Obligor Exposure": With respect to any Obligor, the aggregate Adjusted</u>**

**<u>Borrowing Value of all Loans owned by the Borrower in respect of which such Obligor is</u>**

**<u>the related Obligor.</u>**

**<u>"Obligor Financial Statements":</u><u>The meaning specified in clause (d) of the</u>**

**<u>definition of "Value Adjustment Event".</u>**

"<u>Obligor</u> <u>Cash</u> <u>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) the Dollar Equivalent of

EBITDAto(ii)theDollarEquivalentofObligorCashInterestExpenseofsuchObligorasofthe

Relevant Test Period, as calculated by the Collateral Manager (on behalf of the Borrower) in

goodfaith;<u>provided</u>thatincalculating"CashInterestCoverageRatio"undereitherof<u>clause</u><u>(a)</u>

or <u>clause (b)</u> above, EBITDA of the applicable Obligor shall in any event be deemed to be no

greater than EBITDA of such Obligor as computed in accordance with the definition of

"EBITDA" hereunder; <u>provided</u>, <u>further</u>, that, for the purposes of calculating Obligor Cash

Interest Coverage Ratio for any Obligor in any Relevant Test Period in which such Obligor

issued or originated Indebtedness, the Obligor Cash Interest Expense resulting from such

Indebtedness shall be annualized based on the period from the date on which such Indebtedness

was originated or issued to the last day of such Relevant Test Period.

"<u>Obligor</u><u>Cash</u><u>Interest</u><u>Expense</u>":WithrespecttoanyObligorforanyperiod,the

amount which, in conformity with GAAP, would be set forth opposite the caption**<u>of</u>**"interest

expense" or any like caption reflected on the most recent financial statements delivered by such

Obligor to**<u>determined by the Collateral Manager (on behalf of</u>**the Borrower for such period.

"<u>Obligor Exposure</u>": With respect to any Obligor, the aggregate Adjusted

Borrowing Value of all Loans owned by the Borrower in respect of which such Obligor is the

related Obligor.

"<u>Obligor Financial Statements</u>":The meaning specified in <u>clause (d)</u> of the

definition of "Value Adjustment Event"**<u>) in good faith</u>**.

"<u>Obligor 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

forthintheUnderlyingInstrumentsforsuchLoan,or(b)inthecaseofanyLoanwithrespectto

which the related Underlying Instruments do not include a definition of "Net Senior Leverage

Ratio" or comparable definition, the ratio of (i) the Dollar Equivalent of the outstanding "senior

indebtedness" (as defined in the Underlying Instruments or comparable definition thereof,

including such Loan) of the applicable Obligor as of the date of determination, excluding any

junior indebtedness and any unsecured indebtedness of such Obligor or non-recourse

indebtedness of such Obligor secured solely by the real property and related improvements and

fixtures of such Obligor as of such date, *minus* the Unrestricted Cash of such Obligor as of such

date to (ii) the Dollar Equivalent of EBITDA of such Obligor with respect to the applicable

Relevant Test Period, as calculated by the Collateral Manager in good faith; <u>provided</u> that in

calculating "Obligor Net Senior Leverage Ratio" under either of <u>clause (a)</u> or <u>clause (b)</u> above,

EBITDA of the applicable Obligor shall in any event be deemed to be no greater than EBITDA

of such Obligor as computed in accordance with the definition of "EBITDA" hereunder.

"<u>Obligor 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 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) the Dollar Equivalent of the outstanding "total

indebtedness" (as defined in the Underlying Instruments or comparable definition thereof,

including such Loan) of the applicable Obligor as of the date of determination, *minus* the Dollar

Equivalent of Unrestricted Cash of such Obligor as of such date to (ii) the Dollar Equivalent of

EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by

the Collateral Manager in good faith; <u>provided</u> that in calculating "Obligor Net Total Leverage

Ratio" under either of <u>clause (a)</u> or <u>clause (b)</u> above, EBITDA of the applicable Obligor shall in

any event be deemed to be no greater than EBITDA of such Obligor as computed in accordance

with the definition of "EBITDA" hereunder.

"<u>OFAC</u>": The meaning specified in the definition of "Eligible Obligor".

"<u>Officer's</u><u>Certificate</u>":AcertificatesignedbyaResponsibleOfficerofthe

Personproviding the applicable certification,as the case may be.

"<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>provided</u>thatWinston&

Strawn LLP shall be an acceptable counsel for purposes of delivering any Opinion of Counsel

hereunder.

"<u>Original Obligor</u> <u>Cash</u> <u>Interest Coverage Ratio</u>": With respect to any Loan, the

Obligor CashInterest Coverage Ratio for such Loan on the date such Loan (i) was first included

as part of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value

by the Administrative Agent pursuant to <u>clause (a)(iii)</u> of the definition of **<u>"</u>**Assigned Value**<u>"</u>**

after the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value

Notice with respect to such Loan.

"<u>Original Obligor Net Senior Leverage Ratio</u>": With respect to any Loan, the

Obligor Net Senior Leverage Ratio for such Loanon the date such Loan (i) was first included as

partoftheCollateralor(ii)ifapplicable,wasmostrecentlyassignedanewAssignedValueby

the Administrative Agent pursuant to <u>clause (a)(iii)</u> of the definition of "Assigned Value" after

the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value

Notice with respect to such Loan.

"<u>Original Obligor Net Total Leverage Ratio</u>": With respect to any Loan, the

Obligor Net Total Leverage Ratio for such Loan on the date such Loan (i) was first included as

part of the Collateral or (ii) if applicable, was most recently assigned a new Assigned Value by

the Administrative Agent pursuant to <u>clause (a)(iii)</u> of the definition of **<u>"</u>**Assigned Value**<u>"</u>**after

the occurrence of a Value Adjustment Event, as set forth in the applicable Assigned Value

Notice withrespect to such Loan.

"<u>Other Connection Taxes</u>":With respect to any Secured Party, Taxes imposed as

a result of a present or former connection between such Secured Party and the jurisdiction

imposing such Tax (other than connections arising from such Secured Party having executed,

delivered,becomeapartyto,performeditsobligationsunder,receivedpaymentsunder,received

or perfected a security interest under, engaged in any other transaction pursuant to or enforced

anyTransactionDocument,orsoldorassignedaninterestinanyLoanAdvance,Commitmentor

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,enforcementorregistrationof,fromthereceiptorperfectionofasecurity

interest under, or otherwise with respect to, any Loan Advance, except any such Taxes that are

Other Connection Taxes imposed with respect to an assignment (other than an assignment made

pursuant to <u>Section 2.17(b)</u>).

"<u>Outstanding Balance</u>":With respect to any Loan as of any date of

determination, the Dollar Equivalent of the outstanding principal balance of any advances or

funded loans made by the Borrower to the related Obligor pursuant to the related Underlying

Instruments as of such date of determination (exclusive of any interest and PIK Interest).

"<u>Partial PIK Loan</u>": Any Loan that requires the Obligor to pay only a portion of

the accrued and unpaid interest in Cash on a current basis, the remainder of which is or can be

deferred and paid at a later date. For the avoidance of doubt, Permitted Partial PIK Loans shall

constitute "Partial PIK Loans" hereunder.

"<u>Participant Register</u>":The meaning specified in <u>Section 12.16(b)</u>.

"<u>Participation</u><u>Interest</u>":Aparticipationinterestinaloanorotherobligationthat

would, at the time of acquisition by the Borrower or the Borrower's commitment to acquire the

same, constitute a Loan.

"<u>Payment Date</u>": (x) The twentieth (20<sup>th</sup>) day of each April, July, October and

January, or, if such day is not a Business Day, the next succeeding Business Day, commencing

January 20, 2023 and (y) the Termination Date.

"<u>Payment Date Report</u>": A certificate setting forth, among other things, a

calculationofAvailability,theaggregateoutstandingprincipalbalanceoftheLoanAdvances,

the Aggregate Unfunded Exposure Amount, the Borrowing Base, the application of payments to

be made on the next Payment Date pursuant to <u>Section 2.7</u> or <u>2.8</u> hereof (as applicable), the

currencycalculationssetforthin<u>Section</u><u>5.1(q</u>),acalculationofthefinancialcovenantssetforth

in <u>Section 5.2(n)</u> hereof, in the form of <u>Exhibit A-6</u>, prepared by the Collateral Manager and

certifications regarding Available Capital.

"<u>Payment Duties</u>":The meaning specified in <u>Section 7.2(b)(iii)</u>.

"<u>Payment</u><u>Recipient</u>":Themeaningspecifiedin<u>Section</u><u>11.10(a)</u>.

"<u>Pension Plan</u>":The meaning specified in <u>Section 4.1(w)</u>.

"<u>Permitted Investments</u>": Negotiable instruments or securities or other

investments that (i) except in the case of demand or time deposits, investments in money market

funds and Eligible Repurchase Obligations, are represented by instruments in registered form or

ownershipofwhichisrepresentedbybookentriesbyaClearingAgencyorbyaFederalReserve

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, (ii) as of any date of

determination, mature by their terms on or prior to the Business Day preceding the next Payment

Date unless such Permitted Investments are issued by the Collateral Custodian in its capacity as

a banking institution, in which event such Permitted Investments may mature on such Payment

Date, (iii) are in the form of and are treated as indebtedness of the related Obligor for U.S.

federal income tax purposes and are not a United States real property interest as defined under

section 897 of the Code, (iv) are not subject toany 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, and (v) evidence:

(a)directobligationsof,andobligationsfullyguaranteedastofullandtimely

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);

(b)demand deposits, time deposits or certificates of deposit of depository

institutions or trust companies incorporated under the laws of the United States or any

state thereof and subject to supervision and examination by federal or state banking or

depository institution authorities; <u>provided</u> that at the time of the Borrower's investment

orcontractualcommitmenttoinvesttherein,thecommercialpaper,ifany,andshort-term

unsecureddebtobligations(otherthansuchobligationwhoseratingisbasedonthecredit

of a Person other than such institution or trust company) of such depository institution or

trust company shall have a credit rating from each Rating Agency in the Highest

Required Investment Category granted by such Rating Agency;

(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;

(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+";

(e)notes that are payable on demand or bankers' acceptances issued by any

depository institution or trust company referred to in <u>clause (b)</u> above;

(f)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 at least two

Rating Agencies and from each Rating Agency that rates such investments;

(g)time deposits (having maturities of not more than ninety (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; or

(h)Eligible Repurchase Obligations with a rating acceptable to the Rating

Agencies,whichinthecaseofS&PandMoody's,shallbe"A-1"andinthecaseofFitch

shall be "F-1+".

TheCollateralCustodianortheAdministrativeAgentmay,pursuanttothe

direction of the Collateral Manager or the Administrative Agent, as applicable, purchase or sell

toitselforanAffiliate,asprincipaloragent,thePermittedInvestmentsdescribedabove.

Permitted Investments may include those investments in which the Collateral Custodian or any

of its affiliates provides services and receives reasonable compensation.

"<u>Permitted Liens</u>":Any of the following:(a) Liens for Taxes if such Taxes shall

notatthetimebedueandpayableorifaPersonshallcurrentlybecontestingthevaliditythereof

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, in each case as to which no

enforcement,collection,execution,levyorforeclosureproceedingshallhavebeencommenced,

(b) Liens imposed by law, such as materialmen's, warehousemen's, mechanics', carriers',

workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the

ordinary course of business for sums that arenot overdue or are being contested in good faith, in

eachcaseastowhichnoenforcement,collection,execution,levyorforeclosureproceedingshall

have been commenced, (c) with respect to any Underlying Assets, Liens permitted under the

related Underlying Instruments, (d) as to agented Loans, Liens in favor of the agent on behalf of

all of the lenders with respect to such Loan, (e) Liens granted pursuant to or by the Transaction

Documents, (f) Liens in favor of the Collateral Custodian and permitted under the Account

Control Agreement and (g) restrictions on transfer with respect to any Loan, subject to

customary qualifications for instruments similar to such Loan (including consent of the relevant

agent or Obligor) or Equity Security, either imposed by law or, solely with respect to any Equity

Security, contained in the related Underlying Instruments.

"<u>Permitted Pari Passu Revolving Loan</u>":Any revolving lending facility

associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same

Obligor(i)thatissecuredbya*paripassu*lienontheassetssecuringsuchFirstLienLoanor

such First Lien Last Out Loan, and (ii) for which the payment priority is *pari passu* with such

First Lien Loan or such First Lien Last Out Loan at all times prior to and/or after an event of

default under the related Underlying Instruments of the related Obligor.

"<u>Permitted Partial PIK Loan</u>":Any Partial PIK Loan with respect to which the

portionofaccruedandunpaidinterestthereonthatisrequiredtobepaidinCashatalltimesona

current basispursuanttothetermsoftherelatedUnderlyingInstrumentsisataninterestrateof,

(i) if such Loan is subject to a floating rate, not less than the sum of the Benchmark (or, so long

as the Benchmark is determined based on SOFR, anyotherbenchmarkratedeterminedbasedon

SOFR) plus the Applicable Spread plus 0.50% or (ii) if such Loan is subject to a fixed rate, not

less than 6.00%.

"<u>Permitted Working Capital Facility</u>":Any revolving lending facility associated

with a First Lien Loan or a First Lien Last OutLoan that is incurred by the same Obligor (i) that

issecuredbyalloraportionofthecurrentassetsoftherelatedObligorandotherwiseunsecured

or has a security interest with respect to the other assets of the related Obligor that is *pari passu*

with or junior to the lien securing such First Lien Loan or such First Lien Last Out Loan and (ii)

has an aggregate commitment that is equal to not more than the applicable Obligor's EBITDA

(as determined at**<u>as of the most recent of (x)</u>**the time of acquisition **<u>by the Borrower, and (y)</u>**

**<u>the date of any increase to, reclassification of, or other transaction impacting the lien or</u>**

**<u>payment priority of, the commitments under, or incurrence of any additional, any</u>**

**<u>Permitted Pari Passu Revolving Loan or Permitted Working Capital Facility by the</u>**

**<u>applicable Obligor</u>**).

"<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

subdivisionthereof),estate,company,limited liabilitypartnership,nonprofitcorporation,group,

sector, territory or other entity or organization.

"<u>PIK 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>provided</u>, that the interest of any Loan that is

paid with the proceeds of a permitted drawing on a Revolving Loan shall not constitute PIK

Interest.

"<u>PIK Loan</u>":A Loan that by its terms permits the deferral or capitalization of

payment of accrued and unpaid interest. For the avoidance of doubt, Partial PIK Loans and

Permitted Partial PIK Loans shall constitute "PIK Loans" hereunder.

"<u>Plan Asset Rules</u>": The regulations issued by the United States Department of

LaboratSection2510.3-101ofPart2510ofChapterXXV,Title29oftheUnitedStatesCodeof

Federal Regulations or any successor regulations, as modified by Section 3(42) of ERISA, and

the rules and regulations thereunder.

"<u>Platform</u>":Any electronic system, including Intralinks<sup>®</sup>, ClearPar<sup>®</sup> and any

otherinternetorextranet-basedsite,whethersuchelectronicsystemisowned,operatedor

hostedbytheAdministrativeAgentoranyoftheirrespectiveRelatedPartiesoranyother

Person, providing for access to data protected by passcodes or other security system.

"<u>Pledge Agreement</u>": The Pledge Agreement, dated as of the Effective Date,

made by the Transferor in favor of the Administrative Agent, for the benefit of itself and the

Lenders, pledging all of the equity interests of the Borrower, as amended, modified, waived,

supplemented, restated or replaced from time to time.

"<u>Principal</u><u>Collection</u><u>Account</u>":ASecuritiesAccountcreatedandmaintainedon

the books and records of the Collateral Custodian (or any other party acceptable to the

Administrative Agent in its sole discretion) entitled "Principal Collection Account" in the name

of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the

Secured Parties.

"<u>Principal Collections</u>":(a) All Collections received by the Borrower or the

Collateral Custodian that are not Interest Collections or Excluded Amounts to the extent

received in cash by or on behalf of the Borrower or the Collateral Custodian and (b) any amount

deposited by the Borrower (or the Fund, the Collateral Manager or the Transferor on its behalf)

in accordance with <u>Section 2.6(i)</u> or <u>2.9(e)(i)</u>; <u>provided</u> that, for the avoidance of doubt,

"Principal Collections" shall not include amountsondepositintheUnfundedExposureAccount

or amounts withdrawn pursuant to <u>Section 2.14(a)</u> once such amounts have been applied as set

forth therein.

"<u>Priority</u><u>Revolving</u><u>Loan</u>":AnyrevolvinglendingfacilityassociatedwithaFirst

Lien Loan or First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by

a*paripassu*lienontheassetssecuringsuchFirstLienLoanorFirstLienLastOutLoan,(ii)and

which is prior in right of payment to such First Lien Loan or First Lien Last Out Loan.

"<u>Pro Rata Share</u>":With respect to a 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).

"<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, net of all out-of-pocket

expenses incurred in connection with any such collection, sale, liquidation, foreclosure,

exchange or disposal.

"<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 Capital Stock.

"<u>Public</u><u>Lender</u>":The meaningspecified in <u>Section</u> <u>12.2(d)</u>.

"<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

werepurchasedatdifferentpurchaseprices,theweightedaverageofsuchpurchaseprices)paid

by the Transferor or the Borrower (as applicable) for such Loan (exclusive of any interest, PIK

Interest and original issue discount) 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, PIK Interest and original issue discount); <u>provided</u>, that the Purchase Price of any Loan

determined to be equal to or greater than ninety-five percent (95.0%) in accordance with the

foregoing calculation shall be deemed to be one hundred percent (100.0%).

"<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 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-termunsecured debt rating of

"A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating

or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (c)

is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by

the FDIC.

"<u>Rating Agencies</u>":Each of S&P, Fitch and Moody's.

"<u>Reference Time</u>": With respect to any setting of the then-current Benchmark

(other than Daily Simple SOFR), means the time determined by the Administrative Agent in

accordance with the Benchmark Replacement Conforming Changes.

"<u>Register</u>":The meaning specifiedin <u>Section</u> <u>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 is in registered form within the

meaning of Section 5f.103-1(c) of the United States 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 meaningspecified in<u>Section</u> <u>2.14(a)(i)</u>.

"<u>Reinvestment Notice</u>":Each notice required to be delivered by the Borrower 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>Related Parties</u>":With respect to any Person, such Person's Affiliates and the

partners, directors, officers, managers, employees, agents and advisors of such Person and of

such Person's Affiliates.

"<u>Release</u><u>Date</u>": Themeaning specifiedin <u>Section</u> <u>2.14(d)</u>.

"<u>Relevant Governmental Body</u>":The Board of Governors of the Federal Reserve

System or the Federal Reserve Bank of New York, or a committee officially endorsed or

convenedbytheBoardofGovernorsoftheFederalReserveSystemortheFederalReserveBank

of New York, or any successor thereto.

"<u>Relevant Test Period</u>": With respect to any Loan, the relevant test period for the

calculation of Obligor Net Senior Leverage Ratio, Obligor Net Total Leverage Ratio or Obligor

CashInterest Coverage Ratio, 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 financing statements, each period of the last twelve (12) consecutive reported calendar

months, and (ii) for Obligors delivering quarterly financing statements, each period of the last

four(4)consecutivereportedfiscalquartersoftheprincipalObligoronsuchLoan;<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 most recently ended month or fiscal

quarter (as the case may be), with applicable amounts in such period annualized for purposes of

such calculations, 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 repayment of Advances Outstanding, in the form of <u>Exhibit A-2</u>.

"<u>Replacement Collateral Manager</u>": The meaning specified in <u>Section 6.11(a)</u>.

"<u>Replacement</u><u>Collateral</u><u>Manager</u><u>Fee</u>":Thefeepayabletothe

Replacement Collateral Manager or any successor Collateral Manager on each Payment Date in

arrears in respect of each Accrual Period after the resignation or removal of AGTB Fund

Manager, LLC (oranyotherAffiliateofanyLoanParty)asCollateralManagerhereunder,

whichfeeshallbean amount equal to (A) (i) the sum of the Assigned Value of all Eligible

Loans owned by the Borrower on each day of such Accrual Period *divided* by (ii) the number of

days in such Accrual Period *multiplied by* (B) a rate equal to one half percent (0.50%)*per*

*annum*; <u>provided</u>, however, that the Replacement Collateral Manager shall be entitled to receive

payment for such greater amount as agreed between the Replacement Collateral Manager and

the Administrative Agent(as determined in good faith based on, among other things, the market

conditions at such time) and shall not, in any event, exceed two percent (2.00%) *per annum*.

"<u>Reportable Event</u>":A reportable event within the meaning of Section 4043 of

ERISA, other than those events as to which the thirty (30) day notice period referred to in

Section 4043(c) of ERISA has been waived.

"<u>Reporting Date</u>":The twentieth (20<sup>th</sup>) day of each calendar month or, if such

day is not a Business Day, the next succeeding Business Day, with the first Reporting Date

occurringonJanuary20, 2023,orwithrespecttoanymonthinwhichaPaymentDateReportis

required to be delivered, the day in such month on which such Payment Date Report is required

to be delivered pursuant to <u>Section 5.1(q)(i)</u>.

"<u>Required Funding Amount</u>":If (i) (A) no Event of Default has occurred and is

continuing, <u>and</u> (B) the Revolving Period End Date has not occurred, in each case as of the date

ofdeterminationandaftergivingeffecttoanywithdrawalfromtheUnfundedExposureAccount

on such date of determination, the Unfunded Exposure Equity Amount, and (ii) (A) an Event of

Default has occurred and is continuing, <u>or</u> (B) the Revolving Period End Date has occurred, in

either case as of the date of determination and after giving effect to any withdrawal from the

Unfunded Exposure Account on such date of determination, the Unfunded Exposure Amount.

"<u>Required Lenders</u>":(a) The Administrative Agent and (b) the Lenders

representing an aggregate of more than 50.00% of (i) prior to the earlier to occur of the

RevolvingPeriodEndDateortheTerminationDate,theaggregateCommitmentsoftheLenders

thenineffectand(ii)thereafter,theAdvancesOutstanding;<u>provided</u>;that(A)iftwo(2)ormore

Lenders each represent 20.00% or more of (i) prior to the earlier to occur of the Revolving

Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in

effect and (ii) thereafter, the Advances Outstanding, then "Required Lenders" shall also include

at least two (2) such Lenders, and (B) the Commitment of, and the portion of any Advances

Outstanding, as applicable, held or deemed heldby, any Defaulting Lender shall be excluded for

purposes of making a determination of Required Lenders.For purposes of determining the

number of Lenders pursuant to this definition, groups of Lenders that are Affiliates shall be

treated as one (1) Lender.

"<u>Required Loan Documents</u>":For each Loan, originals or where indicated,

copies (including electronic copies) of the following documents or instruments:

(a)(i) other than in the case of a Noteless Loan, (x) the original or, if

accompaniedbyanoriginal"lostnote"affidavitandindemnity,acopyof,theunderlying

promissorynote,endorsedbytheBorrower(thatmaybeintheformofanallongeornote

power attached thereto) either in blank or to the Administrative Agent as required under

the related Underlying Instruments (and evidencing an unbroken chain of endorsements

from each prior holder thereof evidenced in the chain of endorsements either in blank or

to the Administrative Agent), with any endorsement to the Administrative Agent to be in

the following form: "Ally Bank, as the Administrative Agent for the Secured Parties",

and (y) a copy of each duly executed transfer document or instrument relating to such

Loan (including, until the settlement date specified therein, a commercially standard loan

trade ticket that obligates the Borrower to settle the purchase of such Loan on a specific

date) evidencing the assignment of such Loan to the Borrower, or (ii) in the case of a

Noteless Loan a copy of each duly executed transfer document or instrument relating to

such Noteless Loan evidencing the assignment of such Noteless Loan to the Borrower;

(b)originalsorcopies(includingelectroniccopies)ofeachofthefollowing

(i)totheextentapplicabletotherelatedLoan;anyrelateddulyexecutedloanagreement,

credit agreement, security agreement, subordination agreement and intercreditor

agreement or similar instruments and (ii) to the extent applicable to the related Loan and

only tothe extentsuch documentis inthe possessionof theBorrower, anydulyexecuted

saleandservicingorcollateralmanagementagreementorguarantee,ineachcase

together with any amendment or modification thereto; and

(c)with respect to any Loan originated by the Transferor and with respect to

which the Transferor or an Affiliate thereof acts as the administrative agent (or in a

comparable capacity), either (i) copies of the UCC-1 financing statements, if any, and

any related continuation statements, each showing the Obligor as debtor and the

Transferor or the relevant agent thereunder as secured party and each with evidence of

filing thereon, or (ii) copies (including electronic copies) of any such financing

statements in instances where the original financing statements have been sent to the

appropriate public filing office for filing.

"<u>Required Reports</u>":Collectively, the compliance certificate, in the form of

<u>Exhibit F</u> hereto, the Borrowing Base Certificate, the Payment Date Report, financial statements

of the Fund required to be delivered under the Transaction Documents (including pursuant to

<u>Section</u><u>5.1(s)</u>hereof),theannualstatementsastocomplianceandtheannualindependentpublic

accountant's report (including pursuant to <u>Section 5.1(t)(iv)</u>).

"<u>Responsible Officer</u>":With respect to (i) the Borrower, any duly authorized

officer of the Borrower, certified as such pursuant to an executed incumbency certificate

delivered to the Administrative Agent, in the form of <u>Exhibit A-5</u> hereto, and (ii) any other

Person, any Person with direct responsibility for the administration of this Agreement and also,

with respect to a particular matter, any 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.

"<u>Restricted Payment</u>":(i) Any dividend or other distribution, direct or indirect,

on account of any class of equity interests of the Borrower now or hereafter outstanding, except

a dividend paid solely in interests of that class of equity interests or in any junior class of equity

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 equity 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 equity interests of the Borrower now or hereafter outstanding.

"<u>Review</u><u>Criteria</u>":Themeaningspecifiedin<u>Section</u><u>7.2(b)(ix)</u>.

"<u>Review Period</u>": The meaning specified in <u>Section 7.2(b)(ix)</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, unfunded

commitments under specific facilities, letter of credit 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 and which provides that such

borrowed money may be repaid and reborrowed fromtime to time; <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, are terminated, or are irrevocably reduced to zero.

"<u>Revolving Period</u>":The period commencing on the Effective Date and ending

on the day preceding the earlier to occur of the Revolving Period End Date or the Termination

Date.

"<u>Revolving Period End Date</u>": The earliest to occur of (a) the Scheduled

RevolvingPeriodEndDateand(b)thedateofthedeclarationoftheRevolvingPeriodEndDate

pursuant to <u>Section 9.2(a)</u>.

"<u>S&P</u>":S&P Global Ratings (or its successors in interest).

"<u>Sale</u><u>Agreement</u>":Thesaleandcontributionagreement,datedasoftheEffective

Date, between the Transferor and the Borrower, as amended, modified, waived, supplemented,

restated or replaced from time to time.

"<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 Collateral Manager

and the Collateral Custodian incurred in connection with any such sale.

"<u>Sanctioned Person</u>":Any Person, group, sector, territory or country that is the

subjectortargetofanySanctions,includingwithoutlimitation,anylegalentitythatisdeemedto

be a subject or target of Sanctions based on the direct or indirect ownership or control of such

entity by any other Sanctioned Person.

"<u>Sanctions</u>":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, the U.S. Department of State, the U.S. Department of Commerce, or through any

existing or future executive order; (b) the United Nations Security Council; (c) the European

Union (including any member state thereof); (d) the United Kingdom; (e) the State Secretariat

for Economic Affairs (Switzerland); or (f) any other Governmental Authorities with jurisdiction

over such Person.

"<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</u><u>Revolving Period End</u><u>Date</u>": August 9**<u>October 2</u>**, 2027**<u>2028</u>**.

**<u>"SEC": The Securities and Exchange Commission or any successor</u>**

**<u>Governmental Authority.</u>**

**<u>"Second Amendment Effective Date": October 2,</u> <u>2025.</u>**

"<u>Second</u><u>Currency</u>": Themeaning specifiedin <u>Section</u> <u>12.20</u>.

"<u>Secured</u><u>Party</u>":(i)EachLender,(ii)theAdministrativeAgent,(iii)the

Collateral Custodian and (iv) the Securities Intermediary.

"<u>Securities Account</u>":The meaning specified in Section 8-501(a) of the UCC.

"<u>Securities Act</u>":TheU.S.SecuritiesActof1933,asamended,andtherulesand

regulationspromulgatedthereunder.

"<u>Securities Intermediary</u>":(i) A Clearing Corporation; or (ii) a 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.The initial Securities Intermediary under the Account

Control Agreement shall be the Collateral Custodian.

"<u>Security</u><u>Certificate</u>":ThemeaningspecifiedinSection8-102(a)(16)ofthe

UCC.

"<u>Security Entitlement</u>":The meaning specified in Section 8-102(a)(17) of the

UCC.

"<u>Senior Collateral Manager Fee</u>": So long as AGTB Fund Manager, LLC or any

Affiliate of any Loan Party is the Collateral Manager, the fee payable to Collateral Manager on

each Payment Date in arrears in respect of each Accrual Period, which fee shall be an amount

equal to (A) (i) the sum of the Adjusted Borrowing Value of all Eligible Loans owned by the

Borrower on each day of such Accrual Period divided by (ii) the number of days in such Accrual

Period multiplied by (B) a rate equal to 0.35% *per annum*; <u>provided</u>that, in the sole discretion of

the Collateral Manager, the Collateral Manager may, from time to time, waive all or any portion

oftheSeniorCollateralManagerFeepayableonanyPaymentDateand,solongastheCollateral

Manager is AGTB Fund Manager, LLC or any Affiliate thereof, the Senior Collateral Manager

Fee shall be deemed waived.

"<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 a successor

administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>":The website of the Federal Reserve Bank of

New York, 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</u><u>Rate</u><u>Day</u>":Themeaningspecifiedinthedefinitionof"DailySimple

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)suchPersonisabletorealizeuponitspropertyandpayitsdebtsandotherliabilities

(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>Specified</u><u>Currency</u>":Themeaningspecifiedin<u>Section</u><u>12.20</u>.

"<u>Specified Place</u>": The meaning specified in <u>Section 12.20</u>.

"<u>Specified Rating</u>": As to any Obligor or Loan, (i) a public debt rating equal to or

better than "B-" by S&P or the equivalent public debt rating of another Rating Agency or (ii) if

noratingreferencedin<u>clause</u><u>(i)</u> isavailable,aprivatedebtratingequaltoorbetterthan"B-"by

S&PortheequivalentprivatedebtratingofanotherRatingAgency;<u>provided</u>,thatinthecaseof

each of the foregoing clauses (i) and (ii), (x) if both the applicable Obligor and the applicable

Loan have at least one rating under any such clause, the applicable Loan rating shall apply for

purposes of determining the rating under such clause and (y) if the applicable Obligor or Loan

has more than one rating under any such clause, the lowest such rating shall apply for purposes

of determining the rating under such clause.

"<u>Structured Finance Obligation</u>":Any obligation secured directly by, referenced

to, or representing ownership of, a pool of receivables or other Financial Assets of any Obligor

that is a single purpose bankruptcy remote special purpose entity established to finance such

Financial Assets, including collateralized debt obligations and mortgage-backed securities,

including(butnotlimitedto)collateraldebtobligations,collateralloanobligations,assetbacked

securities and commercial mortgage backed securities or any resecuritization thereof.

"<u>Subordinated Collateral Manager Fee</u>": So long as AGTB Fund Manager, LLC

or any Affiliate of any Loan Party is the Collateral Manager, the fee payable to the Collateral

Manager on each Payment Date in arrears in respect of each Accrual Period, which fee shall be

anamountequalto(A)(i)thesumoftheAdjustedBorrowingValueofallEligibleLoansowned

by the Borrower on each day of such Accrual Period divided by (ii) the number of days in such

Accrual Period multiplied by (B) a rate equal to 0.15% *per annum*; <u>provided</u> that, in the sole

discretion of the Collateral Manager, the Collateral Manager may, from time to time, waive all

or any portion of the Subordinated Collateral Management**<u>Manager</u>**Fee payable on any

PaymentDateand,solongastheCollateralManagerisAGTBFundManager,LLCorany

Affiliatethereof,theSubordinatedCollateralManagement**<u>Manager</u>**Feeshallbedeemed

waived.

"<u>Subsidiary</u>":As to any Person, a corporation, partnership, company, 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) toelect a majority of the board of directors or

other managers of such corporation, partnership, company, 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>":Themeaning specifiedin <u>Section</u> <u>2.14(b)</u>.

"<u>Swingline Advance</u>":Any swingline loan made by the Swingline Lender to the

Borrower pursuant to <u>Section 2.2</u>, and all such swingline loans collectively as the context

requires.For the avoidance of doubt, unless otherwise specified a Swingline Advance shall

constitute a Loan Advance hereunder.

"<u>Swingline Commitment</u>": The commitment of the Swingline Lender to fund

SwinglineAdvances,subjecttothetermsandconditionsherein,inanamountnotgreaterthan

$50,000,000 (without regard to any future reimbursement of Swingline Advances by the

Lenders), as such amount may be reduced, increased or assigned from time to time pursuant to

theprovisionsofthisAgreement.TheSwinglineCommitmentisasub-limitoftheCommitment

of the Swingline Lender, in its capacity as a Lender hereunder, and is not in addition thereto.

"<u>Swingline Lender</u>":Ally Bank, in its capacity as the swingline lender

hereunder, together with its permitted successors and assigns.

"<u>Swingline Note</u>":A promissory note made by the Borrower in favor of the

Swingline Lender evidencing the Swingline Advances made by the Swingline Lender,

substantially in the form attached hereto as <u>Exhibit B-2</u>, and any amendments, supplements and

modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or

extension thereof, in whole or in part.

"<u>Swingline Refinance Date</u>": The meaning specified in <u>Section 2.2(g)(i)</u>.

"<u>Syndicate Communications</u>":Collectively,anynotice,demand,

communication,information, document or other material provided by or on behalf of any Loan

Party pursuant to any Transaction Document or the transactions contemplated therein which is

distributed to the Administrative Agent and each Lender by means of electronic communications

pursuant to <u>Article XII</u>, including through the Platform.

"<u>Tape</u>":The meaningspecified in <u>Section</u> <u>7.2(b)(vi)</u>.

"<u>Taxes</u>":All present or future taxes, levies, imposts, duties, deductions,

withholdings(includingbackupwithholding),assessments,feesorotherchargesimposedbyany

Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Termination Date</u>":The earlier of (a) the date that is two (2) years after the

Revolving Period End Date or (b) the date of the declaration ofthe Termination Date or the date

of the automatic occurrence of the Termination Date pursuant to <u>Section 9.2(a)</u>.

"<u>Tier 1 Obligor</u>": (a) With respect to First Lien Loans, Obligors for which the

Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien

Loan is less than 4.50 to 1.00, and (b) with respect to First Lien Last Out Loans, Obligors for

which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First

Lien Last Out Loan is less than 5.25 to 1.00.

"<u>Tier 2 Obligor</u>": (a) With respect to First Lien Loans, Obligors for which the

Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien

Loan is less than 5.50 to 1.00 but greater than or equal to 4.50 to 1.00, and (b) with respect to

First Lien Last Out Loans, Obligors for which the Obligor Net Total Leverage Ratio of the

applicable Obligor with respect to such First Lien Last Out Loan is less than 6.25 to 1.00 but

greater than or equal to 5.25 to 1.00.

"<u>Tier 3 Obligor</u>": (a) With respect to First Lien Loans, Obligors for which the

Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien

Loan is less than 6.50 to 1.00 but greater than or equal to 5.50 to 1.00, and (b) with respect to

First Lien Last Out Loans, Obligors for which the Obligor Net Total Leverage Ratio of the

applicable Obligor with respect to such First Lien Last Out Loan is less than 7.25 to 1.00 but

greater than or equal to 6.25 to 1.00.

"<u>Total Interest Coverage Ratio</u>": With respect to the Borrower, for the trailing

four (4) consecutive Accrual Periods then ending, the ratio of (i) Borrower Interest Collections

during such period *minus* all Senior Collateral Manager Fees payable by the Borrower (to the

extent not waived) during such period to (ii) Borrower Interest Expense for such period.

"<u>Transaction</u>":Themeaning specifiedin <u>Section</u> <u>3.2</u>.

"<u>Transaction Documents</u>":This Agreement, the Sale Agreement, the Account

Control Agreement, the Pledge Agreement, the Fee Letter, each Note, any Joinder Supplement,

anyTransferee Letter, anyAssignment and Assumptionand the CollateralCustodian Fee Letter.

"<u>Transferee</u><u>Letter</u>":The meaningspecified in <u>Section</u> <u>12.16</u>.

"<u>Transferor</u>":Twin Brook Capital Funding XXXIII, LLC, as seller of Loans to

the Borrower under the Sale Agreement.

"<u>UCC</u>":The Uniform Commercial Code as from time to time in effect in the

applicable jurisdiction or jurisdictions.

"<u>Unadjusted</u><u>Benchmark</u><u>Replacement</u>":TheapplicableBenchmarkReplacement

excluding the related Benchmark Replacement Adjustment.

UCC.

"<u>Uncertificated</u><u>Security</u>":ThemeaningspecifiedinSection8-102(a)(18)ofthe

"<u>Underlying</u><u>Assets</u>":WithrespecttoaLoan,anypropertyorotherassets

designated and pledged as collateral to secure repayment of such Loan, including 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.

"<u>Underlying Instruments</u>":The loan agreement, credit agreement, indenture or

other agreement pursuant to which a Loan or Permitted Investment 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>Unfunded</u><u>Exposure</u><u>Account</u>":ASecuritiesAccountcreatedandmaintainedon

the books and records of the Collateral Custodian (or any other party acceptable to the

Administrative Agent in its sole discretion) entitled "Unfunded Exposure Account" in the name

of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the

Secured Parties.

"<u>Unfunded Exposure Amount</u>":On any date of determination, with respect to

any Loan, the aggregate amount (without duplication) of (i) the Dollar Equivalent of unfunded

commitments(whichshallincludeallunfundedrevolvercommitmentsandunfundedportionsof

delayed draw term loans) and (ii) the Dollar Equivalent of all standby or contingent

commitments associated with such Loan.

"<u>Unfunded Exposure Equity Amount</u>":On any date of determination, with

respecttoanyLoan,anamountequalto(a)theUnfundedExposureAmountwithrespecttosuch

Loan *minus* (b) the product of (i) the Unfunded Exposure Amount with respect to such Loan

*multiplied* by (ii) the Assigned Value of such Loan and *multiplied* by (iii) the Advance Rate

applicable to such Loan.

"<u>Unfunded</u><u>Exposure</u><u>Shortfall</u>":Themeaningspecifiedin<u>Section</u><u>2.9(e)(iii)</u>.

"<u>United States</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

contractuallyrestrictedforanyparticularpurposesorsubjecttoanylien(otherthanblanketliens

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>Unused Facility Amount</u>":At any time, (a) the Facility Amount *minus* (b) the

Advances Outstanding at such time.

"<u>USA Patriot Act</u>":The Uniting and Strengthening America by Providing

AppropriateToolsRequiredtoInterceptandObstructTerrorismActof2001,PublicLaw

107-56.

"<u>U.S.</u><u>Government</u><u>Securities</u><u>Business</u><u>Day</u>":Anydayexceptfor(i)aSaturday,

(ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association

recommends that the fixed income departments of its members be closed for the entire day for

purposes of trading in United States government securities.

"<u>U.S. Tax Person</u>": A "United States person" within the meaning of Section

7701(a)(30) of the Code.

"<u>U.S.</u><u>Special</u><u>Resolution</u><u>Regime</u>":Eachof(i)theFederalDepositInsuranceAct

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 specified in <u>Section 2.13(g).</u>

"<u>Value</u><u>Adjustment</u><u>Event</u>":WithrespecttoanyLoan,theoccurrenceofanyone or

more of the following eventsafter the related Funding Date:

(a)an Obligor default in respect of any payment of principal, interest,

commitmentornon-usagefeesdueandpayable(aftergivingeffecttoanyapplicablecure

period, but in no event longer than five (5) Business Days) (including, in each case, by

acceleration) or the occurrence of an Insolvency Event with respect to the applicable

Obligor;

(b)any Obligor default has occurred for which the Borrower (or the agent or

required lenders pursuant to the Underlying Instruments, as applicable) has elected to

exercise any of its rights and remedies under the applicable Underlying Instruments in

the case of default thereunder (including acceleration), or if acceleration has not

occurred, sixty (60) days has elapsed since the occurrence of the Obligor default without

such default being cured;

(c)theBorrowerhasenteredintoaMaterialModificationwithrespecttosuch

Eligible Loan; or

(d)the failure by the applicable Obligor to deliver (or if the Borrower or

Collateral Manager fail to forward the same to the Administrative Agent) any financial

statements (including audited and unaudited financial statements) as required by the

UnderlyingInstruments,ineachcase,beyondanyapplicablegraceorcureperiod,ifany;

<u>provided</u> that (i) with respect to quarterly reports (including unaudited financial

statements) required by the Underlying Instruments, such date shall be no later than

ninety(90)daysaftertheendoftheapplicablefiscalquarterofsuchObligor,and(ii)

with respect to annual reports (including audited financial statements) required by the

Underlying Instruments, such date shall be no later than one hundred eighty-five (185)

daysaftertheendoftheapplicablefiscalyearofsuchObligor(collectively,the"<u>Obligor</u>

<u>Financial</u><u>Statements</u>")**<u>;</u><u>provided</u><u>further</u><u>that,</u><u>the</u><u>Administrative</u><u>Agent</u><u>may</u><u>consent</u>**

**<u>to an extension of any delivery date set forth in this clause (d) in its sole discretion</u>**

**<u>(such date, an "Extended Delivery Date") and, if such consent has been provided, a</u>**

**<u>Value Adjustment Event shall not occur unless the related Obligor Financial</u>**

**<u>Statements have not been delivered by such Extended Delivery Date</u>**.

For the avoidance of doubt (i) an Eligible Loan shall not cease to be an Eligible Loan solely as a

result of a reduction in Assigned Value pursuant to a Value Adjustment Event but shall remain

an Eligible Loan with the new Assigned Value and (ii) a Value Adjustment Event shall be

deemed to have occurred on the earlier of the date that the Borrower or Collateral Manager have

knowledge of (it being understood that no Default or Event of Default shall occur in respect of

any failure to notify of such Value Adjustment Event unless actual knowledge occurs) the

occurrence of the event giving rise to the Value Adjustment Event; <u>provided</u>that with respect to

anyMaterialModificationdescribedinclause**(b),**(e),<u>(f)</u>or<u>(g)</u>ofthedefinitionthereof,solong

as the Collateral Manager has complied with <u>Section 6.8(d)</u> with respect thereto, such Material

Modification shall be deemed not to have occurred until the Administrative Agent shall have

provided the Borrower and the Collateral Manager with notice (which may be by email) of the

determination made in its **<u>sole discretion or</u>** reasonable discretion**<u>, as applicable,</u>**pursuant to

the applicable clause of the definition of "Material Modification"**.**

"<u>Value Adjustment Factor</u>":(a) With respect to a Value Adjustment Event of the

type described in <u>clause (a)</u> in the definition thereof, zero percent (0.0%); (b) with respect to a

ValueAdjustmentEventofthetypedescribedin<u>clause</u><u>(b)</u>inthedefinitionthereof,seventy-five

percent(75.0%);(c)withrespecttoaValueAdjustmentEventofthetypedescribedin<u>clause</u><u>(c)</u>

in the definition thereof, eighty-five percent (85.0%); <u>provided</u> that a Material Modification

pursuant to clause (a) or (b) of the definition thereof (if with respect to clause (b) solely with

respect to any due date for payment of principal) shall have a Value Adjustment Factor of zero

percent(0.0%); and (d) with respect to a ValueAdjustment Event of the type described in <u>clause</u>

<u>(d)</u> in the definition thereof, initially eighty**<u>-five</u>**percent (85.0%), and thereafter such Value

Adjustment Factor shall be automatically further reduced by fifteen (15) percentage points for

each thirty (30) calendar day period following the occurrence of such Value Adjustment Event

during which the applicable Obligor Financial Statements remain undelivered; <u>provided</u> that in

determining the Assigned Value for any Loan following the occurrence of a Value Adjustment

Event of the type described in clause (b) of the definition thereof, the Value Adjustment Factor

applicable to such Loan shall be automatically and immediately reduced to fifty percent

(50**<u>50.0</u>**%) of the otherwise applicable Value Adjustment Factor six (6) months following the

occurrence of such ValueAdjustment Event, andfurther reduced tozero percent (0**<u>0.0</u>**%) twelve

(12) months following the occurrence of such Value Adjustment Event. In addition, the

Borrower shall have the right to request that the Administrative Agent assign a higher Value

AdjustmentFactortoanyLoanthathasexperiencedareductiontoitsAssignedValuefollowing

a Value Adjustment Event. Any such decision related to providing a higher Value Adjustment

Factor shall be in the Administrative Agent's sole discretion.

"<u>Warranty Loan</u>":Any Loan for which the Transferor becomes subject to an

obligation under the Sale Agreement to repurchase or substitute such Loan.

"<u>Weighted</u><u>Average</u><u>Advance</u><u>Rate</u>":Asofanydateofdeterminationwithrespect

to all Eligible Loans included in the Borrowing Base, the amount obtained by (x) summing the

products obtained by multiplying:

The Advance Rate at such time

applicable to each such Eligible

Loan

XThe sum of (i) the aggregate

AdjustedBorrowingValueofsuch

EligibleLoan*minus*(ii)anamount

equal to the Excess Concentration

Amount attributable to such

Eligible Loan

and dividing such sum by (y) the sum of (i) the aggregate Adjusted Borrowing Value of all

Eligible Loans *minus* (ii) an amount equal to the Excess Concentration Amount as of such date;

<u>provided</u> that if the Borrowing Base contains fifteen (15) Eligible Loans or fewer that have an

Assigned Value greater than zero, the Weighted Average Advance Rate shall not exceed

50.00%; <u>provided</u>, further, that for the purpose of determining the number of Eligible Loans for

the purpose of the foregoing proviso, all Eligible Loans to a single Obligor shall be treated as

one (1) Eligible Loan.

"<u>Withdrawal Conditions</u>":The meaning specified in <u>Section 2.9(e)(i)</u>.

"<u>Withholding</u><u>Agent</u>":AnyLoanPartyandtheAdministrativeAgent,orthe

Collateral Custodian to the extent required by Applicable Law.

"<u>Zero</u><u>Coupon</u><u>Obligation</u>":Adebtobligationthatdoesnotbearinterestforallor

part of the period that it is outstanding or that provides for periodic payments in cash less

frequently than quarterly or that pays interest only at its stated maturity.

"<u>Zero Value Asset</u>": A Loan that (a) is no longer an Eligible Loan or (b) has an

Assigned Value of zero.

Section 1.2<u>Other</u> <u>Terms</u>.

Allaccountingtermsusedbutnotspecificallydefinedhereinshallbeconstruedin

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 therein.

Section1.3<u>Computation of Time</u> <u>Periods</u>.

Unless otherwise stated in this Agreement,in the computation of a period of time

from a specified date to a later specified date, the word "from" means "from and including" and

the words "to" and "until" each mean "to but excluding."

Section 1.4<u>Interpretation</u>.

Ineach Transaction Document, unlessa contrary intention appears:

(a)thesingular numberincludes theplural numberand vice versa;

(b)referencetoanyPersonincludessuchPerson'ssuccessorsandassignsbut,

if applicable, only if such successors and assigns are permitted by the Transaction Documents;

(c)reference to any gender includes each other gender;

(d)referencetodayordayswithoutfurtherqualificationmeanscalendar

days;

(e)referenceto anytime meansNew York,New York time;

(f)referencetoanyagreement(includinganyTransactionDocument),

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

thetermsthereofand,ifapplicable,thetermsoftheotherTransactionDocuments,andreference

to any promissory note includes any promissory note that is an extension or renewal thereof or a

substitute or replacement therefor;

(g)referencetoanyApplicableLawmeanssuchApplicableLawasamended,

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

provisionofanyApplicableLawmeansthatprovisionofsuchApplicableLawfromtimetotime

in effect and constituting the substantive amendment, modification, codification, replacement or

reenactment of such Section or other provision;

(h)reference to any delivery or transfer to the Collateral Custodian with

respecttotheCollateralinthisAgreementmeansdeliveryortransfertotheCollateralCustodian

for the benefit of the Administrative Agent on behalf of the Secured Parties;

(i)for the purposes of calculating the Borrowing Base and Availability

(including whether any Borrowing Base Deficiency exists), the Excess Concentration Amount,

the Minimum Credit Enhancement Amount, the Net Purchased Loan Balance, and for the

purposes of any other calculation required hereunder, the effect of the acquisition or disposition

of Loans and Permitted Investments shall be calculated on a settlement date basis;

(j)all calculations performed by the Administrative Agent hereunder or

under any Transaction Document shall be binding on the parties hereto and shall be deemed to

be accurate, absent manifest error;

(k)"including"means "includingwithout limitation";

(l)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;

(m)forpurposesofthisAgreement,anEventofDefaultshallbedeemedtobe

continuing until it is waived in accordance with <u>Section 12.1</u>;

(n)any use of "material" or "materially" or words of similar meaning in this

Agreement with respect to any Loan Party shall mean material, as determined by the

Administrative Agent in its reasonable discretion;

(o)multiple Loans of the same type to a single Obligor shall be treated as a

single Loan; and

(p)if any date for any required payment or the performance of any other

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.

Section 1.5<u>Calculation of Borrowing</u> <u>Base</u>.

In connection with amounts to be calculated for purposes of determining the

Borrowing Base and generally preparing the Borrowing Base Certificate, all amounts shall be

expressed in Dollars.

Section 1.6<u>Rates</u>.

The Administrative Agent does not warrant or accept responsibility for, and shall

not have any liability with respect to (a) the continuation of, administration of, submission of,

calculationoforanyothermatterrelatedtotheBenchmark,anycomponentdefinitionthereofor

ratesreferencedinthedefinitionthereoforanyalternative,successororreplacementratethereto

(including any Benchmark Replacement), including whether the composition or characteristics

of any such alternative, successor or replacement rate (including any Benchmark Replacement)

will be similar to, or produce the same value or economic equivalence of, or have the same

volume or liquidity as, the Benchmark or any other Benchmark prior to its discontinuance or

unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement

Conforming Changes.The Administrative Agent and its affiliates or other related entities may

engage in transactions that affect the calculation of the Benchmark, any alternative, successor or

replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto,

in each case, in a manner adverse to the Borrower.The Administrative Agent may select

information sources or services in its reasonable discretion to ascertain the Benchmark 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**

**THENOTES**

Section 2.1<u>The</u> <u>Notes</u>.

(a)On the terms and conditions hereinafter set forth, the Borrower shall

deliver, if requested by the Administrative Agent or any Lender, (i) on the Effective Date, to

each requesting Lender at the applicable address of such Lender on file with the Administrative

Agent, and (ii) on the effective date of any Joinder Supplement, to each additional Lender

requesting a Note, at the address set forth in the applicable Joinder Supplement, a duly executed

promissory note in substantially the form of <u>Exhibit B-1</u> (each a "<u>Note</u>"), dated as of the date of

this Agreement or the effective date of such Joinder Supplement (as applicable), each in a face

amount equal to the applicable Lender's Commitment as of the Effective Date or the effective

date of any Joinder Supplement, as applicable, and otherwise duly completed.Each Note shall

evidence obligations in an amount equal, at any time, to the Advances Outstanding by such

Lender under the applicable Note on such day.

(b)On the terms and conditions hereinafter set forth, the Borrower shall

deliver, if requested by the Swingline Lender, on the First Amendment Effective Date, at the

applicable address of the Swingline Lender on file with the Administrative Agent, a fully

executed Swingline Note, in a face amount equal to the Swingline Commitment as of the First

Amendment Effective Date and otherwise duly completed.

Section 2.2<u>Procedures for Loan Advances by the</u> <u>Lenders</u>.

(a)Subject to the limitations set forth in this <u>Section 2.2</u>, the Borrower may,

during the Revolving Period, request the Lenders to make advances of funds (each, a "<u>Loan</u>

<u>Advance</u>")bydeliveringtotheAdministrativeAgenttheinformationanddocumentssetforthin

this <u>Section 2.2</u> at the applicable times provided herein.Upon receipt of such information and

documents, the Administrative Agent will provide notification to the Lenders with respect

thereto.

(b)Subject to the limitations set forth in this <u>Section 2.2</u>, the Borrower may,

from time to time during the Revolving Period, request the Swingline Lender make Swingline

Advances by delivering to the Administrative Agent the information and documents set forth in

this<u>Section</u><u>2.2</u>attheapplicabletimesprovidedherein;<u>provided</u>thattheSwinglineLendershall

not be required to make a Swingline Advance to refinance an outstanding Swingline Advance.

InterestforeachSwinglineAdvanceshallaccrueattheInterestRate.Uponreceiptofsuch

information and documents, the Administrative Agent will provide notification to the Lenders

with respect thereto.

(c)With respect to (i) Loan Advances (other than Swingline Advances), no

later than 12:00 p.m. (New York City Time), one (1) Business Day (or such shorter period as

permitted by the Administrative Agent in its sole discretion, but not later than 12:00 p.m. (New

York City Time) on the date of the proposed Funding Date), prior to the proposed Funding Date

or (ii) Swingline Advances, no later than 12:00 p.m. on the proposed Funding Date, the

Borrower shall deliver:

(i)to the Administrative Agent a wire disbursement and authorization form,

to the extent not previously delivered; and

(ii)to the Administrative Agent and the Collateral Custodian a duly

completed Funding Notice (including a duly completed Borrowing Base Certificate

updated to the date such Loan Advance is requested and giving pro forma effect to the

Loan Advance requested and the use of the proceeds thereof) which shall (a)specify the

desired amount of such Loan Advance, which amount shall not cause the Advances

Outstanding to exceed the Availability and must be at least equal to $500,000 (or, in the

case of any Loan 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, (b) specify the proposed

Funding Date of such Loan Advance, (c) specify the Accrual Period for such Loan

Advance,(d)specifytheLoan(s)includedintheCollateralonsuchFundingDate(ifany)

(including the appropriate Obligor, Outstanding Balance, Assigned Value and Purchase

Price for each Loan (which information may be included in the Borrowing Base

Certificate))and,withrespecttoanyRevolvingLoanorDelayedDrawLoan,theamount

to be deposited in the Unfunded Exposure Account in connection with the acquisition of

anyLoan(s)pursuantto<u>Section</u><u>2.9(e)</u>,(e)includeacalculationshowingthat,ona

pro-forma basis, the Borrower is in compliance with the Minimum Credit Enhancement

Amount Test, and (f) include a representation that all conditions precedent for a Loan

Advance described in <u>Section 3.2</u> hereof have been met.Each Funding Notice shall be

irrevocable.If any Funding Notice is received by the Administrative Agent after 12:00

p.m. (New York City Time) or on a day that is not a Business Day, such Funding Notice

shallbedeemedtobereceivedbytheAdministrativeAgentat9:00a.m.(NewYorkCity

Time) on the next Business Day.

Fortheavoidanceofdoubt,unlesstheAdministrativeAgentshallhaveagreedtoashorternotice

period under <u>Section 2.2(c)</u>, if **<u>the</u>**Borrower delivers a Funding Notice specifying a proposed

Funding Date that would occur less than one (1) Business Day after the date such Funding

Notice is received (or deemed received in accordance with <u>Section 2.2(c)</u>), such request for a

Loan Advance shall be treated as a request for a Swingline Advance.

