Document:

Document

December 20, 2018

Edward C. Bernard

Dear Ed:

I would like you to act as a consultant to me and others at T. Rowe Price (the “Company”) beginning as of January 1, 2019, in accordance with the following terms and conditions of this consulting agreement (“this Agreement”): 

		
	1.
	Services. During the term of this engagement, I would like you to be available to provide advice and counsel to me and other senior leaders of the Company.  I would like to have periodic meetings with you to discuss various topics and to hear about your discussions with the other senior leaders.  One specific assignment will be to advise David Oestreicher in his new role with the Mutual Fund Board.  It is expected that these services will be provided telephonically and through in-person meetings as we determine to be appropriate. In no event will you be engaged for such consulting assignments which would require activity by you that would subject you to the T. Rowe Price Code of Ethics.  In addition, you will continue to perform services as a board member of UTI Asset Management Company Limited ("UTI") (which may include services as a board member of UTI affiliate entities) on behalf of the Company (or for one or more of the Company's affiliates). You will not receive separate compensation from UTI for such services. 

		
	2.
	Compensation.  Your compensation for these services will be $350,000 for the period from January 1, 2019 until December 31, 2019. You will be paid quarterly. You will be reimbursed for your reasonable out-of-pocket expenses, including any required travel to the Company or elsewhere.  In addition, while traveling for business at the authorization, direction and expense of the Company, the Company will provide coverage through its Global Medical and Business Travel Accident policies placed with Ace American Insurance Company (“Chubb”) which also provides emergency travel assistance services through Chubb’s partner, AXA. For purposes of this engagement, you will be an independent contractor and not an employee of the Company and will not be entitled to any benefits or other compensation beyond the consulting payments set forth in this paragraph. You will also be responsible for payment of all taxes associated with such compensation.

		
	3.
	Term.  This arrangement shall be automatically renewed on January 1 of each year for an additional one-year period unless either party provides prior written notice to the other party that it wishes to terminate this arrangement at any time prior to such January 1. In addition, this arrangement may be terminated by either party at any time for any reason upon at least thirty (30) days prior written notice to the other party.

		
	4.
	Confidentiality. As always, Ed, we will expect you to maintain the confidentiality of any non-public information relating to the Company or UTI that you obtain as a result of your consulting or UTI directorship activities. In addition, unless otherwise agreed in writing by the Chair of the Company's Ethics Committee, you will be bound by the Company's policies with respect to the trading in Company stock, including its prior clearance and reporting procedures for employees. Provided that you do not obtain information about the Company's investment research, recommendations, or transactions, you will not be subject to the Company's policies with respect to the prior clearance and reporting of your personal securities transactions involving securities other than stock of the Company.

		
	5.
	Office Space.   The Company will provide you with appropriate office space and equipment, secretarial assistance and computer access and support.

		
	6.
	Other Employment.   Should you accept a position as an employee, officer, director or  consultant, or an appointment to the board of a federally registered investment  adviser, registered investment company, broker-dealer, bank, or publicly traded company, you will provide written notice of such employment or appointment to the Chief Executive Officer of the Company and recognize that we may need to modify this relationship or establish protocols or procedures relating to such position to avoid any potential conflicts, or appearance of conflicts that may arise from such relationship.

		
	7.
	Entire Agreement.  This letter represents the entire agreement relating to your engagement by the Company and shall be governed by and constructed in accordance with the laws of the State of Maryland.

  
Ed, if the foregoing accurately reflects our agreement, please acknowledge by signing and returning the enclosed copy of this letter.  I look forward to working with you in this capacity. 
                    
Very truly yours, 

/s/ William J. Stromberg
 William J. Stromberg
/s/ Edward C. Bernard
Edward C. BernardExhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 13 TO

LOAN AND SERVICING

AGREEMENT

 

THIS AMENDMENT NO. 13
TO LOAN AND SERVICING AGREEMENT, dated as of December 21, 2018 (this "Amendment") is entered into by and among
BDCA Funding I, LLC, as the borrower (in such capacity, the "Borrower"), Business Development Corporation of America,
as the servicer (in such capacity, the "Servicer") and seller (in such capacity, the "Seller"),
Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent"),
each of the Lenders and Lender Agents party hereto and U.S. Bank National Association, as Collateral Agent, Account Bank and Collateral
Custodian. Capitalized terms used but not defined herein have the meanings provided in the Agreement (as defined below).

