Document:

EX-4.1

 Exhibit 4.1 

Mastercard Incorporated 

Officer’s Certificate 

March 4, 2021 
 Pursuant to
Sections 102 and 301 of the Indenture dated as of March 31, 2014 (the “Indenture”) by and between Mastercard Incorporated (the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), the
undersigned officer does hereby certify, in connection with the issuance of (i) $600,000,000 aggregate principal amount of the Company’s 1.900% Notes due 2031 (the “2031 Notes”) and $700,000,000 aggregate principal amount of the
Company’s 2.950% Notes due 2051 (the “2051 Notes” and together with the 2031 Notes, the “Notes”) that the terms of the Notes are as follows: 

Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture. 

 

					
	Issuer	  	Mastercard Incorporated	  	
			
	Security	  	1.900% Notes due 2031	  	2.950% Notes due 2051
			
	Size	  	$600,000,000	  	$700,000,000
			
	Maturity Date	  	March 15, 2031	  	March 15, 2051
			
	Coupon	  	1.900%	  	2.950%
			
	Interest Payment Dates	  	Semi-annually on March 15 and September 15 of each year, commencing September 15, 2021	  	Semi-annually on March 15 and September 15 of each year, commencing September 15, 2021
			
	Price to Public	  	99.872%	  	99.053%
			
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent	  	Deutsche Bank Trust Company Americas	  	
			
	Aggregate Principal Amount at Maturity	  	$600,000,000	  	$700,000,000
			
	Principal Payment Date	  	March 15, 2031	  	March 15, 2051
			
	Date from which Interest will Accrue	  	March 4, 2021	  	March 4, 2021
			
	Record Dates	  	March 1 and September 1	  	March 1 and September 1

					
			
	 Redemption
	  	 The Issuer may at its option redeem the 2031 Notes in whole or in part, at any time or from time to time prior to December 15, 2030
(three months prior to the maturity date of the 2031 Notes), on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2031 Notes, at a redemption price,
calculated by the Issuer, equal to the greater of:
  
 (i) 100% of the principal amount
of the 2031 Notes being redeemed; or
  
 (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the 2031 Notes to be redeemed (assuming the 2031 Notes matured on December 15, 2030) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined in the 2031 Notes)
plus 10 basis points, plus, in each case, accrued and unpaid interest thereon to the date of redemption.
  

On or after December 15, 2031 (three months prior to the maturity date of the 2031 Notes), the Issuer may redeem the 2031 Notes, in whole or in part, at
any time at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
	  	 The Issuer may at its option redeem the 2051 Notes in whole or in part, at any time or from time to time prior to September 15, 2050,
(six months prior to the maturity date of the 2051 Notes), on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2051 Notes, at a redemption price,
calculated by the Issuer, equal to the greater of:
  
 (i) 100% of the principal amount
of the 2051 Notes being redeemed; or
  
 (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the 2051 Notes to be redeemed (assuming the 2051 Notes matured on September 15, 2051) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined in the 2051 Notes)
plus 15 basis points, plus, in each case, accrued and unpaid interest thereon to the date of redemption.
  

On or after September 15, 2050 (six months prior to the maturity date of the 2050 Notes), the Issuer may redeem the 2051 Notes, in whole or in part, at
any time at a redemption price equal to 100% of the principal amount of the 2051 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

					
		
	 Ranking
	  	The Notes will be the Issuer’s senior unsecured obligations and will rank equally with the Issuer’s other senior unsecured and unsubordinated debt from time to time outstanding.
			
	 Conversion
	  	None	  	None
			
	 Sinking Fund
	  	None	  	None
			
	 Denominations
	  	$2,000 and any integral multiple of $1,000 in excess thereof.	  	$2,000 and any integral multiple of $1,000 in excess thereof.
			
	 CUSIP/ISIN
	  	57636Q AS3 / US57636QA S30	  	57636Q AT1 / US57636QA T13
		
	 Miscellaneous
	  	The terms of the Notes shall include such other terms as are set forth in the form of Notes attached hereto as Exhibits A-1 and A-2 and
in the Indenture. In addition, the global notes for the Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

 Subject to the covenants described in the Indenture, as amended or supplemented from time to time, the Issuer
shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officer’s Certificate or supplemental indenture, to issue additional notes from time to time under each series of Notes issued hereby. Any such
additional notes of a series shall have identical terms as the Notes issued on the issue date, other than with respect to the date of issuance, the issue price, the date interest begins to accrue and, in certain circumstances, the first interest
payment date (together the “Additional Notes”); provided that if the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP and/or ISIN number, as applicable.
Any Additional Notes will be issued in accordance with Section 301 of the Indenture. 
 The undersigned officer has read and
understands the provisions of the Indenture and the definitions relating thereto. The statements made in this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the
Issuer. In such officer’s opinion, such officer has made such examination or investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the
issuance, authentication and delivery of the Notes have been complied with. In such officer’s opinion, such covenants and conditions have been complied with. 

[Signature page follows] 

 IN WITNESS WHEREOF, I have signed this certificate on behalf of the Company as of the date
first written above. 
  

			
	MASTERCARD INCORPORATED
		
	By:	 	 /s/ Alfred Kibe

		 	Name: Alfred Kibe
		 	Title:   Corporate Treasurer 

 EXHIBIT A-1 

FORM OF NOTE DUE 2031 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

 MASTERCARD INCORPORATED 

1.900% Note due 2031 
  

			
	No. [_]	  	CUSIP: 57636Q AS3
		  	ISIN No.: US57636QA S30
		  	$

 MASTERCARD INCORPORATED, a Delaware corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of                on March 15, 2031. 

Interest Payment Dates: March 15 and September 15 (each, an “Interest Payment Date”), beginning on September 15,
2021. 
 Interest Record Dates: March 1 and September 1 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by
its duly authorized officer. 
  

			
	MASTERCARD INCORPORATED
		
	By:	 	  

		 	Name: Alfred Kibe
		 	Title:   Corporate Treasurer

 [Company Signature Page to 2031 Notes] 

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
  

													
			  				  	
		  				  				  		  	
		  				  				  		  	

  

									
		 		 		  	Deutsche Bank Trust Company Americas, as Trustee
					
	Date:	 	 , 2021
	 		  	By:	 	  

		 		 		  		 	Authorized Signatory

 (REVERSE OF NOTE) 

MASTERCARD INCORPORATED 

1.900% Notes due 2031 
 1.
Interest 
 Mastercard Incorporated (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per
annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from March 4, 2021. Interest on this Note will be paid to but excluding the relevant
Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing September 15, 2021. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of
interest (without regard to any applicable grace periods) to the extent lawful. 
 2. Paying Agent. 

Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will act as paying agent. The Issuer may change any paying agent
without notice to the Holders. 
 3. Indenture; Defined Terms. 

This Note is one of the 1.900% Notes due 2031 (the “Notes”) issued under an Indenture dated as of March 31, 2014 (the “Base
Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated March 4, 2021, issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the
“Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 
 For purposes of
this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as
in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust
Indenture Act for a statement of them. 
 To the extent the terms of the Indenture and this Note are inconsistent, the terms of the
Indenture shall govern. 
 4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder
shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing
of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed portion of any Note being redeemed in part. 

5. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and any
existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of each series of Outstanding Securities (including the Notes)
under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things, cure
any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the rights of any
Holder of a Note. 

 6. Redemption. 

Prior to December 15, 2030 (three months prior to the maturity date of the Notes), the Issuer may at its option redeem any of the Notes in
whole or in part at any time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal
amount of the Notes to be redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed (assuming the Notes matured on December 15, 2030) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 10 basis points, plus, in each case,
accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding the foregoing, installments of interest on Notes that are
due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and the
Indenture. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming the Notes matured on December 15, 2030) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes (assuming the Notes matured on December 15, 2030). 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to
act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) any of BofA Securities,
Inc., Deutsche Bank Securities Inc., NatWest Markets Securities Inc. and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc., and each of their respective successors, unless such Reference Treasury Dealer ceases
to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case we will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealers we select. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 
 “Treasury
Rate” means, with respect to any redemption date, the rate per year equal to: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to
be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to
maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date.
The Treasury Rate 

 
will be calculated by the Issuer on the third business day preceding the redemption date. As used in the immediately preceding sentence and in the definition of “Reference Treasury Dealer
Quotations” above, the term “business day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or obligated by law or executive order to close in New York City. 

On or after December 15, 2030 (three months prior to the maturity date of the Notes), the Issuer may redeem the Notes, in whole or in
part, at any time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

Notice of any redemption will be mailed or electronically delivered at least 10 days but not more than 60 days before the redemption date to
each Holder of record of the Notes to be redeemed at its registered address, except that the notice may be given more than 60 days prior to the date fixed for redemption if the notice is issued in connection with a defeasance, covenant defeasance or
satisfaction and discharge. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to
be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 

Notice of any redemption in connection with a transaction or an event may, at our discretion, be given prior to the completion or occurrence
thereof. Any redemption or notice may, at our discretion, be subject to one or more conditions precedent, including, but not limited to, completion or occurrence of a related transaction or event. At our discretion, the redemption date may be
delayed until such time as any or all such conditions shall have been satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or
by the redemption date as so delayed. 
 7. Defaults and Remedies. 

If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to
the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal amount of the
Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes together with all
accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except
as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein provided, Holders of a
majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events of Default if it
determines that withholding notice is not opposed to their interest. 
 8. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 10. CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to
be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 

11. Governing Law. 
 The Indenture
and the Notes shall be governed by, and construed in accordance with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                agent to transfer this Note on the
books of the Issuer. The agent may substitute another to act for him. 
  
  

 

									
	Date:	 	  
	 		 	Your Signature:	  	  

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
		 		 	  

		 		 	 Signature:

			
	Signature Guarantee:	 		 	
			
	  
	 		 	  

	 Signature must be guaranteed
	 		 	 Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	 Principal amount of this
Global Note following
such
decrease (or
increase)
	  	 Signature of authorized
officer of
Trustee

 EXHIBIT A-2 

FORM OF NOTE DUE 2051 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

 MASTERCARD INCORPORATED 

2.950% Note due 2051 
  

					
	No. A-[●]	  	 	CUSIP: 57636Q AT1	 
		  	 	ISIN No.: US57636QA T13	 
		  	 	$	 

 MASTERCARD INCORPORATED, a Delaware corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum of                on March 15, 2051. 

Interest Payment Dates: March 15 and September 15 (each, an “Interest Payment Date”), beginning on September 15,
2021. 
 Interest Record Dates: March 1 and September 1 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by
its duly authorized officer. 
  

					
	MASTERCARD INCORPORATED
		
	By:	 	  

		 	Name:	 	Alfred Kibe
		 	Title:	 	Corporate Treasurer

 [Company Signature Page to 2051 Notes] 

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
  

							
		 		 	Deutsche Bank Trust Company Americas, as Trustee
				
	Date:                              ,
2021                	 		 	By:	 	  

		 		 		 	Authorized Signatory

 (REVERSE OF NOTE) 

MASTERCARD INCORPORATED 

2.950% Notes due 2051 
 1.
Interest 
 Mastercard Incorporated (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per
annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from March 4, 2021. Interest on this Note will be paid to but excluding the relevant
Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing September 15, 2021. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of
interest (without regard to any applicable grace periods) to the extent lawful. 
 2. Paying Agent. 

Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will act as paying agent. The Issuer may change any paying agent
without notice to the Holders. 
 3. Indenture; Defined Terms. 

This Note is one of the 2.950% Notes due 2051 (the “Notes”) issued under an Indenture dated as of March 31, 2014 (the “Base
Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated March 4, 2021, issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the
“Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 
 For purposes of
this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as
in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust
Indenture Act for a statement of them. 
 To the extent the terms of the Indenture and this Note are inconsistent, the terms of the
Indenture shall govern. 
 4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder
shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing
of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed portion of any Note being redeemed in part. 

5. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and any
existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of each series of Outstanding Securities (including the Notes)
under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things, cure
any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the rights of any
Holder of a Note. 

 6. Redemption. 

Prior to September 15, 2050 (six months prior to the maturity date of the Notes), the Issuer may at its option redeem any of the
Notes in whole or in part at any time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the
principal amount of the Notes to be redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the Notes to be redeemed (assuming the Notes matured on September 15, 2050) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 78 basis points, plus, in each case,
accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding the foregoing, installments of interest on Notes that are
due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and the
Indenture. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming the Notes matured on September 15, 2050) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes (assuming the Notes matured on September 15, 2050). 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to
act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) any of BofA Securities,
Inc., Deutsche Bank Securities Inc., NatWest Markets Securities Inc. and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc., and each of their respective successors, unless such Reference Treasury Dealer ceases
to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case we will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealers we select. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 
 “Treasury
Rate” means, with respect to any redemption date, the rate per year equal to: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to
be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to
maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date.
The Treasury Rate 

 
will be calculated by the Issuer on the third business day preceding the redemption date. As used in the immediately preceding sentence and in the definition of “Reference Treasury Dealer
Quotations” above, the term “business day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or obligated by law or executive order to close in New York City. 

On or after September 15, 2050 (six months prior to the maturity date of the Notes), the Issuer may redeem the Notes, in whole or in
part, at any time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

Notice of any redemption will be mailed or electronically delivered at least 10 days but not more than 60 days before the redemption date to
each Holder of record of the Notes to be redeemed at its registered address, except that the notice may be given more than 60 days prior to the date fixed for redemption if the notice is issued in connection with a defeasance, covenant defeasance or
satisfaction and discharge. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to
be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 

Notice of any redemption in connection with a transaction or an event may, at our discretion, be given prior to the completion or occurrence
thereof. Any redemption or notice may, at our discretion, be subject to one or more conditions precedent, including, but not limited to, completion or occurrence of a related transaction or event. At our discretion, the redemption date may be
delayed until such time as any or all such conditions shall have been satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or
by the redemption date as so delayed. 
 7. Defaults and Remedies. 

If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to
the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal amount of the
Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes together with all
accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except
as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein provided, Holders of a
majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events of Default if it
determines that withholding notice is not opposed to their interest. 
 8. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 10. CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to
be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 

11. Governing Law. 
 The Indenture
and the Notes shall be governed by, and construed in accordance with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                agent to transfer this Note on the
books of the Issuer. The agent may substitute another to act for him. 
  
  

 

									
	Date:	 	  
	 		  	Your Signature:	  	  

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
		 		  	  

		 		  	Signature:
		 		  	
	Signature Guarantee:	 		  	
			
	  
	 		  	  

	Signature must be guaranteed	 		  	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	 Principal amount of this
Global Note following
such
decrease (or
increase)
	  	 Signature of authorized
officer of
TrusteeExhibit 10.1

 

EXECUTION VERSION

 

AMENDED
AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

 

This Amended and Restated
Investment Management Agreement, dated as of February 26, 2021 (as the same may be amended from time to time, the “Agreement”),
is entered into by and among Saratoga Investment Corp. CLO 2013-1, Ltd. (f/k/a GSC Investment Corp. CLO 2007, Ltd.), an exempted
company with limited liability incorporated under the laws of the Cayman Islands, with its registered office located at c/o MaplesFS
Limited, P.O. Box 1093, Queensgate House, South Church Street, George Town, Grand Cayman KY1 1102, Cayman Islands, as issuer (together
with its successors and assigns permitted hereunder, the “Issuer”), and Saratoga Investment Corp., a non-diversified
closed end investment company incorporated in Maryland, as investment manager (together with its permitted successors and assigns,
the “Investment Manager”, as successor to GSC Investment Corp. (the “Legacy Collateral Manager”)),
and amends, supersedes and restates the Amended and Restated Investment Management Agreement, dated as of December 14, 2018 (the
“Prior Investment Management Agreement”), between the Issuer and the Investment Manager.