(d)On the proposed Funding Date, subject to the limitations set forth in this

<u>Section 2.2</u> and upon satisfaction of the applicable conditions set forth in <u>Section 3.2</u> (and, if the

Effective Date is a Funding Date, <u>Section 3.1</u>):

(i)with respect to each Advance (other than a Swingline Advance), each

Lender shall make available to the Administrative Agent in same day funds, by no later

than 12:00 p.m. (New York City Time), an amount equal to such Lender's Pro Rata

Share, of the least of (A) the amount requested by the Borrower for such Loan Advance,

(B)theaggregateunusedCommitmentsthenineffectand(C)themaximumamountthat,

aftertakingintoaccounttheproposeduseoftheproceedsofsuchLoanAdvance,could

beadvancedtotheBorrowerhereunderwithoutcausingtheAdvancesOutstandingto

exceed the Availability;

(ii)with respect to each Swingline Advance, the Swingline Lender shall make

available to the Borrower in same day funds, an amount equal to the least of (i) the

amount requested by the Borrower for such Swingline Advance, (ii) the positive

difference between (A) the Swingline Commitment then in effect and (B) the aggregate

outstandingSwinglineAdvancesasofsuchdateand(iii)themaximumamountthat,after

taking into account the proposed use of proceeds of such Swingline Advance, could be

advanced to the Borrower hereunder without causing the Advances Outstanding to

exceed the Availability; <u>provided</u> that, no Swingline Advance will be permitted if the

amount requested by the Borrower in respect of such Swingline Advance will cause the

sum of (x) the outstanding Swingline Advances as of such date, and (y) aggregate

outstanding amount of Loan Advances made bythe Swingline Lender in its capacity as a

Lender (excluding the portion of such Swingline Advance attributable to the Swingline

Lender's subsequent Loan Advance in connection with the repayment of such Swingline

Advance)toexceed theCommitment ofthe SwinglineLenderin itscapacity asa Lender;

(iii)upon receipt of the amounts described in <u>clause (i)</u> or <u>(ii)</u>, as applicable,

the Administrative Agent shall promptly fund such amounts by wire transfer to the

account designated by the Borrower in the applicable Funding Notice given pursuant to

this <u>Section 2.2</u>; and

(iv)notwithstanding<u>clauses</u><u>(i)</u>,<u>(ii)</u>and<u>(iii)</u>ofthis<u>Section</u><u>2.2(d)</u>withrespect

tothefundingoftheinitialLoanAdvancehereunder,theLendersandtheAdministrative

Agent may net any fees and reimbursable expenses owing to it on the Effective Date (as

setforthintheexecutedclosingstatement)fromtheamountfundedbytheLenderstothe

Administrative Agent pursuant to <u>clause (i)</u> or <u>(ii)</u>, as applicable, and/or the amount of

such Loan Advance funded by the Administrative Agent to the Borrower pursuant to

<u>clause (iii)</u>.

(e)OneachFundingDate(whichisnotassociatedwithaSwingline

Advance), the obligation of each Lender to remit its Pro Rata Share of any Loan Advance shall

be several from that of each other Lender and the failure of any Lender to so make such amount

availabletotheBorrowershallnotrelieveanyotherLenderofitsobligationhereunder.

Notwithstanding anything to the contrary herein, noLendershallbeobligatedtomakeanyLoan

Advance on or after the earlier to occur of the Revolving Period End Date or the Termination

Date**<u>except</u><u>as</u><u>provided</u><u>in</u><u>Section</u><u>2.2(f)</u>**.Fortheavoidanceofdoubt,inrelationwitha

refinancingofaSwinglineAdvance,suchLender'spaymentobligationwillbefulfilledin

accordance with <u>Section 2.2(g)</u>.

(f)Notwithstanding anything to the contrary herein, upon the occurrence of

the earlier of (i) an Event of Default or (ii) the Revolving Period End Date, if the amount on

deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Exposure

Amount, the Administrative Agent (x) may, in the case of the occurrence of an Event of Default

or (y) shall in the case of the occurrence of the Revolving Period End Date, on behalf of the

Borrower,requestaLoanAdvanceintheamountofsuchshortfall(the"<u>Exposure</u><u>Amount</u>

<u>Shortfall</u>").Following receipt of such request, the Lenders shall fund such Exposure Amount

Shortfall in accordance with <u>Section 2.2(d)</u>, notwithstanding anything to the contrary herein

(including the Borrower's failure to satisfy any of the conditions precedent set forth in <u>Section</u>

<u>3.2</u>),exceptthatnoLendershallmakeanyLoanAdvancetotheextentthat,aftergivingeffectto

such Loan Advance, the Advances Outstanding would exceed the Availability.

(g)<u>Refinancing of Swingline</u> <u>Advances</u>.

(i)EachSwinglineAdvanceshallberefinancedbytheLendersonthe

second (2nd) Business Day following the date of such Swingline Advance (each such

date, a "<u>Swingline Refinance Date</u>").Such refinancings shall be made by the Lenders in

accordancewiththeirrespectiveProRataSharesandshallthereafterbereflectedasLoan

Advances of the Lenders on the books and records of the Administrative Agent.Each

Lender shall fund its respective Pro Rata Share of Loan Advances as required to repay

Swingline Advances outstanding to the Swingline Lender no later than 12:00 p.m. on the

applicable Swingline Refinance Date.

(ii)The Borrower shall pay to the Swingline Lender, within five (5)

BusinessDaysofdemand,theamountofsuchSwinglineAdvancestotheextentamounts

received from the Lenders are not sufficient to repay in full the outstanding Swingline

Advancesrequestedorrequiredtoberefinanced.Ifanyportionofanysuchamountpaid

to the Swingline Lender shall be recovered by or on behalf of the Borrower from the

Swingline Lender in bankruptcy or otherwise, the loss of the amount so recovered shall

be ratably shared among all the Lenders in accordance with their respective Pro Rata

Shares.

(iii)Each Lender acknowledges and agrees that its obligation to

refinance Swingline Advances in accordance with the terms of this <u>Section 2.2(g)</u> is

absolute, unconditional and irrevocable and shall not be affected by any circumstance

whatsoever, including, (A) the existence of any setoff, claim, abatement, recoupment,

defense or other right that such Lender, any Affiliate thereof or any other Person may

have against the Swingline Lender, the Administrative Agent, any other Lender or any

other Person, (B) the failure of any condition precedent set forth in <u>Section 3.2</u> to be

satisfied or the failure of the Borrower to deliver a Funding Notice (each of which

requirements the Lenders hereby irrevocably waive) and (C) any adverse change in the

condition (financial or otherwise) of any Loan Party.Further, each Lender agrees and

acknowledges that if prior to the refinancing of any outstanding Swingline Advances

pursuant to this <u>Section 2.2(g)</u>, a bankruptcy or insolvency proceeding relating to the

Borrower, the Collateral Manager or the Transferor shall have occurred, each Lender

will, on the date the applicable Loan Advance would have been made, purchase an

undivided participating interest in the Swingline Advance to be refinanced in an amount

equal to its Pro Rata Share of the aggregate amount of such Swingline Advance.Each

Lender will immediately transfer to the Swingline Lender, in immediately available

funds, the amount of its participation.Whenever, at any time after the Swingline Lender

has received from any Lender such Lender's participating interest in a Swingline

Advance, the Swingline Lender receives any payment on account thereof, the Swingline

LenderwilldistributetosuchLenderitsparticipatinginterestinsuchamount

(appropriatelyadjusted,inthecaseofinterestpayments,toreflecttheperiodoftime

during which such Lender's participating interest was outstanding and funded).

Section 2.3<u>Principal</u> <u>Repayments</u>.

(a)TheBorrowershallbeentitledatitsoption,atanytime,torepayallorany

portion of the Advances Outstanding; <u>provided</u> that (i) the Borrower shall give prior written

notice of such repayment in the form of <u>Exhibit A-2</u> to the Administrative Agent (with a copy to

the Collateral Custodian) by at least (A) 12:00 p.m. (New York City Time) on the date of such

repayment and (ii) any repayment of Advances Outstanding (other than with respect to

repayments of Advances Outstanding made by the Borrower to reduce a Borrowing Base

Deficiency to zero) shall be in a minimum amount of $500,000 (other than (x) any prepayment

of Swingline Advances for which no minimum shall apply and (y) any such partial repayment of

Advances Outstanding which is funded (A) solely with proceeds from the repayment of a

Revolving Loan or (B) solely with amounts otherwise distributable to the Borrower under

<u>Section 2.7(a)(16)</u>, <u>Section 2.7(b)(6)</u> or <u>Section 2.8(11)</u>).In connection with any such

repayment of Advances Outstanding, the Borrower shall deliver to the Administrative Agent by

1:00 p.m. (New York City Time) (1) instructions to repay such Advances Outstanding and (2)

funds sufficient to repay such Advances Outstanding together with, if the Advances Outstanding

are prepaid in full in connection with an optional repayment, all accrued Interest; <u>provided</u> that,

theAdvancesOutstandingwillnotberepaidunlesssufficientfundshavebeenremittedtopayall

such amounts in the succeeding sentence in full.The Administrative Agent shall apply amounts

received from the Borrower pursuant to this <u>Section 2.3(a)</u> to the *pro rata* repayment of the

AdvancesOutstandingand,ifapplicable,tothepaymentofaccruedInterestontheamountofthe

Advances Outstanding to be repaid.Any amount so repaid may, subject to the terms and

conditions hereof, be reborrowed during the Revolving Period.Any Repayment Notice relating

to any repayment pursuant to this <u>Section 2.3(a)</u> shall be irrevocable.Upon receipt of any notice

or instructions from the Borrower pursuant to this <u>Section 2.3(a)</u>, the Administrative Agent will

provide notification to the Lenders with respect thereto.Any prepayment of Advances

Outstanding under this <u>Section 2.3(a)</u> shall be applied first to the Loan Advances that bear

interest at the Base Rate, and then, ratably, to the Loan Advances that bear interest at Daily

Simple SOFR.

(b)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 Collateral Manager, the Administrative Agent and each of the

Lenders.

(c)<u>Commitment</u><u>Reductions</u>.

(i)Prior to the Revolving Period End Date, the Borrower shall have the right

to terminate the Commitments in full and, onone (1) occasion, to permanently reduce all

or a portion of the unfunded amount of the Commitments upon not less than ten (10)

Business Days' prior written notice to the Administrative Agent (with a copy to the

Collateral Custodian) of any such reduction, which notice shall substantially be in the

formof<u>Exhibit</u><u>A-8</u>andshallspecifytheeffectivedateofsuchreduction.Suchnoticeof

reductionshallbeeffectiveonlyuponreceiptandshallpermanentlyreducethe

Commitments of each Lender, *pro rata*, in the amount of the reduction and on the date

specified in such notice; <u>provided</u> that no such reduction will reduce the Commitments

below the Advances Outstanding at such time.Any notice of reduction delivered to

Administrative Agent shall be irrevocable.

(ii)The reduction of the Commitments pursuant to <u>Section 2.3(c)(i)</u> shall be

permanent and in an amount not less than $10,000,000 and the Commitments, once

reduced, shall not be reinstated.The reduction of the Commitments pursuant to this

<u>Section 2.3(c)</u> shall be applied ratably among the Lenders in accordance with their

respective Pro Rata Share.Upon receipt of a notice of reduction from the Borrower

pursuantto<u>Section</u><u>2.3(c)(i)</u>,theAdministrativeAgentshallpromptlynotifyeachLender

of the contents thereof and of such Lender's ratable share of such reduction.

(iii)Except in the case of a reduction of all Commitments and repayment in

full of all Advances Outstanding on the Termination Date, the Borrower will not reduce

the Commitments if, after giving effect to such reduction, it would result in (x) an

Unfunded Exposure Shortfall or (y) the Facility Amount being less than $150,000,000.

Section 2.4<u>Determination</u><u>of</u><u>Interest</u>.

The Administrative Agent shall calculate and determine the Interest (including

unpaid Interest related thereto, if any, due and payable on a prior Payment Date and the

Benchmark) to be paid by the Borrower on each Payment Date for the related Accrual Period

and shall advise the Collateral Manager and the Collateral Custodian thereof no later than the

third Business Day prior to such Payment Date.

Section 2.5<u>Notations on</u> <u>Notes</u>.

EachLenderisherebyauthorizedtoenteronascheduleattachedtotheNotewith

respect to such Lender, as applicable, a notation (which may be computer generated) or to

otherwise record in its internal books and records or computer system with respect to each Loan

Advance made by the applicable Lender of (a) the date and principal amount thereof and (b)

each payment and repayment of principal thereof.Any such recordation shall, absent manifest

error, constitute prima facie evidence of the Advances Outstanding, as applicable, under each

such Note.The failure of any Lender to make any such notation on the schedule attached to the

applicable Note shall not limit or otherwise affect the obligation of the Borrower to repay the

Loan Advances in accordance with the terms set forth herein.

Section 2.6<u>Reduction of Borrowing Base</u> <u>Deficiency</u>.

Any Borrowing Base Deficiency may be reduced to zero by the Borrower taking

one or more of the following actions, which after giving effect thereto, cause the aggregate

Advances Outstanding to no longer exceed Availability at such time:

(i)depositing Dollars in the Principal Collection Account;

(ii)repaying Advances Outstanding in accordance with <u>Section 2.3(a)</u>; and

(iii)postingadditionalEligibleLoansasCollateral.

Section 2.7<u>Settlement Procedures</u>.

(a)<u>Interest Collections</u>.On each Payment Date, so long as no Event of

Default has occurred and is continuing, the Collateral Manager shall direct the Collateral

Custodian (which direction shall be deemed given upon receipt by the Collateral Custodian of

the related Payment Date Report) to pay pursuant to the latest Payment Date Report (and the

Collateral Custodian shall make payment from the Interest Collection Account to the extent of

Available Funds, in reliance on the information set forth in such Payment Date Report) to the

following Persons, the following amounts in the following order of priority:

(1)to the Borrower (or, at the Borrower's election and with prior

writtennoticetotheAdministrativeAgent,toitsdirectorindirectequityholders),

in respect of Taxes (but excluding all Taxes imposed on net income), registration

and filing fees then due and owing by the Borrower (or its direct and indirect

equity holders) that are attributable solely to the operations of the Borrower, not

to exceed $15,000 in the aggregate during any calendar year;

(2)*first*, to the Collateral Manager, in an amount equal to all

reasonable and necessary out-of-pocket costs and expenses of the Collateral

Manager incurred in connection with any sale of Collateral permitted hereunder,

not to exceed $50,000 in the aggregate during any calendar year, and *second*, to

the Collateral Custodian and the Securities Intermediary, *pro rata*, in an amount

equal to any accrued and unpaid Collateral Custodian Fees;

(3)[reserved];

(4)(x) initially, to AGTB Fund Manager, LLC, and (y) after the

resignation or removal of AGTB Fund Manager, LLC (or any other Affiliate of

any Loan Party) as the Collateral Manager hereunder, to the Collateral Manager

(including, for the avoidance of doubt, the Replacement Collateral Manager, if

applicable), to pay any accrued and unpaid SeniorCollateralManagerFeestothe

extent not waived, or the Replacement Collateral Manager Fees, as applicable;

(5)to the Administrative Agent, in an amount equal to any accrued

and unpaid fees, expenses and indemnities of the Administrative Agent set forth

in the Transaction Documents;

(6)to the Administrative Agent, to be distributed *pro rata* to each

Lender, in an amount equal to (a) any accrued and unpaid Interest with respect to

LoanAdvancesmadebysuchLenderand(b)anyaccruedandunpaidNon-Usage

Fee (such Non-Usage Fee to be allocated based on the unused Commitment of

each Lender);

(7)[reserved];

(8)*first*, to the Swingline Lender to repay any outstanding Swingline

Advances and *second*, if a Borrowing Base Deficiency exists, to the

Administrative Agent to be distributed *pro rata* to each Lender to repay Loan

Advances, in an amount necessary to reduce the Borrowing Base Deficiency to

zero;

(9)to the Collateral Manager to pay out-of-pocket costs and expenses

of the Collateral Manager not paid pursuant to <u>clause (2)</u> above;

(10)to the Administrative Agent, to be distributed to the affected

Lenders, any amounts accrued and unpaid in respect of Increased Costs and

Taxes;

(11)totheAdministrativeAgent,tobedistributedtotheAdministrative

Agent and each applicable Lender, to pay all other Administrative Expenses of

the Administrative Agent and the Lenders, as applicable;

(12)(a) during the Revolving Period, to fund the Unfunded Exposure

Account in an amount necessary to cause all amounts in the Unfunded Exposure

Account to equal the Aggregate Unfunded Exposure Equity Amount, or (b) after

the Revolving Period, to fund the Unfunded Exposure Account in an amount

necessary to cause the amounts in the Unfunded Exposure Account to equal the

Aggregate Unfunded Exposure Amount;

(13)totheAdministrativeAgent,tobedistributedtotheAdministrative

Agent, any applicable Lender, the Collateral Custodian, the Securities

Intermediary, the Indemnified Parties, or the Secured Parties, as applicable, all

other fees and amounts then due and owing, including any unpaid Administrative

Expenses or Collateral Custodian Fees, any amounts accrued and unpaid under

the Fee Letter, Increased Costs, Taxes, and indemnities, but other than the

principal of Advances Outstanding, then due under this Agreement;

(14)to the Collateral Manager, to pay any accrued and unpaid

Subordinated Collateral Manager Fees;

(15)to be distributed at the discretion of the Collateral Manager (i)

during the Revolving Period, to the Principal Collection Account to be used (on

such Payment Date or maintained in the Principal Collection Account for such

use)withrespecttoanyReinvestmentofPrincipalCollectionsandtheacquisition

of Loans as permitted by this Agreement, (ii) to repay the Advances Outstanding

or (iii) to reimburse the Collateral Manager for any unreimbursed amounts paid

by the Collateral Manager on the Borrower's behalf pursuant to this Agreement,

to the extent not otherwise reimbursed hereunder; <u>provided</u> that any Available

FundsintheInterestCollectionAccountnotdistributedormaintainedpursuantto

this clause (15) shall, on such Payment Date, be distributed in accordance with

the remainder of this <u>Section 2.7(a)</u>; and

(16)any remaining amounts shall be distributed (i) if a Default (about

which notice has been given to the Borrower or the Borrower otherwise has

knowledge thereof) has occurred and is continuing, to the Interest Collection

Account, or (ii) otherwise, to or at the direction of the Borrower.

(b)<u>Principal Collections</u>.On each Payment Date, so long as no Event of

Defaulthasoccurredandiscontinuing,theCollateralManagershalldirect(whichdirectionshall

be deemed given upon receipt by the Collateral Custodian of the related Payment Date Report)

the Collateral Custodian to pay pursuant to the latest Payment Date Report (and the Collateral

Custodian shall make payment from the Principal Collection Account to the extent of Available

Funds, in reliance on the information set forth in such Payment Date Report) to the following

Persons, the following amounts in the following order of priority:

(1)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the applicable

Person, in the order of priority set forth in <u>Section 2.7(a)</u>, such amounts payable

pursuant to <u>clauses (1)</u> through <u>(8)</u> thereof;

(2)during the Revolving Period, to be distributed at the discretion of

the Collateral Manager (i) to be used (on such Payment Date or maintained in the

Principal Collection Account for such use) with respect to any Reinvestment of

PrincipalCollectionsandtheacquisitionofLoansaspermittedbythisAgreement

or (ii) to repay the Advances Outstanding; <u>provided</u> that any Available Funds in

the Principal Collection Account not distributed or maintained pursuant to this

clause (2) shall, on such Payment Date, be distributed in accordance with the

remainder of this <u>Section 2.7(b)</u>;

(3)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the applicable

Person, in the order of priority set forth in <u>Section 2.7(a)</u>, such amounts payable

pursuant to <u>clause (9)</u> thereof;

(4)after the Revolving Period End Date, to the Administrative Agent

to be distributed *pro rata* to the Lenders to repay the Advances Outstanding until

paid in full; and

(5)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the applicable

Person, in the order of priority set forth in <u>Section 2.7(a)</u>, such amounts payable

pursuant to <u>clauses (10)</u> through <u>(15)</u> thereof; and

(6)any remaining amounts shall be distributed (i) if a Default (about

which notice has been given to the Borrower or the Borrower otherwise has

knowledge thereof) has occurred and is continuing, to the Principal Collection

Account, or (ii) otherwise, to or at the direction of the Borrower.

Section 2.8<u>Alternate</u><u>Settlement</u><u>Procedures</u>.

On (1) each Payment Date and (2) to the extent requested by the Administrative

Agentinitssolediscretion,onanyBusinessDay,ineachcase,(a)followingtheoccurrenceof

and during the continuation of an Event of Default or (b) following the declaration of the

occurrence, or the deemed occurrence, as applicable, of the Termination Date pursuant to

<u>Section 9.2(a)</u>, the Collateral Manager (or, after delivery of a Notice of Exclusive Control, the

Administrative Agent) shall direct (which direction shall be deemed given upon receipt by the

Collateral Custodian of the related Payment Date Report) the Collateral Custodian to pay

pursuanttothelatestPaymentDateReportorsuchotherdirectionasmaybetimelygivenbythe

Administrative Agent (and the Collateral Custodian shall make payment from the Collection

Account **<u>(</u>**to the extent of Available Funds**<u>)</u>**, in reliance on the information set forth in such

PaymentDateReportorsuchotherdirection)tothefollowingPersons,thefollowingamountsin

the following order of priority:

(1)to the Borrower, in respect of Taxes (but excluding all Taxes

imposed on net income), registration and filing fees then due and owing by the

Borrower (or its direct and indirect equity holders) that are attributable solely to

theoperationsoftheBorrower,nottoexceed$15,000intheaggregateduringany

calendar year;

(2)*first*, to the Collateral Manager, in an amount equal to all

reasonable and necessary out-of-pocket costs and expenses of the Collateral

ManagerincurredinconnectionwithanysaleofCollateral,nottoexceed

$50,000 in the aggregate during any calendar year, and *second*, to the Collateral

Custodian and the Securities Intermediary *pro rata*, in an amount equal to any

accrued and unpaid Collateral Custodian Fees;

(3)[reserved];

(4)(x) initially, to AGTB Fund Manager, LLC and (y) after the

resignation or removal of AGTB Fund Manager, LLC (or any other Affiliate of

any Loan Party) as the Collateral Manager hereunder, to the Collateral Manager

(including, for the avoidance of doubt, the Replacement Collateral Manager, if

applicable), to pay any accrued and unpaid SeniorCollateralManagerFeestothe

extent not waived, or the Replacement Collateral Manager Fees, as applicable;

(5)to the Administrative Agent, in an amount equal to any accrued

and unpaid fees, expenses and indemnities set forth in the Transaction

Documents;

(6)to the Administrative Agent to be distributed *pro rata* to each

Lender, in an amount equal to any accrued and unpaid Non-Usage Fee (such

Non-Usage Fee to be allocated based on the unused Commitment of each

Lender);

(7)to the Administrative Agent to be distributed *pro rata* to each

Lender any accrued and unpaid Interest with respect to Loan Advances made by

such Lender;

(8)to the Administrative Agent to be distributed *pro rata* to the

Lenders to repay the principal on the Advances Outstanding of such Lenders;

(9)totheAdministrativeAgenttobedistributedtotheAdministrative

Agent, any applicable Lender, the Collateral Custodian, the Securities

Intermediary, the Indemnified Parties, or the Secured Parties, as applicable, all

other fees and amounts, including any unpaid Administrative Expenses or

Collateral Custodian Fees, any amounts accrued and unpaid under the Fee Letter,

IncreasedCosts,Taxes,andindemnities,butotherthantheprincipalofAdvances

Outstanding, then due under this Agreement;

(10)to the Collateral Manager, to pay any accrued and unpaid

Subordinated Collateral Manager Fees; and

(11)to the extent the Obligations have been paid in full, any remaining

amounts shall be distributed to or at the direction of the Borrower.

Section 2.9<u>Collections</u><u>and Allocations;</u> <u>Accounts</u>.

(a)<u>Collections</u>.The Collateral Manager shall transfer, or cause to be

transferred, all Collections received directly by it to the General Collections Account within two

(2) Business Days after such Collections are received.The Collateral Manager shall promptly

identify any Collections received as being on account of Interest Collections or Principal

Collections and shall segregate and transfer, or cause to be transferred, all Principal Collections

and Interest Collections in accordance with <u>Section 5.1(f)</u>.

(b)<u>Excluded Amounts</u>.The Collateral Manager may withdraw from the

Collection Account any deposits thereto constituting Excluded Amounts, <u>provided</u> that the

Collateral Manager shall, concurrently with such withdrawal, deliver to the Administrative

Agent and each Lender a report setting forth the calculation of such Excluded Amounts in form

and substance reasonably satisfactory to the Administrative Agent.

(c)<u>Initial Deposits</u>.On the Funding Date with respect to any Loan, the

Collateral Manager will deposit into the Collection Account all Collections, if any, received on

or before such Funding Date in respect of Loans being transferred to and included as part of the

Collateral on such date.

(d)<u>Investment of Funds</u>.Until the occurrence of an Event of Default, to the

extent there are uninvested amounts deposited in the Accounts, all such amounts shall be

invested in Permitted Investments selected by the Collateral Manager (or pursuant to standing

instructionsprovidedbytheCollateralManager);<u>provided</u>that,fromandaftertheoccurrenceof

an Event of Default, to the extent there are uninvested amounts in the Accounts, all such

amounts may be invested in Permitted Investments selected by the Administrative Agent (which

may be standing instructions).All earnings (net of losses and investment expenses) thereon

shall be retained or deposited into the applicable Account and shall be applied as Collections on

each Payment Date pursuant to the provisions of <u>Section 2.7</u> and <u>Section 2.8</u> (as applicable).

(e)<u>Unfunded Exposure</u> <u>Account</u>.

(i)TheBorrowershallnotacquireanyDelayedDrawLoanorRevolving

Loanunless,ineachcase,immediatelyaftergivingeffecttosuchacquisitionorissuance,

theBorrowershalldepositanamountequaltotheRequiredFundingAmountwith

respect to such Delayed Draw Loan or Revolving Loan, as applicable, into the Unfunded

ExposureAccount.SubjecttothesatisfactionoftheWithdrawalConditions,amountson

depositintheUnfundedExposureAccountmaybewithdrawnbytheBorrower(x)to

fund any draw requests of the relevant Obligors under any Revolving Loan or Delayed

Draw Loan or (y) to make a deposit into the Principal Collections**<u>Collection</u>**Account.

Anysuchwithdrawalwillbesubjecttothefollowingconditions(the"<u>Withdrawal</u>

<u>Conditions</u>"):

(1)after giving effect to any such withdrawal under <u>clause (x)</u> above,

no Borrowing Base Deficiency exists; and

(2)after giving effect to any such withdrawal under <u>clause (x)</u> or <u>(y)</u>

above, the aggregate amount on deposit in the Unfunded Exposure Account is

equal to or greater than the aggregate Required Funding Amount with respect to

all Loans included in the Collateral.

(ii)AnydrawrequestmadebyanObligorunderaRevolvingLoanorDelayed

Draw Loan, along with wiring instructions for the applicable Obligor, shall be forwarded

by the Borrower to the Collateral Custodian (with a copy to the Administrative Agent)

along with an instruction to the Collateral Custodian to withdraw the applicable amount

from the Unfunded Exposure Account and a certification that the conditions to fund such

draw are satisfied, and the Collateral Custodian shall fund such draw request in

accordance with such instructions from the Borrower.

(iii)If the Borrower shall receive any Principal Collections from an Obligor

with respect to a Revolving Loan and, as of the date of such receipt(andaftertakinginto

account such repayment), the aggregate amount on deposit in the Unfunded Exposure

Account is less than the aggregate Required Funding Amount with respect to all Loans

included in the Collateral (the amount of such shortfall, in each case, the "<u>Unfunded</u>

<u>Exposure Shortfall</u>"), the Collateral Custodian shall deposit into the Unfunded Exposure

Account an amount of such Principal Collections equal to the lesser of (a) the aggregate

amount of such Principal Collections and (b) the Unfunded Exposure Shortfall as

directed by the Borrower (or Collateral Manager on its behalf).

(f)<u>Limitation</u><u>on</u><u>Transfers</u>.Exceptassetforthin<u>Sections</u><u>2.7</u>,<u>2.8</u>,<u>2.9(b)</u>,

<u>2.14</u> and <u>5.1(f)</u>, neither the Borrower nor the Collateral Manager shall withdraw or order a

transfer of funds from any Collection Account, and the Collateral Custodian shall not comply

with an order or direction from the Borrower or the Collateral Manager to withdraw or transfer

funds from any Collection Account, in any case, without the prior written consent of the

Administrative Agent, which consent may be given at the Administrative Agent's sole

discretion.OneachPaymentDate,amountsintheInterestCollectionAccountandthePrincipal

Collection Account shall be applied to make the payments and disbursements described in

<u>Section</u><u>2.7</u>or<u>2.8</u>,asapplicable.Fortheavoidanceofdoubt,neithertheBorrowernorthe

Collateral Manager will instruct, nor will the Collateral Custodian permit, any release of funds

from any Collection Account except in accordance with this <u>Section 2.9(f).</u>

Section 2.10<u>Payments,</u><u>Computations,</u><u>Etc.</u>

(a)Unless otherwise expressly provided herein, all amounts to be paid or

deposited by the Borrower or the Collateral Manager to the Administrative Agent or the other

SecuredPartieshereundershallbepaidordepositedinaccordancewiththetermshereofnolater

than1:00p.m.(NewYorkCityTime)onthedaywhendueinlawfulmoneyoftheUnitedStates

in immediately available funds and any amount not received before such time shall be deemed

received on the next Business Day.The Borrower or the Collateral Manager, as applicable,

shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid

or deposited when due hereunder at the Interest Rate applicable during an Event of Default,

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 the Base Rate, which

shall be based on a year consisting of 365 or 366 days) for the actual number of days elapsed.

(b)Whenever any payment hereunder shall be stated to be due on a day other

than a Business Day, such payment shall be made on the next succeeding Business Day, and

such extension of time shall in such case be included in the computation of the payment of

Interestoranyfeepayablehereunder,asthecasemaybe.TotheextentthatAvailableFundsare

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 at the

Interest Rate until repaid in full.

(c)If any Loan Advance requested by the Borrower is not effectuated as a

result of the Borrower's actions or failure to fulfill any condition under <u>Section</u><u>3.2</u>applicable to

the Borrower, as the case may be, on the date specified therefor, the Borrower shall indemnify

the applicable Lender against any reasonable loss, cost or expense incurred by the applicable

Lender, including 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 Loan Advance.

(d)If at any time after the Effective Date, the Advances Outstanding

hereunder are not allocated among the Lenders in accordance with their respective Pro Rata

Shares, the Lenders agree to make such purchases and sales of interests in the Advances

Outstanding between themselves so that each Lender is then holding its relevant Pro Rata Share

ofAdvancesOutstandingbasedonitsCommitmentsatsuchtime(suchpurchasesandsalesshall

be arranged through the Administrative Agent and each Lender hereby agrees to execute such

further instruments and documents, if any, as the Administrative Agent may reasonably request

in connection therewith), with all subsequent extensions of credit under this Agreement to be

made in accordance with the respective Pro Rata Shares, of the Lenders from time to time party

to this Agreement as provided herein.

(e)[Reserved].

(f)In the event the Collateral Custodian receives instructions from the

Collateral Manager or the Borrower which conflict with any instruction received by the

AdministrativeAgent,theCollateralCustodianshallrelyonandfollowtheinstructionsgivenby

the Administrative Agent.

Section 2.11<u>Fees</u>.

(a)The Collateral Custodian shall be entitled to receive the Collateral

Custodian Fee in accordance with <u>Sections 2.7</u> and <u>2.8</u>, as applicable.

(b)OneachPaymentDateduringtheRevolvingPeriodand,ifapplicable,the

Payment Date immediately after the end of the Revolving Period, the Borrower shall pay to the

Administrative Agent, for the benefit of the Lenders, the allocated portion (based on the unused

Commitment of each Lender) of the Non-Usage Fee.

Section 2.12<u>Increased</u><u>Costs; Capital Adequacy;</u> <u>Illegality</u>.

(a)If either (i) the introduction of or any change (including 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 Administrative Agent or any Lender with any

guideline or request from any central bank or other Governmental Authority (whether or not

having the force of law), shall (a) subject the Administrative Agent or any Lender to any Tax or

increased Tax of any kind whatsoever (other than (A) Indemnified Taxes and (B) Excluded

Taxes) with respect to this Agreement or change the basis of taxation of payments to the Lender

in respect thereof with respect to its interest in the Collateral, or any right or obligation to make

Loan Advances hereunder, or on any payment made hereunder, (b) impose, modify or deem

applicable any reserve requirement (including 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 Lender or (c) impose any other

condition affecting the ownership interest in the Collateral conveyed to the Secured Parties

hereunder or the Administrative Agent's or any Lender's rights hereunder or under any other

Transaction Document, the result of which is to increase the cost to the Administrative Agent or

any Lender or to reduce the amount of any sum received or receivable by the Administrative

Agent or any Lender under this Agreement or under any other Transaction Document, and in

each case the Administrative Agent or such Lender has made a similar determination with

respect to other facilities similarly situated other than for the reason of identifiable legal

differences between such facilities, then on the Payment Date following demand by the

Administrative Agent or such Lender (which demand shall be accompanied by a statement

setting forth the basis for such demand), and in any case the Borrower shall pay directly to the

Administrative Agent or such Lender such additional amount or amountsaswill compensate the

Administrative Agent or such Lender for such additional or increased cost incurred or such

reduction suffered.

(b)If either (i) the introduction of or any change in or in the interpretation of

any law, guideline, rule, regulation, directive orrequestor(ii)compliancebytheAdministrative

Agent or any Lender 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 compliance by the Administrative Agent or any Lender with any request or

directive regarding capital adequacy has or would have the effect of reducing the rate of return

on the capital of the Administrative Agent or any Lender as a consequence of its obligations

hereunder or arising in connection herewith to a level below that which the Administrative

Agent or any such Lender could have achieved but for such introduction, change or compliance

(taking into consideration the policies of the Administrative Agent or such Lender with respect

to capital adequacy) by an amount deemed by the Administrative Agent or such Lender to be

material, and in each case the Administrative Agent or such Lender has made a similar

determination with respect to other facilities similarly situated other than for the reason of

identifiable legal differences between such facilities, then from time to time, on the Payment

Date following demand by the Administrative Agent or such Lender (which demand shall be

accompanied by a statement setting forth the basis for such demand), the Borrower shall pay

directly to the Administrative Agent or such Lender such additional amount or amounts as will

compensate the Administrative Agent or such Lender for such reduction; <u>provided</u> that

notwithstanding anything in this <u>Section 2.12(b)</u> to the contrary, (x) the Dodd-Frank Wall Street

Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder

orissuedinconnectiontherewithand(y)allrequests,rules,guidelinesordirectivespromulgated

by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any

successororsimilarauthority)ortheUnitedStatesorforeignregulatoryauthorities,ineachcase

pursuant to Basel III, shall in each case be deemed to be a "change in law" for the purposes of

<u>clause (i)</u> above, regardless of the date enacted, adopted or issued.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, including GAAP, 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 Transferor, the Borrower or any Secured Party with the assets and liabilities of the

AdministrativeAgentoranyLenderorshallotherwiseimposeanyloss,cost,expense,reduction

of return on capital or other loss, such event shall constitute a circumstance on which the

Administrative Agent or such Lender may base a claim for reimbursement under this <u>Section</u>

<u>2.12</u>.

(c)If as a result of any event or circumstance similar to those described in

<u>clause (a)</u> or <u>(b)</u> of this <u>Section 2.12</u>, the Administrative Agent or any Lender is required to

compensate a bank or other financial institution providing liquidity support, credit enhancement

or other similar support to the Administrative Agent or such Lender in connection with this

Agreement or the funding or maintenance of Loan Advances hereunder (under other facilities

similarly situated other than for the reason of identifiable legal differences between such

facilities), then within twenty-two (22) days after demand by the Administrative Agent or such

Lender, the Borrower shall pay to the Administrative Agent or such Lender such additional

amount or amounts as may be necessary to reimburse the Administrative Agent or such Lender

for any amounts payable or paid by it.

(d)In determining any amount provided for in this <u>Section 2.12</u>, the

Administrative Agent or any applicable Lender may use any reasonable averaging and

attributionmethods.TheAdministrativeAgentoranyLendermakingaclaimunderthis<u>Section</u>

<u>2.12</u> shall submit to the Collateral Manager a written description as to such additional or

increased cost or reduction and the calculation thereof, which written description shall be

conclusive absent manifest error.

(e)If a Disruption Event with respect to any Lender occurred, such Lender

shallinturnsonotifytheBorrower,whereuponallAdvancesOutstandingoftheaffectedLender

in respect of which Interest accrues at the Benchmark shall immediately be converted into

Advances Outstanding in respect of which Interest accrues at the Base Rate.

(f)Failure or delay on the part of the Administrative Agent or any Lender to

demandcompensationpursuanttothis<u>Section</u><u>2.12</u>shallnotconstituteawaiverofthe

AdministrativeAgent'sorsuchLender'srighttodemandorreceivesuchcompensation.

Notwithstandinganythingtothecontraryinthis<u>Section</u><u>2.12</u>,theBorrowershallnotberequired

tocompensatetheAdministrativeAgentoranyLenderpursuanttothis<u>Section</u><u>2.12</u>forany

amountsincurredmorethansix(6)monthspriortothedatethattheAdministrativeAgentor

such Lender notifies the Borrower of the Administrative Agent's or such Lender's intention to

claimcompensationtherefor;<u>provided</u>that,ifthecircumstancesgivingrisetosuchclaimhavea

retroactive effect, then such six (6) month period shall be extended to include the period of such

retroactive effect.

(g)Each Lender agrees that it will takesuch commercially reasonable actions

astheBorrowermayreasonablyrequestthatwillavoidtheneedtopay,orreducetheamountof,

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, be

disadvantageous to such Lender.In no event will the Borrower be responsible for increased

amounts referred to in this <u>Section 2.12</u> which relates to any other entities to which any Lender

provides financing.

(h)Thepaymentofamountsunderthis<u>Section</u><u>2.12</u>shallbeonanafter-Tax

basis.

(i)OtherthanwithrespecttoaBenchmarkTransitionEvent(forwhich

reference is made to <u>Section 12.18</u>), if the Administrative Agent reasonably determines (which

determination shall be conclusive and binding absent manifest error) that "Daily Simple SOFR"

cannot be determined pursuant to the definition thereof, the Administrative Agent will promptly

sonotifytheBorrowerandeachLender.UponnoticethereofbytheAdministrativeAgenttothe

Borrower, all Loan Advances shall bear interest at the Base Rate in lieu of Daily Simple SOFR,

computed as otherwise described herein until the Administrative Agent revokes such notice.

Upon receipt of such notice (and until such notice is revoked by the Administrative Agent in

writing to the Borrower), all Advances Outstanding shall bear interest at the Base Rate.

(j)If any Lender determines that any applicable law**<u>Applicable Law</u>**has

made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any

Lender or its applicable lending office to make, maintain or fund Loan Advances whose interest

is determined by reference to Daily Simple SOFR, or to determine to charge interest rates based

upon Daily Simple SOFR, then, upon notice thereof by such Lender to the Borrower (through

theAdministrativeAgent),anyobligationofsuchLendertomakeorcontinueLoanAdvances

that bear interest at Daily Simple SOFR,shall be suspended until such Lender notifies the

Administrative Agent and the Borrower that the circumstances giving rise to such determination

no longer exist.Upon receipt of such notice, the Borrower shall, upon demand from such

Lender (with a copy to the Administrative Agent), prepay (pursuant to <u>Section 2.3(a)</u>) or, if

applicable, convert all Loan Advances that bear interest at Daily Simple SOFR,of such Lender

to Loan Advances that bear interest at the Base Rate, on the Payment Date therefor, if such

LendermaylawfullycontinuetomaintainsuchLoanAdvancesthatbearinterestatDailySimple

SOFR,to such day, or immediately, if such Lender may not lawfully continue to maintain such

Loan Advances that bear interest at Daily Simple SOFR.

Section 2.13<u>Taxes</u>.

(a)<u>Defined Terms</u>.For purposes of this <u>Section 2.13</u>, the term "Applicable

Law" includes FATCA.

(b)<u>Payments Free of Taxes</u>.Any and all payments by or on account of any

obligation of the Borrower under this Agreement or any **<u>other</u>**Transaction Documents shall be

madewithoutdeductionorwithholdingforanyTaxes,exceptasrequiredbyApplicableLaw.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 (i) the applicable Withholding Agent shall be entitled to make such

deductionorwithholding,(ii)theapplicableWithholdingAgentshalltimelypaythefullamount

deducted or withheld to the relevant Governmental Authority in accordance with Applicable

Law, and (iii) 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

suchdeductionsandwithholdingsapplicabletoadditionalsumspayableunderthis<u>Section</u><u>2.13</u>)

the applicable Secured Party receives an amount equal to the sumit would have received had no

such deduction or withholding been made.

(c)<u>Payment of</u><u>Other Taxes by</u><u>the</u><u>Borrower</u>.TheBorrowershalltimelypay

to the relevant Governmental Authority in accordance with Applicable Law, or at the option of

the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

(d)<u>Indemnification by the Borrower</u>.The Borrower shall indemnify each

applicable Secured Party, within ten (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 Secured Party or required to

be withheld or deducted from a payment to such Secured 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

amountofsuchpaymentorliabilitydeliveredtotheBorrowerbyaSecuredParty(withacopyto

the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a

Secured Party, shall be conclusive absent manifest error.

(e)<u>Indemnification by the Lenders</u>.Each Lender shall severally indemnify

the Administrative Agent, within ten (10) days after demand therefor, for (x) any Indemnified

TaxesattributabletosuchLender(butonlytotheextentthattheBorrowerhasnotalready

indemnified the Administrative Agent for such Indemnified Taxes and without limiting the

obligation of the Borrower to do so), (y) any Taxes attributable to such Lender's failure to

comply with the provisions of <u>Section 12.16(b)</u> relating to the maintenance of a Participant

Register and (z) 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

correctlyorlegallyimposedorassertedbytherelevantGovernmentalAuthority.Acertificateas

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 this

Agreement or any other 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(e)</u>.

(f)<u>Evidence</u><u>of</u><u>Payments</u>.AssoonaspracticableafteranypaymentofTaxes

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.

(g)<u>Status of</u> <u>Lenders</u>.

(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 and the Administrative Agent, at the time or times reasonably

requested by the Borrower or the Administrative Agent, such properly completed and

executed documentation reasonably requested by the Borrower or the Administrative

Agent as will permit such payments to be made without withholding or at a reduced rate

of withholding.In addition, any Lender, if reasonably requested by the Borrower or the

Administrative Agent, shall deliver such other documentation prescribed by Applicable

Law or reasonably requested by the Borrower or the Administrative Agent as will enable

the Borrower 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>Sections</u>

<u>2.13(g)(ii)(1)</u>,<u>(ii)(2)</u>and<u>(ii)(4)</u>below)shallnotberequiredifintheLender'sreasonable

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.

(ii)Withoutlimitingtheforegoing:

(1)any Lender that is a U.S. Tax 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

thereasonablerequestoftheBorrowerortheAdministrativeAgent),executed

copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal

backup withholding tax;

(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

copiesasshallberequestedbytherecipient)onorpriortothedateonwhichsuch

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:

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

anexemptionfrom,orreductionof,U.S.federalwithholdingTaxpursuant

to the "interest" article of such tax treaty and (y) with respect to any other

applicablepaymentsunderanyTransactionDocument,IRSForm

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;

b.executedcopiesof IRSFormW-8ECI;

c.inthecaseofaForeignLenderclaimingthebenefitsofthe

exemption for portfolio interest under Section 881(c) of the Code, (x) a

certificate substantially in the form of <u>Exhibit I-1</u> hereto to the effect that

such Foreign Lender is not a "bank" within the meaning of Section

881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower

within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled

foreign corporation" related to the Borrower (or its sole owner as

applicable) described in Section 881(c)(3)(C) of the Code (a "U.S. Tax

Compliance Certificate") and (y) executed copies of IRS Form W-8BEN

or IRS Form W-8BEN-E, as applicable; or

d.to the extent a Foreign Lender is not the beneficial owner,

executedcopiesofIRSFormW-8IMY,accompaniedbyIRSForm

W-8ECI,IRSFormW-8BEN,IRSFormW-8BEN-E,aU.S.Tax

Compliance Certificate substantially in the form of <u>Exhibit I-2</u> or <u>Exhibit</u>

<u>I-3</u>hereto,IRSFormW-9,and/orothercertificationdocumentsfromeach

beneficial owner, as applicable; provided that if the Foreign Lender is a

partnership and one or more direct or indirect partners of such Foreign

Lenderareclaimingtheportfoliointerestexemption,suchForeignLender

may provide a U.S. Tax Compliance Certificate substantially in the form

of <u>Exhibit I-4</u> hereto on behalf of each such direct and indirect partner;

(3)any Foreign Lender shall, to the extent it is legally entitled to do

so,delivertotheBorrowerandtheAdministrativeAgent(insuchnumberof

copiesasshallberequestedbytherecipient)onorpriortothedateonwhichsuch

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

basisforclaimingexemptionfromorareductioninU.S.federalwithholdingTax,

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 or deduction required to be made; and

(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 Applicable Law and at such time or

times reasonably requested by the Borrower or the Administrative Agent such

documentationprescribedbyApplicableLaw(includingasprescribedbySection

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 deduct and

withhold from such payment.Solely for purposes of this <u>Section 2.13(g)(ii)(4)</u>,

"FATCA" shall include any amendments made to FATCA after the Effective

Date.

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

certificationorpromptlynotifytheBorrowerandtheAdministrativeAgentinwritingofitslegal

inability to do so.

(h)<u>Treatment of Certain Refunds</u>.If any party determines, in its sole

discretion exercised in good faith, that it has received a refund of any Taxes as to which it has

been indemnified pursuant to this <u>Section 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(h)</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(h)</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(h)</u> the payment of which would place the

indemnified party in a less favorable net after-Tax position than the indemnified party would

havebeeniniftheTaxsubjecttoindemnificationandgivingrisetosuchrefundhadnotbeen

deducted, withheld or otherwise imposed and the indemnification payments or additional

amounts with respect to such Tax had never been paid.This <u>Section 2.13(h)</u> shall not be

construed to require any indemnified party to make available its Tax returns (or any other

information relating to its Taxes that it deems confidential) to the indemnifying party or any

other Person.

(i)<u>Survival</u>.Each party's obligations under this <u>Section 2.13</u> shall survive

theresignationorreplacementoftheAdministrativeAgentoranyassignmentofrightsby,orthe

replacement of, a Lender, the termination of the Commitments and Loan Advances and the

repayment, satisfaction or discharge of all obligations under any Transaction Document.

Section 2.14<u>Reinvestment;</u><u>Discretionary</u><u>Sales,</u><u>Substitutions</u><u>and</u><u>Repurchases</u>

<u>of</u> <u>Loans</u>.

(a)<u>Reinvestment</u>.Onthetermsandconditionshereinaftersetforthas

certified in writing to the Administrative Agent and the Collateral Custodian, on any date prior

to the Revolving Period End Date (in the case of clause (i) below) or the Termination Date (in

the case of clause (ii) below), and without limiting the provisions of <u>Section 2.7</u> on each

PaymentDate,theBorrowermaywithdrawfundsondepositinthePrincipalCollectionAccount

for the following purposes:

(i)to reinvest such funds in Loans to be pledged hereunder (a

"<u>Reinvestment</u>"),solongas(1)allapplicableconditionsprecedentsetforthin<u>Section</u>

<u>3.2</u> have been satisfied, (2) each Loan acquired by the Borrower in connection with such

reinvestment shall be an Eligible Loan, (3) no Event of Default has occurred and is

continuing and, immediately after giving effect to such Reinvestment, no Default or

Event of Default shall have occurred, and (4) immediately after giving effect to such

Reinvestment, there shall not exist a Borrowing Base Deficiency; <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

Reinvestment, the Borrower may effect a Reinvestment so long as, immediately after

giving effect to such Reinvestment and any other sale or transfer or other action taken in

accordance with <u>Section 2.6</u> substantially contemporaneous therewith, the Borrowing

Base Deficiency is reduced to zero Dollars ($0); or

(ii)tomakepaymentsinrespectoftheAdvancesOutstandingatsuchtimein

accordance with and subject to the terms of <u>Section 2.3</u>.

Upon the satisfaction of the applicable conditions set forth in <u>Section 2.14(a)</u> (as

certified by the Borrower to the Administrative Agent and the Collateral Custodian), the

CollateralCustodianwillreleasefundsfromthePrincipalCollectionAccounttotheBorrowerin

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 on such day.

(b)<u>Substitutions</u>.The Borrower may, subject to <u>clauses (e)</u> and <u>(f)</u> below,

replace any Loan with another Loan (each such sale and reinvestment, a "<u>Substitution</u>") so long

as (i)each substitute Loan acquired by the Borrower in connection with a Substitution shall be

an Eligible Loan and (ii) all applicable conditions precedent set forth in <u>Section 3.2</u> have been

satisfied with respect to each Loan to be acquired by the Borrower in connection with such

Substitution.

(c)<u>Discretionary Sales</u>.Upon notice by the Borrower, unless waived by the

Administrative Agent**,** (with a copy to the Collateral Custodian), the Borrower shall be

permitted, subject to <u>clauses (e)</u> and <u>(f)</u> below, to sell Loans (or portions thereof, each, a

"<u>Discretionary Sale</u>"); <u>provided</u> that the Borrower shall make a deposit in the Collection

Account in immediately available funds in an amount equal to the net cash price received by the

Borrower pursuant to any Discretionary Sale promptly upon the Borrower's receipt of such cash

price.

(d)<u>Repurchase or Substitution of Warranty Loans</u>.Not later than five (5)

Business Days following the earlier of (i) knowledge by the Borrower or the Collateral Manager

that any Loan constitutes a Warranty Loan or (ii) receipt by the Borrower from the

Administrative Agent of written notice thereof, the Borrower shall either:

(i)make a deposit to the Collection Account in immediately available funds

in an amount equal to (A) the Outstanding Balance of the related Loan as of the date of

the repurchase, multiplied by (B) the Purchase Price, plus, only with respect to the

repurchase of Warranty Loans, any reasonableanddocumentedexpensesincurredbythe

Secured Parties with respect to such Loan; <u>provided</u> that the Administrative Agent shall

have the right to determine whether the amount so deposited is sufficient to satisfy the

foregoing requirements; or

(ii)substitute for such Warranty Loan a substitute Eligible Loan, <u>provided</u>

that all requirements with respect to Substitutions set forth in this <u>Section 2.14</u> are

satisfied.

Upon receipt of written certification from the Borrower certifying to the

confirmation of the deposit of the amounts set forth in <u>Section 2.14(d)(i)</u> into the Collection

Account or the delivery by the Borrower of a substitute Eligible Loan for each Warranty Loan

(the date of such confirmation or delivery, the "<u>Release Date</u>"), such Warranty Loan and related

Underlying Assets shall be removed from the Collateral and, as applicable, the substitute

Eligible Loan and related Underlying Assets shall be included in the Collateral.On the Release

Date of each Warranty Loan, the Collateral Custodian, for the benefit of the Secured Parties,

shall automatically and without further action be deemed to release to the Borrower, without

recourse, representation or warranty, all the right, title and interest and any Lien of the

Administrative Agent, for the benefit of the Secured Parties in, to and under the Warranty Loan

and any related Underlying Assets and all future monies due or to become due with respect

thereto;<u>provided</u>that,notwithstandingtheforegoingoranythinghereintothecontrary,uponthe

request of the Borrower, the Administrative Agent may, in its sole discretion, waive the

requirement to repurchase or substitute any Loan pursuant to this <u>Section 2.14(d)</u>.

(e)<u>Conditions to Sales, Substitutions and Repurchases</u>.Any Discretionary

Sale or sale pursuant to a Substitution effected pursuant to this <u>Section 2.14</u> shall be subject to

the satisfaction of the following conditions:

(i)on or prior to the date of such Discretionary Sale or sale pursuant to a

Substitution (or such later date as may be agreed by the Administrative Agent in its sole

discretion), the Borrower shall deliver to the Administrative Agent (with a copy to **<u>the</u>**

Collateral Custodian) (x) a Borrowing Base Certificate that gives effect to such

Discretionary Sale or sale pursuant to a Substitution, (y) a list of all Loans to be sold or

substituted (which may be included in the Borrowing Base Certificate referenced in

<u>clause (x)</u>) and (z) notice of any amount to be deposited into the Collection Account in

connection with any sale or Substitution (which may be included in the Borrowing Base

Certificate referenced in <u>clause (x)</u>);

(ii)[reserved];

(iii)[reserved];

(iv)therepresentationsandwarrantiescontainedinSection**<u>Sections</u>**4.1and

<u>4.2</u> hereof shall continue to be true and correct in all material respects (except for such

representations and warranties as are qualified by materiality, a Material Adverse Effect

oranysimilarqualifier,whichrepresentationsandwarrantiesshallbetrueinallrespects,

and except for those representations and warranties made as of a specific date which are

true, correct, and complete as of such date) following any sale or Substitution, except to

the extent any such representation or warranty relates to an earlier date;

(v)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</u>

<u>2.3</u>;

(vi)any Discretionary Sale or sale in connection with a Substitution shall be

madebytheCollateralManager,onbehalfoftheBorrower,inatransaction(1)reflecting

arms-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

partytosuchsale(otherthanthattheBorrowerhasgoodtitlethereto,freeandclearofall

Liens and has the right to sell the related Loan) (and the parties agree that the assignment

agreement form attached as an exhibit to the applicable Underlying Instrument (solely to

the extent such assignment agreement form (x) is reasonable and customary for a credit

facility of the type to which such sale relates and (y) does not contain atypical or

unusually burdensome covenants or representations and warranties in respect of the

Borrower, in each case, in the Collateral Manager's reasonable and good faith discretion)

or any LSTA form of participation agreement shall satisfy this <u>clause (2)</u>); <u>provided</u> that

if an Event of Default has occurred and is continuing or a Default would exist after

giving effect thereto, any Discretionary Sale or sale in connection with a Substitution to

an Affiliate of the Borrower shall require the prior written consent of the Administrative

Agent in its reasonable discretion; <u>provided</u><u>further</u> that, the Administrative Agent's prior

written consent shall not be required for any such Discretionary Sale or sale in

connection with a Substitution that satisfies the requirement of <u>clause (C)</u> of <u>Section</u>

<u>2.14(e)(vii)</u>.

(vii)(A)noCollateralManagerTerminationEvent,DefaultorEventofDefault

shall have occurred and be continuing and, immediately after giving effect to any

Discretionary Sale or Substitution, as applicable, no Collateral Manager Termination

Event, Default or Event of Default shall have occurred; (B) notwithstanding anything set

forth in this <u>Section 2.14</u>, immediately after giving effect to any Discretionary Sale or

Substitution, as applicable, there shall not exist a Borrowing Base Deficiency; <u>provided</u>

that, notwithstanding the foregoing or 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 a Substitution, such Borrower may effect such Substitution so long as,

immediatelyaftergivingeffecttosuchSubstitutionandanyothersaleortransferorother

action taken in accordance with <u>Section 2.6</u> substantially contemporaneous therewith, the

Borrowing Base Deficiency shall be reduced to zero ($0); and (C) unless consented to by

the Administrative Agent in its sole discretion, (x) the net cash price received by the

Borrower pursuant to any Discretionary Sale, shall be equal to or greater than the

Adjusted Borrowing Value of the Loan sold in connection with such Discretionary Sale;

<u>provided</u> that, solely for the purpose of determining if this clause (C) has been satisfied,

with respect to any Loan for which the net cash price received by the Borrower equals or

exceeds ninety-five percent (95.0%) of the Outstanding Balance thereof, the net cash

price received by the Borrower shall be treated as if it were one hundred percent

(100.0%) of the Outstanding Balance of such Loan and (y) the Adjusted Borrowing

Value of the substitute Loan acquired by the Borrower in connection with any

Substitution shall be equal **<u>to</u>**or greater than the Adjusted Borrowing Value of the Loan

sold or otherwise transferred in connection with such Substitution; and

(viii)the Borrower and Collateral Manager (on behalf of the Borrower) shall

pay an amount equal to all accrued and unpaid costs and expenses (including reasonable

legal fees) of the Administrative Agent, the Lenders and the Collateral Custodian 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 Administrative 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).

(f)<u>Limitations</u><u>on Sales,</u><u>Substitutions and</u> <u>Repurchases</u>.

(i)The aggregate Outstanding Balance of all Loans (other than Zero Value

Assets transferred in accordance with <u>Section 2.14(f)(ii)</u> below and Warranty Loans)

which are transferred by the Borrower to the Transferor or an Affiliate thereof in

connection with a Substitution, a Discretionary Sale or the transfer to the Transferor

pursuanttoaRestrictedPaymentshallnotexceedduringany12-monthrollingperiod(or

such lesser number of months as shall have elapsed since the Effective Date) in the

aggregate twenty percent (20.00%) of the Net Purchased Loan Balance measured as of

the date of such Substitution, Discretionary Sale or Restricted Payment.