 

RECITALS

 

WHEREAS, reference
is made to the Loan and Servicing Agreement, dated as of July 24, 2012 (as amended, modified, waived, supplemented or restated
from time to time, the "Agreement"), by and among the Borrower, the Servicer, the Seller, the Conduit Lenders,
the Institutional Lenders, the Lender Agents, the Administrative Agent, the Collateral Agent, the Account Bank and the Collateral
Custodian; and

 

WHEREAS, the parties
hereto desire to further amend the Agreement in certain respects as specified herein, pursuant to and in accordance with Section
11.01 of the Agreement;

 

NOW, THEREFORE,
based upon the above Recitals, the mutual premises and agreements contained herein, and 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:

 

SECTION 1. AMENDMENT.

 

The Agreement is hereby
amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text)
and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and
double- underlined text) as set forth on the pages of the Agreement attached as Exhibit A hereto.

 

SECTION 2. AGREEMENT IN FULL FORCE AND EFFECT
AS AMENDED.

 

Except as specifically
amended hereby, all provisions of the Agreement shall remain in full force and effect. After this Amendment becomes effective,
all references to the Agreement and corresponding references thereto or therein such as "hereof", "herein",
or words of similar effect referring to the Agreement shall be deemed to mean the Agreement as amended hereby. This Amendment shall
not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth
herein.

 

    			 

     

    

 

SECTION 3. REPRESENTATIONS.

 

Each of the Borrower and
the Servicer, severally for itself only, represents and warrants as of the date of this Amendment as follows:

 

(i)          it
is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or
organization;

 

(ii)         the
execution, delivery and performance by it of this Amendment and the Agreement as amended hereby are within its powers, have been
duly authorized, and do not contravene (A) its charter, by-laws, or other organizational documents, or (B) any Applicable Law;

 

(iii)        no
consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental authority,
is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment and the Agreement
as amended hereby by or against it;

 

(iv)        this
Amendment has been duly executed and delivered by it and is effective to amend the Agreement as contemplated by the amendment provisions
thereof;

 

(v)         each
of this Amendment and the Agreement as amended hereby constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights generally or by general principles of equity; and

 

(vi)        there
is no Unmatured Event of Default, Event of Default or Servicer Termination Event.

 

SECTION 4. CONDITIONS TO EFFECTIVENESS.

 

The effectiveness of this
Amendment is conditioned upon: (i) payment (to the extent invoiced) of outstanding fees of each Lender and any invoiced outstanding
fees and disbursements of the Administrative Agent (if any); (ii) delivery and execution of certain amendments to the Wells Fargo
Lender Fee Letter; and (iii) delivery of executed signature pages by all parties hereto to the Administrative Agent.

 

SECTION 5. MISCELLANEOUS.

 

(a)          This
Amendment may be executed in any number of counterparts (including by facsimile or e-mail), and by the different parties hereto
on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall
constitute one and the same agreement.

 

    			 

     

    

 

(b)          The
descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be
deemed to affect the meaning or construction of any of the provisions hereof.

 

(c)          This
Amendment may not be amended or otherwise modified except as provided in the Agreement.

 

(d)          The
failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.

 

(e)          Whenever
the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the
plural number, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the
masculine and feminine.

 

(f)          This
Amendment and the Agreement represent the final agreement among the parties with respect to the matters set forth therein and may
not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements among the parties. There are no unwritten
oral agreements among the parties with respect to such matters.

 

(g)          THIS
AMENDMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE
LAWS 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 AMENDMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

 

(h)          Each
party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New
York City in any action or proceeding arising out of or relating to the Amendment, and each party hereto hereby irrevocably agrees
that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent
permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

 

(i)          By
executing this Amendment, the Administrative Agent and the Lenders constituting the Required Lenders hereby direct U.S. Bank National
Association in its various capacities to execute this Amendment in the form presented to it.

 

    			 

     

    

 

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.