 

WITNESSETH:

 

WHEREAS, the Issuer desires
to continue to engage the Investment Manager to provide the services described herein and the Investment Manager desires to provide
such services;

 

WHEREAS, the Issuer issued
certain classes of rated notes (the “Legacy Rated Notes”) and one class of subordinated notes (the “Subordinated
Notes”), each pursuant to an Indenture, dated as of January 22, 2008 (the “Legacy Indenture”) between
the Issuer, GSC Investment Corp. CLO 2007, Inc. and U.S. Bank National Association, as trustee, and engaged the Legacy Collateral
Manager to act as collateral manager pursuant to the Collateral Management Agreement dated as of January 22, 2008 (the “Legacy
Collateral Management Agreement”), between the Issuer and the Legacy Collateral Manager;

 

WHEREAS, the Legacy Collateral
Manager selected a portfolio of debt obligations comprised mainly of broadly-syndicated commercial bank loans in connection with
the issuance of the Legacy Rated Notes and Subordinated Notes pursuant to the Legacy Indenture and managed such portfolio on an
ongoing basis in accordance with the terms of the Legacy Indenture and the Legacy Collateral Management Agreement until July 30,
2010, on which date the Investment Manager succeeded the Legacy Collateral Manager as collateral manager under, and in accordance
with the terms and conditions of, the Legacy Collateral Management Agreement;

 

WHEREAS, on August 8,
2013, the Issuer provided written notice in accordance with the Legacy Indenture that the Issuer planned to redeem the Legacy Rated
Notes on October 21, 2013, with the net proceeds of a new issuance;

 

WHEREAS, the Issuer issued
certain classes of rated notes (the “Original Rated Notes”) pursuant to an indenture, dated as of October 17,
2013 (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Original
Indenture”), among the Issuer, Saratoga Investment Corp. CLO 2013-1, Inc. (f/k/a GSC Investment Corp. CLO 2007, Inc.),
as co-issuer (the “Co-Issuer” and, together with the Issuer, the “Co-Issuers”), and U.S.
Bank National Association, as trustee, and upon such issuance, the Legacy Indenture was deemed discharged and the rights inuring
to the Legacy Rated Notes and Subordinated Notes thereunder were defeased;

 

     

     

    

 

WHEREAS, the subordinated
notes issued pursuant to the Legacy Indenture were not redeemed and continued to be outstanding, and the terms and conditions applicable
thereto were amended and restated pursuant to the Original Indenture and the Amended and Restated Subordinated Note Paying Agency
Agreement dated as of October 17, 2013 (as amended, supplemented or otherwise modified from time to time in accordance with the
terms thereof, the “Subordinated Note Paying Agency Agreement”), between the Issuer, U.S. Bank National Association,
as subordinated note paying agent (together with any successor subordinated note paying agent permitted under the Subordinated
Note Paying Agency Agreement, the “Subordinated Note Paying Agent”), U.S. Bank National Association, as trustee
under the Original Indenture, and Saratoga Investment Corp., as holder of 100% of the Subordinated Notes as of the date thereof;

 

WHEREAS, following the
discharge of the Legacy Indenture and the execution and delivery of the Original Indenture, the Issuer continued to engage the
Investment Manager to manage the collateral owned by the Issuer and pledged to the secured parties under the Original Indenture,
and the Investment Manager continued as investment manager for the Issuer, in each case, on the terms and conditions set forth
in the Amended and Restated Investment Management Agreement, dated as of October 17, 2013 (the “Original Investment Management
Agreement”), between the Issuer and the Investment Manager, and in the Original Indenture, and any other applicable agreements,
as the Issuer and the Investment Manager from time to time agreed in writing as permitted under the Original Investment Management
Agreement and under the Original Indenture;

 

On November 15, 2016,
the Original Rated Notes were refinanced with the net proceeds of a new issuance of secured notes (the “2016 Refinancing
Notes”) pursuant to the amended and restated Indenture, dated as of November 15, 2016 (the “2016 Amended and
Restated Indenture”), among the Co-Issuers and U.S. Bank National Association, as trustee;

 

On December 14, 2018,
(i) the 2016 Refinancing Notes were refinanced with the net proceeds of a new issuance of secured notes (the “2018 Refinancing
Notes”) pursuant to an amended and restated Indenture dated as of December 14, 2018 (the “2018 Amended and Restated
Indenture”) among the Co-Issuers and the Trustee, and (ii) the Issuer continued to engage the Investment Manager to manage
the collateral owned by the Issuer and pledged to the secured parties under the 2018 Amended and Restated Indenture, and the Investment
Manager continued as investment manager for the Issuer, in each case, on the terms and conditions set forth in the Prior Investment
Management Agreement, which amended and restated the Original Investment Management Agreement.

 

WHEREAS, on February
11, 2021, the Trustee on behalf of the Issuer delivered to the holders of the 2018 Refinancing Notes and the holders of the Subordinated
Notes a notice pursuant to Section 9.4(a) of the 2018 Amended and Restated Indenture, for optional redemption of the 2018 Refinancing
Notes thereunder by Refinancing (as defined in the 2018 Amended and Restated Indenture);

 

    2

     

    

 

WHEREAS, the Issuer wishes
to continue to engage the Investment Manager to manage the collateral owned by the Issuer and pledged to the secured parties under
the Indenture and the Investment Manager wishes to continue as investment manager for the Issuer, in each case, on the terms and
conditions set forth herein and in the Indenture, and any other applicable agreements, as the Issuer and the Investment Manager
may from time to time agree in writing as permitted herein and under the Indenture;

 

WHEREAS, Saratoga Investment
Advisors, in consideration of the fees paid to it as external investment adviser to the Investment Manager, will continue to provide
certain services on behalf of the Investment Manager to allow the Investment Manager to perform certain of the obligations set
forth herein; and

 

WHEREAS, the Investment
Manager has the capacity to provide the services required hereby and is prepared to perform such services upon the terms and conditions
set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, the parties hereto hereby agree as follows:

 

1. Definitions.

 

Capitalized terms used
and not defined herein shall have the meanings set forth in the Indenture.

 

“2016 Refinancing
Offering Memorandum” means the Offering Circular for the 2016 Refinancing Notes dated November 14, 2016.

 

“2018 Refinancing
Offering Memorandum” means the Offering Circular for the 2018 Refinancing Notes and the additional Subordinated Notes
dated December 12, 2018.

 

“2021 Refinancing
Offering Memorandum” means the Offering Circular for the 2021 Refinancing Notes and the additional Subordinated Notes
dated February 24, 2021.

 

“Accountants”
has the meaning assigned to such term in Section 2(j) hereof.

 

“Advisers Act”
means the United States Investment Advisers Act of 1940, as amended.

 

“Cause”
has the meaning set forth in Section 13 hereof.

 

“External Investment
Adviser” means Saratoga Investment Advisors, LLC, in its capacity as external investment adviser to the Investment Manager,
or, from and after the date of the replacement of the Investment Manager, the successor Investment Manager or, if the successor
Investment Manager is externally managed, such successor external investment adviser.

 

    3

     

    

 

“Governing Instruments”
means the applicable constitutional documents of an entity including, without limitation (i) in the case of a corporation, the
memorandum and articles of association or certificate of incorporation or association and by-laws, (ii) in the case of a limited
liability company, the limited liability company operating agreement and (iii) in the case of a partnership, the partnership agreement.

 

“Investment
Management Fees” has the meaning set forth in Section 8(a) hereof.

 

“Investment
Manager Affiliates” has the meaning set forth in Section 10(a) hereof.

 

“Investment
Manager Breaches” has the meaning set forth in Section 10(a) hereof.

 

“Investment
Manager Securities” means any Secured Notes or Subordinated Notes held by the Investment Manager, an Affiliate of the
Investment Manager or any other entity as to which the Investment Manager or an Affiliate has discretionary authority over the
voting of such Notes; provided that “Investment Manager Securities” shall not include Notes held by an entity
for which the Investment Manager or an Affiliate acts as external investment adviser, if the voting of such Notes with respect
to the matter in question is in fact directed by a board of directors or similar governing body with a majority of members that
are independent from the Investment Manager and its Affiliates.

 

“Key Man”
means Thomas Inglesby and any replacement asset manager approved by a Majority of the Controlling Class, which approval (A) shall
not be unreasonably withheld, conditioned or delayed and (B) shall be deemed to have been granted on the 30th day following the
day on which the Investment Manager has sent, to the registered Noteholders of the Controlling Class as of the most recent Record
Date, written notice of such proposed replacement asset manager that identifies such proposed replacement asset manager unless
the Investment Manager has received a written notice from a Majority of the Controlling Class affirmatively rejecting such proposed
replacement asset manager.

 

“Liabilities”
has the meaning set forth in Section 10(a) hereof.

 

“Original Offering
Memorandum” means the Offering Memorandum for the Original Rated Notes dated October 15, 2013.

 

“Restricted
Manager Event” has the meaning set forth in Section 35 hereof.

 

“Tax Guidelines”
means the tax guidelines set forth in Exhibit A hereto.

 

“Tax Returns”
has the meaning assigned to such term in Section 2(j) hereof.

 

    4

     

    

 

“Third Party
Research Provider” means a reputable firm engaged by the Investment Manager to provide timely research on the Collateral
Obligations that has, in its employ, at least 5 experienced credit analysts.

 

2. General
Duties of the Investment Manager.

 

The Issuer hereby appoints
the Investment Manager as its investment adviser and manager with respect to the Collateral and authorizes the Investment Manager
to perform such services and take such actions on its behalf as are contemplated hereby. Accordingly, the Investment Manager accepts
such appointment and shall provide the Issuer with the following services:

 

(a) Subject
to and in accordance with the terms of the Indenture and this Agreement (including without limiting the generality of the foregoing,
the Tax Guidelines set forth in Exhibit A hereto), the Investment Manager agrees to supervise and direct the investment
of Principal Proceeds and other proceeds of the Collateral in Collateral Obligations, Restructured Loans, Workout Loans and Specified
Equity Securities, to supervise and direct the sale of Collateral Obligations, Restructured Loans, Workout Loans, Specified Equity
Securities, Equity Securities and other Collateral in accordance with Article 12 of the Indenture, to supervise and direct the
investment of funds on deposit in the Accounts in Eligible Investments in accordance with the terms of the Indenture and to perform
on behalf of the Issuer (or direct the Issuer’s performance of) those investment related duties and functions assigned to
the Issuer in the Indenture and those investment and other related duties and functions assigned to the Investment Manager in the
other Transaction Documents, including, without limitation, the furnishing of Issuer Orders, Issuer Requests and officer’s
certificates relating thereto, and providing such certifications as are required of the Investment Manager or, in certain cases,
the Issuer under the Transaction Documents with respect to permitted purchases and sales of Collateral Obligations, Restructured
Loans, Workout Loans, Specified Equity Securities and Equity Securities, and the Investment Manager shall have the power to execute
and deliver all necessary and appropriate documents and instruments on behalf of the Issuer with respect thereto (including the
execution of assignments and other related documents on behalf of the Issuer reasonably necessary or advisable in connection with
the acquisition or disposition of any Collateral Obligation or other Collateral by the Issuer). The Investment Manager has reviewed
and agrees to be bound by Sections 15.1 and 15.2 of the Indenture, which sections of the Indenture shall be deemed
incorporated herein. The Investment Manager, in performing its duties hereunder, shall, subject to the terms and conditions hereof
and of the Indenture, perform its obligations hereunder and under the Indenture with reasonable care and in good faith using a
degree of skill and attention no less than that which the Investment Manager exercises with respect to comparable assets that it
manages for itself and for others in a manner reasonably consistent with the degree of skill and attention exercised by institutional
managers of national standing managing assets of the nature and character of the Collateral. In the event of a conflict between
the terms of the Indenture and this Agreement with respect to the express duties of the Investment Manager set forth in the Indenture,
the Indenture shall govern. The Investment Manager shall not be bound to follow any amendment, modification, supplement or waiver
(including any supplemental indenture) to the Indenture until it has received written notice of such amendment, modification, supplement
or waiver (including any supplemental indenture) and a copy thereof from the Issuer or the Trustee; provided, however,
that the Investment Manager shall not be bound by any amendment, modification, supplement or waiver (including any supplemental
indenture) to the Indenture that affects the rights or obligations of the Investment Manager unless the Investment Manager shall
have consented thereto (which consent shall not be unreasonably withheld, conditioned or delayed). The Issuer agrees that it shall
not enter into any amendment, modification, supplement or waiver (including any supplemental indenture) to the Indenture that affects
the rights or obligations of the Investment Manager unless the Investment Manager has been given prior written notice of such amendment,
modification, supplement or waiver (including any supplemental indenture) and has consented thereto.

 

    5

     

    

 

(b) The
Investment Manager shall (i) select all Collateral Obligations, Restructured Loans, Workout Loans, Specified Equity Securities
and Eligible Investments which shall be acquired by the Issuer and Granted to the Trustee pursuant to the Indenture, and (ii) facilitate
the acquisition and settlement of Collateral Obligations by the Issuer. The Investment Manager shall select all Collateral which
shall be acquired by the Issuer pursuant to the Indenture in accordance with the investment criteria set forth therein, and shall
take into consideration, among other things, the payment obligations of the Issuer under the Indenture on each Payment Date in
so doing, and shall perform all of its obligations hereunder with the intent that expected distributions on the Collateral Obligations,
Restructured Loans, Workout Loans, Specified Equity Securities, Eligible Investments and other Collateral will permit the Issuer
to timely perform its payment obligations. The Investment Manager does not guarantee that sufficient funds will be available on
each Payment Date to satisfy any such payment obligations. In addition, nothing in this Section 2(b) shall relieve the Issuer,
the Co-Issuer, the Trustee or the Subordinated Note Paying Agent of their responsibilities under the Indenture, the Subordinated
Note Paying Agency Agreement, the Secured Notes or the Subordinated Notes in such regard or otherwise alter or reallocate their
responsibilities under the Indenture, the Subordinated Note Paying Agency Agreement, the Secured Notes or the Subordinated Notes
in such regard.

 

(c) The
Investment Manager shall monitor the Collateral Obligations and Eligible Investments on behalf of the Issuer and, on an ongoing
basis (and in conjunction with the Collateral Administrator), shall provide to the Issuer (or assist the Issuer in providing) or
to the Trustee, on behalf of the Issuer, all reports, schedules and other data the Issuer is required to prepare and deliver under
the Indenture (other than those reports, schedules, and other data that the Collateral Administrator is required to prepare and/or
deliver, pursuant to the Indenture or the Collateral Administration Agreement), in substantially the forms and containing the information
required thereby, and in reasonable time for the Issuer to review such required reports, schedules and other data and to deliver
them to the party or parties entitled to receive them under the Indenture. The obligation of the Investment Manager to furnish
the Issuer or the Trustee, as applicable, with such reports, schedules and other data in accordance with the Indenture is subject
to the Investment Manager’s timely receipt of accurate and appropriate information from the appropriate Person (other than
the Investment Manager) in possession of or responsible for preparation of such reports, schedules and other data (including, without
limitation, the Rating Agencies, the Trustee and the Collateral Administrator). To the extent that such information is not timely
received by the Investment Manager, the Investment Manager shall promptly request such information and shall use commercially reasonable
efforts to obtain such information from such Persons. In addition, the Investment Manager shall reasonably cooperate with the Collateral
Administrator (to the extent reasonably requested by the Collateral Administrator) in connection with the performance by the Collateral
Administrator of its obligations under the Collateral Administration Agreement. The Investment Manager shall, on behalf of the
Issuer and from sources of information normally available to it, use its commercially reasonable efforts to obtain information
concerning and to determine whether a Collateral Obligation has become a Defaulted Obligation, a Credit Risk Obligation, a Credit
Improved Obligation, an Equity Security, a CCC/Caa Collateral Obligation, a Discount Obligation, a Swapped Non-Discount Obligation,
a Current Pay Obligation, a DIP Collateral Obligation, a Deferring Security or a Collateral Obligation with respect to which a
Tax Event has occurred.

 

    6

     

    

 

(d) The
Investment Manager may, subject to and in accordance with the Indenture and this Agreement, take on behalf of the Issuer or direct
the Trustee to take the following actions with respect to a Collateral Obligation, a Restructured Loan, a Workout Loan, a Specified
Equity Security, an Equity Security, an Eligible Investment or any other Asset:

 

(i) identify
Collateral Obligations, Restructured Loans, Workout Loans, Specified Equity Securities and Eligible Investments or other Collateral
to be purchased by the Issuer and select the dates for such purchases, and purchase or direct the purchase of (or entry into, if
applicable) such Collateral Obligations, Restructured Loans, Workout Loans, Specified Equity Securities, Eligible Investments or
other Collateral on behalf of the Issuer; and

 

(ii) retain
such Collateral Obligation, Restructured Loan, Workout Loan, Specified Equity Security, Equity Security, Eligible Investment or
other Collateral; and

 

(iii) sell,
terminate or otherwise dispose of such Collateral Obligation, Restructured Loan, Workout Loan, Specified Equity Security, Equity
Security, Eligible Investment or other Collateral; and

 

(iv) if
applicable, tender any Collateral Obligation, Restructured Loan, Workout Loan, Specified Equity Security, Equity Security, Eligible
Investment or other Collateral pursuant to an Offer; and

 

(v) if
applicable, consent to any proposed amendment, restatement, modification or waiver; and

 

(vi) retain
or dispose of any securities or other property (if other than cash) received with respect to such Collateral Obligation, Restructured
Loan, Workout Loan, Specified Equity Security, Equity Security, Eligible Investment or other Collateral; and

 

(vii) waive
or elect not to exercise remedies in respect of any default with respect to a Collateral Obligation or other Collateral; and

 

(viii) vote
to accelerate (or rescind the acceleration of) the maturity of any Defaulted Obligation; and

 

    7

     

    

 

(ix) take
appropriate action with respect to Collateral that does not constitute Collateral Obligations, Restructured Loans, Workout Loans,
Specified Equity Securities, Equity Securities or Eligible Investments; and

 

(x) negotiate,
execute and deliver all necessary or appropriate agreements, documents and instruments on behalf of the Issuer; and

 

(xi) waive,
modify, amend or terminate agreements, documents and instruments on behalf of the Issuer; and

 

(xii) advise
and assist the Issuer, with respect to the valuation of the Collateral Obligations in accordance with the Transaction Documents;
and

 

(xiii) retain
legal counsel and other professionals (such as financial advisers) to assist in the negotiation, documentation and restructuring
of Collateral Obligations or other Assets; and

 

(xiv) exercise
any other rights or remedies with respect to such Collateral Obligation, Restructured Loan, Workout Loan, Specified Equity Security,
Equity Security or Eligible Investment as provided in the related Underlying Instruments or take any other action consistent with
the terms of the Indenture and with the standard of care set forth herein.