(ii)Notwithstanding the limitations set forth in <u>Section 2.14(f)(i)</u> and <u>Section</u>

<u>2.14(e)(vi)(1)</u>, and subject to satisfaction of all other applicable requirements set forth in

this<u>Section</u><u>2.14</u>orelsewhereinthisAgreement(otherthantherequirementthatthe

Borrower deliver a Borrowing Base Certificate in accordance with <u>Section</u><u>2.14(e)(i)</u>and

<u>Section 2.14(b)(ii)</u> (via <u>Section 3.2(a)</u>), so long as no Default would exist after giving

effect thereto or Event of Default has occurred and is continuing, during the Revolving

Period, or, after the Revolving Period End Date, with the consent of the Administrative

Agent, the Borrower may transfer Loans that are Zero Value Assets to the Transferor or

an Affiliate thereof in connection with a Substitution, a Discretionary Sale or other

transfer to the Transferor pursuant to a Restricted Payment without regard to the

limitation set forth in <u>Section 2.14(f)(i)</u>; <u>provided</u> however*,* that such transfer may not

cause the sale of Loans pursuant to the Transaction Documents to fail to qualify as a true

salesuchthatWinston&StrawnLLPoranotherlegalcounselofnationalstandingcould

no longer render a customary true sale opinion with respect thereto.

(g)<u>Notices to Lenders</u>.If requested by a Lender, the Administrative Agent

shall provide such Lender with copies of any notices and other materials received by the

Administrative Agent pursuant to this <u>Section 2.14</u> in connection with any sale, Substitution, or

repurchase of Loans.The Borrower (or the Collateral Manager, on its behalf) shall deliver an

Officer's Certificate to the Collateral Custodian, (<u>provided</u> that delivery of a Reinvestment

Notice and a Borrowing Base Certificate on the Measurement Date immediately following such

Transaction shall satisfy this requirement) on which it may conclusively rely, to the effect that

all conditions precedent to such sale, Substitution or repurchase of Loans, as the case may be,

have been satisfied.

Section 2.15<u>Assignment</u><u>of the</u><u>Sale</u> <u>Agreement</u>.

The Borrower hereby assigns to the Administrative Agent, for the ratable benefit

oftheSecuredPartieshereunder,alloftheBorrower'sright,titleandinterestinandto,butnone

of its obligations under, the Sale Agreement and any UCC financing statements filed under or in

connection therewith to secure the prompt and complete 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, absolute or contingent.In

furtherance and not in limitation of the foregoing, the Borrower hereby assigns to the

Administrative Agent for the benefit of the Secured Parties its right to indemnification under the

Sale Agreement.The Borrower confirms that, following the occurrence and during the

continuation of an Event of Default, the Administrative Agent, on behalf of the Secured Parties,

shallhavetherighttoenforcetheBorrower'srightsandremediesundertheSaleAgreementand

any UCC financing statements filed under or in connection therewith for the benefit of the

Secured Parties.

Section 2.16<u>Defaulting</u> <u>Lenders</u>.

(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:

(i)That Defaulting Lender's right to approve or disapprove any amendment,

waiverorconsentwithrespecttothisAgreementshallberestrictedassetforthin<u>Section</u>

<u>12.1</u>.

(ii)Any payment of principal, interest, fees or other amounts received by the

Administrative Agent for the account of that Defaulting Lender (whether voluntary or

mandatory, at maturity, or otherwise), shall be applied at such time or times as may be

determined by the Administrative Agent as follows: *first*, to the payment of any amounts

owing by that Defaulting Lender to the Administrative Agent hereunder; *second*, as the

Borrower may request (so long as no Default or Event of Default exists), to the funding

of any Loan Advance in respect of which that 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 Loan Advances under this Agreement; *fourth*, to the

payment of any amounts owing to the Lenders, as a result of any judgment of a court of

competent jurisdiction obtained by any Lender against that Defaulting Lender as a result

of that 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 the

Borrower against that Defaulting Lender as a result of that 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

oftheprincipalamountofanyLoanAdvancesinrespectofwhichthatDefaultingLender

hasnotfullyfundeditsappropriateshare,suchpaymentshallbeappliedsolelytopaythe

Loan Advances of all non-Defaulting Lenders on a *pro rata* basis prior to being applied

to the payment of any Loan Advances of that 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 2.16</u> shall be deemed paid to and redirected by that Defaulting Lender, and

each Lender irrevocably consents hereto.

(b)If the Borrower and the Administrative Agent agree in writing 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), that Lender will, to the extent applicable, purchase at par that

portion of Advances Outstanding of the other Lenders or take such other actions as the

AdministrativeAgentmaydeterminetobenecessarytocausetheLoanAdvancestobeheldona

*pro rata* basis by the Lenders in accordance with their Pro Rata Shares, 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; and <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 claimof any party hereunder arising fromthat Lender's

having been a Defaulting Lender.

Section 2.17<u>Mitigation</u><u>Obligations; Replacement</u><u>of</u> <u>Lenders</u>.

(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>,

then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a

different lending office for funding or booking its Loan Advances hereunder or assign its rights

and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of

such Lender, such designation or assignment (i) would eliminate or reduce amounts payable

pursuant to <u>Section 2.12</u> or <u>Section 2.13</u>, as the case may be, in the future and (ii) would not

otherwise bedisadvantageous tosuch Lender.Upon receiptof suchestimate, theBorrower 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.

(b)<u>Replacement of Lenders</u>.If any Lender (other than Ally Bank) 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</u>

<u>2.13</u>,orifanyLenderisaDefaultingLenderhereunder,orifanyLenderdoesnotconsenttoany

amendment or modification (including in the form of a consent or waiver) that requires the

approval of all or all affected Lenders in accordance with the terms of <u>Section 12.1</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 **<u>other</u>**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:

(i)such assigning Lender shall have received payment of an amount equal to

the outstanding principal of its Loan 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);

(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</u>

<u>2.13,</u> such assignment will result in a reduction in such compensation or payments

thereafter; and

(iii)suchassignment does notconflict with Applicable Law.

A Lender shall not be required to make any such assignment or delegation if,

prior thereto, as a result ofa waiver by such Lenderorotherwise,thecircumstancesentitlingthe

Borrower to require such assignment and delegation cease to apply.

Section 2.18<u>Increase</u><u>of</u><u>Commitment;</u><u>Facility</u><u>Amount</u>.

(a)At any time during the Revolving Period, provided that no Event of

Default has occurred and is continuing, the Commitment for any Lender may be increased (or a

Commitment of a new Lender may be added) in connection with a corresponding increase in the

Facility Amount upon the written request of the Borrower with the prior written consent of the

Administrative Agent and such Lender (and with notice to the Collateral Custodian) (an

"<u>Increased</u><u>Commitment</u>");<u>provided</u>that,(i)followingsuchIncreasedCommitment,theFacility

Amount shall not exceed $750,000,000 (or such higher amount as agreed to by the

Administrative Agent), and (ii) any increase in the Facility Amount shall be in a minimum

amount of $25,000,000.Except for upfront fees payable to Lenders providing any Increased

Commitment,anysuchIncreasedCommitmentshallbeonthesameterms(includingthepricing

and maturity date) as, and pursuant to the documentation applicable to, the Commitments

provided pursuant to the Agreement as of the Effective Date.Prior to, or on the date of, the

effectiveness of any such Increased Commitment, if requested by the Administrative Agent or

any increasing or new Lender, the Borrower shall execute and deliver to the applicable Lender a

revised Note in an aggregate face amount equal to such Lender's revised Commitment.The

BorrowerherebyconfirmsthateachLender,initssoleandabsolutediscretion,withoutregardto

the value or performance of the facility documented hereby or any other factor, may elect not to

increase its Commitment.Upon such increase, <u>Annex B</u> hereto shall be deemed to be revised to

reflect such increase in each increasing Lender's Commitment.

(b)In connection with such increase and with the written consent of the

Administrative Agent (in its sole discretion), the Borrower may add additional Persons as

Lenders.Each additional Lender shall become a party hereto by executing and delivering to the

Administrative Agent and the Borrower a Joinder Supplement and a Transferee Letter.

**ARTICLE III**

**CONDITIONSTOTHEEFFECTIVEDATEANDLOANADVANCES**

Section 3.1<u>Conditions to Effective</u> <u>Date</u>.

No Lender and neither the Administrative Agent nor the Collateral Custodian

shall 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:

(a)This Agreement and the other Transaction Documents shall have been

duly executed by, and delivered to, the parties hereto and 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;

(b)The Administrative Agent shall have received satisfactory evidence that

theBorrower,theTransferorandtheCollateralManagerhaveobtainedallrequiredconsentsand

approvals of all Persons to the execution, delivery and performance of this Agreement and the

consummation of the transactions contemplated hereby or thereby;

(c)TheBorrowerandtheCollateralManagershalleachhavedeliveredtothe

Administrative Agent a certification in the form of <u>Exhibit D</u>, and such certification shall, with

respect to the Borrower, include a representation that the Borrower has neither incurred nor

suffered to exist any Indebtedness as of the Effective Date (for the avoidance of doubt, other

than Indebtedness incurred hereunder);

(d)TheBorrowerandtheCollateralManagershalleachhavedeliveredtothe

Administrative Agent a certificate as to whether such entity is Solvent in the form of <u>Exhibit C</u>;

(e)The Borrower and Collateral Manager shall have delivered to the

Administrative Agent certification that no Default, Event of Default, Change of Control or

Collateral Manager Termination Event has occurred and is continuing;

(f)The Administrative Agent shall have received the executed legal opinion

or opinions of Winston & Strawn LLP, counsel to the Loan Parties, covering (A) authority, (B)

enforceabilityofthisAgreementandtheotherTransactionDocuments,(C)truesaleand

non-consolidationmattersand(D)UCC,perfectionandothercustomarymatters;ineachcase,in

form and substance acceptable to the Administrative Agent in its reasonable discretion;

(g)The Administrative Agent shall have received the executed legal opinion

or opinions of Locke Lord LLP, counsel to the Collateral Custodian, covering (A) authority, (B)

enforceability of this Agreement and the other Transaction Documents, and (C) other closing

matters; in each case, in form and substance acceptable to the Administrative Agent in its

reasonable discretion;

(h)The Borrower and the Administrative Agent shall have executed the Fee

Letter, and the Borrower shall have paid all fees due and unpaid under the Fee Letter;

(i)The Borrower and the Collateral Custodian shall have executed the

Collateral Custodian Fee Letter, and the Borrower shall have paid all fees due and unpaid under

the Collateral Custodian Fee Letter;

(j)Upon request, each applicable Lender shall have received a duly executed

copy of its Note, in a principal amount equal to the Commitment of the Lender;

(k)The Administrative Agent shall have received a secretary's certificate of

each Loan Party (i) that includes a copy of the resolutions, in form and substance reasonably

satisfactory to the Administrative Agent, of the board of directors, manager(s) or member(s) of

such Loan Party, as applicable, authorizing (A) the execution, delivery and performance of this

Agreement and the other Transaction Documents to which it is a party, and (B) the borrowings

contemplated hereunder, and a certification that such resolutions have not been amended,

modified, revoked or rescinded, (ii) that includes a copy of the Governing Documents of such

Loan Party and a certification that, except as disclosed therein, there has not been any

amendment, modification or supplement to such Governing Documents, (iii) that includes a

certificationastotheincumbencyandsignatureoftheofficersofsuchLoanPartyexecutingany

Transaction Document and (iv) that includes certificates dated as of a recent date from the

Secretary of State or other appropriate authority, evidencing the good standing of such Loan

Party in the jurisdiction of its organization, which certificate shall be in form and substance

satisfactory to the Administrative Agent and shall be executed by a corporate secretary or

Responsible Officer of such Loan Party;

(l)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 each Loan Party, and

bankruptcy and pending lawsuits with respect to the Loan Parties and the results of such search

shall be satisfactory to the Administrative Agent;

(m)The Administrative Agent shall have received (i) all documentation and

otherinformationrequestedbytheAdministrativeAgentinitssolediscretionand/orrequiredby

regulatory authorities with respect to the Borrower and the Collateral Manager under applicable

"know your customer" and anti-money laundering rules and regulations, including the USA

Patriot Act, and (ii) a Beneficial Ownership Certification with respect to the Borrower, in each

case, in form and substance reasonably satisfactory to the Administrative Agent;

(n)The results of the due diligence procedures, as carried out by the

Administrative Agent, are satisfactory to the Administrative Agent, in its reasonable discretion;

(o)Therepresentationsandwarrantiescontainedin<u>Section</u><u>4.1</u>and<u>Section</u>

<u>4.2</u>aretrueandcorrectinallmaterialrespects(exceptforsuchrepresentationsandwarrantiesas

are qualified by materiality, a Material Adverse Effect or any similar qualifier, which

representations and warranties shall be true and correctinallrespects)onandasoftheEffective

Date (other than any representation and warranty that is expressly made as of another specific

date which were true and correct in all material respects as of such date);

(p)[Reserved];

(q)[Reserved]; and

(r)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.

Section 3.2<u>Conditions</u><u>Precedent</u><u>to</u><u>All</u><u>Loan</u><u>Advances</u><u>and</u><u>Acquisitions</u><u>of</u>

<u>Loans</u>.

EachLoanAdvanceandSwinglineAdvanceunderthisAgreement,each

Reinvestment of Principal Collections pursuant to <u>Section 2.14(a)(i)</u>, **<u>and</u>**each acquisition of

LoansinconnectionwithaSubstitutionpursuantto<u>Section</u><u>2.14(b)</u>(each,a"<u>Transaction</u>")shall

be subject to the further conditions precedent that:

(a)With respect to any Loan Advance or Swingline Advance, the Collateral

ManagerontheBorrower'sbehalfshallhavedeliveredtotheAdministrativeAgent(withacopy

to the Collateral Custodian), by not later than the deadline set forth in <u>Section 2.2(c)</u> (or such

shorter period as may be agreed to by the Administrative Agent and each Lender), a Funding

Notice in the form of <u>Exhibit A-1</u> and a Borrowing Base Certificate updated to the date such

Transaction is requested and giving pro forma effect to such Transaction, executed by the

Collateral Manager and the Borrower;

(b)With respect to any Reinvestment of Principal Collections permitted by

<u>Section 2.14(a)(i)</u> and each acquisition of Loans in connection with a Substitution pursuant to

<u>Section 2.14(b)</u>, the Collateral Manager on the Borrower's behalf shall have delivered to the

Administrative Agent (with a copy to the Collateral Custodian), no later than 12:00 p.m. on the

date of such Transaction, a Reinvestment Notice in the form of <u>Exhibit A-3</u> and a Borrowing

Base Certificate updatedtothe date suchTransactionisrequestedandgivingproformaeffectto

such Transaction, executed by the Collateral Manager and the Borrower;

(c)On the date of such Transaction the following shall be true and correct,

and the Borrower and the Collateral Manager shall have certified in the related Borrower's

Notice that all conditions precedent to the requested Transaction have been satisfied and shall

thereby be deemed to have certified that:

(i)Therepresentationsandwarrantiescontainedin<u>Section</u><u>4.1</u>and<u>Section</u>

<u>4.2</u> are true and correct in all material respects (except for such representations and

warranties as are qualified by materiality, a Material Adverse Effect or any similar

qualifier, which representations and warranties shall be true and correct in all respects)

on and as of each Advance Date (other than any representation and warranty that is

expressly made as of another specific date which were true and correct in all material

respects);

(ii)No event has occurred and is continuing, or would result from such

Transaction or from the application of proceeds thereof, that constitutes an Event of

Default, Default (unless such Default is cured by the related Transaction as permitted by

<u>Section 2.14</u> (other than a Loan Advance)), Change of Control or Collateral Manager

Termination Event;

(iii)On and as of such day, immediately after giving effect to such

Transaction,theAdvancesOutstandingdoesnotexceedtheAvailability(or,totheextent

permitted under <u>Section 2.14</u>, that any existing Borrowing Base Deficiency is reduced to

zero); and

(iv)No Applicable Law shall prohibit or enjoin the making of such Loan

Advance by any Lender or the proposed acquisition of Loans (if any);

(d)(i) With respect to any Loan Advance or Swingline Advance under this

Agreement or any Reinvestment of Principal Collections pursuant to <u>Section 2.14(a)(i)</u>, the

Revolving Period End Date shall not have occurred and (ii) with respect to any Transaction, the

Termination Date shall not have occurred;

(e)[reserved];

(f)The Borrower and Collateral Manager shall have delivered to the

Administrative Agent (and, if applicable, to Collateral Custodian) all reports required to be

delivered as of the date of such Transaction (including all deliveries required by <u>Section 2.2</u>);

(g)If a Loan Advance is made on theEffective Date, the Borrower shall have

paid all fees then required to be paid and, without duplication of <u>Section 2.11</u>, shall have

reimbursedtheLenders,theCollateralCustodianandtheAdministrativeAgentforallfees,costs

and expenses then required to be paid in connection with the closing of the transactions

contemplated hereunder and under the other Transaction Documents, including the reasonable

attorney fees and any other legal and document preparation costs incurred by the Lenders, the

Collateral Custodian and the Administrative Agent, in each case to the extent invoiced prior to

the Effective Date; and

(h)The Borrower shall have delivered to the Administrative Agent an

Officer's Certificate (which may be part of the applicable Borrower's Notice) certifying that

each of the foregoing conditions precedent has been satisfied.

Section 3.3<u>Custodianship;</u><u>Transfer of Loans</u><u>and Permitted</u> <u>Investments</u>.

(a)The Collateral Custodian shall hold all Certificated Securities and

Instruments delivered to it as Collateral in accordance with the terms hereof in physical form at

the Custody Facilities or at such other location identified to the Administrative Agent and the

Borrower.AnysuccessorCollateralCustodianshallbeastateornationalbankortrustcompany

which is not an Affiliate of the Borrower and which is a Qualified Institution.

(b)In connection with each Loan Advance, unless otherwise waived by the

Administrative Agent in its sole discretion, (i) the Borrower (or the Collateral Manager on its

behalf)shallhavedeliveredtotheCollateralCustodian,nolaterthan11:00a.m.(NewYorkCity

Time) on the Advance Date, (a) a Loan Checklist and a copy of the loan agreement, credit

agreement,indentureorotherprincipalagreementpursuanttowhichtheLoanhasbeenissuedor

created with respect to each Loan proposed to be pledged as Collateral by the Borrower in

connection with such Transaction, (b) in the case of a Noteless Loan, a copy of each transfer

document or instrument relating to such Noteless Loan evidencing the assignment of such

Noteless Loan to the Borrower and (ii) within five (5) Business Days following any related

Advance Date with respect to any Loan, the Borrower shall deliver all other Required Loan

Documents with respect to each Loan pledged as Collateral by the Borrower in connection with

such Transaction**.**

(c)Each time that the Borrower (or the Collateral Manager on behalf of the

Borrower) shall direct or cause the acquisition of any Loan or Permitted Investment, the

Borrower shall (or the Collateral Manager on behalf of the Borrower), if such Permitted

Investment or, in the case of a Loan, the related promissory note or, with respect to a Noteless

Loan, an assignment agreement (or credit agreement if such Loan was originated by the

Borrower) has not already been delivered to the Collateral Custodian in accordance with the

requirementssetforthin<u>clause</u><u>(a)</u>ofthedefinitionof"RequiredLoanDocuments"andthe

preceding paragraph, 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 or credit

documentation in accordance with the requirements set forth in <u>clause (a)</u> of the definition of

"RequiredLoanDocuments"(or,ifsuchLoanwasoriginatedbytheBorrower,therelatedcredit

agreement) to the Collateral Custodian at the Custody Facilities.

(d)TheBorrower(ortheCollateralManageronbehalfoftheBorrower)shall

directthattheCollateralCustodiancauseallCollateralacquiredbytheBorrowerthatconstitutes

Financial Assets to be credited to the Collateral Account, and shall cause all Loans and

Permitted Investments acquired by the Borrower to be delivered to the Collateral Custodian by

one of the following means (and shall take any and all other actions necessary to create and

perfect in favor of the Administrative Agent a valid security interest in each Loan and Permitted

Investment, which security interest shall be senior to that of any other creditor of the Borrower

(whether now existing or hereafter acquired) (other than pursuant to Permitted Liens)):

(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 Custodian

or in blank by an effective Indorsement or registered in the name of the Administrative

Agent and by (A) delivering such Instrument to the Collateral Custodian or delivering

such Security Certificate to the Collateral Custodian at the Custody Facilities (or at such

other location identified to the Administrative Agent and the Borrower) and (B) causing

the Collateral Custodian to maintain (on behalf of the Administrative Agent) continuous

possession of such Instrument or Security Certificate at the Custody Facilities (or at such

other location identified to the Administrative Agent and the Borrower);

(ii)in the case of an Uncertificated Security, by (A) causing the

AdministrativeAgent tobecome the registeredowner of suchUncertificated Security and

(B)causing such registrationto remain effective;

(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 Account Control Agreement; and

(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

Administrative Agent as secured party and describing the Loan or Permitted Investment

(as the case may be) as the collateral at the filing office of the Secretary of State of the

State of Delaware (it being understood that a UCC financing statement describing the

collateral as "all assets of the Borrower" or words of similar effect will be deemed to

satisfy the requirements of this <u>clause (iv)</u> in the case of any General Intangibles to be

delivered by the Borrower).

(e)The security interest of the Administrative Agent in any Collateral

disposed of in a transaction permitted by this Agreement shall, immediately and without further

action on the part of the Administrative Agent, be released and the Collateral Custodian shall

immediately release such Collateral to, or as directed by, the Borrower.

**ARTICLE IV** 

**REPRESENTATIONSANDWARRANTIES**

Section 4.1<u>Representations</u><u>and</u><u>Warranties of</u><u>the</u> <u>Borrower</u>.

The Borrower represents and warrants as follows as of the Effective Date, each

Funding Date, and as of each other date provided under this Agreement or the other Transaction

Documentstowhichitisapartyonwhichsuchrepresentationsandwarrantiesarerequiredtobe

(or deemed to be) made:

(a)<u>Organization</u><u>and</u><u>Good</u><u>Standing</u>.TheBorrowerhasbeendulyorganized,

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

allrelevanttimes,andnowhasallnecessarypower,authorityandlegalrighttoacquire,ownand

sell the Collateral.

(b)<u>Due Qualification</u>.The Borrower is(i) **<u>is</u>**duly qualified to do business

andisingoodstandingasalimitedliabilitycompanyinitsjurisdictionofformation,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 tobe so qualified, licensed or approved could not

reasonably be expected to have a Material Adverse Effect.

(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)

executeanddelivereachTransactionDocumenttowhichitisaparty,and(b)carryouttheterms

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 transfer and assignment of an ownership and security

interest in the Collateral on the terms and conditions herein provided.This Agreement and each

other Transaction Document to which the Borrower is a party have been duly executed and

delivered by the Borrower.

(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.

(e)<u>No Violation</u>.The consummation of the transactions contemplated by

eachTransactionDocumenttowhichitisapartyandthefulfillmentofthetermsthereofwillnot

(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 Governing Documents of the

Borrower or any Contractual Obligation of the Borrower, (ii) result in the creation or imposition

ofany Lien (other than the security interest granted to the Administrative Agent, on behalf of the

SecuredParties,pursuanttothisAgreement,andLiensdescribedin<u>clause</u><u>(f)</u>ofthedefinitionof

"Permitted Liens") upon any of the Borrower's properties pursuant to the terms of any such

Contractual Obligation, or (iii) violate any Applicable Law.

(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 a party to or otherwise

subject or has any of its property that is subject to any indenture or other agreement or

instrument evidencing Indebtedness of the Borrower, or any other agreement or instrument

where a default could reasonably be expected to result in a Material Adverse Effect.

(g)<u>No Proceedings</u>.(i) As of the Effective Date, there is no litigation,

proceedingorinvestigationpendingor,totheknowledgeoftheBorrower,threatenedagainstthe

Borrower, before any Governmental Authority, and, (ii) as of any date thereafter, there is no

litigation, proceeding or investigation pending or, to the knowledge of the Borrower, threatened

against the Borrower, before any Governmental Authority (x) asserting the invalidity of any

Transaction Document to which the Borrower is a party, (y) seeking to prevent the

consummation of any of the transactions contemplated by any Transaction Document to which

the Borrower is a party or (z) that could reasonably be expected to have **<u>a</u>**Material Adverse

Effect.

(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, except where the failure to

obtain such approval, authorization, consent, order, license, filing or other action could not

reasonably be expected to have a Material Adverse Effect.

(i)<u>Bulk Sales</u>.The execution, delivery and performance of this Agreement

andthetransactionscontemplatedherebydonotrequirecompliancewithany"bulksales"actor

similar law by the Borrower.

(j)<u>Solvency</u>.TheBorrowerisnotthesubjectofanyInsolvencyProceedings

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.

(k)<u>Taxes</u>.

(i)TheBorrowerisandhasalwaysbeentreatedasadisregardedentityofthe

Transferor for U.S. federal income tax purposes and no election has been filed by the

Borrower to be treated as a corporation for U.S. federal income tax purposes.The

Borrower will, unless otherwise required by applicable law**<u>Applicable Law</u>**, treat the

Loan Advances and Notes as indebtedness for U.S. federal income tax purposes.

(ii)Transferor will be treated as either a disregarded entity or a partnership for

U.S. federal income tax purposes and no election has been filed by the Transferor to be

treated as a corporation for U.S. federal income tax purposes.

(iii)Each of the Borrower and the Transferor has timely filed or caused to be

timely filed (taking into account valid extensions of the time for filing) all material Tax

returnsrequiredtobefiledbyitandhastimelypaidallmaterialTaxesdue,exceptTaxes

that are being contested in good faith by appropriate proceedings and for which it has set

aside on its books adequate reserves in accordance with GAAP.

(l)<u>Exchange Act Compliance; Regulations T, U and X</u>.None of the

transactions contemplated herein or in the other Transaction Documents to which it is a party

(including 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

Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R.,

ChapterII.TheBorrowerdoesnotownorintendtocarryorpurchase,andnoproceedsfromthe

Loan Advances will be used to carry or purchase, any "margin stock" within the meaning of

Regulation U or to extend "purpose credit" within the meaning of Regulation U.

(m)<u>Security</u> <u>Interest</u>.

(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 Administrative 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 other than Permitted Liens, and is enforceable as such against creditors of and

purchasers from the Borrower;

(ii)this Agreement constitutes a security agreement within the meaning of

Section 9-102(a)(73**<u>74</u>**) of the UCC as in effect from time to time in the State of New

York.**<u>;</u>**

(iii)the Collateral is comprised of "instruments", "general intangibles",

"certificated securities", "security entitlements", "uncertificated securities", "deposit

accounts", "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 this <u>Section 4.1(m)</u>;

(iv)with respect to Collateral that constitutes Deposit Accounts:

(1)the Borrower has taken all steps necessary to enable the

AdministrativeAgenttoobtain"control"(withinthemeaningoftheUCCasin

effect from time-to-time in the State of New York) with respect to each such

Account; and

(2)such Accounts are not in the name of any Person other than the

Borrower, subject to the Lien of the Administrative Agent.The Borrower has

not instructed the depository bank of any Account to comply with the

instructions of any Person other than the Administrative Agent; <u>provided</u> that,

until the Administrative Agent delivers a Notice of Exclusive Control, the

BorrowerandtheCollateralManagermaycausecashinsuchAccountstobe

investedinPermittedInvestments,andtheproceedsthereoftobedistributedin

accordance with this Agreement.**<u>;</u>**

(v)with respect to Collateral that constitutes Security Entitlements:

(1)all of such Security Entitlements have been credited to an

Account that is a Securities Account and the securities intermediary for each

such Securities Account has agreed to treat all assets credited to such Account

asFinancialAssetswithinthemeaningoftheUCCasineffectfrom

time-to-time in the State of New York;

(2)the Borrower has taken all steps necessary to enable the

AdministrativeAgenttoobtain"control"(withinthemeaningoftheUCCasin

effect from time-to-time in the State of New York) with respect to each

Account that is a Securities Account; and

(3)the Accounts that are Securities Accounts are not in the name of

any Person other than the Borrower, subject to the Lien of the Administrative

Agent.The Borrower has not instructed the securities intermediary of any

Account that is a Securities Account to comply with the entitlement order of

any Person other than the Administrative Agent; <u>provided</u> that, until the

AdministrativeAgentdeliversaNoticeofExclusiveControl,theBorrowerand

the Collateral Manager may cause cash in the Accounts that are Securities

Accounts to be invested in Permitted Investments, and the proceeds thereof to

be distributed in accordance with this Agreement.**<u>;</u>**

(vi)all Accounts (other than the Collateral Account) constitute "deposit

accounts" as defined in Section 9-102 of the UCC as in effect from time-to-time in the

State of New York and the Collateral Account constitutes a "securities account" as

defined in the Section 8-501(a) of the UCC as in effect from time-to-time in the State of

New York;

(vii)theBorrowerownsandhasgoodandmarketabletitletotheCollateralfree

and clear of any Lien of any Person (other than Permitted Liens);

(viii)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

Administrative Agent, on behalf of the Secured Parties;

(ix)theBorrowerhastakenallnecessarystepstoauthorizetheAdministrative

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;

(x)upon the delivery to the Collateral Custodian of all Collateral constituting

"instruments" and "certificated securities" (as defined in the UCC as in effect from time

to time in the jurisdiction where the Corporate Trust Office is located), the crediting of

all Collateral that constitutes Financial Assets (as defined in the UCC as in effect from

time to time in the State of New York) to an Account and the filing of the financing

statements described in this <u>Section 4.1(m)</u> in the jurisdiction in which the Borrower is

located, such security interest shall be a valid and first priority (subject to Permitted

Liens) perfected security interest 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;

(xi)other than Liens described in <u>clause (f)</u> of "Permitted Liens" and the

security interest granted to the Administrative 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

authorizedthefilingofandisnotawareofanyfinancingstatementsagainsttheBorrower

that include a description of any collateral included in the Collateral other than any

financing statement (A) relating to the security interest granted to the Borrower under the

Sale Agreement, or (B) that has been terminated and/or fully and validly assigned to the

Administrative Agent on or prior to the date hereof.There are no judgments or tax lien

filings against the Borrower;

(xii)all original executed copies of each underlying promissory note that

constitute or evidence each Loan have been or, subject to the delivery requirements

contained herein, will be delivered to the Collateral Custodian;

(xiii)none of the underlying promissory notes 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 Administrative Agent on behalf of the

Secured Parties;

(xiv)with respect to Collateral that constitutes a "certificated security," such

certificated security has been delivered to the Collateral Custodian on behalf of the

Administrative Agent and, if in registered form, has been specially Indorsed to the

CollateralCustodianorinblankbyaneffectiveIndorsementorhasbeenregisteredinthe

name of the Administrative Agent upon original issue or registration of transfer by the

Borrower of such certificated security; and

(xv)with respect to Collateral that constitutes an Uncertificated Security, the

Borrower has caused the Administrative Agent to gain "control" of such Collateral

pursuant to Section 8-106(c) of the UCC and such control remains effective.

(n)<u>Reports Accurate</u>.All information, exhibits, financial statements,

documents, books, records or reports relating to the Borrower furnished to the Administrative

Agent, the Collateral Custodian or any Lender by any Loan Party in connection with this

Agreement are true, complete and correct in all material respects (or, (A) in the case of general

economic data, industry information orinformation, or if not prepared by or under the direction

of the Borrower, true and correct in all material respects to the knowledge of the Borrower after

reasonableinquiryunderthecircumstancesor(B)inthecaseofanyprojectionsand

forward-looking information, such has been prepared in good faith and is reasonable in light of

information available to the Borrower at the relevant time).

(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 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 Effective Date, in each case other than any change of name or other

corporate change for which notice has been duly provided pursuant to <u>Section 5.1(o)(vii)</u>.

(p)<u>Legal Name</u>.Each Loan Party's exact legal name is, and at all times has

been the name as set forth on <u>Schedule I</u> hereto.

(q)<u>Sale Agreement</u>.The Sale Agreement (and any underlying assignment

agreements) are the only agreements pursuant to which the Borrower purchases Collateral from

the Transferor, unless such purchase is made pursuant to a transaction otherwise permitted

hereunder.

(r)<u>Value Given</u>.The Borrower has given reasonably equivalent value to the

Transferor or the applicable seller of each Loan in consideration for the transfer to the Borrower

of each Loan, and no such transfer has been made for or on account of an antecedent debt, and

no such transfer is or may be voidable or subject to avoidance under any section of the

Bankruptcy Code.

(s)<u>Accounting</u>.The Borrower accounts for the transfers to it of interests in

Collateral as acquisitions of such Collateral for financial accounting purposes and for legal

purposes on its books, records and financial statements, in each case consistent with GAAP and

with the requirements set forth herein.

(t)<u>Special</u><u>Purpose Entity</u>.The Borrower has not and shall not:

(i)engage in any business or activity other than the purchase, receipt and

management of Collateral, the transfer and pledge of Collateral pursuant to the terms of

the Transaction Documents, the sale of Collateral as permitted hereunder, the entry into

and the performance under the Transaction Documents and such other activities as are

incidental thereto;

(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;

(iii)mergeintoorconsolidatewithanyPersonordissolve,wind-up,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;

(iv)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,

amend,modify,terminateorfailtocomplywiththeprovisionsofitsoperatingagreement

except as otherwise permitted pursuant to <u>Section 5.2(h)</u>, or fail to observe limited

liability company formalities;

(v)form, acquire or own any Subsidiary, own any equity interest in any other

entity (other than any Equity Security received in exchange for a defaulted Loan or

portion thereof in connection with an insolvency, bankruptcy, reorganization, debt

restructuring or workout of the Obligor thereof), or make any Investment in any Person

(other than Permitted Investments) without the prior written consent of the

Administrative Agent;

(vi)commingleitsassetswiththeassetsofanyofitsAffiliates,orofanyother

Person;

(vii)incur any Indebtedness, secured or unsecured, direct or contingent

(including guaranteeing any obligation), other than Indebtedness to the Secured Parties

hereunder or in conjunction with a repayment of all Loan Advances owed to the Lenders

and a termination of all the Commitments;

(viii)fail topayitsdebtsandliabilitiesfromitsassetsasthesameshallbecome

due;

(ix)failtomaintainitsrecords,booksofaccountandbankaccountsseparate

and apart fromthose of any other Person;

(x)enter into any contract or agreement with any Person, except (a) the

Transaction Documents and (b) other contracts or agreements that are upon terms and

conditionsthatarecommerciallyreasonableandthatwouldbeavailableonan

arms-length basis with third parties other than such Person;

(xi)seekitsdissolution,termination,liquidationorwindingupinwholeorin

part;

(xii)failtocorrectanyknownmisunderstandingsregardingtheseparate

identityofthe Borrower, the Transferor or any other Person;

(xiii)guarantee,becomeobligatedfor,orholditselfouttoberesponsibleforthe

debt of another Person;

(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

transactingbusiness,or(b)tosuggestthatitisresponsibleforthedebtsofanythirdparty

(including any of its principals or Affiliates);

(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;

(xvi)divideor permit anydivision of the Borrower;

(xvii)except as may be required or permitted by the Code and regulations 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;

(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

assetsmaybeincludedinaconsolidatedfinancialstatementofitsAffiliate**<u>;</u>**<u>provided</u>that

(a) appropriate notation shall be made on such consolidated financial statements to

indicate the separateness of the Borrower from such Affiliate and to indicate that the

Borrower'sassetsandcreditarenotavailabletosatisfythedebtsandotherobligationsof

such Affiliate or any other Person and (b) such assets shall also be listed on the

Borrower's own separate balance sheet;

(xix)fail to pay its own liabilities and expenses only out of its own funds;

(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;

(xxi)acquiretheobligationsoforsecuritiesissuedbyitsAffiliatesormembers,

it being understood that this <u>clause (xxi)</u> shall not prevent the Borrower from acquiring

Loans from the Transferor;

(xxii)guarantee any obligation of any person, including an Affiliate;

(xxiii)fail to allocate fairly and reasonably any overhead expenses that are

sharedwithanAffiliate,includingpayingforofficespaceandservicesperformedbyany

employee of an Affiliate;

(xxiv)fail to use separate invoices and checks bearing its own name;

(xxv)pledge its assets for the benefit of any other Person, other than with

respect to payment of the indebtedness to the Secured Parties hereunder;

(xxvi)(A) fail at any time to have at least one (1) independent manager (the

"<u>Independent Manager</u>") which shall be a natural Person who has prior experience as an

independentdirector,independentmanagerorindependentmemberwithatleastthree(3)

years of employment experience and who is provided by CT Corporation, Corporation

ServiceCompany,CitadelSPVLLC,CogencyGlobal,Inc.,Puglisi&Associates,Global

Securitization Services, National Registered Agents, Inc., Wilmington Trust Company,

Stewart Management Company or Lord Securities Corporation or, if none of those

companies is then providing professional independent managers, another national

recognized company reasonably approved by the Administrative Agent, in each case that

is not an Affiliate of the Borrower 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:(w) a member, partner,

equityholder, manager, director, officer or employee of the Borrower or any of its

equityholdersorAffiliates(otherthanasanIndependentManageroftheBorrowerorany

of its Affiliates that does not own a direct or indirection equity interest in the Borrower

and that is required by a creditor to be a single purpose bankruptcy remote entity); (x) a

creditor, supplier or service provider (including provider of professional services) to the

Borrower 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 or any of its equityholders or Affiliates in the ordinary course of

business); (y) a family member of any such member, partner, equityholder, manager,

director, officer, employee, creditor, supplier or service provider; or (z) a Person that

controls (whether directly, indirectly or otherwise) any of (w), (x) or (y) above; or (B)

fail to ensure that all limited liability company action relating to the selection,

maintenance or replacement of the Independent Manager during the Covenant

Compliance Period shall require the written consent of the Administrative Agent.A

natural person who otherwise satisfies the foregoing definition and satisfies <u>clause (w)</u>

above by reason of being the Independent Manager of a "special purpose entity"

affiliated with the Borrower that does not own a direct or indirect equity interest in the

Borrower shall be qualified to serve as an Independent Manager of the Borrower,

<u>provided</u> that the fees that such individual earns fromserving as Independent Manager of

affiliates of the Borrower in any given year constitute in the aggregate less than five

percent (5.00%) of such individual's annual income for that year;

(xxvii)fail to provide that the unanimous consent of all members or managers

(including the consent of the Borrower's Independent Manager) is required for the

Borrowerto(a)instituteproceedingstobeadjudicatedbankruptorinsolvent,(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, state,

local or other law relating to bankruptcy or insolvency, (d) seek or consent to the

appointment of a receiver, provisional liquidator, 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

(xxviii)fail to file its own tax returns separate from those of any other Person and

pay any material taxes required to be paid by it under applicable law**<u>Applicable Law</u>**,

except (i) Taxes that are being contested in good faith by appropriate proceedings and for

whichithassetasideonitsbooksadequatereservesinaccordancewithGAAPand(ii)to

the extent that the Borrower is treated as a "disregarded entity" for tax purposes and is

not required to file tax returns under applicable law**<u>Applicable Law</u>**.

(u)<u>Beneficial Ownership Certification</u>**.**As of the Effective Date, the

information included in the Beneficial Ownership Certification is true and correct in all material

respects.

(v)<u>Investment</u><u>Company</u><u>Act</u>.TheBorrowerisnotan"investmentcompany"

within the meaning of, and is not subject to registration under, the 1940 Act.

(w)<u>ERISA</u>.TheBorrower(i)doesnotmaintain,norareanyemployeesofthe

Borrower permitted to participate in, an "employee pension benefit plan," as such term is

defined in Section 3 of ERISA which is subject to Title IV of ERISA (a "<u>Pension Plan</u>") and (ii)

has no underlying assets which constitute "plan assets" within the Plan Asset Rules.

(x)<u>Compliance</u><u>with</u><u>Law</u>.TheBorrowerhascompliedinallrespectswithall

Applicable Law to which it may be subject, except for instances of non-compliance that would

not reasonably be expected to have a Material Adverse Effect.

(y)<u>No Material Adverse Effect</u>.Except as previously disclosed to the

Administrative Agent, no event, change or condition has occurred that has had, or could

reasonably be expected to have, a Material Adverse Effect on any Loan Party since the last

Reporting Date.

(z)<u>Amendments</u>.No Loan has been amended, modified or waived since the

Effective Date or the related Funding Date, as the case may be, except for amendments,

modifications or waivers, if any, to such Loan otherwise permitted under <u>Section 6.4(a)</u> and in

accordance with the Collateral Manager Standard.

(aa)<u>Full Payment</u>.As of the date of the Borrower's acquisition thereof, the

Borrower has no knowledge of any fact which should lead it to expect that any Loan will not be

repaid by the relevant Obligor in full.

(bb)<u>Sanctions;</u><u>Anti-Money</u><u>Laundering</u><u>Laws;</u><u>and</u><u>Anti-Corruption</u><u>Laws</u>.

NoneoftheBorrower,anyofitsofficersordirectorsnor,totheknowledgeoftheBorrower,any

otherAffiliateoftheBorrowerisaSanctionedPersonorotherwiseidentifiedonanylist

maintainedbytheOfficeofForeignAssetControloftheU.S.DepartmentoftheTreasuryor

suchotherlistorsuchsimilarlistsrelatingtoSanctions.TheBorrowermaintainsorisotherwise

subject to policies and procedures reasonably designed to ensure compliance with Anti-Money

Laundering Laws and Anti-Corruption Laws.

Therepresentationsandwarrantiesin<u>Section</u><u>4.1(m)</u>shallsurvivethetermination

of this Agreement and such representations and warranties may not be waived by any party

hereto without the consent of the Administrative Agent and the Required Lenders.

Section 4.2<u>Representations</u><u>and</u><u>Warranties</u><u>of</u><u>the</u><u>Borrower</u><u>Relating</u><u>to</u><u>the</u>

<u>Agreement and the Collateral</u>.

The Borrower represents and warrants as follows as of the Effective Date, each

FundingDate,andasofeachotherdateprovidedunderthisAgreementortheotherTransaction

Documentstowhichitisapartyonwhichsuchrepresentationsandwarrantiesarerequiredtobe

(or deemed to be) made:

(a)<u>Eligibility of Collateral</u>.The Borrower has conducted such due diligence

and other review as it considered necessary with respect to the Loans set forth on the Loan List.

AsofeachFundingDate,(i)theLoanListandtheinformationcontainedineachFundingNotice

delivered pursuant to <u>Section 2.2</u>, is an accurate and complete listing of all Loans included in the

Collateral as of the related Funding Date and the information contained therein with respect to

the identity of such Loans and the amounts owing thereunder is true, correct and complete as of

the related Funding Date and (ii) each such Loan included in the Borrowing Base is an Eligible

Loan.

(b)<u>No Fraud</u>.Each Loan was originated without any fraud or material

misrepresentation by the Borrower or its Affiliates or to the knowledge of the Borrower or its

Affiliates, of the related Obligors.

Section 4.3<u>Representations</u><u>and Warranties</u><u>of the</u><u>Collateral</u> <u>Manager</u>.

The Collateral Manager represents and warrants as follows as of the Effective

Date, each Funding Date, and as of each other date provided under this Agreement or the other

Transaction Documents to which it is a party on which such representations and warranties are

required to be (or deemed to be) made:

(a)<u>Organization and Good Standing</u>.The Collateral Manager has been duly

organized,andisvalidlyexistingasalimitedliabilitycompanyingoodstanding,underthelaws

oftheStateofDelaware,withallrequisitelimitedliabilitycompanypowerandauthoritytoown

or lease its properties and conduct its business as such business is presently conducted.

(b)<u>Due Qualification</u>.The Collateral Manager is duly qualified to do

business and is in good standing as a limited liability company, and has obtained all necessary

qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of

property or the conduct of its business requires such qualifications, licenses or approvals, except

where the failure to be so qualified, licensed or approved could not reasonably be expected to

have a Material Adverse Effect.

(c)<u>Power and Authority; Due Authorization; Execution and Delivery</u>.The

Collateral Manager (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

outthetermsoftheTransactionDocumentstowhichitisaparty,and(ii)hasdulyauthorizedby

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 Collateral Manager is a party have been duly executed and delivered by

the Collateral Manager.

(d)<u>Binding Obligation</u>.Each Transaction Document to which the Collateral

Manager is a party constitutes a legal, valid and binding obligation of the Collateral Manager

enforceableagainsttheCollateralManagerinaccordancewithitsrespectiveterms,exceptas

suchenforceabilitymaybelimitedbyInsolvencyLawsandgeneralprinciplesofequity(whether

considered in a suit at law or in equity).

(e)<u>No Violation</u>.The consummation of the transactions contemplated by

eachTransactionDocumenttowhichitisapartyandthefulfillmentofthetermsthereofwillnot

(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 Collateral Manager's certificate of

formation, limited liability company agreement or any Contractual Obligation of the Collateral

Managerwhich,inthecaseofanyContractualObligation,couldreasonablybeexpectedtohave

a Material Adverse Effect, (ii) result in the creation or imposition of any Lien upon any of the

Collateral Manager's properties pursuant to the terms of any such Contractual Obligation, other

than this Agreement, or (iii) violate any Applicable Law in any material respect.

(f)<u>No Proceedings</u>.There is no litigation, proceeding or investigation

pending or, to the knowledge of the Collateral Manager, threatened against the Collateral

Manager, before any Governmental Authority (i) asserting the invalidity of any Transaction

Document to which the Collateral Manager is a party, (ii) seeking to prevent the consummation

of any of the transactions contemplated by any Transaction Document to which the Collateral

Manager is a party or (iii) that could reasonably be expected to have **<u>a</u>**Material Adverse Effect.

(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 Collateral Manager of each

Transaction Document to which the Collateral Manager is a party have been obtained, except

where the failure to obtain such approval, authorization, consent, order, license, filing or other

action could not reasonably be expected to have a Material Adverse Effect.

(h)<u>Reports Accurate</u>.All information, exhibits, financial statements,

documents, books, records or reports relating to the Borrower or the Collateral Manager

furnished by the Collateral Manager to the Administrative Agent, the Collateral Custodian or

any Lender in connection with this Agreement are true, complete and correct in all material

respects (or, (A) in the case of general economic data, industry information orinformation, or if

not prepared by or under the direction of the Collateral Manager, true and correct in all material

respectstotheknowledgeoftheCollateralManagerafterreasonableinquiryor(B)inthecaseof

any projections and forward-looking information, such has been prepared in good faith and is

reasonable in light of information available to the Collateral Manager at the relevant time after

reasonable inquiry).

(i)<u>Solvency</u>.The Collateral Manager is not the subject of any Insolvency

Proceedings or Insolvency Event.The transactions under the Transaction Documents to which

the Collateral Manager is a party do not and will not render the Collateral Manager not Solvent.

(j)[Reserved].

(k)<u>ERISA</u>.The Collateral Manager (i) does not maintain, nor are the

employees of the Collateral Manager entitled to participate in, a Pension Plan and (ii) has no

underlying assets which constitute "plan assets" within the Plan Asset Rules.

(l)<u>Investment Company Act</u>.The Collateral Manager is not, and is not

"controlledby",an"investmentcompany"withinthemeaningofthe1940Actorisexemptfrom

the provisions of the 1940 Act.

(m)<u>Compliance with Law</u>.The Collateral Manager has complied with all

Applicable Law to which it may be subject, except for instances of non-compliance that would

not reasonably be expected to have a Material Adverse Effect.

(n)<u>No Material Adverse Effect</u>.Except as previously disclosed to the

Administrative Agent, no event, change or condition has occurred that has had, or could

reasonably be expected to have, a Material Adverse Effect on the Collateral Manager since the

last Reporting Date.

(o)<u>Eligibility of Collateral</u>.The Collateral Manager has conducted such due

diligence and other review as it considered necessary with respect to the Loans set forth on the

Loan List.As of each Funding Date, (i) the Loan List and the information contained in each

Funding Notice delivered pursuant to <u>Section 2.2</u>, is an accurate and complete listing of all

Loans included in the Collateral as of the related Funding Date and the information contained

therein with respect to the identity of such Loans and the amounts owing thereunder is true,

correct and complete as of the related Funding Date and (ii) each such Loan included in the

Borrowing Base is an Eligible Loan.

(p)<u>No Fraud</u>.Each Loan was originated without any fraud or material

misrepresentation by the Collateral Manager or its Affiliates.

Section4.4<u>Representations</u><u>and</u><u>Warranties</u><u>of</u><u>the</u><u>Collateral</u><u>Custodian</u>.

The Collateral Custodian represents and warrants as follows:

(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 requisite power, authority and legal right to execute, deliver and perform its obligations

as Collateral Custodian under this Agreement.

(b)<u>Due</u><u>Authorization</u>.TheexecutionanddeliveryofthisAgreementandthe

consummationofthetransactionsprovidedforhereinhavebeendulyauthorizedbyallnecessary

association action on its part, either in its individual capacity or as Collateral Custodian as the

case may be.

(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

notconflictwith,resultinanybreachofitsconstitutionaldocumentsoranyofthematerialterms

and provisions of, or constitute (with or without notice or lapse of time or both) a default under

any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the

Collateral Custodian is a party or by which it or any of its property is bound.

(d)<u>No Violation</u>.The execution and delivery of this Agreement, the

performance of the Transactions contemplated hereby to be performed by it and the fulfillment

of the terms hereof applicable to it will not conflict with or violate, in any material respect, any

Applicable Law as to the Collateral Custodian.

(e)<u>All Consents Required</u>.All approvals, authorizations, consents, orders or

other actions of any Person or Governmental Authority applicable to the Collateral Custodian

required in connection with the execution and delivery of this Agreement, the performance by

the Collateral Custodian of the transactions contemplated hereby and the fulfillment by the

Collateral Custodian of the terms hereof have been obtained.

(f)<u>Validity, Etc.</u>The Agreement constitutes the legal, valid and binding

obligation of the Collateral Custodian, enforceable against the Collateral Custodian in

accordancewithitsterms,exceptassuchenforceabilitymaybelimitedbyapplicableInsolvency

Laws and general principles of equity (whether considered in a suit at law or in equity).

(g)<u>Qualified Custodian</u>.It is qualified to act as a custodian pursuant to

Section 17(f) of the 1940 Act; <u>provided</u> that, for the avoidance of doubt and notwithstanding

anythinghereintothecontrary,theBorroweragreesthattheCollateralCustodianshallnothave,

norshallbeimpliedtohave,anydutieswithrespecttofurnishingreportsorotherinformationas

contemplated by the 1940 Act, and the Collateral Custodian shall only be obligated to furnish

information and reports to the extent expressly provided in the Transaction Documents.

**ARTICLE V** 

**GENERALCOVENANTS**

Section 5.1<u>Affirmative</u><u>Covenants of</u><u>the</u> <u>Borrower</u>.

Duringthe CovenantCompliance Period:

(a)<u>Compliance</u><u>with</u><u>Laws</u>.TheBorrowerwillcomplyinallrespectswithall

ApplicableLaws,includingthosewithrespecttotheCollateraloranypartthereof,exceptwhere

the failure to so comply would not reasonably be expected to have a Material Adverse Effect.

(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 has had, 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 except as permitted under <u>Section 5.2(h)</u>.

(c)<u>Performance and Compliance with Collateral</u>.The Borrower will, at its

expense, timely and fully perform and comply (or cause the Transferor or any third party seller

to performand comply pursuant to the Sale Agreement)withallprovisions,covenantsandother

promises required to be observed by it under the Collateral, the Transaction Documents and all

other agreements related to such Collateral.

(d)<u>Keeping</u><u>of Records and Books of Account; Inspection</u> <u>Rights</u>.

(i)The Borrower will keep proper books ofrecord 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,

the Transferor and the Collateral Manager will permit representatives and agents of the

Administrative Agent to visit and inspect any of its properties, to examine its corporate,

financial and operating records relating to the Collateral, the Eligible Loans, and make

copies of the Required Loan Documents, and to discuss its affairs, finances and accounts

with its directors and officers (<u>provided</u>, that (A) representatives of such Person may be

present at any such discussion, (B) none of the Loan Parties or their Affiliates shall be

requiredtofurnishaccesstoorotherwisediscloseany(x)materialoraffairsprotectedby

theattorney-clientprivilegeor(y)materialoraffairswhichsuchPersonmaynotdisclose

without violating any Applicable Law, and (C) any third party's confidential information

subject to a confidentiality agreement with a Loan Party that prohibits the disclosure of

such third party's information to the Administrative Agent may be redacted from the

information provided to the Administrative Agent pursuant to this <u>Section 5.1(d)</u>), all at

the expense of the Borrower and at such reasonable times during normal business hours

andasoftenasmaybereasonablydesired(subjecttothelimitationssetforthinclause

(iii) below), upon reasonable (and in any event not less than one (1) Business Day's)

advance written notice from the Administrative Agent to such Person; <u>provided</u>, that

whenanEventofDefaultexiststheAdministrativeAgent(oranyrepresentativeoragent

thereof) may do any of the foregoing at any time and without advance notice (other than

discussions with auditors and other third parties, for which reasonable prior notice shall

still be required); <u>provided</u>, further, that so long as no Event of Default shall have

occurredandbecontinuing(atwhichtimenolimitsshallapply),(x)nomorethantwo

(2)suchinspectionsorauditsshallbeconductedinanyone(1)yearand(y)theBorrower

shall not be obligated to reimburse the Administrative Agent for more than one (1)

inspection or audit in any calendar year.For purposes of clarity, any Lender or its

designated representatives having requested to attend in the case of physical inspections

may, at such Lender's expense, accompany the Administrative Agent in the case of such

physical inspections.

(ii)In connection with the foregoing <u>clause (i)</u>, the Administrative Agent

(through any of its officers, employees, or agents) shall have the right, from time to time

hereafter (A) at any time that an Event of Default has occurred and is continuing, to

communicate directly with any and all of theBorrower'sObligorstoverifytheexistence

andtermsthereof,and(B)from timetotime, subjecttothelimitationssetforthinclause

(iii)below, upon reasonable (and in any event not less than one (1) Business Day's)

advance written notice and during normal business hours, to audit the Collateral, or any

portion thereof, in order to verify the amount, quality, value, condition of, or any other

matter relating to, the Collateral. For purposes of clarity, any Lender or its designated

representativeshavingrequestedtoattendinthecaseofphysicalauditsmay,atsuch

Lender'sexpense,accompanytheAdministrativeAgentinthecaseofsuchphysical

audits.

(iii)So long as no Event of Default shall have occurred and be continuing (at

which time no limits shall apply), no more than two (2) inspections and audits under

clauses (i) and (ii)(B) above shall be conducted in any one (1) year.

(iv)The Borrower shall reimburse the Administrative Agent for any

reasonable and documented out-of-pocket expense incurred in the exercise of the

foregoing provisions.Audit fees and other charges for the inspections and field audits

contemplated in this <u>Section 5.1(d)</u> shall be as follows:(a) a fee of $1,000.00 per day,

per auditor, <u>plus</u> reasonable and documented out-of-pocket expenses for each inspection

and field audit of the Transferor, the Borrower or any other Loan Party or Person

performed by personnel employed by the Administrative Agent, and (b) the reasonable

and documented out-of-pocket charges and expenses paid or incurred by the

Administrative Agent if it elects to employ the services of one or more third Persons to

perform inspections and field audits of the Transferor, the Borrower, any other Loan

Party or the Collateral Manager or to appraise the Collateral, or any portion thereof;

<u>provided</u> that, so long as no Event of Default shall have occurred and be continuing, the

Borrowershall notbe obligatedto reimbursethe AdministrativeAgent formore than one

(1) inspection, field audit or appraisal of the Collateral, in either case, in any calendar

year and no more than two (2) such field audits and appraisals shall be conducted in any

one(1)year.Forpurposesofclarity,anyLenderoritsdesignatedrepresentativeshaving

requested to attend in the case of physical inspections may, at such Lender's expense,

accompany the Administrative Agent in the case of such physical inspections.

(e)<u>Protection</u><u>of</u><u>Interest</u><u>in</u><u>Collateral</u>.WithrespecttotheCollateralacquired

by the Borrower, the Borrower will (i) acquire such Collateral pursuant to and in accordance

with the terms of the Sale Agreement and (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, including (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 Obligor 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.

(f)<u>Deposit of</u> <u>Collections</u>.

(i)The Borrower shall, or cause the Collateral Manager to, instruct each

Obligor or any relevant administrative agent, as applicable, to deliver all Collections in

respect of the Collateral to the General Collection Account. The Borrower shall transfer,

or cause to be transferred, all Collections received in any other Account to the General

Collection Account within two (2) Business Days after such Collections are received.

(ii)The Borrower shall promptly, (and in any event within two (2) Business

Days after identifying any Collections received as being on account of Interest

Collections or Principal Collections,**<u>)</u>**direct the Collateral Custodian to transfer from the

General Collection Account (A) all Collections received by it in respect of the Collateral

attributable to Interest Collections to the Interest Collection Account, (B) other than as

provided in <u>clause (C)</u>, all Collections received by it in respect of the Collateral

attributable to Principal Collections to the Principal Collection Account and (C) to the

extent provided in <u>Section 2.9(e)</u>, Collections to the Unfunded Exposure Account.