 

	THE BORROWER:	BDCA FUNDING I, LLC

 

	 	By: BUSINESS DEVELOPMENT 
	 	CORPORATION OF AMERICA, Member of
	 	BDCA Funding I, LLC

 

	 	By: 	/s/ Corinne D. Pankovcin
	 	 	Name:  Corinne D. Pankovcin
	 	 	Title: Chief Financial Officer

 

	 	BDCA Funding I, LLC
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:            Chief Financial Officer
	 	Facsimile No:      (866) 421- 6244
	 	Confirmation No: (401) 277- 5557

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	THE SERVICER:	BUSINESS DEVELOPMENT 
	 	CORPORATION OF AMERICA

 

	 	By:	/s/ Corinne D. Pankovcin
	 	 	Name:  Corinne D. Pankovcin
	 	 	Title: Chief Financial Officer

 

	 	Business Development Corporation of America 
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:             Chief Financial Officer
	 	Facsimile No:       (844) 269-5089
	 	Confirmation No: (401) 277-5557

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	THE SELLER:	BUSINESS DEVELOPMENT 
	 	CORPORATION OF AMERICA

 

	 	By:	/s/ Corinne D. Pankovcin
	 	 	Name:  Corinne D. Pankovcin
	 	 	Title: Chief Financial Officer

 

	 	Business Development Corporation of America
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:            Chief Financial Officer
	 	Facsimile No:      (844) 269-5089
	 	Confirmation No: (401) 277-5557

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	THE ADMINISTRATIVE AGENT:	WELLS FARGO BANK, N.A.

 

	 	By: 	/s/ Steve Sebo
	 	 	Name:  Steve Sebo
	 	 	Title:    Vice President

 

	 	Wells Fargo Bank, National Association
	 	Duke Energy Center
	 	550 S. Tryon Street, 5th Floor
	 	MAC D1086-051
	 	Charlotte, North Carolina 28202
	 	Attention: Corporate Debt Finance 
	 	Confirmation No: (704) 715-410-2496
	 	All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	WELLS FARGO BANK, N.A.

 

	 	By: 	/s/ Kevin Sunday
	 	 	Name:  Kevin Sunday
	 	 	Title:    Managing Director

 

	 	Wells Fargo Bank, N.A.
	 	Duke Energy Center
	 	550 S. Tryon Street, 5th Floor
	 	MAC D1086-051
	 	Charlotte, North Carolina 28202
	 	Attention: Corporate Debt Finance
	 	Confirmation:  (704) 410-2496
	 	All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and cp.conduits@wellsfargo.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	TIAA, FSB

 

	 	By:	/s/ Joshua Kinsey
	 	 	Name:  Joshua Kinsey
	 	 	Title:    Vice President

 

	 	TIAA, FSB
	 	10000 Midlantic Drive, Suite 400E
	 	Mount Laurel, NJ 08054
	 	Attention: John Dale
	 	Facsimile No.: 201-770-4762
	 	Confirmation No: 856-505-8163

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	ZB, N.A., DBA CALIFORNIA BANK & TRUST

 

	 	By:	/s/ Christopher J. Edmonds
	 	 	Name:  Christopher J. Edmonds
	 	 	Title:    Executive Vice President

 

	 	1900 Main Street, Suite 2000
	 	Irvine, CA 92614
	 	Attention: Chris Edmonds
	 	Facsimile: 949-862-7333
	 	Email: Christopher.Edmonds@calbt.com
	 	Confirmation No: 949-251-7772

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	NBH BANK

 

	 	By: 	/s/ Thomas J. Rohling
	 	 	Name:  Thomas J. Rohling
	 	 	Title:    Managing Director

 

	 	NBH Bank
	 	11111 W. 95th Street
	 	Overland Park, KS 66214
	 	Attention: Tom Rohling
	 	Confirmation No: 913-324-6185
	 	Email: trohling@nbhbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	RAYMOND JAMES BANK, N.A.

 

	 	By: 	/s/ Alexander L. Rody
	 	 	Name:  Alexander L. Rody
	 	 	Title:    S.V.P. 