 

(e) Subject
to the satisfaction of the requirements of this Agreement and the Indenture, upon the disposition of any Collateral Obligation,
Restructured Loan, Workout Loan, Specified Equity Security, Equity Security or Eligible Investment (or any security or property
received in exchange therefor), and upon receipt of Scheduled Distributions, the Investment Manager shall direct the Trustee to
apply such Scheduled Distributions or the proceeds of such disposition in accordance with the Indenture to the purchase of substitute
Collateral Obligations, Restructured Loans, Workout Loans, Specified Equity Securities or Eligible Investments, as applicable,
or as otherwise required or permitted by the Indenture.

 

(f) In
providing services hereunder, the Investment Manager may, without the prior consent of any Person, employ third parties (including,
without limitation, the Investment Manager’s Affiliates) to render advice (including investment advice) and assistance and
to exercise any power or authority granted to the Investment Manager hereunder or under the Indenture; provided that the
Investment Manager shall not be relieved of any of its duties or liabilities hereunder regardless of the performance of any services
by third parties except as expressly provided herein (including Section 15 hereof), and any fees and expenses of such third
parties shall be payable in accordance with Section 8(b) hereof.

 

(g) In
performing its duties hereunder and in connection with any transactions involving the Collateral Obligations, the Investment Manager
shall carry out any written directions of the Issuer in accordance with the Transaction Documents and reasonably cooperate with
the Issuer for the purpose of the Issuer’s compliance with the Indenture, so long as such direction or other action is not
inconsistent with the Investment Manager’s duties hereunder.

 

    8

     

    

 

(h) The
Investment Manager shall reasonably assist and cooperate with the Trustee (as reasonably requested by the Trustee) in effecting
and continuing the perfection of the security interest granted in the Granting Clauses of the Indenture by the Issuer to the Trustee
in any or all Collateral, and shall, as and when required in Section 12.3(b) of the Indenture, use commercially reasonable efforts
to take or cause the taking of any and all other actions necessary (for which determination the Investment Manager may rely conclusively
on an Opinion of Counsel) to create in favor of the Trustee a valid, perfected, first-priority security interest in any of the
Collateral to the extent the method of perfection is not specified in the definition of “Deliver.”

 

(i) The
Investment Manager shall consult with each Rating Agency which is rating any of the Secured Notes at such times as may be reasonably
requested by any such Rating Agency and provide such Rating Agency with any information reasonably requested and reasonably available
to the Investment Manager in connection with such Rating Agency’s maintenance of its rating of such Secured Notes and its
assigning credit indicators to prospective Collateral Obligations, if applicable.

 

(j) The
Investment Manager shall use commercially reasonable efforts to cause the Issuer to retain a firm or firms of independent certified
public accountants of recognized national reputation (“Accountants”). The Investment Manager shall instruct
such Accountants to, at the Issuer’s expense, (i) prepare on a timely basis any U.S. federal, state, local or foreign income
tax or information returns (“Tax Returns”) required to be filed by the Issuer or the Co-Issuer, (ii) if required
to prevent the withholding and imposition of United States income tax, deliver or cause to be delivered on behalf of the Issuer
(initially and every 3 years thereafter), to each applicable issuer or obligor of or counterparty with respect to an item included
in the Collateral, an executed United States Internal Revenue Service Form W-8IMY or any successor form before any payments are
made by such issuer or obligor or counterparty to or on behalf of the Issuer and (iii) make commercially reasonable efforts to
cause to be executed by the Issuer and timely filed any Tax Returns that were prepared under clause (i) above; provided
that the Investment Manager shall not cause the Issuer or the Co-Issuer to file any Tax Return in the United States or any state
of the United States on the basis that it is engaged in a trade or business in the United States for U.S. federal income tax purposes,
unless it shall have obtained advice of Winston & Strawn LLP, or a written opinion of other nationally recognized U.S. tax
counsel experienced in such matters, prior to such filing to the effect that, under the laws of such jurisdiction, the Issuer or
the Co-Issuer (as applicable) is required to file such Tax Return. Notwithstanding the foregoing, the Investment Manager shall
in no event be liable for the failure of the Accountants to perform any of the actions described in clauses (i) through (iii) above,
and the Investment Manager shall have no liability for any failure by it, after commercially reasonable efforts, to identify a
firm of independent certified public accountants that will perform the actions described in the clauses (i) through (iii) above.

 

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In furtherance of the
foregoing, the Issuer hereby appoints the Investment Manager and the External Investment Adviser and each successor Investment
Manager duly appointed pursuant to Section 12(e) hereof as the Issuer’s true and lawful agent and attorney-in-fact,
with full power of substitution and full authority in the Issuer’s name, place and stead and without any necessary further
approval of the Issuer, in connection with the performance of the Investment Manager’s duties provided for in this Agreement,
including the following powers (subject in all cases to the limitations set forth in the Indenture): (a) to sign, execute, certify,
swear to, acknowledge, deliver, file, receive and record any and all documents which the Investment Manager and the External Investment
Adviser reasonably deem necessary or appropriate in connection with the Investment Manager’s investment management duties
under this Agreement and (b) to (i) vote in the Investment Manager’s discretion any securities, instruments or obligations
included in the Collateral, (ii) execute proxies, waivers, consents and other instruments with respect to such securities, instruments
or obligations, (iii) endorse, transfer or deliver such securities, instruments and obligations, (iv) participate in or consent
(or decline to consent) to any modification, work-out, restructuring, bankruptcy proceeding, class action, plan of reorganization,
merger, combination, consolidation, liquidation or similar plan or transaction with regard to such securities, instruments and
obligations and (v) take any other action specified in this Section 2 or otherwise incidental to or in furtherance of the
performance of the Investment Manager’s obligations hereunder. The foregoing power of attorney is a continuing power, is
irrevocable and is coupled with an interest; provided that this grant of power of attorney will expire, and the Investment
Manager and the External Investment Adviser shall cease to have any power to act as the Issuer’s attorney-in-fact, upon (x)
termination of this Agreement in accordance with its terms, (y) as to a removed or resigning Investment Manager, the effectiveness
of such removal or resignation or (z) as to the assigning Investment Manager, any assignment in whole by the Investment Manager
of its obligations under this Agreement in accordance with Section 15 hereof; provided further, that any such expiration
shall not affect any transaction initiated prior to such expiration. Nevertheless, if so requested by the Investment Manager, the
External Investment Adviser or a purchaser of a Collateral Obligation, Restructured Loan, Equity Security or Eligible Investment,
the Issuer shall ratify and confirm any such sale or other disposition by executing and delivering to the Investment Manager, the
External Investment Adviser or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated
in any such request.

 

3. Brokerage.

 

(a) The
Issuer hereby acknowledges that the Investment Manager shall be authorized to select the brokers and dealers through which transactions
for the purchase and sale of Collateral Obligations will be effected and that the Issuer shall be responsible for brokerage commissions
with respect to such transactions.

 

(b) The
Investment Manager shall use its commercially reasonable efforts to obtain best execution for all orders placed with respect to
the Collateral Obligations and other Assets, considering all reasonable circumstances, including, if applicable, the conditions
or terms of early redemption of the Secured Notes, it being understood that the Investment Manager does not guarantee the success
of such efforts. Subject to the first sentence of this Section 3(b), the Investment Manager may take into consideration
all factors the Investment Manager reasonably determines to be relevant, including, without limitation, timing, general relevant
trends and research and other brokerage services and support equipment and services related thereto furnished to the Investment
Manager or its Affiliates by brokers and dealers. Such services may be used in connection with the other advisory activities or
investment operations of the Investment Manager and/or its respective Affiliates. In addition, subject to the objective of obtaining
best execution, the Investment Manager may take into account available prices, rates of brokerage commissions and size and difficulty
of the order, the nature of the market for such security, the time constraints of the transaction, in addition to other relevant
factors (such as, without limitation, execution capabilities, reliability (based on total trading rather than individual trading),
integrity, financial condition in general, and execution and operational capabilities of competing brokers and/or dealers), without
having to demonstrate that such factors are of a direct benefit to the Issuer in any specific transaction. The Issuer acknowledges
that the determination by the Investment Manager of any benefit to the Issuer is subjective and represents the Investment Manager’s
evaluation at the time that the Issuer will be benefited by relatively better purchase or sales prices, lower brokerage commissions
and beneficial timing of transactions or a combination of these and other factors.

 

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(c) The
Investment Manager may aggregate sales and purchase orders of securities placed with respect to the Collateral with similar orders
being made simultaneously for other accounts managed by the Investment Manager or with accounts of the Affiliates of the Investment
Manager, if in the Investment Manager’s sole judgment such aggregation would result in an overall economic benefit to the
Issuer, taking into consideration the availability of purchasers or sellers, the selling or purchase price, brokerage commission
and other expenses. In the event that a sale or purchase of a Collateral Obligation occurs as part of any aggregate sale or purchase
order, the objective of the Investment Manager (and any of its Affiliates involved in such transactions) shall be to allocate the
executions among the relevant accounts in a manner reasonably believed by the Investment Manager to be equitable over time for
all accounts involved, and the Investment Manager, in making such allocation decisions, may take into consideration, among other
relevant factors, the differing investment objectives of the Issuer and the Investment Manager’s (or its Affiliates’)
other clients, the amount of capital available, eligibility criteria set forth in the Indenture and in any governing documents
relating to the Investment Manager’s (or its Affiliates’) other clients, the maturity of the account and the exposure
to similar or offsetting positions. The Issuer acknowledges that circumstances may arise in which such an allocation could have
adverse effects upon the Issuer or the other clients of the Investment Manager or its Affiliates with respect to the price or size
of positions obtainable or saleable.

 

(d) All
purchases and sales of Collateral Obligations, Restructured Loans, Specified Equity Securities and Eligible Investments, and all
sales of Equity Securities, by the Investment Manager on behalf of the Issuer shall be conducted in compliance with all applicable
laws (including, without limitation, the Advisers Act) and the terms of the Indenture. Subject to the objective of obtaining best
execution, the Investment Manager may, in the allocation of business, take into consideration research and other brokerage services
furnished to the Investment Manager or its Affiliates by brokers and dealers which are not Affiliates of the Investment Manager
in compliance with Section 28(e) of the Exchange Act. Such services may be furnished to the Investment Manager or its Affiliates
in connection with its other advisory activities or investment operations. The Investment Manager shall cause any purchase or sale
of any Collateral Obligation, Restructured Loan, Equity Security or Eligible Investment to be conducted on terms that reflect (or
would be consistent with) an arm’s-length transaction.

 

4. Additional
Activities of the Investment Manager.

 

Nothing herein shall
prevent the Investment Manager or any of its Affiliates, or any of their respective members, principals, partners, managers, directors,
officers, stockholders, employees or agents, from engaging in other businesses, or from rendering services of any kind (including
investment management and advisory services) to the Issuer and its Affiliates, the Trustee, the Subordinated Note Paying Agent,
the Noteholders or any other Person. Without limiting the generality of the foregoing, the Investment Manager, its Affiliates and
the members, principals, partners, managers, directors, officers, stockholders, employees and agents of the Investment Manager
and its Affiliates may:

 

(a) serve
as directors (whether supervisory or managing), officers, employees, agents, nominees or signatories for the Issuer, its Affiliates
or any issuer or obligor (or any Affiliate of an issuer or obligor) of any Collateral Obligation, Restructured Loan, Equity Security
or other security or obligation included in the Collateral, to the extent permitted by their Governing Instruments, as from time
to time amended, or by any resolutions duly adopted by the Issuer, its Affiliates or any issuer or obligor (or any Affiliate of
an issuer or obligor) of any Collateral Obligation, Restructured Loan, Equity Security or other security or obligation included
in the Collateral, pursuant to their respective Governing Instruments; provided that in the reasonable business judgment
of the Investment Manager (exercised in good faith), such activity will not have a material adverse effect on the enforceability
of the Collateral;

 

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(b) receive
fees for services of any nature rendered to the issuer or obligor (or any Affiliate of an issuer or obligor) of any Collateral
Obligation, Restructured Loan, Equity Security or other security or obligation included in the Collateral or any direct or indirect
Noteholder; provided that in the reasonable business judgment of the Investment Manager (exercised in good faith), such
activity will not have a material adverse effect on the enforceability of the Collateral;

 

(c) be
retained to provide services unrelated to this Agreement to the Issuer or its Affiliates, and be paid therefor, in each case on
terms that reflect (or would be consistent with) an arm’s-length transaction;

 

(d) be
a secured or unsecured creditor of, or hold an equity interest in, the Issuer, its Affiliates, or any issuer or obligor (or any
Affiliate of an issuer or obligor) of any Collateral Obligation, Restructured Loan, Equity Security or other security or obligation
included in the Collateral;

 

(e) serve
as a member of any “creditors’ board” or “creditors’ committee” with respect to any obligation
included in the Collateral which has become, or, in the Investment Manager’s reasonable opinion, may become, a Defaulted
Obligation; and

 

(f) purchase
any security or obligation from, or sell any security or obligation to, the Issuer while acting in the capacity of principal or
agent, in compliance with the provisions of Section 3 or 5 of this Agreement, as applicable, and Article 12 of the
Indenture.

 

It is understood and
agreed that the services of the Investment Manager to the Issuer are not to be deemed exclusive and the Investment Manager and
any of its Affiliates may engage in any other business and furnish services of any kind (including investment management and advisory
services) to others, including Persons which may have investment policies similar to or different from those followed by the Investment
Manager on behalf of the Issuer with respect to the Collateral Obligations, Restructured Loans, Workout Loans, Specified Equity
Securities or Eligible Investments and which may own securities or loans of the same or different class, or which are the same
or different type, as the Collateral Obligations, Restructured Loans, Workout Loans, Equity Securities or Eligible Investments
or other debt or equity interests of the issuers or obligors of the Collateral Obligations, Restructured Loans, Workout Loans,
Equity Securities or Eligible Investments. The Investment Manager and its Affiliates will be free, in their sole discretion, to
make recommendations to others and to effect transactions on behalf of themselves or for others, which may be similar to or different
from those made or effected with respect to the Collateral.

 

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Nothing contained in
this Agreement or the Indenture shall prevent the Investment Manager or any of its Affiliates, acting either as principal or agent
on behalf of others, from buying or selling, or from recommending to or directing any other account to buy or sell, at any time,
securities or loans of the same kind or class, or securities or loans of a different kind or class of the same issuer or obligor,
as those directed by the Investment Manager to be purchased or sold hereunder. It is understood and agreed that, to the extent
permitted by applicable law, the Investment Manager, its Affiliates, and any member, principal, partner, manager, director, officer,
stockholder, employee or agent of the Investment Manager or any such Affiliate or any member of their families or a Person advised
by the Investment Manager may have an interest in a particular transaction or in securities or loans of the same kind or class,
or securities or loans of a different kind or class issued by the same obligor, as those whose purchase or sale the Investment
Manager may direct hereunder.

 

The Investment Manager
shall not be obligated to exploit any particular investment opportunity that may arise with respect to the Collateral.