(g)<u>Special Purpose Entity</u>.The Borrower shall be in compliance with the

special purpose entity requirements set forth in <u>Section 4.1(t)</u>.

(h)<u>Collateral Manager Standard</u>. The Borrower will comply in all material

respects with the Collateral Manager Standard in regard to the Collateral.

(i)<u>Events of Default</u>.Promptly following the Borrower's knowledge or

notice of the occurrence of any Event of Default or Default, the Borrower will provide the

Administrative Agent and the Collateral Custodianwith 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 and the action that the Borrower proposes to take with

respect thereto.The Administrative Agent will provide each Lender with a copy of any such

notice promptly upon receipt thereof.

(j)<u>Obligations</u>.Each Loan Party shall pay its respective Indebtedness and

other obligations promptly and in accordance with their terms and pay and discharge promptly

when due all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might

give rise to a Lien upon the Collateral or any part thereof.

(k)<u>Taxes</u>.

(i)The Borrower will at all times continue to be treated as a disregarded

entity of the Transferor for U.S. federal income tax purposes.The Borrower is and has

always been treated as a disregarded entity of the Transferor for U.S. federal income tax

purposes and no election has been filed or will be filed in the future by the Borrower to

be treated as a corporation for U.S. federal income tax purposes.The Borrower will,

unless otherwise required by applicable law**<u>Applicable Law</u>**, treat the Loan Advances

and Notes as indebtedness for U.S. federal income tax purposes.

(ii)TheBorrower will at all times continueto be owned by the Transferor.

(iii)TheTransferorisandhasalwaysbeentreatedasadisregardedentityfor

U.S.federalincometaxpurposes.TheTransferorwill,unlessotherwiserequiredby

applicablelaw**<u>Applicable</u><u>Law</u>**,treattheLoanAdvancesandNotesasindebtednessfor

U.S.federal incometax purposes.

(iv)Each of the Borrower and the Transferor will timely file or cause to be

timely filed (taking into account valid extensions of the time for filing) all material Tax

returns required to be filed by it and will timely pay all material Taxes due (including all

Taxes on the income and gain or the Borrower and the Transferor), except Taxes that are

beingcontestedingoodfaithbyappropriateproceedingsandforwhichithassetasideon

its books adequate reserves in accordance with GAAP.

(l)<u>Use of Proceeds</u>.The Borrower will use the proceeds of the Loan

Advances only to acquire Loans or fund unfunded commitments with respect to Loans, to make

distributions to its members in accordance with the terms hereof or to pay related expenses

(including expenses payable hereunder).

(m)<u>Obligor Notification Forms</u>.The Administrative Agent may, in its

discretion after the occurrence of a Collateral Manager Termination Event or an Event of

Default, send notification forms giving each relevant administrative agent or Obligor, as

applicable, notice of the Secured Parties' interest in the Collateral and the obligation to make

payments as directed by the Administrative Agent.

(n)<u>Adverse Claims</u>.The Borrower will not create, or participate in the

thisAgreementandPermittedLiensdescribedin<u>clause</u><u>(a)</u>,<u>(d)</u>,<u>(e)</u>,<u>(f)</u>or<u>(g)</u>ofthedefinitionof

"Permitted Liens".

(o)<u>Notices</u>.The Borrower will furnish each of the following documents to

the Collateral Custodian and the Administrative Agent, which shall forward copies of the same

to the Lenders:

(i)<u>Income Tax Liability</u>.Within ten (10) Business Days after the receipt of

revenue agent reports or other written proposals, determinations or assessments of the

IRS or any other taxing authority which propose, determine or otherwise set forth

positive adjustments to the Tax liability of, or assess or propose the collection of Taxes

required to have been withheld by, the Borrower which equal or exceed $100,000 in the

aggregate, notice specifying the nature of the items giving rise to such adjustments and

the amounts thereof;

(ii)<u>Auditors' Management Letters</u>.Promptly after the receipt thereof, any

auditors' management letters received by the Borrower;

(iii)<u>Representations and Warranties</u>.Promptly after receiving knowledge or

notice of the same, the Borrower shall notify the Administrative Agent if any

representation or warranty set forth in <u>Section 4.1</u> or <u>Section 4.2</u> was incorrect in any

material respect (except for such representations and warranties as are qualified by

materiality, a Material Adverse Effect or any similar qualifier, which representations and

warranties shall have been incorrect in any respect) at the time it was given or deemed to

havebeengivenandatthesametimedelivertotheAdministrativeAgentawrittennotice

setting forth in reasonable detail the nature of such facts and circumstances.In

particular,butwithoutlimitingtheforegoing,theBorrowershallnotifythe

Administrative Agent in the manner set forth in the preceding sentence before any

FundingDateofanyfactsorcircumstanceswithintheknowledgeoftheBorrowerwhich

would render any of the said representations and warranties untrue in any material

respect (except for such representations and warranties as are qualified by materiality, a

Material Adverse Effect or any similar qualifier, which representations and warranties

would be rendered untrue in any respect) as of such Funding Date;

(iv)<u>ERISA</u>.(1) Promptly after receiving notice of any Reportable Event with

respect to the Borrower (or any ERISA Affiliate thereof), a copy of such notice and (2)

promptly after obtaining knowledge thereof (and in any event within two (2) Business

Days), notice that Borrower has underlying assets which constitute "plan assets" within

the Plan Asset Rules;

(v)<u>Proceedings</u>.Promptly and in any event within three (3) Business Days

after an executive officer of the Borrower or the Transferor receives notice or obtains

knowledge thereof or at the request of the Administrative Agent, notice of any settlement

of,materialjudgment(includingamaterialjudgmentwithrespecttotheliabilityphaseof

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 Secured

Parties' interest in the Collateral, or any Loan Party; <u>provided</u> that notwithstanding the

foregoing, any settlement, judgment, labor controversy, litigation, action, suit or

proceeding affecting the Collateral, the Transaction Documents, the Secured Parties'

interest in the Collateral, **<u>or</u>**the Borrower**<u>, in each case,</u>**in excess of $250,000, or the

Transferor in excess of $5,000,000 shall be deemed to be material solely for purposes of

this <u>Section 5.1(o)</u>;

(vi)<u>Notice of Certain Events</u>.Promptly (and in any event within two (2)

Business Days) upon obtaining knowledge thereof, notice of (1) any Collateral Manager

Termination Event, (2) any other event or circumstance that could reasonably be

expected to have a Material Adverse Effect, or (3) any amendment to the Governing

Documents of the Fund if such amendment materially and adversely affects the interests

of the Administrative Agent and the Lenders, as determined in the reasonable judgment

of the Collateral Manager;

(vii)<u>Corporate Changes</u>.Promptly and in any event within five (5) Business

Days after the effective date thereof, notice of any change in the name, jurisdiction of

organization, corporate structure, tax characterization 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 Administrative Agent to continue at all times

following such change to have a valid, legal and perfected security interest in all the

Collateral; and

(viii)<u>Accounting Changes</u>.Promptly and in any event within two (2) Business

Daysaftertheeffectivedatethereof,noticeofanymaterialchangeintheaccounting

policies of the Borrower relating to loan accounting or revenue recognition which would

result in an exception to GAAP and would affect the reporting required hereunder.

(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

Transferor.

(q)<u>Payment</u><u>Date</u><u>Reporting</u>.

(i)The Borrower shall deliver (or shall cause to be delivered) a Payment

DateReport,forthepreviousquarterendingasoftheapplicableDeterminationDate,and

delivered to the Administrative Agent and Collateral Custodian not later than two (2)

Business Days preceding the related Payment Date; <u>provided</u> that if (i) a Swingline

Advance has been made and remains un-refinanced by the Lenders as of the day that is

one (1) Business Day preceding the related Payment Date, or (ii) a Borrowing Base

Deficiency has occurred after the applicable Determination Date and remains continuing

as of the day that is two (2) Business Days preceding the related Payment Date, in each

case the Payment Date Report shall reflect (or, if already delivered, be revised to reflect)

amounts necessary to repay such Swingline Advance and/or cure such Borrowing Base

Deficiency,asapplicable,pursuantto<u>Section</u><u>2.7(a)(8)</u>.EachsuchPaymentDateReport

shall contain instructions to the Collateral Custodian to withdraw funds on the related

Payment Date from the applicable Collection Account and pay or transfer amounts set

forth in such report in the manner specified, and in accordance with the priorities

established, in <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable.

(ii)[Reserved].

(iii)If and to the extent the Collateral Manager may be required to calculate or

to report in a Payment Date Report or other accounting hereunder, the Dollar Equivalent

of any amount, including the outstanding principal amount of an Eligible Loan, the Loan

Advances, the Borrowing Base or other such calculation or amount involving an

ApprovedForeignCurrency,itshalluse(A)theDollarEquivalentidentifiedinor(B)the

Assigned Value provided in, as the case may be, the collateral database compiled and

delivered (or caused to be compiled and delivered) to the Collateral Manager for the

related collection or reporting period or other such amount as is identified in such

calculation or such report by the Collateral Manager.

(iv)In preparing the Payment Date Report and other information and

statements required hereunder, the Collateral Custodian shall provide the Collateral

Manager with such information and data maintained pursuant to the terms of this

Agreement to assist the Collateral Manager in preparing the Payment Date Report and to

the extent required hereunder.

(v)IneachPaymentDateReport,theCollateralManagershallfurtherinclude

a statement in the Borrowing Base Certificate delivered pursuant to <u>Section 5.1(t)</u> as to

the amount and type (whether Principal Collections, Interest Collections or other

Collections) of all Collections received since the Determination Date preceding the prior

PaymentDate,allPrincipalCollectionsandInterestCollectionsondepositasofthe

Determination Date preceding the date of such Payment Date Report.

(r)<u>Sanctions;</u><u>Anti-Money</u><u>Laundering</u><u>Laws;</u><u>and</u><u>Anti-Corruption</u><u>Laws</u>.

TheBorrowershallatalltimescomplywithSanctions,Anti-MoneyLaunderingLawsand

Anti-Corruption Laws applicable to the Borrower.

(s)<u>Financial Statements</u>.The Borrower shall furnish to the Administrative

Agent (which delivery of may be satisfied if the Borrower or the Collateral Manager notifies the

Administrative Agent that such information is publicly available on the SEC's EDGAR

website):

(i)promptly after filing with the SEC, but in any event within one hundred

fifty (150) days after the end of each fiscal year of the Fund, a copy of the audited

consolidated balance sheet of Fund, 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, and, in the case of financial

statements of Fund, 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;

(ii)promptly after filing with the SEC, but in any event not later than

seventy-five(75)daysaftertheendofeachofthefirstthree(3)quarterlyperiodsofeach

fiscal year of the Fund, the unaudited balance sheet of the Fund as at the end of such

quarter and the related unaudited statements of income and retained earnings and of cash

flows of the Fund for such quarter, prepared on a consolidated basis; and

(iii)all such financial statements shall be complete and correct in all material

respectsandshallbepreparedinreasonabledetailandinaccordancewithGAAP(but,in

the case of interim financial statements, subject to normal year-end audit adjustments)

applied consistently throughout the periods reflected therein and with prior periods

(except as approved by such accountants or officer, as the case may be, and disclosed

therein).

(t)<u>Certificates;</u><u>Other</u><u>Information</u>.TheBorrowershallfurnishtothe

Administrative Agent for distribution to each Lender:

(i)[reserved];

(ii)(x) on each Measurement Date (or, in any instance, such later date as

agreed to by the Administrative Agent in its sole discretion), a Borrowing Base

Certificate showing the Borrowing Base and the Availability as of such date (it being

understood that each Borrowing Base Certificate delivered on a Reporting Date shall

show the Borrowing Base and the Availability as of the last day of the most recently

ended calendar month);

(iii)within five (5) Business Days after the same are filed, copies of all

financial statements, filings and reports which the Borrower or the Transferor may make

to, or file with, the Securities and Exchange Commission or any successor or analogous

Governmental Authority;

(iv)within one hundred eighty (180) days (or such greater number of days as

may be agreed by the Administrative Agent in its sole discretion) after the end of each

fiscal year of the Transferor (commencing with the fiscal year ending December 31,

2023), a report covering such fiscal year of a firm of independent certified public

accountants of nationally recognized standing (or any other party identified by the

Administrative Agent) to the effect that such accountants (or such other party) have

applied certain agreed-upon procedures (the "<u>Agreed-Upon Procedures Report</u>") (a copy

of which procedures are attached hereto as <u>Schedule IV</u>, it being understood that the

Transferor and the Administrative Agent may provide an updated <u>Schedule IV</u> reflecting

any further amendments to such <u>Schedule IV</u> agreed to between the Transferor and the

Administrative Agent from time to time)a copy of which shall replace the then existing

<u>Schedule IV</u>) to certain documents and records relating to the Collateral and the Loan

Parties, compared the information contained in three random Borrowing Base

Certificates (provided that the Administrative Agent, in its sole discretion, may elect that

such analysis include (x) a smaller number ofBorrowing Base Certificates and (y) only a

subsetofLoansincludedineachBorrowingBaseCertificate)andPaymentDateReports,

in each case, delivered during the period covered by such Agreed-Upon Procedures

Report with such documents and records necessary to deem that no matters came to the

attention of such accountants (or such other party) that caused them to believe that (A)

the information and the calculations included in such Borrowing Base Certificates and

Payment Date Reports were not determined or performed in accordance with the

provisions of this Agreement, except for such exceptions as such accountants (or such

other party) shall believe to be immaterial and such other exceptions as shall be set forth

in such statement, or (B) a Collateral Manager Termination Event occurred during the

applicable reporting period; <u>provided that</u>, if the Administrative Agent has provided

written notice to the Borrower that the Administrative Agent has, in its reasonable

discretion, elected to directly engage a firm of independent certified public accountants

of nationally recognized standing (or any other party identified by the Administrative

Agent) to provide an Agreed-Upon Procedures Report for an applicable fiscal year, the

Borrower shall not be obligated to separately furnish an Agreed-Upon Procedures Report

for such fiscal year;

(v)concurrently with the delivery of the financial statements referred to in

<u>Sections 5.1(s)(i)</u> and <u>5.1(s)(ii)</u>, a fully and properly completed compliance certificate in

theformof<u>Exhibit</u><u>F</u>,certifiedonbehalfoftheBorrowerbyaResponsibleOfficerofthe

Borrower;

(vi)on each Payment Date, a calculation of Available Capital certified by the

Collateral Manager on behalf of the Fund and a calculation of the Borrower's Total

Interest Coverage Ratio, certified as complete and correct by a Responsible Officer; and

(vii)promptly, such additional financial and other information as any Lender

mayfromtimetotimereasonablyrequestandisavailabletotheBorrowerwithoutundue

burden or expense.

(u)<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 may be

required under applicable law**<u>Applicable Law</u>**, or 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, perfect or more fully evidence 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

(includinglegalopinionsandliensearches)asitshallreasonablyrequesttoevidencecompliance

with this <u>Section 5.1(u)</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.

(v)<u>Non-Consolidation</u>.The Borrower shall at all times act in a manner such

that each of the assumptions made by Winston & Strawn LLP in its opinion delivered pursuant

to <u>Section 3.1(f)</u> is true and accurate in all material respects.The Borrower shall at all times

observe and be in compliance in all material respects with all covenants and requirements in the

Governing Documents of the Borrower.

(w)<u>Know Your Customer Laws</u>.The Borrower will furnish to the

Administrative Agent promptly, fromtime to time,informationanddocumentationrequestedby

the Administrative Agent or any Lender for the purpose of compliance with "know your

customer" laws, including the Beneficial Ownership Regulation.

(x)<u>Other</u>.The Borrower will furnish to the Administrative Agent promptly,

from time to time, such other information, documents, records or reports reasonably available to

itrespectingtheCollateralortheconditionoroperations,financialorotherwise,oftheCollateral

Manager or the Borrower as the Administrative Agent or any Lender may from time to time

reasonably request in order to protect the interests of the Administrative Agent or the other

Secured Parties under or as contemplated by this Agreement.

Section5.2<u>Negative</u><u>Covenants</u><u>of</u><u>the</u><u>Borrower</u>.

During the Covenant Compliance Period:

(a)<u>Other Business</u>.The Borrower will not (i) engage in any business other

than(A)enteringintoandperformingitsobligationsundertheTransactionDocumentsandother

activities contemplated by the Transaction Documents, (B) the acquisition, ownership and

management of the Collateral and (C) the sale of Loans as permitted hereunder, (ii) incur any

Indebtedness,obligation,liabilityorcontingentobligationofanykindotherthanpursuanttothis

Agreement, or (iii) form any Subsidiary or make any Investment in any other Person except as

permitted hereunder.

(b)<u>Collateral Not to be Evidenced by Instruments</u>.The Borrower will take

no action to cause any Loan that is not, as of the Effective Date or the related Funding Date, as

the case may be, evidenced by an Instrument, to be so evidenced except in connection with the

enforcementorcollectionofsuchLoanorunlesssuchInstrumentisimmediatelydeliveredtothe

CollateralCustodian, together with an Indorsement inblank, as collateral security for such Loan.

(c)<u>Security Interests</u>.Except as otherwise permitted herein and in respect of

any Discretionary Sale, Substitution or sale of a Warranty Loan or a Zero Value Asset, 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 the security interest granted to the Administrative

Agent,onbehalfoftheSecuredParties,pursuanttothisAgreementorPermittedLiensdescribed

in <u>clause (a)</u>, (<u>d)</u>, <u>(e)</u>, <u>(f)</u> or <u>(g)</u>of the definition of "Permitted Liens") on any Collateral, whether

now existing or hereafter transferred hereunder, or any interest therein.The Borrower will

promptly notify the Administrative Agent of the existence of any Lien (other than the security

interest granted to the Administrative Agent, on behalf of the Secured Parties, pursuant to this

Agreement or Permitted Liens described in <u>clause (a)</u>, (<u>d)</u>, <u>(e)</u>, <u>(f)</u> or <u>(g)</u> of the definition of

"PermittedLiens")onanyCollateralandtheBorrowershalldefendtheright,titleandinterestof

the Administrative Agent, as agent for the Secured Parties in, to and under the Collateral against

allclaimsofthirdparties(otherthanPermittedLiensdescribedin<u>clause</u><u>(a)</u>,(<u>d)</u>,<u>(e)</u>,<u>(f)</u>or<u>(g)</u>of

the definition of "Permitted Liens").

(d)<u>Mergers,</u><u>Acquisitions,</u><u>Sales,</u><u>etc.</u>TheBorrowerwillnotbeapartytoany

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, 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 pursuant to this Agreement or the Sale Agreement).

(e)<u>Restricted Payments</u>.The Borrower shall not make any Restricted

Payments other than distributions of (i) amounts paid to it in accordance with <u>Section 2.7</u> on a

Payment Date as set forth in the related Payment Date Report, (ii) Loans to the extent permitted

by <u>Section 2.14</u> or (iii) the proceeds of Loan Advances; <u>provided</u> that, Restricted Payments may

bemadeonlyifimmediatelybeforeandaftergivingeffecttosuchdistribution,(x)theAdvances

Outstanding shall not exceed Availability and (y) no Default or Event of Default shall exist (or,

in the case of clause (ii) above, no Event of Default shall exist and no Default shall exist after

giving effect thereto).

(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 Custodian

moving any Certificated Securities or Instruments from the Custody Facilities on the Effective

Date,unlesstheBorrowerhasgivenatleastthirty(30)days'writtennoticetotheAdministrative

Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to

ensure that the Secured Parties' first priority perfected security interest continues in effect.

(g)<u>ERISA Matters</u>.The Borrower will not (i) engage or permit any ERISA

Affiliate to engage in any transaction that is a prohibited transaction within the meaning of

Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available or

has not previously been obtained from the United States Department of Labor, (ii) knowingly

permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and

Section 412(a) of the Code, or funding deficiencywithrespecttoanyPensionPlanofanERISA

Affiliate,ifany,otherthanaMultiemployerPlan,(iii)failtomakeorknowinglypermitany

ERISAAffiliatetofailtomake,anypaymentstoaMultiemployerPlanthattheBorrowerorany

ERISA Affiliate may be required to make under the agreement relating to such Multiemployer

Planoranylawpertainingthereto,(iv)terminateanyPensionPlanofanERISAAffiliate,ifany,

which could reasonably be expected to have a Material Adverse Effect, (v) knowingly permit to

exist any occurrence of any Reportable Event with respect to a Pension Plan of an ERISA

Affiliate, if any, or (vi) take any actions that would cause the underlying assets of the Borrower

to constitute "plan assets" within the meaning of the Plan Asset Rules.

(h)<u>Operating Agreement</u>.The Borrower will not amend, modify, waive or

terminate any provision of its operating agreement in any matter that is materially adverse to the

Lenders or otherwise prohibited under this Agreement without the prior written consent of the

Administrative Agent.

(i)<u>Changes in Payment Instructions to Obligors</u>.The Borrower will not

make any change, or permit the Collateral Manager to make any change, in its instructions to

any relevant administrative agent or Obligor, asapplicable, regarding payments to be made with

respect to the Collateral to the Collection Account, unless the Administrative Agent has

consented to such change.

(j)<u>Extension or Amendment of Collateral</u>.The Borrower will not, except as

otherwisepermittedin<u>Section</u><u>6.4(a)</u>,extend,amendorotherwisemodifythetermsofanyLoan.

(k)<u>Fiscal Year</u>.The Borrower shall not change its fiscal year or method of

accounting without providing the Administrative Agent with prior written notice (i) providing a

detailed explanation of such changes and (ii) including pro forma financial statements

demonstrating the impact of such change.

(l)<u>[Reserved]</u>.

(m)<u>Ownership</u>.The Borrower shall not have any direct owners other than the

Transferor.

(n)<u>[Reserved]</u>.

(o)<u>Sanctions;</u><u>Anti-Money</u><u>Laundering</u><u>Laws;</u><u>and</u><u>Anti-Corruption</u><u>Laws</u>.

TheBorrowershallnot,directlyorindirectly,useanyproceedshereunder,orlend,contribute,or

otherwisemake available such proceeds to anySubsidiary, joint venture partner, or other Person,

(i) to fund any activities or any business of or with a Sanctioned Person; or (ii) in any manner

that would be prohibited by, or would otherwise cause any party hereto to be in breach of,

Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws.

Section5.3<u>Affirmative</u><u>Covenants</u><u>of</u><u>the</u><u>Collateral</u><u>Manager</u>.

During the Covenant Compliance Period:

(a)<u>Compliance with Law</u>.The Collateral Manager will comply in all

respectswithallApplicableLaw,includingthosewithrespecttotheCollateraloranypart

thereof,exceptwherethefailuretosocomplywouldnotreasonablybeexpectedtohavea

Material Adverse Effect.

(b)<u>Preservation of Company Existence</u>.The Collateral Manager will (i)

preserve and maintain its limited liability companyexistence,rights,franchisesandprivilegesin

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.

(c)<u>Performance and Compliance with Collateral</u>.The Collateral Manager

will 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, other than the funding,

reimbursement or payment obligations of the Borrowerunderorinconnectionwitheachitemof

Collateral, and will do nothing to impair the rights of the Administrative Agent, as agent for the

Secured Parties, or of the Secured Parties in, to and under the Collateral.

(d)<u>Keeping</u><u>of Records and Books of Account; Inspection</u> <u>Rights</u>.

(i)The Collateral Manager will maintain and implement administrative and

operatingprocedures(includinganabilitytorecreaterecordsevidencingCollateralinthe

event of the destruction of the originals thereof), and keep and maintain all documents,

books,recordsandotherinformationreasonablynecessaryoradvisableforthecollection

of all Collateral and the identification of the Collateral.

(ii)The Collateral Manager shall comply with and shall cause the Borrower

and any other Loan Party to comply with the terms and provisions of <u>Section 5.1(d)</u>

hereof.

(iii)TheCollateralManagerwillonorpriortothedatehereof,markitsmaster

data processing records and other books and records relating to the Collateral with a

legend, acceptable to the Administrative Agent, describing the transfer of the Collateral

from the Borrower to the Administrative Agent as agent for the Secured Parties

hereunder.

(e)<u>[Reserved]</u>.

(f)<u>Events of Default</u>.Promptly following the Collateral Manager's

knowledge or notice of the occurrence of any Event of Default or Default, the Collateral

Manager will provide the Administrative Agent and the Collateral Custodian with written notice

of the occurrence of such Event of Default or Default of which the Collateral Manager has

knowledge or has received notice.In addition, such notice will include a written statement of a

Responsible Officer of the Collateral Manager setting forth the details of such event and the

action that the Collateral Manager proposes to take with respect thereto.The Administrative

Agent will provide each Lender with a copy of any such notice promptly upon receipt thereof.

(g)[<u>Reserved</u>].

(h)<u>Other</u>.The Collateral Manager will promptly furnish to the

AdministrativeAgentsuchotherinformation,documents,recordsorreportsreasonablyavailable

to it respecting the Collateral or the condition or operations, financial or otherwise, of the

CollateralManagerastheAdministrativeAgentoranyLendermayfromtimetotimereasonably

request in order to protect the interests of the Administrative Agent or Secured Parties under or

as contemplated by this Agreement.

(i)<u>Proceedings</u>.The Collateral Manager will furnish to the Administrative

Agent, promptly and in any event within three (3) Business Days after the Collateral Manager

receives notice or obtains knowledge thereof or at the request of the Administrative Agent,

noticeofanysettlementof,materialjudgment(includingamaterialjudgmentwithrespecttothe

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 Secured Parties' interest in the

Collateral, or any Loan Party; <u>provided</u> that notwithstanding the foregoing, any settlement,

judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the

Transaction Documents, the Secured Parties' interest in the Collateral or the Borrower, in each

case, in excess of $250,000, or the Collateral Manager in excess of $5,000,000, shall be deemed

to be material solely for purposes of this <u>Section 5.3(i)</u>.

(j)<u>Required Notices</u>.The Collateral Manager will furnish to the

Administrative Agent and the Collateral Custodian, promptly upon obtaining knowledge thereof

(andinanyevent,unlessotherwiseagreedbytheAdministrativeAgent,withintwo(2)Business

Days), notice of (i) the occurrence of any default by an Obligor on any Loan that could

reasonably be expected to (x) have a material impact on the value or collectability of such Loan

or (y) result in a Value Adjustment Event, (ii) any Value Adjustment Event, (iii) any event or

circumstance whereby any Loan which was included in the latest calculation of the 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", and (iv) any Loan described in the foregoing

<u>subclause (iii)</u> again satisfies all of the criteria listed in the definition of "Eligible Loan" and **<u>the</u>**

Borrower intends to re-include such Eligible Loan in the calculation of the Borrowing Base.

(k)<u>Loan Register</u>.The Collateral Manager will maintain, or cause to be

maintained, with respect to each Noteless Loan a register (which may be in physical or

electronic form and readily identifiable as the loan asset register) (each, a "<u>Loan Register</u>") in

whichitwillrecord,orcausetoberecorded,(v)theprincipalamountofsuchNotelessLoan,(w)

the amount of any principal or interest due and payable from the Obligor thereunder, (x) the

amount of any sum in respect of such Noteless Loan received from the related Obligor, (y) the

date of origination of such Noteless Loan and (z) the maturity date of such Noteless Loan.At

anytimeaNotelessLoanisincludedintheCollateral,theCollateralManagershalldelivertothe

Administrative Agent and the Collateral Custodian a copy of the related Loan Register, together

withacertificateofaResponsibleOfficeroftheCollateralManagercertifyingtotheaccuracyof

such Loan Register as of the date of acquisition of such Noteless Loan by the Borrower.For the

avoidance of doubt, the Loan Register and the information required to be provided therein may

be included in the Borrowing Base Certificate and the delivery of a Borrowing Base Certificate

containingtheLoanRegistershallsatisfytheforegoingdeliveryrequirementswithrespecttothe

Loan Register.

Section5.4<u>Negative</u><u>Covenants</u><u>of</u><u>the</u><u>Collateral</u><u>Manager</u>.

During the Covenant Compliance Period:

(a)<u>Mergers,</u><u>Acquisition,</u><u>Sales,</u><u>etc.</u>Exceptinthecaseofamergerwherethe

Collateral Manager is the surviving entity, the Collateral Manager 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:

(i)the Collateral Manager has delivered to the Borrower and the

Administrative Agent an Officer's Certificate and an Opinion of Counsel each stating

that any consolidation, merger, conveyance or transfer and such supplemental agreement

comply with this Section and that all conditions precedent herein <u>provided</u> for relating to

suchtransactionhavebeencompliedwithand,inthecaseoftheOpinionofCounsel,that

such supplemental agreement is legal, valid and binding with respect to the Collateral

Manager and such other matters as the Borrower or the Administrative Agent may

reasonably request;

(ii)the Collateral Manager shall have delivered notice of such consolidation,

merger, conveyance or transfer to the Borrower and the Administrative Agent; and

(iii)aftergivingeffectthereto,noDefaultorEventofDefaultshallhave

occurred.

(b)<u>Change of Location of Underlying Instruments</u>.Subject to <u>Section 7.9</u>,

the Collateral Manager shall not, without the prior consent of the Administrative Agent, consent

to the Collateral Custodian moving any Certificated Securities or Instruments from the Custody

Facilities, as applicable, on the Effective Date, unless the Collateral Manager has given at least

thirty (30) 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 Administrative Agent as

agent for the Secured Parties in the Collateral.

(c)<u>Change</u><u>in</u><u>Payment</u><u>Instructions</u><u>to</u><u>Obligors</u>.TheCollateralManagerwill

not make any change in its instructions to Obligors or any relevant administrative agent, as

applicable, regarding payments to be made with respect to the Collateral in accordance with

<u>Section 2.9</u> hereof, unless the Administrative Agent has consented to such change.

(d)<u>Extension or Amendment of Collateral</u>.Except as otherwise permitted

under <u>Section 6.4(a)</u>, the Collateral Manager will not extend, amend or otherwise modify the

terms of any Loan on behalf of the Borrower.

Section 5.5<u>Affirmative</u><u>Covenants</u><u>of</u><u>the</u><u>Collateral</u><u>Custodian</u>.

During the Covenant Compliance Period:

(a)<u>Compliance with Law</u>.The Collateral Custodian will comply in all

material respects with all Applicable Law.

(b)<u>Preservation of Existence</u>.The Collateral Custodian 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.

(c)<u>Location of Underlying Instruments</u>.Subject to <u>Section 7.9</u>, the

Underlying Instruments shall remain at all times in the possession of the Collateral Custodian at

the Custody Facilities 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 Collateral Manager on a temporary basis in accordance with the terms hereof,

except as such Underlying Instruments may be released pursuant to this Agreement.

(d)<u>Qualified Custodian</u>.The Collateral Custodian acknowledges that it (i) is

qualified to act as a custodian pursuant to Section 17(f) of the 1940 Act and (ii) has been

appointed to act as a custodian of all assetsof the Borrower under this Agreement; <u>provided</u>that

the Collateral Custodian shall not have, nor shall be implied to have, any duties, obligations or

responsibilities other than those expressly set forth in the Transaction Documents, including,

without limitation, any duty to monitor or act to ensure the compliance of the Borrower, the

Collateral Manager or any other party with their respective requirements under the 1940 Act.

Section5.6<u>Negative</u><u>Covenants</u><u>of</u><u>the</u><u>Collateral</u><u>Custodian</u>.

During the Covenant Compliance Period:

(a)<u>Underlying</u><u>Instruments</u>.TheCollateralCustodianwillnotdisposeofany

documents constituting the Underlying Instruments in any manner that is inconsistent with the

performance of its obligations as the Collateral Custodian pursuant to this Agreement and will

not dispose of any Collateral except as contemplated by this Agreement.

(b)<u>No Changes to Collateral Custodian Fee</u>.The Collateral Custodian will

not make any changes to the Collateral Custodian Fee set forth in the Collateral Custodian Fee

Letter without the prior written approval of the Administrative Agent and the Borrower.

**ARTICLE VI** 

**COLLATERALADMINISTRATION**

Section 6.1<u>Designation of the Collateral</u> <u>Manager</u>.

Subject to <u>Section 6.11</u>, the servicing, administering and collection of the

Collateral shall be conducted by the Collateral Manager.The Collateral Manager may, with the

prior written consent of the Administrative Agent, subcontract with any other Person for

servicing, administering or collecting the Collateral; <u>provided</u> that (i) the Collateral Manager

shall select any such Person with reasonable care and shall be solely responsible for the fees and

expenses payable to such Person, (ii) the Collateral Manager shall not be relieved of, and shall

remain liable for, the performance of the duties and obligations of the Collateral Manager

pursuanttothetermshereofwithoutregardtoanysubcontractingarrangementand(iii)anysuch

subcontract shall be subject to the provisions hereof.

Section 6.2<u>Duties of the Collateral</u> <u>Manager</u>.

(a)<u>Appointment</u>.The Borrower hereby appoints the Collateral Manager as

itsagenttoservicetheCollateralandenforceitsrightsandremediesin,toandundersuch

Collateral.The Collateral Manager hereby accepts such appointment and agrees to perform the

duties and obligations with respect thereto as set forth herein.The Collateral Manager and the

Borrower hereby acknowledge that the Administrative Agent and the other Secured Parties are

thirdpartybeneficiariesoftheobligationsundertakenbytheCollateralManagerhereunder.

Notwithstanding anything to the contrary herein, the Collateral Manager does not and shall not

bedeemedtohaveanypowersorcontrolwhichmay,ormaybedeemedto,beconsidered

"custody" under the 1940 Act or Rule 206(4)-2 of the Advisers Act.

(b)<u>Duties</u>.The Collateral Manager shall take or cause to be taken all such

actions as may be necessary or advisable to collect on the Collateral from time to time, all in

accordance with Applicable Law and the Collateral Manager Standard.Without limiting the

foregoing, the duties of the Collateral Manager shall include the following:

(i)preparingandsubmittingclaimsto,andactingaspost-billingliaisonwith,

Obligors on each Loan (for which no administrative or similar agent exists);

(ii)maintainingallnecessaryrecordsandreportswithrespecttotheCollateral

andprovidingsuchreportstotheAdministrativeAgentinrespectofthemanagementand

administration of the Collateral (including information relating to its performance under

this Agreement) as may be required hereunder or as the Administrative Agent may

reasonably request;

(iii)maintaining and implementing administrative and operating procedures

(including an ability to recreate management and administration records evidencing the

Collateralintheeventofthedestructionoftheoriginalsthereof)andkeepingand

maintainingalldocuments,books,recordsandotherinformationreasonablynecessaryor

advisable for the collection of the Collateral;

(iv)promptly delivering to the Administrative Agent and the Collateral

Custodian, from time to time, such information and management and administration

records (including information relating to its performance under this Agreement) as the

Administrative Agent or the Collateral Custodian may from time to time reasonably

request;

(v)identifying each Loan clearly and unambiguously in its records to reflect

that such Loan is owned by the Borrower and that the Borrower is granting a security

interest therein to the Administrative Agent for the benefit of the Secured Parties

pursuant to this Agreement;

(vi)notifying the Administrative Agent of any material action, suit,

proceeding, payment dispute, offset, deduction, defense or counterclaim of which it has

knowledge or has received notice (1) that is or is threatened to be asserted by an Obligor

with respect to any Loan (or portion thereof); or (2) that could reasonably be expected to

have a Material Adverse Effect;

(vii)[reserved];

(viii)assisting the Borrower in maintaining the first priority, perfected security

interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral

subject to Permitted Liens;

(ix)so long as AGTB Fund Manager, LLC or one of its Affiliates is the

Collateral Manager and to the extent that such Loan Files are not held by the Collateral

Custodian, whether at the Custody Facilities or otherwise, maintaining the Loan File(s)

with respect to Loans included as part of the Collateral; <u>provided</u> that upon the

occurrence and during the continuance of an Event of Default or a Collateral Manager

Termination Event, the Administrative Agent may request the Loan File(s) to be sent to

the Administrative Agent or its designee;

(x)so long as AGTB Fund Manager, LLC or one of its Affiliates is the

Collateral Manager, to the extent that such Loan Files are not held by the Collateral

Custodian, whether at the Custody Facilities or otherwise, with respect to each Loan

included as part of the Collateral, making the Loan File available for inspection by the

Administrative Agent, upon reasonable advance notice, at the offices of the Collateral

Manager during normal business hours; and

(xi)directing the Collateral Custodian to make payments pursuant to the

instructions set forth in the latest Payment Date Report in accordance with <u>Section 2.7</u>

and <u>Section 2.8</u> and preparing such other reports as required pursuant to <u>Section 5.1(q)</u>

and <u>Section 6.8</u>.

It is acknowledged and agreed that the Collateral Manager shall perform its

administrative and management duties hereunder only to the extent that, as a lender under the

related loan syndication Underlying Instruments, it has the right to do so.

(c)In performing its duties, the Collateral Manager shall perform its

obligations consistent with the Collateral Manager Standard.

(d)Notwithstandinganythingtothecontrarycontainedherein,theexerciseby

the Administrative Agent or the Secured Parties of their rights hereunder (including, but not

limited to, the delivery of a Collateral Manager Termination Notice), shall not release the

Collateral Manager, the Transferor or the Borrower from any of their duties or responsibilities

with respect to the Collateral except to the extent provided in <u>Section 6.11</u> hereof.The Secured

Parties, the Administrative Agent and the Collateral Custodian shall not have any obligation or

liability with respect to any Collateral, other than to use reasonable care in the custody and

preservation of collateral in such party's possession, nor shall any of them be obligated to

perform any of the obligations of the Collateral Manager hereunder.

(e)Any payment by an Obligor in respect of any Indebtedness owed by it to

the Borrower shall, except as otherwise specified by such Obligor or otherwise required by

contract (including by the Underlying Instrument) or law and unless otherwise instructed by the

Administrative Agent, be applied as a collection of a payment by such Obligor(startingwiththe

oldest such outstanding payment due) to the extent of any amounts then due and payable

thereunder before being applied to any other receivable or other obligation of such Obligor.

(f)It is hereby acknowledged and agreed that, in addition to acting in its

capacity as Collateral Manager pursuant to the terms of this Agreement, AGTB Fund Manager,

LLC will engage in other business and render other services outside the scope of its capacity as

CollateralManager.Itisherebyfurtheracknowledgedandagreedthatsuchotheractivitiesshall

in no way whatsoever alter, amend or modify any of the Collateral Manager's rights, duties or

obligations under the Transaction Documents (including its duty to comply with the Collateral

Manager Standard).

Section 6.3<u>Authorization of the Collateral</u> <u>Manager</u>.

(a)Each of the Borrower, the Administrative Agent, and each Lender hereby

authorizes the Collateral Manager to take any and all reasonable steps in its name and on its

behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent

with the security interest granted by the Borrower to the Administrative Agent, on behalf of the

Secured Parties, hereunder, to collect all amounts due under any and all Collateral, including

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.The

Borrower and the Administrative Agent, on behalf of the Secured Parties shall furnish the

CollateralManagerwithanypowersofattorneyandotherdocumentsnecessaryorappropriateto

enable the Collateral Manager to carry out its management and administrative duties hereunder,

and shall cooperate with the Collateral Manager to the fullest extent in order to ensure the

collectability of the Collateral.In no event shall the Collateral Manager be entitled to make any

Secured Party or the Collateral Custodian 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 Administrative Agent's consent.

(b)After the declaration of the Termination Date, at the direction of the

Administrative Agent, the Collateral Manager shall take such action as the Administrative Agent

may deem necessary or advisable to enforce collection of the Collateral; <u>provided</u> that the

AdministrativeAgentmay,inaccordancewith<u>Section</u><u>5.1(m)</u>,notifyanyrelevantadministrative

agent or Obligor, as applicable, with respect to any Collateral of the assignment of such

Collateral to the Administrative Agent, on behalf of the Secured Parties, and direct that

payments of all amounts due or to become due be made directly to the Administrative Agent or

any collection agent, sub-agent or account designated by the Administrative Agent and, upon

such notification and at the expense of the Borrower, the Administrative Agent may enforce

collection of any such Collateral, and adjust, settle or compromise the amount or payment

thereof.

Section 6.4<u>Collection</u><u>of</u><u>Payments;</u> <u>Accounts</u>.

(a)<u>Collection Efforts, Modification of Collateral</u>.The Collateral Manager

will use its commercially reasonable efforts to cause to be collected, all payments due and

payable under the terms and provisions of the Loans included in the Collateral as and when the

same become due in accordance with the Collateral Manager Standard.Neither the Borrower

nor the Collateral Manager may waive, modify or otherwise vary any provision of an item of

Collateral (including, but not limited to, any Loan) in any manner contrary to the Collateral

Manager Standard without the approval of the Administrative Agent in its sole discretion,

<u>provided</u>, that if the approval of the Administrative Agent is so required and the Administrative

Agent does not provide its approval for any such waiver or modification, Borrower shall have

the option, subject to <u>Section 2.14(e)</u> and <u>(f)</u> hereof, to sell such item of Collateral immediately

prior to the effectiveness of such modification for an amount equal to the amount calculated in

<u>clause (i)</u> of the definition of "Borrowing Base" with respect to such Collateral and <u>provided</u>,

<u>further</u>,thatif**<u>the</u>**BorrowerdoesnotelecttosellsuchitemofCollateralpursuanttothis<u>Section</u>

<u>6.4(a)</u>, the Assigned Value with respect to such Collateral shall be zero.

(b)<u>Taxes and other Amounts</u>.The Collateral Manager will use efforts

consistent with the Collateral Manager Standard to cause to be collected 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 and remit such amounts in accordance with <u>Section 2.7</u> and <u>Section 2.8</u> to the

appropriate Governmental Authority or insurer as required by the Underlying Instruments.

(c)<u>Payments to Collection Account</u>.On or before the applicable Funding

Date, the Collateral Manager shall have instructed all Obligors and/or any relevant

administrative agents to make all payments owing to the Borrower in respect of the Collateral in

accordance with <u>Section 2.9</u> hereof.

(d)<u>Accounts</u>.Each of the parties hereto hereby agrees that the Collateral

AccountshallbedeemedtobeaSecuritiesAccount,togetherwithanyadditionalsubaccountsas

the Collateral Custodian may determine from time to time are necessary for administrative

convenience.Each of the parties hereto hereby agrees to cause the Collateral Custodian to agree

with the parties hereto that with respect to the Collateral Account, (A) the cash and other

property (subject to <u>Section 6.4(e)</u> below with respect to any property other than investment

property,asdefinedinSection9-102(a)(49)oftheUCC)istobetreatedasaFinancialAssetand

(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 9-304(b)

of the UCC) shall, in each case,be the State of New York.In no event may any Financial Asset

held in the Collateral 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 Custodian.In addition, for an Approved Foreign Currency, the Collateral Custodian

shall establish segregated accounts that each constitute a Principal Collection Account and

Interest Collection Account for an Approved Foreign Currency.Any amounts received by the

Collateral Custodian that are denominated in anApproved Foreign Currency that are required to

be deposited into the Principal Collection Account or the Interest Collection Account shall be

deposited by the Collateral Custodian into the applicable Principal Collection Account or

Interest Collection Account, as applicable, for an Approved Foreign Currency.

(e)<u>Underlying Instruments</u>.Notwithstanding any termhereof (or any termof

the UCC that might otherwise be construed to be applicable to a "securities intermediary" as

defined in the UCC) to the contrary, the Collateral Custodian shall not be under any duty or

obligation in connection with the acquisition by the Borrower, or the grant by the Borrower to

the Administrative 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

compelcompliancewithanyapplicablerequirementsoforrestrictionsontransfer(includingany

necessary consents).The Collateral Custodian shall hold any Instrument delivered to it

evidencinganyLoantransferredtotheAdministrativeAgenthereunderascustodialagentforthe

Administrative Agent in accordance with the terms of this Agreement.Notwithstanding any

termhereof or elsewhere to the contrary, it is hereby expressly acknowledged that (a) interests in

Loans may be acquired and delivered by the Borrower to the Collateral Custodian hereunder

from time to time which are not evidenced by, or accompanied by delivery of, a "security" (as

that term is defined in UCC Section 8-102) or an"instrument" (as that term is defined in Section

9-102(a)(4a**<u>47</u>**) of the UCC), and may be evidenced solely by delivery to the Collateral

Custodian of a facsimile or PDF copy of a duly executed transfer document described in <u>clause</u>

<u>(a)(ii)</u> of the definition of "Required Loan Documents" (such document, a "<u>Loan Assignment</u>

<u>Agreement</u>") in favor of the Borrower as assignee, (b) any such Loan Assignment Agreement

(and the registration of the related Loans on the books and records of the applicable obligor or

bank agent) shall be registered in the name of the Borrower, and (c) any duty on the part of the

Collateral Custodian with respect to such Loan (including in respect of any duty it might

otherwisehavetomaintainasufficientquantityofsuchLoanforpurposesofUCCSection

8-504) shall be limited to the exercise of reasonable care by the Collateral Custodian in the

physical custody of any such Loan Assignment Agreement and any other related Required Loan

Documents that may be delivered to it.

(f)<u>Adjustments</u>.If (i) the Collateral Manager makes a deposit into the

Collection Account on behalf of the Borrower in respect of a Collection of a Loan**<u>Collections</u>**

and such Collection was**<u>Collections were</u>**received by the Collateral Manager in the form of a

check that is not honored for any reason or (ii) the Collateral Manager makes a mistake with

respect to the amount of any Collection**<u>Collections</u>**and deposits an amount that is less than or

more than the actual amount of such Collection**<u>Collections</u>**, the Collateral Manager shall

appropriately adjust the amount subsequently deposited into the Collection Account to reflect

such dishonored check or mistake.Any Scheduled Payment in respect of which a dishonored

check is received shall be deemed not to have been paid.

Section 6.5<u>Realization</u><u>Upon Defaulted or Delinquent</u> <u>Loans</u>.

TheCollateralManagerwillusereasonableeffortsconsistentwiththeUnderlying

Instruments to exercise available remedies relating to a Loan that is delinquent in the payment of

anyamountsduethereunderorwithrespecttowhichtherelatedObligordefaultsinthe

performance of any of its obligations thereunder in order to maximize recoveries thereunder.

The Collateral Manager will comply with the Collateral Manager Standard and Applicable Law

inexercisingsuchremedies,includingbutnotlimitedtoaccelerationandforeclosure,and

employpracticesandproceduresincludingreasonableeffortstoenforceallobligationsof

Obligors by foreclosing upon and causing the sale of such Underlying Assets at public or private

sale.Notwithstandinganyoftheforegoing,theCollateralManagershallnotbeobligatedto

breach any of its duties or responsibilities under any Underlying Instruments to comply with this

<u>Section 6.5</u>.

Section 6.6<u>Collateral Manager</u> <u>Compensation.</u>

As compensation for its administrative and management activities hereunder and

reimbursement for its expenses, the Collateral Manager or its designee shall be entitled to

receive the Senior Collateral Manager Fee, the Subordinated Collateral Manager Fee and

reimbursement of its expenses pursuant to the provisions of Section 2.7 and <u>Section 2.8</u>, as

applicable.

Section 6.7<u>Payment</u><u>of Certain Expenses</u><u>by the Collateral</u> <u>Manager</u>.

The initial Collateral Manager 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 Collateral Manager, expenses incurred by the

Collateral Manager in connection with payments and reports pursuant to this Agreement, and all

otherfeesandexpensesnotexpresslystatedunderthisAgreementfortheaccountofthe

Borrower, except to the extent reimbursement thereof is permitted under <u>Sections 2.7</u> and <u>2.8</u>.

TheBorrowerwillberequiredtopayallreasonablefeesandexpensesowingtoanybankortrust

company in connection with the maintenance of the Accounts.

Section 6.8<u>Reports</u>.

(a)<u>Borrower's Notice</u>.With respect to each Funding Date, the Borrower (or

theCollateralManageronitsbehalf)willprovidetheFundingNoticeandaBorrowingBase

Certificate, each updated as of such date, to the Administrative Agent (with a copy to the

Collateral Custodian).On the date of each Reinvestment of Principal Collections pursuant to

Section 2.14(a)(i) or acquisition by the Borrower of Loans in connection with a Substitution

pursuant to Section 2.14(b), the Borrower (or the Collateral Manager on its behalf) shall instruct

the Collateral Custodian to disburse funds from the Principal Collection Account in connection

with such Transaction, and on the Measurement Date related to such Transaction, will provide

the Reinvestment Notice and a Borrowing Base Certificate, each updated as of such

Measurement Date, to the Administrative Agent (with a copy to the Collateral Custodian).

(b)<u>Tax Returns</u>.Upon demand by the Administrative Agent, the initial

Collateral Manager shall deliver copies of all foreign, federal, state and local income tax returns

and reports filed by the Borrower, or in which the Borrower was included.

(c)<u>Obligor Financial Statements; Other Reports</u>.Reasonably promptly after

receipt thereof, the Collateral Manager will deliver, or cause the Borrower to deliver, to the

Administrative Agent (with a copy to the Collateral Custodian), to the extent received by the

Borrower or the Collateral Manager 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 Borrower or the Collateral

Manager for the quarterly and annual periods required by the Underlying Instruments.Upon

demand by the Administrative Agent or any Lender, the Collateral Manager will provide any

financial or other information reasonably available to it as the Administrative Agent or such

Lender may reasonably request with respect to any Obligor.

(d)<u>Amendments</u><u>to</u><u>Loans</u>.TheCollateralManagerwillfurnishviaelectronic

communication pursuant to procedures approved by the Administrative Agent, to the

Administrative Agent, a copy of (x) any material Loan Modification, including, without

limitation, any Material Modification, and (y) any other Loan Modification to which the

Borrower and/or the Collateral Manager is a signatory (along with any applicable amendment

memo prepared by the Collateral Manager in connection with such Loan Modification which

summarizes the modifications made to the applicable Underlying Instrument) not later than the

applicable Loan Modification Delivery Date (or such later date as agreed to by the

Administrative Agent in its sole discretion).

Section 6.9<u>Annual</u><u>Statement as</u><u>to</u> <u>Compliance</u>.

The Collateral Manager will provide to the Administrative Agent (with a copy to

theCollateralCustodian),withinonehundredtwenty(120)daysfollowingtheendofeachfiscal

year of the Collateral Manager, commencing with the fiscal year ending on December 31, 2023,

a fiscal report and certificate signed by a Responsible Officer of the Collateral Manager

substantially in the form of <u>Exhibit L</u> hereto certifying that (a) a review of the activities of the

Collateral Manager, and the Collateral Manager'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 Collateral Manager has performed or has caused to be performed in all

materialrespectsallofitsobligationsunderthisAgreementthroughoutsuchyearandno

Collateral Manager Termination Event has occurred and is continuing or, if any such Collateral

Manager Termination Event has occurred and is continuing, a statement describing the nature

thereof and the steps being taken to remedy such Collateral Manager Termination Event.

Section 6.10<u>The Collateral Manager Not to</u> <u>Resign</u>.

The Collateral Manager shall not resign from the obligations and duties hereby

imposed on it except upon the Collateral Manager's determinationthat(i)theperformanceofits

duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no

reasonable action that the Collateral Manager could take to make the performance of its duties

hereunder permissible under Applicable Law.Any such determination permitting the

resignation of the Collateral Manager shall be evidenced as to <u>clause (i)</u> above by an Opinion of

Counsel to such effect delivered to the Administrative Agent.

Section 6.11<u>Collateral</u><u>Manager</u><u>Termination</u> <u>Events</u>.

(a)Upon the occurrence of a Collateral Manager Termination Event,

notwithstanding anything herein to the contrary, the Administrative Agent, by written notice to

the Collateral Manager and a copy to the Collateral Custodian (such notice, a "<u>Collateral</u>

<u>Manager Termination Notice</u>"), may, in its sole discretion, terminate all of the rights and

obligations of the Collateral Manager as Collateral Manager under this Agreement.Following

any such termination, the Administrative Agent may, in its sole discretion, assume or delegate

the servicing, administering and collection of the Collateral (and direct the Collateral Custodian

prior to the appointment and replacement of the Collateral Manager as to the servicing,

administering and collection of the Collateral); <u>provided</u> that, at least five (5) Business Days

prior to any appointment of a replacement Collateral Manager(the "<u>Replacement Collateral</u>

<u>Manager</u>") hereunder, the Administrative Agent shall notify the Borrower of such proposed

replacement and shall consult with the Borrower regarding such replacement; <u>provided</u>, <u>further</u>,

that until any such assumption or delegation, the Collateral Manager shall (i) unless otherwise

notified by the Administrative Agent, continue to act in such capacity pursuant to <u>Section 6.1</u>

and (ii) as requested by the Administrative Agent (A) terminate some or all of its activities as

Collateral Manager hereunder in the manner requested by the Administrative Agent in its sole

discretion as necessary or desirable, (B) provide such information as may be requested by the

Administrative Agent to facilitate the transition of the performance of such activities to the

AdministrativeAgentoranyagentthereofand(C)takeallotheractionsreasonablyrequestedby

the Administrative Agent, in each case to facilitate the transition of the performance of such

activities to the Administrative Agent or any agent thereof.

(b)Upon the appointment of the Replacement Collateral Manager, the

Collateral Manager agrees to cooperate and use its commercially reasonable efforts in effecting

the transition of the responsibilities and rights of servicing of the Collateral, including the

transfer to the Replacement Collateral Manager for the administration by it of all cash amounts

that shall at the time be held by the Collateral Manager for deposit, or have been deposited by

the Collateral Manager, or thereafter received with respect to the Collateral and the delivery to

the Replacement Collateral Manager in an orderly and timely fashion of all files and records

with respect to the Collateral and a computer data file in readable form containing all

information necessary to enable the Replacement Collateral Manager to service the Collateral.

In addition, the Collateral Manager agrees to cooperate and use its commercially reasonable

efforts in providing, at the expense of the Collateral Manager, the Replacement Collateral

Manager with reasonable access (including at the premises of the Collateral Manager) to the

employees of the Collateral Manager, and any and all of the books, records (in electronic or

otherform)orotherinformationreasonablyrequestedbyittoenabletheReplacementCollateral

Manager to assume the servicing functions hereunder and under this Agreement and to maintain

a list of key servicing personnel and contact information.

(c)The Collateral Manager will, upon the request of the Replacement

Collateral Manager following the occurrence of a Collateral Manager Termination Event,

provide the Replacement Collateral Manager with a power of attorney providing that the

Replacement Collateral Manager is authorized and empowered to execute and deliver, on behalf

of the Collateral Manager, as attorney-in-fact or otherwise, any and all documents and other

instruments,andtodosooraccomplishallotheractsorthingsnecessaryorappropriatetoeffect

the purposes of such notice of termination or to perform the duties of the Collateral Manager

under this Agreement.

**ARTICLE VII**

**THECOLLATERALCUSTODIAN**

Section 7.1<u>Designation of Collateral</u> <u>Custodian</u>.

(a)<u>Initial Collateral Custodian</u>.The role of the Collateral Custodian with

respect to the Underlying Instruments relating to the Permitted Investments shall be conducted

bythePersondesignatedasCollateralCustodianhereunderfromtimetotimeinaccordancewith

this <u>Section 7.1</u>.Until the Administrative Agent shall give to Western Alliance Trust Company,

N.A. a Collateral Custodian Termination Notice, Western Alliance Trust Company, N.A. is

hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and

obligations of, Collateral Custodian pursuant to the terms hereof.

(b)<u>Successor Collateral Custodian</u>.Upon the Collateral Custodian's receipt

of a Collateral Custodian Termination Notice from the Administrative Agent of the designation

of a successor Collateral Custodian pursuant to the provisions of <u>Section 7.5</u>, the Collateral

Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.

Section 7.2<u>Duties of Collateral</u> <u>Custodian</u>.

(a)<u>Appointment</u>.EachoftheBorrowerandtheAdministrativeAgenthereby

designate and appoint the Collateral Custodian to act as its agent and hereby authorizes the

Collateral Custodian to take such actions on its behalf and to exercise such powers and perform

such duties as are expressly granted to the Collateral Custodian by this Agreement.The

Collateral Custodian hereby accepts such agency appointment to act as Collateral Custodian

pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian

pursuant to the terms hereof.The Collateral Custodian's services hereunder shall be conducted

through its Corporate Trust Services division (including, as applicable, any agents or Affiliates

utilized thereby).

(b)<u>Duties</u>.On or before the initial Funding Date, and until its removal

pursuant to <u>Section 7.5</u>, the Collateral Custodian shall perform, on behalf of the Administrative

Agent and the Secured Parties, the following duties and obligations:

(i)IntakingandretainingcustodyoftheUnderlyingInstrumentswithrespect

tothePermittedInvestments,theCollateralCustodianshallbedeemedtobeactingasthe

agent of the Secured Parties; <u>provided</u> that the Collateral Custodian makes no

representations as to the existence, perfection or priority of any Lien on the Underlying

Instruments or the instruments therein; and <u>provided</u> further that the Collateral

Custodian's duties as agent shall be limited to those expressly contemplated herein.