 

	 	Raymond James Bank, N.A.
	 	1033 Demonbreun Street, Suite 500
	 	Nashville, TN 37203
	 	Attention: Alexander L. Rody
	 	Confirmation No: 615-645-6699
	 	Email: alex.rody@raymondjames.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	FIFTH THIRD BANK

 

	 	By: 	/s/ Andrew Cantillon
	 	 	Name:  Andrew Cantillon
	 	 	Title:    Officer 

 

	 	Fifth Third Bank
	 	38 Fountain Square Plaza, MD 109046
	 	Cincinnati, OH 45263
	 	Attention: Andrew Cantillon
	 	Tel: (513) 534 3797
	 	Facsimile No.: (513) 534 0319
	 	Email: Andrew.Cantillon@53.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	sTIFEL BANK & TRUST

 

	 	By:	/s/ Timothy M. Hill
	 	 	Name:  Timothy M. Hill
	 	 	Title:    Vice President

 

	 	Stifel Bank & Trust
	 	501 N. Broadway, 10th Floor
	 	St. Louis, MO 63102
	 	Attention: Tim Hill
	 	Telephone: 314-342-8540
	 	email: thill@stifelbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	INSTITUTIONAL LENDER:	CRESCOM BANK

 

	 	By:	 /s/ Jeff A. Benjamin
	 	 	Name:  Jeff A. Benjamin
	 	 	Title:    Executive Vice President

 

	 	CresCom Bank
	 	1331 44th Avenue North, Suite 101
	 	Myrtle Beach, SC 29577
	 	Attention: Jeff A. Benjamin
	 	Telephone: 843-429-2498
	 	email: jbenjamin@haveanicebank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	THE COLLATERAL AGENT:	U.S. BANK NATIONAL ASSOCIATION

 

	 	By: 	/s/ Stanley Wong
	 	 	Name: Stanley Wong 
	 	 	Title:  Vice President

 

	 	U.S. Bank National Association  
	 	One Federal Street, 3rd Floor
	 	Boston, MA 02110 
	 	Attention: Stanley Wong, Vice President

 Facsimile No: (877) 218-6970 
	 	Confirmation No: (617) 603-6709 
	 	Email: stanley.wong@usbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	THE ACCOUNT BANK:	U.S. BANK NATIONAL ASSOCIATION

 

	 	By: 	/s/ Stanley Wong
	 	 	Name: Stanley Wong 
	 	 	Title:  Vice President

 

	 	U.S. Bank National Association  
	 	One Federal Street, 3rd Floor
	 	Boston, MA 02110 
	 	Attention: Stanley Wong, Vice President 

Facsimile No: (877) 218-6970 
	 	Confirmation No: (617) 603-6709 
	 	Email: stanley.wong@usbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			 

     

    

 

	THE COLLATERAL CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION

 

	 	By:	/s/ Kenneth Brandt
	 	 	Name: Kenneth Brandt
	 	 	Title: Assistant Vice President

 

	 	U.S. Bank National Association 
	 	1719 Range Way
	 	Florence, South Carolina 29501
	 	Attention: Steve Garrett
	 	Facsimile No:     (843) 673-0162
	 	Confirmation No: (843) 676-8901
	 	Email:      steven.garrett@usbank.com

 

	 	With a copy to:
	 	 
	 	U.S. Bank National Association  
	 	One Federal Street, 3rd Floor
	 	Boston, MA 02110 
	 	Attention: Stanley Wong, Vice President

 Facsimile No: (877) 218-6970 
	 	Confirmation No: (617) 603-6709 
	 	Email: stanley.wong@usbank.com

 

    			 

     

    

 

EXECUTION COPY

(Conformed through Amendment 12No.
13)

 

 

 

Up to U.S. $520,000,000545,000,000

 

LOAN AND SERVICING AGREEMENT

 

Dated as of July 24, 2012

 

Among

 

BDCA FUNDING I, LLC,

as the Borrower

 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA,

as the Servicer and the Seller

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

 

EACH OF THE CONDUIT LENDERS AND INSTITUTIONAL
LENDERS FROM TIME TO

TIME PARTY HERETO,

as the Lenders

 

EACH OF THE LENDER AGENTS FROM TIME TO TIME
PARTY HERETO,

as the Lender Agents

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as the Collateral Agent, Account Bank and Collateral
Custodian

 

 

 

    			

     

    

 