 

5. Conflicts
of Interest.

 

The Investment Manager
shall not knowingly direct the Trustee to purchase any security or loan to be included in the Collateral from the Investment Manager
or any of its Affiliates as principal or to sell any security or loan to the Investment Manager or any of its Affiliates as principal
unless (a) such purchase or sale is not in violation of the Advisers Act, (b) the Board of Directors shall have received from the
Investment Manager such information relating to such acquisition or disposition as it shall reasonably require, (c) the Board of
Directors shall have approved such purchase or sale and (d) such purchase or sale is effected in a transaction that would be representative
of a transaction entered into on terms that reflect an arm’s-length basis. The Investment Manager shall not knowingly direct
the Trustee to purchase any security or loan for inclusion in the Collateral from any account or portfolio for which the Investment
Manager or any of its Affiliates serves as investment adviser, or direct the Trustee to sell any security or loan to any account
or portfolio for which the Investment Manager or any of its Affiliates serves as investment adviser unless (a) such purchase or
sale is not in violation of the Advisers Act and (b) such purchase or sale is effected in a transaction that would be representative
of a transaction entered into on terms that reflect an arm’s-length basis. For the avoidance of doubt, for purposes of this
paragraph, no Person shall be or become an Affiliate of the Investment Manager by reason of the Investment Manager or an Affiliate
of the Investment Manager acting as an investment adviser, asset manager or collateral manager (or acting in a similar capacity,
however denominated) with respect to such Person.

 

Notwithstanding the foregoing,
the Issuer hereby authorizes the Investment Manager to cause the purchase (subject to the applicable provisions of the Indenture
and this Agreement) of Eligible Investments and Collateral Obligations that are securities of or owned by investment companies
registered under the Investment Company Act for which the Investment Manager or an Affiliate acts as investment adviser or distributor;
provided, however, that (a) all such transactions comply with the Investment Company Act, (b) all such transactions
comply with the Investment Manager’s then existing practices and procedures and (c) the Issuer may at any time, by written
notice to the Investment Manager, revoke the authorization provided by this sentence.

 

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Unless the Investment
Manager determines in its reasonable business judgment (exercised in good faith) that such purchase or sale is appropriate, the
Investment Manager may refrain from directing the Trustee to purchase or sell securities issued by (i) Persons of which the Investment
Manager, any of its Affiliates or any of their respective members, principals, partners, managers, directors, officers, stockholders
or employees are directors or officers; (ii) Persons of which the Investment Manager or any of its Affiliates act as financial
adviser or underwriter; or (iii) Persons about which the Investment Manager or any of its Affiliates have information which the
Investment Manager deems confidential or non-public or otherwise might prohibit it from advising as to the trading of such securities
in accordance with applicable law.

 

Although the officers
and employees of the Investment Manager and the External Investment Adviser will devote as much time to the Issuer as the Investment
Manager and the External Investment Adviser deem appropriate, such officers and employees may have conflicts in allocating their
time and services among the Issuer and the Investment Manager’s, the External Investment Adviser’s and any of their
respective Affiliates’ other accounts. The Investment Manager, the External Investment Adviser and any of their respective
Affiliates, in connection with their other business activities, may acquire material non-public confidential information that may
restrict the Investment Manager or the External Investment Adviser from purchasing securities or selling securities for itself
or its clients (including the Issuer) or otherwise using such information for the benefit of its clients or itself.

 

Various potential and
actual conflicts of interest may arise from the overall investment activity of the Investment Manager, the External Investment
Adviser and any of their respective Affiliates. The Investment Manager, the External Investment Adviser and any of their respective
Affiliates and their respective clients may invest for their own accounts in securities or obligations that would be appropriate
as items of Collateral Obligations, Restructured Loans and/or Specified Equity Securities. Such investments may be different from
those made on behalf of the Issuer. The Investment Manager, the External Investment Adviser and any of their respective Affiliates
and their respective clients may have ongoing relationships with companies whose securities or obligations are pledged as Collateral
and may own securities and obligations issued by, or loans to, issuers or obligors of Collateral Obligations, Restructured Loans,
Workout Loans, Specified Equity Securities or Equity Securities. The Investment Manager, the External Investment Adviser and any
of their respective Affiliates and their respective clients may invest in securities or loans that are senior to, or have interests
different from or adverse to, the securities or loans that are pledged as Collateral. The Investment Manager and the External Investment
Adviser may serve as investment adviser for, invest in, or be Affiliated with, other entities that invest in debt obligations or
securities that are similar to the Collateral Obligations, Restructured Loans and/or Specified Equity Securities, and with the
same or similar objectives as the Issuer. The Investment Manager or the External Investment Adviser will at certain times (i) be
simultaneously seeking to purchase or sell investments for the Issuer and any similar entity for which it serves as investment
adviser in the future, or for its clients or Affiliates and/or (ii) have short exposure to certain securities or loans that will
be the same as the securities or loans included in the Assets. The recommendations made to others by the Investment Manager and
the External Investment Adviser and transactions effected by the Investment Manager and the External Investment Adviser on behalf
of themselves or others may be the same or different from those made or effected by or on behalf of the Issuer.

 

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The Investment Manager,
the External Investment Adviser and their respective Affiliates shall not be required to offer investment opportunities of which
they become aware to the Issuer or to account to the Issuer for (or share with the Issuer or inform the Issuer of) any such transaction
or any benefit received by them from any such transaction or to inform the Issuer of any investments before offering any investments
to their respective clients or other any entities that the Investment Manager, the External Investment Adviser and their respective
Affiliates may manage or advise. In addition, the Investment Manager, the External Investment Adviser and their respective Affiliates
may make investments on their own behalf, or on behalf of Affiliates, clients or other entities that they may manage or advise,
without offering such investment opportunity to the Issuer or making any such investments on behalf of the Issuer. Affirmative
obligations may exist or may arise in the future, whereby the Investment Manager and its Affiliates are obligated to offer certain
investments to other investment vehicles they manage or advise before or without offering those investments to the Issuer.

 

The Issuer acknowledges
(i) that the Investment Manager will on the 2021 Refinancing Date hold (x) 100% of the Subordinated Notes and (y) 100% of the Class
F-R-3 Notes, (ii) that funds advised by the Investment Manager or the External Investment Adviser may sell Collateral Obligations
to the Issuer on or prior (or subsequent to) to the 2021 Refinancing Date and (iii) that the Investment Manager, the External Investment
Adviser, their respective Affiliates or clients and certain other investors identified by the Investment Manager or the External
Investment Adviser may at times own Notes of one or more Classes. In certain circumstances, the interests of the Issuer and/or
the Noteholders under the Indenture with respect to matters as to which the Investment Manager or the External Investment Adviser
is advising the Issuer may conflict with the interests of the Investment Manager or the External Investment Adviser or their respective
Affiliates including, without limitation, in the Investment Manager’s, the External Investment Adviser’s or their respective
Affiliates’ capacity as a Holder, directly or indirectly, of Subordinated Notes or Secured Notes, as applicable.

 

The Issuer hereby consents
to the various potential and actual conflicts of interests that may exist with respect to the Investment Manager or the External
Investment Adviser as described above and those described in the 2021 Refinancing Offering Memorandum; provided, however,
that nothing contained in this Section 5 shall be construed as altering or limiting the duties of the Investment Manager
or the External Investment Adviser set forth in this Agreement or in the Indenture nor the requirement of any law, rule or regulation
applicable to the Investment Manager or the External Investment Adviser.

 

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6. Records;
Requests for Information; Confidentiality.

 

The Investment Manager
shall maintain appropriate books of account and records relating to services performed hereunder, and such books of account and
records shall be accessible for inspection by authorized representatives of the Issuer, the Trustee, the Subordinated Note Paying
Agent and the Independent accountants appointed by the Issuer pursuant to the Indenture at a mutually agreed-upon time during normal
business hours and upon not less than three Business Days’ prior notice; provided that the Investment Manager shall
not be obligated to provide access to any non-public information if the Investment Manager in good faith determines that the disclosure
of such information would violate any applicable law, regulation or contractual arrangement. The Investment Manager shall keep
confidential all information obtained in connection with the services rendered hereunder and shall not disclose any such information
to non-affiliated third parties except (i) with the prior written consent of the Issuer (which consent shall not be unreasonably
withheld), (ii) such information as the Rating Agencies shall reasonably request in connection with their rating or evaluation
of the Secured Notes, the Subordinated Notes and/or the Investment Manager, as applicable, (iii) as required by law, regulation,
court order or the rules, regulations or request of any regulatory or self-regulating organization, body or official (including
any securities exchange on which the Notes may be listed from time to time) having jurisdiction over the Investment Manager or
as otherwise required by law or judicial process or as required by an Underlying Instrument, (iv) such information as shall have
been publicly disclosed other than in violation of this Agreement, (v) to its members, principals, partners, managers, directors,
officers, stockholders, employees and agents, and to its attorneys, accountants and other professional advisers in conjunction
with the transactions described herein, (vi) such information as may be necessary or desirable in order for the Investment Manager
to prepare, publish and distribute to any Person any information relating to the investment performance of any Collateral Obligation
or other Asset, (vii) in connection with the enforcement of the Investment Manager’s rights hereunder or in any dispute or
proceeding related hereto, (viii) to the Trustee, the Collateral Administrator or the Subordinated Note Paying Agent, (ix) to Noteholders
and potential purchasers of and (with respect to Notes in book-entry form) current and potential owners of beneficial interests
in any of the Notes, (x) such information that was or is obtained by the Investment Manager on a non-confidential basis, (xi) in
connection with establishing trading or investment accounts or otherwise in connection with effecting transactions on behalf of
the Issuer and (xii) subject to applicable law and to the extent not inconsistent with securities law restrictions with respect
to the Notes, any information relating to the investment performance of the Collateral. For purposes of this Section 6,
the Trustee, the Collateral Administrator, the Intermediary, the Placement Agent and the Holders of and (with respect to Notes
in book-entry form) owners of beneficial interests in the Notes shall not be considered “non-affiliated third parties.”
Notwithstanding anything to the contrary set forth herein or in any other agreement to which the parties hereto are parties or
by which they are bound, each party hereto (and any employee, representative, or agent of any party hereto) may disclose to any
and all persons, without limitation of any kind, the tax structure and tax treatment of the transactions contemplated hereby and
by the Transaction Documents and all materials of any kind (including opinions or other tax analysis) that are provided to such
party relating to such tax treatment and tax structure; provided, however, that such disclosure shall not include
the name (or other identifying information not relevant to the tax structure or tax treatment) of any person and shall not include
information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.

 

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7. Certain
Obligations of Investment Manager.

 

(a) Unless
otherwise specifically required by any provisions of the Indenture or this Agreement or by applicable law, and subject to the limitations
set forth in Section 10 hereof, the Investment Manager shall use commercially reasonable efforts not to take any action
which would (a) materially adversely affect the status of the Issuer or Co-Issuer for purposes of Cayman Islands law, United States
Federal or state law or any other law known to the Investment Manager to be applicable to the Issuer or Co-Issuer, (b) not be permitted
by the Issuer’s or the Co-Issuer’s Governing Instruments, (c) cause the Issuer or the Co-Issuer to violate any law
rule or regulation of any government body or agency having jurisdiction over the Issuer or the Co-Issuer including Cayman Islands,
United States federal, state or other applicable securities law known to the Investment Manager to be applicable to the Issuer
or the Co-Issuer, the violation (individually or in the aggregate with any other such violation) of which would have a material
adverse effect on the business, operations, assets or financial condition of the Issuer or the Collateral, (d) require registration
of the Issuer, the Co-Issuer or the pool of Collateral as an “investment company” under the Investment Company Act,
(e) cause the Issuer or the Co-Issuer to violate the terms of the Indenture or any other agreement or representation of the Issuer
or the Co-Issuer contemplated by the Indenture (other than violations in connection with good faith efforts to resolve documentary
ambiguity and conflicts), in each case, in any material respect or (f) adversely affect the interests of the Secured Parties in
the pool of Assets in any material respect (other than the effect of such actions expressly permitted hereunder or under the Indenture,
including through a supplemental indenture entered into in accordance with Article 8 of the Indenture), it being understood that
in connection with this sentence, subject to the Investment Manager satisfying the standard of care set forth in Section 2(a),
the Investment Manager will not be required to make any independent investigation of any facts or laws not otherwise known to it
in connection with its obligations under this Agreement and the Indenture or other conduct of its business generally.

 

(b) If
the Investment Manager is requested to take any action described in clause (a) above by the Issuer, the Investment Manager shall
promptly notify the Issuer, the Trustee and the Subordinated Note Paying Agent of the Investment Manager’s reasonable business
judgment (exercised in good faith), that such action would have one or more of the consequences set forth above and the Investment
Manager need not take such action unless the Issuer again requests the Investment Manager to do so and at least 662/3%
of the Aggregate Outstanding Amount of the Controlling Class has consented thereto in writing. Notwithstanding any such request,
the Investment Manager need not take such action unless (i) arrangements satisfactory to it are made to insure or indemnify the
Investment Manager, the External Investment Adviser and their respective Affiliates and each of their respective members, principals,
partners, managers, directors, officers, stockholders, employees and agents from any liability they may incur as a result of such
action and (ii) if the Investment Manager so requests in respect of a question of law, the Issuer, at its expense, delivers to
the Investment Manager a favorable opinion of counsel as to such question of law. Notwithstanding anything to the contrary contained
in this Agreement, the Investment Manager shall not be required to take any action if the Investment Manager reasonably believes
that the taking of such action will or may violate any applicable law, rule or regulation, and shall not take any discretionary
action that it reasonably believes would cause an Event of Default under the Indenture. The Investment Manager and the Investment
Manager Affiliates shall not be liable to the Co-Issuers, the Trustee, the Noteholders or any other Person with respect to the
foregoing except as provided in Section 10.

 

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(c) The
Investment Manager and the External Investment Adviser shall be entitled to treat any notice or other communication that on its
face comes from the Issuer or the Board of Directors as having been sent by the Issuer or the Board of Directors, as applicable,
unless it has actual knowledge that the Issuer or the Board of Directors has not sent such notice or other communication. The Investment
Manager shall not have any liability for any action taken by the Investment Manager or the External Investment Adviser in good
faith reliance on information that has been provided by the Issuer, the Co-Issuer, the Trustee or the Collateral Administrator.

 

8. Compensation.

 

(a) The
Issuer shall pay to the Investment Manager, for services rendered and performance of its obligations under this Agreement on and
after the 2021 Refinancing Date (i) the Base Management Fee and (ii) the Subordinated Management Fee (together with the Base Management
Fee, the “Investment Management Fees”). The Investment Management Fees shall be payable in arrears to the Investment
Manager on each Payment Date in accordance with the Priority of Payments. If on any Payment Date there are insufficient funds to
pay the Base Management Fee and/or the Subordinated Management Fee then due in full, the amount not so paid shall be deferred and
shall be payable (without interest thereon) on such subsequent Payment Date on which any funds are available therefor, subject
to and in accordance with the Priority of Payments. The Investment Manager may, in its sole and absolute discretion and from time
to time, elect to defer all or any portion of the Base Management Fee and/or Subordinated Management Fee payable to it (and for
which funds are available) on any Payment Date without the consent of any Holders of the Notes by delivering to the Trustee written
notice no later than the third (3rd) Business Day after the related Determination Date. After such Payment Date, such deferred
Investment Management Fee shall be added to the cumulative amount (if any) of unpaid Investment Management Fees. Any Investment
Management Fee deferred by the Investment Manager shall, to the extent so directed by the Investment Manager in a notice delivered
to the Trustee no later than the third (3rd) Business Day after the applicable Determination Date, be payable on the related Payment
Date in accordance with the Priority of Payments or, to the extent funds are not available therefor on such Payment Date, on each
subsequent Payment Date in accordance with the Priority of Payments, until paid in full.

 

(b) The
parties hereto acknowledge and agree that a portion of the gross proceeds received from the issuance and sale of the Secured Notes
and the additional Subordinated Notes on the 2021 Refinancing Date will be used to pay or reimburse the organizational, placement,
structuring and other fees and expenses of the Co-Issuers on the 2021 Refinancing Date or otherwise in connection with the organization
of the Issuer and the Co-Issuer, the issuance and sale of the Secured Notes and the additional Subordinated Notes, and the redemption
of the 2018 Refinancing Notes, on the 2021 Refinancing Date and the execution and delivery of this Agreement and the other agreements
and documents relating to the issuance and sale of the Secured Notes and the additional Subordinated Notes, including the legal
fees and expenses of counsel to the Investment Manager. The Investment Manager shall be responsible for its rent, office expenses,
employee salaries and all other ordinary expenses incurred in the performance of its obligations under this Agreement (but not
any expenses otherwise payable by the Issuer or the Co-Issuer under the Indenture or the Subordinated Note Paying Agency Agreement);
provided that (i) the fees and expenses of employing outside lawyers and consultants in connection with the purchase, sale
and management of Collateral Obligations, Equity Securities, Eligible Investments or any other Collateral and the possible amendment,
default, bankruptcy or restructuring of any Collateral Obligation, Equity Security or any other Collateral, (ii) all amounts payable
under the Collateral Administration Agreement, (iii) the fees and expenses of employing outside lawyers or accountants to assist
the Investment Manager in interpreting and fulfilling its obligations and duties under this Agreement and the Indenture, (iv) reasonable
travel expenses in connection with the Investment Manager’s performance of its duties hereunder, (v) the cost of any fees
related to the administration and monitoring of the Notes, the Collateral Obligations and any securities or loans to be purchased
for inclusion as Collateral, including, without limitation, the cost of any research software or credit databases used by the Investment
Manager in connection with its management of the Collateral Obligations, (vi) the fees and expenses payable by the Issuer in accordance
with the Indenture, including any fees, expenses or other amounts payable to the Rating Agencies, the Collateral Administrator,
the Trustee, the Administrator, any Paying Agent, the Independent accountants appointed under the Indenture or any other accountants,
(vii) the reasonable expenses of exercising observation rights (including through a representative) pursuant to Section 17
hereof, and (viii) premiums for insurance protecting the Investment Manager and each Investment Manager Affiliate from liability
with respect to third persons in connection with the affairs of the Issuer, in each case, shall constitute Administrative Expenses
and be reimbursed by the Issuer in accordance with the Indenture and shall be payable in accordance with the Priority of Payments.
Except as provided in the immediately preceding sentence, the Investment Manager shall be responsible for the payment of all fees
and expenses incurred by any third parties employed by the Investment Manager to render investment advice or any other services
to the Issuer agreed by the Investment Manager to be rendered by the Investment Manager hereunder.