(ii)All Required Loan Documents with respect to Permitted Investments that

are originals or copies shall be kept in fire resistant vaults, rooms or cabinets at the

Custody Facilities (or such other location identified to the Administrative Agent and **<u>the</u>**

Borrower).All such Required Loan Documents that are originals or copies shall be

placed together with an appropriate identifying label and maintained in such a manner so

as to permit retrieval and access.All such Required Loan Documents that are originals

or copies shall be clearly segregated from any other documents or instruments

maintained by the Collateral Custodian.All such Required Loan Documents that are

deliveredtotheCollateralCustodianinelectronicformatshallbesavedontodisksand/or

onto the Collateral Custodian's secure computer system, and maintained in a manner so

as to permit retrieval and access.

(iii)TheCollateral Custodianshall makepayments inaccordance with <u>Section</u>

<u>2.7</u>and <u>Section 2.8</u>(the "<u>Payment</u> <u>Duties</u>").

(iv)The Collateral Custodian shall provide a written daily report to the

Administrative Agent and the Collateral Manager of (x) all deposits to and withdrawals

from the Accounts for each Business Day and the outstanding balances as of the end of

each Business Day, and (y) a report of settled trades for each Business Day. For the

avoidance of doubt the Collateral Custodian will not permit any withdrawal from any

Collection Account except in accordance with <u>Section 2.9(f)</u>.

(v)On or before the Effective Date, the Collateral Custodian shall accept

from the Collateral Manager delivery of the information required to be set forth in the

Borrowing Base Certificate in hard copy and on computer tape; <u>provided</u> that the

computer tape is in an MS DOS, PC readable ASCII format or other format to be agreed

upon by the Collateral Custodian and the Collateral Manager on or prior to closing.

(vi)Not later than 12:00 noon (New YorkCity Time) on each Reporting Date,

theCollateralManagershalldelivertotheCollateralCustodiantheloantape,whichshall

include but not be limited to the following information: (x) for each Loan, the name and

number of the related Obligor, the collection status, the loan status, a detailed aging of

such Loan, an indication of whether or not such Loan is an Eligible Loan, the date of

each Scheduled Payment and the Outstanding Balance, (y) the Borrowing Base and (z)

theAdjustedBorrowingValueofeachLoanandsuchotherinformation,includingany

informationrelatedtoanApprovedForeignCurrency,asmaybereasonablyrequiredfor

the Collateral Custodian to perform its duties hereunder (such loan tape, the "<u>Tape</u>").

The Collateral Custodian shall accept delivery of the Tape.

(vii)Prior to the related Payment Date, the Collateral Custodian shall review

the Payment Date Report to ensure that it is complete on its face and, based solely on the

information provided in the Tape, that the following items in such Payment Date Report

have been accurately calculated, if applicable, and reported: (A) the Borrowing Base, (B)

the Collateral Custodian Fee, (C) the Adjusted Borrowing Value of each Loan and (D)

Availability.The Collateral Custodian by a separate written report shall notify the

AdministrativeAgentandtheCollateralManagerofanydisagreementswiththePayment

Date Report based on such review not later than the Business Day preceding such

Payment Date to such Persons.

(viii)In performing its duties, all calculations made by the Collateral Custodian

pursuant to this <u>Section 7.2(b)</u> using Advance Rate, EBITDA and Unrestricted Cash of

any Obligor (or, with respect to Advance Rate, Loan) shall be made using such amounts

and an Approved Foreign Currency as provided by the Borrower or the Collateral

Manager to the Collateral Custodian on the Tape.

(ix)The Collateral Custodian shall take and retain custody of the Required

Loan Documents delivered (physically or electronically) by the Borrower pursuant to the

definition of "Eligible Loan" in accordance with the terms and conditions of this

Agreement, all for the benefit of the Secured Parties and subject to the Lien thereon in

favor of the Administrative Agent, as agent for the Secured Parties.Within five (5)

Business Days of its receipt of any Required Loan Documents and the Loan Checklist

(the "<u>Review Period</u>"), the Collateral Custodian shall review the Required Loan

Documents delivered to it to confirm that (A) if the files delivered per the following

sentence indicate that any document must contain an original signature, each such

document appears to bear the original signature, or if the file indicates that such

document may contain a copy of a signature, that such copies appear to bear an original

or a reproduction of such signature and (B) based on a review of the applicable note, the

related initial Loan balance when entered into or obtained by the Borrower, Loan

identification number and Obligor name with respect to such Loan is referenced on the

related Loan Checklist and is not a duplicate Loan (such items (A) through (B)

collectively, the "<u>Review Criteria</u>").In order to facilitate the foregoing review by the

Collateral Custodian, in connection with each delivery of Required Loan Documents

hereunder to the Collateral Custodian, the Collateral Manager shall provide to the

Collateral Custodian an electronic file (in EXCEL or a comparable format acceptable to

the Collateral Custodian) listing Loan identification number, name of Obligor, and initial

Loan balance and the related Loan Checklist per file that contains a list of all Required

Loan Documents and whether they require original signatures, the Loan identification

number and the name of the Obligor and the initial Loan balance when entered into or

obtained by the Borrower with respect to each related Loan. If, at the conclusion of such

review, the Collateral Custodian shall determine that any Review Criteria are not

satisfied,theCollateralCustodianshallwithinone(1)BusinessDaynotifytheBorrower,

the Administrative Agent and the Collateral Manager of such determination and provide

the Collateral Manager and the Borrower witha list of the non-complying Loans and the

applicable Review Criteria that they fail to satisfy.The Collateral Manager shall have

ten(10)BusinessDaystocorrectanynon-compliancewithanyReviewCriteriaasstated

in the preceding sentence.After the Review Period, the Collateral Custodian shall

execute and deliver to the Collateral Manager and the Administrative Agent a

certification substantially in the form attached hereto as <u>Exhibit J</u>, including an attached

exception report.In addition, if requested in writing in the form of <u>Exhibit E</u> by the

Collateral Manager and approved by the Administrative Agent within ten (10) Business

Days of the Collateral Custodian's delivery of such report, the Collateral Custodian shall

return the Required Loan Documents for any Loan which fails to satisfy a Review

Criteria to the Borrower.Other than the foregoing, the Collateral Custodian shall not

have any responsibility for reviewing any Underlying Instruments.Notwithstanding

anything herein to the contrary, the Collateral Custodian's obligation to review the

Required Loan Documentsshall be limited toreviewingsuchRequiredLoanDocuments

based on the information provided on the Loan Checklist.

(x)In taking and retaining custody of the Required Loan Documents, the

Collateral Custodian shall be deemed to be acting as the agent of the Secured Parties;

<u>provided</u> that the Collateral Custodian makes no representations as to the existence,

perfection or priority of any Lien on the Underlying Instruments or the instruments

therein; and <u>provided</u> further that the Collateral Custodian's duties as agent shall be

limited to those expressly contemplated herein.

(xi)All Required Loan Documents (to the extent physically received by the

CollateralCustodian)thatare(i)originalsorphysicalcopiesshallbekeptinfireresistant

vaults, rooms or cabinets at the address of the Collateral Custodian located at the

Custody Facilities, or at such other office as shall be specified to the Administrative

Agent, the Borrower, and the Collateral Manager by the Collateral Custodian in a written

notice delivered at least thirty (30) days prior to such change and (ii) in electronic form

(it being agreed that Required Loan Documents shall only be permitted to be delivered in

electronic form with respect to Noteless Loans) shall be held electronically in such

electronic format in which such Required Loan Documents were received.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

CustodianshallsegregatethephysicalRequiredLoanDocumentsonitsinventorysystem

and will not commingle the physical Required Loan Documents with any other files of

the Collateral Custodian.

(xii)On each Reporting Date, the Collateral Custodian shall provide a written

report to the Administrative Agent, the Borrower, and the Collateral Manager (in a form

acceptable to the Administrative Agent) identifying each Loan for which it holds

RequiredLoanDocuments,thenon-complyingLoansandtheapplicableReviewCriteria

that any non-complying Loan fails to satisfy.

(xiii)Notwithstanding any provision to the contrary elsewhere in the

Transaction Documents, the Collateral Custodian shall not have any fiduciary

relationshipwithanypartyheretooranySecuredPartyinitscapacityassuch,andno

implied covenants, functions, obligations or responsibilities shall be read into this

Agreement, the other Transaction Documents or otherwise exist against the Collateral

Custodian.Withoutlimitingthegeneralityoftheforegoing,itisherebyexpresslyagreed

and stipulated by the other parties hereto that the Collateral Custodian shall not be

required to exercise any discretion hereunder and shall have no investment or

managementresponsibility.TheCollateralCustodianshallnotbedeemedtoassumeany

obligations or liabilities of the Borrower or Collateral Manager hereunder or under any

other Transaction Document.

(xiv)The Administrative Agent may direct the Collateral Custodian to take any

action incidental to its duties hereunder.With respect to other actions which are

incidental to the actions specifically delegated to the Collateral Custodian hereunder, the

Collateral Custodian shall not be required to take any such incidental action hereunder,

but shall be required to act or to refrain fromacting (and shall be fully protected in acting

or refraining from acting) upon the direction of the Administrative Agent; <u>provided</u> that,

the Collateral Custodian shall not be required to take any action hereunder at the request

of the Administrative Agent or otherwise if the taking of such action, in the reasonable

determinationoftheCollateralCustodian,(x)shallbeinviolationofanyApplicableLaw

or contrary to any provisions of this Agreement or (y) shall expose the Collateral

Custodian to liability hereunder or otherwise (unless it has received indemnity which it

reasonably deems to be satisfactory with respect thereto).In the event the Collateral

Custodian requests the consent of the Administrative Agent and the Collateral Custodian

does not receive a consent (either positive or negative) from the Administrative Agent

within ten (10) Business Days of its receipt of such request, then the Administrative

Agent shall be deemed to have declined to consent to the relevant action.

(xv)The Collateral Custodian shall not be liable for any action taken, suffered

or omitted by it in accordance with the request or direction of any Secured Party, to the

extent that this Agreement provides such Secured Party the right to so direct the

Collateral Custodian.

(xvi)Inperformingitsduties,theCollateralCustodianshalluseacommercially

reasonabledegreeofcareandattentionrequiredorexpectedwithrespecttotheprovision

of similar services and similar loans.

(c)<u>Reliance on Tape</u>. With respect to the duties described in <u>Section 7.2(b)</u>,

the Collateral Custodian, is entitled to rely conclusively, and shall be fully protected in so

relying, on the contents of each Tape, including, but not limited to, the completeness and

accuracy thereof, provided by the Collateral Manager.The Collateral Custodian shall have no

liability for any errors in the content of any Tape and, except as specifically provided herein,

shall not be required to verify, recompute, reconcile or recalculate any such information or data.

Without limiting the generality of any terms of the foregoing, (i) the Collateral Custodian shall

have no liability for (A) any failure, inability or unwillingness on the part of the Collateral

Manager to provide accurate and complete information on a timely basis to the Collateral

Custodian or otherwise on the part of the Collateral Manager to comply with the terms of this

AgreementoranyotherTransactionDocumentor(B)anyinaccuracyorerrorintheperformance

oforobservancebytheCollateralCustodianofanyofitsdutieshereunderoranyotherfailureof

the Collateral Custodian to comply with the terms of this Agreement in each case, that is caused

by or results from any such inaccurate, incomplete or untimely information received by the

Collateral Custodian and (ii) the Collateral Custodian shall rely conclusively on the information

in the Tape as to the correct characterization or categorization of any Loan, including the

Collateral Manager's determination of whether such Loan is an Eligible Loan.

Section 7.3<u>Merger or</u> <u>Consolidation</u>.

Any Person (i) into which the Collateral Custodian may be merged or

consolidated, (ii) that may result from any merger or consolidation to which the Collateral

Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral

Custodian substantially as a whole, which Person in any of the foregoing cases executes an

agreement of assumption to perform every obligation of **<u>the</u>**Collateral Custodian hereunder,

shall be the successor to the Collateral Custodian under this Agreement and any other

Transaction Document to which it is a party without further act of any of the parties to this

Agreement.

Section 7.4<u>Collateral Custodian</u> <u>Compensation</u>.

As compensation for its collateral custodian activities hereunder, the Collateral

Custodian shall be entitled to a Collateral CustodianFeepursuanttotheprovisionof<u>Section</u><u>2.7</u>

or <u>Section 2.8</u>, as applicable.The Collateral Custodian's entitlement to receive the Collateral

Custodian Fee shall cease on the earlier to occur of: (i) its removal as Collateral Custodian

pursuant to <u>Section 7.5</u> or (ii) the termination of this Agreement.

Section 7.5<u>Collateral Custodian</u> <u>Removal</u>.

The Collateral Custodian may be removed, with or without cause, by the

Administrative Agent by notice given in writing to the Collateral Custodian (the "<u>Collateral</u>

<u>Custodian Termination Notice</u>"); <u>provided</u> that notwithstanding its receipt of a Collateral

Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity

until a successor Collateral Custodian has been appointed, has agreed to act as Collateral

Custodian hereunder, and has received all Underlying Instruments held by the previous

Collateral Custodian.

Section 7.6<u>Limitation</u><u>on</u><u>Liability</u>.

(a)The Collateral Custodian may conclusively rely on and shall be fully

protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other

document delivered to it and that in good faith it reasonably believes to be genuine and that has

been signed by the proper party or parties.The Collateral Custodian may rely conclusively on

and shall be fully protected in acting upon (a) the written instructions of any designated officer

of the Administrative Agent or, prior to the occurrence of an Event of Default or Collateral

Manager Termination Event, the Collateral Manager or (b) the verbal instructions of the

Administrative Agent or, prior to the occurrence of an Event of Default or Collateral Manager

Termination Event, the Collateral Manager.

(b)The Collateral Custodian may consult counsel satisfactory to it and the

advice or opinion of such counsel shall be full and complete authorization and protection in

respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance

with the advice or opinion of such counsel.

(c)The Collateral Custodian shall not be liable for any error of judgment, or

for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law,

or for anything that it may do or refrain from doing in connection herewith except,

notwithstanding anything to the contrary contained herein, in the case of its willful misconduct,

bad faith or grossly negligent performance or omission of its duties and in the case of its grossly

negligent performance of its Payment Duties and inthe case of its grossly negligent performance

of its duties in taking and retaining custody of the Underlying Instruments.Under no

circumstanceswilltheCollateralCustodianbeliableforindirect,special,consequential,punitive

or incidental damages, such as loss of use, revenue or profit.

(d)The Collateral Custodian makes no warranty or representation and shall

have no responsibility (except as expressly set forth in this Agreement) as to the content,

enforceability, completeness, validity, sufficiency, value, genuineness, ownership or

transferabilityoftheCollateral,andwillnotberequiredtoandwillnotmakeanyrepresentations

as to the validity or value (except as expressly set forth in this Agreement) of any of the

Collateral.The Collateral Custodian 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.

(e)The Collateral Custodian shall have no duties or responsibilities except

such duties and responsibilities as are specifically set forth in this Agreement and no covenants

or obligations shall be implied in this Agreement against the Collateral Custodian.Any

permissive grant of power to the Collateral Custodian shall not be construed to be a duty to act.

(f)The Collateral Custodian shall not be required to expend or risk its own

funds in the performance of its duties hereunder.

(g)It is expressly agreed and acknowledged that the Collateral Custodian is

not guaranteeing performance or observance of any of the terms, covenants or conditions of this

Agreement, other loan documents or any related document on part of the Borrower or any other

Person (other than the Collateral Custodian) or assuming any liability for the obligations of the

other parties hereto or any parties to the Collateral.

(h)The Collateral Custodian may assume the genuineness of any such

RequiredLoanDocumentitmayreceiveandthegenuinenessanddueauthorityofanysignatures

appearing thereon, and shall be entitled to assume that each Required Loan Document it may

receive is what it purports to be.If an original "security" or "instrument" as defined in Section

8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available with

respect to any Collateral to be held by the Collateral Custodian under this Agreement, it shall be

the sole responsibility of the Borrower to make or cause delivery thereof to the Collateral

Custodian,andtheCollateralCustodianshallnotbeunderanyobligationatanytimeto

determine whether any such original security or instrument has been or is required to be issued

or made available in respect of any Collateral or to compel or cause delivery thereof to the

Collateral Custodian.Without prejudice to the generality of the foregoing, the Collateral

Custodian shall be without liability to the Borrower, the Collateral Manager, the Administrative

Agent or any other Person for any damage or loss resulting from or caused by events or

circumstances beyond the Collateral Custodian's reasonable control, including nationalization,

expropriation, currency restrictions, the interruption, disruption or suspension of the normal

procedures and practices of any securities market, power, mechanical, communications or other

technological failures or interruptions, computer viruses or the like, fires, floods, earthquakes or

other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution,

acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or

acts; errors by the Borrower, the Collateral Manager or the Administrative Agent (including any

Responsible Officer of any thereof) in its instructions to the Collateral Custodian; or changes in

applicable law**<u>Applicable Law</u>**, regulation or orders.

(i)Intheeventthat(i)theBorrower,theCollateralManager,the

Administrative Agent, Lenders, or the Collateral Custodian shall be served by a third party with

anytypeoflevy,attachment,writorcourtorderwithrespecttoanyLoanorRequiredLoan

Document or (ii) a third party shall institute any court proceeding by which any Required Loan

Document shall be required to be delivered otherwise than in accordance with the provisions of

this Agreement, the party receiving such service shall promptly deliver or cause to be delivered

totheotherpartiestothisAgreementcopiesofallcourtpapers,orders,documentsandother

materials concerning such proceedings.The Collateral Custodian shall, to the extent permitted

by law, continue to hold and maintain all the Required Loan Documents that are the subject of

suchproceedingspendingafinal,nonappealableorderofacourtofcompetentjurisdiction

permittingordirectingdispositionthereof.Uponfinaldeterminationofsuchcourt,the

CollateralCustodianshalldisposeofsuchRequiredLoanDocumentsasdirectedbythe

AdministrativeAgent,whichshallgiveadirectionconsistentwithsuchdetermination.

Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by

the Borrower.

(j)In case any reasonable question arises as to its duties hereunder, the

Collateral Custodian may, in the absence of a continuing of an Event of Default or the

occurrenceoftheTerminationDate,requestinstructionsfromtheCollateralManagerandduring

the existence of an Event of Default or following the occurrence of the Termination Date,

request instructions from the Administrative Agent, and shall be entitled at all times to refrain

from taking any action unless it has received instructions from the Collateral Manager or the

Administrative Agent, as applicable.The Collateral Custodian shall in all events have no

liability, risk or cost for any action taken pursuant to and in compliance with the instruction of

the Administrative Agent.

(k)Without limiting the generality of any terms of this section, the Collateral

Custodian shall have no liability for any failure, inability or unwillingness on the part of the

Collateral Manager, the Administrative Agent, any agent or the Borrower to provide accurate

and complete information on a timely basis to the Collateral Custodian, or otherwise on the part

of any such party to comply with the terms of this Agreement, and shall have no liability for any

inaccuracyorerrorintheperformanceorobservanceontheCollateralCustodian'spartofanyof

itsdutieshereunderthatiscausedbyorresultsfromanysuchinaccurate,incompleteoruntimely

information received by it, or other failure on the part of any such other party to comply with the

terms hereof.

(l)TheCollateralCustodianshallnotbedeemedtohaveknowledgeornotice

of any matter unless actually known to a responsible officer of the Collateral Custodian.The

Collateral Custodian shall have no responsibility to monitor the availability of any benchmark

rates, nor the occurrence of any Benchmark Transition Event, but may, as to such matters, rely

conclusively upon notice from the Administrative Agent.

(m)The Collateral Custodian may exercise any of its rights or powers

hereunder or perform any of its duties hereunder with respect to any foreign exchange

transaction, either directly or, by or through agents or attorneys, and the Collateral Custodian

shall not be responsible for any misconduct or negligence on the part of any agent or attorney

appointed hereunder with due care by it.Neither the Collateral Custodian nor any of its

affiliates, directors, officers, shareholders, agents or employees will be liable to the Collateral

Manager, the Borrower or any other Person, except by reason of acts or omissions by the

Collateral Custodian constituting bad faith, willful misconduct, gross negligence or reckless

disregard of the Collateral Custodian's duties hereunder.The Collateral Custodian shall in no

event have any liability for the actions or omissions ofthe Borrower, the Collateral Manager, the

AdministrativeAgent,oranyotherPerson,andshallhavenoliabilityforanyinaccuracyorerror

in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete

informationordatareceivedbyitfromtheBorrower,theCollateralManager,theAdministrative

Agent, or another Person except to the extent that such inaccuracies or errors are caused by the

Collateral Custodian's own bad faith, willful misconduct, gross negligence or reckless disregard

of its duties hereunder.

(n)It is understood and agreed that any foreign exchange transaction effected

by the Collateral Custodian acting at the direction of the Administrative Agent, the Borrower or

the Collateral Manager may be entered with Western Alliance Trust Company, N.A. or its

affiliates acting as principal or otherwise through customary banking channels.The Collateral

Custodian shall be entitled at all times to comply with any legal or regulatory requirements

applicable to currency or foreign exchange transactions.Each party hereto acknowledges that

the Collateral Custodian or any affiliates of the Collateral Custodian involved in any such

foreign exchange transactions may make a margin or banking income from foreign exchange

transactions entered into pursuant to this section for which they shall not be required to account

to the Borrower, the Administrative Agent or the Collateral Manager.All risk and expense

incidenttosuchconversionistheresponsibilityoftheBorrower,theAdministrativeAgentorthe

Collateral Manager.The Collateral Custodian shall have no (x) responsibility for fluctuations in

exchange rates affecting any collections or conversion thereof and (y) to the extent it complies

with the instructions provided by the respective party, liability for any losses incurred or

resulting from the rates obtained in such foreign exchange transactions.

(o)The Collateral Custodian shall have no obligation to supervise, verify,

monitor or administer the performance of the Collateral Manager or the Borrower and shall have

noliabilityforanyactiontakenoromittedbytheCollateralManager(includinganysuccessorto

the Collateral Manager) or the Borrower.The Collateral Custodian may act through its agents,

attorneys and custodians in performing any of itsdutiesandobligationsunderthisAgreement,it

being understood by the parties hereto that the Collateral Custodian will be liable for any acts or

omissions of any such agents, attorneys or custodians acting for and on behalf of the Collateral

Custodian.Neither the Collateral Custodian nor any of its officers, directors, employees or

agents shall be liable, directly or indirectly, for any damages or expenses arising out of the

services performed under this Agreement other than damages or expenses that result from the

gross negligence or willful misconduct of it or them or the failure to perform materially in

accordance with this Agreement.

(p)It is expressly acknowledged by the parties hereto that application and

performance by the Collateral Custodian of its various duties hereunder (including, without

limitation,recalculationstobeperformedinrespectofthematterscontemplatedhereby)shallbe

based upon, and in reliance upon data information and notice provided to it by the Collateral

Manager, the Administrative Agent, the Borrower and/or any related bank agent obligor or

similar party, and the Collateral Custodian shall have no responsibility for the accuracy of any

such information or data provided to it by such person and shall be entitled to update its records

(as it may deem necessary or appropriate.

Section 7.7<u>Resignation</u><u>of the Collateral</u> <u>Custodian</u>.

(a)The Collateral Custodian shall not resign from the obligations and duties

herebyimposedonitexceptupon(a)ninety(90)dayswrittennoticetotheBorrower,the

CollateralManager,theAdministrativeAgentandeachLender,or(b)theCollateralCustodian's

determination that (i) the performance of itsdutieshereunderisorbecomesimpermissibleunder

Applicable Law and (ii) there is no reasonable action that the Collateral Custodian could take to

maketheperformanceofitsdutieshereunderpermissibleunderApplicableLaw.Anysuch

determinationpermittingtheresignationoftheCollateralCustodianshallbeevidencedasto

<u>clause (i)</u> above by an Opinion of Counsel to such effect delivered to the Administrative Agent.

NosuchresignationshallbecomeeffectiveuntilasuccessorCollateralCustodianshallhave

assumed the responsibilities and obligations of the Collateral Custodian hereunder.Upon the

resignationoftheCollateralCustodian,theAdministrativeAgentshallappointasuccessor

Collateral Custodian and if it does not do so withinthirty (30) days of the Collateral Custodian's

resignation, the Borrower may so appoint the successor and if it does not do so within sixty (60)

daysoftheCollateralCustodian'sresignation,CollateralCustodianmaypetitionacourtof

competent jurisdiction for the appointment of a successor.

(b)Upon ninety (90) days prior written notice to the Borrower, the Collateral

Manager,theAdministrativeAgentandeachLender,theCollateralCustodianwillhavetheright

to assign its obligations hereunder with the prior written consent of the Administrative Agent

and the Borrower, which consents shall not be unreasonably withheld, <u>provided</u>, that such

assignmentmustbetoaPersonthatisanationallyreputablecollateralcustodianwithexperience

providing services of the type that Collateral Custodian is obligated to provide hereunder and

with respect to loans of the type represented by the Loans.In addition, the Collateral Custodian

may execute any of its duties under this Agreement by or through agents; <u>provided</u> that the

Collateral Custodian shall remain primarily liable for the due performance of its duties

hereunder.

Section7.8<u>Access to Certain Documentation and Information Regarding the</u>

<u>Collateral; Audits</u>.

The Collateral Manager, the Borrower and the Collateral Custodian shall provide

to the Administrative Agent access to the Underlying Instruments and all other documentation

regarding the Collateral including in such cases where the Administrative Agent is required in

connectionwiththeenforcementoftherightsorinterestsoftheSecuredParties,orbyapplicable

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 Collateral Manager's and Collateral Custodian's normal security and

confidentiality procedures; <u>provided</u> that the Administrative Agent may, and shall upon request

of any Lender, permit each Lender to be included on any such review, and shall use

commercially reasonable efforts to schedule any review on a day when Lenders desiring to

participate in such review may be included.From time to time at the discretion of the

Administrative Agent, the Administrative Agent may review the Collateral Manager's collection

and administration of the Collateral in order to assess compliance by the Collateral Manager

with <u>Article VI</u> and may conduct an audit of the Collateral, the Underlying Instruments, and the

information contained in the Borrowing Base Certificates and Payment Date Reports in

conjunction with such a review.Such review shall be reasonable in scope and shall be

completed in a reasonable period of time.The fees and expenses of the Collateral Custodian

incurredunderthis<u>Section</u><u>7.8</u>shallbebornebytheBorrower;<u>provided</u>thatsolongasnoEvent

of Default has occurred and is continuing, the Borrower shall be responsible for all costs and

expenses for only one (1) such visit per fiscal year.

Section 7.9<u>Release of</u> <u>Documents</u>.

(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 Custodian is hereby authorized

(unless and until such authorization is revoked by the Administrative Agent) to, and shall, upon

written receipt from the Collateral Manager of a request for release of documents and receipt in

the form annexed hereto as <u>Exhibit E</u>, release to the Collateral Manager within two (2) Business

Daysofreceiptofsuchrequest,therelatedRequiredLoanDocumentsorthedocumentssetforth

in such request and receipt to the Collateral Manager.All documents so released to the

Collateral Manager shall be held by the Collateral Manager in trust for the benefit of the

Administrative Agent on behalf of the Secured Parties, in accordance with the terms of this

Agreement.The Collateral Manager shall return to the Collateral Custodian the Required Loan

Documents or other such documents (i) promptly upon the request of the Administrative Agent,

or (ii) when the Collateral Manager'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 Collateral Manager to the Collateral Custodian in the form annexed hereto as

<u>Exhibit E</u>, the Collateral Manager's request and receipt submitted pursuant to the first sentence

of this subsection shall be released by the Collateral Custodian to the Collateral Manager.

(b)<u>Release for Payment</u>.Upon receipt by the Collateral Custodian of the

Collateral Manager's request for release of documents and receipt in the formannexed hereto as

<u>Exhibit E</u> (which certification shall include a statement to the effect that all amounts received in

connection with such payment or repurchase have been credited to the Collection Account as

provided in this Agreement), the Collateral Custodian shall promptly release the related

Required Loan Documents to the Collateral Manager.

(c)<u>Limitation on Release</u>.During the occurrence and continuance of an

EventofDefault,theforegoingprovisionwithrespecttothereleasetotheCollateralManagerof

the Required Loan Documents and documents by the Collateral Custodian upon request by the

Collateral Manager shall be operative only to the extent that the Administrative Agent have

consented to such release.Promptly after delivery to the Collateral Custodian of any request for

release of documents, the Collateral Manager shall provide notice of the same to the

Administrative Agent.

(d)<u>Shipment of Required Loan Documents</u>.Written instructions as to the

method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection

with the transmission of Required Loan Documents in the performance of the Collateral

Custodian's duties hereunder shall be delivered by the Borrower, the Collateral Manager or the

Administrative Agent to the Collateral Custodian prior to any shipment of any Underlying

Instruments hereunder.The Collateral Manager shall arrange for the provision of such services

at the cost and expense of the Borrower (or, at the Collateral Custodian's option, the Borrower

shall reimburse the Collateral Custodian for all reasonable and documented costs and expenses

of the Collateral Custodian consistent with such instructions) and shall maintain such insurance

against loss or damage to the Underlying Instruments as the Collateral Manager deems

appropriate.

Section 7.10<u>Return of Required Loan</u> <u>Documents</u>.

(a)The Borrower may, with the prior written consent of the Administrative

Agent (such consent not to be unreasonably withheld), require that the Collateral Custodian

return each Required Loan Document (as applicable), respectively (a) delivered to the Collateral

Custodian in error, (b) as to which the lien on the Underlying Asset has been so released

pursuant to Section 8.2, (c) that has been the subject of a Discretionary Sale or Substitution

pursuant to Section 2.14 or (d) 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 Custodian

and the Administrative Agent a written request in the form of Exhibit E hereto (signed by both

theCollateralManagerandtheAdministrativeAgent)specifyingtheCollateraltobesoreturned

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 Custodian shall

upon its receipt of each such request for returnexecutedbytheBorrowerandtheAdministrative

Agent promptly, but in any event within two Business Days, return the Underlying Instruments

so requested to the Borrower.

Section 7.11<u>Access to Certain Documentation and Information Regarding the</u>

<u>Collateral Portfolio</u>.

(a)The Collateral Manager, the Borrower and the Collateral Custodian shall,

attheBorrower'sexpense,providetotheAdministrativeAgentaccesstotheUnderlying

Instruments and all other documentation regarding the Collateral including in such cases where

theAdministrativeAgentisrequiredinconnectionwiththeenforcementoftherightsorinterests

of the Secured Parties, or by applicable statutes or regulations, to review such documentation,

suchaccessbeingaffordedwithoutchargebutonly(i)upontwo(2)BusinessDays'priorwritten

request, (ii) during normal business hours and (iii) subject to the Collateral Manager's and

Collateral Custodian's normal security and confidentiality procedures; provided that the

Administrative Agent may, and shall upon request of any Lender, permit each Lender to be

included on any such review, and shall use commercially reasonable efforts to schedule any

review on a day when Lenders desiring to participate in such review may be included.From

time to time at the discretion of the Administrative Agent, the Administrative Agent may review

the Collateral Manager's collection and administration of the Collateral in order to assess

compliance by the Collateral Manager with Article VI 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.

(b)WithoutlimitingtheforegoingprovisionsofSection7.11(a),fromtimeto

time on request of the Administrative Agent, the Collateral Custodian 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 such reviews per fiscal year 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); provided

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.

Section 7.12<u>Collateral Custodian as</u> <u>Agent</u>.

(a)The Collateral Custodian agrees that, with respect to any Underlying

Instruments at any time or times in its possession, the Collateral Custodian shall be the agent of

the Administrative Agent, for the benefit of the Secured Parties, for purposes of perfecting (to

the extent not otherwise perfected) the Administrative Agent's security interest in the Collateral

and for the purpose of ensuring that such security interest is entitled to first priority status under

the UCC.For so long as the Collateral Custodian is the same entity as the Collateral Custodian,

the Collateral Custodian shall be entitled to the same rights, immunities, indemnities and

protections afforded to the Collateral Custodian hereunder.

**ARTICLE VIII** 

**SECURITYINTEREST**

Section 8.1<u>Grant of Security</u> <u>Interest</u>.

(a)This Agreement constitutes a security agreement and the Loan 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 Effective Date to the Administrative Agent, as agent for the Secured Parties, a lien and

continuingsecurityinterestinalloftheBorrower'sright,titleandinterestin,toandunder(in

each case, whether now owned or existing, or hereafter acquired or arising) all Accounts, Cash,

General Intangibles, Instruments and Investment Property and any and all of the following

property (the "<u>Collateral</u>"):

(i)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;

(ii)the Accounts and all Cash and Financial Assets credited thereto and all

income from the investment of funds therein;

(iii)allTransaction Documents to whichthe Borrower is a party;

(iv)all Cash and other funds;

(v)all Collections, rights in Underlying Assets and Underlying Instruments,

Insurance Policies, all Required Loan Documents and related records and assets;

(vi)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

(vii)any and all other property of any type or nature owned by the Borrower;

in each case, whether now existing or hereafter arising or acquired by the Borrower, and

wherever the same may be located, to secure the prompt and complete 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 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 (A) any

Excluded Amounts, (B) any amounts received by the Borrower from an Obligor following the

saleoftherelatedLoanbytheBorrowerpursuantto<u>Section</u><u>2.14</u>whichtheBorrowerisrequired

to pay to the purchaser of such Loan, and (C) any property to the extent that such grant of a

security interest is prohibited by any Applicable Law not in effect as of the date hereof or

requires a consent not obtained of any Governmental Authority pursuant to such Applicable

Law, <u>provided</u> that (x) immediately at such time as the prohibition shall no longer be applicable,

such security interest shall attach immediately to such assets and (y) the Collateral includes any

Proceeds of any such assets.The powers conferred on the Administrative Agent and the other

Secured Parties hereunder are solely to protect the Administrative Agent's and the other Secured

Parties' interests in the Collateral and shall not impose any duty upon the Administrative Agent

or any Secured Party to exercise any such powers.Each of the Administrative Agent and each

Secured Party shall be accountable only for amounts that it actually receives as a result of the

exercise of such powers, and neither they nor any of their 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 Administrative Agent, at its option, but without any

obligation to do so, may itself perform or comply, or otherwise cause performance or

compliance, with such agreement.The reasonable and documented expenses of the

Administrative Agent incurred in connection with such performance or compliance, together

with interest thereon at the rate *per annum* applicable to Loan Advances, shall be payable by the

Borrower to the Administrative Agent on demand and shall constitute Obligations secured

hereby.

(b)The grant of a security interest under this <u>Section 8.1</u> does not constitute

andisnotintendedtoresultinacreationoranassumptionbytheAdministrativeAgentoranyof

the other Secured Parties 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, (i) the Borrower shall remain liable under any applicable

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, (ii) the exercise by the

Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall

not release the Borrower from any of its duties or obligations under any applicable Collateral,

and (iii) none of the Administrative Agent or any other Secured Party shall have any obligations

or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent

or any other Secured Party 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.

(c)Notwithstanding anything to the contrary, the Borrower, the Collateral

Manager, the Administrative Agent, the Collateral Custodian and each Lender hereby agree to

treat, and to cause each of their respective Affiliates to treat, each Note 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 returnsorreports,orcauseitsAffiliatestofile

such tax returns or reports, in a manner consistent with such treatment.

Section 8.2<u>Release of Lien on</u> <u>Collateral</u>.

At the same time as (i) any Collateral expires by its terms and all amounts in

respect thereof have been paid in full by the related Obligor and deposited in the Collection

Account, (ii) such Loan has been the subject of a Discretionary Sale, Substitution or a sale of a

WarrantyLoanoraZeroValueAssetpursuantto<u>Section</u><u>2.14</u>orotherwisesoldortransferredin

accordance with this Agreement (in each case, the proceeds of which have been deposited in the

Collection Account) or (iii) this Agreement terminates and the Obligations are paid in full in

cash (other than contingent indemnification obligations for which no claim has been asserted)

the lien and security interest granted under the Transaction Documents in favor of the

Administrative Agent or any other Secured Party shall be released automatically without any

further action by any Person.In connection with any sale of such Collateral or such release, the

Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral

Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the

Borrower, execute and deliver to the Collateral Manager any assignments, bills of sale,

termination statements and any other releases and instruments as the Collateral Manager may

reasonably request in order to evidence the release of such Collateral; <u>provided</u> that, the

Administrative 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 sale or transfer

and assignment.Nothing in this section shall diminish the Collateral Manager's obligations

pursuant to <u>Section 6.5</u> with respect to the Proceeds of any sale.

Section 8.3<u>Remedies</u>.

Upon the occurrence of an Event of Default, the Administrative Agent and

Secured Parties shall have, with respect to the Collateral granted pursuant to <u>Section 8.1</u>, and in

addition to all other rights and remedies available to the Administrative Agent and Secured

Parties under this Agreement or other Applicable Law, all rights and remedies set forth in

<u>Section 9.2</u>.

Section 8.4<u>Waiver</u><u>of</u><u>Certain</u><u>Laws</u>.

Each of the Borrower and the Collateral Manager agrees, to the full extent that it

may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim

orseektotakeadvantageofanyappraisement,valuation,stay,extensionorredemptionlawnow

or hereafter in force in any locality where any Collateral may be situated in order to prevent,

hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of

the Collateral or any part thereof, or the final and absolute putting into possession thereof,

immediately after such sale, of the purchasers thereof, and each of the Borrower and the

Collateral Manager, for itself and all who may at any time claim through or under it, hereby

waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and

all right to have any of the properties or assets constituting the Collateral marshaled upon any

such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose

the security interests granted in this Agreement may sell the Collateral as an entirety or in such

parcels as the Administrative Agent or such court may determine.

Section 8.5<u>Power of</u> <u>Attorney</u>.

EachoftheBorrowerandtheCollateralManagerherebyirrevocablyappointsthe

Administrative Agent its true and lawful attorney (with full power of substitution) in its name,

place and stead and at the Borrower's 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

during the continuance of an Event of Default, including 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

pursuanthereto,(c)toexecuteanddeliverforvalueallnecessaryorappropriatebillsofsale,

assignmentsandotherinstrumentsinconnectionwithanysuchsaleorotherdisposition,the

Borrower and the Collateral Manager hereby ratifying and confirming all that such attorney (or

any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements,

ordersorotherdocumentsinconnectionwithorpursuanttoanyTransactionDocument.

Nevertheless,ifsorequestedbytheAdministrativeAgent,theBorrowershallratifyandconfirm

anysuchsaleorotherdispositionbyexecutinganddeliveringtotheAdministrativeAgentor

suchpurchaserallproperbillsofsale,assignments,releasesandotherinstrumentsasmaybe

designated in any such request.

**ARTICLE IX** 

**EVENTSOFDEFAULT**

Section 9.1<u>Events</u><u>of</u> <u>Default</u>.

The following events shall be Events of Default (each an "<u>Event of Default</u>" and

collectively "<u>Events of Default</u>") hereunder:

(a)any failure by the Borrower to pay any principal when due (including on

the Termination Date); <u>provided</u> that, in the case of a failure to pay (other than any such failure

with respect to a payment due on the Termination Date) due to an administrative error or

omission by the Collateral Custodian, such failure to pay shall constitute an Event of Default if

notcuredwithinthree(3)BusinessDaysaftertheCollateralCustodianreceiveswrittennoticeor

has actual knowledge of such administrative error or omission and has provided notice of such

failure to the Borrower; or

(b)any failure by the Borrower to pay all accrued and unpaid Interest and

Non-Usage Fees on any Payment Date; <u>provided</u> that, if such failure to pay (other than any such

failure with respect to a payment due on the Termination Date) is due to administrative error or

omission of a Secured Party, such failure to pay shall constitute an Event of Default if not cured

within three (3) Business Days after the Borrower has actual knowledge of such administrative

error or omission; or

(c)failure to pay, on the Termination Date, the outstanding principal of all

Advances Outstanding, and all Interest and all fees accrued and unpaid thereon together with all

otherObligations(otherthancontingentindemnificationobligationsforwhichnoclaimhasbeen

asserted); or

(d)any Loan Party fails to make any payments not addressed by <u>Section</u>

<u>9.1(a)</u> through <u>(c)</u> when due under the Transaction Documents to which such Loan Party is a

partyandthesamecontinuesunremediedforaperiodofthirty(30)daysaftertheearliertooccur

of (i) the date on which written notice of such failure shall have been given to the applicable

Loan Party and (ii) the date on which the applicable Loan Party acquires knowledge thereof;

<u>provided</u> that, in the case of a failure to pay (other than any such failure with respect to a

payment due on the Termination Date) due to an administrative error or omission by the

Collateral Custodian, such failure to pay shall constitute an Event of Default if not cured within

three (3) Business Days after the Collateral Custodian receives written notice or has actual

knowledge of such administrative error or omission and has provided notice of such failure to

the Borrower; or

(e)thefailureonthepartoftheBorrowertoobserveorperformthecovenants

set forth in <u>Sections 5.1(b)</u>, <u>5.1(d)</u>, <u>5.1(e)</u>, <u>5.1(f)</u>, <u>5.1(h)</u>, <u>5.1(k)</u>, <u>5.1(n)</u>, <u>5.1(p)</u>, <u>5.1(v)</u> or <u>5.2</u>; or

(f)as of the end of any fiscal quarter, beginning with the first quarter ending

twelve (12) months after the Effective Date or, if earlier, the fiscal quarter ending when the

following test was first passed, the Total Interest Coverage Ratio is less than 1.50 to 1.00; or

(g)the failure on the part ofthe Collateral Manager to observe or performthe

covenants set forth in <u>Sections 5.3(b)</u>, <u>5.3(d)</u>, <u>5.3(e)</u>, <u>5.3(f)</u>, <u>5.3(j)</u> or <u>5.4</u>; or

(h)anyfailureonthepartofanyLoanPartydulytoobserveorperforminany

material respect, or any breach on the part of any Loan Party in any material respect, any other

covenants or agreements of such Loan Party (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 such Loan Party 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

the applicable Loan Party and (ii) the date on which the applicable Loan Party acquires

knowledge thereof; or

(i)the occurrence of an Insolvency Event relating to the Borrower, the

Transferor or the Collateral Manager; or

(j)the occurrence of a Change of Control with respect to the Borrower; or

(k)theoccurrence of a CollateralManager Termination Event; or

(l)the rendering of one or more final judgments, decrees or orders by a court

or arbitrator of competent jurisdiction against any Loan Party for the payment of money in

excess individually or in the aggregate of $250,000 (in the case of the Borrower) or $10,000,000

(inthecaseoftheTransferorandtheCollateralManager)(ineachcase,totheextentnotcovered

by independent third-party insurance as to which the insurer has been notified of such judgment

ororderandhasnotdeniedorfailedtoacknowledgecoverage),andthereisaperiodofthirty

(30) consecutive days during which a stay of enforcement of such judgment, by reason of a

pending appeal or otherwise, is not in effect; or

(m)theBorrowershallassignorattempttoassignanyofitsrights,obligations

or duties under this Agreement without the prior written consent of the Administrative Agent

(such consent to be provided) in the sole and absolute discretion of the Administrative Agent; or

(n)[reserved]; or

(o)the Borrower shall fail to qualify as a bankruptcy-remote entity based

uponthecriteriasetforthin<u>Section</u><u>4.1(t)</u>,suchthatWinston&StrawnLLPoranotherlawfirm

reasonably acceptable to the Administrative Agent could no longer render a customary

nonconsolidation opinion with respect thereto; or

(p)any Transaction Document, or any material portion of a Lien granted

thereunder,oranymaterialprovisionofaTransactionDocument,shall(exceptinaccordance

withitsterms),inwholeorinpart,terminate,ceasetobeeffectiveorceasetobethelegally

valid, binding and enforceable obligation of any Loan Party party thereto, or

(q)anyLoanParty,oranyAffiliatethereof,orGovernmentalAuthorityshall,

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; **<u>or</u>**

(r)(i)failureoftheFundorTransferortopaywhendue(aftergivingeffectto

any related grace period) any principal of or interest on or any other amount payable in respect

of one or more items of Indebtedness with an aggregate principal amount of $10,000,000 or

more, in each case, beyond any applicable grace or cure period, if any, provided therefor; or (ii)

breach or default by the Transferor or the Collateral Manager with respect to any other material

term of (1) one or more items of Indebtedness in the individual or aggregate principal amounts

referred to in <u>clause (i)</u> above, or (2) any loan agreement, mortgage, indenture or other

agreement relating to such item(s) of Indebtedness, in each case beyond any applicable grace or

cure period, if any, provided therefor, if the effect of such breach or default is to cause that

Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase

or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as

the case may be; or

(s)any security interest securing any obligation of a Loan Party under any

Transaction Document shall, in whole or in part, cease to be a first priority perfected security

interest (subject only to the Permitted Liens described in <u>clause (a)</u>, <u>(d)</u> or <u>(f)</u> of the definition of

"PermittedLiens")exceptasotherwiseexpresslypermittedtobereleasedinaccordancewiththe

applicable Transaction Document; or

(t)the existence of a Borrowing Base Deficiency which continues

unremedied (following written notice to the Borrower or the Borrower's actual knowledge

thereof)for **<u>(x)</u>**two(2)consecutiveBusinessDaysor(y)ifanEquityCureNoticewasdelivered

with respect to such event within the foregoing two (2) Business Day period, ten (10) Business

Days; or

(u)the Borrower shall become required to register as an "investment

company" within the meaning of the 1940 Act or the arrangements contemplated by the

Transaction Documents to which the Borrower is a party shall require registration as an

"investment company" within the meaning of the 1940 Act; or

(v)the IRS 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, 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, unless in each case, a reserve has been established therefor in accordance with

GAAP and such lien is being diligently contested in good faith by appropriate proceedings by

the Borrower (except to the extent that the amount secured by such lien exceeds $500,000 and

has not been cash-collateralized by a contribution from the Fund); or

(w)any representation, warranty or certification made by any Loan Party in

any Transaction Document or in any certificate or other writing delivered by such Loan Party

pursuanttoanyTransactionDocumentshallprovetohavebeenincorrectinanymaterialrespect

when made or deemed made (except for such representations and warranties as are qualified by

materiality, a Material Adverse Effect or any similar qualifier, which representations and

warranties shall be true in all respects) 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

Loan Party and (ii) the date on which such Loan Party acquires knowledge thereof; or

(x)any failure on the part of the Borrower to comply with the covenant set

forth in <u>Section 5.1(g)</u> with respect to the matters set forth in <u>Section 4.1(t)(xxvi)</u>.

Section 9.2<u>Remedies</u>.

(a)UpontheoccurrenceofanEventofDefault,theAdministrativeAgent

may, or, at the direction of the Required Lenders shall, by notice to the Borrower (with a copy to

the Collateral Custodian, it being agreed that the failure to give such notice shall not impair the

rightsoftheAdministrativeAgentortheLendershereunder),declare(i)theTerminationDateto

have occurred and the Notes and all other 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 Revolving Period End Date to have occurred; <u>provided</u> that in the case

ofanyeventinvolvingtheBorrowerdescribedin<u>Section</u><u>9.1(</u>h**i**),theNotesandallother

Obligations shall be immediately due and payable in full (without presentment, demand, notice

ofanykind,allofwhichareherebyexpressly,waivedbytheBorrower)andtheTermination

Date shall be deemed to have occurred automatically upon the occurrence of any such event.

The Administrative Agent shall forward a copy ofany notice delivered to the Borrower pursuant

to this <u>Section 9.2(a)</u> to the Lenders.

(b)On and after the declaration or occurrence of the Termination Date, the

Administrative Agent, for the benefit of the Secured Parties, shall have, in addition to all other

rights and remedies under this Agreement or otherwise, all other rights and remedies provided

under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be

cumulative.The Borrower and the Collateral Manager hereby agree that they will, at the

Borrower's expense and at the direction of the Administrative Agent, forthwith, (i) assemble all

or any part of the Loans as directed by the Administrative Agent and make the same available to

the Administrative Agent at a place to be designated by the Administrative Agent and (ii)

without notice except as specified below, sell the Loans or any part thereof upon such terms, in

such lots, to such buyers, and according to such other instructions as the Administrative Agent

may deem commercially reasonable; <u>provided</u> that, notwithstanding anything to the contrary set

forth herein, the Administrative Agent will not cause or direct the sale of any Loans or other

Collateral on and after the declaration or occurrence of the Termination Date unless either (i) the

Administrative Agent determines that the anticipated proceeds of a sale or liquidation of all or

anyportionoftheCollateral(afterdeductingthereasonableexpensesofsuchsaleorliquidation)

would be sufficient to discharge in full the Obligations (or in the case of a sale of less than all of

theCollateral,anamountsufficienttodischargetheamountoftheObligationsattributableto

suchportionoftheCollateral);or(ii)theRequiredLendersdirectsuchsaleandliquidation.The

Borrower agrees that, to the extent notice of sale shall be required by law, ten (10) days' notice

totheBorrowerofanysalehereundershallconstitutereasonablenotification.AllcashProceeds

received by the Administrative Agent 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 Collection Account and to be applied

pursuant to <u>Section 2.8</u>.The occurrence of a Termination Date as defined in <u>clauses (a)</u> through

<u>(b)</u>,inclusive,ofthedefinitionof"TerminationDate"shallconstituteaTerminationDateforthe

purposes of this <u>Section 9.2</u>.

**ARTICLE X** 

**INDEMNIFICATION**

Section 10.1<u>Indemnities</u><u>by</u><u>the</u> <u>Borrower</u>.

(a)Without limiting any other rights that any such Person may have

hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the

AdministrativeAgent,theCollateralCustodian,theSecuritiesIntermediary,theSecuredParties,

the Lenders and each of their respective successors, assigns and directors, officers, employees,

agents and advisors (collectively, the "<u>Indemnified Parties</u>"), forthwith on demand, from and

against any and all damages, losses, claims (whether brought by or involving the Borrower or

any other third party), liabilities and related costs and expenses, including reasonable attorneys'

fees and disbursements (all of the foregoing being collectively referred to as the "<u>Indemnified</u>

<u>Amounts</u>") awarded against or incurred by such Indemnified Party and other non-monetary

damages of any such Indemnified Party or any of them arising out of or as a result of this

Agreement (including enforcement of the indemnification obligations hereunder) 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 as determined by a court of competent

jurisdiction in a final non-appealable judgment.

(b)Anyamountssubjecttotheindemnificationprovisionsofthis<u>Section</u>

<u>10.1</u>shallbepaidbytheBorrowertotheIndemnifiedPartyonthePaymentDatefollowingsuch

Person's demand therefor, accompanied by a reasonably detailed description in writing of the

related damage, loss, claim, liability and related costs and expenses.

(c)If for any reason the indemnification provided above in this <u>Section 10.1</u>

is unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless,

then the Borrower shall contribute to the amount paid or payable by such Indemnified Party as a

result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not

only the relative benefits received by such Indemnified Party on the one hand and the Borrower

on the other hand but also the relative fault of such Indemnified Party as well as any other

relevant equitable considerations; <u>provided</u> that the Borrower shall not be required to contribute

in respect of any Indemnified Amounts excluded in <u>Section 10.1(a)</u>.

(d)The obligations of the Borrower under this <u>Section 10.1</u> shall survive the

resignation or removal of the Administrative Agent, the Collateral Manager, the Collateral

Custodian or the Securities Intermediary and the termination of this Agreement.

Section 10.2<u>Indemnities</u><u>by the</u><u>Collateral</u> <u>Manager</u>.

(a)Without limiting any other rights that any such Person may have

hereunder or under Applicable Law, the Collateral Manager hereby agrees to indemnify each

Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts

(except to the extent resulting from gross negligence or willful misconduct on the part of such

Indemnified Party as determined by a court of competent jurisdiction in a final non-appealable

judgment)awardedagainstorincurredbyanysuchIndemnifiedPartybyreasonoftheCollateral

Manager's gross negligence or willful misconduct in the performance or failure to perform any

of its obligations under this Agreement, as determined by a court of competent jurisdiction in a

final non-appealable judgment.The provisions of this indemnity shall run directly to and be

enforceable by an injured party subject to the limitations hereof.

(b)Anyamountssubjecttotheindemnificationprovisionsofthis<u>Section</u>

<u>10.2</u>shall be paid by the Collateral Manager to the Indemnified Party within ten (10) Business

Days following such Person's demand therefor.

(c)TheCollateralManagershallhavenoliabilityformakingindemnification

hereunder to the extent any such indemnification constitutes recourse for uncollectible or

uncollected Loans.

(d)The obligations of the Collateral Manager under this <u>Section 10.2</u> shall

survive the resignation or removal of the Administrative Agent or the Collateral Custodian and

the termination of this Agreement.

(e)Any indemnification pursuant to this <u>Section 10.2</u> shall not be payable

from the Collateral.

Section 10.3<u>Taxes</u>.

<u>Section</u><u>10.1</u>and<u>Section</u><u>10.2</u>shallnotapplywithrespecttoTaxesotherthanany

Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

**ARTICLE XI**

**THEADMINISTRATIVEAGENT**

Section 11.1<u>Appointment</u>.

Each Secured Party hereby appoints and authorizes the Administrative Agent as

itsagentandbaileeforpurposesofperfectionpursuanttotheapplicableUCCandherebyfurther

authorizes the Administrative Agent to appoint additional agents and bailees (including the

CollateralCustodian) 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 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

delegatedtotheAdministrativeAgenthereunder,theAdministrativeAgentshallnotberequired

totakeanysuchincidentalactionhereunder,butshallberequiredtoactortorefrainfromacting

(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.

The Administrative Agent shall also act as the "collateral agent" under the

Transaction Documents, and each of the Lenders hereby irrevocably appoints and authorizes the

Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and

enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the

Obligations, together with such powers and discretion as are reasonably incidental thereto.In

this connection, the Administrative Agent, as "collateral agent" and any co-agents, sub-agents

and attorneys-in-fact appointed by the Administrative Agent pursuant to this <u>Article XI</u> for

purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted

under the Transaction Documents, or for exercising any rights and remedies thereunder at the

direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this

<u>Article XI</u> and <u>Articles X</u> and <u>XII</u> (as though such co-agents, sub-agents and attorneys-in-fact

were the "collateral agent" under the Transaction Documents) as if set forth in full herein with

respect thereto.

Section 11.2<u>Standard of Care; Exculpatory</u> <u>Provisions</u>.

(a)The Administrative Agent shall exercise such rights and powers vested in

it by this Agreement and the other Transaction Documents, and use the same degree of care and

skill in their exercise as a prudent person would exercise or use under the circumstances in the

conduct of such person's own affairs.

(b)The Administrative Agent shall not have any duties or obligations except

those expressly set forth herein and in the other Transaction Documents.Without limiting the

generality of the foregoing, the Administrative Agent:

(i)shall not be subject to any fiduciary or other implied duties, regardless of

whether a Default has occurred and is continuing;

(ii)shall not have any duty to take any discretionary action or exercise any

discretionary powers, except discretionary rights and powers expressly contemplated

hereby or by the other Transaction Documents that the Administrative Agent is required

to exercise as directed in writing by the Required Lenders (or such other number or

percentage of the Lenders as shall be expressly provided for herein or in the other

Transaction Documents), <u>provided</u> that the Administrative Agent shall not be required to

take any action that, in its opinion or the opinion of its counsel, may expose the

Administrative Agent to liability or that is contrary to any Transaction Document or

Applicable Law; and

(iii)shall not, except as expressly set forth herein and in the other Transaction

Documents, have any duty to disclose, and shall not be liable for the failure to disclose,

any information relating to the Borrower or any of its Affiliates that is communicated to

or obtained by the Person serving as the Administrative Agent or any of its Affiliates in

any capacity.

(c)The Administrative Agent shall not be liable for any action taken or not

taken by it (i) with the consent or at the request of the Required Lenders (or such other number

or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe

in good faith shall be necessary) or (ii) in the absence of its own gross negligence or willful

misconductasdeterminedbyacourtofcompetentjurisdictionbyfinalnonappealablejudgment.

The Administrative Agent shall be deemed not to have knowledge of any Default unless and

until notice describing such Default is given to the Administrative Agent by the Collateral

Manager, the Borrower or a Lender.