	TABLE OF CONTENTS
	 	 	Page
	 	 	 
	ARTICLE I.     DEFINITIONS	1
	 	 
	Section 1.01	Certain Defined Terms	1
	 	 	 
	Section 1.02	Other Terms	35
	 	 	 
	Section 1.03	Computation of Time Periods	35
	 	 	 
	Section 1.04	Interpretation	35
	 	 	 
	ARTICLE II.    THE FACILITY	36
	 	 
	Section 2.01	Variable Funding Note and Advances	36
	 	 	 
	Section 2.02	Procedure for Advances	37
	 	 	 
	Section 2.03	Determination of Yield	39
	 	 	 
	Section 2.04	Remittance Procedures	39
	 	 	 
	Section 2.05	Instructions to the Collateral Agent and the Account Bank	43
	 	 	 
	Section 2.06	Borrowing Base Deficiency Payments	43
	 	 	 
	Section 2.07	Substitution and Sale of Loan Assets; Affiliate Transactions	44
	 	 	 
	Section 2.08	Payments and Computations, Etc	48
	 	 	 
	Section 2.09	Non-Usage Fee	49
	 	 	 
	Section 2.10	Increased Costs; Capital Adequacy	49
	 	 	 
	Section 2.11	Taxes	51
	 	 	 
	Section 2.12	Collateral Assignment of Agreements	52
	 	 	 
	Section 2.13	Grant of a Security Interest	53
	 	 	 
	Section 2.14	Evidence of Debt	53
	 	 	 
	Section 2.15	Survival of Representations and Warranties	53
	 	 	 
	Section 2.16	Release of Loan Assets	54
	 	 	 
	Section 2.17	Treatment of Amounts Received by the Borrower	54
	 	 	 
	Section 2.18	Prepayment; Termination	54
	 	 	 
	Section 2.19	Extension of Reinvestment Period	55
	 	 	 
	Section 2.20	Collections and Allocations	55
	 	 	 
	Section 2.21	Reinvestment of Principal Collections	57
	 	 	 
	Section 2.22	Additional Lenders	57
	 	 	 
	ARTICLE III.   CONDITIONS PRECEDENT	58
	 	 
	Section 3.01	Conditions Precedent to Effectiveness	58

 

    	 	i	 

     

    

 

	LIST OF SCHEDULES AND EXHIBITS
	 
	SCHEDULES	 
	 	 
	SCHEDULE I	Conditions Precedent Documents
	SCHEDULE II	Prior Names, Tradenames, Fictitious Names and “Doing Business As” Names
	SCHEDULE III	Eligibility Criteria
	SCHEDULE IV	Agreed-Upon Procedures for Independent Public Accountants
	SCHEDULE V	Loan Asset Schedule
	 	 
	EXHIBITS	 
	 	 
	EXHIBIT A	Form of Approval Notice
	EXHIBIT B	Form of Assignment of Mortgage
	EXHIBIT C	Form of Borrowing Base Certificate
	EXHIBIT D	Form of Disbursement Request
	EXHIBIT E	Form of Joinder Supplement
	EXHIBIT F	Form of Notice of Borrowing
	EXHIBIT G	Form of Notice of Reduction (Reduction of Advances Outstanding)
	EXHIBIT H	[Reserved]
	EXHIBIT I	Form of Variable Funding Note
	EXHIBIT J	Form of Notice of Lien Release Dividend and Request for Consent
	EXHIBIT K	Form of Certificate of Closing Attorneys
	EXHIBIT L	Form of Servicing Report
	EXHIBIT M	Form of Servicer’s Certificate (Servicing Report)
	EXHIBIT N	Form of Release of Required Loan Documents
	EXHIBIT O	Form of Transferee Letter
	EXHIBIT P	Form of Power of Attorney for Servicer
	EXHIBIT Q	Form of Power of Attorney for Borrower
	EXHIBIT R	Form of Servicer’s Certificate (Loan Asset Register)
	 	 
	ANNEXES	 
	ANNEX A	Commitments

 

    	 	- v -	 

     

    

 

This LOAN AND SERVICING AGREEMENT
is made as of July 24, 2012, among:

 

(1)       BDCA
FUNDING I, LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”);

 

(2)       BUSINESS
DEVELOPMENT CORPORATION OF AMERICA, a Maryland corporation, as the Servicer (as defined herein) and the Seller (as defined herein);

 

(3)       EACH
OF THE CONDUIT LENDERS FROM TIME TO TIME PARTY HERETO, as a Conduit Lender;

 

(4)       EACH OF
THE INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO, as an Institutional Lender;

 

(5)       EACH
OF THE LENDER AGENTS FROM TIME TO TIME PARTY HERETO, as a Lender Agent;

 

(6)       WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative
Agent”); and

 

(7)       U.S.
BANK NATIONAL ASSOCIATION, as the Collateral Agent (together with its successors and assigns in such capacity, the “Collateral
Agent”), the Account Bank (as defined herein) and the
Collateral Custodian (together with its successors and assigns in such capacity, the “Collateral
Custodian”).