 

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(c) If
this Agreement is terminated pursuant to Section 12, Section 13 or otherwise, the Investment Management Fees calculated
as provided in the Indenture shall be prorated for any partial periods between Payment Dates during which this Agreement was in
effect and shall be due and payable (together with any unpaid (including unpaid deferred) Investment Management Fees) on the first
Payment Date following the date of such termination in accordance with the Priority of Payments set forth in the Indenture and,
to the extent not paid in full on such Payment Date, on each Payment Date thereafter subject to the Priority of Payments until
paid in full.

 

9. Benefit
of the Agreement and Assignment of the Agreement.

 

The Investment Manager
shall perform its duties hereunder in accordance with the terms of this Agreement and the terms of the Indenture applicable to
it. Subject to Section 15.1 of the Indenture, the Investment Manager agrees that such duties shall be enforceable by (i)
the Issuer, (ii) the Trustee, on behalf of the Noteholders, and (iii) the Subordinated Note Paying Agent, on behalf of the Holders
of the Subordinated Notes, as provided in the Indenture and the Subordinated Note Paying Agency Agreement, in each case, as and
to the extent provided in the Indenture or the Subordinated Note Paying Agency Agreement.

 

10. Limits
of Investment Manager Responsibility.

 

(a) Notwithstanding
anything set forth in the Indenture or the Collateral Administration Agreement to the contrary, the Investment Manager assumes
no responsibility under this Agreement other than to render the services called for hereunder and under the terms of the Indenture
applicable to it pursuant to the terms of this Agreement in good faith in accordance with the standard of care provided in Section
2(a) and subject to the standard of conduct described in the next succeeding sentence, shall not be liable for any action or
inaction of the Issuer or the Trustee in following or declining to follow any advice, recommendation or direction of the Investment
Manager or for any action or inaction of the Collateral Administrator. Notwithstanding anything to the contrary herein, in the
Indenture or in any other Transaction Document, the Investment Manager, the External Investment Adviser, their respective Affiliates
and their respective members, principals, partners, managers, directors, officers, stockholders, employees and agents (collectively,
the “Investment Manager Affiliates”) shall not be liable to the Co-Issuers, the Trustee, the Collateral Administrator,
the Subordinated Note Paying Agent, the Noteholders or any other Person for any expenses, losses, damages, demands, charges, judgments,
assessments, costs or other liabilities or claims of any nature whatsoever (including reasonable attorneys’ and accountants’
fees and expenses) (collectively, “Liabilities”) incurred by the Co-Issuers, the Trustee, the Collateral Administrator,
the Subordinated Note Paying Agent, the Noteholders or any other Person that arise out of or in connection with the performance
by the Investment Manager of its duties under this Agreement, the Collateral Administration Agreement or the Indenture or for any
acts or omissions by the Investment Manager or any other Investment Manager Affiliate under or in connection with this Agreement
or the terms of the Indenture or any other Transaction Document applicable to it, except (i) by reason of acts or omissions of
the Investment Manager constituting criminal conduct, fraud, bad faith, willful misconduct or gross negligence in the performance,
or reckless disregard, of the obligations of the Investment Manager hereunder or under the terms of the Indenture specifically
applicable to the Investment Manager or (ii) with respect to the information concerning the Investment Manager set forth (w) under
the heading “The Investment Manager” in the Original Offering Memorandum (as of the date thereof and as of the Closing
Date), (x) under the heading “The Investment Manager” in the 2016 Refinancing Offering Memorandum (as of the date thereof
and the 2016 Refinancing Date), (y) under the heading “The Investment Manager” in the 2018 Refinancing Offering Memorandum
(as of the date thereof and the 2018 Refinancing Date) or (z) under the headings (A) “The Investment Manager”, (B)
“Risk Factors—Relating to the Investment Manager” or (C) “Risk Factors—Relating to Certain Conflicts
of Interest—Certain Conflicts of Interest Regarding the Investment Manager and its Affiliates” in the 2021 Refinancing
Offering Memorandum (as of the date thereof and the 2021 Refinancing Date), such information containing any untrue statement of
material fact or omitting to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The occurrences of the events described in clauses (i) and (ii) above are collectively
referred to for purposes of this Section 10 as “Investment Manager Breaches.” Notwithstanding the foregoing,
in no event shall the Investment Manager or any other Investment Manager Affiliate be liable for consequential, special, exemplary
or punitive damages. For the avoidance of doubt, the Investment Manager will not be liable for trade errors that may result from
ordinary negligence, such as errors in the trade process (including, but not limited to, a buy order being entered instead of a
sell order, or the wrong security being purchased or sold, or a security being purchased or sold in an amount or at a price other
than the correct amount or price), except to the extent that any such errors are due to an Investment Manager Breach. Any stated
limitations on liability shall not relieve the Investment Manager from any responsibility it has under any state or federal statutes.

 

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(b) The
Issuer shall indemnify and hold harmless the Investment Manager, the External Investment Adviser and every other Investment Manager
Affiliate from and against any Liabilities, and will reimburse the Investment Manager, the External Investment Adviser or any other
Investment Manager Affiliate for all reasonable fees and expenses (including reasonable fees and expenses of counsel) as such fees
and expenses are incurred in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with
respect to any pending or threatened litigation, caused by, or arising out of or in connection with, (i) the issuance of the Original
Rated Notes on the Closing Date or the transactions contemplated by the Original Offering Memorandum, the issuance of the 2016
Refinancing Notes on the 2016 Refinancing Date or the transactions contemplated by the 2016 Refinancing Offering Memorandum, the
issuance of the 2018 Refinancing Notes and the additional Subordinated Notes on the 2018 Refinancing Date or the transactions contemplated
by the 2018 Refinancing Offering Memorandum, the issuance of the 2021 Refinancing Notes and the additional Subordinated Notes on
the 2021 Refinancing Date or the transactions contemplated by the 2021 Refinancing Offering Memorandum, or the transactions contemplated
by the Indenture, this Agreement or the other Transaction Documents (or any predecessor agreement thereto), and/or (ii) any action
taken by, or any failure to act by, the Investment Manager, the External Investment Adviser or any other Investment Manager Affiliate,
and in either case to the extent not constituting an Investment Manager Breach. Notwithstanding anything contained herein to the
contrary, the obligations of the Issuer under this Section 10 shall be limited recourse in accordance with Section 23
hereof and payable as an Administrative Expense out of the Collateral in accordance with the Priority of Payments set forth in
the Indenture. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable state or
federal law or any rules or regulations adopted thereunder.

 

(c) The
Investment Manager shall not be obligated to appear in, prosecute or defend any legal action in connection with its responsibilities
under this Agreement or that, in its sole opinion, may involve it or any other Investment Manager Affiliate in any expense or liability.
In the exercise of its discretion, however, the Investment Manager may undertake any such action that it may deem necessary or
desirable with respect to the enforcement or protection of the rights and duties of the parties to this Agreement or the interest
of the Issuer hereunder. In such event, the legal expenses and costs of such action, and any liability resulting therefrom (other
than liabilities to the extent arising from an Investment Manager Breach), shall be borne by the Issuer, and the Investment Manager
shall be entitled to receive reimbursement thereof from the Issuer in accordance with the Priority of Payments set forth in the
Indenture.

 

(d) The
Investment Manager shall indemnify and hold harmless the Issuer in respect of any Liabilities and will reimburse the Issuer for
all reasonable fees and expenses (including reasonable fees and expenses of counsel) incurred in investigating, preparing, pursuing
or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation, in each case,
to the extent and only to the extent that such Liabilities, fees, expenses and other amounts result from an Investment Manager
Breach, except to the extent that any such Liabilities, fees, expenses and other amounts are caused by or arise out of the Issuer's
gross negligence or willful misconduct. Any Liabilities, fees, expenses and other amounts to be paid by the Investment Manager
in respect of its indemnification of the Issuer under this Section 10(d) will be payable only upon and to the extent that
a court of competent jurisdiction has found in a judgment which has become final (whether or not subject to appeal) that such Liabilities,
fees, expenses and other amounts resulted from an Investment Manager Breach.

 

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11. No
Partnership or Joint Venture.

 

The Issuer and the Investment
Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or
joint venturers or impose any liability as such on either of them. The Investment Manager’s relation to the Issuer shall
be, for all purposes herein, deemed to be that of an independent contractor and the Investment Manager shall, unless otherwise
expressly provided herein or authorized by the Issuer from time to time, have no authority to act for or represent the Issuer in
any way or otherwise be deemed an agent of the Issuer.

 

12. Term;
Termination.

 

(a) This
Agreement shall become effective as of the 2021 Refinancing Date and shall continue in force until the first of the following occurs:
(i) the payment in full of the Secured Notes, the termination of the Indenture in accordance with its terms and the payment in
full of the Subordinated Notes; (ii) the liquidation of the Collateral and the final distribution of the proceeds of such liquidation
to the Noteholders; or (iii) the termination of this Agreement in accordance with this Section 12 or Section 13.

 

(b) Notwithstanding
any other provisions hereof to the contrary, the Investment Manager may resign upon 90 days’ prior written notice to the
Issuer, the Rating Agencies and the Trustee (or such shorter notice as is acceptable to the Issuer); provided, however,
that such resignation shall not be effective until the date as of which a successor Investment Manager has been appointed in accordance
with Section 12(e) and has accepted the duties of the successor Investment Manager hereunder. The Issuer will use commercially
reasonable efforts to appoint a successor Investment Manager to assume such duties and obligations.

 

(c) [Reserved].

 

(d) If
this Agreement is terminated pursuant to this Section 12 or Section 13, such termination will be without any further
liability or obligation of either party to the other, except as provided in Sections 8, 10, 14 and 23.

 

(e) Upon
any removal or resignation of the Investment Manager (in each case, whether pursuant to this Section 12 or pursuant to Section
13) while any of the Secured Notes or Subordinated Notes are Outstanding, the Issuer shall, as directed in accordance with
the immediately succeeding paragraph, appoint as successor Investment Manager an institution which (i) has demonstrated an ability
to professionally and competently perform duties similar to those imposed upon the Investment Manager hereunder (or that has been
approved by a Majority of the Controlling Class), (ii) is legally qualified and has the capacity to act as Investment Manager hereunder,
as successor to the Investment Manager under this Agreement in the assumption of all of the responsibilities, duties and obligations
of the Investment Manager hereunder and under the applicable terms of the Indenture, (iii) shall not cause the Issuer or the Co-Issuer
or the pool of Collateral to become required to register under the provisions of the Investment Company Act and (iv) will not cause
the Issuer to be treated as engaged in a trade or business within the United States for U.S. federal income tax purposes. No termination
or removal of the Investment Manager, whether pursuant to this Section 12 or pursuant to Section 13 hereof, shall
be effective until a successor has been appointed and approved pursuant to this Agreement, subject to and in accordance with this
Section 12(e), and has agreed in writing to assume all of the Investment Manager’s duties and obligations with respect
to the period commencing with such appointment.

 

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Any successor Investment
Manager must be appointed by the Issuer at the direction of (a) a Majority of the Subordinated Notes and not rejected by a Majority
of the Controlling Class or (b) a Majority of the Controlling Class and not rejected by a Majority of the Subordinated Notes, in
each case within 20 days of the issuance of notice of a vote regarding (or the appointment of) such successor Investment Manager
to the Holders of the Notes. For purposes of this paragraph, in determining whether the Holders of the requisite percentage of
Aggregate Outstanding Amount of the Controlling Class or Subordinated Notes have given such rejection, Investment Manager Securities
shall not be disregarded and shall be deemed to be Outstanding.

 

In the event of a removal
of the Investment Manager, if no successor Investment Manager shall have been appointed or an instrument of acceptance by a successor
Investment Manager shall not have been delivered to the Investment Manager (a) within 20 days after approval of the successor Investment
Manager by the Issuer, and the issuance of notice of a vote regarding (or the appointment of) such successor Investment Manager
to the Holders of the Notes, or (b) within 90 days after the date of notice of removal of the Investment Manager, the removed Investment
Manager, a Majority of the Controlling Class or a Majority of the Subordinated Notes may petition any court of competent jurisdiction
for the appointment of a successor Investment Manager without the approval of the Holders of the Notes.

 

In the event of a resignation
by the Investment Manager, if no successor Investment Manager shall have been appointed or an instrument of acceptance by a successor
Investment Manager shall not have been delivered to the Investment Manager within 120 days after the date of notice of resignation
by the Investment Manager, the resigning Investment Manager, a Majority of the Controlling Class or a Majority of the Subordinated
Notes may petition any court of competent jurisdiction for the appointment of a successor Investment Manager without the approval
of the Holders of the Notes.

 

In connection with such
appointment and assumption and subject to the provisions of the Indenture, the Issuer may make such arrangements for the compensation
of such successor as the Issuer and such successor Investment Manager shall agree; provided, however, that no compensation
payable to such successor Investment Manager from payments on the Collateral shall be greater than that paid to the Investment
Manager under this Agreement without the prior written consent of a Majority of the Aggregate Outstanding Amount of the Notes voting
separately. The Issuer, the Trustee and the successor Investment Manager shall take such action (or cause the outgoing Investment
Manager to take such action) consistent with this Agreement and the terms of the Indenture applicable to the Investment Manager,
as shall be necessary to effectuate any such succession.

 

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(f) Upon
the later of (i) the expiration of the applicable notice period with respect to a termination specified in this Section 12
or Section 13, as applicable, and (ii) the acceptance, in writing, by a successor Investment Manager of such appointment,
all authority and power of the Investment Manager under this Agreement and the Indenture, whether with respect to the Collateral
Obligations or otherwise, shall automatically and without further action by any Person pass to and be vested in the successor Investment
Manager.

 

13. Termination
for Cause.

 

Subject to Section
12(e) of this Agreement, this Agreement may be terminated, and the Investment Manager may be removed, by the Issuer, at the
direction of a Majority of the Controlling Class (excluding any Investment Manager Securities, which will be disregarded and deemed
not to be Outstanding for such purpose), for Cause upon 10 Business Days’ prior written notice by the Issuer to the Investment
Manager and upon written notice to the Holders of the Notes as set forth below. For purposes of determining “Cause”
with respect to termination of this Agreement pursuant to this Section 13, such term shall mean any one of the following
events:

 

(a) the
Investment Manager willfully violates any material provision of this Agreement or the Indenture applicable to it;

 

(b) the
Investment Manager breaches in any material respect any provision of this Agreement or any term of the Indenture applicable to
it (other than the failure to satisfy the Collateral Quality Test and/or any of the Concentration Limitations or the Coverage Tests)
or any representation, certificate or other statement made or given in writing by the Investment Manager (or any of its directors
or officers) pursuant to this Agreement or the Indenture shall prove to have been incorrect in any material respect when made or
given, which breach or materially incorrect representation, certificate or statement (i) has a material adverse effect on any Class
of Notes and (ii) if such breach or such materially incorrect representation, certificate or statement is capable of being cured,
the Investment Manager fails (within 30 days of it becoming aware or receiving notice from the Trustee) to cure such breach, or
to take such action so that the facts (after giving effect to such actions) conform in all material respects to such representation,
certificate or statement;

 

(c) the
Investment Manager is wound up or dissolved or there is appointed over it or all or substantially all of its assets a receiver,
administrator, administrative receiver, trustee or similar officer; or the Investment Manager (i) ceases to be able to, or admits
in writing its inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or
enters into any composition or arrangement with, its creditors generally; (ii) applies for or consents (by admission of material
allegations of a petition or otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator
(or other similar official) of the Investment Manager or all or substantially all of its properties or assets, or authorizes such
an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application
against the Investment Manager and continue undismissed for 60 consecutive days; (iii) authorizes or files a voluntary petition
in bankruptcy, or applies for or consents (by admission of material allegations of a petition or otherwise) to the application
of any bankruptcy, reorganization, arrangement, readjustment of debt, insolvency or dissolution, or authorizes such application
or consent, or proceedings to such end are instituted against the Investment Manager without such authorization, application or
consent and are approved as properly instituted and remain undismissed for 60 consecutive days or result in adjudication of bankruptcy
or insolvency; or (iv) permits or suffers all or substantially all of its properties or assets to be sequestered or attached by
court order and the order remains undismissed for 60 consecutive days;

 

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(d) the
occurrence of any Event of Default under the Indenture that primarily results from any breach by the Investment Manager of its
duties under the Indenture or this Agreement, other than those set forth in Sections 5.1(d) or 5.1(e) of the Indenture;
or

 

(e) the
occurrence of an act by the Investment Manager that constitutes fraud or criminal activity in the performance of the Investment
Manager’s obligations under this Agreement or the Indenture or the indictment of the Investment Manager or any of its Affiliates
or any senior officer of the Investment Manager having direct responsibility over the Issuer’s investment activities for
a criminal offense materially related to the provision of investment advisory services.