(d)The Administrative Agent shall not be responsible for or have any duty to

ascertain or inquire into (i) any statement, warranty or representation made in or in connection

with this Agreement or any other Transaction Document, (ii) the contents of any certificate,

report or other document delivered hereunder or thereunder or in connection herewith or

therewith,(iii)theperformanceorobservanceofanyofthecovenants,agreementsorotherterms

or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,

enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document

or any other agreement, instrument or document or (v) the satisfaction of any condition set forth

in <u>Article III</u> or elsewhere herein, other than to confirm receipt of items expressly required to be

delivered to the Administrative Agent.

Section 11.3<u>The</u><u>Administrative</u><u>Agent's</u><u>Reliance,</u> <u>Etc.</u>

Neither the Administrative Agent nor any ofits Related Parties shall be liable for

anyactiontakenoromittedtobetakenbyitorthemastheAdministrativeAgentunderorin

connection with this Agreement or any of the other Transaction Documents, except for its or

their own respective gross negligence or willful misconduct.Without limiting the foregoing, the

Administrative Agent:(i) may consult with legal counsel (including counsel for any Loan

Party), 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

performanceorobservanceofanyoftheterms,covenantsorconditionsofthisAgreementorany

of the other Transaction Documents on the part of any Loan Party or to inspect the property

(including the books and records) of any Loan Party; (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; (v) may rely upon and 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, or upon

any statement made to it orally or by telephone and believed by it to have been made by the

properPerson.IndeterminingcompliancewithanyconditionhereundertothemakingofaLoan

Advance, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative

Agent may presume that such condition is satisfactory to such Lender unless the Administrative

Agent shall have received notice to the contrary from such Lender prior to the making of such

Loan Advance.

Section 11.4<u>Credit</u><u>Decision with Respect</u><u>to the Administrative</u> <u>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</u><u>of</u><u>the</u><u>Administrative</u><u>Agent</u>.

Each Lender agrees to indemnify the Administrative Agent (to the extent not

reimbursed by the Borrower or the Collateral Manager), 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

oromittedbytheAdministrativeAgenthereunderorthereunder;<u>provided</u>that,theLendersshall

not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions,

judgments,suits,costs,expensesordisbursementsresultingfromtheAdministrativeAgent's

gross negligence or willful misconduct.The payment of amounts under this <u>Section 11.5</u> shall

be on an after-Tax basis.Without limitation of the foregoing, each Lender agrees to reimburse

the Administrative Agent, ratably in accordance with its Pro Rata Share promptly upon demand

for any out-of-pocket expenses (including counsel fees) 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 Collateral Manager.

Section11.6<u>The</u><u>Successor Administrative</u> <u>Agent</u>.

TheAdministrativeAgentmayresignastheAdministrativeAgentuponthirty

(30) days' notice to the Lenders.If the Administrative Agent resigns under this Agreement, the

RequiredLendersshallappointfromamongtheLendersasuccessoradministrativeagentforthe

Lenders, with the approval of the Borrower at all times other than during the existence of a

Default or an Event of Default (which approval of the Borrower shall not be unreasonably

withheld, conditioned or delayed).Upon the acceptance of its appointment as the successor

administrative agent hereunder, the Person acting as such successor administrative agent shall

succeed to all the rights, powers and duties of the retiring Administrative Agent and the term

"Administrative Agent" means such successor administrative agent and the retiring

Administrative Agent's appointment, powers and duties as the Administrative Agent shall be

terminated.After any retiring Administrative Agent's resignation or removal hereunder as the

Administrative Agent, the provisions of this <u>Article XI</u> and <u>Sections 12.9</u> and <u>12.11</u> shall

continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was

the Administrative Agent under this Agreement. Any resignation by Ally Bank as

Administrative Agent shall also constitute its resignation as Swingline Lender unless otherwise

expressly provided in writing by Ally Bank.If Ally Bank resigns as Swingline Lender, it shall

retain all the rights of the Swingline Lender provided for hereunder with respect to any

Swingline Advance made by it and outstanding as of the effective date of such resignation,

including the right to require the Lenders to make Advances or fund risk participations in

Swingline Advances that are outstanding as of the effective date of such resignation (but not

after such date) pursuant to <u>Section</u><u>2.2(g)</u>.Upon the appointment by theLendersofasuccessor

Swingline Lender hereunder (which successor shall in all cases be a Lender other than a

Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights,

powers, privileges and duties of the retiring Swingline Lender and (ii) the retiring Swingline

Lender shall be discharged from all of its duties and obligations hereunder or under the other

Transaction Documents.

Section 11.7<u>Delegation of</u> <u>Duties</u>.

The Administrative Agent may perform any and all of its duties and exercise its

rights and powers hereunder or under any other Transaction Document by or through any one or

more sub-agents appointed by the Administrative Agent.The Administrative Agent and any

such sub-agent may perform any and all of its duties and exercise its rights and powers by or

throughtheirrespectiveRelatedParties.TheexculpatoryprovisionsofthisArticleshallapply

toanysuchsub-agentandtotheRelatedPartiesoftheAdministrativeAgentandanysuch

sub-agent, and shall apply to their respective activities in connection with the syndication of the

credit facility as well as activities as the Administrative Agent.

Section 11.8<u>Payments</u><u>by</u><u>the</u><u>Administrative</u><u>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

AdministrativeAgent,unlesssuchamountsarereceivedafter12:00noon(NewYorkCityTime)

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.The Administrative Agent

shall pay amounts owing to each Lender in accordance with the written instructions delivered by

each such Lender to the Administrative Agent.

Section 11.9<u>Collateral</u> <u>Matters</u>.

Each of the Lenders irrevocably authorize the Administrative Agent, at its option

and in its discretion:

(a)to release any Lien on any Collateral granted to or held by the

Administrative Agent, for the ratable benefit of the Secured Parties, under any Transaction

Document (i) upon the termination of the Commitment and payment in full of all Obligations

(other than contingent indemnification obligations), (ii) that is sold or to be sold as part of or in

connection with any sale permitted hereunder or under any other Transaction Document or (iii)

if approved, authorized or ratified in writing in accordance with <u>Section 12.1</u>; and

(b)to subordinate or release any Lien on any Collateral granted to or held by

the Administrative Agent under any Transaction Document to the holder of any other Lien on

the Collateral.

UponrequestbytheAdministrativeAgentatanytime,theRequiredLenderswill

confirm in writing the Administrative Agent's authority to release or subordinate its interest in

particular types or items of property pursuant to this <u>Section 11.9</u>.In each case as specified in

this <u>Section 11.9</u>, the Administrative Agent will, at the Borrower's expense, execute and deliver

to the applicable Loan Party such documents as such Loan Party may reasonably request to

evidence the release of such itemof Collateral fromthe assignment and security interest granted

under the Transaction Documents or to subordinate its interest in such item, in each case in

accordance with the terms of the Transaction Documents and this <u>Section 11.9</u>.

Section 11.10<u>Erroneous</u> <u>Payments</u>.

(a)IftheAdministrativeAgent(x)notifiesaLenderorSecuredParty,orany

Person who has received funds on behalf of a Lender or Secured Party (any such Lender,

SecuredPartyorotherrecipient(andeachoftheirrespectivesuccessorsandassigns),a

"<u>Payment Recipient</u>") that the Administrative Agent has determined in its sole discretion

(whether or not after receipt of any notice under immediately succeeding <u>clause (b)</u>) that any

funds (as set forth in such notice from the Administrative Agent) received by such Payment

Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly

transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient

(whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf)

(any such funds, whether transmitted or received as a payment, prepayment or repayment of

principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous</u>

<u>Payment</u>") and (y) demands in writing the return of such Erroneous Payment (or a portion

thereof), such Erroneous Payment shall at all times remain the property of the Administrative

Agent pending its return or repayment as contemplated below in this <u>Section 11.10</u> and held in

trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or,

with respect to any Payment Recipient who received such funds on its behalf, shall cause such

Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter (or

such later date as the Administrative Agent may, in its sole discretion, specify in writing), return

to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as

towhichsuchademandwasmade,insamedayfunds(inthecurrencysoreceived)togetherwith

interest thereon (except to the extent waived in writing by the Administrative Agent) in respect

of each day from and including the date such Erroneous Payment (or portion thereof) was

received by such Payment Recipient to the date such amount is repaid to the Administrative

Agent in same day funds 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.A notice of the Administrative Agent to any Payment Recipient

under this <u>clause (a)</u> shall be conclusive, absent manifest error.

(b)Without limiting the immediately preceding <u>clause (a)</u>, each Lender or

Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party

(and each of their respective successors and assigns) hereby further agrees that if it receives a

payment, prepayment or repayment (whether received as a payment, prepayment or repayment

ofprincipal,interest,fees,distributionorotherwise)fromtheAdministrativeAgent(oranyofits

Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this

Agreement or in a notice of payment, prepayment or repayment sent by 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), or(z) that such Lender or Secured Party, or other

such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in

whole or in part), then in each such case:

(i)it acknowledges and agrees that (A) in the case of immediately preceding

<u>clauses (x)</u> or <u>(y)</u>, an error and mistake shall be presumed to have been made (absent

written confirmation from the Administrative Agent to the contrary) or (B) an error and

mistake has been made (in the case of immediately preceding <u>clause (z)</u>), in each case,

with respect to such payment, prepayment or repayment; and

(ii)such Lender or Secured Party shall (and shall cause any other recipient

thatreceivesfundsonitsrespectivebehalfto)promptly(and,inallevents,withinone(1)

Business Day of its knowledge of the occurrence of any of the circumstances described

in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its

receipt of such payment, prepayment or repayment, the details thereof (in reasonable

detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section</u>

<u>11.10(b)</u>.Fortheavoidanceofdoubt,thefailuretodeliveranoticetotheAdministrative

Agent pursuant to this <u>Section 11.10(b)</u> shall not have any effect on a Payment

Recipient's obligations pursuant to <u>Section 11.10(a)</u> or on whether or not an Erroneous

Payment has been made.

(c)EachLenderandeachSecuredPartyherebyauthorizestheAdministrative

Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured

Party under any Transaction Document, or otherwise payable or distributable by the

Administrative Agent to such Lender or Secured Party under any Transaction Document with

respect to any payment of principal, interest, fees or other amounts, against any amount that the

Administrative Agent has demanded to be returned under immediately preceding <u>clause (a)</u>.

(d)(i)IntheeventthatanErroneousPayment(orportionthereof)isnot

recovered by the Administrative Agent for any reason, after demand therefor in accordance with

immediately preceding <u>clause (a)</u>, from any Lender that has received such Erroneous Payment

(or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment

(or portion thereof) on its respective behalf) (such unrecovered amount, an "<u>Erroneous Payment</u>

<u>Return Deficiency</u>"), upon the Administrative Agent's notice to such Lender at any time, then

effectiveimmediately(withtheconsiderationthereforbeingacknowledgedbytheparties

hereto),(A)suchLendershallbedeemedtohaveassigneditsLoanAdvances(butnotits

Commitments) of the relevant class with respect to which such Erroneous Payment was made

(the "<u>Erroneous Payment Impacted Class</u>") in an amount equal to the Erroneous Payment Return

Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of

theLoanAdvances(butnotCommitments)oftheErroneousPaymentImpactedClass,the

"<u>Erroneous Payment Deficiency Assignment</u>") (on a cashless basis and such calculated at par

plus any accrued and unpaid interest (with the assignment fee set forth in <u>Section 12.16(a)(5)</u> to

be deemed waived by the Administrative Agent in such instance)), and is hereby (together with

the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent

applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to

aPlatform astowhichtheAdministrativeAgent and such parties are participants) with respect

tosuchErroneousPaymentDeficiencyAssignment,andsuchLendershalldeliveranyNotes

evidencing such Loan Advances to the Borrower or the Administrative Agent (but the failure of

suchPersontodeliveranysuchNotesshallnotaffecttheeffectivenessoftheforegoing

assignment),(B)theAdministrativeAgentastheassigneeLendershallbedeemedtohave

acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the

Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to

such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a

Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding,

fortheavoidanceofdoubt,itsobligationsundertheindemnificationprovisionsofthis

Agreement and its applicable Commitments which shall survive as to such assigning Lender (D)

the Administrative Agent and the Borrower shall each be deemed to have waived any consents

required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E)

the Administrative Agent will reflect in the Register its ownership interest in the Loan Advances

subjecttotheErroneousPaymentDeficiencyAssignment.Fortheavoidanceofdoubt,no

ErroneousPaymentDeficiencyAssignmentwillreducetheCommitmentsofanyLenderand

such Commitments shall remain available in accordance with the terms of this Agreement.

(ii)Subject to <u>Section 12.16</u> (but excluding, in all events, any assignment

consent or approval requirements (whether from the Borrower or otherwise)), the

AdministrativeAgentmay,initsdiscretion,sellanyLoanAdvancesacquiredpursuantto

an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such

sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be

reduced by the net proceeds of the sale of such Loan Advance (or portion thereof), and

the Administrative Agent shall retain all other rights, remedies and claims against such

Lender (and/or against any recipient that receives funds on its respective behalf).In

addition, an Erroneous Payment Return Deficiency owing by the applicable Lender (x)

shall be reduced by the proceeds of prepayments or repayments of principal and interest,

receivedbytheAdministrativeAgentonorwithrespecttoanysuchLoansacquiredfrom

suchLenderpursuanttoanErroneousPaymentDeficiencyAssignment(totheextentthat

any such Loans are then owned by the Administrative Agent) and (y) in the sole

discretion of the Administrative Agent be reduced by any amount specified by the

Administrative Agent in writing to the applicable Lender from time to time.

(e)The parties hereto agree that (x) irrespective of whether the

Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or

portion thereof) is not recovered from any Payment Recipient that has received such Erroneous

Payment (or portion thereof) for any reasons, the Administrative Agent shall be subrogated to all

the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient

whohasreceivedfundsonbehalfofaLenderorSecuredParty,totherightsandinterestsofsuch

Lender or Secured Party, as the case may be) under the Transaction Documents with respect to

such amount (the "<u>Erroneous Payment Subrogation Rights</u>") (<u>provided</u> that the Loan Parties'

Obligations under the Transaction Documents in respect of the Erroneous Payment Subrogation

Rights shall not be duplicative of such Obligations in respect of Loan Advances that have been

assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and

(y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any

Obligations owed by the Borrower or any other Loan Party; provided that this Section 11.10

shall not be interpreted to increase (or accelerate the due date for), or have the effect of

increasing (or accelerating the due date for), the Obligations of the Borrower relative to the

amount (and/or timing for payment) of the Obligations that would have been payable had such

Erroneous Payment not been made by the Administrative Agent; <u>provided</u>, <u>further</u>, that for the

avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any

such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment

that is, comprised of funds received by the Administrative Agent from the Borrower or any

Account for the purpose of making such Erroneous Payment.

(f)To the extent permitted by applicable law**<u>Applicable Law</u>**, no Payment

Recipient shall assert any right or claim to an Erroneous Payment, and each Payment Recipient

hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or

recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for

the return of any Erroneous Payment received, including without limitation, any defense based

on "discharge for value" or any similar doctrine.

(g)Each party's obligations, agreements and waivers under this <u>Section 11.10</u>

shallsurvivetheresignationorreplacementoftheAdministrativeAgent,anytransferofrightsor

obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the

repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any

Transaction Document.

**ARTICLE XII** 

**MISCELLANEOUS**

Section 12.1<u>Amendments</u><u>and</u> <u>Waivers</u>.

Except as provided in this <u>Section 12.1</u>, no amendment, waiver or other

modificationofanyprovisionofthisAgreementshallbeeffectivewithoutthewrittenagreement

of the Borrower, the Administrative Agent and the Required Lenders; <u>provided</u>, that no

amendment, waiver or consent shall:

(a)increasetheCommitmentofanyLenderorthemaximumamountofLoan

Advances required to be funded by any Lender, in any case, without the written consent of such

Lender;

(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 Commitments hereunder or under any other Transaction Document (including as a result of

any modification to the definition of "Revolving Period" or "Scheduled Revolving Period End

Date") without the written consent of each Lender directly and adversely affected thereby;

(c)reduce the principal of, or the rate of interest specified herein on, any

LoanAdvanceorObligation,oranyfeesorotheramountspayablehereunderorunderanyother

Transaction Document without the written consent of each Lender directly and adversely

affected thereby;

(d)change <u>Section 2.7</u>, <u>2.8</u> or any related definitions or provisions in a

manner that would alter the order of application of proceeds or would alter the *pro rata* sharing

of payments required thereby, in each case, without the written consent of each Lender directly

and adversely affected thereby;

(e)changeanyprovisionofthisSectionorreducethepercentagesspecifiedin

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;

(f)consent to the assignment or transfer by any Loan Party of such Loan

Party'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;

(g)make any modification to the definition of (i) "Borrowing Base",

"Availability", "Advance Rate", "Adjusted Borrowing Value", "Dollar Equivalent" or "Excess

Concentration Amount", in each case, which would have a material adverse effect on the

calculation of the Borrowing Base or the Availability or (ii) "Eligible Loan" in a manner that

would reduce or make less restrictive the requirements for a Loan to be an Eligible Loan, in

either case without the written consent of each Lender;

(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;

(i)provide for any additional duties or obligations to be performed by the

Collateral Custodian or modify the rights of the Collateral Custodian hereunder in any manner

materially adverse to the Collateral Custodian without the written consent of the Collateral

Custodian; or

(j)provide for any additional duties or obligations to be performed by the

Collateral Manager or modify the rights of the Collateral Manager hereunder in any manner

materially adverse to the Collateral Manager without the written consent of the Collateral

Manager;

<u>provided</u> further, that (i) any amendment of the Agreement that is solely for the

purpose of adding a Lender or waiving, extending or postponing any fee to the Administrative

Agent may be effected without the written consent of any Lender and, at any time that an Event

of Default has occurred and is continuing, the Borrower, (ii) no such amendment, waiver or

modification materially adversely affecting the rights or obligations of the Collateral Custodian

shall be effective without the written agreement of such Person, (iii) no amendment, waiver or

modification shall, unless in writing and signed by the Administrative Agent, affect the rights or

dutiesoftheAdministrativeAgentunderthisAgreementoranyotherTransactionDocument,

(iv)no such amendment, waiver or modification materially adversely affecting the rights or

obligations of the Swingline Lender or duties of the Swingline Lender under this Agreement or

anyother Transaction Documentshall be effectivewithout the writtenagreement of such Person,

(v)anyamendmentoftheAgreementthataLenderisadvisedbyitslegalorfinancialadvisorsto

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 the Borrower or any

other Lender and (vi) the Administrative Agent 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 and the Borrower shall have jointly identified a facial error or any error or

omission of a technical or immaterial nature in any such provision.Notwithstanding anything to

thecontraryherein,noDefaultingLendershallhaveanyrighttoapproveordisapproveany

amendment, waiver or consent hereunder, except that the Commitment of such Lender may not

be increased or extended without the consent of such Lender.

Section 12.2<u>Notices,</u><u>Etc.</u>

(a)Except in the case of notices and other communications expressly

permitted to be given by telephone (and subject to <u>Section 12.2(b)</u> below), all notices and other

communications provided for herein shall be in writing and shall be delivered by hand or

overnight courier service, mailed by certified or registered mail or sent by electronic

communication, as follows:

(i)if to the Borrower, the Collateral Manager, Ally Bank, or the Collateral

Custodian, as set forth on <u>Annex A</u>;

(ii)ifto the Administrative Agent, to AllyBank, as set forth on <u>Annex</u> <u>A</u>;

(iii)if to any other Lender, to it at itsaddress (or telecopy number) set forth in

its Administrative Questionnaire.

(b)Notices and other communications to the Lenders hereunder may be

delivered or furnished by electronic communication (including e-mail and internet or intranet

websites) pursuant to procedures approved by the Administrative Agent; <u>provided</u> that, the

foregoing shall not apply to notices to any Lender pursuant to <u>Article II</u> if such Lender has

notified the Administrative Agent that it is incapable of receiving notices under such Article by

electronic communication.The Administrative Agent or the Borrower may, in its discretion,

agree to accept notices and other communications to it hereunder by electronic communications

pursuant to procedures approved by it; <u>provided</u> that, approval of such procedures may be

limited to particular notices or communications.Unless the Administrative Agent otherwise

prescribes, (i) notices and other communications sent to an e-mail address shall be deemed

received upon the sender's receipt of an acknowledgement from the intended recipient (such as

by the "return receipt requested" function, as available, return e-mail or other written

acknowledgement); <u>provided</u> that, if such notice or other communication is not sent during the

normal business hours of the recipient, such notice or communication shall be deemed to have

been sent at the opening of business on the next Business Day for the recipient, and (ii) notices

or communications posted to an internet or intranet website shall be deemed received upon the

deemed receipt by the intended recipient at its e-mail address as described in the foregoing

<u>clause (i)</u> of notification that such notice or communication is available and identifying the

website address therefor.

(c)The Borrower agrees that the Administrative Agent may, but shall not be

obligated to, make Syndicate Communications available to the Lenders by posting such

Syndicate Communications on the Platform.The Platform is provided by the Administrative

Agent"asis"and"asavailable".TheAgentParties(definedbelow)donotwarranttheaccuracy

orcompletenessoftheSyndicateCommunicationsortheadequacyofthePlatformandexpressly

disclaim liability for errors or omissions in the Syndicate Communications.No warranty of any

kind, express, implied or statutory, including any warranty of merchantability, fitness for a

particular purpose, non-infringement of third-party rights or freedom from viruses or other code

defects, is made by any Agent Party in connection with the Syndicate Communications or the

Platform.In no event shall the Administrative Agent or any of its Affiliates (collectively, the

"<u>Agent Parties</u>") have any liability to the Borrower, any Lenders or any other Person for losses,

claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)

arising out of the Borrower's or any Agent Party's transmission or posting of Obligor materials

throughthePlatformorviaemail,excepttotheextentsuchlosses,claims,damages,liabilitiesor

expenses are determined by a court of competent jurisdiction by a final and non-appealable

judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;

<u>provided</u>,however,thatinnoeventshallanyAgentPartyhaveanyliabilitytotheBorrower,any

Lender or any other Person for indirect, incidental, consequential or punitive damages (as

opposed to direct or actual damages).

(d)Notwithstanding the foregoing, the Borrower hereby acknowledges that

certain of the Lenders (each, a "<u>Public Lender</u>") may have personnel who do not wish to receive

material non-public information with respect to the Borrower or its Affiliates, or the respective

securitiesofanyoftheforegoing,andwhomaybeengagedininvestmentandother

market-related activities with respect to such Person's securities.The Borrower hereby agrees

that (i) all Syndicate Communications that are to be made available to Public Lenders shall be

clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word

"PUBLIC" shall appear prominently on the first page thereof; (ii) by marking Syndicate

Communications "PUBLIC", the Borrower shall be deemed to authorize the Administrative

Agent and the Lenders to treat such Syndicate Communications as not containing any material

non-public information with respect to the Borrower or any Affiliate thereof or their respective

securities for purposes of United States Federal and state securities laws; (iii) all Syndicate

Communications marked "PUBLIC" are permitted to be made available through the Platform;

and (iv) the Administrative Agent shall be entitled to treat any Syndicate Communications that

are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform

designated as "Non-Public Information".

Section 12.3<u>Ratable</u> <u>Payments</u>.

IfanySecuredParty,whetherbysetofforotherwise,haspaymentmadetoitwith

respect to any portion of the Obligations owing to such Secured Party (other than payments

received pursuant to <u>Section 10.1</u>) in a greater proportion than that received by any other

Secured Party, such Secured Party agrees, promptly upon demand, to purchase for cash without

recourse or warranty a portion of the Obligations held by the other Secured Parties so that after

such purchase each Secured Party will hold its ratable proportion of the Obligations; <u>provided</u>

that if all or any portion of such excess amount is thereafter recovered from such Secured Party,

such purchase shall be rescinded and the purchase price restored to the extent of such recovery,

but without interest.

Section 12.4<u>No</u><u>Waiver;</u><u>Remedies</u>.

No failure on the part of the Administrative Agent, the Collateral Custodian 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

hereunderprecludeanyotherorfurtherexercisethereofortheexerciseofanyotherright.The

rightsandremedieshereinprovidedarecumulativeandnotexclusiveofanyrightsandremedies

provided by law.

Section 12.5<u>Binding Effect; Benefit of</u> <u>Agreement</u>.

This Agreement shall be binding upon and inure to the benefit of the Loan

Parties, the Administrative Agent, the Collateral Custodian, the Secured Parties and their

respective successors and permitted assigns.Each Indemnified Party and each Indemnified

Party shall be an express third party beneficiary of this Agreement.

Section 12.6<u>Term</u><u>of this</u> <u>Agreement</u>.

ThisAgreement,includingtheBorrower'srepresentationsandcovenantssetforth

in <u>Articles IV</u> and <u>V</u>, and the Collateral Manager's representations, covenants and duties set

forth in <u>Articles IV</u> and <u>V</u>, create and constitute 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 or the Collateral Manager

pursuant to <u>Articles IV</u> and <u>V</u>, the provisions, including the indemnification and payment

provisions, of <u>Article X</u>, <u>Section 2.13</u>, <u>Section 12.9</u>, <u>Section 12.10</u> and <u>Section 12.11</u>, shall be

continuing and shall survive any termination of this Agreement.

Section 12.7<u>Governing Law; Jury</u> <u>Waiver</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.EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT

PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT

OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN

CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS

CONTEMPLATED HEREUNDER.

Section 12.8<u>Consent to Jurisdiction;</u> <u>Waivers</u>.

Each of the Borrower, the Collateral Manager, the Lenders, the Collateral

Custodian and the Administrative Agent hereby irrevocably and unconditionally:

(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 sitting in New York City, the courts of the

United States of America for the Southern District of New York, and appellate courts from any

thereof;

(b)consentsthatanysuchactionorproceedingmaybebroughtinsuchcourts

andwaivesanyobjectionthatitmaynoworhereafterhavetothevenueofanysuchactionor

proceeding in any such court or that such action or proceeding was brought in an inconvenient

forum and agrees not to plead or claim the same;

(c)agrees that service of process (other than with respect to the Collateral

Custodian) 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 its

address as provided in <u>Section 12.2</u>;

(d)agrees that nothing herein shall affecttherighttoeffectserviceofprocess

in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

(e)waives, to the maximum extent not prohibited by law, any right it may

have to claim or recover in any legal action or proceeding referred to in this <u>Section 12.8</u> any

special, exemplary, punitive or consequential damages.

Section 12.9<u>Costs and</u> <u>Expenses</u>.

(a)In addition to the rights of indemnification granted to the Indemnified

Parties under <u>Article X</u> hereof, the Borrower agrees to pay on demand all reasonable and

documented out-of-pocket costs and expenses of the Administrative Agent (and any Affiliates

thereof), including in its capacity as Lender, the Collateral Custodian, the Securities

Intermediary and the Secured Parties incurred in connection with the preparation, execution,

delivery, administration (including periodic auditing and reporting), 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 the reasonable

and documentedfees and out-of-pocket expenses of one external counsel per applicable

jurisdiction for each of (i) the Administrative Agent and the Lenders (taken as a whole) and (ii)

the Collateral Custodian, the Securities Intermediary with respect thereto and with respect to

advising the Administrative Agent, the Collateral Custodian, the Securities Intermediary 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 costs and

expenses, if any (including reasonable and documented out-of-pocket external counsel fees and

expenses), incurred by the Administrative Agent, the Lenders, the Collateral Custodian, the

Securities Intermediary or the 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.

(b)Subjecttothelimitationshereinwithrespecttoauditsandinspections,the

Borrower shall pay on the Payment Date following receipt of a request therefor, all other

reasonable and documented out-of-pocket costs and expenses that have been invoiced at least

five (5) Business Days prior to such Payment Date and incurred by the Administrative Agent, in

each case in connection with periodic audits of the Loan Parties' books and records, the

Collateral, the Underlying Instruments, and the information contained in the Borrowing Base

Certificates and Payment Date Reports.

Section 12.10<u>No</u> <u>Proceedings</u>.

(a)Each of the parties hereto (other than the Administrative Agent) hereby

agrees that it will not institute against, or join any other Person in instituting against, the

Borrower any Insolvency Proceeding so long as there shall not have elapsed one (1)year and

one(1)day(orsuchlongerpreferenceperiodandone(1)dayasshallthenbeineffect)sincethe

end of the Covenant Compliance Period.The provisions of this <u>Section 12.10</u> are a material

inducement for the Secured Parties to enter into this Agreement and the transactions

contemplated hereby and are an essential term hereof.The parties hereby agree that monetary

damages are not adequate for a breach of the provisions of this <u>Section 12.10</u> and the

Administrative Agent may seek and obtain specific performance of such provisions (including

injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement,

winding up, insolvency, moratorium, winding up or liquidation proceedings, or other

proceedings under U.S. federal or state bankruptcy or similar laws of any jurisdiction.

(b)Theprovisionsofthis<u>Section</u><u>12.10</u>shallsurvivetheterminationhereof.

Section 12.11<u>Recourse Against Certain Parties</u>.

(a)No recourse under or with respect to any obligation, covenant or

agreement (including the payment of any fees or any other obligations) of the Administrative

Agent, any **<u>other</u>**Secured Party, or any Loan Party 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, member, officer, partner, employee,

administrator, partner, organizer or director of the Administrative Agent, any **<u>other</u>**Secured

Party, or any Loan Party 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 **<u>other</u>**Secured Party, or any Loan Party

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

obligationsoftheAdministrativeAgent,any**<u>other</u>**SecuredParty,oranyLoanParty,andthatno

personal liability whatsoever shall attach to or be incurred by the Administrative Agent, any

**<u>other</u>**Secured Party, any Loan Party or any incorporator, stockholder, affiliate, officer, partner,

employee or director of the Administrative Agent, any **<u>other</u>**Secured Party, or any Loan Party

under or by reason of any of the obligations, covenants or agreements of the Administrative

Agent, any **<u>other</u>**Secured Party, or any Loan Party 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 **<u>other</u>** Secured Party, or any Loan Party and

each incorporator, stockholder, affiliate, officer, partner, employee administrator, partner,

organizerordirectoroftheAdministrativeAgent,any **<u>other</u>**SecuredPartyoranyLoanParty,or

any of them, for breaches by the Administrative Agent, any **<u>other</u>** Secured Party, or any Loan

Party 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

haveagainstanyincorporator,affiliate,stockholder,officer,employeeordirectorofanyLoan

Party to the extent of any fraud, misappropriation, embezzlement or any other financial crime

constituting a felony by such Person.

(b)Notwithstanding any contrary provision set forth herein, no claim may be

made by any Loan Party 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,consequentialorpunitivedamagesinrespecttoanyclaimforbreachofcontract

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 Loan

Party 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.

(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.

(d)Theprovisionsofthis<u>Section</u><u>12.11</u>shallsurvivetheterminationofthis

Agreement.

Section 12.12<u>Protection</u><u>of</u><u>Right,</u><u>Title</u><u>and</u><u>Interest</u><u>in</u><u>the</u><u>Collateral;</u><u>Further</u>

<u>Action Evidencing Loan</u> <u>Advances</u>.

(a)The Borrower shall cause this Agreement, all amendments hereto and/or

all financing statements and continuation statements and any other necessary documents

coveringtheright,titleandinterestoftheAdministrativeAgent,asagentfortheSecuredParties,

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 to fully 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 Collateral Manager in connection with the obligations

set forth above and will execute any and all documents reasonably required to fulfill the intent of

this <u>Section 12.12(a)</u>.

(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.

(c)If the Borrower or the Collateral Manager 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)toexecuteonbehalfoftheBorrowerasdebtorandtofilefinancingstatements

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.

(d)Without limiting the generality of the foregoing, the Borrower will, not

earlier than six (6) months and not later than the fifth anniversary of the date of filing of the

financing statement referred to in <u>Section 5.1(u)</u> or any other financing statement filed pursuant

to this Agreement or in connection with any Loan Advance hereunder, unless the Covenant

Compliance Period shall have ended, authorize, execute and deliver (if applicable) and file or

cause to be filed an appropriate continuation statement with respect to such financing statement.

Section 12.13<u>Confidentiality</u>.

(a)Each of the Administrative Agent, the Secured Parties, the Collateral

Custodian and each Loan Party shall maintain and shall cause each of its employees and officers

to maintain the confidentiality of the Agreement and all information with respect to the other

parties, including all information regarding the business and beneficial ownership of the

Borrower and the Collateral Manager hereto and their respective businesses 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 to its external accountants, investigators, auditors, attorneys, investors,

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>"); <u>provided</u> that each Excepted Person shall, as a

condition to any such disclosure, be obligated to hold such information confidential and agree to

use such information solely in connection with such Excepted Person's evaluation of, or

relationshipwith,theBorroweranditsaffiliates,(ii)disclosetheexistenceoftheAgreement,but

not the financial terms thereof, (iii) disclose such information as is required by Applicable Law

and (iv) disclose the Agreement and such information in any suit, action, proceeding or

investigation (whether in law or in equity or pursuant to arbitration) involving any of the

Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or

exercising any of its claims, rights, remedies, or interests under or in connection with any of the

Transaction Documents.It is understood that the financial terms that may not be disclosed

except in compliance with this <u>Section 12.13(a)</u> include all fees and other pricing terms, and all

Events of Default, Collateral Manager Termination Events, and priority of payment provisions.

(b)Anything herein to the contrary notwithstanding, each Loan Party hereby

consents to the disclosure of any nonpublic information with respect to it (i) to the

Administrative Agent, the Collateral Custodian or the Secured Parties by each other, (ii) by the

Administrative Agent, the Collateral Custodian and the Secured Parties to any prospective or

actual assignee or participant of any of them provided such Person agrees to hold such

informationconfidentialinaccordancewiththetermshereofor(iii)bytheAdministrative

Agent, and the Secured Parties to any Rating Agency, any commercial paper dealer or other

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 and agrees

to maintain the confidentiality thereof.In addition, the Secured Parties and the Administrative

Agent, 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); <u>provided</u> that the Secured Parties

and the Administrative Agent, as applicable, will use commercially reasonable efforts to

maintainconfidentialityandwillnotifytheBorrowerofitsintentiontomakeanysuchdisclosure

prior to making such disclosure in order to give Borrower the opportunity to seek a protective

order, or otherwise inform Borrower promptly thereof, in each case to the extent not prohibited

by Applicable Law.

(c)Each of the Administrative Agent, the Secured Parties and the Collateral

Custodian agrees that (i) it will keep the information of the Obligors confidential in the manner

required by the applicable Underlying Instruments, (ii) it will hold confidential any information

provided to it by the Borrower or the Collateral Manager in connection with a prospective Loan

in the same manner and pursuant to the same procedures and exceptions that it applies to

confidential information delivered directly to it when acting in the same capacity as it is acting

underthisAgreement,(iii)itwilluseanyinformationdescribedin<u>clauses</u><u>(i)</u>and<u>(ii)</u>aboveonly

in connection with this Agreement, and (iv) if (a) the Borrower or the Collateral Manager

delivers information in connection with a Loan or a prospective Loan that was prepared by a

thirdparty(otherthantheObligororanyagentthereof),and(b)suchthirdpartyhasenteredinto

anagreementwiththeBorrowerortheCollateralManagerrestrictingtheabilityoftheBorrower

or the Collateral Manager to rely on such report, it will not have any direct rights against such

third party (or the party which has engaged such third party) unless otherwise expressly

acknowledged and agreed to by such third party or engaging party.

(d)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 other than as a result of a breach of this Agreement; (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

respects of the Administrative Agent's, the Secured Parties', the Collateral Custodian'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

towhichtheAdministrativeAgent,theSecuredParties,theCollateralCustodianortheBorrower

or an officer, director, employer, 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 the Collateral Manager or (e) to any affiliate,

independent or internal auditor, agent (including any potential sub-or-successor Collateral

Manager), employee or attorney of the Collateral Custodian having a need to know the same,

<u>provided</u> that the Collateral Custodian advises such recipient of the confidential nature of the

information being disclosed and such person agrees to the terms hereof for the benefit of the

Borrower and the Collateral Manager; or (iii) any other disclosure authorized by the Borrower or

the Collateral Manager, as applicable.

(e)Notwithstanding any other provision of this Agreement, each Loan Party

shall each have the right to keep confidential from the Administrative Agent and the Collateral

Custodian and/or the Secured Parties, for such period of time as such Loan Party determines is

reasonable (i) any information that any Loan Party reasonably believes to be in the nature of

trade secrets and (ii) any other information that any Loan Party or any of their Affiliates, or the

officers,employeesordirectorsofanyoftheforegoing,isrequiredtobylawasevidencedbyan

Opinion of Counsel.

Section12.14<u>Execution in Counterparts; Severability;</u> <u>Integration</u>.

This Agreement (including any amendment, modification or waiver in respect of

this Agreement) may be executed in any number of counterparts and by different parties hereto

inseparatecounterparts(includingbyfacsimileorelectroniccommunication),eachofwhich

when so executed shall be deemed to be an original and all of which when taken together shall

constituteoneandthesameagreement.Thewords"execution,""signed,""signature,"and

words of similar import herein shall be deemed to include electronic or digital signatures or the

keepingofrecordsinelectronicform,eachofwhichshallbeofthesameeffect,validityand

enforceability as manually executed signatures or a paper-based recordkeeping system, as the

case may be, to the extent and as provided for under applicable law**<u>Applicable Law</u>**, including

theElectronicSignaturesinGlobalandNationalCommerceActof2000(15USC§7001et

seq.),theElectronicSignaturesandRecordsActof1999(NYStateTechnologyLaw§§

301-309),oranyothersimilarstatelawsbasedontheUniformElectronicTransactionsAct.

Delivery of an executed counterpart signature page of this Agreement by facsimile or any such

electronic transmission shall be effective as delivery of a manually executed counterpart of this

Agreement.In case any provision in or obligation under this Agreement shall be invalid, illegal

orunenforceableinanyjurisdiction,thevalidity,legalityandenforceabilityoftheremaining

provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in

anywaybeaffectedorimpairedthereby.ThisAgreement,theotherTransactionDocumentsand

anyagreementsorletters(includingfeeletters)executedinconnectionherewithcontainthefinal

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.

Section12.15<u>Waiver</u><u>of</u><u>Setoff</u>.

Eachofthepartiesheretoherebywaivesanyrightofsetoffitmayhaveorto

whichit maybe entitledunder thisAgreement fromtime totime againstany Lenderor its assets.

Section12.16<u>Assignments</u><u>by the</u> <u>Lenders</u>.

(a)Each Lender may at any time assign, or grant a security interest or sell a

participation interest in or sell any Loan Advance or Commitment (or portion thereof) or any

Note (or any portion thereof) to any Person; <u>provided</u> that, as applicable, (i) no transfer of any

Loan Advance or Commitment (or any portion thereof) or of any Note (or any portion thereof)

shall be made unless such transfer is exempt from the registration requirements of the Securities

ActandanyapplicablestatesecuritieslawsorismadeinaccordancewiththeSecuritiesActand

such laws, and is made only to either an "accredited investor" as defined in paragraphs (a)(1),

(2), (3), or (7) of Rule 501 of Regulation D under the Securities Act or any entity in which all of

the equity owners come within such paragraphs or to a "qualified institutional buyer" as defined

inRule144AundertheSecuritiesActwhichineachcaseisa"qualifiedpurchaser"asdefinedin

the 1940 Act, (ii) in the case of an assignment of any Loan Advance or Commitment (or any

portion thereof) or of any Note (or of any portion thereof) the assignee executes and delivers to

the Collateral Manager, the Borrower and the Administrative Agent a fully executed Joinder

Supplement substantially in the form of <u>Exhibit H</u> hereto (unless such assignee is already a

Lender hereunder) and a transferee letter substantially in the form of <u>Exhibit G</u> hereto (a

"<u>Transferee Letter</u>"), (iii) the consent of the Administrative Agent shall be required for any

assignment, and (iv) so long as no Event of Default has occurred or is continuing, the consent of

theBorrower(suchconsentnottobeunreasonablywithheld,conditionedordelayedandshallbe

deemed given if no response is made by the Borrower within five (5) Business Days after

delivery to the Borrower of notice of a proposed assignment) shall be required for any

assignment, other than an assignment (x) to a Lender, an Affiliate of a Lender or an Approved

Fund or (y) required by Applicable Law or Governmental Authority (the legal basis for which

shall be notified in reasonable detail to the Borrower to the extent not subject to confidentiality

by operation of law or contract); <u>provided</u> no such consent of the Borrower shall be required

with respect to the sale of a participation interest.The parties to any such assignment, grant or

sale of a participation interest shall execute and deliver to such assigning 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 to (other than Permitted Liens) exist upon, any of the Borrower's rights,

obligations or duties under the Transaction Documents without the prior written consent of the

AdministrativeAgent.NotwithstandinganythingcontainedinthisAgreementtothecontrary,

(i)Ally Bank shall not need prior consent of the Borrower or any other party hereto to

consolidate with or merge into any Person or convey or transfer substantially all of its properties

and assets, including as part of such a transaction all or substantially all of its Loan Advances,

Commitments and Notes, to any Person, or (ii) if any Lender becomes a Defaulting Lender,

unless such Lender shall have been deemed to no longer be a Defaulting Lender pursuant to

<u>Section 2.16(b)</u>, then, in each case, the Administrative Agent shall have the right to cause such

Person to assign its entire interest in the Loan Advances and Commitments and this Agreement

to a transferee selected by the Administrative Agent prior to the occurrence of an Event of

Default with the consent of the Borrower, in an assignment which satisfies the conditions set

forth in the first sentence ofthis <u>Section</u><u>12.16(a)</u>.Assignmentsshallbesubjecttothefollowing

additional conditions:

(1)no assignments shall be made to(x) the Borrower, the Fund or any

of the Borrower's, or the Fund's, respective Affiliates or Subsidiaries or (y) any

DefaultingLenderoranyofitsSubsidiaries,oranyPersonwho,uponbecominga

Lender hereunder, would constitute any of the foregoing Persons described in this

<u>clause (y)</u>;

(2)noassignments shallbe madeto anatural person;

(3)except in the case ofan assignmenttoaLenderoranAffiliateofa

Lender or an Approved Fund or an assignment of the entire remaining amount of

the assigning Lender's Commitment or Loan Advances of any class, the amount

of the Commitment or Loan Advances of the assigning Lender subject to each

such assignment (determined as of thedate the Assignment and Assumption with

respect to such assignment is delivered to the Administrative Agent) shall not be

less than $1,000,000 unless each of the Borrower and the Administrative Agent

otherwise consent, <u>provided</u> that no such consent of the Borrower shall be

required if an Event of Default has occurred and is continuing;

(4)each partial assignment shall be made as an assignment of a

proportionate part of all the assigning Lender's rights and obligations under this

Agreement, <u>provided</u> that this clause shall not be construed to prohibit the

assignment of a proportionate part of all the assigning Lender's rights and

obligations in respect of one (1) class of Commitments or Loan Advances;

(5)the parties to each assignment shall execute and deliver to the

AdministrativeAgentanAssignmentandAssumption,togetherwithaprocessing

and recordation fee of $3,500, such fee to be paid by either the assigning Lender

or the assignee Lender or shared between such Lenders; and

(6)the assignee, if it shall not be a Lender, shall deliver to the

Administrative Agent an Administrative Questionnaire in which the assignee

designates one or more credit contacts to whom all syndicate-level information

(which may contain material non-public information about the Borrower and its

affiliates and their Related Parties or their respective securities) will be made

available and who may receive such information in accordance with the

assignee's compliance procedures and applicable laws**<u>Applicable Laws</u>**,

including Federal and state securities laws, and containing payment instruction

for such assignee.

(b)TheAdministrativeAgent,actingsolelyforthispurposeasanagentofthe

Borrower, shall maintain at one of its lending offices, a copy of each transfer pursuant to <u>Section</u>

<u>12.16(a)</u> delivered to it and a register for the recordation of the names and addresses of the

Lenders, and the Commitments of, and principal amounts of the Loan Advances owing to, each

Lender pursuant to the terms hereof from time to time (the "<u>Register</u>").Transfer by a Lender of

its rights hereunder or under any Note may be effected only by the recording by the

Administrative Agent of the identity of the transferee in the Register.The entries in the Register

shall be conclusive, and the Borrower, 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, notwithstanding notice to the contrary.The

Register shall be available for inspection by the Borrower and any Lender, at any reasonable

time and from time to time upon reasonable prior notice.Each Lender that sells a participation

shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register

onwhichitentersthenameandaddressofeachparticipantandtheprincipalamounts(andstated

interest) of each participant's interest in the Commitments, Loan Advances or other obligations

under the Transaction Documents (the "<u>Participant Register</u>"); provided that no Lender shall

have any obligation to disclose all or any portion of the Participant Register (including the

identityofanyparticipantoranyinformationrelatingtoaparticipant'sinterestinany

Commitments, Loan Advances or its other obligations under any Transaction Document) to any

Person except to the extent that such disclosure is necessary to establish that such Commitment,

Loan Advance or other obligation is in registered form under Section 5f.103-1(c) of the United

States Treasury Regulations.The entries in the Participant Register shall be conclusive absent

manifest error, and such Lender shall treat each Person whose name is recorded in the

Participant Register as the owner of such participation for all purposes of this Agreement

notwithstanding any notice to the contrary.For the avoidance of doubt, the Administrative

Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a

Participant Register.

(c)The Collateral Custodian may, at any time, assign all or any part of its

rights and obligations hereunder as Collateral Custodian; <u>provided</u>, however, that any such

assignee shall (i) be a bank or other financial institution organized and doing business under the

laws of the United States or of any state thereof, (ii) be authorized under such laws to exercise

corporatetrustpowers,(iii)haveacombinedcapitalandsurplusofatleast$200,000,000,(iv)be

subject to supervision or examination by a United States federal or state banking authority, (v)

havealong-termunsecureddebtratingofatleast"Baa1"byMoody'sand"BBB+"byS&P,(vi)

have an office within the United States; (vii) be in the business of providing collateral custodian

services consistent with those required pursuant to this Agreement and (viii) is otherwise

reasonably acceptable to the Administrative Agent and prior to the occurrence of an Event of

Default the Borrower and the Collateral Manager; and <u>provided</u>, further, that such assignment

shall not be effective unless (i), prior to such assignment, the Collateral Custodian shall have

given ninety (90) days written notice to the Borrower, the Collateral Manager, the

Administrative Agent and each Lender describing such assignment and (ii) such assignee has

assumed the responsibilities and obligations of the Collateral Custodian being assigned to it in

writing.

(d)The Borrower agrees that each participant shall be entitled to the benefits

of <u>Section 2.12</u> and <u>2.13</u> (subject to the requirements and limitations therein, including the

requirements under <u>Section 2.13(g)</u> (it being understood that the documentation required under

<u>Section 2.13(g)</u> shall be delivered to the participating Lender)) to the same extent as if it were a

Lender and had acquired its interest by assignment pursuant to <u>Section 12.16(a)</u>; <u>provided</u> that

such participant (A) agrees to be subject to the provisions of <u>Section 2.17</u> as if it were an

assignee under <u>Section 12.16(a)</u>; and (B) shall not be entitled to receive any greater payment

under <u>Sections 2.12</u> or <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 a change in law that occurs after the participant acquired the applicable

participation; <u>provided</u>, further, that the terms of any such participation shall not entitle the

participant to direct such Lender as to the manner in which it votes in connection with any

amendment, supplement or other modification of this Agreement or any waiver or consent with

respect to any departure from the terms hereof, in each case unless and to the extent that the

subject matter thereof is one as to which the consent of all Lenders is required in order to

approve the same. 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>2.17</u>withrespecttoanyparticipant.EachLoanPartyfurtheragreestousecommercially

reasonable efforts to assist the Arranger in seeking completion of a timely syndication

reasonably satisfactory to the Arranger.

Section 12.17<u>Heading and</u> <u>Exhibits</u>.

The headings herein are for purposes of references only and shall not otherwise

affectthemeaningorinterpretationofanyprovisionhereof.Theschedulesandexhibitsattached

hereto and referred to herein shall constitute a part of this Agreement and are incorporated into

this Agreement for all purposes.

Section12.18<u>Benchmark</u><u>Replacement</u> <u>Settings</u>.

(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, the Administrative Agent and the Borrower may amend this Agreement to replace the

then-current Benchmark with a Benchmark Replacement.Any such amendment with respect to

a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the

fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to

all 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 12.18(a)</u> will occur prior to the applicable Benchmark Transition Start Date.

(b)<u>Benchmark Replacement Conforming Changes</u>.In connection with the

implementation of a Benchmark Replacement, the Administrative Agent will have the right to

make Benchmark Replacement Conforming Changes from time to time and, notwithstanding

anything to the contrary herein or in any other Transaction Document, any amendments

implementing such Benchmark Replacement Conforming Changes will become effective

without any further action or consent of any other party to this Agreement or any other

Transaction Document.

(c)<u>Notices;</u><u>Standards</u><u>for</u><u>Decisions</u><u>and</u><u>Determinations</u>.TheAdministrative

Agent will promptly notify the Borrower and the Lenders of (A) the occurrence of a Benchmark

Transition Event and its related Benchmark Transition Start Date, (B) the implementation ofany

Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming

Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section

<u>12.18(d)</u> below and (E) the commencement or conclusion of any Benchmark Unavailability

Period.Any determination, decision or election that may be made by the Administrative Agent

orLender(orgroupofLenders)pursuanttothis<u>Section</u><u>12.18</u>,includinganydeterminationwith

respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,

circumstance or date and any decision to take or refrain from taking any action or any selection,

will be conclusive and binding absent manifest error and may be made in its or their sole

discretion and without consent from any other party to this Agreement or any other Transaction

Document, except, in each case, as expressly required pursuant to this <u>Section 12.18</u>.

(d)<u>Unavailability of Tenor of Benchmark</u>.Notwithstanding anything to the

contrary herein or in any other Transaction Document,atanytime(includinginconnectionwith

the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term

rateandeither(1)anytenorforsuchBenchmarkisnotdisplayedonascreenorother

information service that publishes such rate from time to time as selected by the Administrative

Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such

Benchmark has provided a public statement or publication of information announcing that any

tenor for such Benchmark is or will be no longer representative, then the Administrative Agent

may modify the definition of "Accrual Period" for any Benchmark settings at or after such time

to remove such unavailable or non-representative tenor and (B) if a tenor that was removed

pursuant to clause (A) above either (1) is subsequently displayed on a screen or information

service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer,

subject to an announcement that it is or will no longer be representative for a Benchmark

(includingaBenchmarkReplacement),thentheAdministrativeAgentmaymodifythedefinition

of "Accrual Period" for all Benchmark settings at or after such time to reinstate such previously

removed tenor.

(e)<u>Benchmark Unavailability Period</u>.During any Benchmark Unavailability

Period, all Loan Advances shall bear interest at the Base Rate in lieu of Daily Simple SOFR,

computed as otherwise described herein; <u>provided</u>, however, the Administrative Agent may, in

consultation with the Borrower, establish an alternative interest rate with respect to such Loan

Advances during the pendency of such period.During any Benchmark Unavailability Period or

atanytimethatatenorforthethen-currentBenchmarkisnotanAvailableTenor,thecomponent

of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as

applicable, will not be used in any determination of the Base Rate.

Section 12.19<u>Divisions</u>.

Any reference herein to a merger, transfer, consolidation, amalgamation,

consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply

toadivisionoforbyalimitedliabilitycompany,oranallocationofassetstoaseriesofalimited

liability company (or the unwinding of such a division or allocation), as if it were a merger,

transfer, consolidation, amalgamation, consolidation, assignment, sale or transfer, or similar

term, as applicable, to, of or with a separate Person.Notwithstanding anything to the contrary in

this Agreement, (i) any division of a limited liability company shall constitute a separate Person

hereunder, and each resulting division of any limited liability company that, prior to such

division, is a Subsidiary, a Loan Party, a joint venture or any other like term shall remain a

Subsidiary, a Loan Party, a joint venture, or other like term, respectively, after giving effect to

such division, to the extent required under this Agreement, and any resulting divisions of such

Persons shall remain subject to the same restrictions and corresponding exceptions applicable to

the pre-division predecessor of such divisions, and (ii) in no event shall the Borrower be

permitted to effectuate a division.

Section12.20<u>Judgment</u> <u>Currency</u>.

ThisisaninternationalloantransactioninwhichthespecificationofDollarsoran

Approved Foreign Currency, as the case may be (the "<u>Specified Currency</u>"), and payment in

New York City, New York or the country of the Specified Currency, as the case may be (the

"<u>Specified</u><u>Place</u>"),isoftheessence,andtheSpecifiedCurrencyshallbethecurrencyofaccount

in all events relating to Loan Advances denominated in the Specified Currency.The payment

obligationsoftheBorrowerunderthisAgreementshallnotbedischargedorsatisfiedbyan

amount paid in another currency or in another place, whether pursuant to a judgment or

otherwise, to the extent that the amount so paid on conversion to the Specified Currency and

transfertotheSpecifiedPlaceundernormalbankingproceduresdoesnotyieldtheamountofthe

Specified Currency at the Specified Place due hereunder.If for the purpose of obtaining

judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency

into another currency (the "<u>Second Currency</u>"), the rate of exchange that shall be applied shall

be the rate at which in accordance with normal banking procedures the Administrative Agent

could purchase the Specified Currency with the Second Currency on the Business Day next

preceding the day on which such judgment is rendered.The obligation of the Borrower in

respect of any such sum due from it to the Administrative Agent or any Lender hereunder or

under any other Transaction Document (in this Section called an "<u>Entitled Person</u>") shall,

notwithstanding the rate of exchange actually applied in rendering such judgment be discharged

only to the extent that on the Business Day following receipt by such Entitled Person of any sum

adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance

with normal banking procedures purchase and transfer to the Specified Place the Specified

Currency with the amount of the Second Currency so adjudged to be due; and the Borrower

hereby, as a separate obligation and notwithstanding any such judgment agrees to indemnify

such Entitled Person against, and to pay such Entitled Person on demand, in the Specified

Currency, the amount (if any) by which the sum originally due to such Entitled Person in the

Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and

transferred.

Section 12.21<u>Recognition of the U.S. Special Resolution</u> <u>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 Effective Date as

follows:

(a)IntheeventaCoveredPartybecomessubjecttoaproceedingunderaU.S.

Special Resolution Regime, the transfer of this Agreement and/or any other Transaction

Document, and any interest and obligation in or under this Agreement and/or any 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

any 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.

(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 any other Transaction Document that may be exercised against

such Covered Party are permitted to be exercised to no greater extent than such Default Rights

couldbeexercisedundertheU.S.SpecialResolutionRegimeifthisAgreementand/oranyother

Transaction Document were governed by the laws of the United States or a state of the United

States.

Section12.22<u>USA</u><u>PATRIOT</u> <u>ACT</u>.

Each Secured Party subject to the USA Patriot Act hereby notifies the Borrower

that,pursuanttotherequirementsoftheUSAPatriotAct,itmayberequiredtoobtain,verify

and record information that identifies the Borrower, which information includes the name and

address of the Borrower and other information that will allow such Secured Party to identify the

Borrower in accordance with the USA Patriot Act.

**ARTICLE XIII**

**TAXCONSIDERATIONS**

Section 13.1<u>Acknowledgement</u><u>of</u><u>Parties</u>.

The parties hereto acknowledge and agree that, for U.S. federal income tax

purposes, financial accounting and other purposes, the parties **<u>hereto</u>**will treat the Loan

Advances and the Notes as indebtedness and not as equity interests in the Borrower unless

otherwise required by Applicable Law.

[*Remainderof page intentionally left blank; signature pages follow.*]

INWITNESSWHEREOF,thepartieshavecausedthisAgreementtobeexecuted

by their respective officers thereunto duly authorized, as of the date first above written.

**BORROWER:**

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title:

**COLLATERALMANAGER:**

**AGTBFUNDMANAGER,LLC**,asCollateral

Manager

By:

Name:

Title:

**TRANSFEROR:**

**TWINBROOKCAPITALFUNDING**

**XXXIII,LLC**,asTransferor

By:

Name:

Title:

[*Signaturescontinued on the following page.*]

**ADMINISTRATIVEAGENTAND** 

**ARRANGER:**

**ALLYBANK**,astheAdministrativeAgentand

Arranger

By:

Name:

Title:

**LENDERS:**

**ALLYBANK**,asaLender

By:

Name:

Title:

[*Signaturescontinued on the following page*.]

**THECOLLATERALCUSTODIAN:**

**WESTERNALLIANCETRUST**

**COMPANY, N.A.**, not in its individual

capacitybutsolelyasCollateralCustodian

By:

Name:

Title:

**<u>Annex</u><u>A</u>**

Ifto the Borrower or Collateral Manager:

TWINBROOKCAPITALFUNDINGXXXIIIASPV,LLC

**AGTBFUNDMANAGER, LLC**

c/oAngelo,Gordon&Co.,L.P.