 

PRELIMINARY STATEMENT

 

The
Lenders have agreed, on the terms and conditions set forth herein, to provide a secured revolving credit facility which shall provide
for Advances from time to time in an aggregate principal amount not to exceed the Borrowing Base. The proceeds of the Advances
will be used to finance the Borrower’s purchase, on a “true
sale” basis, of Eligible Loan Assets from the Seller, approved
by the Administrative Agent, pursuant to the Purchase and Sale Agreement between the Borrower and the Seller. Accordingly, the
parties agree as follows: 

 

ARTICLE I.

 

DEFINITIONS

SECTION 1.01          Certain
Defined Terms.

(a)       Certain
capitalized terms used throughout this Agreement are defined above or in this Section 1.01.

 

(b)       As
used in this Agreement and the exhibits and schedules thereto (each of which is hereby incorporated herein and made a part hereof),
the following terms shall have the priority or enforceability of the Collateral Agent’s,
the Administrative Agent’s or the other Secured Parties’
lien on the Collateral Portfolio.

 

    	 	1	 

     

    

 

“Material
Modification” means any amendment or waiver of, or modification
or supplement to, a Loan Agreement governing a Loan Asset executed or effected on or after the Cut-Off Date for such Loan Asset
which:

 

(a)       reduces
or forgives any or all of the principal amount due under such Loan Asset;

 

(b)       delays
or extends the maturity date for such Loan Asset;

 

(c)       waives
one or more interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal amount
of such Loan Asset (other than any deferral or capitalization already allowed by the terms of the Loan Agreement of any PIK Loan
Asset) or reduces the amount of interest due when the Interest Coverage Ratio under such Loan Agreement is less than 150% (prior
to giving effect to such reduction in interest expense);

 

(d)       contractually
or structurally subordinates such Loan Asset by operation of a priority of payments, turnover provisions, the transfer of assets
in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the Underlying
Collateral securing such Loan Asset;

 

(e)       substitutes,
alters or releases the Underlying Collateral securing such Loan Asset and any such substitution, alteration or release, as determined
in the reasonable discretion of the Administrative Agent, materially and adversely affects the value of such Loan Asset, provided,
that the foregoing shall not apply to any release in conjunction with a relatively contemporaneous disposition by the Obligor accompanied
by a mandatory reinvestment of net proceeds or mandatory repayment of the applicable loan facility with the net proceeds; or

 

(f)       amends,
waives, forbears, supplements or otherwise modifies (i) the meaning of “Net
Leverage Ratio,” “Net Senior Leverage Ratio,”
“Interest Coverage Ratio” or
“Permitted Liens” or
any respective comparable definitions in the Loan Agreement for such Loan Asset or (ii) any term or provision of such Loan Agreement
referenced in or utilized in the calculation of the “Net
Leverage Ratio,” “Net Senior Leverage Ratio,”
“Interest Coverage Ratio” or
“Permitted Liens” or
any respective comparable definitions for such Loan Asset, in either case in a manner that, in the reasonable judgment of the Administrative
Agent, is materially adverse to the Secured Parties; provided that in connection with any Revenue Recognition Implementation
or any Operating Lease Implementation, the Administrative Agent may waive any Material Modification resulting from such implementation
pursuant to this clause (f).

 

“Maximum
Facility Amount” means the aggregate Commitments as
then in effect, which amount shall not exceed $520,000,000545,000,000;
provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances
Outstanding at such time.

 

“Minimum
Equity Amount” means $125,000,000.

 

    	 	2	 

     

    

 

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

 

	THE BORROWER:	BDCA FUNDING I, LLC

 

	 	By: BUSINESS DEVELOPMENT
	 	CORPORATION OF AMERICA, Member of
	 	BDCA Funding I, LLC

 

	 	By:	 
	 	 	Name: Corinne D. Pankovcin
	 	 	Title: Chief Financial Officer

 

	 	BDCA Funding I, LLC
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:             Chief Financial Officer
	 	Facsimile No:       (866) 421- 6244
	 	Confirmation No: (401) 277- 5557

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

BDCA Funding I, LLC

 

Loan and Servicing Agreement

 

    			

     

    

 