 

In addition to a removal
for Cause, the Investment Manager may be removed upon written notice from the Issuer in the event that the Issuer determines in
good faith that the appointment of the Investment Manager under this Agreement has caused or required the Issuer, the Co-Issuer
or the pool of Collateral to become registered as an investment company under the Investment Company Act.

 

14. Action
Upon Termination.

 

(a) From
and after the effective date of termination of this Agreement, the Investment Manager shall not be entitled to compensation and
reimbursement for further services hereunder, but shall be paid all compensation and reimbursement accrued to the effective date
of termination, as provided in Section 8 and shall be entitled to receive any amounts owing under Sections 7, 8(b)
and 10. Upon such termination, the Investment Manager shall as soon as practicable:

 

(i) deliver
to the Issuer all property and documents of the Trustee or the Issuer or otherwise relating to the Collateral Obligations then
in the custody of the Investment Manager (although the Investment Manager may keep copies of such documents for its records); and

 

(ii) deliver
to the Trustee or the successor Investment Manager appointed pursuant to Section 12(e) its books and records with respect
to the Collateral Obligations (although the Investment Manager may keep copies of such documents for its records).

 

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Notwithstanding such
termination, (i) the outgoing Investment Manager shall remain liable for (a) its acts or omissions hereunder described in Section
10 arising prior to termination (subject to the limitations in Section 10) and (b) any expenses, losses, damages, liabilities,
demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising out
of a breach of the representations and warranties made by the outgoing Investment Manager in Section 16(b) or from any failure
of the outgoing Investment Manager to comply with the provisions of this Section 14 and (ii) the Issuer shall remain liable
for its obligations under Sections 7, 8 and 10.

 

(b) The
Investment Manager agrees that, notwithstanding any termination, it shall (i) reasonably cooperate, at the expense of the Issuer,
in any Proceeding arising in connection with this Agreement, the Indenture or any of the Collateral (excluding any such Proceeding
in which claims are or may be asserted against the Investment Manager or any Investment Manager Affiliate) relating to the period
of time during which this Agreement was in effect with respect to the Investment Manager, so long as the Investment Manager, the
External Investment Adviser and, as applicable, every other Investment Manager Affiliate, shall have been provided such indemnity,
security or other provision as is satisfactory to the Investment Manager and the External Investment Adviser against all costs,
expenses and liabilities that might be incurred in connection therewith and (ii) reasonably cooperate, at the expense of the Issuer
(with respect to the Investment Manager’s out-of-pocket expenses only) with any duly approved and appointed successor Investment
Manager hereunder in order to facilitate the succession by such successor Investment Manager.

 

15. Assignment.

 

(a) To
the extent that applicable law requires the consent of the Issuer to any assignment (as defined in the Advisers Act) of this Agreement
to any Person, in whole or in part, by the Investment Manager, such requirement may be satisfied with respect to the Issuer and
all Holders (i) by obtaining consent to such assignment on behalf of the Issuer from any of the following persons as determined
by the Investment Manager: (A) one or more directors of the Issuer independent from the Investment Manager; or (B) an advisory
committee established by the Investment Manager and/or the Issuer in compliance with applicable law; or (ii) in any other manner
that is permitted pursuant to then applicable law. The rights and obligations of the Investment Manager under this Agreement shall
not be assigned by the Investment Manager without (i) the prior written consent of a Majority of the Controlling Class and a Majority
of the Subordinated Notes, and (ii) satisfaction of the Global Rating Agency Condition; provided, however, that the
Investment Manager may assign its obligations under this Agreement to an Affiliate of the Investment Manager with (in the Investment
Manager’s good faith determination) comparable personnel and expertise without obtaining the consents specified in the preceding
clause (i) and without satisfaction of the Global Rating Agency Condition. Upon any such assignment, the assignee shall execute
and deliver to the Issuer and the Trustee a counterpart of this Agreement naming such assignee as Investment Manager. Upon the
execution and delivery of such a counterpart by the assignee, the Investment Manager shall be released from further obligation
pursuant to this Agreement, except with respect to its obligations arising under Section 7 of this Agreement prior to such
assignment and except with respect to its obligations specified in Section 14 hereof as surviving such a termination. No
assignment of obligations or duties by the Investment Manager, other than an assignment described in the first or second sentence
of this Section 15, shall (1) relieve the Investment Manager from any liability under this Agreement or (2) cause any third
party to be a third party beneficiary under this Agreement or any other document to which the Investment Manager is a party.

 

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(b) This
Agreement shall not be assigned by the Issuer without the prior written consent of the Investment Manager and the Trustee, except
in the case of assignment by the Issuer (i) to an entity which is a successor to the Issuer permitted under the Indenture, in which
case such successor organization shall be bound under this Agreement and by the terms of said assignment in the same manner as
the Issuer is bound under the Indenture or (ii) to the Trustee as contemplated by the Indenture. In the event of any assignment
by the Issuer, the Issuer shall use commercially reasonable efforts to cause its successor to execute and deliver to the Investment
Manager such documents as the Investment Manager shall consider reasonably necessary to effect fully such assignment.

 

(c) Any
corporation, partnership or limited liability company into which the Investment Manager may be merged or converted or with which
it may be consolidated, or any corporation, partnership or limited liability company resulting from any merger, or any corporation,
partnership or limited liability company succeeding to all or substantially all of the collateral management business of the Investment
Manager, shall be the successor to the Investment Manager without any further action by the Investment Manager, the Issuer, the
Trustee, the Noteholders or any other Person; provided that (i) to the extent legally required, the Issuer consents to such
action and (ii) the resulting entity has the ability and capacity to perform professionally and competently duties similar to those
imposed upon the Investment Manager hereunder.

 

16. Representations,
Warranties and Covenants.

 

(a) The
Issuer hereby represents and warrants to the Investment Manager as follows as of the date hereof:

 

(i) The
Issuer has been duly incorporated and is validly existing under the laws of the Cayman Islands, has the full corporate power and
authority to own its assets and the obligations proposed to be owned by it and included in the Collateral and to transact the business
in which it is presently and proposed to be engaged and is duly qualified under the laws of each jurisdiction where its ownership
or lease of property or the conduct of its business requires, or the performance of its obligations under the Transaction Documents
would require, such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate
have a material adverse effect on the business, operations, assets or financial condition of the Issuer.

 

(ii) The
Issuer has full corporate power and authority to execute, deliver and perform the Transaction Documents and all obligations required
under the Transaction Documents and has taken all necessary action to authorize the Transaction Documents on the terms and conditions
hereof and thereof and the execution, delivery and performance of Transaction Documents and the performance of all obligations
imposed upon it hereunder and thereunder. No consent of any other person including, without limitation, shareholders and creditors
of the Issuer, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing
or declaration with, any governmental authority is required by the Issuer in connection with the Transaction Documents or the execution,
delivery, performance, validity or enforceability of the Transaction Documents or the obligations imposed upon it hereunder or
thereunder. Each Transaction Document to which the Issuer is a party has been executed and delivered by the Issuer (by its duly
authorized director or attorney) and, following execution of all parties thereto, constitutes the valid and legally binding obligation
of the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, to (a) the effect of bankruptcy,
insolvency or similar laws affecting generally the enforcement of creditors’ rights, as such laws would apply in the event
of any bankruptcy, receivership, insolvency or similar event applicable to the Issuer and (b) general equitable principles (whether
enforceability of such principles is considered in a proceeding at law or in equity).

 

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(iii) The
execution, delivery and performance of this Agreement, the other Transaction Documents and the documents and instruments required
hereunder and thereunder will not violate any provision of any existing law or regulation binding on the Issuer, or any order,
judgment, award or decree of any court, arbitrator or governmental authority binding on the Issuer, or the Governing Instruments
of, or any securities issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking
to which the Issuer is a party or by which the Issuer or any of its assets is or may be bound, the violation of which would have
a material adverse effect on the business, operations, assets or financial condition of the Issuer or its ability to perform its
obligations under the Transaction Documents, and will not result in or require the creation or imposition of any lien on any of
its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking (other than the lien of the Indenture).

 

(iv) The
Issuer is not in violation of its Governing Instruments or in breach or violation of or in default under the Indenture or any contract
or agreement to which it is a party or by which it or any of its assets may be bound, or any applicable statute or any rule, regulation
or order of any court, government agency or body having jurisdiction over the Issuer or its properties, the breach or violation
of which or default under which would have a material adverse effect on the ability of the Issuer to perform its obligations under,
or the validity and enforceability of, this Agreement or any other Transaction Document.

 

(v) The
Original Offering Memorandum as of the date of the Original Offering Memorandum and as of the Closing Date did not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, except that no representation or warranty is
made as to statements in or omissions from the section of the Original Offering Memorandum entitled “The Investment Manager.”
The 2016 Refinancing Offering Memorandum as of the date of the 2016 Refinancing Offering Memorandum and as of the 2016 Refinancing
Date did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except that
no representation or warranty is made as to statements in or omissions from the section of the 2016 Refinancing Offering Memorandum
entitled “The Investment Manager.” The 2018 Refinancing Offering Memorandum as of the date of the 2018 Refinancing
Offering Memorandum and as of the 2018 Refinancing Date did not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, except that no representation or warranty is made as to statements in or omissions from the
section of the 2018 Refinancing Offering Memorandum entitled “The Investment Manager.” The 2021 Refinancing Offering
Memorandum as of the date of the 2021 Refinancing Offering Memorandum and as of the 2021 Refinancing Date does not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, except that no representation or warranty is
made as to statements in or omissions from the section of the 2021 Refinancing Offering Memorandum entitled “The Investment
Manager.”

 

    27

     

    

 

(vi) The
Issuer is not an “investment company” required to register under the Investment Company Act, and has not engaged in
any transaction that would result in the violation of, or require the Issuer or the pool of Collateral to register as an investment
company under, the Investment Company Act.

 

(vii) True
and complete copies of the Transaction Documents and the Issuer’s Governing Instruments have been or, no later than the 2021
Refinancing Date, will be delivered to the Investment Manager. The Issuer agrees to deliver a true and complete copy of each and
every amendment to any Transaction Document as promptly as practicable after its adoption or execution.

 

(b) The
Investment Manager hereby represents and warrants to the Issuer as follows as of the date hereof:

 

(i) The
Investment Manager is a non-diversified closed end investment company duly organized, validly existing and in good standing under
the laws of Maryland and has full power and authority as a corporation to own its assets and to transact the business in which
it is currently engaged and is duly qualified as a corporation and is in good standing under the laws of each jurisdiction where
its ownership or lease of property or the conduct of its business requires, or the performance of this Agreement would require,
such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have
a material adverse effect on the business, operations, assets or financial condition of the Investment Manager or on the ability
of the Investment Manager to perform its obligations hereunder, or on the validity or enforceability of this Agreement and the
provisions of the Indenture applicable to the Investment Manager.

 

(ii) The
Investment Manager is not registered as an investment adviser under the Advisers Act.

 

(iii) The
Investment Manager has the necessary corporate power and authority to execute, deliver and perform this Agreement and all obligations
required hereunder and under the provisions of the Indenture applicable to the Investment Manager and has taken all necessary corporate
action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement
and all obligations required hereunder and under the terms of the Indenture applicable to the Investment Manager. No consent of
any other person, including, without limitation, members or creditors of the Investment Manager, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Investment Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability
of this Agreement or the obligations required hereunder or under the terms of the Indenture applicable to the Investment Manager.
Each Transaction Document to which the Investment Manager is a party has been executed and delivered by the Investment Manager
(by its duly authorized officer), and constitutes the valid and legally binding obligation of the Investment Manager enforceable
against the Investment Manager in accordance with its terms, subject, as to enforcement, to (a) the effect of bankruptcy, insolvency
or similar laws affecting generally the enforcement of creditors’ rights, as such laws would apply in the event of any bankruptcy,
receivership, insolvency or similar event applicable to the Investment Manager and (b) general equitable principles (whether enforceability
of such principles is considered in a proceeding at law or in equity).

 

    28

     

    

 

(iv) The
execution, delivery and performance of this Agreement and the terms of the Indenture applicable to the Investment Manager and the
documents and instruments required hereunder or under such terms of the Indenture and the other Transaction Documents to which
it is a party will not violate any provision of any existing law or regulation binding on the Investment Manager, or any order,
judgment, award or decree of any court, arbitrator or governmental authority binding on the Investment Manager, or the Governing
Instruments of, or any securities issued by, the Investment Manager or of any mortgage, indenture, lease, contract or other agreement,
instrument or undertaking to which the Investment Manager is a party or by which the Investment Manager or any of its assets may
be bound, the violation of which would have a material adverse effect on the business, operations, assets or financial condition
of the Investment Manager or any of its subsidiaries, and will not result in or require the creation or imposition of any lien
on any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other
agreement, instrument or undertaking.

 

(v) The
section entitled “The Investment Manager” contained in the Original Offering Memorandum, the section entitled “The
Investment Manager” contained in the 2016 Refinancing Offering Memorandum, the section entitled “The Investment Manager”
contained in the 2018 Refinancing Offering Memorandum and the sections entitled (A) “The Investment Manager”, (B) “Risk
Factors—Relating to the Investment Manager” and (C) “Risk Factors—Relating to Certain Conflicts of Interest—Certain
Conflicts of Interest Regarding the Investment Manager and its Affiliates” contained in the 2021 Refinancing Offering Memorandum,
do not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant in connection
with the offer and sale of securities of such registrant registered under the Securities Act (other than with respect to the anti-fraud
rules under the Securities Act). Within such scope of disclosure, however, (w) as of the date of the Original Offering Memorandum
and as of the Closing Date, the section entitled “The Investment Manager” contained in the Original Offering Memorandum
accurately restated the information provided by the Investment Manager and was true in all material respects and did not omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading, (x) as of the date of the 2016 Refinancing Offering Memorandum and as of the 2016 Refinancing Date, the section
entitled “The Investment Manager” contained in the 2016 Refinancing Offering Memorandum accurately restated the information
provided by the Investment Manager and was true in all material respects and did not omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (y) as of
the date of the 2018 Refinancing Offering Memorandum and as of the 2018 Refinancing Date, the section entitled “The Investment
Manager” contained in the 2018 Refinancing Offering Memorandum accurately restated the information provided by the Investment
Manager and was true in all material respects and did not omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading and (z) as of the date of the 2021 Refinancing
Offering Memorandum and as of the 2021 Refinancing Date, the sections entitled (A) “The Investment Manager”, (B) “Risk
Factors—Relating to the Investment Manager” and (C) “Risk Factors—Relating to Certain Conflicts of Interest—Certain
Conflicts of Interest Regarding the Investment Manager and its Affiliates” contained in the 2021 Refinancing Offering Memorandum
accurately restates the information provided by the Investment Manager and is true in all material respects and does not omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading.

 

    29

     

    

 

(vi) To
the Investment Manager’s best knowledge, no event constituting Cause hereunder has occurred and is continuing and no event
that with the giving of notice or passage of time would become an event constituting Cause has occurred or is continuing and no
such event would occur as a result of its entering into or performing its obligations under this Agreement.

 

(c) The
Investment Manager makes no representation, express or implied, with respect to the Issuer or any portion of the Original Offering
Memorandum, the 2016 Refinancing Offering Memorandum, the 2018 Refinancing Offering Memorandum or the 2021 Refinancing Offering
Memorandum, other than as set forth in clause (b)(v) above.