245 Park Avenue, 26th Floor

New York, New York 10167

Attention: Jeffrey Frank, Drew Guyette, Nicholas Flemming and Karen Saunoris

Email:jfrank@angelogordon.com;dguyette@twincp.com;nflemming@twincp.com;

ksaunoris@twincp.com

If to Ally Bank:

**ALLY BANK**

as the Administrative Agent

300 Park Avenue, 4<sup>th</sup> Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212)-884-7693

Email: SFOperations@ally.com

with a copy to:

**ALLY BANK**

300 Park Avenue, 4<sup>th</sup> Floor

New York, New York 10022

Attention: Legal Services/SFD

Facsimile No.: (212)-884-7189

Email: SFOperations@ally.com

Ifto the Collateral Custodian:

**WESTERNALLIANCETRUSTCOMPANY,N.A.**

OneEastWashingtonSt.,Suite1400

Phoenix, AZ 85004

Attention: Corporate Trust – Twin Brook Capital Funding XXXIII ASPV, LLC

**<u>Annex</u><u>B</u>**

**<u>COMMITMENTS</u>**

---

| | |
|:---|:---|
| <u>Lender</u> | <u>Commitment</u> |
| Ally Bank | $375000000 |
| AppleBank For Savings | $25000000 |
| WesternAllianceBank | $100000000 |
| **Total:** | $500000000 |

---

**APPENDIXB**

**CONFORMED THROUGHFIRST<u>SECOND</u> AMENDMENTAUGUST9<u>OCTOBER</u><u>2</u>, 2024<u>2025</u>**

EXHIBITSANDSCHEDULES

TO

LOAN,SECURITYANDCOLLATERALMANAGEMENTAGREEMENT

Datedas ofDecember 13, 2022

EXHIBITS

EXHIBIT A-1Form of Funding Notice

EXHIBIT A-2Form of Repayment Notice

EXHIBIT A-3FormofReinvestmentNotice

EXHIBIT A-4FormofBorrowingBaseCertificate

EXHIBIT A-5Form of Incumbency Certificate

EXHIBIT A-6Form of Payment Date Report

EXHIBIT A-7[Reserved]

EXHIBIT A-8FormofCommitmentReductionNotice

EXHIBIT B-1Form of Promissory Note

EXHIBITB-2Formof Swingline Note

EXHIBIT CFormofOfficer'sCertificateastoSolvency

EXHIBIT DForm of Officer's Closing Certificate

EXHIBIT EForm of Release of Underlying Instruments

EXHIBIT FForm of Compliance Certificate

EXHIBIT GForm of Transferee Letter

EXHIBIT HFormofJoinderSupplement

EXHIBIT I-1FormofU.S.TaxComplianceCertificate–ForForeignLendersthatare

not Partnerships for U.S. Federal Income Tax Purposes

EXHIBIT I-2FormofU.S.TaxComplianceCertificate–ForForeignParticipantsthat

are not Partnerships For U.S. Federal Income Tax Purposes

EXHIBIT I-3FormofU.S.TaxComplianceCertificate–ForForeignParticipantsthat

are Partnerships For U.S. Federal Income Tax Purposes

EXHIBIT I-4FormofU.S.TaxComplianceCertificate–ForForeignLendersthatare

Partnerships For U.S. Federal Income Tax Purposes

EXHIBIT JForm of Collateral Custodian Certification

EXHIBIT KForm of Assignment and Assumption

EXHIBIT LFormofAnnualStatementastoCompliance

SCHEDULES

SCHEDULE ILoanPartyNames

SCHEDULE IILoan List

SCHEDULE III[Reserved]

SCHEDULE IVAgreed-Upon Procedures

SCHEDULE VGICSIndustryClassifications

A-1-1

<u>EXHIBIT A-1</u>

FORM OF FUNDING NOTICE

[Date]

TWIN BROOK CAPITAL FUNDING XXXIII ASPV, LLC

Ally Bank,

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

WesternAllianceTrustCompany,N.A.

as the Collateral Custodian

OneEastWashingtonSt.,Suite1400

Phoenix, AZ 85004

Attention:Corporate Trust – Twin BrookCapital Funding XXXIII ASPV**<u>,</u><u>LLC</u>**

Re:Loan,SecurityandCollateralManagementAgreementdatedasofDecember13,

2022

Ladies and Gentlemen:

This Funding Notice is delivered to you pursuant to Sections 2.2 and 3.2 of that

certain Loan, Security and Collateral Management Agreement, dated as of December 13, 2022

(as amended, modified, waived, supplemented, restated or replaced fromtime to time, the "<u>Loan</u>

<u>and Security Agreement</u>"), by and among AGTB Fund Manager, LLC, a Delaware limited

liability company, as the collateral manager (in such capacity, the "<u>Collateral Manager</u>"), Twin

Brook Capital Funding XXXIII ASPV, LLC, a Delaware limited liability company, as the

borrower (in such capacity, the "<u>Borrower</u>"), Twin Brook Capital Funding XXXIII, LLC, as the

transferor (in such capacity, the "<u>Transferor</u>"), each of the lenders from time to time party

thereto(together with its respectivesuccessors and assigns in suchcapacity, each a "<u>Lender</u>"and

A-1-2

collectively, the "<u>Lenders</u>"), Ally Bank, as the administrative agent thereunder (together with its

successors and assigns in such capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender</u>**

**<u>(together with its successors and assigns in such capacity, the "Swingline Lender")</u>**and as

Arranger and Western Alliance Trust Company, N.A., not in its individual capacity but as the

collateral custodian (together with its successors and assigns in such capacity, the "<u>Collateral</u>

<u>Custodian</u>").Capitalized terms used but not defined herein shall have the meanings provided in

the Loan and Security Agreement.

Theundersigned,throughits**<u>their</u>**dulyappointedResponsibleOfficers,as

applicable, hereby certifies**<u>certify</u>**as follows:

1. The Borrower hereby requests a Loan Advance as described in the **<u>Notice</u>**

**<u>of</u>**Borrowing Noticeattached hereto as <u>Annex A</u>.The Loan Advance shall be at least

equal to $500,000 (or, in the case of any Loan 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).

2. Attached to this Funding Notice is **<u>a true, correct and complete</u>**

**<u>calculation of the Borrowing Base and all components thereof (which calculation is</u>**

**<u>updated to the proposed Funding Date of such Loan Advance and gives pro forma</u>**

**<u>effect to such Loan Advance and the use of the proceeds thereof) and</u>**a true, correct

and complete list of the Obligors and all Loans which will become part of the Collateral

in connection with the Loan Advance requested hereby, each Loan reflected thereon

being an Eligible Loan except to the extent a portion of any such Loan is being acquired

solely with equity contributions, and specifying [(a) the Outstanding Balance, Assigned

Value and Purchase Price of each such Loan (which information may be included in the

BorrowingBaseCertificate**<u>attached</u><u>hereto</u>**),](b)withrespecttoanyRevolvingLoanor

Delayed Draw Loan, the amount to be deposited in the Unfunded Exposure Account in

connection with the acquisition of each such Loan pursuant to Section 2.9(e) of the Loan

and Security Agreement, (c) whether such Loan is a First Lien Loan or First Lien Last

Out Loan and (d) the Advance Rate applicable to such Loan.

3. All of the conditions precedent to the Loan Advance requested herein as

set forth in [<u>Section</u><u>3.1</u>and]<sup>1</sup><u>Section</u><u>3.2</u>oftheLoanandSecurityAgreementhavebeen

satisfiedasofthedatehereofandwillremainsatisfiedtothedateofsuchLoanAdvance,

including the following:

(i)The representations and warranties contained in <u>Section 4.1</u> and

<u>Section 4.2</u> of the Loan and Security Agreement are true and correct in all

material respects (except for such representations and warranties as are qualified

by materiality, a Material Adverse Effect or any similar qualifier, which

representations and warranties shall be true and correct in all respects) on and as

of the date of such Loan Advance **<u>Date</u>**(other than any representation and

warranty that is **<u>expressly</u>**made as of another specific date which were true and

correct in all material respects);

<sup>1</sup>Tobeincludedforinitialadvance**<u>Loan</u><u>Advance</u>**only.

A-1-3

(ii)Noeventhasoccurredandiscontinuing,orwouldresultfromsuch

Loan Advance or from the application of proceeds therefrom, which constitutes

an Event of Default, **<u>a</u>** Default (unless such Default is cured by the related

Transaction), **<u>a</u>** Change of Control or a Collateral Manager Termination Event;

(iii)On and as of such day, immediately after giving effect to such

Loan Advance, the Advances Outstanding do not exceed the Availability (or, to

the extent permitted under Section 2.14 of the Loan and Security Agreement, any

existing Borrowing Base Deficiency is reduced to zero **<u>Dollars ($0)</u>**); and

(iv)No Applicable Law prohibits or enjoins the making of such Loan

Advance by any Lender or the proposed acquisition of Loans.

4. The**<u>Each</u><u>of</u><u>the</u>**undersignedcertifies**<u>certify</u>**thatallinformationcontained

herein and in the Borrowing Base Certificate attached hereto as <u>Annex</u> A**<u>B</u>**(after giving

pro forma effect to the Loan Advance requested pursuant to this Funding Notice) is true,

correct and complete in all material respects as of the date hereof.

[Remainderof page intentionally leftblank; signature page follows.]

A-1-4

INWITNESSWHEREOF,theundersignedhas**<u>have</u>**executedthisFunding

Notice as of the first date written above.

**TWINBROOKCAPITALFUNDING**

**<u>AGTB</u><u>FUND</u><u>MANAGER,</u><u>LLC,</u><u>as</u><u>the</u>**

**<u>Collateral</u> <u>Manager</u>**

**XXXIIIASPV,LLC**,asthe Borrower

By:

**By:**

**<u>Name:</u>**

**<u>Title:</u>**

Name:

Title:

[Attach Borrowing Base Certificate and List of Loans]

A-1-5

ANNEXA

to Exhibit A-1

**<u>NOTICE</u><u>OF</u>**BORROWINGNOTICE

Borrower gives notice that it hereby requests a Loan Advance under the Loan and

SecurityAgreement,andinconnectionherewithsetsforthbelowtheinformationrelatingtosuch

Loan Advance (the "<u>Proposed Advance</u>"):

(i)SuchProposedAdvanceisintheaggregateamountof

$, and is to be made on (date) ,andshall

bear interest at [Daily Simple SOFR][the Base Rate].

(ii)TheBorrowerherebydirectstheAdministrativeAgenttodeposit

$ in the Unfunded Exposure Account in accordance with Section

2.9(e) of the Loan and Security Agreement.

The remaining proceeds of the Proposed Advance should be transmitted to the

Borrower in accordance with the following wire transfer instructions:

Bank Name

City,State&ZIP

ABARoutingNo.

AccountName:

AccountNo:

Amount:

Reference:

Bank Name

City,State&ZIP

ABARoutingNo.

AccountName:

AccountNo:

Amount:

Reference:

Bank Name

City,State&ZIP

ABA Routing No.

A-1-6

AccountName:

AccountNo:

Amount:

Reference:

A-1-7

**<u>ANNEX</u><u>B</u>**

**<u>to Exhibit A-1</u>**

**<u>BORROWING</u><u>BASE</u><u>CERTIFICATE</u>**

**<u>[See</u> <u>attached.]</u>**

A-2-1

<u>EXHIBIT A-2</u>

FORM OF REPAYMENT NOTICE

[Date]

TWIN BROOK CAPITAL FUNDING XXXIII ASPV, LLC

Ally Bank

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

WesternAllianceTrustCompany,N.A.

as the Collateral Custodian

OneEastWashingtonSt.,Suite1400

Phoenix, AZ 85004

Attention:Corporate Trust – Twin BrookCapital Funding XXXIII ASPV**<u>,</u><u>LLC</u>**

Re:Loan,Security andCollateral ManagementAgreement datedas ofDecember 13,

2022

Ladies and Gentlemen:

This Repayment Notice is delivered to you pursuant to Section 2.3 of that certain

Loan, Security and Collateral Management Agreement, dated as of December 13, 2022 (as

amended,modified,waived,supplemented,restatedorreplacedfromtimetotime,the"<u>Loan</u><u>and</u>

<u>Security Agreement</u>"), by and among AGTB Fund Manager, LLC, a Delaware limited liability

company, as the collateral manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook

Capital Funding XXXIII ASPV, LLC, a Delaware limited liability company, as the borrower (in

such capacity, the "<u>Borrower</u>"), Twin Brook Capital Funding XXXIII, LLC, as the transferor (in

such capacity, the "<u>Transferor</u>"), each of the lenders from time to time party thereto (together

with its respective successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the

"<u>Lenders</u>"), Ally Bank, as the administrative agent thereunder (together with its successors and

A-2-2

assigns in such capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender (together with</u>**

**<u>its successors and assigns in such capacity, the "Swingline Lender")</u>**and as Arranger and

Western Alliance Trust Company, N.A., not in its individual capacity but as the collateral

custodian(togetherwithitssuccessorsandassignsinsuchcapacity,the"<u>Collateral</u><u>Custodian</u>").

Capitalized terms used but not defined herein shall have the meanings provided in the Loan and

Security Agreement.

The undersigned, through its duly appointed Responsible Officers, as applicable,

hereby certifies as follows:

1. Pursuant to Section 2.3(a) of the Loan and Security Agreement, the

Borrower desires to reduce the Advances Outstanding (an "<u>Advance Reduction</u>") by the

amount of $.Any repayment of the Advances Outstanding (other than with

respect to repayments of Advances Outstanding made by the Borrower to reduce a

Borrowing Base Deficiency to $0.00**<u>zero</u>**) shall be in a minimum amount of $500,000

(other than (x) any prepayment of Swingline Advances for which no minimum shall

apply and (y) any such partial repayment of Advances Outstanding which is funded (A)

solelywithproceedsfromtherepaymentofaRevolvingLoanor(B)solelywithamounts

otherwise distributable to the Borrower under Sections**<u>Section</u>**2.7(a)(16), **<u>Section</u>**

2.7(b)(6) or **<u>Section</u>** 2.8(11) of the Loan and Security Agreement).

2. Pursuant to Section 2.3(c) of the Loan and Security Agreement, the Borrower desires

to [terminate the Facility in whole (a "<u>Facility Termination</u>")] [reduce in part the portion

of the Facility Amount that exceeds the sum of the Advances Outstanding and accrued

Interest (a "<u>Facility Reduction</u>")] by the amount of $.

AnypartialreductionoftheFacilityAmountshallbeinaminimumamountof

$5,000,000 and in integral multiples of $500,000 in excess thereof (other than any such

partial reduction of the Facility Amount which is funded solely with proceeds from the

repayment of a Revolving Loan).

**<u>2.</u>**3. In connection with any such [Advance Reduction] [Facility

Termination] [Facility Reduction], the Borrower shall deliver to the Administrative

Agent funds sufficient to repay such Advances Outstanding together with**<u>, if the</u>**

**<u>Advances</u><u>Outstanding</u><u>are</u><u>prepaid</u><u>in</u><u>full</u><u>in</u><u>connection</u><u>with</u><u>an</u><u>optional</u><u>repayment,</u>**

all accrued Interest, but only to the extent such accrued Interest is requested with such

repayment by an applicable Lender.

**<u>3.</u>**4. The Borrower hereby requests that such [Advance Reduction] [Facility

Termination] [Facility Reduction]be made on the following date: .

**<u>4.</u>**5. The undersigned certifies that all information contained herein and in

the Borrowing Base Certificate attached hereto as Annex A is true, correct and complete

in all material respects as of the date hereof.<sup>2</sup>

[Remainderof page intentionally leftblank; signature page follows.]

<sup>2</sup>BorrowingBaseCertificatetobedeliveredinthecaseofaFacility Reduction.

A-2-3

IN WITNESS WHEREOF, the undersigned has executed this Repayment Notice

as of the first date written above.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title:

[Attach Borrowing Base Certificate in the case of a Facility Reduction.]

A-2-4

BORROWINGBASECERTIFICATE

ANNEXA

to Exhibit A-2

[See attached.]

A-3-1

<u>EXHIBIT A-3</u>

FORM OF REINVESTMENT NOTICE

[Date]

TWIN BROOK CAPITAL FUNDING XXXIII ASPV, LLC

Ally Bank,

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

WesternAllianceTrustCompany,N.A.

as the Collateral Custodian

OneEastWashingtonSt.,Suite1400

Phoenix, AZ 85004

Attention:Corporate Trust – Twin BrookCapital Funding XXXIII ASPV**<u>,</u><u>LLC</u>**

Re:Loan,Security andCollateral ManagementAgreement datedas ofDecember 13,

2022

Ladies and Gentlemen:

This Reinvestment Notice is delivered to you pursuant to <u>Section 3.2(b)</u> of that

certain Loan, Security and Collateral Management Agreement, dated as of December 13, 2022

(as amended, modified, waived, supplemented, restated or replaced fromtime to time, the "<u>Loan</u>

<u>and Security Agreement</u>"), by and among AGTB Fund Manager, LLC, a Delaware limited

liability company, as the collateral manager (in such capacity, the "<u>Collateral Manager</u>"), Twin

Brook Capital Funding XXXIII ASPV, LLC, a Delaware limited liability company, as the

borrower (in such capacity, the "<u>Borrower</u>"), Twin Brook Capital Funding XXXIII, LLC, as the

transferor (in such capacity, the "<u>Transferor</u>"), each of the lenders from time to time party

thereto(togetherwithitsrespectivesuccessorsandassignsinsuchcapacity,eacha"<u>Lender</u>"and

collectively, the "<u>Lenders</u>"), Ally Bank, as the administrative agent thereunder (together with its

A-3-2

successors and assigns in such capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender</u>**

**<u>(together with its successors and assigns in such capacity, the "Swingline Lender")</u>**and as

Arranger and Western Alliance Trust Company, N.A., not in its individual capacity but as the

collateral custodian (together with its successors and assigns in such capacity, the "<u>Collateral</u>

<u>Custodian</u>").Capitalized terms used but not defined herein shall have the meanings provided in

the Loan and Security Agreement.

Theundersigned,throughits**<u>their</u>**dulyappointedResponsibleOfficers,as

applicable, hereby certifies**<u>certify</u>**as follows:

1.**<u>[</u>**In connection with a proposed [Reinvestment of Principal Collections

permitted by Section 2.14(a)(i)] [acquisition of Loans in connection with a Substitution

pursuant to Section 2.14(b)]of the Loan and Security Agreement, the Borrower hereby

requests a disbursement (a "<u>Disbursement</u>") of Principal Collections from the Principal

CollectionAccountintheamountof$;**<u>][In connection with a</u>**

**<u>proposed</u><u>acquisition</u><u>of</u><u>Loans</u><u>in</u><u>connection</u><u>with</u><u>a</u><u>Substitution</u><u>pursuant</u><u>to</u><u>Section</u>**

**<u>2.14(b) of the Loan and Security Agreement, the Borrower hereby notifies the</u>**

**<u>Administrative</u><u>Agent</u><u>and</u><u>Collateral</u><u>Custodian</u><u>that</u><u>the</u><u>amount</u><u>of</u>**

**<u>$</u><u>will</u><u>be deposited into the Collection Account in connection with</u>**

**<u>such Substitution;]</u>**the Eligible Loans**<u>Loan[s]</u>**supporting this Loan Advance

**<u>[Disbursement][Substitution] [is][</u>**are**<u>]</u>**in Dollars [or an Approved Foreign Currency].

**<u>[With respect to any Revolving Loan or Delayed Draw Loan, the amount deposited</u>**

**<u>in the Unfunded Exposure Account in connection with the acquisition of each such</u>**

**<u>Loan</u><u>pursuant</u><u>to</u><u>Section</u><u>2.9(e)</u><u>of</u><u>the</u><u>Loan</u><u>and</u><u>Security</u><u>Agreement</u><u>is</u>**

**<u>$</u><u>.]</u>**

2. The Borrower hereby requests that such **<u>[</u>**Disbursement**<u>][Substitution]</u>**be

made on the following date:.

3. Attached to this Reinvestment Notice **<u>as Annex A</u>**is a true, correct and

complete calculation of the Borrowing Base and all components thereof and a true,

correct and complete list of the Obligors and all Loans which will become part of the

Collateral in connection with the **<u>[</u>**Disbursement **<u>][Substitution] [</u>**requested

hereby**<u>][described above]</u>**, each Loan reflected thereon being an Eligible Loan, and

specifying[(a)theOutstandingBalance,AssignedValueandPurchasePriceofeachsuch

Loan,] (b) **<u>[</u>**with respect to any Revolving Loan or Delayed Draw Loan, the amount to be

deposited in the Unfunded Exposure Account in connection with the acquisition of each

suchLoanpursuanttoSection2.9(e)oftheLoanandSecurityAgreement**<u>][reserved]</u>**,(c)

whether such Loan is a First Lien Loan or First Lien Last Out Loan and (d) the Advance

Rate applicable to such Loan.

A-3-3

4. All of the conditions precedent to the **<u>[</u>**Disbursement **<u>][Substitution]</u>**

**<u>[</u>**requested herein**<u>]</u>**as set forth in Section 3.2 of the Loan and Security Agreement have

been satisfied as of the date hereof and will remain satisfied to the date of such

**<u>[</u>**Disbursement**<u>][Substitution]</u>**including the following:

(i)The**<u>the</u>**representationsandwarrantiescontainedinSection4.1and

Section 4.2 of the Loan and Security Agreement are true and correct in all

material respects (except for such representations and warranties as are qualified

by materiality, a Material Adverse Effect or any similar qualifier, which

representations and warranties shall be true and correct in all respects) on and as

of the date **<u>hereof and on and as of the date</u>** of such

**<u>[</u>**Disbursement**<u>][Substitution]</u>**(other than any representation and warranty that is

expressly made as of another specific date which were true and correct in all

material respects);

(ii)No**<u>no</u>**event has occurred and is continuing, or would result from

such **<u>[</u>**Disbursement**<u>][Substitution]</u>**or from the application of proceeds

therefrom, which constitutes an Event of Default, Default (unless such Default is

cured by the related **<u>[</u>**Disbursement**<u>][Substitution]</u>**), Change of Control or a

Collateral Manager Termination Event;

(iii)On**<u>on</u>**and as of such day, immediately after giving effect to such

**<u>[</u>**Disbursement**<u>][Substitution] and the application of proceeds therefrom</u>**, the

Advances Outstanding do not exceed the Availability (or, to the extent permitted

under Section 2.14 of the Loan and Security Agreement, any existing Borrowing

Base Deficiency is reduced to zero); and

(iv)No**<u>no</u>**Applicable Law prohibits or enjoins the making of **<u>any</u>**

**<u>Loan Advance in connection with</u>**such **<u>[</u>**Disbursement**<u>][Substitution]</u>**by any

Lender or the proposed Reinvestment of Principal Collections or acquisition of

Loans;

The**<u>Each of the</u>**undersigned certifies**<u>certify</u>**that all information contained herein and in the

Borrowing Base Certificate attached hereto as <u>Annex A</u> is true and**,** correct in all material

respects**<u>and complete</u>**as of the date hereof.

[Remainderof page intentionally leftblank; signature page follows.]

A-3-4

IN WITNESS WHEREOF, the undersigned has**<u>have</u>**executed this Reinvestment

Notice as of the first date written above.

**TWINBROOKCAPITALFUNDING**

**<u>AGTB</u><u>FUND</u><u>MANAGER,</u><u>LLC,</u><u>as</u><u>the</u>**

**<u>Collateral</u> <u>Manager</u>**

**XXXIIIASPV,LLC**,asthe Borrower

By:

**By:**

**<u>Name:</u>**

**<u>Title:</u>**

Name:

Title:

A-3-5

ANNEXA

to Exhibit A-3

BORROWINGBASECERTIFICATE

[See attached.]

![image_25.jpg](image_25.jpg)

A-4-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>A-</u><u>4</u>

FORMOFBORROWINGBASECERTIFICATE

[Date]

This certificate is delivered pursuant to that certain Loan, Security and Collateral

Management Agreement, dated as of December 13, 2022 (as amended, modified, waived,

supplemented, restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by

and among AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral

manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability company, as the borrower (in such capacity, the

"<u>Borrower</u>"),TwinBrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors</u>**

**<u>and assigns in such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian(togetherwith

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

Asof the date hereof, the undersignedcertifies**<u>each certify</u>**that**<u>:</u>**

(i)all of the information set forth in <u>Annex I</u> attached hereto is true,

correct and complete in all material respects [and for the avoidance of doubt,

includes the amount and type (whether Principal Collections, Interest Collections

or other Collections) of all Collections received since the Determination Date

preceding the prior Payment Date (if applicable), and all Principal Collections

and Interest Collections on deposit as of the Determination Date preceding the

date hereof<sup>3</sup><sup>2</sup>];

(ii)**<u>the Borrower and the Collateral Manager are in compliance</u>**

**<u>with all covenants and agreements under the Loan and Security Agreement</u>**

**<u>and</u>** no Default, Event of Default or Collateral Manager Termination Event has

occurred and is continuing under the Loan and Security Agreement;

(iii)all of the Loans owned by the Borrower and included in the

Borrowing Base are Eligible Loans, other than as waived by the Administrative

Agent as of the Funding Date **<u>(or any later date)</u>**with respect to any such Loan;

**(iv)**[and**<u>all material amendments, restatements, supplements,</u>**

**<u>waivers</u><u>or</u><u>other</u><u>modifications</u><u>to</u><u>any</u><u>Underlying</u><u>Instruments</u><u>of</u><u>any</u><u>Eligible</u>**

**<u>Loan,</u><u>together</u><u>with</u><u>any</u><u>documentation</u><u>prepared</u><u>by</u><u>the</u><u>Borrower</u><u>or</u><u>the</u>**

<sup>3</sup><sup>2</sup>BracketedlanguagetobeincludedwhenBorrowingBaseCertificateisappendedtoPaymentDate

Report.

![image_25.jpg](image_25.jpg)

A-4-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

**<u>Collateral Manager in connection with such document, that constitutes a</u>**

**<u>Material Modification which was given effect in the calendar month</u>**

**<u>immediately preceding the Reporting Date on which this certificate is</u>**

**<u>delivered, has been delivered to the Administrative Agent and has been</u>**

**<u>identified as such in Annex I attached hereto;</u>**]<sup>3</sup>

**(v)**(iv) the representations and warranties contained in Section 4.1

and Section 4.2 of the Loan and Security Agreement are true and correct in all

material respects (except for such representations and warranties as are qualified

by materiality, a Material Adverse Effect or any similar qualifier, which

representations and warranties shall be true and correct in all respects) on and as

ofsuchdate(otherthananyrepresentationandwarrantythatis**<u>expressly</u>**madeas

of another specific date which were true and correct in all material respects)[.][;

and

**(vi)**(v) in accordance with Section 2.14(g) of the Loan and Security

Agreement, all conditions precedent in the Loan and Security Agreement to any

sale, Substitution, or repurchase of Loans have been satisfied and this certificate

shall be deemed to be an Officer's Certificate of the Borrower. [Pursuant to

Section 2.14(e)(i) of the Loan and Security Agreement,**<u>[to the extent this</u>**

**<u>certificate is delivered</u>**in connection with a**<u>any</u>**Discretionary Sale or sale

pursuant to a Substitution, this certificate includes on  **<u>effected pursuant to</u>**

**<u>Section 2.14 and Section 3.2, as applicable, of the Loan and Security</u>**

**<u>Agreement, the undersigned hereby further certifies that:</u>**

**(1)**Annex <u>I</u> attached**<u>II</u>**hereto **<u>includes</u>**a list of all Loans to be

sold or substituted and designates**<u>, as applicable;</u>**

**(2)<u>the</u><u>Borrower</u><u>has</u><u>notified</u><u>the</u><u>Administrative</u><u>Agent</u>**

**<u>and</u><u>Collateral</u><u>Custodian</u><u>that</u>**anamount**<u>equal</u>**to

**<u>$</u><u>shall</u>**be deposited into the Collection

Account in connection with any such sale**<u>Discretionary Sale</u>**or

Substitution.]] **<u>, as applicable;</u>**

**(3)<u>the repayment of Advances Outstanding (if any) in</u>**

**<u>connection with such Discretionary Sale or Substitution, as</u>**

**<u>applicable</u><u>complies</u><u>with</u><u>the</u><u>requirements</u><u>set</u><u>forth</u><u>in</u><u>Section</u>**

**<u>2.3 of the Loan and Security</u> <u>Agreement;</u>**

**(4)<u>the</u><u>representations</u><u>and</u><u>warranties</u><u>contained</u><u>in</u>**

**<u>Sections</u><u>4.1</u><u>and</u><u>4.2</u><u>of</u><u>the</u><u>Loan</u><u>and</u><u>Security</u><u>Agreement</u><u>shall</u>**

**<u>continue</u><u>to</u><u>be</u><u>true</u><u>and</u><u>correct</u><u>in</u><u>all</u><u>material</u><u>respects</u><u>(except</u>**

**<u>for such representations and warranties as are qualified by</u>**

**<u>materiality, a Material Adverse Effect or any similar</u>**

**<u>qualifier, which representations and warranties shall be true</u>**

<sup>3</sup>**<u>To</u><u>the</u><u>extent</u><u>a</u><u>Borrowing</u><u>Base</u><u>Certificate</u><u>is</u><u>being</u><u>delivered</u><u>on</u><u>a</u><u>Reporting</u><u>Date.</u>**

![image_25.jpg](image_25.jpg)

A-4-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

**<u>in all respects, and except for those representations and</u>**

**<u>warranties made as of a specific date which are true, correct,</u>**

**<u>and complete as of such date) following any such</u>**

**<u>Discretionary Sale or Substitution, except to the extent any</u>**

**<u>such representation or warranty relates to an earlier date;</u>**

**(5)<u>such Discretionary Sale or sale in connection with a</u>**

**<u>Substitution is made by the Collateral Manager, on behalf of</u>**

**<u>the Borrower, in a transaction (1) reflecting arms-length</u>**

**<u>market terms and (2) in which the Borrower makes no</u>**

**<u>representations, warranties or covenants and provides no</u>**

**<u>indemnification for the benefit of any other party to such sale</u>**

**<u>(other than that the Borrower has good title thereto, free and</u>**

**<u>clear of all Liens and has the right to sell the related Loan)</u>**

**<u>(and the parties agree that the assignment agreement form</u>**

**<u>attached as an exhibit to the applicable Underlying</u>**

**<u>Instrument (solely to the extent such assignment agreement</u>**

**<u>form (x) is reasonable and customary for a credit facility of</u>**

**<u>the type to which such sale relates and (y) does not contain</u>**

**<u>atypical or unusually burdensome covenants or</u>**

**<u>representations and warranties in respect of the Borrower, in</u>**

**<u>each case, in the Collateral Manager's reasonable and good</u>**

**<u>faith discretion) or any LSTA form of participation</u>**

**<u>agreement shall satisfy this clause (2)); provided that if an</u>**

**<u>Event of Default has occurred and is continuing or a Default</u>**

**<u>would exist after giving effect thereto, any Discretionary Sale</u>**

**<u>or sale in connection with a Substitution to an Affiliate of the</u>**

**<u>Borrower has been consented to in writing by the</u>**

**<u>Administrative Agent in its reasonable discretion; provided</u>**

**<u>further</u><u>that,</u><u>the</u><u>Administrative</u><u>Agent's</u><u>prior</u><u>written</u><u>consent</u>**

**<u>shall not be required for any such Discretionary Sale or sale</u>**

**<u>in connection with a Substitution that satisfies the</u>**

**<u>requirement of clause (C) of Section 2.14(e)(vii) of the Loan</u>**

**<u>and Security Agreement;</u>**

**(6)<u>(A) no Collateral Manager Termination Event,</u>**

**<u>Default</u><u>or Event of Default shall have occurred and be</u>**

**<u>continuing</u><u>and,</u><u>immediately</u><u>after</u><u>giving</u><u>effect</u><u>to</u><u>such</u>**

**<u>Discretionary</u><u>Sale</u><u>or Substitution, as applicable, no</u>**

**<u>Collateral Manager</u><u>Termination Event, Default or Event of</u>**

**<u>Default shall have</u><u>occurred;</u><u>(B)</u><u>notwithstanding</u><u>anything</u>**

**<u>set</u><u>forth</u><u>in</u><u>Section</u>**

**<u>2.14 of the Loan and Security Agreement, immediately after</u>**

**<u>giving effect to such Discretionary Sale or Substitution, as</u>**

**<u>applicable, there shall not exist a Borrowing Base Deficiency;</u>**

**<u>provided that, notwithstanding the foregoing or anything to</u>**

**<u>the contrary set forth in Section 3.2 of the Loan and Security</u>**

**<u>Agreement,</u><u>in</u><u>the</u><u>event</u><u>a</u><u>Borrowing</u><u>Base</u><u>Deficiency</u><u>exists</u>**

![image_25.jpg](image_25.jpg)

A-4-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

**<u>immediately prior to giving effect to such Substitution,</u>**

**<u>immediately after giving effect to such Substitution and any</u>**

**<u>other</u><u>sale</u><u>or</u><u>transfer</u><u>or</u><u>other</u><u>action</u><u>taken</u><u>in</u><u>accordance</u><u>with</u>**

**<u>Section 2.6 of the Loan and Security Agreement substantially</u>**

**<u>contemporaneous herewith, the Borrowing Base Deficiency</u>**

**<u>shall</u><u>be</u><u>reduced</u><u>to</u><u>zero</u><u>Dollars</u><u>($0);</u><u>and</u><u>(C)</u><u>unless</u><u>consented</u>**

**<u>to</u><u>by</u><u>the</u><u>Administrative</u><u>Agent</u><u>in</u><u>its</u><u>sole</u><u>discretion</u><u>(x)</u><u>the</u><u>net</u>**

**<u>cash price received by the Borrower pursuant to such</u>**

**<u>Discretionary Sale, shall be equal to or greater than the</u>**

**<u>Adjusted Borrowing Value of the Loan sold in connection</u>**

**<u>with such Discretionary Sale; provided that, solely for the</u>**

**<u>purpose of determining if this clause (C) has been satisfied,</u>**

**<u>with respect to any Loan for which the net cash price received</u>**

**<u>by the Borrower equals or exceeds ninety-five percent</u>**

**<u>(95.0%)</u><u>of</u><u>the</u><u>Outstanding</u><u>Balance</u><u>thereof,</u><u>the</u><u>net</u><u>cash</u><u>price</u>**

**<u>received by the Borrower shall be treated as if it were one</u>**

**<u>hundred</u><u>percent</u><u>(100.0%)</u><u>of</u><u>the</u><u>Outstanding</u><u>Balance</u><u>of</u><u>such</u>**

**<u>Loan and (y) the Adjusted Borrowing Value of the substitute</u>**

**<u>Loan acquired by the Borrower in connection with any</u>**

**<u>Substitution shall be equal to or greater than the Adjusted</u>**

**<u>Borrowing Value of the Loan sold or otherwise transferred in</u>**

**<u>connection with such Substitution; and</u>**

**(7)<u>the Borrower and Collateral Manager (on behalf of</u>**

**<u>the</u><u>Borrower) have paid (or shall simultaneously herewith,</u>**

**<u>pay)</u><u>an</u><u>amount</u><u>equal</u><u>to</u><u>all</u><u>accrued</u><u>and</u><u>unpaid</u><u>costs</u><u>and</u>**

**<u>expenses</u><u>(including reasonable legal fees) of the</u>**

**<u>Administrative Agent,</u><u>the Lenders and the Collateral</u>**

**<u>Custodian in connection with</u><u>such sale, Substitution or</u>**

**<u>repurchase (including, but not</u><u>limited to, expenses incurred</u>**

**<u>in connection with the release of</u><u>the Lien of the</u>**

**<u>Administrative</u><u>Agent on</u><u>behalf of the</u><u>Secured</u><u>Parties and</u>**

**<u>any other party having an interest in the Loan in</u> connection**

**with such sale, Substitution or repurchase.]**<sup>4</sup>

[Remainderof page intentionally leftblank; signature page follows.]

<sup>4</sup> **<u>Bracketed language to be included when Borrowing Base Certificate is delivered in connection</u>**

**<u>with a Discretionary Sale or sale pursuant</u><u>to a Substitution</u><u>effected pursuant</u><u>to Section 2.14 of</u><u>the</u>**

**<u>Loan and Security Agreement.</u>**

![image_25.jpg](image_25.jpg)

A-4-5<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

Certified as of the date first written above.

**TWINBROOKCAPITALFUNDING**

**<u>AGTB</u><u>FUND</u><u>MANAGER,</u><u>LLC,</u><u>as</u><u>the</u>**

**<u>Collateral</u> <u>Manager</u>**

**XXXIIIASPV,LLC**,asthe Borrower

**By:**

By:

**<u>Name:</u>**

**<u>Title:</u>**

Name:

Title:

![image_25.jpg](image_25.jpg)

A-4-6<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

ANNEXI

To Exhibit A-4

BORROWINGBASEREPORT

[See attached.]

![image_25.jpg](image_25.jpg)

A-4-7<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

![image_25.jpg](image_25.jpg)

A-4-8<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

ANNEX II

To Exhibit A-4

CALCULATIONOFFUND'SAVAILABLECAPITAL

**<u>LIST</u><u>OF</u><u>LOANS</u><u>TO</u><u>BE</u><u>SOLD</u><u>OR</u><u>SUBSTITUTED</u>**

[See attached.]

![image_25.jpg](image_25.jpg)

A-4-9<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

![image_25.jpg](image_25.jpg)

A-5-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>A-</u><u>5</u>

FORMOFINCUMBENCYCERTIFICATE

RESOLVED, that each of the officers, managers, and employees of the Borrower

designated on <u>Exhibit A</u> hereto are hereby authorized and directed to execute and deliver on

behalf of the Borrower to Ally Bank, borrowing base certificates, compliance certificates,

repetitive and non-repetitive advance requests, bank account instructions and financial reports

pursuant to that certain Loan, Security and Collateral Management Agreement, dated as of

December 13, 2022 (as amended, modified, waived, supplemented, restated or replaced from

time to time, the "<u>Loan and Security Agreement</u>"), by and among AGTB Fund Manager, LLC, a

Delaware limited liability company, as the collateral manager (in such capacity, the "<u>Collateral</u>

<u>Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a Delaware limited liability

company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin Brook Capital Funding

XXXIII, LLC, as the transferor (in such capacity, the "<u>Transferor</u>"), each of the lenders from

time to time party thereto (together with its respective successors and assigns in such capacity,

each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the administrative agent

thereunder (together with its successors and assigns in such capacity, the "<u>Administrative</u>

<u>Agent</u>")**<u>, as the swingline lender (together with its successors and assigns in such capacity,</u>**

**<u>the</u><u>"Swingline</u><u>Lender")</u>**andasArrangerandWesternAllianceTrustCompany,N.A.,notinits

individual capacity but as the collateral custodian (together with its successors and assigns in

such capacity, the "<u>Collateral Custodian</u>"); and it is further

RESOLVED, that said officers, managers and employees so designated and each

of them are hereby authorized and directed to execute and deliver all further documentation and

to do all other acts that they may deem convenient or proper to carry out the foregoing; and it is

further

RESOLVED, that all action heretofore taken and all documentation heretofore

delivered by any of said officers, managers and employees in furtherance of the foregoing is

hereby ratified and confirmed; and it is further

RESOLVED,thattheauthorizationshereinsetforthshallremaininfullforceand

effect until written notice of their modification or discontinuance shall be given to and actually

received by Administrative Agent at its address designated in the Loan and Security Agreement,

but no such modification or discontinuance shall affect the validity of the acts of any person

authorized to so act by these resolutions performed prior to receipt of such notice by

Administrative Agent.

The undersigned certifies that [he]/[she] is the [__] of the Borrower, a Delaware

limited liability company, which is the custodian of the company records; that the foregoing is a

true and correct copy of resolutions duly adopted and ratified by written consent of said person

inaccordancewiththeBorrower'slimitedliabilitycompanyagreementandthelawsofthestate

![image_25.jpg](image_25.jpg)

A-5-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

of Delaware, and that these resolutions have not been modified, repealed or rescinded but are in

full force and effect.

![image_25.jpg](image_25.jpg)

A-5-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

IN WITNESS WHEREOF, the undersigned has duly executed this Written

Consent effective as of the date first written above.This Written Consent may be executed in

multiple counterparts (any of which may be via facsimile or other electronic transmission), each

of which, when executed, shall be deemed to be an original and all of which, when taken

together, shall constitute one and the same instrument.

**TWINBROOKCAPITALFUNDING** 

**XXXIII ASPV, LLC**

By:[__],its[__]

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

A-5-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

EXHIBITA

**ALLY BANKSpecimenSignatures Of Authorized**

**Officers and Employees**

---

| | | |
|:---|:---|:---|
| Name(Typeor Print) | Title/Position | Signature |
| 1. |  |  |
| 2. |  |  |
| 3. |  |  |
| 4. |  |  |

---

The undersigned hereby certifies that the persons whose specimen signatures appear above are authorized

to execute and deliver on behalf of the Borrower borrowing base certificates, compliance certificates,

repetitiveandnon-repetitiveadvancerequests,bankaccountinstructionsandfinancialreports,inaddition

to the person(s) heretofore so authorized.

<u>Borrower's</u> <u>Name:</u><u>Date:</u>

<u>Address:</u><u>City:</u><u>State:</u><u>Zip:</u>

<u>Officer's</u> <u>Signature:</u><u>Title:</u>

A-6-1

<u>EXHIBIT A-6</u>

FORM OF PAYMENT REPORT

Ally Bank

as the Administrative Agent

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

WesternAllianceTrustCompany,N.A.

as the Collateral Custodian

OneEastWashingtonSt.,Suite1400

Phoenix, AZ 85004

Attention:Corporate Trust – Twin BrookCapital Funding XXXIII ASPV**<u>,</u><u>LLC</u>**

Re:Loan,Security andCollateral ManagementAgreement datedas ofDecember 13,

2022

ThiscertificateisdeliveredpursuanttothatcertainLoan,SecurityandCollateral

Management Agreement, dated as of December 13, 2022 (as amended, modified, waived,

supplemented, restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by

and among AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral

manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability company, as the borrower (in such capacity, the

"<u>Borrower</u>"),TwinBrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors</u>**

**<u>and assigns in such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian(togetherwith

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

A-6-2

The undersigned hereby directs the Collateral Custodian, on the next Payment

Date, to withdraw funds from the applicable Collection Account and apply such amounts

according to the application of payments set forth on <u>Annex I</u> attached hereto, in accordance

with Section 2.7 or 2.8 (as applicable) of the Loan and Security Agreement.

As of the date hereof, the undersigned certifies that:

(i)all of the information set forth in <u>Annex I</u> attached hereto is true,

correct and complete in all material respects;

(ii)**<u>the Borrower and the Collateral Manager are in compliance</u>**

**<u>with all covenants and agreements under the Loan and Security Agreement</u>**

**<u>and</u>** no Event of Default, Default, Change of Control or Collateral Manager

Termination Event has occurred and is continuing under the Loan and Security

Agreement;

(iii)alloftheLoansownedbytheBorrowerareEligibleLoans,within

the meaning of such term in the Loan and Security Agreement other than as

waived by the Administrative Agent as of the Funding Date with respect to any

such Loan;

(iv)<u>Annex II</u> hereto includes a correct calculation of (1) the Fund's

Available Capital on and as of <u>[</u>] and (2) the Borrower's Total Interest

CoverageRatiofortherelevantperiodended, 20; and**<u>the</u>**

**<u>calculation of (A) Availability, (B) the aggregate outstanding principal</u>**

**<u>balance of the Loan Advances, (C) the Aggregate Unfunded Exposure</u>**

**<u>Amount,</u><u>(D)</u><u>the</u><u>Borrowing</u><u>Base,</u><u>(E)</u><u>the</u><u>application</u><u>of</u><u>payments</u><u>to</u><u>be</u><u>made</u>**

**<u>on the next Payment Date pursuant to Section 2.7 or 2.8 of the Loan and</u>**

**<u>Security Agreement (as applicable) and (F) the currency calculations set</u>**

**<u>forth in Section 5.1(q) of the Loan and Security Agreement are set forth on</u>**

**<u>Annex II hereto;</u>**

(v)the representations and warranties contained in Section 4.1 and

Section 4.2 of the Loan and Security Agreement are true and correct in all

material respects(except for such representations and warranties as are qualified

by materiality, a Material Adverse Effect or any similar qualifier, which

representations and warranties shall be true and correct in all respects) on and as

ofsuchdate(otherthananyrepresentationandwarrantythatis**<u>expressly</u>**madeas

of another specific date which were true and correct in all material respects).**<u>;</u>**

**(vi)<u>Annex III hereto includes a correct calculation of the Fund's</u>**

**<u>Available Capital on and as of the date hereof; and</u>**

**(vii)<u>Annex IV hereto includes a correct calculation of the</u>**

**<u>Borrower's</u><u>Total</u><u>Interest</u><u>Coverage</u><u>Ratio</u><u>for</u><u>the</u><u>relevant</u><u>period</u><u>ended</u>**

**<u>,</u> <u>20</u><u>.</u>**

A-6-3

[Remainderof page intentionally leftblank; signature page follows.]

A-6-4

Certified as of the date first written above.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

**AGTBFUNDMANAGER,LLC**,asthe

Collateral Manager

By:

Name:

Title:

By:

Name:

Title:

A-6-5

ANNEXI

To Exhibit A-6

PAYMENTDATEREPORT

[See attached.]

A-6-6

A-6-7

ANNEX II

**<u>To Exhibit A-6</u>**

**<u>CALCULATIONS</u>**

**<u>[See</u> <u>attached.]</u>**

A-6-8

**<u>ANNEX</u> <u>III</u>**

To Exhibit A-6

CALCULATIONOFFUND'SAVAILABLECAPITALAND

**<u>[See</u> <u>attached.]</u>**

A-6-9

**<u>ANNEX</u> <u>IV</u>**

**<u>To Exhibit A-</u><u>6</u>**

**<u>CALCULATION</u><u>OF</u><u>THE</u>**BORROWER'STOTALINTERESTCOVERAGERATIO

[See attached.]

<u>EXHIBIT</u><u>A-7</u>

[RESERVED]

A-7-1

USActive58290008.10**<u>58290008.14</u>**

<u>EXHIBIT</u><u>A-</u><u>8</u>

FORMOFCOMMITMENTREDUCTIONNOTICE

[Date]

Ally Bank,

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@Ally**<u>ally</u>.com**

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:

Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

Ladies and Gentlemen:

Reference is made to that certain Loan, Security and Collateral Management

Agreement, dated as of December 13, 2022 (as amended, modified, waived, supplemented,

restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by and among

AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral manager (in

such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a

Delaware limited liability company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin

Brook Capital Funding XXXIII, LLC, as the transferor (in such capacity, the "<u>Transferor</u>"), each

of the lenders fromtime to time party thereto (together with its respective successors and assigns

in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the

administrative agent thereunder (together with its successors and assigns in such capacity, the

"Administrative Agent**"), as the swingline lender (together with its successors and assigns in**

**<u>such</u><u>capacity,</u><u>the</u><u>"Swingline</u><u>Lender</u>**")andasArrangerandWesternAllianceTrustCompany,

N.A., not in its individual capacity but as the collateral custodian (together with its successors

andassigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used but not defined

![image_25.jpg](image_25.jpg)

A-8-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

The Borrower hereby certifies that (i) the Advances Outstanding as of the date

hereof is not greater than the Reduced Commitments and that it will not request additional

Revolving Loans that would result in the Advances Outstanding exceeding the Reduced

Commitments, and (ii) no Unfunded Exposure Shortfall would result from the Reduced

Commitments.

Sincerely,

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asBorrower

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

B-1-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>B-</u><u>1</u>

FORMOFPROMISSORYNOTE

$[][],20[]

THIS PROMISSORY NOTE HAS NOT BEEN AND WILL NOT BE

REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE

"<u>SECURITIES ACT</u>"), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR

THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND THE BORROWER HAS

NOT REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS

AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>").THE HOLDER HEREOF, BY ITS

ACCEPTANCE OF THIS PROMISSORY NOTE, REPRESENTS THAT IT HAS OBTAINED

THIS PROMISSORY NOTE IN A TRANSACTION IN COMPLIANCE WITH THE

SECURITIESACT,THEINVESTMENTCOMPANYACTANDALLOTHERAPPLICABLE

LAWS OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND

THE RESTRICTIONS ON SALE AND TRANSFER SET FORTH IN THE LOAN AND

SECURITY AGREEMENT. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS

PROMISSORY NOTE, FURTHER REPRESENTS, ACKNOWLEDGES AND AGREES

THAT IT WILL NOT RE-OFFER, RE-SELL, PLEDGE OR OTHERWISE TRANSFER THIS

NOTE (OR ANY INTEREST HEREIN) EXCEPT IN COMPLIANCE WITH THE

SECURITIESACT,THEINVESTMENTCOMPANYACTANDALLOTHERAPPLICABLE

LAWS OF ANY JURISDICTION AND IN ACCORDANCE WITH THE CERTIFICATIONS

AND OTHER REQUIREMENTS SPECIFIED IN THE LOAN AND SECURITY

AGREEMENT REFERRED TO HEREIN.

THIS PROMISSORY NOTE IS TRANSFERABLE ONLY IN ACCORDANCE

WITH THE RESTRICTIONS DESCRIBED HEREIN AND IN THE LOAN AND SECURITY

AGREEMENT.ANY SALE OR TRANSFER IN VIOLATION OF THE FOREGOING WILL

BEOFNOFORCEANDEFFECT,WILLBEVOIDABINITIO,ANDWILLNOTOPERATE

TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY

INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE ADMINISTRATIVE

AGENT OR ANY INTERMEDIARY.EACH TRANSFEROR OF THIS PROMISSORY

NOTE OR AN INTEREST HEREIN AGREES TO PROVIDE NOTICE OF THE TRANSFER

RESTRICTIONS SET FORTH HEREIN AND IN THE LOAN AND SECURITY

AGREEMENT TO THE TRANSFEREE.

FOR VALUE RECEIVED, Twin Brook Capital Funding XXXIII ASPV, LLC, a

Delawarelimitedliabilitycompany(the"<u>Borrower</u>"),promisestopayto[]

("<u>Lender</u>")oritspermittedassigns,theprincipalsumof[] Dollars

($[]), or, if less, the unpaid principal amount of the aggregate advances

("<u>Advances</u>")madebytheLendertotheBorrowerpursuanttotheLoanandSecurityAgreement

(as defined below), as set forth on the Schedule attached hereto, on the dates specified in the

Loan and Security Agreement, and to pay interest on the unpaid principal amount of each

Advance on each day that such unpaid principal amount is outstanding, at the Interest Rate

relatedtosuchAdvanceasprovidedintheLoanandSecurityAgreement,oneachPaymentDate

and each other date specified in the Loan and Security Agreement.

![image_25.jpg](image_25.jpg)

B-1-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

This Promissory Note (this "<u>Note</u>") is issued pursuant to that certain Loan,

Security and Collateral Management Agreement, dated as of December 13, 2022 (as amended,

modified, waived, supplemented, restated or replaced from time to time, the "<u>Loan and Security</u>

<u>Agreement</u>"), by and among the Borrower, AGTB Fund Manager, LLC, a Delaware limited

liability company, as the collateral manager (in such capacity, the "<u>Collateral Manager</u>"), Twin

BrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the"<u>Transferor</u>"),each

ofthelendersfromtimetotimepartythereto(togetherwithitsrespectivesuccessorsandassigns

in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the

administrative agent thereunder (together with its successors and assigns in such capacity, the

"<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors and assigns in</u>**

**<u>such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance Trust

Company, N.A., not in its individual capacity but as the collateral custodian (together with its

successors and assigns in such capacity, the "<u>Collateral</u><u>Custodian</u>").Capitalized terms used but

not defined herein shall have the meanings provided in the Loan and Security Agreement.

Notwithstanding any other provisions contained in this Note, if at any time the

rate of interest payable by the Borrower under this Note, when combined with any and all other

charges provided for in this Note, in the Loan and Security Agreement or in any other document

(to the extent such other charges would constitute interest for the purpose of any applicable law

limiting interest that may be charged on this Note), exceeds the highest rate of interest

permissible under applicable law (the "<u>Maximum Lawful Rate</u>"), then for so long as the

Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall be equal to

the Maximum Lawful Rate.If at any time thereafter the rate of interest payable under this Note

is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest under this

Note at the Maximum Lawful Rate until such time as the total interest paid by the Borrower is

equal to the total interest that would have been paid had applicable law not limited the interest

rate payable under this Note.In no event shall the total interest received by the Lender under

this Note exceed the amount which the Lender could lawfully have received had the interest due

under this Note been calculated since the date of this Note at the Maximum Lawful Rate.

Payments of the principal of, and interest on, Advances represented by this Note

shall be made by or on behalf of the Borrower to the holder hereof by wire transfer of

immediately available funds in the manner and at the address specified for such purpose as

provided in the Loan and Security Agreement, or in such manner or at such other address as the

holder of this Note shall have specified in writing to the Borrower for such purpose, without the

presentation or surrender of this Note or the making of any notation on this Note.

IfanypaymentunderthisNotefallsdueonadaythatisnotaBusinessDay,then

such due date shall be extended to the next succeeding Business Day and interest shall be

payable on any principal so extended at the applicable Interest Rate.

If all or a portion of (i) the principal amount hereof or (ii) any interest payable

thereon or (iii) any other amounts payable hereunder shall not be paid when due (whether at

maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per

annumsetforthintheLoanandSecurityAgreement,ineachcasefromthedateofsuch

![image_25.jpg](image_25.jpg)

B-1-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

non-payment to (but excluding) the date such amount is paid in full, provided that such interest

rate shall not at any time exceed the Maximum Lawful Rate.

Portions or all of the principal amount of the Note shall become due and payable

at the time or times set forth in the Loan and Security Agreement.Any portion or all of the

principal amount of this Note may be prepaid, together with interest thereon (and, as set forth in

the Loan and Security Agreement, certain costs and expenses of the Lender) at the time and in

the manner set forth in, but subject to the provisions of, the Loan and Security Agreement.

Except as provided in the Loan and Security Agreement, the Borrower expressly

waives presentment, demand, diligence, protest and all notices of any kind whatsoever with

respect to this Note.

AllamountsevidencedbythisNote,theLender'sAdvancesandallpaymentsand

prepayments of the principal hereof and the respective dates and maturity dates thereof shall be

endorsed by the Lender on the Schedule attached hereto and made a part hereof or on a

continuation thereof, which shall be attached hereto and made a part hereof; provided, however,

that the failure of the Lender to make such a notation shall not in any way limit or otherwise

affect the obligations of the Borrower under this Note as provided in the Loan and Security

Agreement.

The holder hereof may sell, assign, transfer, negotiate, grant participations in or

otherwise dispose of all or any portion of any Advances made by the Lender and represented by

thisNoteandtheindebtednessevidencedbythisNote,subjecttotheapplicableprovisionsofthe

Loan and Security Agreement.

This Note is secured by the security interests granted pursuant to Section 8.1 of

the Loan and Security Agreement.The holder of this Note is entitled to the benefits of the Loan

and Security Agreement and may enforce the agreements of the Borrower contained in the Loan

and Security Agreement and exercise the remedies provided for by, or otherwise available in

respect of, the Loan and Security Agreement, all in accordance with, and subject to the

restrictions contained in, the terms of the Loan and Security Agreement.If an Event of Default

shalloccurandbecontinuing,theAdministrativeAgentortheRequiredLendersmaydeclare,or

in certain circumstances, the unpaid principal balance thereof, together with accrued interest

thereon, shall be declared, and become, due and payable, in each case, in the manner and with

the effect provided in the Loan and Security Agreement.

The Borrower, the Collateral Manager, the Administrative Agent, the Collateral

Custodian and each Lender each intend, for federal, state and local income and franchise tax

purposes only, that this Note be evidence of indebtedness secured by the Collateral, and the

Lender, as a lender under the Loan and Security Agreement, by the acceptance hereof, agrees to

treat the Note for federal, state and local income and franchise tax purposes as indebtedness.

This Note is one of the "Notes" referred to in Section 2.1 of the Loan and

Security Agreement.This Note shall be construed in accordance with and governed by the laws

oftheStateofNewYork.ThisNotemayonlybetransferredtoanassigneeoftheLender

![image_25.jpg](image_25.jpg)

B-1-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

permitted under Section 12.16(a) of the Loan and Security Agreement and by recordation on the

Register as set forth in Section 12.16(b) of the Loan and Security Agreement.