	INSTITUTIONAL LENDER:	WELLS FARGO BANK, N.A.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Wells Fargo Bank, N.A.
	 	Duke Energy Center
	 	550 S. Tryon Street, 5th Floor
	 	MAC D1086-051
	 	Charlotte, North Carolina 28202
	 	Attention: Corporate Debt Finance
	 	Confirmation:     (704) 410-2496
	 	All electronic dissemination of Notices should
	 	be sent to scp.mmloans@wellsfargo.com and
	 	cp.conduits@wellsfargo.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

BDCA Funding I, LLC

 

Loan and Servicing Agreement

 

    			

     

    

 

	INSTITUTIONAL LENDER:	TIAA, FSB

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	TIAA, FSB
	 	10000 Midlantic Drive, Suite 400E
	 	Mount Laurel, NJ 08054
	 	Attention: John Dale
	 	Facsimile No.: 201-770-4762
	 	Confirmation No: 856-505-8163

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

BDCA Funding I, LLC

 

Loan and Servicing Agreement

 

    			

     

    

 

	INSTITUTIONAL LENDER:	ZB, N.A., DBA CALIFORNIA BANK & TRUST

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	1900 Main Street, Suite 2000
	 	Irvine, CA 92614
	 	Attention: Chris Edmonds
	 	Facsimile: 949-862-7333
	 	Email:  Christopher.Edmonds@calbt.com
	 	Confirmation No: 949-251-7772

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

BDCA Funding I, LLC

 

Loan and Servicing Agreement

 

    			

     

    

 

	INSTITUTIONAL LENDER:	NBH BANK

	 	By:	 
	 	 	Name:
	 	 	Title:

	 	NBH Bank
	 	11111 W. 95th Street
	 	Overland Park, KS 66214
	 	Attention: Tom Rohling
	 	Confirmation No: 913-324-6185
	 	Email: trohling@nbhbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

 

	INSTITUTIONAL LENDER:	RAYMOND JAMES BANK, N.A.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Raymond James Bank, N.A.
	 	1033 Demonbreun Street, Suite 500
	 	Nashville, TN 37203
	 	Attention: Alexander L. Rody
	 	Confirmation No: 615-645-6699
	 	Email: alex.rody@raymondjames.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

 

	INSTITUTIONAL LENDER:	FIFTH THIRD BANK

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Fifth Third Bank
	 	38 Fountain Square Plaza, MD 109046
	 	Cincinnati, OH 45263
	 	Attention: Andrew Cantillon
	 	Tel: (513) 534 3797
	 	Facsimile No.: (513) 534 0319
	 	Email: Andrew.Cantillon@53.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

 

	INSTITUTIONAL LENDER:	STIFEL BANK & TRUST

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Stifel Bank & Trust
	 	501 N. Broadway, 10th Floor
	 	St. Louis, MO 63102
	 	Attention: Tim Hill
	 	Telephone: 314-342-8540
	 	email: thill@stifelbank.com

 

[SIGNATURES
CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

 

	INSTITUTIONAL LENDER:	CRESCOM BANK

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	CresCom Bank
	 	1331 44th Avenue North, Suite 101
	 	Myrtle Beach, SC 29577
	 	Attention: Jeff A. Benjamin
	 	Telephone: 843-429-2498
	 	email: jbenjamin@haveanicebank.com

 

[SIGNATURES
CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

 

	THE COLLATERAL AGENT:	U.S. BANK NATIONAL ASSOCIATION

 

	 	By:	 
	 	 	Name: Jeffrey B. StoneStanley Wong
	 	 	Title: Vice President

 

	 	U.S. Bank National Association
	 	One Federal Street, 3rd Floor
	 	Boston, MA 02110
	 	Attention: Jeffrey B. Stone Stanley Wong, Vice
	 	President Facsimile No: (866) 373-5984 (877) 218-6970
	 	Confirmation No: (617) 603-65386709
	 	Email: Jeffrey.stone stanley.wong@usbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

 

	THE ACCOUNT BANK:	U.S. BANK NATIONAL ASSOCIATION

 

	 	By:	 
	 	 	Name: Jeffrey B. StoneStanley Wong
	 	 	Title: Vice President

 

	 	U.S. Bank National Association
	 	One Federal Street, 3rd Floor
	 	Boston, MA 02110
	 	Attention: Jeffrey B. Stone Stanley Wong, Vice
	 	President Facsimile No: (866) 373-5984 (877) 218-6970
	 	Confirmation No: (617) 603-65386709
	 	Email: Jeffrey.stone stanley.wong@usbank.com