 

(d) The
Investment Manager and the Issuer agree that each shall take such actions, and furnish such certificates, opinions and other documents,
as may be reasonably requested by the other in order to effectuate the purposes of this Agreement and to facilitate compliance
with applicable laws and regulations and the terms of this Agreement.

 

(e) The
Investment Manager agrees that it shall promptly notify the Issuer, the Trustee and each Rating Agency if any Cause shall occur
with respect to the Investment Manager.

 

(f) The
Investment Manager shall promptly notify the Issuer, the Trustee and each Rating Agency if any representation, warranty or certification
previously made by the Investment Manager is subsequently determined to have been incorrect or misleading in any material respect
as of the date such representation, warranty or certification was made.

 

(g) Each
of the Issuer and the Investment Manager shall, so long as either party has or may have any obligation under this Agreement:

 

(i) Use
commercially reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are
required to be obtained by it with respect to this Agreement in order to perform its obligations hereunder and use all commercially
reasonable efforts to obtain such consents that become necessary therefor in the future; and

 

(ii) comply
with all applicable laws, regulations and orders in all material respects to which it may be subject if failure to do so would
materially impair its ability to perform its obligations under this Agreement.

 

17. Observation
Rights.

 

The Issuer covenants
and agrees to notify timely the Investment Manager of each meeting of the Board of Directors, to provide timely any materials distributed
to the Board of Directors in connection with such meeting and to afford a representative of the Investment Manager the opportunity
to be present at each such meeting, in person or by telephone at the option of the Investment Manager.

 

    30

     

    

 

18. Notices.

 

Unless expressly provided
otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement shall be in
writing (including by facsimile or (in the case of Moody’s only) e-mail) and shall be deemed to have been duly given, made
and received when delivered against receipt or upon actual receipt of registered or certified mail, postage prepaid, return receipt
requested, or, in the case of facsimile or e-mail notice, when received in legible form, addressed as set forth below:

 

(a) If
to the Issuer:

 

	 	Saratoga Investment Corp. CLO 2013-1, Ltd.
	 	c/o MaplesFS Limited
	 	PO Box 1093, Boundary Hall
	 	Cricket Square
	 	Grand Cayman KY1-1102
	 	Cayman Islands
	 	Telephone:	(345) 945-7099
	 	Facsimile:	(345) 945-7100
	 	Attention:	Directors
	 	 	 
	 	with a copy to:
	 	 
	 	Maples and Calder
	 	PO Box 309, Ugland House
	 	Grand Cayman KY1-1104
	 	Cayman Islands
	 	Telephone:	(345) 949-8066
	 	Facsimile:	(345) 949-8080
	 	Attention:	Directors

 

(b) If
to the Investment Manager:

 

	 	Saratoga Investment Corp.
	 	535 Madison Avenue, 4th Floor
	 	New York, New York 10022
	 	Facsimile:	(212) 884-6184
	 	Attention:	Thomas Inglesby
	 	 	 
	 	With a simultaneous copy to:
	 	 
	 	Saratoga Investment Advisors, LLC
	 	535 Madison Avenue, 4th Floor
	 	New York, New York 10022
	 	Facsimile:	(212) 884-6184
	 	Attention:	Henri Steenkamp, Chief Financial Officer

 

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(c)
If to the Trustee, the Collateral Administrator, or the Intermediary:

 

	 	U.S. Bank National Association
	 	214 North Tryon Street 26th Floor
	 	Charlotte, North Carolina 28202
	 	Telephone:	(704) 335-4600
	 	Facsimile:	(704) 335-4678
	 	Attention:	CDO Trust Services – Saratoga Investment Corp. 
	 	 	CLO 2013-1, Ltd.

 

(d) If
to Moody’s:

 

	 	Moody’s Investors Service
	 	7 World Trade Center at 250 Greenwich Street
	 	New York, New York 10007
	 	Attention:	CLO Monitoring – Saratoga Investment Corp.
	 	 	CLO 2013-1, Ltd.
	 	E-mail: 	cdomonitoring@moodys.com

 

(e) If
to Noteholders:

 

At their respective
addresses set forth on the Register.

 

Any party may alter the
address or facsimile number to which communications or copies are to be sent by giving notice of such change of address in conformity
with the provisions of this Section 18 for the giving of notice.

 

19. Amendment
to this Agreement.

 

(a) No
provision of this Agreement may be amended, waived, discharged or terminated orally, but only by an instrument in writing signed
by the party against which enforcement of the amendment, waiver, discharge or termination is sought.

 

(b) This
Agreement may not be modified or amended (except as provided in Section 31(b) hereof) other than in writing by the parties hereto
and (i) with the consent of the Noteholders (or relevant portion thereof) or without such consent, in each case, that would be
sufficient to meet the consent requirements (if any) for a modification or amendment made to the Indenture for substantially the
same purpose as the proposed modification or amendment to this Agreement or for a purpose as to which the proposed modification
or amendment to this Agreement is a necessary or incidental conforming change, (ii) with the consent of the External Investment
Adviser to the extent that any Section of which it is a third party beneficiary is affected and (iii) with the satisfaction of
the Global Rating Agency Condition (or waiver thereof by any affected Classes) with respect to such modification or amendment.

 

20. Binding
Nature of Agreement; Successors and Assigns.

 

This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors
and assigns as provided herein.

 

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21. Entire
Agreement.

 

This Agreement contains
the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior
and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof.

 

22. Conflict
with the Indenture.

 

In the event that this
Agreement requires any action to be taken with respect to any matter and the Indenture requires that a different action be taken
with respect to such matter, and such actions are mutually exclusive, the provisions of the Indenture in respect thereof shall
control.

 

23. Priority
of Payments; Non-Recourse; Non-Petition.

 

The Investment Manager
agrees that the payment of all amounts to which it is entitled, after the 2021 Refinancing Date, pursuant to this Agreement shall
be subject to the Priority of Payments and shall be payable only to the extent funds are available in accordance with the Priority
of Payments.

 

Notwithstanding any other
provision of this Agreement and except as provided in the preceding paragraph, the liability of the Issuer to the Investment Manager
hereunder is limited in recourse to the Collateral, and if the proceeds of the Collateral following the liquidation thereof, when
applied in accordance with the Priority of Payments, are insufficient to meet the obligations of the Issuer hereunder in full,
the Issuer shall have no further liability in respect of any such outstanding obligations, and such obligations and all claims
of the Investment Manager or any other Person against the Issuer hereunder shall thereupon extinguish and not thereafter revive.

 

The Investment Manager
accepts that the obligations of the Issuer hereunder are the corporate obligations of the Issuer and are not the obligations
of any employee, shareholder, officer, director or administrator of the Issuer and no action may be taken against any such person
in relation to the obligations of the Issuer hereunder.

 

Notwithstanding any other
provision of this Agreement, the Investment Manager agrees not to institute against, or join any other Person in instituting against,
either of the Co-Issuers any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other
proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or similar laws of any jurisdiction
until at least one year and one day or the then applicable, if longer, preference period plus one day after the payment in full
of all amounts payable in respect of the Notes; provided, however, that nothing in this provision shall preclude,
or be deemed to estop, the Investment Manager (A) from taking any action prior to the expiration of the aforementioned one year
and one day period (or, if longer, the applicable preference period then in effect plus one day) in (x) any case or proceeding
voluntarily filed or commenced by the Issuer or the Co-Issuer, as the case may be, or (y) any involuntary insolvency proceeding
filed or commenced against the Issuer or the Co-Issuer, as the case may be, by a Person other than the Investment Manager, the
External Investment Adviser or any of their respective Affiliates, or (B) from commencing against the Issuer or the Co-Issuer or
any properties of the Issuer or the Co-Issuer any legal action which is not a bankruptcy, reorganization, arrangement, insolvency,
moratorium, liquidation or similar proceeding.

 

    33

     

    

 

Each of the Investment
Manager and Issuer hereby consents to the assignment of this Agreement as provided in Section 15.1 of the Indenture.

 

The Issuer hereby acknowledges
and agrees that the Investment Manager’s obligations hereunder shall be solely the corporate obligations of the Investment
Manager, and the Issuer shall not have any recourse hereunder to the External Investment Adviser or any other Investment Manager
Affiliates with respect to any claims, losses, damages, liabilities, indemnities or other obligations hereunder.

 

The provisions of this
Section 23 shall survive termination of this Agreement for any reason whatsoever.

 

24. Governing
Law.

 

THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

25. Indulgences
Not Waivers.

 

Neither the failure nor
any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege
with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

26. Section
Headings Not to Affect Interpretation.

 

The section headings
contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in
the construction or interpretation hereof.

 

27. Execution
in Counterparts.

 

This Agreement may be
executed in any number of counterparts by facsimile, email (in portable document format (.pdf)) or other written form of communication,
each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually
or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

 

    34

     

    

 

28. Provisions
Severable.

 

The provisions of this
Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable
by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

 

29. Number
and Gender.

 

Words used herein, regardless
of the number and gender specifically used, will be deemed and construed to include any other number, singular or plural, and any
other gender, masculine, feminine or neuter, as the context requires.

 

30. Submission
to Jurisdiction: Service of Process; Waiver of Jury Trial Right.

 

THE PARTIES HERETO HEREBY
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN
THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND SUCH PARTIES HEREBY IRREVOCABLY
AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT.
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THAT THEY MAY LEGALLY DO SO, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND ALL PROCESS
IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO EACH SUCH PARTY AT THE ADDRESS SPECIFIED IN
SECTION 18. 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. EACH OF THE PARTIES HERETO WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) RELATED DIRECTLY OR
INDIRECTLY TO THIS AGREEMENT.

 

31. Certain
Tax Matters.

 

(a) Notwithstanding
anything to the contrary contained herein, the Investment Manager shall use commercially reasonable efforts to ensure that the
Issuer does not acquire or own any asset, conduct any activity or take any action unless the acquisition or ownership of such asset,
the conduct of such activity or the taking of such action, as the case may be, would not cause the Issuer to be treated as engaged
in a trade or business within the United States for U.S. federal income tax purposes. The requirements of this Section 31(a)
shall be deemed to be satisfied if the requirements of Section 31(b) are satisfied, so long as the Investment Manager does
not have actual knowledge that there has been a change in U.S. federal income tax law or the interpretation thereof that could
cause the Issuer to be treated as engaged in a trade or business within the United States for U.S. federal income tax purposes
notwithstanding the satisfaction of such requirements.

 

    35

     

    

 

(b) In
furtherance and not in limitation of Section 31(a), notwithstanding anything to the contrary contained herein, the Investment
Manager shall use commercially reasonable efforts to ensure that the Issuer complies with all of the provisions of the Tax Guidelines
unless, with respect to a particular transaction, the Issuer, the Investment Manager and the Trustee have received advice of DLA
Piper LLP (US) or Winston & Strawn LLP, or a written opinion of other tax counsel of nationally recognized standing in the
United States experienced in such matters, to the effect that the Issuer’s contemplated activities will not cause the Issuer
to be treated as engaged in a trade or business within the United States for U.S. federal income tax purposes. The Tax Guidelines
may be waived, amended, eliminated, modified or supplemented if the Issuer, the Investment Manager and the Trustee have received
advice of DLA Piper LLP (US) or Winston & Strawn LLP, or a written opinion of other tax counsel of nationally recognized standing
in the United States experienced in such matters, to the effect that the activities of the Issuer in conformance with the Tax Guidelines
as so waived, amended, eliminated, modified or supplemented would not cause the Issuer to be treated as engaged in a trade or business
within the United States for U.S. federal income tax purposes.

 

32. Hedge
Agreements.

 

Notwithstanding any provision
herein, if any supplemental indenture permits the Issuer to enter into a Synthetic Security or other hedge, swap or derivative
transaction, the Investment Manager shall not cause the Issuer to enter into a hedge agreement that would cause the Issuer to be
considered a “commodity pool” as defined in Section 1a(10) of the Commodity Exchange Act, as amended unless (A) the
Investment Manager would be the “commodity pool operator” and “commodity trading advisor” and (B) with
respect to the Issuer as the commodity pool, the Investment Manager would be eligible for an exemption from registration as a commodity
pool operator and commodity trading advisor and all conditions for obtaining the exemption have been satisfied.

 

33. Advisers
Act Disclosure.

 

The Investment Manager
and the External Investment Adviser are exempt from the delivery requirements relating to Part II of the Form ADV under Rule 204-3
under the Advisers Act. For so long as the External Investment Adviser’s form of organization remains a limited partnership,
the External Investment Adviser hereby undertakes to promptly notify the Issuer of any change in the identity of its general partner.

 

34. Third
Party Beneficiaries

 

The Investment Manager
and the Issuer agree that the External Investment Adviser is an intended third party beneficiary of this Agreement and that the
Trustee and the Subordinated Note Paying Agent are intended third party beneficiaries of Sections 16(b)(iii) and 16(b)(iv).

 

35. Restricted
Manager Event

 

A “Restricted
Manager Event” means an event that will occur if, and for so long as either of the following situations occur and are
continuing: (i) no Key Man is employed by the Investment Manager (or any affiliated entity providing management services to the
Investment Manager) or (ii) the Investment Manager’s agreement with any Third Party Research Provider has terminated for
a period of 90 consecutive days and the Investment Manager has neither (A) hired and retained in its employment at least two additional
credit analysts (compared against the number of credit analysts employed by the Investment Manager on the Closing Date), nor (B)
entered into a replacement agreement with a Third Party Research Provider.

 

[Remainder of Page Intentionally Left Blank]

 

    36

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement (as a deed in the case of the Issuer) as of the date first written above.

 

	 	SARATOGA INVESTMENT CORP.
	 	 	 	 
	 	By:	Saratoga Investment Advisors, LLC, 
	 	 	its Investment Advisor
	 	 	 	 
	 	By:	/s/ Henri Steenkamp
	 	 	Name:  	Henri Steenkamp
	 	 	Title: 	Chief Financial Officer

 

[AMENDED AND RESTATED INVESTMENT MANAGEMENT
AGREEMENT]

 

     

     

    

 

	 	SARATOGA INVESTMENT CORP. CLO 2013-1, LTD.
	 	 	 	 
	 	By:	/s/ Stacy Bodden
	 	 	Name:  	Stacy Bodden
	 	 	Title: 	Director

 

[AMENDED AND RESTATED INVESTMENT MANAGEMENT
AGREEMENT]

 

     

     

    

 

Exhibit A

 

Tax Guidelines

 

When acquiring a Collateral Obligation
(including a Synthetic Security), the Issuer and the Investment Manager acting on behalf of the Issuer shall comply with each of
the applicable provisions of this Exhibit A. References in this Exhibit A to “Collateral Obligation”
shall include and refer to the reference obligation in the case of any Synthetic Security to be acquired by the Issuer. Capitalized
terms used but not defined herein have the meanings assigned to them in the Amended and Restated Investment Management Agreement.

 

1. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall (i) engage in any origination, underwriting,
sales or placement services in connection with any Collateral Obligation, or (ii) sign at the original legal document closing as
an initial signatory any credit or other lending agreement. Collateral Obligations shall only be acquired by the Issuer by assignment
or participation. For the avoidance of doubt, for purposes of this Section 1: (a) the acquisition of a Collateral Obligation in
any manner permitted by Section 10 hereof shall not be treated as the origination or underwriting of such Collateral Obligation,
and (b) the activities otherwise expressly permitted by this Exhibit A shall not be treated as the origination or underwriting
of a Collateral Obligation.

 

2. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall lend or advance funds to the obligor
of any Collateral Obligation, or any other person, in connection with the original legal document closing and initial funding of
such Collateral Obligation (except with respect to an advance pursuant to a Future Advance Facility (as defined in Section 11 below)).
For the avoidance of doubt, for purposes of this Exhibit A the reference to “original legal document closing”
for a Collateral Obligation refers to the initial closing, as opposed to a Loan Amendment (as defined in Section 13 below).

 

3. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall cause the Issuer to hold itself out
as a broker or dealer or as being willing to enter into either side of, or to offer to enter into, assume, offset, assign or otherwise
terminate positions in, (i) interest rate, currency, equity, or commodity swaps or caps or (ii) derivative financial instruments
(including, without limitation, options, forward contracts, short positions, and similar instruments) in any commodity, currency,
share of stock, partnership or trust, note, bond, debenture or other evidence of indebtedness, swap or cap, in each case other
than for the Issuer’s own account.

 

4. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall take any action that, to its knowledge,
would cause the Issuer to be required to register as or become subject to regulatory supervision or other legal requirements under
the laws of the United States or any other country or political subdivision thereof as a bank, insurance company or finance company.

 

5. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall take any action that, to its knowledge,
would cause the Issuer to be treated as a bank, insurance company or finance company for purposes of (i) any United States or non-United
States tax, securities law, or other filing or submission made to any governmental authority, (ii) any application made to a rating
agency, or (iii) qualifying for any exemption from United States or non-United States tax, securities law or any other legal requirements.