[Remainderof page intentionally leftblank; signature page follows.]

![image_25.jpg](image_25.jpg)

B-1-5<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

IN WITNESS WHEREOF, the undersigned hasexecutedthisNoteasonthedate

first written above.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

B-1-6<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

---

| |
|:---|
| ScheduleattachedtoPromissoryNotedated[][],20[]ofTwin Brook |
| Capital Funding XXXIII ASPV, LLC payable to [Lender]. |
| **Date of Advance orPrincipal Amount ofPrincipal Amount ofOutstanding**<br>**RepaymentAdvanceRepaymentPrincipalAmount** |

---

![image_25.jpg](image_25.jpg)

B-2-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>B-</u><u>2</u>

FORMOFSWINGLINENOTE

$[][],20[]

THIS PROMISSORY**<u>SWINGLINE</u>**NOTE HAS NOT BEEN AND WILL NOT

BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE

"<u>SECURITIES ACT</u>"), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR

THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND THE BORROWER HAS

NOT REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS

AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>").THE HOLDER HEREOF, BY ITS

ACCEPTANCE OF THIS PROMISSORY**<u>SWINGLINE</u>**NOTE, REPRESENTS THAT IT

HAS OBTAINED THIS PROMISSORY**<u>SWINGLINE</u>**NOTE IN A TRANSACTION IN

COMPLIANCEWITHTHESECURITIESACT,THEINVESTMENTCOMPANYACTAND

ALL OTHER APPLICABLE LAWS OF THE UNITED STATES OR ANY OTHER

APPLICABLE JURISDICTION, AND THE RESTRICTIONS ON SALE AND TRANSFER

SET FORTH IN THE LOAN AND SECURITY AGREEMENT.THEHOLDERHEREOF,BY

ITS ACCEPTANCE OF THIS PROMISSORY**<u>SWINGLINE</u>**NOTE, FURTHER

REPRESENTS,ACKNOWLEDGESANDAGREESTHATITWILLNOTRE-OFFER,

RE-SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE (OR ANY INTEREST

HEREIN) EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT, THE INVESTMENT

COMPANY ACT AND ALL OTHER APPLICABLE LAWS OF ANY JURISDICTION AND

IN ACCORDANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS

SPECIFIED IN THE LOAN AND SECURITY AGREEMENT REFERRED TO HEREIN.

THIS PROMISSORY**<u>SWINGLINE</u>**NOTE IS TRANSFERABLE ONLY IN

ACCORDANCE WITH THE RESTRICTIONS DESCRIBED HEREIN AND IN THE LOAN

AND SECURITY AGREEMENT.ANY SALE OR TRANSFER IN VIOLATION OF THE

FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND

WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE,

NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE

BORROWER, THE ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.EACH

TRANSFEROR OF THIS PROMISSORY**<u>SWINGLINE</u>**NOTE OR AN INTEREST HEREIN

AGREES TO PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS SET FORTH

HEREIN AND IN THE LOAN AND SECURITY AGREEMENT TO THE TRANSFEREE.

FOR VALUE RECEIVED, Twin Brook Capital Funding XXXIII ASPV, LLC, a

Delawarelimitedliabilitycompany(the"<u>Borrower</u>"),promisestopayto[] (**<u>the</u>**

"<u>Swingline</u><u>Lender</u>")oritspermittedassigns,theprincipalsumof[]

Dollars($[]), or, if less, the unpaid principal amount of the aggregate swingline

advances ("Swingline Advances")made by the Swingline Lender to the Borrower pursuant to

the Loan and Security Agreement (as defined below), as set forth on the Schedule attached

hereto, on the dates specified in the Loan and Security Agreement, and to pay interest on the

unpaid principal amount of each Swingline Advance on each day that such unpaid principal

amountisoutstanding,attheInterestRaterelated**<u>applicable</u>**tosuchSwingline

![image_25.jpg](image_25.jpg)

B-2-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

Advance**<u>Advances</u>**as provided in the Loan and Security Agreement, on each Payment Date and

each other date specified in the Loan and Security Agreement.

This Promissory**<u>Swingline</u>**Note (this "<u>Note</u>") is issued pursuant to that certain

Loan, Security and Collateral Management Agreement, dated as of December 13, 2022 (as

amended,modified,waived,supplemented,restatedorreplacedfromtimetotime,the"<u>Loan</u><u>and</u>

<u>Security Agreement</u>"), by and among the Borrower, AGTB Fund Manager, LLC, a Delaware

limitedliabilitycompany,asthecollateralmanager(insuchcapacity,the"<u>Collateral</u><u>Manager</u>"),

Twin Brook Capital Funding XXXIII, LLC, as the transferor (in such capacity, the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors</u>**

**<u>and assigns in such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian (together with

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

Notwithstanding any other provisions contained in this Note, if at any time the

rate of interest payable by the Borrower under this Note, when combined with any and all other

charges provided for in this Note, in the Loan and Security Agreement or in any other document

(to the extent such other charges would constitute interest for the purpose of any applicable law

limiting interest that may be charged on this Note), exceeds the highest rate of interest

permissible under applicable law (the "<u>Maximum Lawful Rate</u>"), then for so long as the

Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall be equal to

the Maximum Lawful Rate.If at any time thereafter the rate of interest payable under this Note

is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest under this

Note at the Maximum Lawful Rate until such time as the total interest paid by the Borrower is

equal to the total interest that would have been paid had applicable law not limited the interest

rate payable under this Note.In no event shall the total interest received by the Swingline

Lender under this Note exceed the amount which the Swingline Lender could lawfully have

received had the interest due under this Note been calculated since the date of this Note at the

Maximum Lawful Rate.

Paymentsoftheprincipalof,andintereston,**<u>the</u>**SwinglineAdvancesrepresented

by this Note shall be made by or on behalf of the Borrower to the holder hereof by wire transfer

of immediately available funds in the manner and at the address specified for such purpose as

provided in the Loan and Security Agreement, or in such manner or at such other address as the

holder of this Note shall have specified in writing to the Borrower for such purpose, without the

presentation or surrender of this Note or the making of any notation on this Note.

IfanypaymentunderthisNotefallsdueonadaythatisnotaBusinessDay,then

such due date shall be extended to the next succeeding Business Day and interest shall be

payable on any principal so extended at the applicable Interest Rate.

If all or a portion of (i) the principal amount hereof or (ii) any interest payable

thereonor(iii)anyotheramountspayablehereundershallnotbepaidwhendue(whetherat

![image_25.jpg](image_25.jpg)

B-2-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per

annumsetforthintheLoanandSecurityAgreement,ineachcasefromthedateofsuch

non-payment to (but excluding) the date such amount is paid in full, provided that such interest

rate shall not at any time exceed the Maximum Lawful Rate.

Portions or all of the principal amount of the Note shall become due and payable

at the time or times set forth in the Loan and Security Agreement.Any portion or all of the

principal amount of this Note may be prepaid, together with interest thereon (and, as set forth in

the Loan and Security Agreement, certain costs and expenses of the Swingline Lender) at the

time and in the manner set forth in, but subject to the provisions of, the Loan and Security

Agreement.

Except as provided in the Loan and Security Agreement, the Borrower expressly

waives presentment, demand, diligence, protest and all notices of any kind whatsoever with

respect to this Note.

AllamountsevidencedbythisNote,theSwinglineLender'sSwinglineAdvances

and all payments and prepayments of the principal hereof and the respective dates and maturity

dates thereof shall be endorsed by the Swingline Lender on the Schedule attached hereto and

made a part hereof or on a continuation thereof, which shall be attached hereto and made a part

hereof;provided,however,thatthefailureoftheSwinglineLendertomakesuchanotationshall

not in any way limit or otherwise affect the obligations of the Borrower under this Note as

provided in the Loan and Security Agreement.

The holder hereof may sell, assign, transfer, negotiate, grant participations in or

otherwise dispose of all or any portion of any Swingline Advances made by the Swingline

Lender and represented by this Note and the indebtedness evidenced by this Note, subject to the

applicable provisions of the Loan and Security Agreement.

This Note is secured by the security interests granted pursuant to Section 8.1 of

the Loan and Security Agreement.The holder of this Note is entitled to the benefits of the Loan

and Security Agreement and may enforce the agreements of the Borrower contained in the Loan

and Security Agreement and exercise the remedies provided for by, or otherwise available in

respect of, the Loan and Security Agreement, all in accordance with, and subject to the

restrictions contained in, the terms of the Loan and Security Agreement.If an Event of Default

shalloccurandbecontinuing,theAdministrativeAgentortheRequiredLendersmaydeclare,or

in certain circumstances, the unpaid principal balance thereof, together with accrued interest

thereon, shall be declared, and become, due and payable, in each case, in the manner and with

the effect provided in the Loan and Security Agreement.

The Borrower, the Collateral Manager, the Administrative Agent**<u>, the Swingline</u>**

**<u>Lender</u>**, the Collateral Custodian and each Lender each intend, for federal, state and local

income and franchise tax purposes only, that this Note be evidence of indebtedness secured by

theCollateral,andtheSwinglineLender,asalenderundertheLoanandSecurityAgreement,by

the acceptance hereof, agrees to treat the Note for federal, state and local income and franchise

tax purposes as indebtedness.

![image_25.jpg](image_25.jpg)

B-2-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

This Note is one ofthe "Swingline Notes**<u>Note</u>**" referred to in Section 2.1 of the

Loan and Security Agreement.This Note shall be construed in accordance with and governed

by the laws of the State of New York.ThisNotemayonlybetransferredtoanassigneeof**<u>to</u>**the

Swingline Lender**<u>extent</u>**permitted under Section 12.16(a) of the Loan and Security Agreement

and by recordation on the Register as set forth in Section 12.16(b) of**<u>by</u>**the Loan and Security

Agreement.

[Remainderof page intentionally leftblank; signature page follows.]

![image_25.jpg](image_25.jpg)

B-2-5<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

INWITNESSWHEREOF,theundersignedhasexecutedthisNoteasonthedatefirst

written above.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

B-2-6<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

---

| |
|:---|
| ScheduleattachedtoPromissoryNotedated[][],20[]ofTwin Brook |
| Capital Funding XXXIII ASPV, LLC payable to [Lender]. |
| **Date of SwinglinePrincipal Amount ofPrincipal AmountOutstanding**<br>**Advance or RepaymentSwingline Advanceof RepaymentPrincipalAmount** |

---

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>C</u>

FORMOFOFFICER'SCERTIFICATEASTOSOLVENCY

December 13, 2022

Reference is made to that certain Loan, Security and Collateral Management

Agreement, dated as of December 13, 2022 (as amended, modified, waived, supplemented,

restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by and among

AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral manager (in

such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a

Delaware limited liability company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin

BrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the"<u>Transferor</u>"),each

ofthelendersfromtimetotimepartythereto(togetherwithitsrespectivesuccessorsandassigns

in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the

administrative agent thereunder (together with its successors and assigns in such capacity, the

"<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors and assigns in</u>**

**<u>such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance Trust

Company, N.A., not in its individual capacity but as the collateral custodian (together with its

successors and assigns in such capacity, the "<u>Collateral Custodian</u>"). Capitalized terms used but

not defined herein shall have the meanings provided in the Loan and Security Agreement.

The undersigned, through their duly appointed Responsible Officers, as

applicable, hereby certify as of the date hereof (the "<u>Certification Date</u>") to the Administrative

Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as

follows as of the date hereof:

Both before and after giving effect to (a) the transactions contemplated by the

Loan and Security Agreement and (b) the payment and accrual of all transaction costs, fees, and

expenses in connection with the foregoing, each of the undersigned is and will be Solvent.

[Remainderof page intentionally leftblank; signature page follows.]

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

INWITNESSWHEREOF,theundersignedhavesignedanddeliveredthis

Officer's Certificate as to Solvency as of the Certification Date.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

**AGTBFUNDMANAGER,LLC**,asthe

Collateral Manager

By:

Name:

Title:

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>D</u>

FORMOFOFFICER'SCLOSINGCERTIFICATE

December 13, 2022

Reference is made to that certain Loan, Security and Collateral Management

Agreement, dated as of December 13, 2022 (as amended, modified, waived, supplemented,

restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by and among

AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral manager (in

such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a

Delaware limited liability company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin

BrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the"<u>Transferor</u>"),each

ofthelendersfromtimetotimepartythereto(togetherwithitsrespectivesuccessorsandassigns

in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the

administrative agent thereunder (together with its successors and assigns in such capacity, the

"<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors and assigns in</u>**

**<u>such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance Trust

Company, N.A., not in its individual capacity but as the collateral custodian (together with its

successors and assigns in such capacity, the "<u>Collateral Custodian</u>"). Capitalized terms used but

not defined herein shall have the meanings provided in the Loan and Security Agreement.

The undersigned, through their duly appointed Responsible Officers, as

applicable, hereby certify as of the date hereof (the "<u>Certification Date</u>") to the Administrative

Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as

follows (other than with respect to item 4**<u>5</u>**below, which certification is made only with respect

to the Borrower):

1. Each of the representations and warranties contained in Section 4.1 and

Section 4.2 of the Loan and Security Agreement are true and correct in all material

respects (except for such representations and warranties as are qualified by materiality, a

Material Adverse Effect or any similar qualifier, which representations and warranties

shall be true and correct in all respects) on and as of the Certification Date (other than

any representation and warranty that is expressly made as of another specific date which

were true and correct in all **<u>material</u>** respects as of such date) and no event has occurred

and is continuing, or would result from the transactions effected pursuant thereto as of

the Effective Date, that constitutes or would constitute an Event of Default, Default,

Change of Control or Collateral Manager Termination Event.

2. TheundersignedareeachincomplianceinallrespectswithallApplicable

Laws, including those with respect to the Collateral or any part thereof, except where the

failuretosocomplywouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

**3.<u>Except as otherwise indicated on a schedule to a Transaction</u>**

**<u>Document, or as otherwise consented to by the Administrative Agent, the</u>**

**<u>undersigned have delivered to the Administrative Agent true, correct and complete</u>**

**<u>copies</u><u>of</u><u>all</u><u>documents</u><u>required</u><u>to</u><u>be</u><u>delivered</u><u>by</u><u>them</u><u>to</u><u>the</u><u>Administrative</u>**

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

**<u>Agent</u><u>pursuant</u><u>to</u><u>the</u><u>Transaction</u><u>Documents,</u><u>all</u><u>such</u><u>documents</u><u>are</u><u>true,</u><u>correct</u>**

**<u>and complete in all respects on and as of the Certification Date, and each and every</u>**

**<u>other condition to the closing of the transactions contemplated by the Transaction</u>**

**<u>Documents</u><u>(including,</u><u>without</u><u>limitation,</u><u>the</u><u>conditions</u><u>and</u><u>requirements</u><u>set</u><u>forth</u>**

**<u>in Section 3.1 of the Loan and Security Agreement) has been performed or</u>**

**<u>otherwise satisfied on and as of the Certification Date.</u>**

**4.**3. The undersigned have not created, or participated in the creation of, or

Loan and Security Agreement and Permitted Liens described in <u>clause (a)</u>, <u>(d)</u>, <u>(e)</u>, <u>(f)</u> or

<u>(g)</u>ofthedefinition of"Permitted Liens".

**5.**4. The Borrower has neither incurred nor suffered to exist any

Indebtedness as of the Certification Date (for the avoidance of doubt, other than

Indebtedness incurred under the Loan and Security Agreement).

[Remainderof page intentionally leftblank; signature page follows.]

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

INWITNESSWHEREOF,theundersignedhavesignedanddeliveredthis

Officer's Closing Certificate as of the Certification Date.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

**AGTBFUNDMANAGER,LLC**,asthe

Collateral Manager

By:

Name:

Title:

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

E-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>E</u>

FORMOFRELEASEOFUNDERLYINGINSTRUMENTS

[Delivery Date]

WesternAllianceTrustCompany,N.A.

as the Collateral Custodian

OneEastWashingtonSt.,Suite1400

Phoenix, AZ 85004

Attention:Corporate Trust – Twin BrookCapital Funding XXXIII ASPV**<u>,</u><u>LLC</u>**

Ally Bank,

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

Re:Loan, Security and Collateral Management Agreement, dated as of December 13, 2022

(asamended,modified,waived,supplemented,restatedorreplacedfromtimetotime,the

"<u>Loan</u><u>and</u><u>Security</u><u>Agreement</u>"),byandamongAGTBFundManager,LLC,aDelaware

limited liability company, as the collateral manager (in such capacity, the "<u>Collateral</u>

<u>Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a Delaware limited

liability company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin Brook

Capital Funding XXXIII, LLC, as the transferor (in such capacity, the "<u>Transferor</u>"),

each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the

"<u>Lenders</u>"), Ally Bank, as the administrative agent thereunder (together with its

successors and assigns in such capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline</u>**

**<u>lender (together with its successors and assigns in such capacity, the "Swingline</u>**

**<u>Lender")</u>**and as Arranger and Western Alliance Trust Company, N.A., not in its

individual capacity but as the collateral custodian (together with its successors and

assigns in such capacity, the "<u>Collateral Custodian</u>").

![image_25.jpg](image_25.jpg)

E-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

Ladies and Gentlemen:

InconnectionwiththeadministrationoftheUnderlyingInstrumentsheldbytheCollateral

CustodianonbehalfoftheAdministrativeAgentasagentfortheSecuredParties,underthe

LoanandSecurityAgreement,werequestthereleaseoftheUnderlyingInstruments(orsuch

documentsasspecifiedbelow)fortheLoansdescribedbelow,forthereasonindicated.

Capitalized terms used but not defined herein shall have the meanings provided in the Loan and

Security Agreement.

<u>Obligor's</u><u>Name,</u><u>Address</u><u>&</u><u>Zip</u><u>Code</u>:

<u>Loan Identification Number</u>:

<u>Reason</u><u>for Requesting</u><u>Documents</u>(check one)

[ ] 1.Loan paid in full.(The Collateral Manager hereby certifies that all

amounts received in connection with such Loan have been credited to

the Collection Account.)

[ ] 2.Loanliquidatedby[].(The Collateral Manager

hereby certifies that all proceeds (net of liquidation expenses which the

Collateral Manager may retain to pay such expenses) of foreclosure,

insurance,condemnationorotherliquidationhavebeenfinallyreceived

and credited to the Collection Account.)

[ ] 3.Loan in foreclosure.

[ ] 4.Delivered in Error**<u>error</u>**.

[ ] 5.Substitution.

[ ] 6.Failureto satisfy Review Criteria.

[ ] 7.RepurchasedorWarrantyLoan.

[ ] 8.Discretionary Sale.

[ ] 9.Terminationof Loanand Security Agreement.

[ ] 10.Servicing.

[ ] 11.Other (explain).

Ifbox1,2,4,5,6,7,8or9above is checked, and if all or part of the Underlying Instruments

werepreviouslyreleasedtous,pleasereleaseto ustheUnderlyingInstruments,requestedinour

![image_25.jpg](image_25.jpg)

E-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

previous request and receipt on file with you, as well as any additional documents in your

possession relating to the specified Loan.

If box 3, 10 or 11 above is checked, we will return all of the above Underlying Instruments to

you as the Collateral Custodian (i) promptly upon the request of the Administrative Agent or (ii)

when our need therefor no longer exists.

[Remainderof page intentionally leftblank; signature page follows.]

![image_25.jpg](image_25.jpg)

E-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

**AGTBFUNDMANAGER,LLC**,asthe

Collateral Manager

Agreement:

By:

Name:

Title:

ConsentofAdministrativeAgentifrequiredundertheLoanandSecurity

**ALLYBANK**,astheAdministrativeAgent

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

F-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>F</u>

FORMOFCOMPLIANCECERTIFICATE

TWINBROOKCAPITALFUNDINGXXXIIIASPV,LLC

Date: ,202_

This Compliance Certificate (this "<u>Certificate</u>") is given by Twin Brook Capital

Funding XXXIII ASPV, LLC, a Delaware limited liability company (the "<u>Borrower</u>"), pursuant

to Section 5.1(t)(viii**<u>v</u>**) of that certain Loan, Security and Collateral Management Agreement,

dated as of December 13, 2022 (as amended, modified, waived, supplemented, restated or

replaced from time to time, the "<u>Loan and Security Agreement</u>"), by and among AGTB Fund

Manager, LLC, a Delaware limited liability company, as the collateral manager (in such

capacity, the "<u>Collateral Manager</u>"), Borrower, Twin Brook Capital Funding XXXIII, LLC, as

the transferor (in such capacity, the "<u>Transferor</u>"), each of the lenders from time to time party

thereto(togetherwithitsrespectivesuccessorsandassignsinsuchcapacity,eacha"<u>Lender</u>"and

collectively, the "<u>Lenders</u>"), Ally Bank, as the administrative agent thereunder (together with its

successors and assigns in such capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender</u>**

**<u>(together with its successors and assigns in such capacity, the "Swingline Lender")</u>**and as

Arranger and Western Alliance Trust Company, N.A., not in its individual capacity but as the

collateral custodian (together with its successors and assigns in such capacity, the "<u>Collateral</u>

<u>Custodian</u>").Capitalized terms used but not defined herein shall have the meanings provided in

the Loan and Security Agreement.

The officer executing this Certificate is a Responsible Officer of the Borrower

and as such is duly authorized to execute and deliver this Certificate on behalf of the Borrower.

By executing this Certificate, such Responsible Officer hereby certifies to Administrative Agent

and the Lenders, on behalf of the Borrower and not in his/her individual capacity, that:

(a)the financial statements delivered with this Certificate in

accordance with <u>Sections 5.1(s)(i)</u> and/or <u>5.1(s)(ii)</u> of the Loan and Security

Agreement are true, correct and complete in all material respects and have been

prepared in reasonable detail and in accordance with GAAP (but, in the case of

interim financial statements, subject to normal year-end audit adjustments)

applied consistently throughout the periods reflected therein and with prior

periods (except as approved by such accountants or officer, as the case may be,

and disclosed therein);

(b)to the best of such officer's knowledge, no Event of Default,

Default, Change of Control or Collateral Manager Termination Event exists

[except as specified on Annex A attached hereto]; and

(c)since the Effective Date and except as disclosed in prior

Compliance Certificates delivered to Administrative Agent:

![image_25.jpg](image_25.jpg)

F-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

(i)no Loan Party has changed its legal name, identity,

jurisdiction of incorporation, organization or formation or organizational

structure or formed or, in the case of the Borrower, acquired any

Subsidiaryexceptasfollows:

;

(ii)the Borrower has not acquired all or substantially all of the

assets of, or merged or consolidated with or into, any Person, except as

follows:; or

(iii)no Loan Party has changed the address of its principal

placeofbusinessorotherwiserelocated,exceptasfollows:

.

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![image_25.jpg](image_25.jpg)

F-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

INWITNESSWHEREOF,theBorrowerhascausedthisCertificatetobe

executed by one of its Responsible Officers as of the first date written above.

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

F-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

ANNEXA

to Exhibit F

[EVENTSOFDEFAULT,DEFAULTS,CHANGESOFCONTROLORCOLLATERAL

MANAGER TERMINATION EVENTS]

**<u>[See</u> <u>attached.]</u>**

![floatingimage_814.jpg](floatingimage_814.jpg)

![image_25.jpg](image_25.jpg)

G-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>G</u>

FORMOFTRANSFEREELETTER

,20_

Twin Brook Capital Funding XXXIII ASPV, LLC,

as the Borrower and

AGTBFundManager,LLC,

as the Collateral Manager

c/o Angelo, Gordon & Co., L.P.

245ParkAvenue,26thFloor

NewYork,NewYork10167

Attention: Jeffrey Frank, Drew Guyette, Nicholas Flemming and Karen Saunoris

Email:jfrank@angelogordon.com;dguyette@twincp.com;nflemming@twincp.com;

ksaunoris@twincp.com

Ally Bank,

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

![floatingimage_814.jpg](floatingimage_814.jpg)

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

Re:(a) the Loan Advances of [Name of Lender] under the Loan and Security Agreement (as

defined below) (the "<u>Assigned Advances</u>"); (b) the Notes issued by [] to

[Name of Lender] under the Loan and Security Agreement (the "<u>Notes</u>"); and (c) the

commitmentof[NameofLender]tomakeadditionalLoanAdvancesundertheLoanand

Security Agreement (the "<u>Assigned Commitments</u>")

Ladies and Gentlemen:

In connection with our acquisition of the above-captioned Notes, Assigned

Advances and Assigned Commitments (collectively, the "<u>Assigned Assets</u>"), we certify that (a)

we understand that the Assigned Assets are not registered under the Securities Act of 1933, as

amended(the"<u>Securities</u><u>Act</u>"),oranystatesecuritieslawsandarebeingtransferredtousina

![image_25.jpg](image_25.jpg)

G-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

transaction that is exempt from the registration requirements of the Securities Act and any such

laws, (b) we are either a Qualified Institutional Buyer under Rule 144A of the Securities Act or

an institutional "Accredited Investor" as defined in Rule (1)-501(a)(l)-(3) or (7) under the

Securities Act, and have such knowledge and experience in financial and business matters that

we are capable of evaluating the merits and risks of investments in the Assigned Assets, (c) we

area"QualifiedPurchaser"forthepurposeofSection3(c)(7)oftheInvestmentCompanyActof

1940, as amended, (d) we have had the opportunity to ask questions of and receive answers from

the Borrower and the Collateral Manager concerning the purchase of the Assigned Assets and all

matters relating thereto or any additional information deemed necessary to our decision to

purchase the Assigned Assets, (e) we are acquiring the Assigned Assets for investment for our

own account and not with a view to any distribution of such Assigned Assets (but without

prejudice to our right at all times to sell or otherwise dispose of the Assigned Assets in

accordance with clause (g) below), (f) we have not offered or sold any Assigned Assets to, or

solicited offers to buy any Assigned Assets from, any person, or otherwise approached or

negotiated with any person with respect thereto, or taken any other action which would result in

a violation of Section 5 of the Securities Act, (g) we will not sell, transfer or otherwise dispose

of any Assigned Assets unless (1) such sale, transfer or other disposition is made pursuant to an

effective registration statement under the Securities Act or is exempt from such registration

requirements, and if requested, we will at our expense provide an opinion of counsel satisfactory

to the addressees of this certificate that such sale, transfer or other disposition may be made

pursuant to an exemption from the Securities Act, (2) the purchaser or transferee of such

Assigned Assets has executed and delivered to you a certificate to substantially the same effect

asthiscertificate,and(3)thepurchaserortransfereehasotherwisecompliedwithanyconditions

for transfer set forth in the Loan, Security and Collateral Management Agreement, dated as of

December 13, 2022 (as amended, modified, waived, supplemented, restated or replaced from

time to time, the "<u>Loan and Security Agreement</u>"), by and among AGTB Fund Manager, LLC, a

Delaware limited liability company, as the collateral manager (in such capacity, the "<u>Collateral</u>

<u>Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a Delaware limited liability

company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin Brook Capital Funding

XXXIII, LLC, as the transferor (in such capacity, the "<u>Transferor</u>"), each of the lenders from

time to time party thereto (together with its respective successors and assigns in such capacity,

each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the administrative agent

thereunder (together with its successors and assigns in such capacity, the "<u>Administrative</u>

<u>Agent</u>")**<u>, as the swingline lender (together with its successors and assigns in such capacity,</u>**

**<u>the</u><u>"Swingline</u><u>Lender")</u>**andasArrangerandWesternAllianceTrustCompany,N.A.,notinits

individual capacity but as the collateral custodian (together with its successors and assigns in

suchcapacity,the"<u>Collateral</u><u>Custodian</u>"),(h)wearenotacquiringaNote,directlyorindirectly,

for or on behalf of an employee benefit plan or other retirement arrangement subject to the

Employee Retirement Income Security Act of 1974, as amended, and/or Section 4975 of the

Internal Revenue Code of 1986, as amended, or any entity, the assets of which would be deemed

plan assets under the Department of Labor regulations set forth at 29 C.F.R. §2510.3-101; unless

ProhibitedTransactionClassExemption("<u>PTCE</u>")84-14,PTCE90-1,PTCE91-38,PTCE

95-60 or PTCE 92-23 or some other applicable prohibited transaction exemption is applicable to

the acquisition and holdings of such Assigned Assets and (i) we are a U.S. Person, as such term

isdefinedinSection7701(a)(30)oftheInternalRevenueCodeof1986,asamended.

![image_25.jpg](image_25.jpg)

G-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

Capitalized terms used but not defined herein shall have the meanings provided in the Loan and

Security Agreement.

Very truly yours.

___________________________________

PrintNameof Transferee

By:

Responsible Officer

![image_25.jpg](image_25.jpg)

H-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>H</u>

FORMOFJOINDERSUPPLEMENT

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, Twin Brook

Capital Funding XXXIII ASPV, LLC, as the borrower (the "<u>Borrower</u>") and Ally Bank, as

administrative agent (the "<u>Administrative Agent</u>").

WHEREAS, this Joinder Supplement is being executed and delivered under

<u>Section 12.16</u> of the Loan, Security and Collateral Management Agreement, dated as of

December 13, 2022 (as amended, modified, waived, supplemented, restated or replaced from

time to time, the "<u>Loan</u><u>and</u><u>Security</u><u>Agreement</u>"),byandamongAGTBFundManager,LLC,a

Delaware limited liability company, as the collateral manager (in such capacity, the "<u>Collateral</u>

<u>Manager</u>"), Borrower, Twin Brook Capital Funding XXXIII, LLC, as the transferor (in such

capacity, the "<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its

respective successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the

"<u>Lenders</u>"), Administrative Agent, Ally Bank, **<u>as the swingline lender (together with its</u>**

**<u>successors and assigns in such capacity, the "Swingline Lender") and</u>**as Arranger, and

Western Alliance Trust Company, N.A., not in its individual capacity but as the collateral

custodian(togetherwithitssuccessorsandassignsinsuchcapacity,the"<u>Collateral</u><u>Custodian</u>").

Capitalized terms used but not defined herein shall have the meanings provided in the Loan and

Security Agreement; and

WHEREAS, the party set forth in Item 2 of Schedule I hereto (the "<u>Proposed</u>

<u>Lender</u>") wishes to become a Lender party to the Loan and Security Agreement;

NOW,THEREFORE, theparties hereto herebyagree as follows:

(a)Upon receipt by the Administrative Agent of the executed

counterparts to 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, this Joinder Supplement

shallbecomeeffective(the"<u>Joinder</u><u>Effective</u><u>Date</u>").FromandaftertheJoinder

Effective Date, the Proposed Lender shall be a Lender party to the Loan and

Security Agreement for all purposes thereof.

(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.

(c)ByexecutinganddeliveringthisJoinderSupplement,theProposed

LenderconfirmstoandagreeswiththeAdministrativeAgentandtheother

![image_25.jpg](image_25.jpg)

H-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

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 with respect to any

Notes issued under the Loan and Security Agreement, or the Collateral (as

defined under the Loan and Security Agreement) or the financial condition of any

Loan Party, or the performance or observance by any Loan Party 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 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 and the Collateral

Custodian, as applicable, 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 and the Collateral Custodian, as applicable, by the terms

thereof, together with such powers as are reasonably incidental thereto, all in

accordance with the Loan and Security Agreement; (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; and (vi) the Proposed Lender hereby individually represents and

warrants, as to itself, that it would satisfy the requirements of a "qualified

purchaser"asdefinedinSection2**<u>is</u>**(a**<u>I</u>**)**<u>either</u>**(51**<u>A</u>**)oftheInvestmentCompany

Act of 1940, as amended, oran "accredited investor" as defined in paragraphs

(a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the U.S. Securities Act

of 1933, as amended,or any entity in which all of the equity owners come within

such paragraphs **<u>or (B) a "qualified institutional buyer" as defined in Rule</u>**

**<u>144A under the Securities Act and (II) a "qualified purchaser" as defined in</u>**

**<u>the 1940 Act</u>**.

(d)Schedule II hereto sets forth administrative information with

respect to the Proposed Lender.

(e)This Joinder Supplement shall be governed by, and construed in

accordance with, the laws of the State of New York.

(f)The joinder hereunder shall not be effective unless recordation is

made on the Register as set forth in Section 12.16(b) of the Loan and Security

Agreement.

![image_25.jpg](image_25.jpg)

H-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

(g)Delivery of an executed signature pagetothisJoinderSupplement

by facsimile transmission or other customary means of electronic transmission

(e.g. "pdf") shall be as effective as delivery of a manually signed counterpart of

this Joinder Supplement.

IN WITNESS WHEREOF, the parties hereto have caused this Joinder

Supplement to be executed by their respective duly authorized officers as of the date set forth in

Item 1 of Schedule I hereto.

**ALLYBANK**,asAdministrative Agent

By:

Name:

Title:

**[NAMEOFLENDER]**,asProposed Lender

By:

Name:

Title:

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title:

![image_25.jpg](image_25.jpg)

H-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

SCHEDULEI

TO

JOINDERSUPPLEMENT

COMPLETION OF INFORMATION AND

SIGNATURESFORJOINDERSUPPLEMENT

Re:Loan, Security and Collateral Management Agreement, dated as of December 13, 2022

(asamended,modified,waived,supplemented,restatedorreplacedfromtimetotime,the

"<u>Loan</u><u>and</u><u>Security</u><u>Agreement</u>"),byandamongAGTBFundManager,LLC,aDelaware

limited liability company, as the collateral manager (in such capacity, the "<u>Collateral</u>

<u>Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a Delaware limited

liability company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin Brook

Capital Funding XXXIII, LLC, as the transferor (in such capacity, the "<u>Transferor</u>"),

each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the

"Lenders"), Ally Bank, as the administrative agent thereunder (together with its

successors and assigns in such capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline</u>**

**<u>lender (together with its successors and assigns in such capacity, the "Swingline</u>**

**<u>Lender")</u>**and as Arranger and Western Alliance Trust Company, N.A., not in its

individual capacity but as the collateral custodian (together with its successors and

assigns in such capacity, the "Collateral Custodian").

Item1: Date of Joinder Supplement:

Item 2: Proposed Lender:

Item 3: Commitment: $

![image_25.jpg](image_25.jpg)

H-5<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

SCHEDULE II

TO

JOINDER SUPPLEMENT

ADDRESS FOR NOTICES

AND

WIRE INSTRUCTIONS

Address for Notices:

Telephone:

Facsimile:

email:

With a copy to:

Telephone:

Facsimile:

email:

<u>Wire Instructions</u>:

Name of Bank:

A/C No.:

ABA No.:

Reference:

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT I-</u><u>1</u>

FORMOFU.S.TAXCOMPLIANCECERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

ReferenceisherebymadetothatcertainLoan,SecurityandCollateral

Management Agreement, dated as of December 13, 2022 (as amended, modified, waived,

supplemented, restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by

and among AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral

manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability company, as the borrower (in such capacity, the

"<u>Borrower</u>"),TwinBrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "Administrative Agent**"), as the swingline lender (together with its successors**

**<u>and assigns in such capacity, the "Swingline Lender</u>**") and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian(togetherwith

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

Pursuant to the provisions of Section 2.13(g)(ii)(2)(c) of the Loan and Security

Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of

the Loan Advance(s) (as well as any Note(s) evidencing such Loan Advance(s)) in respect of

which it is providing this certificate, (ii) it is not a **<u>"</u>**bank**<u>"</u>**within the meaning of Section

881(c)(3)(A) of the Code, (iii) it is not a "10 percent shareholder" of the Borrower within the

meaning of Section 871**<u>881</u>**(h**<u>c</u>**)(3)(B) of the Code and (iv) it is not a "controlled foreign

corporation" related to the Borrower **<u>(or its sole owner as applicable)</u>**as described in Section

881(c)(3)(C) of the Code.

TheundersignedhasfurnishedtheAdministrativeAgentandtheBorrowerwitha

certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as

applicable(oranysuccessorthereof).Byexecutingthiscertificate,theundersignedagreesthat

(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.

[Remainderof page intentionally leftblank; signature page follows.]

I-1-1

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

[NAMEOFLENDER]

By:

Name:

Title:

Date:, 20[]

I-1-2

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT I-</u><u>2</u>

FORMOFU.S.TAXCOMPLIANCECERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

ReferenceisherebymadetothatcertainLoan,SecurityandCollateral

Management Agreement, dated as of December 13, 2022 (as amended, modified, waived,

supplemented, restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by

and among AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral

manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability company, as the borrower (in such capacity, the

"<u>Borrower</u>"),TwinBrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "Administrative Agent**"), as the swingline lender (together with its successors**

**<u>and assigns in such capacity, the "Swingline Lender</u>**") and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian(togetherwith

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

Pursuant to the provisions of Section 2.13(g)(ii)(2)(d) of the Loan and Security

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 **<u>"</u>**bank**<u>"</u>**within

the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a "10 percent shareholder" of the

Borrower within the meaning of Section 871**<u>881</u>**(h**<u>c</u>**)(3)(B) of the Code, and (iv) it is not a

"controlled foreign corporation" related to the Borrower **<u>(or its sole owner as applicable)</u>**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 (or any

successor thereof).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.

[Remainderof page intentionally leftblank; signature page follows.]

I-2-1

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

[NAMEOFPARTICIPANT]

By:

Name:

Title:

Date:, 20[]

I-2-2

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT I-</u><u>3</u>

FORMOFU.S.TAXCOMPLIANCECERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

ReferenceisherebymadetothatcertainLoan,SecurityandCollateral

Management Agreement, dated as of December 13, 2022 (as amended, modified, waived,

supplemented, restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by

and among AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral

manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability company, as the borrower (in such capacity, the

"<u>Borrower</u>"),TwinBrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "Administrative Agent**"), <u>as the swingline lender (together with its successors</u>**

**<u>and assigns in such capacity, the "Swingline Lender</u>**") and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian(togetherwith

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

Pursuant to the provisions of Section 2.13(g)(ii)(2)(d) of the Loan and Security

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 such

participation, neither the undersigned nor any of itsdirect 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 "10 percent shareholder" of the Borrower within the meaning of

Section871**<u>881</u>**(h**<u>c</u>**)(3)(B)oftheCodeand(v)noneofitsdirectorindirectpartners/membersisa

"controlled foreign corporation" related to the Borrower **<u>(or its sole owner as applicable)</u>**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

applicableor(ii)anIRSFormW-8IMYaccompaniedbyan**<u>IRS</u><u>Form</u><u>W-8ECI,</u>**IRSForm

W-8BEN or IRS Form W-8BEN-E, as applicable from each of such partner's/member's

beneficial owners that is claiming the portfoliointerest exemption.By executing this certificate,

the undersigned agrees that (1) if the information provided on this certificate changes, the

undersignedshallpromptlysoinformsuchLenderand(2)theundersignedshallhaveatalltimes

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.

I-3-1

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

[Remainderof page intentionally leftblank; signature page follows.]

I-3-2

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

[NAMEOFPARTICIPANT]

By:

Name:

Title:

Date:, 20[]

I-3-3

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT I-</u><u>4</u>

FORMOFU.S.TAXCOMPLIANCECERTIFICATE

(ForForeign Lenders That Are PartnershipsFor U.S. Federal Income Tax Purposes)

Reference is hereby made to that certain Loan, Security and Collateral

Management Agreement, dated as of December 13, 2022 (as amended, modified, waived,

supplemented, restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by

and among AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral

manager (in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability company, as the borrower (in such capacity, the

"<u>Borrower</u>"),TwinBrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the

"<u>Transferor</u>"), each of the lenders from time to time party thereto (together with its respective

successors and assigns in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally

Bank, as the administrative agent thereunder (together with its successors and assigns in such

capacity, the "Administrative Agent**<u>"), as the swingline lender (together with its successors</u>**

**<u>and assigns in such capacity, the "Swingline Lender</u>**") and as Arranger and Western Alliance

Trust Company, N.A., not in its individual capacitybut as the collateralcustodian(togetherwith

its successors and assigns in such capacity, the "<u>Collateral Custodian</u>").Capitalized terms used

but not defined herein shall have the meanings provided in the Loan and Security Agreement.

Pursuant to the provisions of Section 2.13(g)(ii)(2)(d) of the Loan and Security

Agreement, the undersigned hereby certifies that (i)itisthesolerecordowneroftheLoan(s)(as

wellasanyNote(s)evidencingsuchLoan(s))inrespectofwhichitisprovidingthiscertificate,

(ii)itsdirectorindirectpartners/membersarethesolebeneficialownersofsuchLoan(s)(aswell

as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to

the Loan and Security 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 "10

percent shareholder" of the Borrower within the meaning of Section 871**<u>881</u>**(h**<u>c</u>**)(3)(B) of the

Code and (v) none of its direct or indirect partners/members is a **<u>"</u>**controlled foreign

corporation**<u>"</u>**related to the Borrower **<u>(or its sole owner as applicable)</u>**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 **<u>IRS</u><u>Form</u>**

**<u>W-8ECI,</u>**IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, 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

AdministrativeAgent,and(2)theundersignedshallhaveatalltimesfurnishedtheBorrowerand

the Administrative Agent with a properly completed and currently effective certificate in either

I-4-1

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

thecalendaryearinwhicheachpaymentistobemadetotheundersigned,orineitherofthetwo

calendar years preceding such payments.

[Signature page follows.]

I-4-2

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

[NAMEOFLENDER]

By:

Name:

Title:

Date:, 20[]

I-4-3

<u>EXHIBIT J</u>

FORM OF COLLATERAL CUSTODIAN CERTIFICATION

[Date]

AGTBFundManager,LLC,

as the Collateral Manager

c/oAngelo,Gordon&Co.,L.P.

245 Park Avenue, 26th Floor

New York, New York 10167

Attention: Jeffrey Frank, Drew Guyette, Nicholas Flemming and Karen Saunoris

Email:jfrank@angelogordon.com;dguyette@twincp.com;nflemming@twincp.com;

ksaunoris@twincp.com

Ally Bank,

as the Administrative Agent

300 Park Avenue, 4th Floor

NewYork,NewYork10022

Attention:SFDPortfolioManager

Facsimile No.: (212) 884-7693

Email:LFPortfolio@ally.com;SFOperations@ally.com

with a copy to:

Ally Bank

300 Park Avenue, 4th Floor

New York, New York 10022

Attention:LegalServices/SFD

FacsimileNo.:(212) 884-7189

Email:Jorge.Wagner**<u>jorge.wagner</u>@ally.com**

Re:Loan, Security and Collateral ManagementAgreement,datedasofDecember13,

2022 (as amended, modified, waived, supplemented, restated or replaced from

time to time, the "<u>Loan and Security Agreement</u>"), by and among AGTB Fund

Manager, LLC, a Delaware limited liability company, as the collateral manager

(in such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding

XXXIII ASPV, LLC, a Delaware limited liability company, as the borrower (in

such capacity, the "<u>Borrower</u>"), Twin Brook Capital Funding XXXIII, LLC, as

the transferor (in such capacity, the "<u>Transferor</u>"), each of the lenders from time

to time party thereto (together with its respective successors and assigns in such

capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the

administrative agent thereunder (together with its successors and assigns in such

capacity, the "<u>Administrative Agent</u>")**<u>, as the swingline lender (together with</u>**

**<u>its successors and assigns in such capacity, the "Swingline Lender")</u>**and as

ArrangerandWesternAllianceTrustCompany,N.A.,notinitsindividual

capacitybutasthecollateralcustodian(togetherwithitssuccessorsandassignsin

such capacity, the "<u>Collateral Custodian</u>")

Ladies and Gentlemen:

In accordance with the provisions of <u>Section 7.2(b)(ix)</u> of the above-referenced

Loan and Security Agreement, the undersigned, as Collateral Custodian, hereby certifies and

confirms that with respect to each Loan listed on the Loan List annexed hereto as Schedule I,

except as noted on the report of exceptions attached hereto as Annex I;

(i)all Required Loan Documents set forth on the applicable Loan

Checklist are in the Collateral Custodian's possession; and

(ii)all Required Loan Documents delivered to the Collateral

Custodian related to each such Loans have been reviewed by the Collateral

CustodianinaccordancewiththeReviewCriteriaandeachoftheReviewCriteria

are satisfied other than as set forth on Annex I hereof.

The Collateral Custodian shall have no liability for or obligation with respect to,

and shall not be construed or obliged to make any representation or warranty as to: (i) the

content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or

transferabilityofanyLoanorRequiredLoanDocument;(ii)thevalidity,adequacyorperfection

of any lien upon or security interest purported to be evidenced or created thereby; or (iii) to

determine that the contents of any Loan or Required Loan Document are appropriate for the

represented purpose or that any Loan or Required Loan Document has actually been recorded or

filed, as maybe applicable, or that any Loan or Required Loan Document is other than what it

purportsonitsfacetobe.Capitalizedtermsusedbutnotdefinedhereinshallhavethemeanings

provided in the Loan and Security Agreement.

[Remainderof page intentionally leftblank; signature page follows.]

WESTERNALLIANCETRUSTCOMPANY,

N.A., as Collateral Custodian

By:

Name:

Title:

SCHEDULEI

to Exhibit J

LOANLIST

[See attached.]

ANNEXI

to Exhibit J

EXCEPTIONS

[See attached.]

![image_25.jpg](image_25.jpg)

K-1<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>K</u>

FORMOFASSIGNMENTANDASSUMPTIONAGREEMENT

This Assignment and Assumption Agreement (the "<u>Assignment and</u>

<u>Assumption</u>") is dated as of the Effective Date set forth below and is entered into by and

between the Assignor identified in item 1 below (the "<u>Assignor</u>") and the Assignee identified in

item 2 below (the "<u>Assignee</u>").Capitalized terms used but not defined herein shall have the

meanings given to them in the Loan, Security and Collateral Management Agreement, identified

in item 5 below (as amended, the "<u>Loan and Security Agreement</u>"), receipt of a copy of which is

herebyacknowledgedbytheAssignee.TheStandardTermsandConditionssetforthinAnnex1

attachedheretoareherebyagreedtoandincorporatedhereinbyreferenceandmadeapartofthis

Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to

the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,

subject to and in accordance with the Standard Terms and Conditions and the Loan and Security

Agreement,as ofthe EffectiveDate insertedby theAdministrative Agentas contemplated below

(i) all of the Assignor's rights and obligations in its capacity as a Lender under the Loan and

Security Agreement and any other documents or instruments delivered pursuant thereto to the

extent related to the amount and percentage interest identified below of all of such outstanding

rights and obligations of the Assignor under the respective facilities identified below, and (ii) to

the extent permitted to be assigned under applicable law, all claims, suits, causes of action and

any other right of the Assignor (in its capacity as a Lender) against any Person, whether known

or unknown, arising under or in connection with the Loan and Security Agreement, any other

documentsorinstrumentsdeliveredpursuanttheretoortheloantransactionsgovernedtherebyor

in any way based on or related to any of the foregoing, including, but not limited to, contract

claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity

related to the rights and obligations sold and assigned pursuant to <u>clause (i)</u> above (the rights and

obligations sold and assigned by the Assignor to the Assignee pursuant to <u>clauses (i)</u> and <u>(ii)</u>

above being referred to herein collectively as the "<u>Assigned Interest</u>").Each such sale and

assignment is without recourse to the Assignor and, except as expressly provided in this

Assignment and Assumption, without representation or warranty by the Assignor.

1. Assignor:

2. Assignee:

[]

[]

3. Borrower:TwinBrookCapitalFundingXXXIIIASPV,

LLC, as borrower

4. Administrative Agent:

5. Loan and Security Agreement:

Ally Bank, as the administrative agent under the

Loan and Security Agreement

Loan, Security and Collateral Management

Agreement, dated as of December 13, 2022 (as

amended,modified,waived,supplemented,

![image_25.jpg](image_25.jpg)

K-2<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

6. Assigned Interest:

restated or replaced from time to time), by and

among AGTB Fund Manager, LLC, a Delaware

limited liability company, as the collateral

manager (in such capacity, the "Collateral

Manager"), Twin Brook Capital Funding XXXIII

ASPV, LLC, a Delaware limited liability

company, as the borrower (in such capacity, the

"Borrower"), Twin Brook Capital Funding

XXXIII, LLC, as the transferor (in such capacity,

the"Transferor"),eachofthelendersfromtimeto

time party thereto (together with its respective

successors and assigns in such capacity, each a

"Lender" and collectively, the "Lenders"), Ally

Bank, as the administrative agent thereunder

(together with its successors and assigns in such

capacity, the "Administrative Agent")**<u>, as the</u>**

**<u>swingline lender (together with its successors</u>**

**<u>and assigns in such capacity, the "Swingline</u>**

**<u>Lender")</u>**and as Arranger and Western Alliance

Trust Company, N.A., not in its individual

capacity but as the collateral custodian (together

with its successors and assigns in such capacity,

the "Collateral Custodian")

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assignor | Assignee | AggregateAmount <br>ofCommitmentfor <br>all Lenders<br>| Amount of <br>Commitment <br>Assigned<br>| Percentage <br>Assignedof <br>Aggregate <br>Amount<br>ofCommitment <br>for all Lenders<br>|
| [] | [] | [] | [] | [] |

---

EffectiveDate:[][], 20[]

**[**Remainderof page intentionally leftblank; signature pages follow.**]**

![image_25.jpg](image_25.jpg)

K-3<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

Theterms setforth inthis Assignmentand Assumptionare herebyagreed to:

[ASSIGNOR]

By:

Name:

Title:

[ASSIGNEE]

By:

Name:

Title:

Consented to:

**ALLYBANK**,astheAdministrativeAgent

By:

Name:

Title:

**TWINBROOKCAPITALFUNDING**

**XXXIIIASPV,LLC**,asthe Borrower

By:

Name:

Title<sup>5</sup><sup>6</sup>:

<sup>5</sup><sup>6</sup>TobeincludedifBorrowerconsentrequiredforassignment.

![image_25.jpg](image_25.jpg)

K-4<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

ANNEX I

TOEXHIBITK

STANDARDTERMSANDCONDITIONSFOR

ASSIGNMENT AND ASSUMPTION

1.<u>Representations and</u> <u>Warranties</u>.

1.1<u>Assignor</u>.The Assignor (a) represents and warrants that (i) it is the legal and

beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and

clear of any lien, encumbrance or other adverse claim and (iii) it has full power

and authority, and has taken all action necessary, to execute and deliver this

Assignment and Assumption and to consummate the transactions contemplated

hereby; and (b) assumes no responsibility with respect to (i) any statements,

warrantiesorrepresentationsmadeinorinconnectionwiththeLoanandSecurity

Agreement or any other Transaction Document, (ii) the execution, legality,

validity, enforceability, genuineness, sufficiency or value of the Transaction

Documents or any collateral thereunder, (iii) the financial condition of the

Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in

respect of any Transaction Document, or (iv) the performance or observance by

the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of

their respective obligations under any Transaction Document.

1.2<u>Assignee</u>.The Assignee (a) represents and warrants that (i) it has full power and

authority, and has taken all action necessary, to execute and deliver this

Assignment and Assumption and to consummate the transactions contemplated

herebyandtobecomeaLenderundertheLoanandSecurityAgreement,(ii)from

and after the Effective Date, it shall be bound by the provisions of the Loan and

Security Agreement as a Lender thereunder and, to the extent of the Assigned

Interest, shall have the obligations of a Lender thereunder, (iii) it is sophisticated

withrespecttodecisionstoacquireassetsofthetyperepresentedbytheAssigned

Interest and either it, or the Person exercising discretion in making its decision to

acquire the Assigned Interest, is experiencedin acquiring assets of such type, (iv)

it has received a copy of the Loan and Security Agreement and such other

documents and information as it has deemed appropriate to make its own credit

analysis and decision to enter into this Assignment and Assumption and to

purchase the Assigned Interest, (v) it has, independently and without reliance

upontheAdministrativeAgentoranyotherLenderandbasedonsuchdocuments

and information as it has deemed appropriate, made its own credit analysis and

decision to enter into this Assignment and Assumption and to purchase the

Assigned Interest, and (vi) attached to this Assignment and Assumption is any

documentation required to be delivered by it pursuant to the terms of the Loan

and Security Agreement, duly completed and executed by the Assignee; and (b)

agrees that (i) it will, independently and without reliance on the Administrative

Agent,theAssignororanyotherLender,andbasedonsuchdocumentsand

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K-5<br>USActive<br>58290008.10**<u>58290008.14</u>**<br>

information as it shall deem appropriate at the time, continue to make its own

credit decisions in taking or not taking action under the Transaction Documents,

and (ii) it will perform in accordance with their terms all of the obligations which

bythetermsoftheTransactionDocumentsarerequiredtobeperformedbyitasa

Lender.

2.<u>Payments</u>.From and after the Effective Date, the Administrative Agent shall make all

payments in respect of the Assigned Interest (including payments of principal, interest,

feesandotheramounts)totheAssignorforamountswhichhaveaccruedtobutexcluding

the Effective Date and to the Assignee for amounts which have accrued from and after

the Effective Date.

3.<u>General Provisions</u>.This Assignment and Assumption shall be binding upon, and inure

to the benefit of, the parties hereto and their respective successors and assigns.This

Assignment and Assumption may be executed in any number of counterparts, which

together shall constitute one instrument.Delivery of an executed counterpart of a

signature page of this Assignment and Assumption by facsimile or any other electronic

format shall be effective as delivery of a manually executed counterpart of this

Assignment and Assumption.This Assignment and Assumption and the rights and

obligations of the parties hereunder shall be governed by, and construed in accordance

with, the law of the State of New York.

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USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>EXHIBIT</u><u>L</u>

CERTIFICATEREANNUALSTATEMENTASTOCOMPLIANCE

[], 20[]

This Certificate re Annual Statement as to Compliance (this "<u>Certificate</u>") is

delivered by a Responsible Officer of the Collateral Manager (defined below) pursuant to the

terms and provisions of Section 6.9 of the Loan, Security and Collateral Management

Agreement, dated as of December 13, 2022 (as amended, modified, waived, supplemented,

restated or replaced from time to time, the "<u>Loan and Security Agreement</u>"), by and among

AGTB Fund Manager, LLC, a Delaware limited liability company, as the collateral manager (in

such capacity, the "<u>Collateral Manager</u>"), Twin Brook Capital Funding XXXIII ASPV, LLC, a

Delaware limited liability company, as the borrower (in such capacity, the "<u>Borrower</u>"), Twin

BrookCapitalFundingXXXIII,LLC,asthetransferor(insuchcapacity,the"<u>Transferor</u>"),each

ofthelendersfromtimetotimepartythereto(togetherwithitsrespectivesuccessorsandassigns

in such capacity, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), Ally Bank, as the

administrative agent thereunder (together with its successors and assigns in such capacity, the

"<u>Administrative Agent</u>")**<u>, as the swingline lender (together with its successors and assigns in</u>**

**<u>such capacity, the "Swingline Lender")</u>**and as Arranger and Western Alliance Trust

Company, N.A., not in its individual capacity but as the collateral custodian (together with its

successors and assigns in such capacity, the "<u>Collateral</u><u>Custodian</u>").Capitalized terms used but

not defined herein shall have the meanings provided in the Loan and Security Agreement.

(a)The undersigned hereby certifies that a review of the activities of

theCollateralManager,andtheCollateralManager'sperformancepursuanttothe

Loan and Security Agreement, for the fiscal year ending on [], 20[]

(the "<u>Relevant Year</u>") has been made under the undersigned's supervision; and

(b)The undersigned hereby certifies that the Collateral Manager has

performed or has caused to be performed in all material respects all of its

obligationsundertheLoanandSecurityAgreementthroughouttheRelevantYear

and [no Collateral Manager Termination Event has occurred and is continuing][a

Collateral Manager Termination Event has occurred and is continuing and <u>Annex</u>

<u>I</u> attached hereto sets forth the nature thereof and the steps being taken to remedy

such Collateral Manager Termination Event].

[Remainderof page intentionally leftblank; signature page follows.]

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USActive<br>58290008.10**<u>58290008.14</u>**<br>

INWITNESSWHEREOF,certified asofthe datefirstwritten above.

By:

Name:

Title:aResponsibleOfficerofAGTBFund

Manager, LLC, the Collateral Manager

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USActive<br>58290008.10**<u>58290008.14</u>**<br>

ANNEXI

to Exhibit L

COLLATERALMANAGERTERMINATIONEVENT

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>SCHEDULE I</u>

LEGALNAMES

![image_25.jpg](image_25.jpg)

USActive<br>58290008.10**<u>58290008.14</u>**<br>

<u>SCHEDULE</u><u>II</u>

LOAN LIST

<u>SCHEDULE</u><u>III</u>

[<u>RESERVED</u>]

<u>SCHEDULE IV</u>

AGREED-UPONPROCEDURES

<u>SCHEDULE</u><u>V</u>

GICSINDUSTRYCLASSIFICATIONS