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

    			

     

    

	THE COLLATERAL CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	U.S. Bank National Association
	 	1719 Range Way
	 	Florence, South Carolina 29501
	 	Attention: Steve Garrett
	 	Facsimile No:        (843) 673-0162
	 	Confirmation No: (843) 676-8901
	 	Email:       steven.garrett@usbank.com

 

	 	With a copy to:
	 	 
	 	U.S. Bank National Association
	 	One Federal Street, 3rd Floor
	 	Boston, MA 02110
	 	Attention: Jeffrey B. Stone Stanley Wong, Vice
	 	President Facsimile No: (866) 373-5984 (877) 218-6970
	 	Confirmation No: (617) 603-65386709
	 	Email: Jeffrey.stone stanley.wong@usbank.com

 

    			

     

    

EXECUTION COPY

 

Conformed through Amendment 12No.13

 

SCHEDULE I

 

CONDITIONS PRECEDENT DOCUMENTS

 

As required by Section
3.01 of the Agreement, each of the following items must be delivered to the Administrative Agent and the Lender Agents prior to
the effectiveness of the Agreement:

 

(a)       A
copy of this Agreement duly executed by each of the parties hereto;

 

(b)       A
certificate of the Secretary, Assistant Secretary or managing member, as applicable, of each of the Borrower and BDCA, dated the
date of this Agreement, certifying (i) the names and true signatures of the incumbent officers of such Person authorized to sign
on behalf of such Person the Transaction Documents to which it is a party (on which certificate the Administrative Agent, the Lenders
and the Lender Agents may conclusively rely until such time as the Administrative Agent and the Lender Agents shall receive from
the Borrower or BDCA, as applicable, a revised certificate meeting the requirements of this paragraph (b)(i)), (ii) that the copy
of the certificate of formation or articles of incorporation of such Person, as applicable, is a complete and correct copy and
that such certificate of formation or articles of incorporation have not been amended, modified or supplemented and are in full
force and effect, (iii) that the copy of the limited liability company agreement or by-laws, as applicable, of such Person are
a complete and correct copy, and that such limited liability company agreement or by-laws have not been amended, modified or supplemented
and are in full force and effect, and (iv) the resolutions of the board of directors of such Person approving and authorizing the
execution, delivery and performance by such Person of the Transaction Documents to which it is a party;

 

(c)       A
good standing certificate, dated as of a recent date for each of the Borrower and BDCA, issued by the Secretary of State of such
Person’s State of formation or organization, as applicable;

 

(d)       Duly
executed Powers of Attorney from the Borrower and BDCA;

 

(e)       Duly
executed Variable Funding Note;

 

(f)       Financing
statements (the "Facility Financing Statements") describing the Collateral Portfolio, and (i) naming the Borrower as
debtor and the Collateral Agent, on behalf of the Secured Parties, as secured party, (ii) naming the Seller as debtor, the Borrower
as assignor and the Collateral Agent, on behalf of the Secured Parties, as secured party/total assignee and (iii) other, similar
instruments or documents, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of all appropriate
jurisdictions or any comparable law to perfect the Collateral Agent’s,
on behalf of the Secured Parties, interests in all of the Collateral Portfolio; 

 

(g)       Financing
statements, if any, necessary to release all security interests and other rights of any Person in the Collateral Portfolio previously
granted by the Seller;

 

    	 	Sch. I- 1	 

     

    

 

ANNEX A

 

	Conduit Lender	 	Commitment
	 	 	 
	Institutional Lender	 	Commitment
	 	 	 
	Wells Fargo Bank, N.A.	 	$270,000,000.00
	 	 	 
	ZB, N.A., DBA California Bank & Trust	 	$40,000,000.00
	 	 	 
	NBH Bank	 	$25,000,000.00
	 	 	 
	Raymond James Bank, N.A.	 	$40,000,000.00
	 	 	 
	Fifth Third Bank	 	$75,000,000.00
	 	 	 
	TIAA, FSB	 	$50,000,000.00
	 	 	 
	Stifel Bank & Trust	 	$20,000,000.00
	 	 	 
	CresCom Bank	 	$25,000,000.00

 

    	 	Annex A

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