 

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6. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall cause the Issuer to hold itself out
to the public as a bank, insurance company or finance company.

 

7. Neither
the Issuer nor the Investment Manager (or any Affiliate) acting on behalf of the Issuer shall cause the Issuer to buy any security
in order to earn a dealer spread or dealer mark-up over its cost or to hold itself out to the public, through advertising or otherwise,
as originating loans, lending funds, or making a market in loans or other assets. Without limiting the foregoing, the Issuer shall
not acquire or commit to acquire any Collateral Obligation if, at the time of the acquisition or commitment, there was, in the
reasonable determination of the Investment Manager, a materially greater likelihood, compared to debt obligations that cash-flow
collateralized debt obligation issuers customarily purchase for investment and expect to hold to maturity, that the terms of the
Collateral Obligation would, pursuant to a workout or other negotiation, subsequently be amended or modified in a transaction which
would cause the Issuer to be treated for U.S. federal income tax purposes as having acquired the Collateral Obligation primarily
for purposes of sale in the ordinary course of a trade or business.

 

8. The
Issuer (or the Investment Manager or any Affiliate acting on behalf of the Issuer) shall not earn or receive from any person any
premium, fee, commission or other compensation for services performed by or on behalf of the Issuer, however denominated, attributable
to any services in connection with the negotiation, structuring, marketing, underwriting, or placement of a Collateral Obligation
(collectively, “Service Fees”). Notwithstanding the preceding sentence, the Issuer may purchase or commit to
purchase a Collateral Obligation at a discount from its principal or face amount if the Investment Manager or the Issuer has determined
that the price of such Collateral Obligation reflects fair market value for such Collateral Obligation based solely on market conditions
and the condition of the issuer or obligor of such Collateral Obligation at the time the Issuer purchases or commits to purchase
such Collateral Obligation. For avoidance of doubt, for purposes of this Section 8, amendment fees, waiver fees, consent fees and
prepayment fees that the Investment Manager has determined are customary for Collateral Obligations of the type permitted to be
purchased by the Issuer, and fees of the type referred to below in Section 10(iv)(d), will not be treated as Service Fees.

 

9. The
Issuer and the Investment Manager (and any Affiliate) acting on behalf of the Issuer shall not have any discussions with any obligor
of a Collateral Obligation that might reasonably be expected to result in any agreement, arrangement or commitment of the Issuer
to purchase such Collateral Obligation prior to the original legal document closing and initial funding (except with respect to
an advance pursuant to a Future Advance Facility) of such Collateral Obligation, except that the Issuer and the Investment Manager
(and any Affiliate) acting on behalf of the Issuer may undertake customary due diligence communications with an obligor of a Collateral
Obligation either (i) after all of the material terms of such Collateral Obligation are fixed and binding, or (ii) at any time,
to the extent such communications relate solely to the Issuer’s or Investment Manager’s decision to acquire such Collateral
Obligation and do not involve structuring or negotiating the terms of such Collateral Obligation.

 

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10. The
Investment Manager (or any Affiliate) acting on behalf of the Issuer shall not cause the Issuer to acquire a Collateral Obligation
unless it (or, if the Collateral Obligation is a certificate of beneficial interest or an equity interest in an entity that is
treated as a grantor trust, disregarded entity or partnership, and not as a REMIC, for U.S. federal income tax purposes, each of
the debt instruments or securities held by such entity) is described in at least one of the following six subsections:

 

(i) Publicly
Offered. The Collateral Obligation was issued pursuant to an effective registration statement under the Securities Act, in
a firm commitment underwriting for which neither the Investment Manager nor an Affiliate thereof served as underwriter.

 

(ii) Private
Placement. It is a privately placed Collateral Obligation eligible for resale under Rule 144A or Regulation S, and

 

(a) it
was originally issued pursuant to an offering memorandum, private placement memorandum or similar offering document for which neither
the Investment Manager nor any Affiliate served as placement agent;

 

(b) the
Issuer, the Investment Manager, the Affiliates of the Investment Manager, and accounts and funds managed or controlled by the Investment
Manager or any of its Affiliates (1) did not at original issuance acquire either (A) 50% or more of the aggregate principal amount
of the class of obligations that includes such Collateral Obligation or (B) 50% or more of the aggregate principal amount of any
other class of obligations or securities offered by the issuer in the offering and any related offering, and (2) did not at original
issuance acquire 33% or more of the aggregate principal amount of all classes of obligations or securities offered by the issuer
in the offering and any related offering, provided in each case that any acquisition by an Affiliate of the Investment Manager
or any account or fund managed by an Affiliate of the Investment Manager shall be included only if the Investment Manager or any
of its employees or agents knew or had reason to know of such acquisition; and

 

(c) the
Issuer, the Investment Manager and any Affiliate of the Investment Manager did not participate in negotiating, arranging or structuring
the terms or marketing of the Collateral Obligation, except (1) to the extent such participation consisted of an election by the
Issuer, the Investment Manager or an Affiliate of the Investment Manager to tranche the subordinate classes of securities of an
issue in the form of one of the structuring options offered by the issuer of the securities, or (2) for the purposes of (A) commenting
on offering documents to an unrelated underwriter or placement agent when the ability to comment on such documents was generally
available to investors or (B) due diligence of the kind customarily performed by investors in securities.

 

    A-3

     

    

 

(iii) Secondary
Market Purchase. The Collateral Obligation is not purchased by the Issuer (or by the Investment Manager on behalf of the Issuer)
(a) directly from the obligor of the Collateral Obligation, (b) pursuant to a Forward Purchase Commitment (as defined below) subject
to Section 10(iv), or (c) from the Investment Manager or any Affiliate of the Investment Manager, or any account or fund managed
or controlled by the Investment Manager or any of its Affiliates, if (1) Section 10(v) applies (pertaining to Affiliate Investments,
as defined below) or (2) the Investment Manager or any such Affiliate, account or fund purchased the Collateral Obligation in a
manner described in either of clauses (a) or (b).

 

(iv) Forward
Purchase Commitment. If a commitment, arrangement or other understanding is made to purchase a Collateral Obligation from a
seller (a “Selling Institution”) either before or contemporaneously with completion of the original legal document
closing and initial funding (except with respect to an advance pursuant to a Future Advance Facility) of the Collateral Obligation,
or either before or contemporaneously with the significant modification (within the meaning of Treasury Regulations Section 1.1001-3)
of the Collateral Obligation, such commitment, arrangement or other understanding shall only be made pursuant to a forward sale
agreement at an agreed price (a “Forward Purchase Commitment”) and shall be subject to satisfaction of the following
conditions:

 

(a) No
Forward Purchase Commitment with a Selling Institution may be made prior to or contemporaneously with the final negotiation of
all material terms and conditions of the Collateral Obligation and the Selling Institution becoming legally committed (subject
to standard terms and conditions), and reasonably expected to be able, to purchase and fund or acquire the Collateral Obligation
or to syndicate such Collateral Obligation.

 

(b) In
the process of making or negotiating to make a Forward Purchase Commitment, the Issuer shall not (nor shall the Investment Manager
or any Affiliate on the Issuer’s behalf) negotiate with respect to any material term of the Collateral Obligation to which
the Forward Purchase Commitment relates, provided, however, that the Issuer (and the Investment Manager or any Affiliate
on the Issuer’s behalf) is not prevented from negotiating with the Selling Institution with respect to the terms of the Forward
Purchase Commitment, including the price at which the Issuer shall acquire the Collateral Obligation.

 

(c) The
Issuer’s obligation under the Forward Purchase Commitment shall be subject to a material condition the satisfaction of which
is determined in the judgment or discretion of the Issuer (or the Investment Manager or any Affiliate on the Issuer’s behalf),
including for example, that the final legal documentation is satisfactory.

 

(d) In
the event of any delayed, reduced or eliminated funding of a Collateral Obligation to which a Forward Purchase Commitment relates,
the Issuer shall not receive any premium, fee, or other compensation in connection with having entered into the Forward Purchase
Commitment, other than commitment fees or fees in the nature of commitment fees that are customarily paid in connection with such
delays, reductions or eliminations of funding of Collateral Obligations of the type permitted to be purchased by the Issuer.

 

    A-4

     

    

 

(e) The
Issuer shall not close any purchase of a Collateral Obligation subject to a Forward Purchase Commitment earlier than (1) the date
of the original legal document closing and initial funding (except with respect to an advance pursuant to a Future Advance Facility)
of such Collateral Obligation, or (2) the date of significant modification of such Collateral Obligation.

 

(f) The
Issuer will have no contractual relationship with the obligor with respect to the Collateral Obligation until it actually closes
the purchase of the Collateral Obligation subject to a Forward Purchase Commitment.

 

(g) To
the knowledge of the Investment Manager, the Selling Institution regularly acquires obligations of the same type as the related
Collateral Obligation for its own account.

 

(h) On
the original legal document closing date of the Collateral Obligation, the credit or lending agreement or other applicable documents
will not list the Issuer as a “lender” or otherwise as a party to the issuance of the Collateral Obligation.

 

(i) The
Selling Institution shall not be described as the Issuer’s agent in making or committing to make the Collateral Obligation
to which the Forward Purchase Commitment relates.

 

(j) Except
for a Future Advance Facility subject to the requirements of Section 11 hereof, the Issuer shall not be bound to fund a Collateral
Obligation directly with the obligor thereof.

 

(k) The
Issuer shall not (nor shall the Investment Manager or any Affiliate on the Issuer’s behalf) acquire any Collateral Obligation
from the Investment Manager or an Affiliate thereof pursuant to a Forward Purchase Commitment entered into with the Investment
Manager or an Affiliate thereof.

 

(l) No
more than 50% of a Collateral Obligation can be acquired by the Issuer pursuant to a Forward Purchase Commitment.

 

(m) If
the Collateral Obligation to be acquired pursuant to the Forward Purchase Commitment is a Revolving Collateral Obligation, (1)
such Collateral Obligation must be acquired as part of a credit facility that includes a substantial term loan and is being acquired
in connection with the acquisition of such term loan with the intent to hold both parts indefinitely, or (2) one or more advances
at least equal to 10% of the maximum amount of the Revolving Collateral Obligation have already been made and are outstanding at
the time of the Issuer’s purchase or, if earlier, commitment to purchase, such Collateral Obligation.

 

(n) The
Issuer’s purchase price was fixed at the time the Forward Purchase Commitment was made.

 

    A-5

     

    

 

(v) Affiliate
Investments. If the Issuer or the Investment Manager (or any Affiliate) participated in the initial funding, or in the negotiation
or structuring of any of the material economic terms, of the Collateral Obligation (an “Affiliate Investment”),
the Issuer can purchase the Affiliate Investment from the Investment Manager (or any Affiliate) only if (I) the Affiliate Investment
was originated before the Issuer issued any notes, shares, or other securities, and the Investment Manager (or its Affiliate) did
not negotiate the terms of the Affiliate Investment in reliance on a transfer of all or a portion of such Affiliate Investment
to the Issuer, or (II) all of the following requirements are satisfied:

 

(a) The
seller (1) regularly acquires investments of the same type as the Affiliate Investment for its own account, (2) could have held
the Affiliate Investment for its own account consistent with its investment policies, (3) has not committed, verbally or in writing,
the Affiliate Investment as for sale to the Issuer (and the Issuer has not committed, verbally or in writing, to buy such Affiliate
Investment from the seller) within 30 days of the issuance of the Affiliate Investment, and (4) held the Affiliate Investment for
at least 30 days.

 

(b) At
least one individual acting on behalf of the Issuer or the Investment Manager in connection with the decision to purchase the Affiliate
Investment was not involved in the process of origination of the purchased Affiliate Investment (including, without limitation,
any overall supervision of the personnel engaged generally in origination activities), and such individual or individuals have
the right to approve or disapprove of the purchase of the Affiliate Investment.

 

(c) Either
(1) a material amount of the Affiliate Investment is (A) sold to unaffiliated secondary market purchasers in a transaction prior
to or contemporaneous with, and on terms substantially corresponding to, the sale to the Issuer, or (B) retained by the Investment
Manager or an Affiliate of the Investment Manager and the acquisition price paid by the Issuer for the Affiliate Investment is
consistent with the price that would be paid by an unaffiliated secondary market purchaser of the Affiliate Investment in an arm’s
length transaction, or (2) the Investment Manager obtains the Issuer’s written consent to the purchase of the Affiliate Investment
through an independent review party (or other permitted method) for purposes of Section 206(3) of the Investment Advisers Act of
1940, as amended.

 

(vi) Pass-Through
Vehicle. It is the sole material obligation of a repackaging vehicle formed and operated exclusively to hold a single Collateral
Obligation described in at least one of subsections (i), (ii), (iii), (iv) or (v) of this Section 10, which vehicle may also hold
a derivative financial instrument or guarantee designed solely to offset one or more terms of such Collateral Obligation.

 

11. Any
Delayed Drawdown Collateral Obligation or a Revolving Collateral Obligation that would require the Issuer to make future advances
or payments to the obligor or issuer (a “Future Advance Facility”) acquired by the Issuer shall satisfy each
of the following requirements: (i) not more than 20% of the aggregate Collateral Obligations held by the Issuer at the time it
acquires or, if earlier, commits to acquire, such Future Advance Facility shall consist of Future Advance Facilities (measured
by the maximum amount that could be required to be advanced under such Future Advance Facilities); (ii) all of the terms of any
advance required to be made by the Issuer under the Future Advance Facility are fixed as of the date of the Issuer’s purchase
or, if earlier, commitment to purchase, such Future Advance Facility (or will be determinable under a formula that is fixed as
of such date); and (iii) the Issuer does not have any discretion (except for consenting or withholding consent to a Loan Amendment
in accordance with Section 13) as to whether to make advances under such Future Advance Facility.

 

    A-6

     

    

 

12. The
Investment Manager (or any Affiliate) acting on behalf of the Issuer shall only acquire a Collateral Obligation if it has determined
that for United States federal income tax purposes the Collateral Obligation is described in at least one of the following clauses:
(i) the asset is debt, (ii) the only obligors are corporations for United States federal income tax purposes, (iii) no obligor
is engaged in a trade or business within the United States, or (iv) the obligor is a grantor trust all assets of which are (a)
obligations or securities that the Issuer could have acquired directly, (b) regular interests in an entity that is a REMIC within
the meaning of the Code, or (c) interest rate swaps, caps or other notional principal contracts (within the meaning of United States
Treasury Regulations) designed to hedge interest rate risk with respect to the other assets of the obligor or issuer. For purposes
of determining whether any criterion in this Section 12 is satisfied, the Investment Manager may rely on a tax opinion included
in (or stated to have been issued by) the offering documents pursuant to which the Collateral Obligation was issued to the effect
that such criterion will be satisfied, provided that no change that would have a material adverse effect on satisfaction of such
criterion has, to the knowledge of the Investment Manager, occurred in the terms of the Collateral Obligation or the activities
or any of the organizational documents of the issuer, as applicable, before the date the Issuer acquires or, if earlier, commits
to acquire, such Collateral Obligation.

 

13. Subject
to the terms of Section 7 hereof, in the event the Issuer owns an interest in a Collateral Obligation the terms of which are subsequently
amended, waived or modified or which is subsequently exchanged for a new loan (or other securities) of the issuer of the Collateral
Obligation (collectively, a “Loan Amendment”), such Loan Amendment will not be treated as the acquisition of
an interest in a new Collateral Obligation for purposes of this Exhibit A (including, without limitation, Section 10(iv)
hereof) and shall otherwise be permissible hereunder, provided that (i) the Issuer does not, directly or indirectly (through
the Investment Manager or otherwise), seek the Loan Amendment, and (ii) there is not a purchase of an additional principal amount
of such Collateral Obligation by the Issuer (unless such purchase is made in compliance with the provisions of this Exhibit
A applicable to the purchase of a new Collateral Obligation).

 

14. The
Issuer shall not acquire Synthetic Securities from any seller other than a dealer in such investments that regularly offers to
enter into, assume, offset, assign or otherwise terminate positions in derivatives with customers in the ordinary course of such
seller’s trade or business.

 

Notwithstanding the
foregoing, the Issuer and the Investment Manager shall be deemed to have complied with all of the provisions set forth in this
Exhibit A if, with respect to a particular transaction, the Issuer (or the Investment Manager on the Issuer’s behalf)
has received advice of Winston & Strawn LLP (including by email), or the opinion of other tax counsel of nationally recognized
standing in the United States experienced in such matters, to the effect that the acquisition of such Collateral Obligation (or
otherwise participating in such transaction) will not cause the Issuer to be treated as engaged in a trade or business within the
United States for U.S. federal income tax purposes.

 

A-7

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